cfg-20230117
CITIZENS FINANCIAL GROUP INC/RI0000759944false00007599442023-01-172023-01-170000759944us-gaap:CommonStockMember2023-01-172023-01-170000759944us-gaap:SeriesDPreferredStockMember2023-01-172023-01-170000759944us-gaap:SeriesEPreferredStockMember2023-01-172023-01-17


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): January 17, 2023

cfg-20230117_g1.jpg
 (Exact name of the registrant as specified in its charter)
Delaware001-3663605-0412693
(State or Other Jurisdiction of
Incorporation)		(Commission File Number)(I.R.S. Employer
Identification Number)
One Citizens Plaza
Providence,RI02903
(Address of principal executive offices)(Zip Code)
 

Registrant’s telephone number, including area code: (203) 900-6715

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 obligation 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:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, $0.01 par value per shareCFGNew York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 6.350% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series DCFG PrDNew York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series ECFG PrENew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).



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 January 17, 2023, Citizens Financial Group, Inc. (the “Company”) issued a press release announcing its fourth quarter and full year 2022 earnings and posted on its website the press release and a financial supplement. Copies of the press release and financial supplement are being furnished as Exhibits 99.1 and 99.3, respectively.

Item 7.01 Regulation FD Disclosure.

For the benefit of investors, the Company has posted on its website an investor presentation in connection with its earnings conference call. A copy of the investor presentation is being furnished as Exhibit 99.2.

The information in this Form 8-K and Exhibits attached hereto are being furnished pursuant to Items 2.02 and 7.01, respectively, and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall this information be deemed incorporated by reference into any filings under the Securities Act of 1933, as amended.
Item 9.01   Financial Statements and Exhibits.
 Exhibit NumberDescription
(d)Exhibit 99.1  
Exhibit 99.2  
Exhibit 99.3  
Exhibit 104Cover Page Interactive Data File (embedded within the Inline XBRL document)


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.
 
CITIZENS FINANCIAL GROUP, INC.
By: /s/ John F. Woods
 John F. Woods
 Vice Chairman and Chief Financial Officer
Date:  January 17, 2023




citizenslogoa05.jpg

Citizens Financial Group, Inc. Reports Fourth Quarter 2022 Net Income of
$653 million and EPS of $1.25
Underlying Net Income of $685 million and EPS of $1.32*
2022 Net Income of $2.1 billion and EPS of $4.10, $4.84 on an Underlying basis

Key Financial Data4Q223Q224Q21
Fourth Quarter 2022 Highlights
 
Income
Statement		($s in millions)
■Underlying EPS of $1.32 and ROTCE of 19.4%
■Underlying PPNR of $1.0 billion, up 2% QoQ
–NII up 2% QoQ given improved net interest margin, up 5 bps
–Fees down 1% QoQ with lower mortgage fees and FX and derivative products, partly offset by improvement in capital markets fees
–Expenses well controlled, stable QoQ
■Positive underlying operating leverage of 1% QoQ
–Underlying efficiency ratio improved to 54.4%
■Continued strong credit performance with NCO ratio of 22 bps
■Period-end and average loans broadly stable QoQ, up 1% ex-auto run off
–Loan yield up 58 bps QoQ
■Period-end and average deposits up 1% QoQ; deposit costs up 49 bps
■Period-end LDR of 87%; liquidity position remains strong
■Strong CET1 ratio at upper end of target range at 10.0%
■TBV/share of $27.88, up 5% QoQ
Total revenue$2,200 $2,177 $1,720 
Pre-provision profit960 936 659 
Underlying pre-provision profit1,003 982 710 
Provision (benefit) for credit losses132 123 (25)
Net income653 636 530 
Underlying net income685 669 569 
Balance Sheet
&
Credit Quality		($s in billions)
Period-end loans and leases$156.7 $156.1 $128.2 
Average loans and leases157.1 156.9 125.2 
Period-end deposits180.7 178.6 154.4 
Average deposits179.0 177.6 153.0 
Period-end loans-to-deposit ratio86.7 %87.4 %83.0 %
NCO ratio0.22 %0.19 %0.14 %
Financial MetricsDiluted EPS$1.25 $1.23 $1.17 
Underlying EPS1.32 1.30 1.26 
ROTCE18.5 %17.0 %13.6 %
Underlying ROTCE19.4 17.9 14.6 
Net interest margin, FTE3.30 3.25 2.66 
Efficiency ratio56.4 57.0 61.7 
Underlying efficiency ratio54.4 54.9 58.7 
CET110.0 %9.8 %9.9 %
TBV/Share$27.88 $26.62 $34.61 

Notable Items4Q22 FY2022
($s in millions except per share data)Pre-tax $EPSPre-tax $EPS
Integration related$(35)$(0.06)$(413)$(0.66)
TOP revenue and efficiency initiatives(8)(0.01)(49)(0.08)
Total:$(43)$(0.07)$(462)$(0.74)
Comments from Chairman and CEO Bruce Van Saun
“We are pleased to deliver another solid quarterly performance, with ROTCE of 19.4% and an efficiency ratio of 54.4%, which caps a strong year overall for Citizens,“ said Chairman and CEO Bruce Van Saun. “We continue to focus on managing the balance sheet and interest rate position well given the macro environment, and we ended the year with a strong credit and capital position. We continue to up our game and deliver better and better for our stakeholders, which includes raising our
*Results presented on an Underlying basis are non-GAAP Financial Measures. See page 16 for additional information on our use of Non-GAAP Financial Measures.
Citizens Financial Group, Inc.
medium-term ROTCE target range to 16 to 18%. I’d like to thank our colleagues for their tremendous effort during 2022. We look forward to continuing our momentum in 2023, we are well prepared for the challenging and uncertain economic environment.”
Citizens also announced today that its board of directors declared a quarterly common stock dividend of $0.42 per share. The dividend is payable on February 14, 2023 to shareholders of record at the close of business on January 31, 2023.
2
Citizens Financial Group, Inc.
Earnings highlights(1):
Quarterly TrendsFull Year
 4Q22 change from2022 change from 2021
($s in millions, except per share data)4Q223Q224Q213Q224Q2120222021
Earnings$/bps%$/bps%$$$/bps
Net interest income$1,695 $1,665 $1,126 $30 2  %$569 51  %$6,012 $4,512 $1,500 
Noninterest income505 512 594 (7)(1)(89)(15)2,009 2,135 (126)
Total revenue2,200 2,177 1,720 23 1 480 28 8,021 6,647 1,374 
Noninterest expense1,240 1,241 1,061 (1)— 179 17 4,892 4,081 811 
Pre-provision profit960 936 659 24 3 301 46 3,129 2,566 563 
Provision (benefit) for credit losses132 123 (25)9 7157 NM474 (411)885 
Net income653 636 530 17 3 123 23 2,073 2,319 (246)
Preferred dividends32 25 32 7 28 — — 113 113 — 
Net income available to common stockholders$621 $611 $498 $10 2  %$123 25  %$1,960 $2,206 $(246)
After-tax notable Items32 33 39 (1)(3)(7)(18)352 78 274 
Underlying net income$685 $669 $569 $16 2  %$116 20  %$2,425 $2,397 $28 
Underlying net income available to common stockholders653 644 537 9 1116 22$2,312 $2,284 $28 
Average common shares outstanding
Basic (in millions)493.3 495.7 424.7 (2.4)— 68.6 16 476.0 425.7 50.3 
Diluted (in millions)495.5 497.5 426.9 (2.0)— 68.6 16 477.8 427.4 50.4 
Diluted earnings per share$1.25 $1.23 $1.17 $0.02 2  %$0.08 7  %$4.10 $5.16 $(1.06)
Underlying diluted earnings per share1.32 1.30 1.26 0.02 20.06 5$4.84 $5.34 $(0.50)
Performance metrics
Net interest margin3.29 %3.24 %2.66 %5  bps63  bps3.10 %2.71 %39  bps
Net interest margin, FTE3.30 3.25 2.66 5 64 3.10 2.72 38 
Effective income tax rate21.2 21.8 22.4 (64)(124)21.9 22.1 (17)
Efficiency ratio56.4 57.0 61.7 (66)(532)61.0 61.4 (41)
Underlying efficiency ratio54.4 54.9 58.7 (48)(429)57.5 59.8 (231)
Return on average common equity11.6 10.9 9.3 65 230 9.0 10.5 (147)
Return on average tangible common equity18.5 17.0 13.6 150 489 13.9 15.4 (153)
Underlying return on average tangible common equity19.4 17.9 14.6 149 479 16.4 16.0 43 
Return on average total assets1.15 1.12 1.12 3 3 0.96 1.25 (29)
Return on average total tangible assets1.19 1.16 1.17 3 2 1.00 1.30 (30)
Underlying return on average total tangible assets1.25 %1.22 %1.25 %3  bps—  bps1.17 %1.34 %(17) bps
Capital adequacy(2,3)
Common equity tier 1 capital ratio10.0 %9.8 %9.9 %
Total capital ratio12.8 12.6 12.7 
Tier 1 leverage ratio9.3 9.2 9.7 
Allowance for credit losses to loans and leases1.43 %1.41 %1.51 %2  bps(8) bps
Asset quality(3)
Nonaccrual loans and leases to loans and leases0.60 %0.55 %0.55 %5  bps5  bps
Allowance for credit losses to nonaccrual loans and leases237 258 276 (2,033)(3,840)
Net charge-offs as a % of average loans and leases0.22 %0.19 %0.14 %3  bps8  bps0.18 %0.26 %(8) bps
1) Unless otherwise noted, references to balance sheet items are on an average basis, loans exclude loans held for sale, earnings per share
represent fully diluted per common share and references to NIM are on a FTE basis.
2) Current reporting-period regulatory capital ratios are preliminary.
3) Capital adequacy and asset-quality ratios calculated on a period-end basis, except net charge-offs.






3
Citizens Financial Group, Inc.

The following table provides information on Underlying results which exclude the impact of notable items.

Underlying results:

Quarterly TrendsFull Year
 4Q22 change from2022 Change
($s in millions, except per share data)4Q223Q224Q213Q224Q2120222021from 2021
$/bps%$/bps%%
Net interest income$1,695 $1,665 $1,126 $30 2  %$569 51  %$6,012 $4,512 33  %
Noninterest income505 512 594 (7)(1)(89)(15)2,040 2,135 (4)
Total revenue$2,200 $2,177 $1,720 $23 1  %$480 28  %$8,052 $6,647 21  %
Noninterest expense$1,197 $1,195 $1,010 $2 —  %$187 19  %$4,630 $3,976 16  %
Provision (benefit) for credit losses132 123 (25)9 7157 NM305 (411)NM
Net income available to common stockholders$653 $644 $537 $9 1 %$116 22 %$2,312 $2,284 1  %
Performance metrics
EPS$1.32 $1.30 $1.26 $0.02 2  %$0.06 5  %$4.84 $5.34 (9) %
Efficiency ratio54.4  %54.9  %58.7  %(48) bps(429) bps57.5 59.8 (231)
Return on average tangible common equity19.4  %17.9  %14.6  %149  bps479  bps16.4 %16.0 %43  bps
Operating leverage0.9  %9.4  %4.7  %




Consolidated balance sheet review(1):

 4Q22 change from
($s in millions)4Q223Q224Q213Q224Q21
$/bps%$/bps%
Total assets$226,733 $224,684 $188,409 $2,049 1  %$38,324 20  %
Total loans and leases156,662 156,140 128,163 522 — 28,499 22 
Total loans held for sale982 1,962 3,468 (980)(50)(2,486)(72)
Deposits180,724 178,566 154,361 2,158 1 26,363 17 
Stockholders' equity23,690 23,146 23,420 544 2 270 1 
Stockholders' common equity21,676 21,132 21,406 544 3 270 1 
Tangible common equity$13,728 $13,197 $14,609 $531 4  %$(881)(6) %
Loans-to-deposit ratio (period-end)(2)
86.7 %87.4  %83.0  %(75) bps366  bps
Loans-to-deposit ratio (average)(2)
87.7 %88.3 %81.8 %(58) bps591  bps
1) Represents period end unless otherwise noted.
2) Excludes loans held for sale.

4
Citizens Financial Group, Inc.

Notable items:
Quarterly results for third and fourth quarter 2022 and fourth quarter 2021 reflect notable items primarily related to integration costs associated with the acquisitions of HSBC, ISBC and JMP Group LLC, as well as TOP revenue and efficiency initiatives. In addition, full year 2022 results include notable items representing the day-one CECL provision expense ("double count") related to the HSBC and ISBC transactions. These notable items have been excluded from reported results to better reflect Underlying operating results.
Notable items - integration related4Q223Q224Q21FY 2022FY 2021
($s in millions, except per share data)Pre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-tax
  Noninterest income$— $— $— $— $— $— $(31)$(23)$— $— 
EPS Impact - Noninterest income$— $— $— $(0.05)$— 
Salaries & benefits$(13)$(9)$(17)$(12)$(3)$(2)$(98)$(72)$(3)$(2)
Outside services(15)(12)(11)(8)(22)(17)(89)(67)(28)(21)
Equipment and software(1)(1)— — (1)(1)(1)(1)(1)(1)
Occupancy— — (2)(1)— — (2)(1)— — 
Other expense(6)(4)(7)(5)(3)(2)(23)(16)(3)(2)
   Noninterest expense$(35)$(26)$(37)$(26)$(29)$(22)$(213)$(157)$(35)$(26)
EPS Impact - Noninterest expense $(0.06)$(0.06)$(0.05)$(0.34)$(0.06)
ISBC/HSBC Day 1 CECL provision expense (“double count”)$— $— $— $— $— $— $(169)$(126)$— $— 
EPS Impact - Provision for credit losses$— $— $— $(0.26)$— 
  Tax integration cost$— $— $— $— $— $— $— $(6)$— $— 
EPS Impact - Tax integration cost$— $— $— $(0.01)$— 
Total integration related$(35)$(26)$(37)$(26)$(29)$(22)$(413)$(312)$(35)$(26)
EPS Impact - Total integration related$(0.06)$(0.06)$(0.05)$(0.66)$(0.06)
Other notable items - TOP related4Q223Q224Q21FY 2022FY 2021
($s in millions, except per share data)Pre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-tax
Other notable items- TOP & other actions
Tax notable items$— $— $— $— $— $— $— $(3)$— $— 
Salaries & benefits(2)(2)— — (2)(2)(12)(9)11 8 
Outside services(2)(1)(9)(7)(15)(11)(24)(18)(32)(24)
Equipment and software(1)— — — (1)(1)(9)(6)(16)(12)
Occupancy(2)(2)— — (5)(4)(3)(3)(18)(13)
Other expense(1)(1)— — 1 1 (1)(1)(15)(11)
   Noninterest expense$(8)$(6)$(9)$(7)$(22)$(17)$(49)$(37)$(70)$(52)
Total Other Notable Items$(8)$(6)$(9)$(7)$(22)$(17)$(49)$(40)$(70)$(52)
EPS Impact - Other Notable Items $(0.01)$(0.01)$(0.04)$(0.08)$(0.12)
Total Notable Items$(43)$(32)$(46)$(33)$(51)$(39)$(462)$(352)$(105)$(78)
Total EPS Impact$(0.07)$(0.07)$(0.09)$(0.74)$(0.18)






5
Citizens Financial Group, Inc.
Discussion of results:
Net interest income 4Q22 change from
($s in millions)4Q223Q224Q213Q224Q21
$/bps%$/bps%
Interest income:
Interest and fees on loans and leases and loans held for sale$1,919 $1,690 $1,079 $229 14  %$840 78  %
Investment securities258 243 119 15 6 139 117 
Interest-bearing deposits in banks75 36 4 39 108 71 NM
Total interest income$2,252 $1,969 $1,202 $283 14  %$1,050 87  %
Interest expense:
Deposits$396 $176 $33 $220 125  %$363 NM
Short-term borrowed funds2 11 1 (9)(82)1 100 
Long-term borrowed funds159 117 42 42 36 117 NM
Total interest expense$557 $304 $76 $253 83  %$481 NM
Net interest income$1,695 $1,665 $1,126 $30 2  %$569 51  %
Net interest margin, FTE3.30  %3.25  %2.66  %5  bps64  bps
Fourth quarter 2022vs.third quarter 2022
Net interest income of $1.7 billion increased 2%, reflecting higher net interest margin. The company continues to benefit from the transformation of its deposit base and careful management of deposit betas.
•Net interest margin of 3.30% increased 5 basis points, reflecting higher earning-asset yields given higher market interest rates, partially offset by increased funding costs.
Fourth quarter 2022vs.fourth quarter 2021
Net interest income of $1.7 billion increased 51%, reflecting a higher net interest margin and 22% growth in average interest-earning assets, including the impact of the HSBC and ISBC transactions.
•Net interest margin of 3.30% increased 64 basis points, reflecting higher earning-asset yields given higher market interest rates and loan growth, partially offset by increased funding costs.





6
Citizens Financial Group, Inc.
Noninterest Income 4Q22 change from
($s in millions)4Q223Q224Q213Q224Q21
$%$%
Service charges and fees$105 $109 $100 $(4)(4) %$5 5  %
Capital markets fees98 89 184 9 10 (86)(47)
Card fees71 71 65 — — 6 9 
Mortgage banking fees54 66 76 (12)(18)(22)(29)
Trust and investment services fees61 61 60 — — 1 2 
Foreign exchange and derivative products35 42 35 (7)(17)— — 
Letter of credit and loan fees41 40 41 1 3 — — 
Securities gains, net4 — 1 4 1003 NM
Other income(1)
36 34 32 2 64 13
Noninterest income$505 $512 $594 $(7)(1) %$(89)(15) %
Fourth quarter 2022vs.third quarter 2022
Underlying noninterest income of $505 million decreased $7 million, or 1%.
•Service charges and fees decreased $4 million, primarily reflecting the impact of the elimination of non-sufficient funds fees.
•Capital markets fees increased $9 million, given increased underwriting and M&A advisory fees.
•Mortgage banking fees decreased $12 million, driven mainly by lower production volume given higher interest rates.
•Foreign exchange and derivative products revenue decreased $7 million, reflecting a net $5 million negative CVA/DVA impact, while business results were relatively stable.
Fourth quarter 2022vs.fourth quarter 2021
Underlying noninterest income of $505 million decreased $89 million, or 15%, reflecting lower capital markets and mortgage banking fees.
•Service charges and fees increased $5 million, reflecting the benefit of acquisitions.
•Capital markets fees decreased $86 million, reflecting lower syndications and M&A advisory fees given challenging market conditions.
•Mortgage banking fees decreased $22 million, driven by lower production volumes and lower gain-on-sale margins, partially offset by higher servicing revenue.
•Card fees increased $6 million, given higher transaction volumes.

7
Citizens Financial Group, Inc.
Noninterest Expense 4Q22 change from
($s in millions)4Q223Q224Q213Q224Q21
$%$%
Salaries and employee benefits$633 $639 $551 $(6)(1)%$82 15 %
Outside services170 172 175 (2)(1)(5)(3)
Equipment and software170 159 146 11 7 24 16 
Occupancy110 106 86 4 4 24 28 
Other operating expense157 165 103 (8)(5)54 52 
Noninterest expense$1,240 $1,241 $1,061 $(1)— %$179 17 %
Notable items$43 $46 $51 $(3)(7)%$(8)(16)%
Underlying, as applicable
Salaries and employee benefits$618 $622 $546 $(4)(1)%$72 13 %
Outside services153 152 138 1 1 15 11 
Equipment and software168 159 144 9 6 24 17 
Occupancy108 104 81 4 4 27 33 
Other operating expense150 158 101 (8)(5)49 49 
Underlying noninterest expense$1,197 $1,195 $1,010 $2 — %$187 19 %
Fourth quarter 2022vs.third quarter 2022
Underlying noninterest expense of $1.2 billion is broadly stable, reflecting modest increases in equipment and software and occupancy, largely offset by lower salaries and employee benefits and lower FDIC insurance. Results reflect strong expense discipline and the benefit of efficiency initiatives.
The effective tax rate was 21.2%, down from 21.8%.
Fourth quarter 2022vs.fourth quarter 2021
Underlying noninterest expense of $1.2 billion, increased 4% excluding the HSBC and ISBC transactions, and the Commercial fee-based acquisitions that closed after second quarter 2021, reflecting increased equipment and software expense, as well as higher other operating expenses, primarily advertising, FDIC insurance and travel costs, partially offset by the benefit of efficiency initiatives.
The effective tax rate of 21.2% was down from 22.4% in fourth quarter 2021.
8
Citizens Financial Group, Inc.
Interest-earning assets 4Q22 change from
($s in millions)4Q223Q224Q213Q224Q21
Period-end interest-earning assets$%$%
Investments$35,052 $34,813 $29,042 $239 1  %$6,010 21  %
Interest-bearing deposits in banks9,361 7,186 8,319 2,175 30 1,042 13 
Commercial loans and leases82,180 81,114 60,350 1,066 1 21,830 36 
Retail loans74,482 75,026 67,813 (544)(1)6,669 10 
Total loans and leases156,662 156,140 128,163 522 — 28,499 22 
Loans held for sale, at fair value774 1,048 2,733 (274)(26)(1,959)(72)
Other loans held for sale208 914 735 (706)(77)(527)(72)
Total loans and leases and loans held for sale157,644 158,102 131,631 (458)— 26,013 20 
Total period-end interest-earning assets$202,057 $200,101 $168,992 $1,956 1  %$33,065 20  %
Average interest-earning assets
Investments$38,772 $38,510 $28,193 $262 1  %$10,579 38  %
Interest-bearing deposits in banks6,915 5,203 11,152 1,712 33 (4,237)(38)
Commercial loans and leases82,468 82,047 58,900 421 1 23,568 40 
Retail loans74,631 74,832 66,309 (201)— 8,322 13 
Total loans and leases157,099 156,879 125,209 220 — 31,890 25 
Loans held for sale, at fair value1,179 1,600 3,133 (421)(26)(1,954)(62)
Other loans held for sale557 1,385 321 (828)(60)236 74
Total loans and leases and loans held for sale158,835 159,864 128,663 (1,029)(1)30,172 23 
Total average interest-earning assets$204,522 $203,577 $168,008 $945 —  %$36,514 22  %

Fourth quarter 2022vs.third quarter 2022
Period-end interest-earning assets of $202.1 billion increased $2.0 billion, or 1%, driven by a $2.2 billion increase in cash held in interest-bearing deposits, as well as a $522 million increase in total loans and leases and a $239 million increase in investments. The increase in loans and leases reflects a $1.1 billion, or 1%, increase in commercial loans and leases, given growth in C&I and in commercial real estate, primarily reflecting line draws and slower paydowns. This was partially offset by a $544 million decrease in retail, given planned run off in auto, partially offset by growth in home equity and mortgage. Excluding the auto run off, period-end total loan growth is 1% and retail loan growth is 1%.
Average interest-earning assets of $204.5 billion increased $945 million driven by a $1.7 billion increase in cash held in interest-bearing deposits and a $220 million increase in loans and leases, partly offset by a $1.2 billion decrease in loans held for sale. Loan growth was driven by commercial, reflecting modest growth in both C&I and in commercial real estate. Excluding the auto run off, average total loan growth is 1% and retail loan growth is 1%.
The average effective duration of the securities portfolio was 5.8 years compared with 5.9 years at September 30, 2022 and 4.3 years at December 31, 2021.
Fourth quarter 2022vs.fourth quarter 2021
Period-end interest-earning assets of $202.1 billion increased $33.1 billion, or 20%, as a $28.5 billion increase in loans, a $6.0 billion increase in investments and a $1.0 billion increase in cash held in interest-bearing deposits was partly offset by a $2.5 billion decrease in loans held for sale. Excluding the impact of the HSBC and ISBC transactions, loan growth was 6% with 11% growth in commercial led by C&I, and 2% growth in retail given strength in mortgage and home equity, partially offset by planned run off in auto and personal unsecured installment loans. Excluding the auto run off, period-end total loan growth is 9% and retail loan growth is 7%.
Average interest-earning assets of $204.5 billion increased $36.5 billion, or 22%, as a $31.9 billion increase in loans and a $10.6 billion increase in investments were partly offset by a $4.2 billion decrease in cash held in interest-bearing deposits reflecting the deployment of elevated liquidity. Results also reflect a $1.7 billion decrease in loans held for sale. Excluding the impact of the HSBC and ISBC transactions, loan growth was 9%, with 14% growth in commercial, primarily reflecting growth in
9
Citizens Financial Group, Inc.
C&I. Retail loans increased 5%, driven by mortgage and home equity, partially offset by planned run off of auto and personal unsecured installment loans. Excluding the auto run off, average total loan growth is 11% and retail loan growth is 8%.
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Citizens Financial Group, Inc.
    
Deposits 4Q22 change from
($s in millions)4Q223Q224Q213Q224Q21
Period-end deposits$%$%
Demand$49,283 $51,888 $49,443 $(2,605)(5) %$(160)—  %
Money market49,905 49,081 47,216 824 2 2,689 6 
Checking with interest39,721 38,040 30,409 1,681 4 9,312 31 
Savings29,805 29,882 22,030 (77)— 7,775 35 
Term12,010 9,675 5,263 2,335 24 6,747 128 
Total period-end deposits$180,724 $178,566 $154,361 $2,158 1  %$26,363 17  %
Average deposits
Demand$50,706 $53,293 $49,206 $(2,587)(5) %$1,500 3  %
Money market50,228 47,374 48,512 2,854 6 1,716 4 
Checking with interest36,952 38,297 28,075 (1,345)(4)8,877 32 
Savings29,780 28,741 21,575 1,039 4 8,205 38 
Term11,378 9,913 5,636 1,465 15 5,742 102 
Total average deposits$179,044 $177,618 $153,004 $1,426 1  %$26,040 17  %
Fourth quarter 2022vs.third quarter 2022
Total period-end deposits of $180.7 billion were up 1%, given increases in term, checking with interest and money market accounts, partially offset by a decrease in demand deposits.
Average deposits of $179.0 billion were up 1%, driven by growth in money market accounts, term and savings, partially offset by a decrease in demand deposits and checking with interest.
Fourth quarter 2022vs.fourth quarter 2021
Total period-end deposits of $180.7 billion increased $26.4 billion, or 17%, driven by the $25.4 billion impact of the HSBC and ISBC transactions. Excluding these transactions, deposits are up 1% with growth in term, savings and checking with interest, partially offset by a decrease in demand deposits and money market accounts.
Average deposits of $179.0 billion increased $26.0 billion, or 17%, including the $25.5 billion impact of the HSBC and ISBC transactions. Excluding these transactions, deposits were broadly stable, driven largely by growth in term, savings and checking with interest, partly offset by decreases in demand deposits and money market accounts.


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Citizens Financial Group, Inc.
Borrowed Funds 4Q22 change from
($s in millions)4Q223Q224Q213Q224Q21
Period-end borrowed funds$%$%
Short-term borrowed funds$3 $263 $74 $(260)(99) %$(71)(96) %
Long-term borrowed funds
FHLB advances8,519 9,519 19 (1,000)(11)8,500 NM
Senior debt5,555 4,954 5,326 601 12 229 4 
Subordinated debt and other debt1,813 1,813 1,587 — — 226 14 
Total borrowed funds$15,890 $16,549 $7,006 $(659)(4) %$8,884 127  %
Average borrowed funds
Short-term borrowed funds$262 $2,043 $24 $(1,781)(87) %$238 NM
Long-term borrowed funds
FHLB advances8,818 9,226 18 (408)(4)8,800 NM
Senior debt5,397 4,633 5,338 764 16 59 1 
Subordinated debt and other debt1,812 1,988 1,587 (176)(9)225 14 
Total average borrowed funds$16,289 $17,890 $6,967 $(1,601)(9) %$9,322 134  %
Fourth quarter 2022vs.third quarter 2022
Period-end borrowed funds decreased by $659 million, primarily due to a reduction in FHLB advances, partially offset by an increase in senior debt. Short-term FHLB advances decreased $260 million, while long-term FHLB advances decreased $1.0 billion, for a total reduction in FHLB advances of $1.3 billion.
Average borrowed funds decreased by $1.6 billion, due to a reduction in FHLB advances, partially offset by an increase in senior debt. Short-term FHLB advances decreased $1.8 billion, while long-term FHLB advances decreased $408 million, for a total reduction in FHLB advances of $2.2 billion.
Fourth quarter 2022vs.fourth quarter 2021
Period-end borrowed funds increased by $8.9 billion, given an increase in long-term FHLB advances primarily related to the ISBC acquisition balance sheet.
Average borrowed funds increased by $9.3 billion given an increase in long-term FHLB advances primarily related to the ISBC acquisition balance sheet.


12
Citizens Financial Group, Inc.
Capital 4Q22 change from
($s and shares in millions, except per share data)4Q223Q224Q213Q224Q21
Period-end capital$%$%
Stockholders' equity$23,690 $23,146 $23,420 $544 2  %$270 1  %
Stockholders' common equity21,676 21,132 21,406 544 3 270 1 
Tangible common equity13,728 13,197 14,609 531 4 (881)(6)
Tangible book value per common share$27.88 $26.62 $34.61 $1.26 5  %$(6.73)(19) %
Common shares - at end of period492.3 495.8 422.1 (3.6)(1)70.1 17 
Common shares - average (diluted)495.5 497.5 426.9 (2.0)—  %68.6 16  %
Common equity tier 1 capital ratio(1)
10.0 %9.8 %9.9 %
Total capital ratio(1)
12.8 12.6 12.7 
Tier 1 leverage ratio(1)
9.3 %9.2 %9.7 %
1) Current reporting-period regulatory capital ratios are preliminary.
Fourth quarter 2022
•The CET1 capital ratio was 10.0% as of December 31, 2022 compared with 9.8% at September 30, 2022 and 9.9% at December 31, 2021.
•Total capital ratio of 12.8% compares with 12.6% at September 30, 2022 and 12.7% as of December 31, 2021.
•Tangible book value per common share of $27.88 increased 4.7% compared with third quarter 2022.
•Citizens paid $208 million in common dividends to shareholders during fourth quarter 2022. This compares with $210 million in common dividends during third quarter 2022 and $168 million during fourth quarter 2021.
•Citizens resumed common stock repurchases during fourth quarter 2022, repurchasing $150 million in common stock.
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Citizens Financial Group, Inc.
Credit quality review 4Q22 change from
($s in millions)4Q223Q224Q213Q224Q21
$/bps%$/bps%
Nonaccrual loans and leases(1)
$944 $852 $702 $92 11  %$242 34  %
90+ days past due and accruing(2)
367 462 575 (95)(21)(208)(36)
Net charge-offs88 74 45 14 19 43 96 
Provision (benefit) for credit losses132 123 (25)9 7157 NM
Allowance for credit losses $2,240 $2,196 $1,934 $44 2  %$306 16  %
Nonaccrual loans and leases to loans and leases0.60  %0.55  %0.55  %5  bps5 
Net charge-offs as a % of total loans and leases0.22 0.19 0.14 3 8 
Allowance for credit losses to loans and leases1.43 1.41 1.51 2 (8)
Allowance for credit losses to nonaccrual loans and leases237.3  %257.7  %275.7  %(2,033) bps(3,840) bps
1) Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
2) 90+ days past due and accruing includes $316 million, $425 million, and $544 million of loans fully or partially guaranteed by the FHA, VA, and USDA for December 31, 2022, September 30, 2022, and December 31, 2021, respectively.
Fourth quarter 2022vs.third quarter 2022
•The nonaccrual loans to total loans ratio of 0.60% compares with 0.55% at September 30, 2022.
•Nonaccrual loans of $944 million increased $92 million, or 11%, reflecting an $81 million increase in commercial, primarily related to commercial real estate, and an $11 million increase in retail.
•Net charge-offs of $88 million, or 22 basis points of average loans and leases, were up 3 basis points from the prior quarter. The increase in net charge-offs of $14 million reflects a $13 million increase in retail driven by seasonality in education.
•The fourth quarter 2022 provision for credit losses of $132 million compares with $123 million for third quarter 2022. The reserve build of $44 million increased the allowance for credit losses ratio to 1.43%, up from 1.41% as of September 30, 2022.
•The allowance for credit losses to nonaccrual loans and leases ratio of 237% compares with 258% as of September 30, 2022.
Fourth quarter 2022vs.fourth quarter 2021
•The nonaccrual loans to total loans ratio of 0.60% increased from 0.55% at December 31, 2021.
•Nonaccrual loans increased $242 million, or 34%, reflecting the incorporation of ISBC and an increase in commercial, primarily related to commercial real estate.
•Net charge-offs of 22 basis points of average loans and leases compares with 14 basis points in fourth quarter 2021.
•Net charge-offs of $88 million increased $43 million reflecting a $32 million increase in retail, primarily other retail, home equity and auto, and a $11 million increase in commercial.
•Provision for credit losses of $132 million compares with a $25 million benefit in fourth quarter 2021.
•Allowance for credit losses of $2.2 billion was up $306 million compared with with December 31, 2021, primarily reflecting the additions of the ISBC and HSBC portfolios. Allowance for credit losses ratio of 1.43% as of December 31, 2022, compares with 1.51% as of December 31, 2021.
•The allowance for credit losses to nonaccrual loans and leases ratio of 237% compares with 276% as of December 31, 2021.
14
Citizens Financial Group, Inc.

Corresponding Financial Tables and Information
Investors are encouraged to review the foregoing summary and discussion of Citizens’ earnings and financial condition in conjunction with the detailed financial tables and other information available on the Investor Relations portion of the company’s website at www.citizensbank.com/about-us.
Media:    Peter Lucht - (781) 655-2289
Investors: Kristin Silberberg - (203) 900-6854
Conference Call
CFG management will host a live conference call today with details as follows:
Time:    9:00 am ET
Dial-in: (877) 336-4440, conference ID 6086305
Webcast/Presentation: The live webcast will be available at http://investor.citizensbank.com under Events & Presentations.
Replay Information: A replay of the conference call will be available beginning at 12:00 pm ET on January 17, 2023 through February 17, 2023. Please dial (866) 207-1041 and enter access code 6496917. The webcast replay will be available at http://investor.citizensbank.com under Events & Presentations.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $226.7 billion in assets as of December 31, 2022. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,400 ATMs and more than 1,100 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.

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Citizens Financial Group, Inc.

Non-GAAP Financial Measures and Reconciliations
Non-GAAP Financial Measures:
This document contains non-GAAP financial measures denoted as Underlying results, excluding HSBC and ISBC, excluding acquisitions and excluding PPP. Underlying results for any given reporting period exclude 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 our Underlying results 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. We further believe the presentation of Underlying results increases comparability of period-to-period results. See the following pages for reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.
Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. 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.
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Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDSFULL YEAR
4Q22 Change2022 Change
4Q223Q224Q213Q224Q21202220212021
$%$%$%
Noninterest income, Underlying:
Noninterest income (GAAP)$505 $512 $594 ($7)(1 %)($89)(15 %)$2,009 $2,135 ($126)(6 %)
Less: Notable items— — — — — — — (31)— (31)(100)
Noninterest income, Underlying (non-GAAP)$505 $512 $594 ($7)(1 %)($89)(15 %)$2,040 $2,135 ($95)(4 %)
Total revenue, Underlying:
Total revenue (GAAP)A$2,200 $2,177 $1,720 $23 1 %$480 28 %$8,021 $6,647 $1,374 21 %
Less: Notable items— — — — — — — (31)— (31)(100)
Total revenue, Underlying (non-GAAP)B$2,200 $2,177 $1,720 $23 1 %$480 28 %$8,052 $6,647 $1,405 21 %
Noninterest expense, Underlying:
Noninterest expense (GAAP)C$1,240 $1,241 $1,061 ($1)— %$179 17 %$4,892 $4,081 $811 20 %
Less: Notable items43 46 51 (3)(7)(8)(16)262 105 157 150 
Noninterest expense, Underlying (non-GAAP)D$1,197 $1,195 $1,010 $2 — %$187 19 %$4,630 $3,976 $654 16 %
Pre-provision profit:
Total revenue (GAAP)A$2,200 $2,177 $1,720 $23 1 %$480 28 %$8,021 $6,647 $1,374 21 %
Less: Noninterest expense (GAAP)C1,240 1,241 1,061 (1)— 179 17 4,892 4,081 811 20 
Pre-provision profit (GAAP)$960 $936 $659 $24 3 %$301 46 %$3,129 $2,566 $563 22 %
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)B$2,200 $2,177 $1,720 $23 1 %$480 28 %$8,052 $6,647 $1,405 21 %
Less: Noninterest expense, Underlying (non-GAAP)D1,197 1,195 1,010 2 — 187 19 4,630 3,976 654 16 
Pre-provision profit, Underlying (non-GAAP)$1,003 $982 $710 $21 2 %$293 41 %$3,422 $2,671 $751 28 %
Provision (benefit) for credit losses, Underlying:
Provision (benefit) for credit losses (GAAP)$132 $123 ($25)$9 7%$157 NM$474 ($411)$885 NM
Less: Notable items— — — — —— — 169 — 169 100 
Provision (benefit) for credit losses, Underlying (non-GAAP)$132 $123 ($25)$9 7%$157 NM$305 ($411)$716 NM
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)E$828 $813 $684 $15 2 %$144 21 %$2,655 $2,977 ($322)(11 %)
Less: Expense before income tax benefit related to notable items(43)(46)(51)3 78 16(462)(105)(357)NM
Income before income tax expense, Underlying (non-GAAP)F$871 $859 $735 $12 1 %$136 19 %$3,117 $3,082 $35 1 %
Income tax expense, Underlying:
Income tax expense (GAAP)G$175 $177 $154 ($2)(1 %)$21 14 %$582 $658 ($76)(12 %)
Less: Income tax benefit related to notable items(11)(13)(12)2 151 8(110)(27)(83)NM
Income tax expense, Underlying (non-GAAP)H$186 $190 $166 ($4)(2 %)$20 12 %$692 $685 $7 1 %
Net income, Underlying:
Net income (GAAP)I$653 $636 $530 $17 3 %$123 23 %$2,073 $2,319 ($246)(11 %)
Add: Notable items, net of income tax benefit32 33 39 (1)(3)(7)(18)352 78 274 NM
Net income, Underlying (non-GAAP)J$685 $669 $569 $16 2 %$116 20 %$2,425 $2,397 $28 1 %
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)K$621 $611 $498 $10 2 %$123 25 %$1,960 $2,206 ($246)(11 %)
Add: Notable items, net of income tax benefit32 33 39 (1)(3)(7)(18)352 78 274 NM
Net income available to common stockholders, Underlying (non-GAAP)L$653 $644 $537 $9 1 %$116 22 %$2,312 $2,284 $28 1 %
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Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDSFULL YEAR
4Q22 Change2022 Change
4Q223Q224Q213Q224Q21202220212021
$/bps%$/bps%$/bps%
Operating leverage:
Total revenue (GAAP)A$2,200 $2,177 $1,720 $23 1.05 %$480 27.98 %$8,021 $6,647 $1,374 20.68 %
Less: Noninterest expense (GAAP)C1,240 1,241 1,061 (1)(0.12)179 16.93 4,892 4,081 811 19.88 
Operating leverage1.17 %11.05 %0.80 %
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)B$2,200 $2,177 $1,720 $23 1.05 %$480 27.98 %$8,052 $6,647 $1,405 21.15 %
Less: Noninterest expense, Underlying (non-GAAP)D1,197 1,195 1,010 2 0.16 187 18.63 4,630 3,976 654 16.46 
Operating leverage, Underlying (non-GAAP)0.89 %9.35 %4.69 %
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio C/A56.36 %57.02 %61.68 %(66) bps(532) bps60.99 %61.40 %(41) bps
Efficiency ratio, Underlying (non-GAAP)D/B54.42 54.90 58.71 (48) bps(429) bps57.51 59.82 (231) bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rateG/E21.16 %21.80 %22.40 %(64) bps(124) bps21.93 %22.10 %(17) bps
Effective income tax rate, Underlying (non-GAAP)H/F21.37 22.00 22.61 (63) bps(124) bps22.19 22.21 (2) bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)M$21,276 $22,246 $21,320 ($970)(4 %)($44)— %$21,724 $21,025 $699 3 %
Return on average common equityK/M11.56 %10.91 %9.26 %65  bps230  bps9.02 %10.49 %(147) bps
Return on average common equity, Underlying (non-GAAP)L/M12.15 11.52 9.97 63  bps218  bps10.64 10.86 (22) bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)M$21,276 $22,246 $21,320 ($970)(4 %)($44)— %$21,724 $21,025 $699 3 %
Less: Average goodwill (GAAP)8,171 8,131 7,092 40 — 1,079 15 7,872 7,062 810 11 
Less: Average other intangibles (GAAP)199 228 56 (29)(13)143 NM181 54 127 235 
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)424 424 383 — — 41 11 413 381 32 8 
Average tangible common equityN$13,330 $14,311 $14,555 ($981)(7 %)($1,225)(8 %)$14,084 $14,290 ($206)(1 %)
Return on average tangible common equity K/N18.46 %16.96 %13.57 %150  bps489  bps13.91 %15.44 %(153) bps
Return on average tangible common equity, Underlying (non-GAAP)L/N19.40 17.91 14.61 149  bps479  bps16.41 15.98 43  bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)O$224,970 $225,473 $187,228 ($503)— %$37,742 20 %$215,061 $185,106 $29,955 16 %
Return on average total assetsI/O1.15 %1.12 %1.12 %3  bps3  bps0.96 %1.25 %(29) bps
Return on average total assets, Underlying (non-GAAP)J/O1.21 1.18 1.20 3  bps1  bps1.13 1.30 (17) bps
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)P$224,970 $225,473 $187,228 ($503)— %$37,74220 %$215,061 $185,106 $29,955 16 %
Less: Average goodwill (GAAP)8,171 8,131 7,092 40 — 1,079 15 7,872 7,062 810 11 
Less: Average other intangibles (GAAP)199 228 56 (29)(13)143 NM181 54 127 235 
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)424 424 383 — — 41 11 413 381 32 8 
Average tangible assetsQ$217,024 $217,538 $180,463 ($514)— %$36,561 20 %$207,421 $178,371 $29,050 16 %
Return on average total tangible assets I/Q1.19 %1.16 %1.17 %3  bps2  bps1.00 %1.30 %(30) bps
Return on average total tangible assets, Underlying (non-GAAP)J/Q1.25 1.22 1.25 3  bps—  bps1.17 1.34 (17) bps
18
Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDSFULL YEAR
4Q22 Change2022 Change
4Q223Q224Q213Q224Q21202220212021
$/bps%$/bps%$/bps%
Tangible book value per common share:
Common shares - at period-end (GAAP)R492,282,158 495,843,793 422,137,197 (3,561,635)(1 %)70,144,961 17 %492,282,158 422,137,197 70,144,961 17 %
Common stockholders' equity (GAAP)$21,676 $21,132 $21,406 $544 3 $270 1 $21,676 $21,406 $270 1 
Less: Goodwill (GAAP)8,173 8,160 7,116 13 — 1,057 15 8,173 7,116 1,057 15 
Less: Other intangible assets (GAAP)197 199 64 (2)(1)133 208197 64 133 208 
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)422 424 383 (2)— 39 10 422 383 39 10 
Tangible common equityS$13,728 $13,197 $14,609 $531 4 %($881)(6 %)$13,728 $14,609 ($881)(6 %)
Tangible book value per common shareS/R$27.88 $26.62 $34.61 $1.26 5 %($6.73)(19 %)$27.88 $34.61 ($6.73)(19 %)
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)T493,293,981 495,651,083 424,697,880 (2,357,102)— %68,596,101 16 %475,959,815 425,669,451 50,290,365 12 %
Average common shares outstanding - diluted (GAAP)U495,478,398 497,477,501 426,868,106 (1,999,103)— 68,610,292 16 477,803,142 427,435,818 50,367,325 12 
Net income per average common share - basic (GAAP)K/T$1.26 $1.23 $1.17 $0.03 2 $0.09 8 $4.12 $5.18 ($1.06)(20)
Net income per average common share - diluted (GAAP)K/U1.25 1.23 1.17 0.02 2 0.08 7 4.10 5.16 (1.06)(21)
Net income per average common share - basic, Underlying (non-GAAP)L/T1.32 1.30 1.26 0.02 2 0.06 5 4.86 5.37 (0.51)(9)
Net income per average common share - diluted, Underlying (non-GAAP)L/U1.32 1.30 1.26 0.02 2 0.06 5 4.84 5.34 (0.50)(9)


19
Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDSFULL YEAR
4Q22 Change2022 Change
4Q223Q224Q213Q224Q21202220212021
$/bps%$/bps%$/bps%
Other income, Underlying:
Other income (GAAP)$36 $34 $32 $2 6$4 13%$82 $89 ($7)(8 %)
Less: Notable items— — — — — — — (31)— (31)(100)
Other income, Underlying (non-GAAP)$36 $34 $32 $2 6 $4 13 %$113 $89 $24 27 %
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)$633 $639 $551 ($6)(1 %)$82 15 %$2,549 $2,132 $417 — 20 %
Less: Notable items15 17 5 (2)(12)10 200 110 (8)118 NM
Salaries and employee benefits, Underlying (non-GAAP)$618 $622 $546 ($4)(1 %)$72 13 %$2,439 $2,140 $299 14 %
Outside services, Underlying:
Outside services (GAAP)$170 $172 $175 ($2)(1 %)($5)(3 %)$700 $595 $105 — 18 %
Less: Notable items17 20 37 (3)(15)(20)(54)113 60 53 88 
Outside services, Underlying (non-GAAP)$153 $152 $138 $1 1 %$15 11 %$587 $535 $52 10 %
Equipment and software, Underlying:
Equipment and software (GAAP)
$170 $159 $146 $11 7 %$24 16 %$648 $610 $38 6 %
Less: Notable items2 — 2 2 100 — — 10 17 (7)(41)
Equipment and software, Underlying (non-GAAP)$168 $159 $144 $9 6 %$24 17 %$638 $593 $45 8 %
Occupancy, Underlying:
Occupancy (GAAP)$110 $106 $86 $4 4 %$24 28 %$410 $333 $77 23 %
Less: Notable items2 2 5 — — (3)(60)5 18 (13)(72)
Occupancy, Underlying (non-GAAP)$108 $104 $81 $4 4 %$27 33 %$405 $315 $90 29 %
Other operating expense, Underlying:
Other operating expense (GAAP)$157 $165 $103 ($8)(5 %)$54 52 %$585 $411 $174 — 42 %
Less: Notable items7 7 2 — — 5 25024 18 6 33 
Other operating expense, Underlying (non-GAAP)$150 $158 $101 ($8)(5 %)$49 49 %$561 $393 $168 43 %

























20
Citizens Financial Group, Inc.
Non-GAAP measures and reconciliations - excluding the impact of HSBC, ISBC, and Commercial fee-based acquisitions closed after 2Q21
(in millions, except ratio data)
QUARTERLY TRENDS
4Q22 Change
4Q223Q224Q213Q224Q21
$/bps%$/bps%
Noninterest expense, Underlying excluding HSBC, ISBC, and Commercial fee based acquisition expenses closed after 2Q21:
Noninterest expense (GAAP)A$1,240 $1,241 $1,061 ($1)— %$179 17 %
Less: Notable items43 46 51 (3)(7)(8)(16)
Less: HSBC & ISBC Acquisition Impact129 130 — (1)(1)129 100 
Less: Commercial fee based acquisition expenses closed after 2Q2137 37 20 — — 17 85 
Total Noninterest expense, Underlying excluding HSBC, ISBC, and Commercial fee based acquisition expenses closed after 2Q21 (non-GAAP)B$1,031 $1,028 $990 $3 — %$41 4 %

21
Citizens Financial Group, Inc.
Non-GAAP measures and reconciliations - excluding the impact of HSBC & ISBC Acquisitions
(in millions, except ratio data)
QUARTERLY TRENDS
4Q22 Change
4Q223Q224Q213Q224Q21
$/bps%$/bps%
Total Loans, excluding HSBC & ISBC
Total Loans (GAAP)E$156,662 $156,140 128,163 522 — %28,499 22 
Less: HSBC & ISBC Acquisition Impact20,420 21,171 — (751)(4)20,420 100
Total Loans, excluding HSBC & ISBC (non-GAAP)F$136,242 $134,969 $128,163 $1,273 1 %$8,079 6 %
Total Commercial Loans, excluding HSBC & ISBC
Total Commercial Loans (GAAP)G$82,180 $81,114 $60,350 $1,066 1 %$21,830 36 %
Less: HSBC & ISBC Acquisition Impact15,093 15,749 — (656)(4)15,093 100 
Total Commercial Loans, excluding HSBC & ISBC (non-GAAP)H$67,087 $65,365 $60,350 $1,722 3 %$6,737 11 %
Total Retail Loans, excluding HSBC & ISBC
Total Retail Loans (GAAP)I$74,482 $75,026 $67,813 ($544)(1 %)$6,669 10 %
Less: HSBC & ISBC Acquisition Impact5,327 5,422 — (95)(2)5,327 100 
Total Retail Loans, excluding HSBC & ISBC (non-GAAP)J$69,155 $69,604 $67,813 ($449)(1 %)$1,342 2 %
Total Average Loans, excluding HSBC & ISBC
Average Loans (GAAP)K$157,099 $156,879 $125,209 $220 — %$31,890 25 %
Less: HSBC & ISBC Acquisition Impact20,804 21,417 — (613)(3)20,804 100 
Total Average Loans, excluding HSBC & ISBC (non-GAAP)L$136,295 $135,462 $125,209 $833 1 %$11,086 9 %
Average Commercial Loans, excluding HSBC & ISBC
Average Commercial Loans (GAAP)M$82,468 $82,047 $58,900 $421 1 %$23,568 40 %
Less: HSBC & ISBC Acquisition Impact15,518 15,925 — (407)(3)15,518 100 
Average Commercial Loans, excluding HSBC & ISBC (non-GAAP)N$66,950 $66,122 $58,900 $828 1 %$8,050 14 %
Average Retail Loans, excluding HSBC & ISBC
Average Retail Loans (GAAP)O$74,631 $74,832 $66,309 ($201)— %$8,322 13 %
Less: HSBC & ISBC Acquisition Impact5,286 5,492 — (206)(4)5,286 100 
Average Retail Loans, excluding HSBC & ISBC (non-GAAP)P$69,345 $69,340 $66,309 $5 — %$3,036 5 %
22
Citizens Financial Group, Inc.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook,” “guidance” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.”

Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation:
•Negative economic, business and political conditions, including as a result of supply chain disruptions, inflationary pressures and labor shortages, that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits which may affect, among other things, the level of nonaccrual assets, charge-offs and provision expense;
•The rate of growth in the economy and employment levels, as well as general business and economic conditions, and changes in the competitive environment;
•Our ability to implement our business strategy, including the cost savings and efficiency components, and achieve our financial performance goals, including through the integration of Investors and the HSBC branches;
•The effects of geopolitical instability, including as a result of Russia’s invasion of Ukraine and the imposition of sanctions on Russia and other actions in response, on economic and market conditions, inflationary pressures and the interest rate environment, commodity price and foreign exchange rate volatility, and heightened cybersecurity risks;
•Our ability to meet heightened supervisory requirements and expectations;
•Liabilities and business restrictions resulting from litigation and regulatory investigations;
•Our capital and liquidity requirements under regulatory capital standards and our ability to generate capital internally or raise capital on favorable terms;
•The effect of changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale;
•Changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources and affect the ability to originate and distribute financial products in the primary and secondary markets;
•The effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin;
•Financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses;
•Environmental, social and governance risks, such as physical or transitional risks associated with climate change, that could adversely affect our reputation, operations, business, and customers.
•A failure in or breach of our operational or security systems or infrastructure, or those of our third party vendors or other service providers, including as a result of cyber-attacks; and
•Management’s ability to identify and manage these and other risks.
In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, risk-weighted assets, capital impacts of strategic initiatives, market conditions, receipt of required regulatory approvals and other regulatory and accounting considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares from or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends.

More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section in Part II, Item 1A of our Quarterly Report on Form 10-Q for the period ended March 31, 2022 and Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 as filed with the Securities and Exchange Commission.
Note: Per share amounts and ratios presented in this document are calculated using whole dollars.
23
Citizens Financial Group, Inc.
CFG-IR
24
4Q22 and 2022 Financial Results January 17, 2023

 
2 Forward-looking statements and use of non-GAAP financial measures This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook,” “guidance” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation: • Negative economic, business and political conditions, including as a result of supply chain disruptions, inflationary pressures and labor shortages, that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits which may affect, among other things, the level of nonaccrual assets, charge-offs and provision expense; • The rate of growth in the economy and employment levels, as well as general business and economic conditions, and changes in the competitive environment; • Our ability to implement our business strategy, including the cost savings and efficiency components, and achieve our financial performance goals, including through the integration of Investors and the HSBC branches; • The effects of geopolitical instability, including as a result of Russia’s invasion of Ukraine and the imposition of sanctions on Russia and other actions in response, on economic and market conditions, inflationary pressures and the interest rate environment, commodity price and foreign exchange rate volatility, and heightened cybersecurity risks; • Our ability to meet heightened supervisory requirements and expectations; • Liabilities and business restrictions resulting from litigation and regulatory investigations; • Our capital and liquidity requirements under regulatory capital standards and our ability to generate capital internally or raise capital on favorable terms; • The effect of changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale; • Changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources and affect the ability to originate and distribute financial products in the primary and secondary markets; • The effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin; • Financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses; • Environmental, social and governance risks, such as physical or transitional risks associated with climate change, that could adversely affect our reputation, operations, business, and customers. • A failure in or breach of our operational or security systems or infrastructure, or those of our third party vendors or other service providers, including as a result of cyber-attacks; and • Management’s ability to identify and manage these and other risks. In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, risk-weighted assets, capital impacts of strategic initiatives, market conditions, receipt of required regulatory approvals and other regulatory and accounting considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares from or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends. More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section in Part II, Item 1A of our Quarterly Report on Form 10-Q for the period ended March 31, 2022 and Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 as filed with the Securities and Exchange Commission. Non-GAAP Financial Measures: This document contains non-GAAP financial measures denoted as Underlying results, excluding HSBC and ISBC, excluding acquisitions and excluding PPP. Underlying results for any given reporting period exclude 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 our Underlying results 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. We further believe the presentation of Underlying results increases comparability of period-to-period results. The Appendix presents reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. 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.

 
3 4Q22 and Full Year 2022 GAAP financial summary Full Year 4Q22 3Q22 4Q21 Q/Q Y/Y 2022 vs. 2021 $s in millions $/bps % $/bps % 2022 2021 $/bps % Net interest income $ 1,695 $ 1,665 $ 1,126 $ 30 2 % $ 569 51 % $ 6,012 $ 4,512 $ 1,500 33 % Noninterest income 505 512 594 (7) (1) (89) (15) 2,009 2,135 (126) (6) Total revenue 2,200 2,177 1,720 23 1 480 28 8,021 6,647 1,374 21 Noninterest Expense 1,240 1,241 1,061 (1) — 179 17 4,892 4,081 811 20 Pre-provision profit 960 936 659 24 3 301 46 3,129 2,566 563 22 Provision (benefit) for credit losses 132 123 (25) 9 7 157 NM 474 (411) 885 NM Income before income tax expense 828 813 684 15 2 144 21 2,655 2,977 (322) (11) Income tax expense 175 177 154 (2) (1) 21 14 582 658 (76) (12) Net income $ 653 $ 636 $ 530 $ 17 3 % $ 123 23 % $ 2,073 $ 2,319 $ (246) (11) % Preferred dividends 32 25 32 7 28 — — 113 113 — — Net income available to common stockholders $ 621 $ 611 $ 498 $ 10 2 % $ 123 25 % $ 1,960 $ 2,206 $ (246) (11) % $s in billions Average interest-earning assets $ 204.5 $ 203.6 $ 168.0 $ 0.9 — % $ 36.5 22 % $ 194.1 $ 166.5 $ 27.6 17 % Average deposits $ 179.0 $ 177.6 $ 153.0 $ 1.4 1 % $ 26.0 17 % $ 172.1 $ 150.5 $ 21.6 14 % Performance metrics Net interest margin(1) 3.29 % 3.24 % 2.66 % 5 bps 63 bps 3.10 % 2.71 % 39 bps Net interest margin, FTE(1) 3.30 3.25 2.66 5 64 3.10 2.72 38 Loans-to-deposit ratio (period-end) 86.7 87.4 83.0 (75) 366 86.7 83.0 366 ROACE 11.6 10.9 9.3 65 230 9.0 10.5 (147) ROTCE 18.5 17.0 13.6 150 489 13.9 15.4 (153) ROA 1.2 1.1 1.1 3 3 1.0 1.3 (29) ROTA 1.2 1.2 1.2 3 2 1.0 1.3 (30) Efficiency ratio 56.4 57.0 61.7 (66) (532) 61.0 61.4 (41) Noninterest income as a % of total revenue 23 % 24 % 35 % (62) bps (1,158) bps 25 % 32 % (707) bps FTEs(2) 18,889 19,235 17,463 (346) (2) % 1,426 8 % 18,889 17,463 1,426 8 % Operating leverage 1.2 % 11.1 % 0.8 % Per common share Diluted earnings $ 1.25 $ 1.23 $ 1.17 $ 0.02 2 % $ 0.08 7 % $ 4.10 $ 5.16 $ (1.06) (21) % Tangible book value $ 27.88 $ 26.62 $ 34.61 $ 1.26 4.7 % $ (6.73) (19) % $ 27.88 $ 34.61 $ (6.73) (19) % Average diluted shares outstanding (in millions) 495.5 497.5 426.9 (2.0) — % 68.6 16 % 477.8 427.4 50.4 12 % See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36.

 
4 4Q22 and Full Year 2022 Underlying financial summary(1) Full Year Q/Q Y/Y 2022 2021 2022 vs. 2021 $s in millions 4Q22 $/bps % $/bps % $/bps % Net interest income $ 1,695 $ 30 2% $ 569 51% $ 6,012 $ 4,512 $ 1,500 33% Noninterest income 505 (7) (1) (89) (15) 2,040 2,135 (95) (4) Total revenue 2,200 23 1 480 28 8,052 6,647 1,405 21 Noninterest expense 1,197 2 — 187 19 4,630 3,976 654 16 Pre-provision profit 1,003 21 2 293 41 3,422 2,671 751 28 Provision (benefit) for credit losses 132 9 7 157 NM 305 (411) 716 NM Net income available to common stockholders $ 653 $ 9 1% $ 116 22% $ 2,312 $ 2,284 $ 28 1% Performance metrics Diluted EPS $ 1.32 $ 0.02 2% $0.06 5% $ 4.84 $ 5.34 $ (0.50) (9)% Efficiency ratio 54.4 (48) bps (429) bps 57.5 59.8 (231) bps Noninterest income as a % of total revenue 23 % (62) bps (1158) bps 25 % 32 % (678) bps ROTCE 19.4 % 149 bps 479 bps 16.4 % 16.0 % 43 bps Tangible book value per share $ 27.88 $ 1.26 5 $(6.73) (19) $ 27.88 $ 34.61 $ (6.73) (19) Operating leverage 1% 9% 5% See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36. 4Q22 FY2022 Notable Items Impacts Pre-tax EPS Pre-tax EPS ($s in millions except per share data) Integration related $ (35) $ (0.06) $ (413) $ (0.66) TOP revenue and efficiency initiatives (8) (0.01) (49) (0.08) Total: $ (43) $ (0.07) $ (462) $ (0.74)

 
5 Overview(1) See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36. 4Q: Navigating well in a dynamic environment – Underlying EPS of $1.32 and ROTCE of 19.4% – Underlying PPNR of $1.0 billion, up 2% QoQ ▪ NII up 2% QoQ given improved net interest margin, up 5 bps ▪ Fees down 1% QoQ with lower mortgage fees and FX and derivative products, partly offset by improvement in capital markets fees ▪ Expenses well controlled, stable QoQ – Positive Underlying operating leverage QoQ of 1%; Underlying efficiency ratio improves to 54.4% – Period-end and average loans broadly stable, up 1% ex-auto run off; loan yields up 58 bps QoQ – Period-end and average deposits up 1% QoQ; total deposit costs up 49 bps – Provision for credit losses of $132 million and reserve build of $44 million Strong full-year 2022 results – Underlying net income of $2.4 billion, with EPS of $4.84 – Underlying PPNR of $3.4 billion, up 28% – Strong positive operating leverage of 5%; Underlying efficiency ratio improved 231 bps to 57.5% – Underlying ROTCE of 16.4% compares with 16.0% for 2021 Continued strong credit metrics – Prudent risk appetite across retail and commercial; NCOs of 22 bps up 3 bps QoQ; NPLs to loans of 0.60% vs. 0.55% at 3Q22 – Allowance for credit losses coverage ratio of 1.43% up 2 bps QoQ; compares with proforma day-1 CECL reserve of ~1.30% Strong capital, liquidity and funding – Strong CET1 ratio at upper end of target range at 10.0%(2) – Period-end LDR ratio of 87% – Asset sensitivity of 2.7% compares with 3.3% in 3Q22 – TBV/share of $27.88, up 5% QoQ

 
6 3.25% 0.57% (0.49)% (0.03)% 3.30% 3Q22 Asset Yields Funding Costs Cash 4Q22 $168.0B $169.3B $198.7B $203.6B $204.5B $1,126 $1,147 $1,505 $1,665 $1,695 2.66% 2.75% 3.04% 3.25% 3.30% 4Q21 1Q22 2Q22 3Q22 4Q22 ■ NII up 2% given higher net interest margin – NIM of 3.30% increased 5 bps reflecting higher earning-asset yields given higher market interest rates, partly offset by increased funding costs – Interest-earning asset yields increased 53 bps to 4.35% – Interest-bearing deposit costs up 67 bps to 123 bps; well-controlled cumulative beta of 29% Net interest income $s in millions, except earning assets NII and NIM Average interest-earning assets Net interest income NIM, FTE NII and NIM continue to benefit from rising rates and well-controlled deposit betas ■ NII up 51%, reflecting higher NIM and 22% growth in average interest-earning assets, including the impact of the HSBC and ISBC transactions – NIM of 3.30%, up 64 bps, reflects higher earning- asset yields given higher market interest rates and loan growth, partially offset by increased funding costs – Interest-earning asset yields increased 152 bps – Interest-bearing deposit costs up 110 bps NIM 3Q22 to 4Q22 Year-Over-Year Linked Quarter (1) (1) Represents the impact of higher cash balance 3Q22 to 4Q22

 
7 ■ Underlying noninterest income decreased 15% – Service charges and fees increased $5 million, reflecting the benefit of acquisitions – Capital markets fees decreased $86 million, reflecting lower syndications and M&A advisory fees given challenging market conditions – Mortgage banking fees decreased $22 million, driven by lower production volumes and lower gain-on-sale margins, partially offset by higher servicing revenue – Card fees increased $6 million, given higher transaction volumes $594 $498 $525 $512 $505 4Q21 1Q22 2Q22 3Q22 4Q22 Noninterest income(1) $s in millions ■ Underlying noninterest income decreased 1% – Service charges and fees decreased $4 million, primarily reflecting the impact of the elimination of non-sufficient funds fees – Capital markets fees increased $9 million given increased underwriting and M&A advisory fees – Mortgage banking fees decreased $12 million driven mainly by lower production volume given higher interest rates – FX and derivative products revenue decreased $7 million reflecting a net $5 million negative CVA/DVA impact, while business results were relatively stable Stable fee income performance in a challenging market environment See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36. Underlying, as applicable $s in millions 4Q22 3Q22 4Q21 $ Q/Q Y/Y Service charges and fees $ 105 $ 109 $ 100 $ (4) $ 5 Capital markets fees 98 89 184 9 (86) Card fees 71 71 65 — 6 Mortgage banking fees 54 66 76 (12) (22) Trust and investment services fees 61 61 60 — 1 FX and derivative products 35 42 35 (7) — Letter of credit and loan fees 41 40 41 1 — Securities gains, net 4 — 1 4 3 Other income(2) 36 34 32 2 4 Noninterest income $ 505 $ 512 $ 594 $ (7) $ (89) Linked Quarter Year-Over-YearNoninterest income

 
8 58.7% 64.3% 58.2% 54.9% 54.4% 4Q21 1Q22 2Q22 3Q22 4Q22 Underlying, as applicable 4Q22 3Q22 4Q21 $ $s in millions Q/Q Y/Y Salaries & employee benefits $ 618 $ 622 $ 546 $ (4) $ 72 Outside services 153 152 138 1 15 Equipment & software 168 159 144 9 24 Occupancy 108 104 81 4 27 Other operating expense 150 158 101 (8) 49 Noninterest expense $ 1,197 $ 1,195 $ 1,010 $ 2 $ 187 Full-time equivalents (FTEs) 18,889 19,235 17,463 (346) 1,426 Noninterest expense(1) ■ Underlying noninterest expense broadly stable – Reflects modest increases in equipment and software and occupancy, largely offset by lower salaries and employee benefits and lower FDIC insurance – Results reflect strong expense discipline and the benefit of efficiency initiatives ■ Underlying noninterest expense increased 4% excluding HSBC/ISBC and the Commercial fee-based acquisitions that closed after 2Q21 – Reflects increased equipment and software expense, as well as higher other operating expenses, primarily advertising, FDIC insurance and travel costs, partially offset by the benefit of efficiency initiatives See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36. Underlying efficiency ratio Well-controlled expenses drive 1% positive operating leverage and a 54.4% efficiency ratio Linked Quarter Year-Over-Year

 
9 ■ Average loans broadly stable; up 1% ex-auto run off – Commercial up 1%, reflecting growth in C&I and in CRE primarily reflecting line draws and slower paydowns – Retail down slightly given planned run off in auto, partly offset by growth in home equity and mortgage; up 1% ex- auto run off ■ Period-end loans broadly stable; up 1% ex-auto run off – Commercial up 1% given growth in C&I and in CRE primarily reflecting line draws and slower paydowns – Retail down 1% with growth in home equity and mortgage more than offset by planned run off in auto; up 1% ex-auto run off $125.2 $156.9 $157.1 $129.2 $153.8 $125.2 $128.5 $132.0 $156.9 $157.1 $0.7 $21.8 CFG standalone HSBC/ISBC 4Q21 1Q22 2Q22 3Q22 4Q22 Loans and leases(1) $s in billions Loans up slightly QoQ led by Commercial ■ Average loans up $31.9 billion, or 25%; excluding HSBC/ISBC, up 9% (11% ex-auto run off) – Commercial up 14% primarily reflecting growth in C&I – Retail up 5% with growth in mortgage and home equity, partially offset by planned run off of auto and personal unsecured installment loans; up 8% ex-auto run off ■ Period-end loans up $28.5 billion, or 22%; excluding HSBC/ ISBC, up 6% (9% ex-auto run off) – Commercial up 11% primarily driven by growth in C&I – Retail up 2% driven by mortgage and home equity, partly offset by planned run off in auto and personal unsecured installment loans; up 7% ex-auto run off Average loans and leases(2) $128.2 $156.1 $156.7 $131.3 $156.2 $128.2 $129.9 $134.5 $156.1 $156.7 $1.4 $21.7 CFG standalone HSBC/ISBC 4Q21 1Q22 2Q22 3Q22 4Q22 $s in billions Period-end loans and leases(2) See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36. Linked Quarter Year-Over-Year

 
10 $153.0 $155.1 $176.4 $177.6 $179.0 4Q21 1Q22 2Q22 3Q22 4Q22 Average funding and cost of funds(1) Period-end and average deposits up 1% QoQ $s in billions 4Q22 Average deposits See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36. 0.09% 0.07% 0.12% 0.39% 0.88%0.13% 0.10% 0.18% 0.56% 1.23% Total deposit costs Interest-bearing deposit costs Commercial Consumer Other ■ Average deposits up $1.4 billion, or 1%, with growth in money market accounts, term and savings, partly offset by decreases in demand deposits and checking with interest. ■ Period-end deposits up 1%, with growth in term, checking with interest and money market accounts, partly offset by lower demand deposits ■ Citizens Access™ 4Q22 average balance of $7.1 billion; period-end balance of $7.8 billion ■ Total deposit costs remain well controlled, up 49 bps ■ Total cost of funds of 113 bps, up 51 bps ■ Period-end FHLB advances of $8.5 billion, down $1.3 billion ■ Period-end deposit growth of $26.4 billion, or 17%, including $25.4 billion related to HSBC/ISBC – Deposits up 1% excluding HSBC/ISBC ■ Average deposits up $26.0 billion, or 17%, including $25.5 billion related to HSBC/ISBC – Deposits broadly stable excluding HSBC/ISBC ■ Total deposit costs up 79 bps and interest-bearing deposit costs up 110 bps ■ Total cost of funds up 94 bps 83% 87% 87% 4Q21 3Q22 4Q22 Linked Quarter Period-end LDR Year-Over-Year4Q22 Average deposit mix 28% 28% 21% 4% 13% 6% Demand Checking with interest Citizens Access Savings Savings Money Market Term

 
11 ■ NCOs of $88 million, or 22 bps of average loans and leases, up 3 bps QoQ ■ Nonaccrual loans increased 5 bps QoQ to 60 bps of total loans driven by commercial, primarily related to commercial real estate ■ Provision for credit losses of $132 million, with a reserve build of $44 million ■ ACL to nonaccrual loans and leases ratio of 237% compares with 258% as of 3Q22 and 276% as of 4Q21 $(25) $(21) $71 $123 $132 $45 $59 $49 $74 $88 0.14% 0.19% 0.13% 0.19% 0.22% 4Q21 1Q22 2Q22 3Q22 4Q22 Highlights Credit quality overview $s in millions $s in millions See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36. Credit provision expense (benefit); net charge-offs Nonaccrual loans $s in millions Allowance for credit losses (2) Underlying provision expense (benefit) for credit losses Net charge-offs Net charge-off ratio (1) $702 $789 $852 $944 $839 $753 $86 0.55% 0.60% 0.54% 0.55% 0.60% Nonaccrual loans Nonaccrual loans - ISBC Nonaccrual loans to total loans 4Q21 1Q22 2Q22 3Q22 4Q22 $1,934 $1,878 $2,196 $2,240$2,147 $1,900 $247 1.51% 1.43% 1.37% 1.41% 1.43% Allowance for credit losses Allowance for credit losses - ISBC Allowance to loan coverage ratio 4Q21 1Q22 2Q22 3Q22 4Q22

 
12 3Q22 4Q22 Retail 1.33% 1.31% Commercial 1.48% 1.54% C&I 1.36% 1.36% CRE 1.69% 1.86% Leasing 1.86% 1.59% Total 1.41% 1.43% $2,196 $(19) $63 $2,240 3Q22 Portfolio changes Economic and qualitative factors 4Q22 Allowance for credit losses ■ The increase in the ACL reserve coverage to 1.43% primarily reflects higher reserves against CRE exposures ■ The key macroeconomic assumptions reflect a moderate recession over the two-year reasonable and supportable period: – Peak unemployment of ~6% and peak-to-trough GDP decline of ~1.5% – Collateral value peak-to-trough declines: ▪ Home price index ~13% ▪ Used cars and trucks ~16% ■ Additionally, qualitative factors are incorporated in the allowance framework to account for other considerations ■ Additional detail on the CRE portfolio is provided in the appendix on page 32 Note: Portfolio Changes represent run off, changes in credit quality, aging of existing portfolio and utilization changes. Economic/Qualitative changes represent changes to macroeconomic variables and qualitative factors, including management overlays. $s in millions CommentaryAllowance for credit losses ACL coverage ratio

 
13 ■ 4Q22 CET1 ratio of 10.0% compares with 9.8% in 3Q22 ■ TBV/share of $27.88, up 4.7% QoQ; tangible common equity ratio of 6.3%, up 20 bps QoQ – HTM securities designation of ~30% at quarter end ■ Paid $208 million in common dividends to shareholders in 4Q22 ■ Repurchased $150 million of common stock in 4Q22 – Remaining Board authorized capacity of $850 million at December 31, 2022 Capital remains strong $s in billions (period-end) 4Q21 1Q22 2Q22 3Q22 4Q22 Basel III basis(1)(2) Common equity tier 1 capital $ 15.7 $ 15.6 $ 17.9 $ 18.3 $ 18.6 Risk-weighted assets $ 158.8 $ 161.9 $ 187.7 $ 187.2 $ 185.2 Common equity tier 1 ratio 9.9 % 9.7 % 9.6 % 9.8 % 10.0 % Tier 1 capital ratio 11.1 % 10.9 % 10.6 % 10.9 % 11.1 % Total capital ratio 12.7 % 12.5 % 12.3 % 12.6 % 12.8 % Tangible common equity ratio 8.1 % 7.1 % 6.6 % 6.1 % 6.3 % See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36. TBV/share CET1 $ % 3Q22 9.8 % $26.62 Net Income 0.35 1.33 5.0 % Common and preferred dividends (0.12) (0.50) (1.9) % RWA decrease 0.10 Treasury stock (0.08) (0.10) (0.4) % Goodwill and intangibles (0.01) (0.03) (0.1) % AOCI — 0.53 2.0 % Other 0.01 0.03 0.1 % Total change 0.25 1.26 4.7 % 4Q22 10.0 % $27.88 CET1 ratio remains strong(3) Highlights

 
14 Legacy CFG Boston/ Philadelphia metro HSBC Branches ISBC Consumer Banking - differentiated growth opportunities NYC/NJ Potential for outsized retail customer growth across HSBC/ISBC branches (Avg. # of households per branch) 1 ~4K ~1K ~3K Encouraged by early success with HSBC branches; repositioning retail model across ISBC franchise in Spring 2023 Retail deposit growth in HSBC branches since Feb 2022, over 3x CFG legacy 8% ~1.5x Customer acquisition rate within acquired HSBC branches relative to CFG legacy markets #6-ranked 25+ points NPS improvement March to December 2022 across acquired HSBC branches Branch network(1) in NY Metro based on ~200 total branches Strong momentum in Wealth reflecting a reorientation towards financial planning-led advice Significant fee opportunity within our attractive footprint Wealth2 CFG ~2.2% share of investable assets (vs.~3% industry avg.)(3) 4% Wealth fees YoY growth in FY22 despite challenging market conditions 6% Wealth sales YoY increase in FY22 to a new all-time high 200+ Private client team Launched during 4Q22; expect to hire 200+ new Advisors and Relationship managers in 2023 to drive penetration and investable asset wallet share ~19% % of customers with a financial plan(2) Up ~2x YoY As of 12/31/2022 $21B AUM See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36.

 
15 Consumer Banking - differentiated growth opportunities Citizens Pay/HELOCNational digital expansion 2018 2022 2023 2025+ Converge legacy core with Citizens Access to create single integrated platform Launched Citizens Access™ Migrated Citizens Access™ to cloud-based platform 3 4 Added education and mortgage Roadmap for national digital platform Introduce checking and credit card Enhance digital platform capabilities Development of our modern cloud-based digital platform creates unique opportunities Launched mobile app Retail households outside regional footprint ~2.2 million(1) +74% Citizens AccessTM deposit growth in 2022 Innovation is driving distinctive ways to grow customers Prudently finding ways to selectively grow super prime loans Introduced Citizens FastlineTM Industry-leading HELOC journey enabled by advanced analytics and digital innovation Ranked #1 nationally(2) 17% ~82 ~17 days HELOC growth in balances since 12/31/21; 4Q22 originations: ~780 avg. FICO, 67% combined LTV NPS in 4Q22, up 20+ points since 2020 Median cycle time from application to close in 4Q22, 8 days faster than a non-Fastline app. Modernize tech Deepen Grow nationally Citizens PayTM delivering solid results while maintaining portfolio quality Significant momentum in FY2022 Strong origination levels with new partners Added ~150 new partners Late-stage deal pipeline largest since business inception Delinquencies and charge-off rates trending better than prime credit card Weighted average FICO of ~740 for FY2022 originations Awarded Banking Tech Awards USA ‘Best Innovation’ category Launched Citizens PayTM mobile app and BestBuy Upgrade program Plan to launch direct-to-consumer merchant solution in 1H2023 Continuing to innovate Portfolio quality reflects prudent growth See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36.

 
16 Commercial Banking acquisitions add capabilities and drive strong performance Commercial acquisitions fully integrated and delivering results 2Q19 - Atlanta M&A advisory firm (Services focus) 1Q20 - Los Angeles M&A advisory firm (Franchise focus) 3Q21 - Chicago, Atlanta, Portland (Valuation services) 4Q21 - San Francisco investment bank (Tech, healthcare, fintech focus) 2Q22 - New York M&A advisory firm (Technology infrastructure focus) ■ Full debt and equity underwriting capabilities ■ High-touch M&A execution ■ Deep expertise in attractive verticals ■ Strong financial sponsor relationships ■ National coverage with seven offices Built a leading capital markets and advisory platform 104 136 194 179 216 250 428 368 Acquisitions Legacy CFG 2015 2016 2017 2018 2019 2020 2021 2022 ~20% CAGR Capital Markets fees 2Q17 - Cleveland M&A advisory firm (Industrial focus) See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36.

 
17 Citizens Commercial Banking delivers a full-service suite of capabilities ■ Delivering Debt Capital Markets platform to advisory clients ■ Focusing on private equity sponsors through advisory, subscription finance, LBOs, public market capital ■ Deepening relationships with enhanced Treasury Solutions, Global Markets capabilities ■ Growing mid-corporate client base through geographic expansion into NY Metro, Southeast, Texas, California Financial Services Aerospace, Defense and Government Services Industrials Business Services HealthcareConsumer Food & Restaurants Gaming, Lodging and Leisure Transportation and Logistics Expertise in attractive verticals Broad capabilities and strong execution Technology Multiple avenues for revenue synergies

 
18 Enterprise and business initiatives ■ Mature agile delivery model and strengthen end-to- end customer journeys and platforms ■ Streamline product originations and reduce fulfillment costs ■ Vendor cost management ■ Continue to optimize branch network ■ Organization simplification Technology initiatives ■ Implementation of overall infrastructure strategy, including data center closures, migration to the cloud, network transformation, and organization rationalization ■ Continue to rationalize applications and standardize technology platforms ■ Begin initiative to converge fragmented legacy platforms to an integrated modern banking platform TOP 7 achieved pre-tax run-rate benefit of ~$115 million as of YE2022 Revenue Efficiencies and tax 2014 TOP 1 2015 TOP 2 2016 TOP 3 2017 TOP 4 2018 TOP 5 2019- 2021 TOP 6 2022 TOP 7 2023 TOP 8 ~$200 TOP programs drive improving financial performance Transforming how we operate and deliver for customers and colleagues TOP program benefits TOP 8 program targeting ~$100MM pre-tax run-rate benefit by YE2023 Launched new TOP 8 program $s in millions ~$140 ~$115 ~$115 ~$105 ~$425 ~$115 ~$100 Select examples

 
19 FY2023 Outlook vs. 2022 See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36. 2022 Underlying(1) 2023 Underlying outlook Net interest income $6,012MM Up 11-14% NIM 3.10% Gradual rise from 3.30% in 4Q22 towards ~3.40% by 4Q23 Loans $149.3B average loans $156.7B spot loans Up 4-5% Target Auto run-off of ~$3B spot; spot growth of ~2% ex-auto run off Earning assets $194.1B average earning assets Up 3-4% Noninterest income $2,040MM Up 7-9% Noninterest expense $4,630MM Up ~7%; up 3.5-4% ex HSBC/ISBC full-year acquisition impact and FDIC premium increase FY2023 efficiency ratio 200 basis points lower Net charge-off ratio 18 bps Low to mid 30's basis points CET1 ratio(2) 10.0% Upper-end of 9.50-10% target range Expect capital return to shareholders to approach 100% Tax rate 22.2% ~22% ■ FY2023 average real GDP of ~1%, CPI of ~3.5% and YE2023 unemployment rate of ~4% ■ 25 basis point hike in February and March; first 25 basis point rate cut in 4Q23 ■ Forward curve as of December-end with 10-year Treasury rate ~3.50% by YE2023 ■ FY2023 ROTCE in the high-teens ■ Focusing on balance sheet optimization, deepening customer relationships ■ Expect 400 to 500 basis points of positive operating leverage ■ Cumulative deposit beta at YE2023 of high 30s, with 2023 deposit growth of ~3% average, decline of ~2-3% spot ■ ACL ratio in the 1.45-1.50% range, dependent on macro environment Full-year 2023 outlook commentary Key 2023 economic and rate assumptions

 
20 1Q23 outlook vs.4Q22 See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36. 4Q22 Underlying(1) 1Q23 Underlying outlook Net interest income $1,695MM Down ~2% reflecting day count impact NIM 3.30% Up low to mid single digits Loans $157.1B average loans Stable; up ~1% ex-auto run off Noninterest income $505MM Down 2-4% reflecting seasonality Noninterest expense $1,197MM Up 3-4% given seasonally higher comp expense and FDIC insurance premium increase CET1 ratio(2) 10.0% Upper end of 9.5-10% target range Tax rate 21.4% ~22%

 
21 Medium-term financial targets(1) See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31. ROTCE CET1 Dividend payout ratio Efficiency Ratio ~16-18% ~9.50-10.00% ~35-40% <55% Commentary ■ Committed to generating strong and stable returns, positive operating leverage and prudent capital management – Expect to see a recovery in loan and deposit growth over the medium term – NII downside protected versus falling rates; Fees expected to grow meaningfully – Expense discipline and BSO will continue – Credit projected to be stable as the economy strengthens – Meaningful return of capital to shareholders ■ Key economic assumptions: – Real GDP growth of ~1% for 2023; trending towards ~3% annually over the medium term – Unemployment rate of ~4% by YE2023; stable from there over the medium term – Further rate cuts expected over 2024 to settle in the 2.5 to 3% range over the medium term

 
22 – Multi-year investments in fee-generation capabilities, including strategic acquisitions – New York market entry provides significant revenue growth potential – Capital Markets well positioned to benefit when market volatility eases – Driving momentum in Wealth with launch of Citizens Private Client in 4Q22; hiring 200+ Financial Advisors and Relationship Managers Positive outlook for Citizens Building a formidable balance sheet with strong capital, liquidity and funding, and a prudent risk appetite – Tightened risk appetite and selective in growing loans, emphasizing attractive relationship-oriented commercial loan growth – Prudent hedging to manage a more predictable and stable outlook for NII as we benefit from the higher rate environment – Improved deposit franchise supports NIM expansion and drives improved beta performance expectations this cycle – Focused on delivering strong returns and positive Underlying operating leverage – Significantly strengthened technology, digital and data capabilities Disciplined offense to drive strong performance over the medium term Managing prudently while playing offense, executing on strategic initiatives Executing on strategic initiatives and TOP efficiency programs – Continuing to invest in strategic initiatives that will deliver superior revenue growth in the medium term – Integration of ISBC progressing well, conversion on track for 1Q23; expect to deliver planned expense synergies – TOP 7 achieved ~$115 million pre-tax run-rate benefit by YE2022; Launched TOP 8 targeting ~$100 million pre-tax run-rate benefit by YE2023 Strong defense to manage the risks of a dynamic environment – Interest-bearing deposit costs remain well-controlled with a cumulative beta of 29%; YE2023 cumulative beta in the upper 30s – Period-end LDR ratio of 87%; strong liquidity and funding position – CET1 ratio increased to 10.0%, at top end of target range; positioned for meaningful share repurchases in 2023 Positive outlook and momentum

 
Appendix

 
24 Underlying FY2022 performance vs. guidance(1) See pages 26-27 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 25. Underlying FY22 guidance (April 2022) Underlying FY22 results Total CFG Total CFG Net interest income Up 27-30% or ~$5.7-$5.9B Up 33.2% or $6.0B Balance sheet Avg. Loans Up 20-22% 20.9% Avg. Earning Assets Up 14-16% 16.6% Noninterest income Up 3-7% or ~$2.2-$2.3B (4.0)% or $2.0B Noninterest expense Up 16-18% or ~$4.6-$4.7B 16.0% or $4.6B Net charge-off ratio Broadly stable/down slightly Down 8 bps CET1 ratio(2) ~9.75% 10.0% Tax rate ~22-23% 22.2%

 
25 Net income available to common shareholders and EPS $s in millions, except per share data é2% $982 $1,003 3Q22 4Q22 Linked-quarter Underlying results(1) Return on average total tangible assets Return on average tangible common equity Average loans $s in billions Average deposits $s in billions é0.1% $3.5 2 $3.5 6 é2% $156.9 $157.1 3Q22 4Q22 $177.6 $179.0 3Q22 4Q22 1.22% 1.25% 3Q22 4Q22 17.9% 19.4% 3Q22 4Q22 $644 $653 $1.30 $1.32 3Q22 4Q22 é1% Pre-provision profit $s in millions See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36. é149 bps é3 bps é1%

 
26 $710 $1,003 4Q21 4Q22 Year-over-year Underlying results(1) Return on average total tangible assets é41% Average loans $s in billions é25% Net income available to common shareholders and EPS $s in millions, except per share data Return on average tangible common equity Average deposits $s in billions $3.5 2 — bps $3.5 6 $125.2 $157.1 4Q21 4Q22 $153.0 $179.0 4Q21 4Q22 1.25% 1.25% 4Q21 4Q22 14.6% 19.4% 4Q21 4Q22 é17% Pre-provision profit $s in millions é479 bps $537 $653 $1.26 $1.32 4Q21 4Q22 See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36. é5% é22%

 
27 $2,671 $3,422 FY2021 FY2022 Full year underlying results(1) Return on average total tangible assets é28% Average loans $s in billions é21% Net income available to common shareholders and EPS $s in millions, except per share data Return on average tangible common equity Average deposits $s in billions $3.5 2 ê17 bp $3.5 6 $123.6 $149.3 FY2021 FY2022 $150.5 $172.1 FY2021 FY2022 1.34% 1.17% FY2021 FY2022 16.0% 16.4% FY2021 FY2022 é14% Pre-provision profit $s in millions é43 bps $2,284 $2,312 $5.34 $4.84 FY2021 FY2022 See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36. ê9% é1%

 
28 Investors integration update On track to achieve $130 million targeted pre-tax run-rate net expense synergies (~30% of Investors' 2021 expense base), by mid-2023. ~70% achieved through year-end 2022 Investors conversion ■ Transition of accounts and services to Citizens’ systems and branch conversion on target for mid-February ■ Confident in successful integration given rigorous planning, coordination, testing and practice runs  – Completed two data conversion tests and two full- simulation dress rehearsals with positive results – Conducting extensive one-on-one coordination with Commercial clients – Augmenting branches with experienced CFG managers through Ambassador Program leveraged successfully during HSBC conversion – Adding help-line resources to assist clients over and following the conversion weekend – Comprehensive conversion weekend preparation including ▪ Central and sub-unit command center structures ▪ Minute-by-minute conversion plans ▪ Key performance indicators and reporting ▪ Scenario analysis and issue resolution protocols in place 4Q22 1Q23 Completed two full-simulation conversion dress rehearsals Completed 2nd data conversion test Feb 17 - 20: Full branch and systems conversion Mailed customer welcome packages Commentary Rigorous coordination across businesses, operations and technology to drive smooth conversion Completed early conversion of mortgage portfolio Commercial client outreach and training Launch branch Ambassador Program and prepare for call center surge staffing Commence legacy Investors systems decommissioning

 
29 New York Metro go-to-market strategy Building significant momentum with a focus on taking market share in NY Metro ■ Broad-based marketing initiated in September 2022 – Engaging in multi-channel marketing to build our brand with local businesses and consumers, focused on mass affluent/young professionals – Leveraging national/regional marketing in a local way ■ Deploy Citizens’ diverse consumer lending and Wealth capabilities across expanded footprint ■ Improve household growth and retention with enhanced branch tools and capabilities ■ Migrate to advice-based model; enhance sales coverage for Wealth, Mortgage and Business Banking ■ Leverage advanced data analytics capabilities for efficient marketing and personalized offers Introducing Citizens brand to New York Metro ■ Deploy Citizens' middle market coverage model to build local scale ■ Deliver lending, client hedging, and advisory services ■ Extend market-leading capital markets and treasury solutions across the client base – M&A and valuation services – Real-time payments, receivables automation, integrated payables, commercial card, and trade finance Consumer Banking Commercial Banking

 
30 Stabilizing and protecting NII and NIM $19.1 $0.6 $30.2 $27.0 $16.3 $5.6 $7.1 $7.1 $7.1 $4.1 $12.0 $19.2 $15.4 $10.2 $5.5 $3.9 $4.5 $2.0 $0.1 2023 2024 2025 2026 2027 2028 Cash flow hedges are the primary tool to manage interest rate exposure Receive fixed cash flow swaps - average notional balances $ billions at 12/31/22 ALM hedging activity update ■ ALM hedge actions taken in 4Q22 reflect a transfer of $3 billion of 'down-rate' protection from 2023 to 2024 and beyond ■ Current and planned hedge position should maintain a 4Q24 NIM floor of ~3.20% in a down 200 basis points scenario(2) Pre-2022 executions 1Q22-3Q22 executions (1) Expressed on a 1-month Libor equivalent basis (2) Represents an accelerated gradual 200 bps decrease in interest rates from January 1, 2024 to June 30, 2024 compared with a base case where market forward rates are realized W.A. receive fixed rate at 12/31/22(1) 2.3% 2.4% 2.4% 3.0% 3.2% 4Q22 executions 2.0%

 
31 $82.2B Commercial credit portfolio See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36. Commercial portfolio risk ratings(3) $s in billions 58% 64% 64% 25% 19% 18% 14% 14% 14% 3% 3% 4% 4Q19 3Q22 4Q22 B- and lower B+ to B BB+ to BB- AAA+ to BBB- $57.5 $82.2 Highlights $81.1($ in billions) Outstanding balance % of total CFG C&I Finance and Insurance Capital call facilities $ 6.8 4 % Other Finance and Insurance 5.3 3 Other Manufacturing 4.5 3 Technology 4.4 3 Accommodation and Food Services 3.6 2 Health, Pharma, Social Assistance 3.1 2 Professional, Scientific, and Technical Services 3.1 2 Wholesale Trade 3.0 2 Retail Trade 2.4 2 Other Services 2.7 2 Energy & Related 2.3 1 Rental and Leasing 1.5 1 Consumer Products Manufacturing 1.5 1 Administrative and Waste Management Services 1.7 1 Arts, Entertainment, and Recreation 1.6 1 Automotive 1.3 1 Other (1) 3.1 2 Total C&I $ 51.7 33 % CRE Multi-family $ 8.7 6 % Office 6.3 4 Retail 3.3 2 Industrial 3.2 2 Co-op 1.8 1 Hospitality 0.6 — Other (1) 4.9 3 Total CRE $ 28.9 18 % Total Commercial loans & leases (2) $ 82.1 52 % Total CFG $ 156.7 100 % Diverse and granular portfolio ■ Disciplined capital allocation and risk appetite – Highly experienced leadership team – Focused client selection ■ C&I portfolio has focused growth on larger, mid-corporate customers, thereby improving overall asset quality ■ Leveraged loans ~1.7% of total CFG loans, granular hold positions with an average outstanding of ~$11 million ■ CRE portfolio is well diversified across asset type, geography, and borrowers with the emphasis on strong sponsor selection

 
32 2% 69% 3% 8% 2% 16% Commercial Real Estate by Property Type Income producing REIT corporate facilities Construction Unsecured (excl. REITs) Land Other $28.9B CRE portfolio ■ Migrated CRE portfolio toward larger, well-capitalized institutional and upper- middle market borrowers ■ Strong client selection including institutional and private developers with long-term Citizens relationships ■ CRE portfolio is ~87% project-secured, ~70% income producing and ~16% construction ■ Construction is focused on multi-family, industrial, life science and credit tenant office ■ 2022 originations focused on multi-family, industrial, including data centers, life science and credit tenant leased projects ■ The Office portfolio of $6.3 billion includes ~$2.2 billion, or ~35%, of credit tenant and life sciences which continue to be viewed favorably – The remaining is general office which is seeing some property-specific pressure related to lease rates and occupancy – ~95% of general office is income producing, with over two-thirds located in suburban areas ■ Multi-family is ~75% term financing of income producing properties, predominantly in the NYC and NJ markets with the rest largely Class A construction across diverse MSAs ■ Retail is well diversified across tenancy and geography. This sector is generally stable as the pandemic has abated 53% 7% 36% 4% by Geography Mid-Atlantic Midwest New England $ billions ACL % Multi-family $ 8.7 0.95 % Office* 6.3 3.40 % All other 13.9 1.75 % Total CRE $ 28.9 1.86 % *General office of $4.0 billion has an ACL coverage ratio of 4.92% CRE ACL coverage ratio Other CA 7 % TX 6 % VA 3 % FL 3 % NC 2 % WA 2 % GA 2 % Other 11 %

 
33 38% 39% 41% 33% 34% 33% 18% 17% 17% 5% 5% 5%6% 5% 4% 4Q19 3Q22 4Q22 40% 19% 17% 4% 13% 7% $74.5B Retail credit portfolio See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36. 800+ 740-799 680-739 640-679 <640 $61.6 $74.5 $s in billions Retail portfolio FICOs(2) $75.0 Home equity Retail loans(1) Residential mortgages Auto Education - in school Education - refinance Other retail ~94% of retail portfolio > 680 Super-prime/prime* ~75% of retail portfolio Secured ■ Mortgage – FICO ~785 – Weighted-average LTV of ~54% ■ Home equity – FICO ~765 – ~45% secured by 1st lien – ~98% CLTV less than 80% – ~90% CLTV less than 70% ■ Auto – FICO ~740 – Weighted-average LTV of ~85% ■ Education – FICO ~785 ■ Other retail: – Credit card – FICO ~740 – Citizens PayTM – FICO ~730; incorporates loss sharing High quality, diverse portfolio '* Super-prime/prime defined as FICO of 680 or above at origination

 
34 Delinquency by product type See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36. September 30, 2022 (%) December 31, 2022 (%) Days Past Due and Accruing Days Past Due and Accruing Current 30-59 60-89 90+ Nonaccrual Current 30-59 60-89 90+ Nonaccrual Commercial and industrial 99.30 % 0.14 % 0.07 % 0.03 % 0.46 % 99.14 % 0.29 % 0.05 % 0.04 % 0.48 % Commercial real estate 99.31 % 0.47 % 0.08 % 0.01 % 0.13 % 99.30 % 0.18 % 0.16 % — % 0.36 % Leases 99.93 % 0.07 % — % — % — % 99.73 % 0.27 % — % — % — % Total commercial 99.32 % 0.26 % 0.07 % 0.02 % 0.33 % 99.20 % 0.25 % 0.09 % 0.03 % 0.43 % Residential mortgages(1) 97.40 % 0.22 % 0.14 % 1.44 % 0.80 % 97.68 % 0.32 % 0.15 % 1.07 % 0.78 % Home equity 97.87 % 0.30 % 0.11 % — % 1.72 % 97.68 % 0.46 % 0.14 % — % 1.72 % Automobile 98.31 % 1.00 % 0.29 % — % 0.40 % 97.93 % 1.24 % 0.37 % — % 0.46 % Education 99.33 % 0.24 % 0.15 % 0.03 % 0.25 % 99.30 % 0.28 % 0.13 % 0.03 % 0.26 % Other retail 98.04 % 0.70 % 0.49 % 0.32 % 0.45 % 97.71 % 0.81 % 0.55 % 0.41 % 0.52 % Total retail 98.03 % 0.41 % 0.19 % 0.60 % 0.77 % 98.02 % 0.52 % 0.21 % 0.46 % 0.79 % Total 98.69 % 0.33 % 0.13 % 0.30 % 0.55 % 98.65 % 0.38 % 0.14 % 0.23 % 0.60 %

 
35 Allocation of allowance for credit losses by product type September 30, 2022 December 31, 2022 $s in millions Loans and Leases Allowance Coverage Loans and Leases Allowance Coverage Allowance for Loans and Lease Losses Commercial and industrial(1) $50,989 $582 1.14 % $51,836 $581 1.12 % Commercial real estate 28,681 421 1.47 28,865 456 1.58 Leases 1,444 27 1.86 1,479 23 1.59 Total commercial 81,114 1,030 1.27 82,180 1,060 1.29 Residential mortgages 29,548 197 0.67 29,921 207 0.69 Home equity 13,684 68 0.50 14,043 89 0.63 Automobile 13,155 137 1.04 12,292 131 1.07 Education 13,094 307 2.35 12,808 268 2.09 Other retail 5,545 241 4.33 5,418 228 4.21 Total retail loans 75,026 950 1.27 74,482 923 1.24 Total loans and leases $156,140 $1,980 1.27 % $156,662 $1,983 1.27 % Allowance for Unfunded Lending Commitments(2)* Commercial(1) $172 1.48 % $207 1.54 % Retail 44 1.33 50 1.31 Total allowance for unfunded lending commitments $216 $257 Allowance for credit losses(2) $156,140 $2,196 1.41 % $156,662 $2,240 1.43 % *Coverage ratios reflect total allowance for credit losses for the respective portfolio. See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36.

 
36 Notable items(1) Quarterly results for third and fourth quarter 2022 and fourth quarter 2021 reflect notable items primarily related to integration costs associated with the acquisitions of HSBC, ISBC and JMP Group LLC, as well as TOP revenue and efficiency initiatives. In addition, full year 2022 results include notable items representing the day-one CECL provision expense ("double count") related to the HSBC and ISBC transactions. These notable items have been excluded from reported results to better reflect Underlying operating results. See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described above. Notable items - integration related 4Q22 3Q22 4Q21 FY 2022 FY 2021 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Noninterest income $ — $ — $ — $ — $ — $ — $ (31) $ (23) $ — $ — EPS Impact -Noninterest income $ — $ — $ — $ (0.05) $ — Salaries & benefits $ (13) $ (9) $ (17) $ (12) $ (3) $ (2) $ (98) $ (72) $ (3) $ (2) Outside services (15) (12) (11) (8) (22) (17) (89) (67) (28) (21) Equipment and software (1) (1) — — (1) (1) (1) (1) (1) (1) Occupancy — — (2) (1) — — (2) (1) — — Other expense (6) (4) (7) (5) (3) (2) (23) (16) (3) (2) Noninterest expense $ (35) $ (26) $ (37) $ (26) $ (29) $ (22) $ (213) $ (157) $ (35) $ (26) EPS Impact - Noninterest expense $ (0.06) $ (0.06) $ (0.05) $ (0.34) $ (0.06) ISBC/HSBC Day 1 CECL provision expense (“double count”) $ — $ — $ — $ — $ — $ — $ (169) $ (126) $ — $ — EPS Impact - Provision for credit losses $ — $ — $ — $ (0.26) $ — Tax integration cost — — — — — — — (6) — — EPS Impact - Tax integration cost $ — $ — $ — $ (0.01) $ — Total Integration Costs $ (35) $ (26) $ (37) $ (26) $ (29) $ (22) $ (413) $ (312) $ (35) $ (26) EPS Impact - Total integration related $ (0.06) $ (0.06) $ (0.05) $ (0.66) $ (0.06) Other notable items - primarily tax and TOP 4Q22 3Q22 4Q21 FY 2022 FY 2021 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Tax notable items $ — $ — $ — $ — $ — $ — $ — $ (3) $ — $ — Other notable items- TOP & other actions Salaries & benefits $ (2) $ (2) $ — $ — $ (2) $ (2) $ (12) $ (9) $ 11 $ 8 Outside services (2) (1) (9) (7) (15) (11) (24) (18) (32) (24) Equipment and software (1) — — — (1) (1) (9) (6) (16) (12) Occupancy (2) (2) — — (5) (4) (3) (3) (18) (13) Other expense (1) (1) — — 1 1 (1) (1) (15) (11) Noninterest expense $ (8) $ (6) $ (9) $ (7) $ (22) $ (17) $ (49) $ (37) $ (70) $ (52) Total Other Notable Items $ (8) $ (6) $ (9) $ (7) $ (22) $ (17) $ (49) $ (40) $ (70) $ (52) EPS Impact - Other Notable Items $ (0.01) $ (0.01) $ (0.04) $ (0.08) $ (0.12) Total Notable Items $ (43) $ (32) $ (46) $ (33) $ (51) $ (39) $ (462) $ (352) $ (105) $ (78) Total EPS Impact $ (0.07) $ (0.07) $ (0.09) $ (0.74) $ (0.18)

 
37 Notes on Non-GAAP Financial Measures See important information on our use of Non-GAAP Financial Measures at the beginning this presentation and reconciliations to GAAP financial measures at the end of this presentation. Non-GAAP measures are herein defined as Underlying results, excluding HSBC and ISBC, excluding acquisitions and excluding PPP. Where there is a reference to Underlying results in a paragraph or table, all measures that follow these references are on the same basis, when applicable. Allowance coverage ratios for loans and leases includes the allowance for funded loans and leases in the numerator and funded loans and leases in the denominator. Allowance coverage ratios for credit losses includes the allowance for funded loans and leases and allowance for unfunded lending commitments in the numerator and funded loans and leases in the denominator. PPP loan balances were $165 million and $121 million as of September 30, 2022 and December 31, 2022, respectively. General Notes a. References to net interest margin are on a fully taxable equivalent ("FTE") basis. b. Throughout this presentation, references to consolidated and/or commercial loans and loan growth include leases. Loans held for sale are also referred to as LHFS. c. Select totals may not sum due to rounding. d. Based on Basel III standardized approach. Capital Ratios are preliminary. e. Throughout this presentation, reference to balance sheet items are on an average basis and loans exclude held for sale unless otherwise noted. f. NIM excluding elevated cash adjusts interest-earning assets to exclude the impact of cash above targeted operating levels. Notes Notes on slide 3 - 4Q22 and Full Year 2022 GAAP financial summary 1) See general note a). 2) Full-time equivalent employees. Notes on slide 4 - 4Q22 and Full Year 2022 Underlying financial summary 1) See note on non-GAAP financial measures. Notes on slide 5 - Overview 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 7 - Noninterest income 1) See note on non-GAAP financial measures. 2) Includes bank-owned life insurance income and other miscellaneous income for all periods presented. Notes on slide 8 - Noninterest expense 1) See above note on non-GAAP financial measures. Notes on slide 9 - Loans and leases 1) See above note on non-GAAP financial measures. 2) See general note c). Notes on slide 10 - Average funding and cost of funds 1) See note on non-GAAP financial measures. Notes on slide 11 - Credit quality overview 1) See note on non-GAAP financial measures. 2) Allowance for credit losses to nonperforming loans and leases. Notes on slide 13 - Capital remains strong 1) See general note d). 2) For regulatory capital purposes, in connection with the Federal Reserve’s final interim rule as of April 3, 2020, 100% of the $451 million Day-1 CECL impact recorded as of January 1, 2020 will be deferred over a two-year period ending January 1, 2022, at which time it will be phased in on a pro-rata basis over a three-year period ending January 1, 2025. Additionally, 25% of the cumulative reserve build of $923 million since January 1, 2020, or $231 million, will be phased in over the same time frame. 3) See general note c). Notes on slide 14 - Consumer Banking - differentiated growth opportunities 1) Weighted average branch share assuming in-store counted as 0.33 and based on 6/30/22 FDIC data. 2) Household data as of November 2022. 3) McKinsey/Finalta 2018 study. Notes on slide 15 - Consumer Banking - differentiated growth opportunities 1) Based on September 2022 data. 2) Ranked #1 nationally in new HELOC commitments for the nine months ending September 2022 according to Inside Mortgage Finance.

 
38 Notes continued Notes on slide 19 - FY2023 Outlook vs. 2022 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 20 - 1Q23 outlook vs.4Q22 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 21 - Medium-term financial targets 1) See note on non-GAAP financial measures. Notes on slide 24 - Underlying FY2022 performance vs. guidance 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 25 - Linked-quarter Underlying results 1) See note on non-GAAP financial measures. Notes on slide 26 - Year-over-year Underlying results 1) See note on non-GAAP financial measures. Notes on slide 27 - Full year underlying results 1) See note on non-GAAP financial measures. Notes on slide 31 - Commercial credit portfolio 1) Includes deferred fees and costs. 2) Excludes PPP loans of $121 million as of December 31, 2022. 3) Reflects period end balances. Notes on slide 33 - Retail credit portfolio 1) See general note c). 2) Reflects period-end loan balances. Notes on slide 34 - Delinquency by product 1) 90+ days past due and accruing includes $316 million and $425 million of loans fully or partially guaranteed by the FHA, VA, and USDA at December 31, 2022 and September 30, 2022, respectively. Notes on slide 35 - Allocation of allowance for credit losses by product type 1) Coverage ratio includes total commercial allowance for unfunded lending commitments and total commercial allowance for loan and lease losses in the numerator and total commercial loans and leases in the denominator. 2) Coverage ratio includes total retail allowance for unfunded lending commitments and total retail allowance for loan losses in the numerator and total retail loans in the denominator. Notes on slide 36 - Notable items 1) See note on non-GAAP financial measures.

 
39 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS FULL YEAR 4Q22 Change 2022 Change 4Q22 3Q22 4Q21 3Q22 4Q21 2022 2021 2021 $ % $ % $ % Noninterest income, Underlying: Noninterest income (GAAP) A $505 $512 $594 ($7) (1%) ($89) (15%) $2,009 $2,135 ($126) (6%) Less: Notable items — — — — — — — (31) — (31) (100) Noninterest income, Underlying (non-GAAP) B $505 $512 $594 ($7) (1%) ($89) (15%) $2,040 $2,135 ($95) (4%) Total revenue, Underlying: Total revenue (GAAP) C $2,200 $2,177 $1,720 $23 1% $480 28% $8,021 $6,647 $1,374 21% Less: Notable items — — — — — — — (31) — (31) (100) Total revenue, Underlying (non-GAAP) D $2,200 $2,177 $1,720 $23 1% $480 28% $8,052 $6,647 $1,405 21% Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,240 $1,241 $1,061 ($1) —% $179 17% $4,892 $4,081 $811 20% Less: Notable items 43 46 51 (3) (7) (8) (16) 262 105 157 150 Noninterest expense, Underlying (non-GAAP) F $1,197 $1,195 $1,010 $2 —% $187 19% $4,630 $3,976 $654 16% Pre-provision profit: Total revenue (GAAP) C $2,200 $2,177 $1,720 $23 1% $480 28% $8,021 $6,647 $1,374 21% Less: Noninterest expense (GAAP) E 1,240 1,241 1,061 (1) — 179 17 4,892 4,081 811 20 Pre-provision profit (GAAP) $960 $936 $659 $24 3% $301 46% $3,129 $2,566 $563 22% Pre-provision profit, Underlying: Total revenue, Underlying (non-GAAP) D $2,200 $2,177 $1,720 $23 1% $480 28% $8,052 $6,647 $1,405 21% Less: Noninterest expense, Underlying (non-GAAP) F 1,197 1,195 1,010 2 — 187 19 4,630 3,976 654 16 Pre-provision profit, Underlying (non-GAAP) $1,003 $982 $710 $21 2% $293 41% $3,422 $2,671 $751 28% Provision (benefit) for credit losses, Underlying: Provision (benefit) for credit losses (GAAP) $132 $123 ($25) $9 7% $157 NM $474 ($411) $885 NM Less: Notable items — — — — — — — 169 — 169 100 Provision (benefit) for credit losses, Underlying (non-GAAP) $132 $123 ($25) $9 7% $157 NM $305 ($411) $716 NM Income before income tax expense, Underlying: Income before income tax expense (GAAP) G $828 $813 $684 $15 2% $144 21% $2,655 $2,977 ($322) (11%) Less: Expense before income tax benefit related to notable items (43) (46) (51) 3 7 8 16 (462) (105) (357) NM Income before income tax expense, Underlying (non-GAAP) H $871 $859 $735 $12 1% $136 19% $3,117 $3,082 $35 1% Income tax expense, Underlying: Income tax expense (GAAP) I $175 $177 $154 ($2) (1%) $21 14% $582 $658 ($76) (12%) Less: Income tax benefit related to notable items (11) (13) (12) 2 15 1 8 (110) (27) (83) NM Income tax expense, Underlying (non-GAAP) J $186 $190 $166 ($4) (2%) $20 12% $692 $685 $7 1% Net income, Underlying: Net income (GAAP) K $653 $636 $530 $17 3% $123 23% $2,073 $2,319 ($246) (11%) Add: Notable items, net of income tax benefit 32 33 39 (1) (3) (7) (18) 352 78 274 NM Net income, Underlying (non-GAAP) L $685 $669 $569 $16 2% $116 20% $2,425 $2,397 $28 1% Net income available to common stockholders, Underlying: Net income available to common stockholders (GAAP) M $621 $611 $498 $10 2% $123 25% $1,960 $2,206 ($246) (11%) Add: Notable items, net of income tax benefit 32 33 39 (1) (3) (7) (18) 352 78 274 NM GAAP) N $653 $644 $537 $9 1% $116 22% $2,312 $2,284 $28 1%

 
40 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS FULL YEAR 4Q22 Change 2022 Change 4Q22 3Q22 4Q21 3Q22 4Q21 2022 2021 2021 $/bps % $/bps % $/bps % Operating leverage: Total revenue (GAAP) C $2,200 $2,177 $1,720 $23 1.05% $480 27.98% $8,021 $6,647 $1,374 20.68% Less: Noninterest expense (GAAP) E 1,240 1,241 1,061 (1) (0.12) 179 16.93 4,892 4,081 811 19.88 Operating leverage 1.17% 11.05% 0.80% Operating leverage, Underlying: Total revenue, Underlying (non-GAAP) D $2,200 $2,177 $1,720 $23 1.05% $480 27.98% $8,052 $6,647 $1,405 21.15% Less: Noninterest expense, Underlying (non-GAAP) F 1,197 1,195 1,010 2 0.16 187 18.63 4,630 3,976 654 16.46 Operating leverage, Underlying (non-GAAP) 0.89% 9.35% 4.69% Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 56.36 % 57.02% 61.68 % (66) bps (532) bps 60.99 % 61.40 % (41) bps Efficiency ratio, Underlying (non-GAAP) F/D 54.42 54.90 58.71 (48) bps (429) bps 57.51 59.82 (231) bps Noninterest income as a % of total revenue, Underlying: Noninterest income as a % of total revenue A/C 23 % 24% 35 % (62) bps (1,158) bps 25 % 32 % (707) bps Noninterest income as a % of total revenue, Underlying B/D 23 24 35 (62) bps (1,158) bps 25 32 (678) bpsEffective income tax rate and effective income tax rate, Underlying: Effective income tax rate I/G 21.16% 21.80% 22.40 % (64) bps (124) bps 21.93 % 22.10 % (17) bps Effective income tax rate, Underlying (non-GAAP) J/H 21.37 22.00 22.61 (63) bps (124) bps 22.19 22.21 (2) bps Return on average common equity and return on average common equity, Underlying: Average common equity (GAAP) O $21,276 $22,246 $21,320 ($970) (4%) ($44) —% $21,724 $21,025 $699 3% Return on average common equity M/O 11.56 % 10.91% 9.26 % 65 bps 230 bps 9.02 % 10.49 % (147) bps Return on average common equity, Underlying (non-GAAP) N/O 12.15 11.52 9.97 63 bps 218 bps 10.64 10.86 (22) bps Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) O $21,276 $22,246 $21,320 ($970) (4%) ($44) —% $21,724 $21,025 $699 3% Less: Average goodwill (GAAP) 8,171 8,131 7,092 40 — 1,079 15 7,872 7,062 810 11 Less: Average other intangibles (GAAP) 199 228 56 (29) (13) 143 NM 181 54 127 235 Add: Average deferred tax liabilities related to goodwill (GAAP) 424 424 383 — — 41 11 413 381 32 8 Average tangible common equity P $13,330 $14,311 $14,555 ($981) (7%) ($1,225) (8%) $14,084 $14,290 ($206) (1%) Return on average tangible common equity M/P 18.46 % 16.96% 13.57 % 150 bps 489 bps 13.91 % 15.44 % (153) bps Return on average tangible common equity, Underlying (non-GAAP) N/P 19.40 17.91 14.61 149 bps 479 bps 16.41 15.98 43 bps Return on average total assets and return on average total assets, Underlying: Average total assets (GAAP) Q $224,970 $225,473 $187,228 ($503) —% $37,742 20% $215,061 $185,106 $29,955 16% Return on average total assets K/Q 1.15 % 1.12% 1.12 % 3 bps 3 bps 0.96 % 1.25 % (29) bps Return on average total assets, Underlying (non-GAAP) L/Q 1.21 1.18 1.20 3 bps 1 bps 1.13 1.30 (17) bps $s in millions, except share, per share and ratio data

 
41 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS FULL YEAR 4Q22 Change 2022 Change 4Q22 3Q22 4Q21 3Q22 4Q21 2022 2021 2021 $/bps % $/bps % $/bps % Return on average total tangible assets and return on average total tangible assets, Underlying: Average total assets (GAAP) Q $224,970 $225,473 $187,228 ($503) —% $37,742 20% $215,061 $185,106 $29,955 16% Less: Average goodwill (GAAP) 8,171 8,131 7,092 40 — 1,079 15 7,872 7,062 810 11 Less: Average other intangibles (GAAP) 199 228 56 (29) (13) 143 NM 181 54 127 235 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 424 424 383 — — 41 11 413 381 32 8 Average tangible assets R $217,024 $217,538 $180,463 ($514) —% $36,561 20% $207,421 $178,371 $29,050 16% Return on average total tangible assets K/R 1.19 % 1.16% 1.17 % 3 bps 2 bps 1.00 % 1.30 % (30) bps Return on average total tangible assets, Underlying (non-GAAP) L/R 1.25 1.22 1.25 3 bps — bps 1.17 1.34 (17) bps Tangible book value per common share: Common shares - at period-end (GAAP) S 492,282,158 495,843,793 422,137,197 (3,561,635) (1%) 70,144,961 17% 492,282,158 422,137,197 70,144,961 17% Common stockholders' equity (GAAP) $21,676 $21,132 $21,406 $544 3 $270 1 $21,676 $21,406 $270 1 Less: Goodwill (GAAP) 8,173 8,160 7,116 13 — 1,057 15 8,173 7,116 1,057 15 Less: Other intangible assets (GAAP) 197 199 64 (2) (1) 133 208 197 64 133 208 Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 422 424 383 (2) — 39 10 422 383 39 10 Tangible common equity T $13,728 $13,197 $14,609 $531 4% ($881) (6%) $13,728 $14,609 ($881) (6%) Tangible book value per common share T/S $27.88 $26.62 $34.61 $1.26 5% ($6.73) (19%) $27.88 $34.61 ($6.73) (19%) 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) U 493,293,981 495,651,083 424,697,880 (2,357,102) —% 68,596,101 16% 475,959,815 425,669,451 50,290,365 12% Average common shares outstanding - diluted (GAAP) V 495,478,398 497,477,501 426,868,106 (1,999,103) — 68,610,292 16 477,803,142 427,435,818 50,367,325 12 Net income per average common share - basic (GAAP) M/U $1.26 $1.23 $1.17 $0.03 2 $0.09 8 $4.12 $5.18 ($1.06) (20) Net income per average common share - diluted (GAAP) M/V 1.25 1.23 1.17 0.02 2 0.08 7 4.10 5.16 (1.06) (21) Net income per average common share - basic, Underlying (non-GAAP) N/U 1.32 1.30 1.26 0.02 2 0.06 5 4.86 5.37 (0.51) (9) Net income per average common share - diluted, Underlying (non-GAAP) N/V 1.32 1.30 1.26 0.02 2 0.06 5 4.84 5.34 (0.50) (9) $s in millions, except share, per share and ratio data

 
42 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS FULL YEAR 4Q22 Change 2022 Change 4Q22 3Q22 4Q21 3Q22 4Q21 2022 2021 2021 $/bps % $/bps % $/bps % Other income, Underlying Other income (GAAP) $36 $34 $32 $2 6% $4 13% $82 $89 ($7) (8%) Less: Notable items — — — — — — — (31) — (31) (100) Other income, Underlying (non-GAAP) $36 $34 $32 $2 6% $4 13% $113 $89 $24 27% Salaries and employee benefits, Underlying: Salaries and employee benefits (GAAP) $633 $639 $551 ($6) (1%) $82 15% $2,549 $2,132 $417 20% Less: Notable items 15 17 5 (2) (12) 10 200 110 (8) 118 NM Salaries and employee benefits, Underlying (non-GAAP) $618 $622 $546 ($4) (1%) $72 13% $2,439 $2,140 $299 14% Outside services, Underlying: Outside services (GAAP) $170 $172 $175 ($2) (1%) ($5) (3%) $700 $595 $105 18% Less: Notable items 17 20 37 (3) (15) (20) (54) 113 60 53 88 Outside services, Underlying (non-GAAP) $153 $152 $138 $1 1% $15 11% $587 $535 $52 10% Equipment and software, Underlying: Equipment and software (GAAP) $170 $159 $146 $11 7% $24 16% $648 $610 $38 6% Less: Notable items 2 — 2 2 100 — — 10 17 (7) (41) Equipment and software, Underlying (non-GAAP) $168 $159 $144 $9 6% $24 17% $638 $593 $45 8% Occupancy, Underlying: Occupancy (GAAP) $110 $106 $86 $4 4% $24 28% $410 $333 $77 23% Less: Notable items 2 2 5 — — (3) (60) 5 18 (13) (72) Occupancy, Underlying (non-GAAP) $108 $104 $81 $4 4% $27 33% $405 $315 $90 29% Other operating expense, Underlying: Other operating expense (GAAP) $157 $165 $103 ($8) (5%) $54 52% $585 $411 $174 42% Less: Notable items 7 7 2 — — 5 250 24 18 6 33 Other operating expense, Underlying (non-GAAP) $150 $158 $101 ($8) (5%) $49 49% $561 $393 $168 43% $s in millions, except share, per share and ratio data

 
43 Non-GAAP financial measures and reconciliations - excluding the impact of HSBC, ISBC, and Commercial fee-based acquisitions closed after 2Q21 QUARTERLY TRENDS 4Q22 Change 4Q22 3Q22 4Q21 3Q22 4Q21 $/bps % $/bps % Noninterest expense, Underlying excluding HSBC, ISBC, and Commercial fee based acquisition expenses closed after 2Q21: Noninterest expense (GAAP) A $1,240 $1,241 $1,061 ($1) —% $179 17% Less: Notable items 43 46 51 (3) (7) (8) (16) Less: HSBC & ISBC Acquisition Impact 129 130 — (1) (1) 129 100 Less: Commercial fee based acquisition expenses closed after 2Q21 37 37 20 — — 17 85 Total Noninterest expense, Underlying excluding HSBC, ISBC, and Commercial fee based acquisition expenses closed after 2Q21 (non-GAAP) B $1,031 $1,028 $990 $3 —% $41 4% $s in millions, except ratio data

 
44 Non-GAAP financial measures and reconciliations - excluding the impact of HSBC & ISBC Acquisitions QUARTERLY TRENDS 4Q22 Change 4Q22 3Q22 4Q21 3Q22 4Q21 Total Loans, excluding HSBC & ISBC Total Loans (GAAP) C $156,662 $156,140 $128,163 $522 —% $28,499 22% Less: HSBC & ISBC Acquisition Impact 20,420 21,171 — (751) (4) 20,420 100 Total Loans, excluding HSBC & ISBC (non-GAAP) D $136,242 $134,969 $128,163 $1,273 1% $8,079 6% Total Commercial Loans, excluding HSBC & ISBC Total Commercial Loans (GAAP) E $82,180 $81,114 $60,350 $1,066 1% $21,830 36% Less: HSBC & ISBC Acquisition Impact 15,093 15,749 — (656) (4) 15,093 100 Total Commercial Loans, excluding HSBC & ISBC (non-GAAP) F $67,087 $65,365 $60,350 $1,722 3% $6,737 11% Total Retail Loans, excluding HSBC & ISBC Total Retail Loans (GAAP) G $74,482 $75,026 $67,813 ($544) (1%) $6,669 10% Less: HSBC & ISBC Acquisition Impact 5,327 5,422 — (95) (2) 5,327 100 Total Retail Loans, excluding HSBC & ISBC (non-GAAP) H $69,155 $69,604 $67,813 ($449) (1%) $1,342 2% Total Average Loans, excluding HSBC & ISBC Average Loans (GAAP) I $157,099 $156,879 $125,209 $220 —% $31,890 25% Less: HSBC & ISBC Acquisition Impact 20,804 21,417 — (613) (3) 20,804 100 Total Average Loans, excluding HSBC & ISBC (non-GAAP) J $136,295 $135,462 $125,209 $833 1% $11,086 9% Average Commercial Loans, excluding HSBC & ISBC Average Commercial Loans (GAAP) K $82,468 $82,047 $58,900 $421 1% $23,568 40% Less: HSBC & ISBC Acquisition Impact 15,518 15,925 — (407) (3) 15,518 100 Average Commercial Loans, excluding HSBC & ISBC (non-GAAP) L $66,950 $66,122 $58,900 $828 1% $8,050 14% Average Retail Loans, excluding HSBC & ISBC Average Retail Loans (GAAP) M $74,631 $74,832 $66,309 ($201) —% $8,322 13% Less: HSBC & ISBC Acquisition Impact 5,286 5,492 — (206) (4) 5,286 100 Average Retail Loans, excluding HSBC & ISBC (non-GAAP) N $69,345 $69,340 $66,309 $5 —% $3,036 5% $s in millions, except ratio data

 

 
















newcfglogomediuma01a21.jpg


Financial Supplement

Fourth Quarter and Full Year 2022





















1

Table of ContentsPage
Credit-Related Information:
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
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDSFULL YEAR
4Q22 Change2022 Change
4Q223Q222Q221Q224Q213Q224Q21202220212021
$/bps%$/bps%$/bps%
SELECTED OPERATING DATA
Total revenue$2,200 $2,177 $1,999 $1,645 $1,720 $23 1 %$480 28 %$8,021 $6,647 $1,374 21 %
Noninterest expense1,240 1,241 1,305 1,106 1,061 (1)— 179 17 4,892 4,081 811 20 
Profit before provision (benefit) for credit losses960 936 694 539 659 24 3 301 46 3,129 2,566 563 22 
Provision (benefit) for credit losses132 123 216 3 (25)9 7 157 NM474 (411)885 NM
NET INCOME653 636 364 420 530 17 3 123 23 2,073 2,319 (246)(11)
Net income, Underlying1
685 669 595 476 569 16 2 116 20 2,425 2,397 28 1 
Net income available to common stockholders621 611 332 396 498 10 2 123 25 1,960 2,206 (246)(11)
Net income available to common stockholders, Underlying1
653 644 563 452 537 9 1 116 22 2,312 2,284 28 1 
PER COMMON SHARE DATA
Basic earnings$1.26 $1.23 $0.68 $0.94 $1.17 $0.03 2 %$0.09 8 %$4.12 $5.18 ($1.06)(20 %)
Diluted earnings1.25 1.23 0.67 0.93 1.17 0.02 2 0.08 7 4.10 5.16 (1.06)(21)
Basic earnings, Underlying1
1.32 1.30 1.14 1.07 1.26 0.02 2 0.06 5 4.86 5.37 (0.51)(9)
Diluted earnings, Underlying1
1.32 1.30 1.14 1.07 1.26 0.02 2 0.06 5 4.84 5.34 (0.50)(9)
Cash dividends declared and paid per common share 0.42 0.42 0.39 0.39 0.39 — — 0.03 8 1.62 1.56 0.06 4 
Book value per common share44.03 42.62 45.02 47.42 50.71 1.41 3 (6.68)(13)44.03 50.71 (6.68)(13)
Tangible book value per common share27.88 26.62 29.14 30.97 34.61 1.26 5 (6.73)(19)27.88 34.61 (6.73)(19)
Dividend payout ratio33 %34 %57 %41 %33 %(100) bps—  bps39 %30 %900  bps
Dividend payout ratio, Underlying1
32 32 34 36 31 —  bps100  bps33 29 400  bps
COMMON SHARES OUTSTANDING
Average: Basic493,293,981 495,651,083 491,497,026 422,401,747 424,697,880 (2,357,102)— %68,596,101 16 %475,959,815 425,669,451 50,290,365 12 %
   Diluted495,478,398 497,477,501 493,296,114 424,670,871 426,868,106 (1,999,103)— 68,610,292 16 477,803,142 427,435,818 50,367,325 12 
Common shares at period-end492,282,158 495,843,793 495,650,259 423,031,985 422,137,197 (3,561,635)(1)70,144,961 17 492,282,158 422,137,197 70,144,961 17 
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
(in millions, except ratio and headcount data)
QUARTERLY TRENDSFULL YEAR
4Q22 Change2022 Change
4Q223Q222Q221Q224Q213Q224Q21202220212021
$/bps%$/bps%$/bps%
FINANCIAL RATIOS
Net interest margin3.29 %3.24 %3.04 %2.75 %2.66 %5  bps63  bps3.10 %2.71 %39  bps
Net interest margin, FTE1
3.30 3.25 3.04 2.75 2.66 5 64 3.10 2.72 38  
Return on average common equity11.56 10.91 5.95 7.65 9.26 65 230 9.02 10.49 (147) 
Return on average common equity, Underlying2
12.15 11.52 10.06 8.75 9.97 63 218 10.64 10.86 (22) 
Return on average tangible common equity18.46 16.96 9.13 11.36 13.57 150 489 13.91 15.44 (153) 
Return on average tangible common equity, Underlying2
19.40 17.91 15.45 12.99 14.61 149 479 16.41 15.98 43  
Return on average total assets1.15 1.12 0.66 0.90 1.12 3 3 0.96 1.25 (29) 
Return on average total assets, Underlying2
1.21 1.18 1.08 1.03 1.20 3 1 1.13 1.30 (17) 
Return on average total tangible assets1.19 1.16 0.69 0.94 1.17 3 2 1.00 1.30 (30) 
Return on average total tangible assets, Underlying2
1.25 1.22 1.12 1.06 1.25 3 — 1.17 1.34 (17) 
Effective income tax rate21.16 21.80 23.77 21.70 22.40 (64)(124)21.93 22.10 (17) 
Effective income tax rate, Underlying2
21.37 22.00 23.69 21.70 22.61 (63)(124)22.19 22.21 (2) 
Efficiency ratio56.36 57.02 65.27 67.23 61.68 (66)(532)60.99 61.40 (41) 
Efficiency ratio, Underlying2
54.42 54.90 58.16 64.28 58.71 (48)(429)57.51 59.82 (231) 
Noninterest income as a % of total revenue22.92 23.54 24.72 30.26 34.50 (62)(1,158)25.04 32.11 (707)
Noninterest income as a % of total revenue, Underlying2
22.92 23.54 25.88 30.26 34.50 (62)(1,158)25.33 32.11 (678) 
CAPITAL RATIOS - PERIOD-END (PRELIMINARY)
CET1 capital ratio10.0 %9.8 %9.6 %9.7 %9.9 %
Tier 1 capital ratio11.1 10.9 10.6 10.9 11.1 
Total capital ratio12.8 12.6 12.3 12.5 12.7 
Tier 1 leverage ratio9.3 9.2 9.3 9.6 9.7 
Tangible common equity ratio6.3 6.1 6.6 7.1 8.1 
SELECTED BALANCE SHEET DATA
Loan-to-deposit ratio (period-end balances)86.69 %87.44 %87.28 %82.70 %83.03 %(75) bps366  bps86.69 %83.03 %366  bps
Loan-to-deposit ratio (average balances)87.74 88.32 87.24 83.28 81.83 (58) bps591  bps86.77 82.10 467  bps
Full-time equivalent colleagues (period-end)18,889 19,235 19,583 17,843 17,463 (346)(2)1,426 8 18,889 17,463 1,426 8 
1Net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented.
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)
(in millions)
QUARTERLY TRENDSFULL YEAR
4Q22 Change2022 Change
4Q223Q222Q221Q224Q213Q224Q21202220212021
$%$%$%
INTEREST INCOME
Interest and fees on loans and leases$1,893 $1,657 $1,370 $1,048 $1,056 $236 14 %$837 79 %$5,968 $4,253 $1,715 40 %
Interest and fees on loans held for sale16 18 17 16 19 (2)(11)(3)(16)67 82 (15)(18)
Interest and fees on other loans held for sale10 15 25 7 4 (5)(33)6 150 57 13 44 NM
Investment securities258 243 201 138 119 15 6 139 117 840 487 353 72 
Interest-bearing deposits in banks75 36 13 4 4 39 108 71 NM128 16 112 NM
Total interest income2,252 1,969 1,626 1,213 1,202 283 14 1,050 87 7,060 4,851 2,209 46 
INTEREST EXPENSE
Deposits396 176 54 25 33 220 125 363 NM651 160 491 NM
Short-term borrowed funds2 11 10 — 1 (9)(82)1 100 23 1 22 NM
Long-term borrowed funds159 117 57 41 42 42 36 117 NM374 178 196 110 
Total interest expense557 304 121 66 76 253 83 481 NM1,048 339 709 209 
Net interest income1,695 1,665 1,505 1,147 1,126 30 2 569 51 6,012 4,512 1,500 33 
NONINTEREST INCOME
Service charges and fees105 109 108 98 100 (4)(4)5 5 420 409 11 3 
Capital markets fees98 89 88 93 184 9 10 (86)(47)368 428 (60)(14)
Card fees71 71 71 60 65 — — 6 9 273 250 23 9 
Mortgage banking fees54 66 72 69 76 (12)(18)(22)(29)261 434 (173)(40)
Trust and investment services fees61 61 66 61 60 — — 1 2 249 239 10 4 
Foreign exchange and derivative products35 42 60 51 35 (7)(17)— — 188 120 68 57 
Letter of credit and loan fees41 40 40 38 41 1 3 — — 159 156 3 2 
Securities gains, net4 — 1 4 1 4 100 3 NM9 10 (1)(10)
Other income36 34 (12)24 32 2 6 4 13 82 89 (7)(8)
Total noninterest income505 512 494 498 594 (7)(1)(89)(15)2,009 2,135 (126)(6)
TOTAL REVENUE2,200 2,177 1,999 1,645 1,720 23 1 480 28 8,021 6,647 1,374 21 
Provision (benefit) for credit losses132 123 216 3 (25)9 7 157 NM474 (411)885 NM
NONINTEREST EXPENSE
Salaries and employee benefits633 639 683 594 551 (6)(1)82 15 2,549 2,132 417 20 
Outside services170 172 189 169 175 (2)(1)(5)(3)700 595 105 18 
Equipment and software 170 159 169 150 146 11 7 24 16 648 610 38 6 
Occupancy110 106 111 83 86 4 4 24 28 410 333 77 23 
Other operating expense157 165 153 110 103 (8)(5)54 52 585 411 174 42 
Total noninterest expense1,240 1,241 1,305 1,106 1,061 (1)— 179 17 4,892 4,081 811 20 
Income before income tax expense828 813 478 536 684 15 2 144 21 2,655 2,977 (322)(11)
Income tax expense175 177 114 116 154 (2)(1)21 14 582 658 (76)(12)
Net income$653 $636 $364 $420 $530 $17 3 %$123 23 %$2,073 $2,319 ($246)(11 %)
Net income, Underlying1
$685 $669 $595 $476 $569 $16 2 %$116 20 %$2,425 $2,397 $28 1 %
Net income available to common stockholders$621 $611 $332 $396 $498 $10 2 %$123 25 %$1,960 $2,206 ($246)(11 %)
Net income available to common stockholders, Underlying1
$653 $644 $563 $452 $537 $9 1 %$116 22 %$2,312 $2,284 $28 1 %
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)
(in millions)
PERIOD-END BALANCESAS OFDECEMBER 31, 2022 CHANGE
Dec 31, 2022Sept 30, 2022June 30, 2022Mar 31, 2022Dec 31, 2021September 30, 2022December 31, 2021
$%$%
ASSETS
Cash and due from banks$1,489 $1,235 $1,456 $1,223 $1,155 $254 21 %$334 29 %
Interest-bearing cash and due from banks9,058 6,925 5,058 8,713 8,003 2,133 31 1,055 13 
Interest-bearing deposits in banks303 261 469 685 316 42 16 (13)(4)
Debt securities available for sale, at fair value24,007 23,478 24,961 25,319 26,067 529 2 (2,060)(8)
Debt securities held to maturity9,834 10,071 9,567 2,056 2,242 (237)(2)7,592 NM
Loans held for sale, at fair value774 1,048 1,377 1,717 2,733 (274)(26)(1,959)(72)
Other loans held for sale208 914 2,078 99 735 (706)(77)(527)(72)
Loans and leases156,662 156,140 156,172 131,305 128,163 522 — 28,499 22 
Less: Allowance for loan and lease losses(1,983)(1,980)(1,964)(1,720)(1,758)(3)— (225)13 
Net loans and leases154,679 154,160 154,208 129,585 126,405 519 — 28,274 22 
Derivative assets842 1,352 1,669 1,675 1,216 (510)(38)(374)(31)
Premises and equipment844 827 885 793 768 17 2 76 10 
Bank-owned life insurance3,236 3,222 3,207 2,960 2,843 14 — 393 14 
Goodwill8,173 8,160 8,081 7,232 7,116 13 — 1,057 15 
Other intangible assets197 199 211 115 64 (2)(1)133 208 
Other assets13,089 12,832 13,485 9,925 8,746 257 2 4,343 50 
TOTAL ASSETS$226,733 $224,684 $226,712 $192,097 $188,409 $2,049 1 %$38,324 20 %
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing$49,283 $51,888 $54,169 $50,113 $49,443 ($2,605)(5 %)($160)— %
Interest-bearing131,441 126,678 124,756 108,663 104,918 4,763 4 26,523 25 
Total deposits180,724 178,566 178,925 158,776 154,361 2,158 1 26,363 17 
Short-term borrowed funds3 263 3,763 25 74 (260)(99)(71)(96)
Derivative liabilities1,909 2,227 1,004 635 197 (318)(14)1,712 NM
Long-term borrowed funds:
FHLB advances8,519 9,519 8,269 20 19 (1,000)(11)8,500 NM
Senior debt5,555 4,954 4,176 4,290 5,326 601 12 229 4 
Subordinated debt and other debt1,813 1,813 1,995 1,584 1,587 — — 226 14 
Total long-term borrowed funds15,887 16,286 14,440 5,894 6,932 (399)(2)8,955 129 
Other liabilities4,520 4,196 4,252 4,693 3,425 324 8 1,095 32 
TOTAL LIABILITIES203,043 201,538 202,384 170,023 164,989 1,505 1 38,054 23 
STOCKHOLDERS' EQUITY
Preferred stock:
$25.00 par value, 100,000,000 shares authorized for each of the periods presented2,014 2,014 2,014 2,014 2,014 — — — — 
Common stock:
$0.01 par value, 1,000,000,000 shares authorized for each of the periods presented6 6 6 6 6 — — — — 
Additional paid-in capital22,142 22,121 22,100 19,021 19,005 21 — 3,137 17 
Retained earnings9,159 8,748 8,346 8,209 7,978 411 5 1,181 15 
Treasury stock, at cost(5,071)(4,920)(4,920)(4,918)(4,918)(151)(3)(153)(3)
Accumulated other comprehensive income (loss)(4,560)(4,823)(3,218)(2,258)(665)263 5 (3,895)NM
TOTAL STOCKHOLDERS' EQUITY23,690 23,146 24,328 22,074 23,420 544 2 270 1 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$226,733 $224,684 $226,712 $192,097 $188,409 $2,049 1 %$38,324 20 %
Memo: Total tangible common equity$13,728 $13,197 $14,444 $13,100 $14,609 $531 4 %($881)(6 %)

6

LOANS AND DEPOSITS
(in millions)
PERIOD-END BALANCESAS OFDECEMBER 31, 2022 CHANGE
Dec 31, 2022Sept 30, 2022June 30, 2022Mar 31, 2022Dec 31, 2021Sept 30, 2022December 31, 2021
$%$%
LOANS AND LEASES
Commercial and industrial$51,836 $50,989 $51,801 $45,724 $44,500 $847 2 %$7,336 16 %
Commercial real estate28,865 28,681 28,070 14,268 14,264 184 1 14,601 102 
Leases1,479 1,444 1,574 1,529 1,586 35 2 (107)(7)
Total commercial82,180 81,114 81,445 61,521 60,350 1,066 1 21,830 36 
Residential mortgages29,921 29,548 29,088 24,211 22,822 373 1 7,099 31 
Home equity14,043 13,684 13,122 12,264 12,015 359 3 2,028 17 
Automobile12,292 13,155 13,868 14,439 14,549 (863)(7)(2,257)(16)
Education12,808 13,094 13,141 13,306 12,997 (286)(2)(189)(1)
Other retail5,418 5,545 5,508 5,564 5,430 (127)(2)(12)— 
Total retail74,482 75,026 74,727 69,784 67,813 (544)(1)6,669 10 
Total loans and leases$156,662 $156,140$156,172$131,305$128,163$522 — %$28,499 22 %
Loans held for sale, at fair value774 1,048 1,377 1,717 2,733 (274)(26)(1,959)(72)
Other loans held for sale208 914 2,078 99 735 (706)(77)(527)(72)
Loans and leases and loans held for sale$157,644 $158,102 $159,627 $133,121 $131,631 ($458)— %$26,013 20 %
DEPOSITS
Demand$49,283 $51,888 $54,169 $50,113 $49,443 ($2,605)(5 %)($160)— %
Money market49,905 49,081 48,063 45,342 47,216 824 2 2,689 6 
Checking with interest39,721 38,040 39,611 32,417 30,409 1,681 4 9,312 31 
Regular savings29,805 29,882 27,959 26,104 22,030 (77)— 7,775 35 
Term12,010 9,675 9,123 4,800 5,263 2,335 24 6,747 128 
Total deposits$180,724 $178,566 $178,925 $158,776 $154,361 $2,158 1 %$26,363 17 %


7

AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(in millions, except rates)
QUARTERLY TRENDS4Q22 Change
4Q223Q224Q213Q224Q21
Average BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks$6,915 $75 4.22 %$5,203 $36 2.78 %$11,152 $4 0.15 %$1,712 $39 144 bps($4,237)$71 407 bps
Taxable investment securities38,770 258 2.66 38,507 243 2.50 28,191 119 1.68 263 15 1610,579 139 98
Non-taxable investment securities2 — 2.39 3 — 1.88 2 — 2.60 (1)— 51— — (21)
Total investment securities38,772 258 2.66 38,510 243 2.50 28,193 119 1.68 262 15 1610,579 139 98
Commercial and industrial52,311 652 4.89 52,130 544 4.08 43,070 345 3.12 181 108 819,241 307 177
Commercial real estate28,735 382 5.19 28,388 311 4.29 14,261 95 2.61 347 71 9014,474 287 258
Leases1,422 12 3.25 1,529 13 3.35 1,569 12 3.00 (107)(1)(10)(147)— 25
Total commercial82,468 1,046 4.97 82,047 868 4.14 58,900 452 2.99 421 178 8323,568 594 198
Residential mortgages29,677 246 3.32 29,327 240 3.27 22,047 154 2.81 350 6 57,630 92 51
Home equity13,869 204 5.84 13,400 156 4.62 11,948 91 3.02 469 48 1221,921 113 282
Automobile12,692 125 3.90 13,540 128 3.74 13,976 130 3.67 (848)(3)16(1,284)(5)23
Education12,929 148 4.54 13,081 144 4.37 12,885 133 4.09 (152)4 1744 15 45
Other retail5,464 124 9.02 5,484 121 8.71 5,453 96 7.07 (20)3 3111 28 195
Total retail74,631 847 4.52 74,832 789 4.19 66,309 604 3.63 (201)58 338,322 243 89
Total loans and leases157,099 1,893 4.75 156,879 1,657 4.17 125,209 1,056 3.33 220 236 5831,890 837 142
Loans held for sale, at fair value1,179 16 5.32 1,600 18 4.37 3,133 19 2.44 (421)(2)95(1,954)(3)288
Other loans held for sale557 10 6.70 1,385 15 4.36 321 4 4.85 (828)(5)234236 6 185
Total interest-earning assets204,522 2,252 4.35 203,577 1,969 3.82 168,008 1,202 2.83 945 283 5336,514 1,050 152
Noninterest-earning assets20,448 21,896 19,220 (1,448)1,228 
TOTAL ASSETS$224,970 $225,473 $187,228 ($503)$37,742 
INTEREST-BEARING LIABILITIES
Checking with interest$36,952 77 0.82 $38,297 45 0.46 $28,075 6 0.09 ($1,345)32 36$8,877 $71 73
Money market50,228 208 1.65 47,374 77 0.64 48,512 17 0.14 2,854 131 1011,716 191 151
Regular savings29,780 58 0.78 28,741 28 0.38 21,575 4 0.09 1,039 30 408,205 54 69
Term11,378 53 1.83 9,913 26 1.10 5,636 6 0.33 1,465 27 735,742 47 150
Total interest-bearing deposits128,338 396 1.23 124,325 176 0.56 103,798 33 0.13 4,013 220 6724,540 363 110
Short-term borrowed funds262 2 3.83 2,043 11 2.09 24 1 5.15 (1,781)(9)174238 1 (132)
FHLB advances8,818 82 3.67 9,226 55 2.33 18 — 0.85 (408)27 1348,800 82 282
Senior debt5,397 55 4.05 4,633 39 3.37 5,338 25 1.87 764 16 6859 30 218
Subordinated debt and other debt1,812 22 4.59 1,988 23 4.52 1,587 17 4.35 (176)(1)7225 5 24
Total long-term borrowed funds16,027 159 3.91 15,847 117 2.91 6,943 42 2.43 180 42 1009,084 117 148
Total borrowed funds16,289 161 3.90 17,890 128 2.81 6,967 43 2.44 (1,601)33 1099,322 118 146
Total interest-bearing liabilities144,627 557 1.53 142,215 304 0.85 110,765 76 0.27 2,412 253 6833,862 481 126
Demand deposits50,706 53,293 49,206 (2,587)1,500 
Other noninterest-bearing liabilities6,347 5,705 3,924 642 2,423 
TOTAL LIABILITIES201,680 201,213 163,895 467 37,785 
STOCKHOLDERS' EQUITY23,290 24,260 23,333 (970)(43)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$224,970 $225,473 $187,228 ($503)$37,742 
INTEREST RATE SPREAD2.82 %2.97 %2.56 %(15)26
NET INTEREST MARGIN AND NET INTEREST INCOME$1,695 3.29 %$1,665 3.24 %$1,126 2.66 %$30 5$569 63
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE1
$1,699 3.30 %$1,668 3.25 %$1,128 2.66 %$31 5$571 64
Memo: Total deposits (interest-bearing and demand)$179,044 $396 0.88 %$177,618 $176 0.39 %$153,004 $33 0.09 %$1,426 $220 49 bps$26,040 $363 79 bps

1Net interest income and net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented.
8

AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(in millions, except rates)
FULL YEAR2022 Change
202220212021
Average BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks$6,195 $128 2.04 %$11,762 $16 0.13 %($5,567)$112 191  bps
Taxable investment securities35,639 840 2.35 27,574 487 1.76 8,065 353 59 
Non-taxable investment securities3 — 2.33 3 — 2.60 — — (27)
Total investment securities35,642 840 2.35 27,577 487 1.76 8,065 353 59 
Commercial and industrial50,002 1,942 3.83 43,512 1,399 3.17 6,490 543 66 
Commercial real estate24,746 1,026 4.09 14,515 380 2.58 10,231 646 151 
Leases1,521 46 3.00 1,742 49 2.79 (221)(3)21 
Total commercial76,269 3,014 3.90 59,769 1,828 3.02 16,500 1,186 88 
Residential mortgages27,759 876 3.16 20,636 613 2.97 7,123 263 19 
Home equity13,057 555 4.25 11,901 370 3.11 1,156 185 114 
Automobile13,729 507 3.69 12,972 506 3.90 757 1 (21)
Education13,047 560 4.29 12,666 536 4.23 381 24 6 
Other retail5,483 456 8.31 5,607 400 7.15 (124)56 116 
Total retail73,075 2,954 4.04 63,782 2,425 3.80 9,293 529 24 
Total loans and leases149,344 5,968 3.97 123,551 4,253 3.42 25,793 1,715 55 
Loans held for sale, at fair value1,767 67 3.77 3,359 82 2.45 (1,592)(15)132 
Other loans held for sale1,188 57 4.71 262 13 4.87 926 44 (16)
Total interest-earning assets194,136 7,060 3.61 166,511 4,851 2.90 27,625 2,209 71 
Noninterest-earning assets20,925 18,595 2,330 
TOTAL ASSETS$215,061 $185,106 $29,955 
INTEREST-BEARING LIABILITIES
Checking with interest$36,127 142 0.39 $27,365 24 0.09 $8,762 118 30 
Money market48,410 320 0.66 49,148 78 0.16 (738)242 50 
Regular savings27,524 100 0.37 20,276 19 0.10 7,248 81 27 
Term8,330 89 1.07 6,802 39 0.58 1,528 50 49 
Total interest-bearing deposits120,391 651 0.54 103,591 160 0.15 16,800 491 39 
Short-term borrowed funds1,584 23 1.47 66 1 1.13 1,518 22 34 
FHLB advances5,659 149 2.60 18 — 0.89 5,641 149 171 
Senior debt4,631 144 3.11 5,810 110 1.89 (1,179)34 122 
Subordinated debt and other debt1,788 81 4.44 1,584 68 4.27 204 13 17 
Total long-term borrowed funds12,078 374 3.07 7,412 178 2.39 4,666 196 68 
Total borrowed funds13,662 397 2.88 7,478 179 2.38 6,184 218 50 
Total interest-bearing liabilities134,053 1,048 0.78 111,069 339 0.30 22,984 709 48 
Demand deposits51,717 46,898 4,819 
Other noninterest-bearing liabilities5,553 4,105 1,448 
TOTAL LIABILITIES191,323 162,072 29,251 
STOCKHOLDERS' EQUITY23,738 23,034 704 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$215,061 $185,106 $29,955 
INTEREST RATE SPREAD2.83 %2.60 %23 
NET INTEREST MARGIN AND NET INTEREST INCOME$6,012 3.10 %$4,512 2.71 %$1,500 39 
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE1
$6,023 3.10 %$4,521 2.72 %$1,502 38 
Memo: Total deposits (interest-bearing and demand)$172,108 $651 0.38 %$150,489 $160 0.11 %$21,619 $491 27  bps
1Net interest income and net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented.
9

MORTGAGE BANKING FEES SUMMARY
(in millions, except ratio data)
QUARTERLY TRENDSFULL YEAR
4Q22 Change2022 Change
4Q223Q222Q221Q224Q213Q224Q21202220212021
$/bps%$/bps%$/bps%
MORTGAGE BANKING FEES
Production revenue$12 $19 $22 $31 $60 ($7)(37 %)($48)(80 %)$84 $384 ($300)(78 %)
Mortgage servicing revenue40 40 39 28 14 —— 26186 147 36 111 NM
MSR valuation changes, net of hedge impact2 7 11 10 2 (5)(71)—— 30 14 16 114 
Total mortgage banking fees$54 $66 $72 $69 $76 ($12)(18 %)($22)(29 %)$261 $434 ($173)(40 %)
Pull-through adjusted locks$1,665 $2,979 $3,833 $4,936 $5,785 ($1,314)(44 %)($4,120)(71 %)$13,413 $30,060 ($16,647)(55 %)
Production revenue as a percentage of Pull-through adjusted locks0.72 %0.64 %0.57 %0.63 %1.05 %8  bps(33) bps0.63 %1.27 %(64) bps
RESIDENTIAL REAL ESTATE ORIGINATIONS
Retail$1,103 $1,799 $2,774 $3,275 $3,794 ($696)(39 %)($2,691)(71 %)$8,951 $15,054 ($6,103)(41 %)
Third Party1,652 2,642 3,624 4,101 6,084 (990)(37)(4,432)(73)12,019 27,674 (15,655)(57)
Total$2,755 $4,441 $6,398 $7,376 $9,878 ($1,686)(38 %)(7,123)(72 %)$20,970 $42,728 ($21,758)(51 %)
Originated for sale$2,044 $3,212 $4,296 $5,521 $7,814 ($1,168)(36 %)($5,770)(74 %)$15,073 $35,579 ($20,506)(58 %)
Originated for investment711 1,229 2,102 1,855 2,064 (518)(42)(1,353)(66)5,897 7,149 (1,252)(18)
Total$2,755 $4,441 $6,398 $7,376 $9,878 ($1,686)(38 %)($7,123)(72 %)$20,970 $42,728 ($21,758)(51 %)
MORTGAGE SERVICING INFORMATION (UPB)
Loans serviced for others$96,698 $96,415 $95,489 $92,804 $90,189 $283— %$6,5097 %$96,698 $90,189 $6,5097 %
Owned loans serviced30,135 30,081 29,893 25,283 24,855 54— 5,28021 30,135 24,855 5,28021 
Total$126,833 $126,496 $125,382 $118,087 $115,044 $337— %$11,78910 %$126,833 $115,044 $11,78910 %
MSR at fair value$1,530 $1,524 $1,411 $1,241 $1,029 $6— %$50149 %$1,530 $1,029 $501 49 %
    

10

SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING
(in millions, except ratio data)

QUARTERLY TRENDSFULL YEAR
CONSUMER BANKING4Q22 Change2022 Change
4Q223Q222Q221Q224Q213Q224Q21202220212021
$/bps%$/bps%$/bps%
Net interest income1
$1,106 $1,085 $995 $857 $883 $21 2 %$223 25 %$4,043 $3,562 $481 14 %
Noninterest income256 270 280 257 274 (14)(5)(18)(7)1,063 1,223 (160)(13)
Total revenue1,362 1,355 1,275 1,114 1,157 7 1 205 18 5,106 4,785 321 7 
Noninterest expense863 863 881 784 737 — — 126 17 3,391 2,987 404 14 
Profit before provision (benefit) for credit losses499 492 394 330 420 7 1 79 19 1,715 1,798 (83)(5)
Net charge-offs76 62 39 49 46 14 23 30 65 226 185 41 22 
Income before income tax expense423 430 355 281 374 (7)(2)49 13 1,489 1,613 (124)(8)
Income tax expense108 111 90 72 95 (3)(3)13 14 381 410 (29)(7)
Net income$315 $319 $265 $209 $279 ($4)(1 %)$36 13 %$1,108 $1,203 ($95)(8 %)
AVERAGE BALANCES
Total assets$88,440 $89,560 $88,881 $77,551 $76,077 ($1,120)(1 %)$12,363 16 %$86,147 $75,509 $10,638 14 %
Total loans and leases2
82,302 83,373 83,248 73,233 71,925 (1,071)(1)10,377 14 80,572 71,126 9,446 13 
Deposits117,164 117,448 118,482 104,663 101,642 (284)— 15,522 15 114,482 100,195 14,287 14 
Interest-earning assets83,021 84,122 84,026 74,052 72,796 (1,101)(1)10,225 14 81,338 72,034 9,304 13 
KEY METRICS
Net interest margin5.28 %5.12 %4.75 %4.69 %4.82 %16  bps46  bps4.97 %4.95 %2  bps
Efficiency ratio63.38 63.76 69.06 70.38 63.68 (38) bps(30) bps66.42 62.42 400  bps
Loan-to-deposit ratio (period-end balances)68.55 67.38 69.04 66.23 68.32 117  bps23  bps68.55 68.32 23  bps
Loan-to-deposit ratio (average balances)69.38 69.63 68.60 68.04 67.97 (25) bps141  bps68.94 67.84 110  bps
Return on average total tangible assets1.42 1.43 1.20 1.10 1.46 (1) bps(4) bps1.29 1.60 (31) bps
1Effective January 1, 2022, the Company refined its FTP credit methodology for deposits provided by each business segment.
2Includes loans held for sale.















11


SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING
(in millions, except ratio data)

QUARTERLY TRENDSFULL YEAR
COMMERCIAL BANKING4Q22 Change2022 Change
4Q223Q222Q221Q224Q213Q224Q21202220212021
$/bps%$/bps%$/bps%
Net interest income1
$594 $559 $534 $416 $438 $35 6 %$156 36 %$2,103 $1,706 $397 23 %
Noninterest income198 213 221 213 293 (15)(7)(95)(32)845 809 36 4 
Total revenue792 772 755 629 731 20 3 61 8 2,948 2,515 433 17 
Noninterest expense318 325 308 272 294 (7)(2)24 8 1,223 973 250 26 
Profit before provision (benefit) for credit losses474 447 447 357 437 27 6 37 8 1,725 1,542 183 12 
Net charge-offs12 12 10 12 6 — — 6 100 46 156 (110)(71)
Income before income tax expense462 435 437 345 431 27 6 31 7 1,679 1,386 293 21 
Income tax expense104 101 96 74 95 3 3 9 9 375 300 75 25 
Net income$358 $334 $341 $271 $336 $24 7 %$22 7 %$1,304 $1,086 $218 20 %
AVERAGE BALANCES
Total assets$79,591 $80,067 $78,638 $61,118 $58,501 ($476)(1 %)$21,090 36 %$74,919 $57,617 $17,302 30 %
Total loans and leases2
75,773 75,767 74,172 58,007 55,550 6 — 20,223 36 70,992 54,734 16,258 30 
Deposits52,303 51,095 51,575 44,520 45,475 1,208 2 6,828 15 49,898 44,747 5,151 12 
Interest-earning assets76,097 76,025 74,422 58,312 55,891 72 — 20,206 36 71,276 55,096 16,180 29 
KEY METRICS
Net interest margin3.10 %2.91 %2.88 %2.89 %3.11 %19  bps(1) bps2.95 %3.10 %(15) bps
Efficiency ratio40.18 42.04 40.78 43.32 40.16 (186) bps2  bps41.50 38.68 282  bps
Loan-to-deposit ratio (period-end balances)141.44 142.25 142.31 132.70 125.31 (81) bps1,613  bps141.44 125.31 1,613  bps
Loan-to-deposit ratio (average balances)143.49 145.57 139.31 128.49 120.81 (208) bps2,268  bps139.65 121.28 1,837  bps
Return on average total tangible assets1.80 1.68 1.75 1.81 2.28 12  bps(48) bps1.76 1.89 (13) bps
1Effective January 1, 2022, the Company refined its FTP credit methodology for deposits provided by each business segment.
2Includes loans held for sale.



12

SEGMENT FINANCIAL HIGHLIGHTS - OTHER
(in millions)

QUARTERLY TRENDSFULL YEAR
OTHER1
4Q22 Change2022 Change
4Q223Q222Q221Q224Q213Q224Q21202220212021
$%$%$%
Net interest income2
($5)$21 ($24)($126)($195)($26)NM$190 97 %($134)($756)$622 82 %
Noninterest income51 29 (7)28 27 22 76 24 89 101 103 (2)(2)
Total revenue46 50 (31)(98)(168)(4)(8)214 NM(33)(653)620 95 
Noninterest expense59 53 116 50 30 6 11 29 97 278 121 157 130 
Loss before provision (benefit) for credit losses(13)(3)(147)(148)(198)(10)NM185 93 (311)(774)463 60 
Provision (benefit) for credit losses44 49 167 (58)(77)(5)(10)121 NM202 (752)954 NM
Loss before income tax benefit(57)(52)(314)(90)(121)(5)(10)64 53 (513)(22)(491)NM
Income tax benefit(37)(35)(72)(30)(36)(2)(6)(1)(3)(174)(52)(122)(235)
Net (loss) income($20)($17)($242)($60)($85)($3)(18 %)$65 76 ($339)$30 ($369)NM
AVERAGE BALANCES
Total assets$56,939 $55,846 $53,448 $49,648 $52,650 $1,093 2 %$4,289 8 %$54,028 $51,980 $2,048 4 %
Total loans and leases3
760 724 724 735 1,188 36 5 (428)(36)735 1,312 (577)(44)
Deposits9,577 9,075 6,305 5,900 5,887 502 6 3,690 63 7,728 5,547 2,181 39 
Interest-earning assets45,405 43,428 40,228 36,913 39,322 1,977 5 6,083 15 41,521 39,381 2,140 5 
1Includes assets, liabilities, capital, revenues, provision for credit losses, expenses and income tax expense not attributed to our Consumer or Commercial Banking segments as well as treasury and community development.
2Effective January 1, 2022, the Company refined its FTP credit methodology for deposits provided by each business segment.
3Includes loans held for sale.
13

CREDIT-RELATED INFORMATION
(in millions, except ratio data)
AS OFDECEMBER 31, 2022 CHANGE
Dec 31, 2022Sept 30, 2022June 30, 2022Mar 31, 2022Dec 31, 2021Sept 30, 2022December 31, 2021
$/bps%$/bps%
NONACCRUAL LOANS AND LEASES
Commercial and industrial$249 $234 $202 $200 $171 $15 6 %$78 46 %
Commercial real estate103 37 37 11 11 66 178 92 NM
Leases— — — 1 1 — — (1)(100)
Total commercial352 271 239 212 183 81 30 169 92 
Residential mortgages1
234 236 253 243 201 (2)(1)33 16 
Home equity241 235 240 239 220 6 3 21 10 
Automobile56 52 50 52 55 4 8 1 2 
Education33 33 31 23 23 — — 10 43 
Other retail28 25 26 20 20 3 12 8 40 
Total retail592 581 600 577 519 11 2 73 14 
Nonaccrual loans and leases944 852 839 789 702 92 11 242 34 
Repossessed assets16 16 15 15 22 — — (6)(27)
Nonaccrual loans and leases and repossessed assets$960 $868 $854 $804 $724 $92 11 %$236 33 %
NONACCRUAL LOANS AND LEASES BY PRODUCT2
Commercial$352 $271 $239 $212 $183 $81 30 %$169 92 %
Retail608 597 615 592 541 11 2 67 12 
Total nonaccrual loans and leases$960 $868 $854 $804 $724 $92 11 %$236 33 %
ASSET QUALITY RATIOS
Allowance for loan and lease losses to loans and leases1.27 %1.27 %1.26 %1.31 %1.37 %—  bps(10) bps
Allowance for credit losses to loans and leases1.43 1.41 1.37 1.43 1.51 2 (8)
Allowance for loan and lease losses to nonaccrual loans and leases210.07 232.28 234.19 217.99 250.63 (2,221)(4,056)
Allowance for credit losses to nonaccrual loans and leases237.32 257.65 256.04 238.03 275.72 (2,033)(3,840)
Nonaccrual loans and leases to loans and leases0.60 0.55 0.54 0.60 0.55 5 5 
1Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
2Nonaccrual loans and leases by product includes repossessed assets.



14

CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
AS OFDECEMBER 31, 2022 CHANGE
Dec 31, 2022Sept 30, 2022June 30, 2022Mar 31, 2022Dec 31, 2021Sept 30, 2022December 31, 2021
$/bps%$/bps%
LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Commercial and industrial$21 $13 $39 $13 $9 $8 62 %$12 133 %
Commercial real estate1 2 33 — — (1)(50)1 100 
Leases— — — 5 — — — — — 
Total commercial22 15 72 18 9 7 47 13 144 
Residential mortgages1
319 425 623 792 549 (106)(25)(230)(42)
Education4 4 3 2 1 — — 3 NM
Other retail22 18 14 14 16 4 22 6 38 
Total retail345 447 640 808 566 (102)(23)(221)(39)
Total loans and leases$367 $462 $712 $826 $575 ($95)(21 %)($208)(36 %)
1 90+ days past due and accruing includes $316 million, $425 million, $623 million, $792 million, and $544 million of loans fully or partially guaranteed by the FHA, VA, and USDA for December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively.
15

CREDIT-RELATED INFORMATION, CONTINUED
(in millions)
QUARTERLY TRENDSFULL YEAR
4Q22 Change2022 Change
4Q223Q222Q221Q224Q213Q224Q21202220212021
$%$%$%
CHARGE-OFFS, RECOVERIES AND RELATED RATIOS
GROSS CHARGE-OFFS
Commercial and industrial$21 $20 $13 $14 $14 $1 5 %$7 50 $68 $138 ($70)(51 %)
Commercial real estate— 2 — — — (2)(100)— — 2 58 (56)(97)
Leases— — — — 8 — — (8)(100)— 22 (22)(100)
Total commercial21 22 13 14 22 (1)(5)(1)(5)70 218 (148)(68)
Residential mortgages1 1 1 2 1 — — — — 5 4 1 25 
Home equity2 3 2 2 — (1)(33)2 100 9 10 (1)(10)
Automobile27 24 21 21 18 3 13 9 50 93 72 21 29 
Education24 18 16 20 21 6 33 3 14 78 70 8 11 
Other retail51 48 38 42 38 3 6 13 34 179 165 14 8 
Total retail105 94 78 87 78 11 12 27 35 364 321 43 13 
Total gross charge-offs$126 $116 $91 $101 $100 $10 9 %$26 26 %$434 $539 ($105)(19 %)
GROSS RECOVERIES
Commercial and industrial$5 $6 $3 $3 $5 ($1)(17 %)$— — %$17 $14 $3 21 %
Commercial real estate— 1 — — 9 (1)(100)(9)(100)1 36 (35)(97)
Leases— — — — 3 — — (3)(100)— 4 (4)(100)
Total commercial5 7 3 3 17 (2)(29)(12)(71)18 54 (36)(67)
Residential mortgages1 1 2 2 2 — — (1)(50)6 7 (1)(14)
Home equity6 9 11 11 13 (3)(33)(7)(54)37 52 (15)(29)
Automobile14 13 15 15 13 1 8 1 8 57 56 1 2 
Education5 5 5 4 4 — — 1 25 19 20 (1)(5)
Other retail7 7 6 7 6 — — 1 17 27 25 2 8 
Total retail33 35 39 39 38 (2)(6)(5)(13)146 160 (14)(9)
Total gross recoveries$38 $42 $42 $42 $55 ($4)(10 %)($17)(31 %)$164 $214 ($50)(23 %)
NET CHARGE-OFFS (RECOVERIES)
Commercial and industrial$16 $14 $10 $11 $9 $2 14 %$7 78 $51 $124 ($73)(59)
Commercial real estate— 1 — — (9)(1)(100)9 100 1 22 (21)(95)
Leases— — — — 5 — — (5)(100)— 18 (18)(100)
Total commercial16 15 10 11 5 1 7 11 220 52 164 (112)(68)
Residential mortgages— — (1)— (1)— — 1 100 (1)(3)2 67 
Home equity(4)(6)(9)(9)(13)2 33 9 69 (28)(42)14 33 
Automobile13 11 6 6 5 2 18 8 160 36 16 20 125 
Education19 13 11 16 17 6 46 2 12 59 50 9 18 
Other retail44 41 32 35 32 3 7 12 38 152 140 12 9 
Total retail72 59 39 48 40 13 22 32 80 218 161 57 35 
Total net charge-offs$88 $74 $49 $59 $45 $14 19 %$43 96 %$270 $325 ($55)(17 %)

16

CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except rates)
QUARTERLY TRENDSFULL YEAR
4Q22 Change2022 Change
4Q223Q222Q221Q224Q213Q224Q21202220212021
$/bps%$/bps%$/bps%
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES
Commercial and industrial0.12 %0.11 %0.08 %0.10 %0.08 %1  bps4  bps0.10 %0.28 %(18) bps
Commercial real estate— 0.01 — — (0.24)(1)24 — 0.15 (15) bps
Leases(0.06)(0.11)(0.05)0.10 1.22 5 (128)(0.03)1.06 (109) bps
Total commercial0.07 0.07 0.05 0.08 0.03 — 4 0.07 0.27 (20) bps
Residential mortgages— 0.01 (0.01)— (0.01)(1)1 — (0.01)1  bps
Home equity(0.12)(0.17)(0.27)(0.32)(0.41)5 29 (0.22)(0.35)13  bps
Automobile0.42 0.31 0.16 0.18 0.13 11 29 0.26 0.12 14  bps
Education0.59 0.38 0.34 0.49 0.51 21 8 0.45 0.39 6  bps
Other retail3.21 3.02 2.25 2.61 2.30 19 91 2.77 2.49 28  bps
Total retail0.39 0.32 0.21 0.28 0.24 7 15 0.30 0.25 5  bps
Total loans and leases0.22 %0.19 %0.13 %0.19 %0.14 %3  bps8  bps0.18 %0.26 %(8) bps
Memo: Average loans
Commercial and industrial$52,311 $52,130 $50,517 $44,947 $43,070 $181 — %$9,241 21 %$50,002 $43,512 $6,490 15 %
Commercial real estate28,735 28,388 27,592 14,066 14,261 347 1 14,474 101 24,746 14,515 10,231 70 
Leases1,422 1,529 1,575 1,560 1,569 (107)(7)(147)(9)1,521 1,742 (221)(13)
Total commercial82,468 82,047 79,684 60,573 58,900 421 1 23,568 40 76,269 59,769 16,500 28 
Residential mortgages29,677 29,327 28,486 23,461 22,047 350 1 7,630 35 27,759 20,636 7,123 35 
Home equity13,869 13,400 12,811 12,124 11,948 469 4 1,921 16 13,057 11,901 1,156 10 
Automobile12,692 13,540 14,172 14,534 13,976 (848)(6)(1,284)(9)13,729 12,972 757 6 
Education12,929 13,081 13,144 13,034 12,885 (152)(1)44 — 13,047 12,666 381 3 
Other retail5,464 5,484 5,557 5,428 5,453 (20)— 11 — 5,483 5,607 (124)(2)
Total retail74,631 74,832 74,170 68,581 66,309 (201)— 8,322 13 73,075 63,782 9,293 15 
Total loans and leases$157,099 $156,879 $153,854 $129,154 $125,209 $220 — %$31,890 25 %$149,344 $123,551 $25,793 21 %



17

CREDIT-RELATED INFORMATION, CONTINUED
(in millions)
QUARTERLY TRENDSFULL YEAR
4Q22 Change2022 Change
4Q223Q222Q221Q224Q213Q224Q21202220212021
$%$%$%
SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES
Allowance for loan and lease losses - beginning$1,980 $1,964 $1,720 $1,758 $1,855 $16 1 %$125 7 %$1,758 $2,443 ($685)(28 %)
Allowance on PCD loans and leases at acquisition:
Commercial— — 99 — — — — — — 99 — 99 100 
Retail— — 2 — — — — — — 2 — 2 100 
Total Allowance on PCD loans and leases at acquisition— — 101 — — — — — — 101 — 101 100 
Charge-offs:
Commercial21 22 13 14 22 (1)(5)(1)(5)70 218 (148)(68)
Retail 105 94 78 87 78 11 12 27 35 364 321 43 13 
Total charge-offs126 116 91 101 100 10 9 26 26 434 539 (105)(19)
Recoveries:
Commercial5 7 3 3 17 (2)(29)(12)(71)18 54 (36)(67)
Retail 33 35 39 39 38 (2)(6)(5)(13)146 160 (14)(9)
Total recoveries38 42 42 42 55 (4)(10)(17)(31)164 214 (50)(23)
Net charge-offs88 74 49 59 45 14 19 43 96 270 325 (55)(17)
Provision (benefit) for loan and lease losses:
Commercial46 58 120 (32)(41)(12)(21)87 NM192 (248)440 NM
Retail45 32 72 53 (11)13 41 56 NM202 (112)314 NM
Total provision (benefit) for loan and lease losses91 90 192 21 (52)1 1 143 NM394 (360)754 NM
Allowance for loan and lease losses - ending$1,983 $1,980 $1,964 $1,720 $1,758 $3 — %$225 13 %$1,983 $1,758 $225 13 %
Allowance for unfunded lending commitments - beginning$216 $183 $158 $176 $149 $33 18 %$67 45 %$176 $227 ($51)(22 %)
Allowance on PCD unfunded lending commitments at acquisition— — 1 — — — — %— — 1 — 1 100 
Provision (benefit) for unfunded lending commitments41 33 24 (18)27 8 24 %14 52 80 (51)131 NM
Allowance for unfunded lending commitments - ending$257 $216 $183 $158 $176 $41 19 %$81 46 $257 $176 $81 46 
Total allowance for credit losses - ending$2,240 $2,196 $2,147 $1,878 $1,934 $44 2 %$306 16 %$2,240 $1,934 $306 16 %
Memo: Total allowance for credit losses by product
Commercial $1,267 $1,202 $1,153 $925 $974 $65 5 %$293 30 %$1,267 $974 $293 30 %
Retail 973 994 994 953 960 (21)(2)13 1 973 960 13 1 
Total allowance for credit losses$2,240 $2,196 $2,147 $1,878 $1,934 $44 2 %$306 16 %$2,240 $1,934 $306 16 %
18

CAPITAL AND RATIOS
(in millions, except ratio data)
AS OFFULL YEAR
DECEMBER 31, 2022 CHANGE2022 Change
Dec 31, 2022Sept 30, 2022June 30, 2022Mar 31, 2022Dec 31, 2021Sept 30, 2022December 31, 2021202220212021
$%$%$%
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY)
CET1 capital$18,574 $18,304 $17,946 $15,643 $15,656 $270 1 %$2,918 19 %
Tier 1 capital20,588 20,318 19,960 17,657 17,670 270 1 2,918 17 
Total capital23,755 23,516 23,184 20,301 20,244 239 1 3,511 17 
Risk-weighted assets185,224 187,201 187,727 161,859 158,831 (1,977)(1)26,393 17 
Adjusted average assets1
220,779 220,076 215,727 183,089 181,800 703 — 38,979 21 
CET1 capital ratio10.0 %9.8 %9.6 %9.7 %9.9 %
Tier 1 capital ratio11.1 10.9 10.6 10.9 11.1 
Total capital ratio12.8 12.6 12.3 12.5 12.7 
Tier 1 leverage ratio9.3 9.2 9.3 9.6 9.7 
TANGIBLE COMMON EQUITY (PERIOD-END)
Common stockholders' equity$21,676 $21,132 $22,314 $20,060 $21,406 $544 3 %$270 1 %$21,676 $21,406 $270 1 %
Less: Goodwill8,173 8,160 8,081 7,232 7,116 13 — 1,057 15 8,173 7,116 1,057 15 
Less: Other intangible assets197 199 211 115 64 (2)(1)133 208 197 64 133 208 
Add: Deferred tax liabilities2
422 424 422 387 383 (2)— 39 10 422 383 39 10 
Total tangible common equity$13,728 $13,197 $14,444 $13,100 $14,609 $531 4 %($881)(6 %)$13,728 $14,609 ($881)(6 %)
TANGIBLE COMMON EQUITY (AVERAGE)
Common stockholders' equity$21,276 $22,246 $22,383 $20,981 $21,320 ($970)(4 %)($44)— %$21,724 $21,025 $699 3 %
Less: Goodwill8,171 8,131 8,015 7,156 7,092 40 — 1,079 15 7,872 7,062 810 11 
Less: Other intangible assets199 228 213 80 56 (29)(13)143 NM181 54 127 235 
Add: Deferred tax liabilities2
424 424 416 383 383 — — 41 11 413 381 32 8 
Total tangible common equity$13,330 $14,311 $14,571 $14,128 $14,555 ($981)(7 %)($1,225)(8 %)$14,084 $14,290 ($206)(1 %)
INTANGIBLE ASSETS (PERIOD-END)
Goodwill$8,173 $8,160 $8,081 $7,232 $7,116 $13 — %$1,057 15 %$8,173 $7,116 $1,057 15 %
Other intangible assets197 199 211 115 64 (2)(1)133 208 197 64 133 208 
Total intangible assets$8,370 $8,359 $8,292 $7,347 $7,180 $11 — %$1,190 17 %$8,370 $7,180 $1,190 17 %
1Adjusted 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.
2Deferred tax liabilities relate to tax-deductible goodwill and other intangible assets.




19


NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
(in millions, except share, per-share and ratio data)

Non-GAAP Financial Measures
This document contains non-GAAP financial measures denoted as Underlying. Underlying results for any given reporting period exclude 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 our Underlying results in any given reporting period reflect our on-going financial performance, increase comparability of period-to-period results, and 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.

Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. 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
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDSFULL YEAR
4Q22 Change2022 Change
4Q223Q222Q221Q224Q213Q224Q21202220212021
$%$%$%
Noninterest income, Underlying:
Noninterest income (GAAP)A$505 $512 $494 $498 $594 ($7)(1 %)($89)(15 %)$2,009 $2,135 ($126)(6 %)
Less: Notable items— — (31)— — — — — — (31)— (31)(100)
Noninterest income, Underlying (non-GAAP)B$505 $512 $525 $498 $594 ($7)(1 %)($89)(15 %)$2,040 $2,135 ($95)(4 %)
Total revenue, Underlying:
Total revenue (GAAP)C$2,200 $2,177 $1,999 $1,645 $1,720 $23 1 %$480 28 %$8,021 $6,647 $1,374 21 %
Less: Notable items— — (31)— — — — — — (31)— (31)(100)
Total revenue, Underlying (non-GAAP)D$2,200 $2,177 $2,030 $1,645 $1,720 $23 1 %$480 28 %$8,052 $6,647 $1,405 21 %
Noninterest expense, Underlying:
Noninterest expense (GAAP)E$1,240 $1,241 $1,305 $1,106 $1,061 ($1)— %$179 17 %$4,892 $4,081 $811 20 %
Less: Notable items43 46 125 48 51 (3)(7)(8)(16)262 105 157 150 
Noninterest expense, Underlying (non-GAAP)F$1,197 $1,195 $1,180 $1,058 $1,010 $2 — %$187 19 %$4,630 $3,976 $654 16 %
Pre-provision profit:
Total revenue (GAAP)C$2,200 $2,177 $1,999 $1,645 $1,720 $23 1 %$480 28 %$8,021 $6,647 $1,374 21 %
Less: Noninterest expense (GAAP)E1,240 1,241 1,305 1,106 1,061 (1)— 179 17 4,892 4,081 811 20 
Pre-provision profit (GAAP)$960 $936 $694 $539 $659 $24 3 %$301 46 %$3,129 $2,566 $563 22 %
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)D$2,200 $2,177 $2,030 $1,645 $1,720 $23 1 %$480 28 %$8,052 $6,647 $1,405 21 %
Less: Noninterest expense, Underlying (non-GAAP)F1,197 1,195 1,180 1,058 1,010 2 — 187 19 4,630 3,976 654 16 
Pre-provision profit, Underlying (non-GAAP)$1,003 $982 $850 $587 $710 $21 2 %$293 41 %$3,422 $2,671 $751 28 %
Provision (benefit) for credit losses, Underlying:
Provision (benefit) for credit losses (GAAP)$132 $123 $216 $3 ($25)$9 7 %$157 NM$474 ($411)$885 NM
Less: Notable items— — 145 24 — — — — — 169 — 169 100 
Provision (benefit) for credit losses, Underlying (non-GAAP)$132 $123 $71 ($21)($25)$9 7 %$157 NM$305 ($411)$716 NM
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)G$828 $813 $478 $536 $684 $15 2 %$144 21 %$2,655 $2,977 ($322)(11 %)
Less: Expense before income tax benefit related to notable items(43)(46)(301)(72)(51)3 7 8 16 (462)(105)(357)NM
Income before income tax expense, Underlying (non-GAAP)H$871 $859 $779 $608 $735 $12 1 %$136 19 %$3,117 $3,082 $35 1 %
Income tax expense, Underlying:
Income tax expense (GAAP)I$175 $177 $114 $116 $154 ($2)(1 %)$21 14 %$582 $658 ($76)(12 %)
Less: Income tax benefit related to notable items(11)(13)(70)(16)(12)2 15 1 8 (110)(27)(83)NM
Income tax expense, Underlying (non-GAAP)J$186 $190 $184 $132 $166 ($4)(2 %)$20 12 %$692 $685 $7 1 %
Net income, Underlying:
Net income (GAAP)K$653 $636 $364 $420 $530 $17 3 %$123 23 %$2,073 $2,319 ($246)(11 %)
Add: Notable items, net of income tax benefit32 33 231 56 39 (1)(3)(7)(18)352 78 274 NM
Net income, Underlying (non-GAAP)L$685 $669 $595 $476 $569 $16 2 %$116 20 %$2,425 $2,397 $28 1 %
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)M$621 $611 $332 $396 $498 $10 2 %$123 25 %$1,960 $2,206 ($246)(11 %)
Add: Notable items, net of income tax benefit32 33 231 56 39 (1)(3)(7)(18)352 78 274 NM
Net income available to common stockholders, Underlying (non-GAAP)N$653 $644 $563 $452 $537 $9 1 %$116 22 %$2,312 $2,284 $28 1 %

21

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(in millions, except share, per-share and ratio data)

QUARTERLY TRENDSFULL YEAR
4Q22 Change2022 Change
4Q223Q222Q221Q224Q213Q224Q21202220212021
$/bps%$/bps%$/bps%
Operating leverage:
Total revenue (GAAP)C$2,200 $2,177 $1,999 $1,645 $1,720 $23 1.05 %$480 27.98 %$8,021 $6,647 $1,374 20.68 %
Less: Noninterest expense (GAAP)E1,240 1,241 1,305 1,106 1,061 (1)(0.12)179 16.93 4,892 4,081 811 19.88 
Operating leverage1.17 %11.05 %0.80 %
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)D$2,200 $2,177 $2,030 $1,645 $1,720 $23 1.05 %$480 27.98 %$8,052 $6,647 $1,405 21.15 %
Less: Noninterest expense, Underlying (non-GAAP)F1,197 1,195 1,180 1,058 1,010 2 0.16 187 18.63 4,630 3,976 654 16.46 
Operating leverage, Underlying (non-GAAP)0.89 %9.35 %4.69 %
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio E/C56.36 %57.02 %65.27 %67.23 %61.68 %(66) bps(532) bps60.99 %61.40 %(41) bps
Efficiency ratio, Underlying (non-GAAP)F/D54.42 54.90 58.16 64.28 58.71 (48) bps(429) bps57.51 59.82 (231) bps
Noninterest income as a % of total revenue, Underlying:
Noninterest income as a % of total revenueA/C22.92 %23.54 %24.72 %30.26 %34.50 %(62) bps(1,158) bps25.04 %32.11 %(707) bps
Noninterest income as a % of total revenue, UnderlyingB/D22.92 23.54 25.88 30.26 34.50 (62) bps(1,158) bps25.33 32.11 (678) bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rateI/G21.16 %21.80 %23.77 %21.70 %22.40 %(64) bps(124) bps21.93 %22.10 %(17) bps
Effective income tax rate, Underlying (non-GAAP)J/H21.37 22.00 23.69 21.70 22.61 (63) bps(124) bps22.19 22.21 (2) bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)O$21,276 $22,246 $22,383 $20,981 $21,320 ($970)(4 %)($44)— %$21,724 $21,025 $699 3 %
Return on average common equityM/O11.56 %10.91 %5.95 %7.65 %9.26 %65  bps230  bps9.02 %10.49 %(147) bps
Return on average common equity, Underlying (non-GAAP)N/O12.15 11.52 10.06 8.75 9.97 63  bps218  bps10.64 10.86 (22) bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)O$21,276 $22,246 $22,383 $20,981 $21,320 ($970)(4 %)($44)— %$21,724 $21,025 $699 3 %
Less: Average goodwill (GAAP)8,171 8,131 8,015 7,156 7,092 40 — 1,079 15 7,872 7,062 810 11 
Less: Average other intangibles (GAAP)199 228 213 80 56 (29)(13)143 NM181 54 127 235 
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)424 424 416 383 383 — — 41 11 413 381 32 8 
Average tangible common equityP$13,330 $14,311 $14,571 $14,128 $14,555 ($981)(7 %)($1,225)(8 %)$14,084 $14,290 ($206)(1 %)
Return on average tangible common equity M/P18.46 %16.96 %9.13 %11.36 %13.57 %150  bps489  bps13.91 %15.44 %(153) bps
Return on average tangible common equity, Underlying (non-GAAP)N/P19.40 17.91 15.45 12.99 14.61 149  bps479  bps16.41 15.98 43  bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)Q$224,970 $225,473 $220,967 $188,317 $187,228 ($503)— %$37,74220 %$215,061 $185,106 $29,95516 %
Return on average total assetsK/Q1.15 %1.12 %0.66 %0.90 %1.12 %3  bps3  bps0.96 %1.25 %(29) bps
Return on average total assets, Underlying (non-GAAP)L/Q1.21 1.18 1.08 1.03 1.20 3  bps1  bps1.13 1.30 (17) bps
22

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDSFULL YEAR
4Q22 Change2022 Change
4Q223Q222Q221Q224Q213Q224Q21202220212021
$/bps%$/bps%$/bps%
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)Q$224,970 $225,473 $220,967 $188,317 $187,228 ($503)— %$37,74220 %$215,061 $185,106 $29,95516 %
Less: Average goodwill (GAAP)8,171 8,131 8,015 7,156 7,092 40— 1,07915 7,872 7,062 81011 
Less: Average other intangibles (GAAP)199 228 213 80 56 (29)(13)143NM181 54 127235 
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)424 424 416 383 383 —— 4111 413 381 328 
Average tangible assetsR$217,024 $217,538 $213,155 $181,464 $180,463 ($514)— %$36,56120 %$207,421 $178,371 $29,05016 %
Return on average total tangible assets K/R1.19 %1.16 %0.69 %0.94 %1.17 %3  bps2  bps1.00 %1.30 %(30) bps
Return on average total tangible assets, Underlying (non-GAAP)L/R1.25 1.22 1.12 1.06 1.25 3  bps—  bps1.17 1.34 (17) bps
Tangible book value per common share:
Common shares - at period-end (GAAP)S492,282,158 495,843,793 495,650,259 423,031,985 422,137,197 (3,561,635)(1 %)70,144,96117 %492,282,158 422,137,197 70,144,96117 %
Common stockholders' equity (GAAP)$21,676 $21,132 $22,314 $20,060 $21,406 $5443 $2701 $21,676 $21,406 $2701 
Less: Goodwill (GAAP)8,173 8,160 8,081 7,232 7,116 13— 1,05715 8,173 7,116 1,05715 
Less: Other intangible assets (GAAP)197 199 211 115 64 (2)(1)133208 197 64 133208 
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)422 424 422 387 383 (2)— 3910 422 383 3910 
Tangible common equityT$13,728 $13,197 $14,444 $13,100 $14,609 $5314 %($881)(6 %)$13,728 $14,609 ($881)(6 %)
Tangible book value per common shareT/S$27.88 $26.62 $29.14 $30.97 $34.61 $1.26 5 %($6.73)(19 %)$27.88 $34.61 ($6.73)(19 %)
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)U493,293,981 495,651,083 491,497,026 422,401,747 424,697,880 (2,357,102)— %68,596,101 16 %475,959,815 425,669,451 50,290,36512 %
Average common shares outstanding - diluted (GAAP)V495,478,398 497,477,501 493,296,114 424,670,871 426,868,106 (1,999,103)— 68,610,292 16 477,803,142 427,435,818 50,367,32512 
Net income per average common share - basic (GAAP)M/U$1.26 $1.23 $0.68 $0.94 $1.17 $0.03 2 $0.09 8 $4.12 $5.18 ($1.06)(20)
Net income per average common share - diluted (GAAP)M/V1.25 1.23 0.67 0.93 1.17 0.02 2 0.08 7 4.10 5.16 (1.06)(21)
Net income per average common share - basic, Underlying (non-GAAP)N/U1.32 1.30 1.14 1.07 1.26 0.02 2 0.06 5 4.86 5.37 (0.51)(9)
Net income per average common share - diluted, Underlying (non-GAAP)N/V1.32 1.30 1.14 1.07 1.26 0.02 2 0.06 5 4.84 5.34 (0.50)(9)
Dividend payout ratio and dividend payout ratio, Underlying:
Cash dividends declared and paid per common shareW$0.42 $0.42 $0.39 $0.39 $0.39 $— — %$0.03 8 %$1.62 $1.56 $0.06 4 %
Dividend payout ratioW/(M/U)33 %34 %57 %41 %33 %(100) bps— bps39 %30 %900 bps
Dividend payout ratio, Underlying (non-GAAP)W/(N/U)32 32 34 36 31 — bps100 bps33 29 400 bps
23

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDSFULL YEAR
4Q22 Change2022 Change
4Q223Q222Q221Q224Q213Q224Q21202220212021
$%$%$/bps%
Other income, Underlying:
Other income (GAAP)$36 $34 ($12)$24 $32 $2 6 $4 13 %$82 $89 ($7)(8 %)
Less: Notable items— — (31)— — — — — — (31)— (31)(100)
Other income, Underlying (non-GAAP)$36 $34 $19 $24 $32 $2 6 $4 13 %$113 $89 $24 27 %
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)$633 $639 $683 $594 $551 ($6)(1 %)$82 15 %$2,549 $2,132 $417 20 %
Less: Notable items15 17 72 6 5 (2)(12)10 200 110 (8)118 NM
Salaries and employee benefits, Underlying (non-GAAP)$618 $622 $611 $588 $546 ($4)(1 %)$72 13 %$2,439 $2,140 $299 14 %
Equipment and software, Underlying:
Equipment and software (GAAP)
$170 $159 $169 $150 $146 $11 7 %$24 16 %$648 $610 $38 6 %
Less: Notable items2 — 6 2 2 2 100 — — 10 17 (7)(41)
Equipment and software, Underlying (non-GAAP)$168 $159 $163 $148 $144 $9 6 %$24 17 %$638 $593 $45 8 %
Outside services, Underlying:
Outside services (GAAP)$170 $172 $189 $169 $175 ($2)(1 %)($5)(3 %)$700 $595 $105 18 %
Less: Notable items17 20 41 35 37 (3)(15)(20)(54)113 60 53 88 
Outside services, Underlying (non-GAAP)$153 $152 $148 $134 $138 $1 1 %$15 11 %$587 $535 $52 10 %
Occupancy, Underlying:
Occupancy (GAAP)$110 $106 $111 $83 $86 $4 4 %$24 28 %$410 $333 $77 23 %
Less: Notable items2 2 1 — 5 — — (3)(60)5 18 (13)(72)
Occupancy, Underlying (non-GAAP)$108 $104 $110 $83 $81 $4 4 %$27 33 %$405 $315 $90 29 %
Other operating expense, Underlying:
Other operating expense (GAAP)$157 $165 $153 $110 $103 ($8)(5 %)$54 52 %$585 $411 $174 42 %
Less: Notable items7 7 5 5 2 — — 5 250 24 18 6 33 
Other operating expense, Underlying (non-GAAP)$150 $158 $148 $105 $101 ($8)(5 %)$49 49 %$561 $393 $168 43 %

24



NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS
(in millions, except ratio data)
FOURTH QUARTER 2022THIRD QUARTER 2022SECOND QUARTER 2022
Consumer BankingCommercial BankingOtherConsolidatedConsumer BankingCommercial BankingOtherConsolidatedConsumer BankingCommercial BankingOtherConsolidated
Net income (loss) available to common stockholders:
Net income (loss)A$315 $358 ($20)$653 $319 $334 ($17)$636 $265 $341 ($242)$364 
Less: Preferred stock dividends— — 32 32 — — 25 25 — — 32 32 
Net income (loss) available to common stockholdersB$315 $358 ($52)$621 $319 $334 ($42)$611 $265 $341 ($274)$332 
Return on average total tangible assets:
Average total assets (GAAP)$88,440 $79,591 $56,939 $224,970 $89,560 $80,067 $55,846 $225,473 $88,881 $78,638 $53,448 $220,967 
 Less: Average goodwill (GAAP)491 804 6,876 8,171 454 801 6,876 8,131 445 731 6,839 8,015 
          Average other intangibles (GAAP)121 46 32 199 106 38 84 228 74 16 123 213 
 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)7 4 413 424 6 3 415 424 6 1 409 416 
Average tangible assetsC$87,835 $78,745 $50,444 $217,024 $89,006 $79,231 $49,301 $217,538 $88,368 $77,892 $46,895 $213,155 
Return on average total tangible assets A/C1.42 %1.80 %NM1.19 %1.43 %1.68 %NM1.16 %1.20 %1.75 %NM0.69 %
Efficiency ratio:
Noninterest expense (GAAP)D$863 $318 $59 $1,240 $863 $325 $53 $1,241 $881 $308 $116 $1,305 
Net interest income (GAAP)1,106 594 (5)1,695 1,085 559 21 1,665 995 534 (24)1,505 
Noninterest income (GAAP)256 198 51 505 270 213 29 512 280 221 (7)494 
Total revenue (GAAP)E$1,362 $792 $46 $2,200 $1,355 $772 $50 $2,177 $1,275 $755 ($31)$1,999 
Efficiency ratio D/E63.38 %40.18 %NM56.36 %63.76 %42.04 %NM57.02 %69.06 %40.78 %NM65.27 %
FIRST QUARTER 2022FOURTH QUARTER 2021
Consumer BankingCommercial BankingOtherConsolidatedConsumer BankingCommercial BankingOtherConsolidated
Net income (loss) available to common stockholders:
Net income (loss)A$209 $271 ($60)$420 $279 $336 ($85)$530 
Less: Preferred stock dividends
— — 24 24 — — 32 32 
Net income (loss) available to common stockholdersB$209 $271 ($84)$396 $279 $336 ($117)$498 
Return on average total tangible assets:
Average total assets (GAAP)$77,551 $61,118 $49,648 $188,317 $76,077 $58,501 $52,650 $187,228 
 Less: Average goodwill (GAAP)160 120 6,876 7,156 122 94 6,876 7,092 
          Average other intangibles (GAAP)51 18 11 80 32 11 13 56 
 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)5 1 377 383 4 1 378 383 
Average tangible assetsC$77,345 $60,981 $43,138 $181,464 $75,927 $58,397 $46,139 $180,463 
Return on average total tangible assets A/C1.10 %1.81 %NM0.94 %1.46 %2.28 %NM1.17 %
Efficiency ratio:
Noninterest expense (GAAP)D$784 $272 $50 $1,106 $737 $294 $30 $1,061 
Net interest income (GAAP)857 416 (126)1,147 883 438 (195)1,126 
Noninterest income (GAAP)257 213 28 498 274 293 27 594 
Total revenue (GAAP)E$1,114 $629 ($98)$1,645 $1,157 $731 ($168)$1,720 
Efficiency ratio D/E70.38 %43.32 %NM67.23 %63.68 %40.16 %NM61.68 %

25

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS (CONTINUED)
(in millions, except ratio data)
FULL YEAR
20222021
Consumer BankingCommercial BankingOtherConsolidatedConsumer BankingCommercial BankingOtherConsolidated
Net income (loss) available to common stockholders:
Net income (loss)A$1,108 $1,304 ($339)$2,073 $1,203 $1,086 $30 $2,319 
Less: Preferred stock dividends— — 113 113 — — 113 113 
Net income (loss) available to common stockholdersB$1,108 $1,304 ($452)$1,960 $1,203 $1,086 ($83)$2,206 
Return on average total tangible assets:
Average total assets (GAAP)$86,147 $74,919 $53,995 $215,061 $75,509 $57,617 $51,980 $185,106 
 Less: Average goodwill (GAAP)388 616 6,868 7,872 122 64 6,876 7,062 
         Average other intangibles (GAAP)88 30 63 181 35 6 13 54 
 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)6 2 405 413 4 1 376 381 
Average tangible assetsC$85,677 $74,275 $47,469 $207,421 $75,356 $57,548 $45,467 $178,371 
Return on average total tangible assets A/C1.29 %1.76 %NM1.00 %1.60 %1.89 %NM1.30 %
Efficiency ratio:
Noninterest expense (GAAP)D$3,391 $1,223 $278 $4,892 $2,987 $973 $121 $4,081 
Net interest income (GAAP)4,043 2,103 (134)6,012 3,562 1,706 (756)4,512 
Noninterest income (GAAP)1,063 845 101 2,009 1,223 809 103 2,135 
Total revenue (GAAP)E$5,106 $2,948 ($33)$8,021 $4,785 $2,515 ($653)$6,647 
Efficiency ratio D/E66.42 %41.50 %NM60.99 %62.42 %38.68 %NM61.40 %
26