cfg-20220719
CITIZENS FINANCIAL GROUP INC/RI0000759944false00007599442022-07-192022-07-190000759944us-gaap:CommonStockMember2022-07-192022-07-190000759944us-gaap:SeriesDPreferredStockMember2022-07-192022-07-190000759944us-gaap:SeriesEPreferredStockMember2022-07-192022-07-19


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): July 19, 2022

cfg-20220719_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 July 19, 2022, Citizens Financial Group, Inc. (the “Company”) issued a press release announcing its second quarter 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:  July 19, 2022





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Citizens Financial Group, Inc. Reports Second Quarter 2022 Net Income of
$364 million and EPS of $0.67
Underlying Net Income of $595 million and EPS of $1.14*

Key Financial Data2Q221Q222Q21
Second Quarter 2022 Highlights
 
Income
Statement		($s in millions)
■Investors Bancorp (“ISBC”) acquisition completed on April 6, 2022
■Underlying EPS of $1.14 and ROTCE of 15.5%
■Underlying PPNR of $850 million, up 45% QoQ, includes ~$150 million contribution from the HSBC/ISBC transactions
–NII up 31% QoQ given improved net interest margin and interest-earning asset growth, including HSBC/ISBC impacts
–Underlying fees up 5% QoQ led by record results in Card, Wealth and FX and derivative products
■Excellent credit performance with NCOs of 13 bps down 6 bps QoQ
■Period-end loans up 19% and average loans up 19% QoQ; Excluding HSBC/ISBC impact, period-end loans up 4% and average loans up 3% QoQ
■Period-end and average LDR of 87%; liquidity position remains strong
■Strong positive underlying operating leverage QoQ of 11.7%; 6.3% excluding HSBC/ISBC
–Underlying efficiency ratio improved to 58%
■Strong capital position with CET1 at 9.6%
■TBV/share of $29.14, down 6% QoQ
Total revenue$1,999 $1,645 $1,609 
Pre-provision profit694 539 618 
Underlying pre-provision profit850 587 629 
Provision (benefit) for credit losses216 3 (213)
Underlying provision (benefit) for credit losses71 (21)(213)
Net income364 420 648 
Underlying net income595 476 656 
Balance Sheet
&
Credit Quality		($s in billions)
Period-end loans and leases$156.2 $131.3 $122.6 
Average loans and leases153.9 129.2 123.5 
Period-end deposits178.9 158.8 150.6 
Average deposits176.4 155.1 150.3 
Period-end loans-to-deposit ratio87.3 %82.7 %81.4 %
NCO ratio0.13 %0.19 %0.25 %
Financial MetricsDiluted EPS$0.67 $0.93 $1.44 
Underlying EPS1.14 1.07 1.46 
ROTCE9.1 %11.4 %17.5 %
Underlying ROTCE15.5 13.0 17.7 
Net interest margin, FTE3.04 2.75 2.72 
Efficiency ratio65 67 62 
Underlying efficiency ratio58 64 61 
CET19.6 %9.7 %10.3 %
TBV/Share$29.14 $30.97 $33.95 

Second Quarter 2022 ImpactsPre-tax $EPS
Notable Items($s in millions except per share data)
Integration related$(135)$(0.21)
ISBC Day 1 CECL provision expense (“double count”)**(145)(0.22)
Tax integration costs—(0.01)
TOP revenue and efficiency initiatives(21)(0.03)
Total:$(301)$(0.47)
**Day 1 CECL reserve for non-credit impaired loans acquired
Comments from Chairman and CEO Bruce Van Saun
“We were pleased to deliver strong results in the second quarter, which featured the completion of the Investors Bancorp acquisition,” said Chairman and CEO Bruce Van Saun. “We have navigated well through a period marked by higher than
*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.
expected inflation, and the Fed’s aggressiveness in raising short-term rates and tightening liquidity. Our capital, liquidity and funding position remains strong - we are funding attractive loan growth and have raised our dividend. Our fee businesses are proving to be diversified and resilient, and our credit metrics all remain very favorable. We look forward to continuing our momentum in the second half.”
Citizens also announced today that its board of directors declared a three cent, or 8%, increase in the quarterly common stock dividend to $0.42 per share. The dividend is payable on August 16, 2022 to shareholders of record at the close of business on August 2, 2022.
In addition, Citizens recently announced that its board of directors has authorized the Company to repurchase up to $1.0 billion of the Company’s common stock. This represents an increase of $545 million above the $455 million of capacity remaining under the prior $750 million January 2021 authorization.
2
Citizens Financial Group, Inc.
Earnings highlights(1):
Quarterly Trends
 2Q22 change from
($s in millions, except per share data)2Q221Q222Q211Q222Q21
Earnings$/bps%$/bps%
Net interest income$1,505 $1,147 $1,124 $358 31  %$381 34  %
Noninterest income494 498 485 (4)(1)9 2 
Total revenue1,999 1,645 1,609 354 22 390 24 
Noninterest expense1,305 1,106 991 199 18 314 32 
Pre-provision profit694 539 618 155 29 76 12 
Provision (benefit) for credit losses216 3 (213)213 NM429 NM
Net income364 420 648 (56)(13)(284)(44)
Preferred dividends32 24 32 8 33 — — 
Net income available to common stockholders$332 $396 $616 $(64)(16) %$(284)(46) %
After-tax notable Items231 56 8 175 NM223 NM
Underlying net income$595 $476 $656 $119 25  %$(61)(9) %
Underlying net income available to common stockholders$563 $452 $624 $111 25  %$(61)(10) %
Average common shares outstanding
Basic (in millions)491.5 422.4 425.9 69.1 16 65.5 15 
Diluted (in millions)493.3 424.7 427.6 68.6 16 65.7 15 
Diluted earnings per share$0.67 $0.93 $1.44 $(0.26)(28) %$(0.77)(53) %
Underlying diluted earnings per share$1.14 $1.07 $1.46 $0.07 7  %$(0.32)(22) %
Performance metrics
Net interest margin3.04 %2.75 %2.71 %29  bps33  bps
Net interest margin, FTE3.04 2.75 2.72 29 32 
Effective income tax rate23.8 21.7 22.0 207 181 
Efficiency ratio65 67 62 (196)364 
Underlying efficiency ratio58 64 61 (612)(276)
Return on average common equity5.9 7.7 11.9 (170)(590)
Return on average tangible common equity9.1 11.4 17.5 (223)(837)
Underlying return on average tangible common equity15.5 13.0 17.7 246 (229)
Return on average total assets0.66 0.90 1.41 (24)(75)
Return on average total tangible assets0.69 0.94 1.46 (25)(77)
Underlying return on average total tangible assets1.12 %1.06 %1.48 %6  bps(36) bps
Capital adequacy(2,3)
Common equity tier 1 capital ratio9.6 %9.7 %10.3 %
Total capital ratio12.3 12.5 13.5 
Tier 1 leverage ratio9.3 9.6 9.7 
Allowance for credit losses to loans and leases1.37 %1.43 %1.70 %(6) bps(33) bps
Asset quality(3)
Nonaccrual loans and leases to loans and leases0.54 %0.60 %0.64 %(6) bps(10) bps
Allowance for credit losses to nonaccrual loans and leases256 238 267 1,801 (1,094)
Net charge-offs as a % of average loans and leases0.13 %0.19 %0.25 %(6) bps(12) 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.
Notable items:
Quarterly results for first and second quarter 2022 and second 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, first and second quarter 2022 results include notable items representing the day-one CECL provision expense ("double count") related to the HSBC and ISBC transactions. Second quarter 2022 results also include a notable item in noninterest income for a mark-to-market loss related to loans held for sale associated with the ISBC transaction. These notable items have been excluded from reported results to better reflect Underlying operating results.
Notable items - integration related2Q221Q222Q21
($s in millions, except per share data)Pre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-tax
  Noninterest income$(31)$(23)$— $— $— $— 
EPS Impact - Noninterest income$(0.05)$— $— 
Salaries & benefits$(64)$(48)$(4)$(3)$— $— 
Outside services(35)(26)(28)(21)(2)(1)
Other expense(5)(4)(5)(3)— — 
   Noninterest expense$(104)$(78)$(37)$(27)$(2)$(1)
EPS Impact - Noninterest expense $(0.16)$(0.07)$— 
HSBC Day 1 CECL provision expense (“double count”)$— $— $(24)$(18)$— $— 
ISBC Day 1 CECL provision expense (“double count”)$(145)$(108)$— $— $— $— 
Provision for credit losses$(145)$(108)$(24)$(18)$— $— 
EPS Impact - Provision for credit losses$(0.22)$(0.04)$— 
  Tax integration cost$— $(6)$— $— $— $— 
EPS Impact - Tax integration cost$(0.01)$— $— 
Total integration related$(280)$(215)$(61)$(45)$(2)$(1)
EPS Impact - Total integration related$(0.44)$(0.11)$— 
Other notable items - TOP related2Q221Q222Q21
($s in millions, except per share data)Pre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-tax
Tax notable items$— $— $— $(3)$— $— 
Other notable items- TOP & other actions
Salaries & benefits$(8)$(6)$(2)$(1)$— $— 
Equipment and software(6)(4)(2)(2)(4)(3)
Outside services(6)(5)(7)(5)(2)(2)
Occupancy(1)(1)— — (3)(2)
   Noninterest expense$(21)$(16)$(11)$(8)$(9)$(7)
Total Other Notable Items$(21)$(16)$(11)$(11)$(9)$(7)
EPS Impact - Other Notable Items $(0.03)$(0.03)$(0.02)
Total Notable Items$(301)$(231)$(72)$(56)$(11)$(8)
Total EPS Impact$(0.47)$(0.14)$(0.02)


4
Citizens Financial Group, Inc.
The following table provides information on Underlying results which exclude the impact of notable items.

Underlying results:

Quarterly Trends
 2Q22 change from
($s in millions, except per share data)2Q221Q222Q211Q222Q21
$/bps%$/bps%
Net interest income$1,505 $1,147 $1,124 $358 31  %$381 34  %
Noninterest income525 498 485 27 5 40 8 
Total revenue$2,030 $1,645 $1,609 $385 23  %$421 26  %
Noninterest expense$1,180 $1,058 $980 $122 12  %$200 20  %
Provision (benefit) for credit losses71 (21)(213)92 NM284 133
Net income available to common stockholders$563 $452 $624 $111 25 %$(61)(10)%
Performance metrics
EPS$1.14 $1.07 $1.46 $0.07 7  %$(0.32)(22) %
Efficiency ratio58  %64  %61  %(612) bps(276) bps
Return on average tangible common equity15.5  %13.0  %17.7  %246  bps(229) bps
Operating leverage11.7  %5.7  %




Consolidated balance sheet review(1):

 2Q22 change from
($s in millions)2Q221Q222Q211Q222Q21
$/bps%$/bps%
Total assets$226,712 $192,097 $185,104 $34,615 18  %$41,608 22  %
Total loans and leases156,172 131,305 122,581 24,867 19 33,591 27 
Total loans held for sale3,455 1,816 3,698 1,639 90 (243)(7)
Deposits178,925 158,776 150,636 20,149 13 28,289 19 
Stockholders' equity24,328 22,074 23,199 2,254 10 1,129 5 
Stockholders' common equity22,314 20,060 21,185 2,254 11 1,129 5 
Tangible common equity$14,444 $13,100 $14,466 $1,344 10  %$(22)—  %
Loans-to-deposit ratio (period-end)(2)
87.3 %82.7  %81.4  %458  bps590  bps
Loans-to-deposit ratio (average)(2)
87.2 %83.3 %82.1 %396  bps510  bps
1) Represents period end unless otherwise noted.
2) Excludes loans held for sale.

5
Citizens Financial Group, Inc.


Discussion of results:
Net interest income 2Q22 change from
($s in millions)2Q221Q222Q211Q222Q21
$/bps%$/bps%
Interest income:
Interest and fees on loans and leases and loans held for sale$1,412 $1,071 $1,084 $341 32  %$328 30  %
Investment securities201 138 124 63 46 77 62 
Interest-bearing deposits in banks13 4 3 9 225 10 NM
Total interest income$1,626 $1,213 $1,211 $413 34  %$415 34  %
Interest expense:
Deposits$54 $25 $42 $29 116  %$12 29  %
Short-term borrowed funds10 — — 10 100 10 100 
Long-term borrowed funds57 41 45 16 39 12 27 
Total interest expense$121 $66 $87 $55 83  %$34 39  %
Net interest income$1,505 $1,147 $1,124 $358 31  %$381 34  %
Net interest margin, FTE3.04  %2.75  %2.72  %29  bps32  bps
Second quarter 2022vs.first quarter 2022
Net interest income of $1.5 billion increased 31%, reflecting a higher net interest margin and 17% growth in interest-earning assets, including the impact of the HSBC and ISBC transactions.
•Net interest margin of 3.04% increased 29 basis points, reflecting higher earning-asset yields given higher market interest rates and the impact of the HSBC and ISBC transactions, partially offset by increased funding costs.
Second quarter 2022vs.second quarter 2021
Net interest income of $1.5 billion increased 34%, reflecting a higher net interest margin and 19% growth in interest-earning assets, including the impact of the HSBC and ISBC transactions.
•Net interest margin of 3.04% increased 32 basis points, reflecting higher earning-asset yields given higher market interest rates, the impact of the HSBC and ISBC transactions and the deployment of cash into loan growth, partially offset by increased funding costs.

6
Citizens Financial Group, Inc.
Noninterest Income 2Q22 change from
($s in millions)2Q221Q222Q211Q222Q21
$%$%
Capital markets fees$88 $93 $91 $(5)(5) %$(3)(3) %
Service charges and fees108 98 100 10 10 8 8 
Mortgage banking fees72 69 85 3 4 (13)(15)
Card fees71 60 64 11 18 7 11 
Trust and investment services fees66 61 60 5 8 6 10 
Letter of credit and loan fees40 38 38 2 5 2 5 
Foreign exchange and derivative products60 51 28 9 18 32 114 
Securities gains, net1 4 3 (3)(75)(2)(67)
Other income(1)
(12)24 16 (36)NM(28)NM
Noninterest income$494 $498 $485 $(4)(1) %$9 2  %
Notable items$(31)$— $— $(31)(100)$(31)(100)
Underlying noninterest income$525 $498 $485 $27 5  %$40 8  %
1) Includes bank-owned life insurance income and other miscellaneous income for all periods presented.
Second quarter 2022vs.first quarter 2022
Underlying noninterest income of $525 million increased $27 million, or 5%. Excluding the HSBC and ISBC transactions, Underlying noninterest income increased $11 million, or 2%.
•Capital markets fees decreased $5 million, reflecting lower loan syndication revenue, partially offset by improved M&A advisory fees.
•Service charges and fees increased $10 million, primarily due to the impact of the HSBC and ISBC transactions.
•Mortgage banking fees increased $3 million, reflecting higher mortgage servicing revenue partly offset by lower production fees related to lower volumes and slightly lower gain-on-sale margins.
•Record card fees increased $11 million reflecting seasonally higher transaction volumes.
•Record trust and investment services fees increased $5 million, driven by customer flows into annuity products given higher rates.
•Record foreign exchange and derivative products revenue increased $9 million, driven by increased client foreign exchange hedging activity, partially offset by lower interest rate and commodities hedging.
•Other income includes a notable item of $31 million related to mark-to-market losses on ISBC loans classified as held-for-sale. On an Underlying basis, other income decreased $5 million.
Second quarter 2022vs.second quarter 2021
Underlying noninterest income of $525 million increased $40 million, or 8%. Excluding the HSBC and ISBC transactions, Underlying noninterest income increased $24 million, or 5%.
•Capital markets fees decreased $3 million, reflecting lower bond underwriting fees, partially offset by higher M&A advisory fees.
•Service charges and fees increased $8 million, reflecting the impact of the HSBC and ISBC transactions.
•Mortgage banking fees decreased $13 million, driven by lower gain-on-sale margins and production volumes, partially offset by higher servicing revenue.
•Record card fees increased $7 million, driven by higher debit and credit card volumes.
•Record trust and investment services fees increased $6 million, reflecting higher annuity and management fees.
7
Citizens Financial Group, Inc.
•Record foreign exchange and derivative products revenue increased $32 million reflecting increased client activity across foreign exchange, interest rate and commodity products.
•Excluding the notable item, on an Underlying basis other income increased $3 million.


























8
Citizens Financial Group, Inc.
Noninterest Expense 2Q22 change from
($s in millions)2Q221Q222Q211Q222Q21
$%$%
Salaries and employee benefits$683 $594 $524 $89 15 %$159 30 %
Equipment and software169 150 155 19 13 14 9 
Outside services189 169 137 20 12 52 38 
Occupancy111 83 82 28 34 29 35 
Other operating expense153 110 93 43 39 60 65 
Noninterest expense$1,305 $1,106 $991 $199 18 %$314 32 %
Notable items$125 $48 $11 $77 160 %$114 NM
Underlying, as applicable
Salaries and employee benefits$611 $588 $524 $23 4 %$87 17 %
Equipment and software163 148 151 15 10 12 8 
Outside services148 134 133 14 10 15 11 
Occupancy110 83 79 27 33 31 39 
Other operating expense148 105 93 43 41 55 59 
Underlying noninterest expense$1,180 $1,058 $980 $122 12 %$200 20 %
Second quarter 2022vs.first quarter 2022
Underlying noninterest expense of $1.2 billion was up 12%. Underlying noninterest expense for second quarter 2022 includes $128 million tied to the HSBC and ISBC transactions. Excluding the HSBC and ISBC transactions, Underlying noninterest expense increased 1% reflecting an increase in advertising costs and investment spend, largely offset by seasonally lower compensation expense. Results reflect strong expense discipline and the benefit of efficiency initiatives.
The effective tax rate was 23.8%, up from 21.7% in the first quarter 2022 primarily driven by ISBC integration related tax expense.
Second quarter 2022vs.second quarter 2021
Underlying noninterest expense of $1.2 billion remains well-controlled. On an Underlying basis and excluding the HSBC and ISBC transactions, and the Commercial fee-based acquisitions that closed after second quarter 2021, noninterest expense increased 4% reflecting higher salaries and employee benefits, as well as higher other operating expenses, namely FDIC insurance, travel and advertising costs, partially offset by the benefit of efficiency initiatives.
The effective tax rate of 23.8% up from 22.0% in second quarter 2021 primarily driven by ISBC integration related tax expense.
9
Citizens Financial Group, Inc.
Interest-earning assets 2Q22 change from
($s in millions)2Q221Q222Q211Q222Q21
Period-end interest-earning assets$%$%
Investments$35,828 $28,116 $27,976 $7,712 27  %$7,852 28  %
Interest-bearing deposits in banks5,527 9,398 12,007 (3,871)(41)(6,480)(54)
Commercial loans and leases81,445 61,521 59,083 19,924 32 22,362 38 
Retail loans74,727 69,784 63,498 4,943 7 11,229 18 
Total loans and leases156,172 131,305 122,581 24,867 19 33,591 27 
Loans held for sale, at fair value1,377 1,717 3,616 (340)(20)(2,239)(62)
Other loans held for sale2,078 99 82 1,979 NM1,996 NM
Total loans and leases and loans held for sale159,627 133,121 126,279 26,506 20 33,348 26 
Total period-end interest-earning assets$200,982 $170,635 $166,262 $30,347 18  %$34,720 21  %
Average interest-earning assets
Investments$35,903 $29,247 $27,600 $6,656 23  %$8,303 30  %
Interest-bearing deposits in banks4,630 8,055 11,259 (3,425)(43)(6,629)(59)
Commercial loans and leases79,684 60,573 60,653 19,111 32 19,031 31 
Retail loans74,170 68,581 62,837 5,589 8 11,333 18 
Total loans and leases153,854 129,154 123,490 24,700 19 30,364 25 
Loans held for sale, at fair value1,937 2,366 3,751 (429)(18)(1,814)(48)
Other loans held for sale2,353 454 233 1,899 NM2,120 NM
Total loans and leases and loans held for sale158,144 131,974 127,474 26,170 20 30,670 24 
Total average interest-earning assets$198,677 $169,276 $166,333 $29,401 17  %$32,344 19  %

Second quarter 2022vs.first quarter 2022
Period-end interest-earning assets of $201.0 billion increased $30.3 billion, or 18%, as a $24.9 billion increase in loans and leases and a $7.7 billion increase in investments was partially offset by a $3.9 billion decrease in cash held in interest-bearing deposits. Loan growth of 19% was driven by the impact of the ISBC transaction. Excluding the impact of the HSBC and ISBC transactions, loan growth was 4% with 6% growth in commercial and 1% growth in retail.
Average interest-earning assets of $198.7 billion increased $29.4 billion, or 17%, as a $24.7 billion increase in loans and a $6.7 billion increase in investments was partly offset by a $3.4 billion decrease in cash held in interest-bearing deposits. Loan growth of 19% was primarily driven by the impact of the ISBC transaction. Excluding the impact of the HSBC and ISBC transactions, average loan growth was 3% with 5% growth in commercial, led by C&I, and 1% growth in retail.
The average effective duration of the securities portfolio was 5.7 years compared with 5.3 years at March 31, 2022 and 3.6 years at June 30, 2021.
Second quarter 2022vs.second quarter 2021
Period-end interest-earning assets of $201.0 billion increased $34.7 billion, or 21%, as a $33.6 billion increase in loans and a $7.9 billion increase in investments was partly offset by a $6.5 billion decrease in cash held in interest-bearing deposits reflecting the partial deployment of elevated liquidity. Excluding the impact of the HSBC and ISBC transactions, loan growth was 10% with 11% growth in commercial, led by C&I, and 9% growth in retail given strength in mortgage, auto and home equity, partially offset by planned run off of personal unsecured installment loans.
Average interest-earning assets of $198.7 billion increased $32.3 billion, or 19%, as a $30.4 billion increase in loans and an $8.3 billion increase in investments was partly offset by a $6.6 billion decrease in cash held in interest-bearing deposits reflecting the partial deployment of elevated liquidity. Excluding the impact of the HSBC and ISBC transactions, loan growth was 7%, led by 9% growth in retail, with strength in mortgage, auto, home equity, partially offset by planned run off of personal unsecured installment loans. Commercial loans increased 5%, as underlying growth in C&I was partially offset by a $4.3 billion decrease in PPP loans. Excluding the HSBC and ISBC transactions and PPP impact, average commercial loan growth was 13% led by C&I.
10
Citizens Financial Group, Inc.
    
Deposits 2Q22 change from
($s in millions)2Q221Q222Q211Q222Q21
Period-end deposits$%$%
Demand$54,169 $50,113 $47,480 $4,056 8  %$6,689 14  %
Money market48,063 45,342 48,150 2,721 6 (87)— 
Checking with interest39,611 32,417 28,074 7,194 22 11,537 41 
Savings27,959 26,104 20,382 1,855 7 7,577 37 
Term9,123 4,800 6,550 4,323 90 2,573 39 
Total period-end deposits$178,925 $158,776 $150,636 $20,149 13  %$28,289 19  %
Average deposits
Demand$54,189 $48,641 $46,630 $5,548 11  %$7,559 16  %
Money market48,795 47,220 49,394 1,575 3 (599)(1)
Checking with interest38,747 30,417 27,278 8,330 27 11,469 42 
Savings27,661 23,835 20,077 3,826 16 7,584 38 
Term6,970 4,970 6,970 2,000 40 — — 
Total average deposits$176,362 $155,083 $150,349 $21,279 14  %$26,013 17  %
Second quarter 2022vs.first quarter 2022
Total period-end deposits of $178.9 billion were up 13%, driven by the addition of $19.8 billion of deposits from the ISBC transaction. Excluding the HSBC and ISBC transactions, deposits were up slightly.
Average deposits of $176.4 billion were up 14%, including $26.4 billion of deposits from the HSBC and ISBC transactions. Excluding these transactions, deposits of $149.9 billion were down 1% primarily given a decline in money market accounts largely offset by an increase in checking with interest and savings.
Second quarter 2022vs.second quarter 2021
Total period-end deposits of $178.9 billion increased $28.3 billion, or 19%, driven by the $25.8 billion impact of the HSBC and ISBC transactions. Excluding these transactions, deposits are up 2% with growth in checking with interest and savings largely offset by a decrease in money market accounts.
Average deposits of $176.4 billion increased $26.0 billion, or 17%, including the $26.4 billion impact of the HSBC and ISBC transactions. Excluding these transactions, deposits were broadly stable, with growth in checking with interest, savings and demand, offset by decreases in money market accounts and term.



11
Citizens Financial Group, Inc.
Borrowed Funds 2Q22 change from
($s in millions)2Q221Q222Q211Q222Q21
Period-end borrowed funds$%$%
Short-term borrowed funds$3,763 $25 $62 $3,738 NM$3,701 NM
Long-term borrowed funds
FHLB advances8,269 20 18 8,249 NM8,251 NM
Senior debt4,176 4,290 5,357 (114)(3)(1,181)(22)
Subordinated debt and other debt1,995 1,584 1,582 411 26 413 26 
Total borrowed funds$18,203 $5,919 $7,019 $12,284 208  %$11,184 159  %
Average borrowed funds
Short-term borrowed funds$3,995 $29 $69 $3,966 NM$3,926 NM
Long-term borrowed funds
FHLB advances4,437 20 18 4,417 NM4,419 NM
Senior debt4,022 4,461 5,834 (439)(10)(1,812)(31)
Subordinated debt and other debt1,763 1,585 1,582 178 11 181 11 
Total average borrowed funds$14,217 $6,095 $7,503 $8,122 133  %$6,714 89  %
Second quarter 2022vs.first quarter 2022
•Period-end borrowed funds increased by $12.3 billion, primarily given an increase in long-term and short-term FHLB advances. Average borrowed funds increased by $8.1 billion, incorporating FHLB borrowings related to the ISBC balance sheet, strong commercial loan demand and securities growth.
Second quarter 2022vs.second quarter 2021
•Period-end borrowed funds increased by $11.2 billion, given an increase in long-term and short-term FHLB advances and subordinated debt, partly offset by a decrease in senior debt. Average borrowed funds increased by $6.7 billion given an increase in long-term and short-term FHLB advances, partly offset by a decrease in senior debt.

12
Citizens Financial Group, Inc.
Capital 2Q22 change from
($s and shares in millions, except per share data)2Q221Q222Q211Q222Q21
Period-end capital$%$%
Stockholders' equity$24,328$22,074 $23,199 $2,254 10  %$1,129 5  %
Stockholders' common equity22,314 20,060 21,185 2,254 11 1,129 5 
Tangible common equity14,444 13,100 14,466 1,344 10 (22)— 
Tangible book value per common share$29.14 $30.97 $33.95 $(1.83)(6) %$(4.81)(14) %
Common shares - at end of period495.7 423.0 426.1 72.6 17 69.6 16 
Common shares - average (diluted)493.3 424.7 427.6 68.6 16  %65.7 15  %
Common equity tier 1 capital ratio(1)
9.6 %9.7 %10.3 %
Total capital ratio(1)
12.3 12.5 13.5 
Tier 1 leverage ratio(1)
9.3 %9.6 %9.7 %
1) Current reporting-period regulatory capital ratios are preliminary.
Second quarter 2022
•The CET1 capital ratio was 9.6% as of June 30, 2022 compared with 9.7% at March 31, 2022 and 10.3% at June 30, 2021.
•Total capital ratio of 12.3% compares with 12.5% at March 31, 2022 and 13.5% as of June 30, 2021.
•Tangible book value per common share of $29.14 decreased 6% compared with first quarter 2022, primarily driven by the impact of higher long-term rates on accumulated other comprehensive income.
•Citizens paid $195 million in common dividends to shareholders during second quarter 2022. This compares with $165 million in common dividends during first quarter 2022 and $168 million during second quarter 2021.
13
Citizens Financial Group, Inc.
Credit quality review 2Q22 change from
($s in millions)2Q221Q222Q211Q222Q21
$/bps%$/bps%
Nonaccrual loans and leases(1)
$839 $789 $779 $50 6  %$60 8  %
90+ days past due and accruing(2)
712 826 280 (114)(14)432 154
Net charge-offs49 59 78 (10)(17)(29)(37)
Provision (benefit) for credit losses216 3 (213)213 NM429 NM
Allowance for credit losses $2,147 $1,878 $2,081 $269 14  %66 3  %
Nonaccrual loans and leases to loans and leases0.54  %0.60  %0.64  %(6) bps(10) bps
Net charge-offs as a % of total loans and leases0.13 0.19 0.25 (6)(12)
Allowance for credit losses to loans and leases1.37 1.43 1.70 (6)(33)
Allowance for credit losses to nonaccrual loans and leases256.0  %238.0  %267.0  %1,801  bps(1,094) 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 $623 million, $792 million, and $266 million of loans fully or partially guaranteed by the FHA, VA, and USDA for June 30, 2022, March 31, 2022, and June 30, 2021, respectively.
Second quarter 2022vs.first quarter 2022
•The nonaccrual loans to total loans ratio of 0.54% is down from 0.60% at March 31, 2022 largely tied to a decline in commercial.
•Nonaccrual loans of $839 million increased $50 million, or 6%, largely reflecting the incorporation of ISBC, partly offset by improvements in the legacy Citizens portfolio.
•Net charge-offs of $49 million, or 13 basis points of average loans and leases, were down 6 basis points from the prior quarter.
•The second quarter 2022 provision for credit losses of $216 million includes a $145 million day-one CECL provision expense (“double count”) for the ISBC transaction. Underlying provision for credit losses of $71 million reflects the continuing strong credit performance across retail and commercial. The first quarter 2022 provision for credit losses of $3 million includes a $24 million day-one CECL provision expense (“double count”) tied to the HSBC transaction.
•Allowance for credit losses ratio of 1.37% compares with 1.43% as of March 31, 2022. The second quarter 2022 ratio reflects a reserve increase of $269 million, of which approximately $247 million relates to the ISBC transaction, including $145 million related to the CECL double count.
•The allowance for credit losses to nonaccrual loans and leases ratio of 256% compares with 238% as of March 31, 2022.
Second quarter 2022vs.second quarter 2021
•The nonaccrual loans to total loans ratio of 0.54% decreased from 0.64% at June 30, 2021 largely tied to a decline in commercial.
•Nonaccrual loans increased $60 million, or 8%, largely reflecting the incorporation of ISBC, partly offset by improvements in the legacy Citizens portfolio.
•Net charge-offs of $49 million decreased $29 million reflecting a $31 million decrease in commercial, and a $2 million increase in retail.
•Net charge-offs of 13 basis points of average loans and leases compares with 25 basis points in second quarter 2021.
•Underlying provision for credit losses of $71 million compares with a $213 million benefit in second quarter 2021.
•Allowance for credit losses of $2.1 billion was stable with June 30, 2021. Allowance for credit losses ratio of 1.37% as of June 30, 2022, compares with 1.70% as of June 30, 2021.
•The allowance for credit losses to nonaccrual loans and leases ratio of 256% compares with 267% as of June 30, 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: (844) 867-6169, conference ID 5718484
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 July 19, 2022 through August 19, 2022. Please dial (866) 207-1041 and enter access code 3973803. 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 June 30, 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 3,300 ATMs and more than 1,200 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.

15
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.
16
Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
2Q22 Change
2Q221Q222Q211Q222Q21
$%$%
Noninterest income, Underlying:
Noninterest income (GAAP)$494 $498 $485 ($4)(1 %)$9 2 %
Less: Notable items(31)— — (31)(100)(31)(100)
Noninterest income, Underlying (non-GAAP)$525 $498 $485 $27 5 %$40 8 %
Total revenue, Underlying:
Total revenue (GAAP)A$1,999 $1,645 $1,609 $354 22 %$390 24 %
Less: Notable items(31)— — (31)(100)(31)(100)
Total revenue, Underlying (non-GAAP)B$2,030 $1,645 $1,609 $385 23 %$421 26 %
Noninterest expense, Underlying:
Noninterest expense (GAAP)C$1,305 $1,106 $991 $199 18 %$314 32 %
Less: Notable items125 48 11 77 160 114 NM
Noninterest expense, Underlying (non-GAAP)D$1,180 $1,058 $980 $122 12 %$200 20 %
Pre-provision profit:
Total revenue (GAAP)A$1,999 $1,645 $1,609 $354 22 %$390 24 %
Less: Noninterest expense (GAAP)C1,305 1,106 991 199 18 314 32 
Pre-provision profit (GAAP)$694 $539 $618 $155 29 %$76 12 %
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)B$2,030 $1,645 $1,609 $385 23 %$421 26 %
Less: Noninterest expense, Underlying (non-GAAP)D1,180 1,058 980 122 12 200 20 
Pre-provision profit, Underlying (non-GAAP)$850 $587 $629 $263 45 %$221 35 %
Provision (benefit) for credit losses, Underlying:
Provision (benefit) for credit losses (GAAP)$216 $3 ($213)$213 NM$429 NM
Less: Notable items145 24 — 121 NM145 100 
Provision (benefit) for credit losses, Underlying (non-GAAP)$71 ($21)($213)$92 NM$284 133 %
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)E$478 $536 $831 ($58)(11 %)($353)(42 %)
Less: Expense before income tax benefit related to notable items(301)(72)(11)(229)NM(290)NM
Income before income tax expense, Underlying (non-GAAP)F$779 $608 $842 $171 28 %($63)(7 %)
Income tax expense, Underlying:
Income tax expense (GAAP)G$114 $116 $183 ($2)(2 %)($69)(38 %)
Less: Income tax benefit related to notable items(70)(16)(3)(54)NM(67)NM
Income tax expense, Underlying (non-GAAP)H$184 $132 $186 $52 39 %($2)(1 %)
Net income, Underlying:
Net income (GAAP)I$364 $420 $648 ($56)(13 %)($284)(44 %)
Add: Notable items, net of income tax benefit231 56 8 175 NM223 NM
Net income, Underlying (non-GAAP)J$595 $476 $656 $119 25 %($61)(9 %)
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)K$332 $396 $616 ($64)(16 %)($284)(46 %)
Add: Notable items, net of income tax benefit231 56 8 175 NM223 NM
Net income available to common stockholders, Underlying (non-GAAP)L$563 $452 $624 $111 25 %($61)(10 %)
17
Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
2Q22 Change
2Q221Q222Q211Q222Q21
$/bps%$/bps%
Operating leverage:
Total revenue (GAAP)A$1,999 $1,645 $1,609 $354 21.59 %$390 24.24 %
Less: Noninterest expense (GAAP)C1,305 1,106 991 199 18.05 314 31.58 
Operating leverage3.54 %(7.34 %)
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)B$2,030 $1,645 $1,609 $385 23.48 %$421 26.18 %
Less: Noninterest expense, Underlying (non-GAAP)D1,180 1,058 980 122 11.74 200 20.47 
Operating leverage, Underlying (non-GAAP)11.74 %5.71 %
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio C/A65.27 %67.23 %61.63 %(196) bps364  bps
Efficiency ratio, Underlying (non-GAAP)D/B58.16 64.28 60.92 (612) bps(276) bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rateG/E23.77 %21.70 %21.96 %207  bps181  bps
Effective income tax rate, Underlying (non-GAAP)H/F23.69 21.70 22.01 199  bps168  bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)M$22,383 $20,981 $20,833 $1,402 7 %$1,550 7 %
Return on average common equityK/M5.95 %7.65 %11.85 %(170) bps(590) bps
Return on average common equity, Underlying (non-GAAP)L/M10.06 8.75 12.02 131  bps(196) bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)M$22,383 $20,981 $20,833 $1,402 7 %$1,550 7 %
Less: Average goodwill (GAAP)8,015 7,156 7,050 859 12 965 14 
Less: Average other intangibles (GAAP)213 80 53 133 166 160 NM
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)416 383 381 33 9 35 9 
Average tangible common equityN$14,571 $14,128 $14,111 $443 3 %$460 3 %
Return on average tangible common equity K/N9.13 %11.36 %17.50 %(223) bps(837) bps
Return on average tangible common equity, Underlying (non-GAAP)L/N15.45 12.99 17.74 246  bps(229) bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)O$220,967 $188,317 $184,456 $32,650 17 %$36,511 20 %
Return on average total assetsI/O0.66 %0.90 %1.41 %(24) bps(75) bps
Return on average total assets, Underlying (non-GAAP)J/O1.08 1.03 1.43 5  bps(35) bps
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)P$220,967 $188,317 $184,456 $32,65017 %$36,51120 %
Less: Average goodwill (GAAP)8,015 7,156 7,050 859 12 965 14 
Less: Average other intangibles (GAAP)213 80 53 133 166 160 NM
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)416 383 381 33 9 35 9 
Average tangible assetsQ$213,155 $181,464 $177,734 $31,691 17 %$35,421 20 %
Return on average total tangible assets I/Q0.69 %0.94 %1.46 %(25) bps(77) bps
Return on average total tangible assets, Underlying (non-GAAP)J/Q1.12 1.06 1.48 6  bps(36) bps
18
Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
2Q22 Change
2Q221Q222Q211Q222Q21
$/bps%$/bps%
Tangible book value per common share:
Common shares - at period-end (GAAP)R495,650,259 423,031,985 426,083,143 72,618,274 17 %69,567,116 16 %
Common stockholders' equity (GAAP)$22,314 $20,060 $21,185 $2,254 11 $1,129 5 
Less: Goodwill (GAAP)8,081 7,232 7,050 849 12 1,031 15 
Less: Other intangible assets (GAAP)211 115 52 96 83 159 NM
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)422 387 383 35 9 39 10 
Tangible common equityS$14,444 $13,100 $14,466 $1,344 10 %($22)— %
Tangible book value per common shareS/R$29.14 $30.97 $33.95 ($1.83)(6 %)($4.81)(14 %)
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)T491,497,026 422,401,747 425,948,706 69,095,279 16 %65,548,320 15 %
Average common shares outstanding - diluted (GAAP)U493,296,114 424,670,871 427,561,572 68,625,243 16 65,734,542 15 
Net income per average common share - basic (GAAP)K/T$0.68 $0.94 $1.45 ($0.26)(28)($0.77)(53)
Net income per average common share - diluted (GAAP)K/U0.67 0.93 1.44 (0.26)(28)(0.77)(53)
Net income per average common share - basic, Underlying (non-GAAP)L/T1.14 1.07 1.47 0.07 7 (0.33)(22)
Net income per average common share - diluted, Underlying (non-GAAP)L/U1.14 1.07 1.46 0.07 7 (0.32)(22)


19
Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
2Q22 Change
2Q221Q222Q211Q222Q21
$/bps%$/bps%
Other income, Underlying:
Other income (GAAP)($12)$24 $16 ($36)NM($28)NM
Less: Notable items(31)— — (31)(100)(31)(100)
Other income, Underlying (non-GAAP)$19 $24 $16 ($5)(21)$3 19 %
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)$683 $594 $524 $89 15 %$159 30 %
Less: Notable items72 6 — 66 NM72 100 
Salaries and employee benefits, Underlying (non-GAAP)$611 $588 $524 $23 4 %$87 17 %
Equipment and software, Underlying:
Equipment and software (GAAP)
$169 $150 $155 $19 13 %$14 9 %
Less: Notable items6 2 4 4 200 2 50 
Equipment and software, Underlying (non-GAAP)$163 $148 $151 $15 10 %$12 8 %
Outside services, Underlying:
Outside services (GAAP)$189 $169 $137 $20 12 %$52 38 %
Less: Notable items41 35 4 6 17 37 NM
Outside services, Underlying (non-GAAP)$148 $134 $133 $14 10 %$15 11 %
Occupancy, Underlying:
Occupancy (GAAP)$111 $83 $82 $28 34 %$29 35 %
Less: Notable items1 — 3 1 100 (2)(67)
Occupancy, Underlying (non-GAAP)$110 $83 $79 $27 33 %$31 39 %
Other operating expense, Underlying:
Other operating expense (GAAP)$153 $110 $93 $43 39 %$60 65 %
Less: Notable items5 5 — — — 5 100
Other operating expense, Underlying (non-GAAP)$148 $105 $93 $43 41 %$55 59 %
20
Citizens Financial Group, Inc.
Non-GAAP measures and reconciliations - excluding the impact of HSBC & ISBC Acquisitions and PPP loans
(in millions, except ratio data)
QUARTERLY TRENDS
2Q22 Change
2Q221Q222Q211Q222Q21
$/bps%$/bps%
Average Commercial Loans, excluding HSBC, ISBC, and PPP
Average Commercial Loans (GAAP)A$79,684$60,573$60,653$19,11132%$19,03131%
Less: HSBC & ISBC Acquisition Impact$16,266$16$—$16,250NM$16,266100%
Less: PPP$349$603$4,603($254)(42%)($4,254)(92%)
Average Commercial Loans, excluding HSBC, ISBC, and PPP (non-GAAP)B$63,069$59,954$56,050$3,1155%$7,01913%

21
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
2Q22 Change
2Q221Q222Q211Q222Q21
$/bps%$/bps%
Noninterest expense, Underlying excluding HSBC, ISBC, and Commercial fee based acquisition expenses closed after 2Q21:
Noninterest expense (GAAP)A$1,305 $1,106 $991 $199 18 %$314 32 %
Less: Notable items125 48 11 77 160 114 NM
Less: HSBC & ISBC Acquisition Impact128 13 — 115 NM128 100 
Less: Commercial fee based acquisition expenses closed after 2Q2129 24 — 5 21 29 100 
Total Noninterest expense, Underlying excluding HSBC, ISBC, and Commercial fee based acquisition expenses closed after 2Q21 (non-GAAP)B$1,023 $1,021 $980 $2 — %$43 4 %
22
Citizens Financial Group, Inc.
Non-GAAP measures and reconciliations - excluding the impact of HSBC & ISBC Acquisitions
(in millions, except ratio data)
QUARTERLY TRENDS
2Q22 Change
2Q221Q222Q211Q222Q21
$/bps%$/bps%
Total Deposits, excluding HSBC & ISBC:
Total Deposits (GAAP)$178,925 $158,776 $150,636 $20,149 13 %$28,289 19 %
Less: HSBC & ISBC Acquisition Impact25,831 6,303 — 19,528 NM25,831 100 
Total Deposits, excluding HSBC & ISBC (non-GAAP)$153,094 $152,473 $150,636 $621 — %$2,458 2 %
Total Average Deposits, excluding HSBC & ISBC:
Total Average Deposits (GAAP)C$176,362 $155,083 $150,349 $21,279 14 %$26,013 17 %
Less: HSBC & ISBC Acquisition Impact26,423 2,881 — 23,542 NM26,423 100 
Total Average Deposits, excluding HSBC & ISBC (non-GAAP)D$149,939 $152,202 $150,349 ($2,263)(1 %)($410)— %
Total Loans, excluding HSBC & ISBC
Total Loans (GAAP)E$156,172 $131,305 122,581 24,867 — 33,591 27 
Less: HSBC & ISBC Acquisition Impact21,700 1,443 — 20,257 NM21,700 100
Total Loans, excluding HSBC & ISBC (non-GAAP)F$134,472 $129,862 $122,581 $4,610 4 %$11,891 10 %
Total Commercial Loans, excluding HSBC & ISBC
Total Commercial Loans (GAAP)G$81,445 $61,521 $59,083 $19,924 32 %$22,362 38 %
Less: HSBC & ISBC Acquisition Impact16,138 33 — 16,105 NM16,138 100 
Total Commercial Loans, excluding HSBC & ISBC (non-GAAP)H$65,307 $61,488 $59,083 $3,819 6 %$6,224 11 %
Total Retail Loans, excluding HSBC & ISBC
Total Retail Loans (GAAP)I$74,727 $69,784 $63,498 $4,943 7 %$11,229 18 %
Less: HSBC & ISBC Acquisition Impact5,562 1,410 — 4,152 NM5,562 100 
Total Retail Loans, excluding HSBC & ISBC (non-GAAP)J$69,165 $68,374 $63,498 $791 1 %$5,667 9 %
Total Average Loans, excluding HSBC & ISBC
Average Loans (GAAP)K$153,854 $129,154 $123,490 $24,700 19 %$30,364 25 %
Less: HSBC & ISBC Acquisition Impact21,836 680 — 21,156 NM21,836 100 
Total Average Loans, excluding HSBC & ISBC (non-GAAP)L$132,018 $128,474 $123,490 $3,544 3 %$8,528 7 %
Average Commercial Loans, excluding HSBC & ISBC
Average Commercial Loans (GAAP)M$79,684 $60,573 $60,653 $19,111 32 %$19,031 31 %
Less: HSBC & ISBC Acquisition Impact16,266 16 — 16,250 NM16,266 100 
Average Commercial Loans, excluding HSBC & ISBC (non-GAAP)N$63,418 $60,557 $60,653 $2,861 5 %$2,765 5 %
Average Retail Loans, excluding HSBC & ISBC
Average Retail Loans (GAAP)O$74,170 $68,581 $62,837 $5,589 8 %$11,333 18 %
Less: HSBC & ISBC Acquisition Impact5,569 665 — 4,904 NM5,569 100 
Average Retail Loans, excluding HSBC & ISBC (non-GAAP)P$68,601 $67,916 $62,837 $685 1 %$5,764 9 %
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Citizens Financial Group, Inc.
Non-GAAP measures and reconciliations - excluding the impact of HSBC & ISBC Acquisitions
(in millions, except ratio data)
QUARTERLY TRENDS
2Q22 Change
2Q221Q222Q211Q222Q21
$/bps%$/bps%
Noninterest income, Underlying excluding HSBC & ISBC:
Noninterest income (GAAP)$494 $498 $485 ($4)(1)%$9 2 %
Less: Notables(31)— — (31)(100)(31)(100)
Less: HSBC & ISBC Acquisition Impact16 — — 16 100 16 100 
Noninterest income, Underlying excluding HSBC & ISBC (non-GAAP)$509 $498 $485 $11 2 %$24 5 %
Total revenue, Underlying excluding HSBC & ISBC
Total revenue (GAAP)A$1,999 $1,645 $1,609 $354 22 %$390 24 %
Less: Notable items(31)— — (31)(100)(31)(100)
Less: HSBC & ISBC Acquisition Impact278 10 — 268 NM278 100 
Total revenue, Underlying excluding HSBC & ISBC (non-GAAP)B$1,752 $1,635 $1,609 $117 7 %$143 9 %
Noninterest expense, Underlying excluding HSBC & ISBC
Noninterest expense (GAAP)C$1,305 $1,106 $991 $199 18 %$314 32 
Less: Notable items125 48 11 77 160 114 NM
Less: HSBC & ISBC Acquisition Impact128 13 — 115 NM128 100 
Noninterest expense, Underlying excluding HSBC & ISBC (non-GAAP)D$1,052 $1,045 $980 $7 1 %$72 7 %
Operating leverage:
Total revenue (GAAP)A$1,999 $1,645 $1,609 $354 21.59 %$390 24.24 %
Less: Noninterest expense (GAAP)C1,305 1,106 991 199 18.05 314 31.58 
Operating leverage3.54 %(7.34 %)
Operating leverage, Underlying excluding HSBC & ISBC
Total Revenue, Underlying excluding HSBC & ISBC (non-GAAP)B$1,752 $1,635 $1,609 $117 7.23 %$143 8.90 %
Less: Noninterest expense, Underlying excluding HSBC & ISBC (non-GAAP)D1,052 1,045 980 7 0.91 72 7.43 
Operating leverage, Underlying excluding HSBC & ISBC (non-GAAP)6.32 %1.47 %
24
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. Statements regarding potential future share repurchases and future dividends as well as the potential effects of the COVID-19 disruption and Russia’s invasion of Ukraine on our business, operations, financial performance and prospects, are forward-looking statements. Also, 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 and political conditions 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 COVID-19 disruption and its effects on the economic and business environments in which we operate;
•The impact of Russia’s invasion of Ukraine and the imposition of sanctions on Russia and other actions in response, including 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;
•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;
•Greater than expected costs or other difficulties related to the integration of our business and that of Investors and the relevant HSBC branches;
•The inability to retain existing Investors or HSBC clients and employees following the closing of the Investors and HSBC branch acquisitions; 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 and 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. Further, statements about the effects of the COVID-19 disruption and Russia’s invasion of Ukraine on our business, operations, financial performance and prospects may constitute forward-looking statements and are subject to
25
Citizens Financial Group, Inc.
the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic and Russia’s invasion of Ukraine, actions taken by governmental authorities in response to the pandemic and Russia’s invasion of Ukraine, and the direct and indirect impact of the pandemic and Russia’s invasion of Ukraine on our customers, third parties and us.

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.
CFG-IR
26
2Q22 Financial Results July 19, 2022

 
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. Statements regarding potential future share repurchases and future dividends as well as the potential effects of the COVID-19 disruption and Russia’s invasion of Ukraine on our business, operations, financial performance and prospects, are forward-looking statements. Also, 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 and political conditions 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 COVID-19 disruption and its effects on the economic and business environments in which we operate; • The impact of Russia’s invasion of Ukraine and the imposition of sanctions on Russia and other actions in response, including 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; • 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; • Greater than expected costs or other difficulties related to the integration of our business and that of Investors and the relevant HSBC branches; • The inability to retain existing Investors or HSBC clients and employees following the closing of the Investors and HSBC branch acquisitions; 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 and 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. Further, statements about the effects of the COVID-19 disruption and Russia’s invasion of Ukraine on our business, operations, financial performance and prospects may constitute forward-looking statements and are subject to the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic and Russia’s invasion of Ukraine, actions taken by governmental authorities in response to the pandemic and Russia’s invasion of Ukraine, and the direct and indirect impact of the pandemic and Russia’s invasion of Ukraine on our customers, third parties and us. 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 2Q22 GAAP financial summary 2Q22 1Q22 2Q21 Q/Q Y/Y $s in millions $/bps % $/bps % Net interest income $ 1,505 $ 1,147 $ 1,124 $ 358 31 % $ 381 34 % Noninterest income 494 498 485 (4) (1) 9 2 Total revenue 1,999 1,645 1,609 354 22 390 24 Noninterest Expense 1,305 1,106 991 199 18 314 32 Pre-provision profit 694 539 618 155 29 76 12 Provision (benefit) for credit losses 216 3 (213) 213 NM 429 NM Income before income tax expense 478 536 831 (58) (11) (353) (42) Income tax expense 114 116 183 (2) (2) (69) (38) Net income $ 364 $ 420 $ 648 $ (56) (13) % $ (284) (44) % Preferred dividends 32 24 32 8 33 — — Net income available to common stockholders $ 332 $ 396 $ 616 $ (64) (16) % $ (284) (46) % $s in billions Average interest-earning assets $ 198.7 $ 169.3 $ 166.3 $ 29.4 17 % $ 32.3 19 % Average deposits $ 176.4 $ 155.1 $ 150.3 $ 21.3 14 % $ 26.0 17 % Performance metrics Net interest margin(1) 3.04 % 2.75 % 2.71 % 29 bps 33 bps Net interest margin, FTE(1) 3.04 2.75 2.72 29 32 Loans-to-deposit ratio (period-end) 87.3 82.7 81.4 458 590 ROACE 5.9 7.7 11.9 (170) (590) ROTCE 9.1 11.4 17.5 (223) (837) ROA 0.7 0.9 1.4 (24) (75) ROTA 0.7 0.9 1.5 (25) (77) Efficiency ratio 65.3 67.2 61.6 (196) 364 Noninterest income as a % of total revenue 25 % 30 % 30 % (554) bps (540) bps FTEs(2) 19,583 17,843 17,472 1,740 10 % 2,111 12 % Operating leverage 3.5 % (7.3) % Per common share Diluted earnings $ 0.67 $ 0.93 $ 1.44 $ (0.26) (28) % $ (0.77) (53) % Tangible book value $ 29.14 $ 30.97 $ 33.95 $ (1.83) (6) % $ (4.81) (14) % Average diluted shares outstanding (in millions) 493.3 424.7 427.6 68.6 16 % 65.7 15 % See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28.

 
4 Overview(1) See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28. Results reflect our diversified business model – Underlying EPS of $1.14 and ROTCE of 15.5% – Underlying PPNR of $850 million, up 45% QoQ, includes ~$150 million contribution from the HSBC and ISBC transactions – NII up 31% QoQ, or 9% excluding the HSBC/ISBC impacts, given improved net interest margin and interest-earning asset growth – Underlying fees up 5% QoQ led by record results in card, wealth and FX and derivative products – Positive underlying operating leverage QoQ of 11.7%; 6.3% excluding the HSBC/ISBC impacts – Underlying efficiency ratio improved to 58% – Period-end loans up 19% and average loans up 19% QoQ; excluding the HSBC/ISBC impacts, period-end loans up 4% and average loans up 3% QoQ led by commercial – Underlying provision for credit losses of $71 million reflects loan growth and continued strong credit performance across retail and commercial Prioritizing major strategic initiatives – TOP 7 making progress, on track for ~$100 million pre-tax run-rate benefit by YE2022 – Consumer: entering NYC Metro and New Jersey markets, transformative national expansion strategy, growing Citizens PayTM, driving momentum in Wealth and E2E digitization – Commercial: enhancing coverage model, diversifying fee capabilities, expanding into high-growth sectors and supporting the growth of private capital – Enterprise: NextGen Tech and digital initiatives driving enhanced customer experiences and operating performance Credit trends favorable – Credit remains strong across retail and commercial; NCOs of 13 bps down 6 bps QoQ; NPLs to loans of 0.54%, down from 0.60% at 1Q22 – Allowance for credit losses coverage ratio of 1.37% down 6 bps QoQ reflecting strong credit performance across the portfolio and the impact of the ISBC transaction Strong capital, liquidity and funding – Strong capital levels with a CET1 ratio of 9.6%(2); common dividend increased 8% to $0.42 per share for 3Q22; Board increased common stock repurchase authorization to $1.0 billion – Period-end LDR ratio of 87%, compared with 83% in 1Q22; average DDA up 16% YoY and up 11% QoQ, representing 31% of total deposits – TBV/share of $29.14, down 6% QoQ

 
5 2Q22 Underlying financial summary(1) Q/Q Y/Y $s in millions 2Q22 $/bps % $/bps % Net interest income $1,505 $358 31% $381 34% Noninterest income 525 27 5 40 8 Total revenue 2,030 385 23 421 26 Noninterest expense 1,180 122 12 200 20 Pre-provision profit 850 263 45 221 35 Provision (benefit) for credit losses 71 92 NM 284 133 Net income available to common stockholders $563 $111 25% $(61) (10)% Performance metrics Diluted EPS $1.14 $0.07 7% $(0.32) (22)% Efficiency ratio 58.2 (612) (276) Noninterest income as a % of total revenue 26% (438) bps (424) bps ROTCE 15.5% 246 bps (229) bps Tangible book value per share $29.14 $(1.83) (6)% $(4.81) (14)% See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28. 2Q22 HSBC/ISBC contributions 2Q22 Notable Items Impacts Pre-tax $ EPS ($s in millions except per share data) Integration related $ (135) $ (0.21) ISBC Day 1 CECL provision expense (“double count”)** (145) (0.22) Tax integration cost — (0.01) TOP revenue and efficiency initiatives (21) (0.03) Total: $ (301) $ (0.47) ■ Net Interest Income: ~$265MM ■ Noninterest Income: ~$15MM ■ Noninterest Expense: ~$130MM ■ PPNR: ~$150MM; ~$155MM excluding intangible amortization **Day 1 CECL reserve for non-credit impaired loans acquired

 
6 2.75% 0.04% 0.24% (0.08)% 0.11% (0.02)% 3.04% 1Q22 Cash Impact Asset Yields Funding Costs HSBC/ ISBC* Other 2Q22 $166.3B $167.3B $168.0B $169.3B $198.7B $1,124 $1,145 $1,126 $1,147 $1,505 2.72% 2.72% 2.66% 2.75% 3.04% 2Q21 3Q21 4Q21 1Q22 2Q22 ■ NII up 31% given higher net interest margin and 17% growth in interest-earning assets, including the HSBC and ISBC transactions – NIM of 3.04%, up 29 bps reflecting higher earning- asset yields given higher market interest rates and the impact of the HSBC and ISBC transactions, partially offset by increased funding costs – Interest-earning asset yields up 38 bps – Interest-bearing deposit costs increased 8 bps to 18 bps Net interest income $s in millions, except earning assets NII and NIM Average interest-earning assets Net interest income NIM, FTE Robust commercial loan growth and improved rate environment benefiting NII ■ NII up 34% reflecting a higher net interest margin and 19% growth in interest-earning assets, including the HSBC and ISBC transactions – NIM of 3.04%, up 32 bps reflecting higher earning- asset yields given higher market interest rates, the impact of the HSBC and ISBC transactions and the deployment of cash into loan growth, partially offset by increased funding costs – Interest-earning asset yields up 36 bps – Interest-bearing deposit costs increased 2 bps NIM 1Q22 to 2Q22 Year-Over-Year Linked Quarter *Includes purchase accounting accretion impact related to ISBC of ~2 bps or ~$10MM

 
7 Benefiting from higher rates while positioning well for medium-term ■ Remain asset sensitive at ~2.5%(1); lower than 1Q22 driven by – ISBC NII base effect and liability sensitive profile – Hedge actions to lock in the benefit of higher rates, creating a more durable and stable medium-term NIM profile ■ 2Q22 ALM hedge actions – $7.25B in cash flow receive fixed swaps executed at a weighted average receive fixed rate of ~2.8% – $21.25B outstanding swap portfolio at June 30, 2022; well-managed maturity distribution profile ■ Rebalancing the securities portfolio – HTM designation increased to ~27% vs. 7% at 1Q22 to mitigate impact to TBV – Increased allocation of Treasuries and other lower prepayment propensity securities to stabilize yields Asset sensitivity vs. forward curve Gradual +200 bps 12 months Instant +/- 25 bps Quarterly Short-end* ~50% '+/- $5-$7.5 Long-end* ~50% '+/- $5-$7.5 Total ~2.5% '+/- $10-$15 Note: June 24th forward curve with implied rate hikes of 75 bps in July, 50 bps in September, 25 bps in November and 25 bps in December. (1) Represents the estimated percentage change in net interest income over 12 months from a gradual 200 bps increase in interest rates compared with a base case where market forward rates are realized. NII sensitivity *Short-end includes rates through 6M and Long-end is >6M 2Q22 4Q22 Cumulative Fed Funds increase +150 bps +325 bps Fed Funds target range (quarter end) 1.5 to 1.75% 3.25 to 3.50% Cumulative IBD beta ~6% ~25% to 30% Interest bearing deposit beta performance ■ Dramatically improved deposit franchise expected to result in more peer-like deposit betas this cycle – Better starting point with a lower LDR, lower IBD cost, and significantly improved deposit mix – Enhanced Consumer and Commercial product offerings and tools to drive higher operating deposits. Targeting new sources of deposit growth – Advanced data and analytics to optimize deposit pricing ■ Expect ~25% to 30% cumulative IBD beta by 4Q22 assuming Fed fund target range of 3.25% to 3.50% by year-end 2022 Interest rate risk management update Improved deposit franchise ■ Cumulative beta of ~6% through 2Q22, slightly better than expected ■ Tracking to projected ~35% cumulative beta through the end of the rate cycle

 
8 ■ Underlying noninterest income increased 8% – Capital markets fees declined reflecting lower bond underwriting fees, partly offset by higher M&A advisory fees – Service charges and fees increased driven by the acquisitions – Mortgage banking fees declined given lower gain-on-sale margins and production volumes – Record card fees reflects higher debit and credit card volumes – Record Wealth fees driven by higher annuity and AUM fees – Record FX and derivative products revenue reflects increased client hedging activity across FX, interest rate and commodities $485 $514 $594 $498 $525 2Q21 3Q21 4Q21 1Q22 2Q22 Noninterest income(1) $s in millions ■ Underlying noninterest income increased 5% – Capital markets fees declined reflecting lower loan syndication revenue, partly offset by improved M&A advisory fees – Service charges and fees increased driven by the acquisitions – Mortgage banking fees increased with higher mortgage servicing revenue partly offset by lower production fees – Record card fees reflects seasonally higher transaction volumes – Record wealth fees driven by customer flows into annuity products given higher rates – Record FX and derivative products revenue with elevated client hedging activity in FX as well as interest rate and commodities Underlying fees up 5% QoQ demonstrating diversity of fee income See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28. Underlying, as applicable $s in millions 2Q22 1Q22 2Q21 $ Q/Q Y/Y Capital markets fees $ 88 $ 93 $ 91 $ (5) $ (3) Service charges and fees 108 98 100 10 8 Mortgage banking fees 72 69 85 3 (13) Card fees 71 60 64 11 7 Trust and investment services fees 66 61 60 5 6 Letter of credit and loan fees 40 38 38 2 2 FX and derivative products 60 51 28 9 32 Securities gains, net 1 4 3 (3) (2) Other income(1) 19 24 16 (5) 3 Noninterest income $ 525 $ 498 $ 485 $ 27 $ 40 Linked Quarter Year-Over-YearNoninterest income

 
9 60.9% 59.5% 58.7% 64.3% 58.2% 2Q21 3Q21 4Q21 1Q22 2Q22 Underlying, as applicable 2Q22 1Q22 2Q21 $ $s in millions Q/Q Y/Y Salaries & employee benefits $ 611 $ 588 $ 524 $ 23 $ 87 Equipment & software 163 148 151 15 12 Outside services 148 134 133 14 15 Occupancy 110 83 79 27 31 Other operating expense 148 105 93 43 55 Noninterest expense $ 1,180 $ 1,058 $ 980 $ 122 $ 200 Full-time equivalents (FTEs) 19,583 17,843 17,472 1,740 2,111 Noninterest expense(1) ■ Underlying noninterest expense up 12%, which includes $128 million tied to the HSBC/ISBC transactions; up 1% excluding HSBC/ISBC – Reflects an increase in advertising costs and investment spend, largely offset by seasonally lower compensation expense – Results reflect strong expense discipline and the benefit of efficiency initiatives ■ Underlying noninterest expense up 4% excluding HSBC/ ISBC and the Commercial fee-based acquisitions that closed after 2Q21 – Reflects higher salaries and employee benefits, as well as higher other operating expenses, namely FDIC insurance, travel and advertising costs, partly offset by the benefit of efficiency initiatives See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28. Underlying efficiency ratio Continued expense discipline and efficiency initiatives keep expenses well controlled Linked Quarter Year-Over-Year

 
10 ■ Average loans up $24.7 billion, or 19%; excluding HSBC/ISBC, up 3% – Commercial up 5%, primarily reflecting higher C&I line utilization – Retail up 1% ■ Period-end loans up $24.9 billion, or 19%; excluding HSBC/ ISBC, up 4% – Commercial up 6% driven by higher C&I; line utilization up ~250 basis points to 39% – Retail up 1% with growth in mortgage and home equity, partly offsetting decline in auto $123.5 $122.6 $125.2 $129.2 $153.8 $123.5 $122.6 $125.2 $128.5 $132.0 $0.7 $21.8 CFG standalone HSBC/ISBC 2Q21 3Q21 4Q21 1Q22 2Q22 Loans and leases(1) $s in billions Strong Commercial loan growth led by C&I ■ Average loans up $30.4 billion, or 25%; excluding HSBC/ISBC, up 7% – Commercial up 5% reflecting higher C&I line utilization partly offset by a decrease in PPP; up 13% excluding PPP – Retail up 9% given strength primarily in mortgage, auto and home equity ■ Period-end loans up $33.6 billion, or 27%; excluding HSBC/ ISBC, up 10% – Commercial up 11% given higher C&I; line utilization up ~800 basis points to 39% – Retail up 9% driven by mortgage, auto and home equity Average loans and leases(2) $122.6 $123.3 $128.2 $131.3 $156.2 $122.6 $123.3 $128.2 $129.9 $134.5 $1.4 $21.7 CFG standalone HSBC/ISBC 2Q21 3Q21 4Q21 1Q22 2Q22 $s in billions Period-end loans and leases(2) See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28. Linked Quarter Year-Over-Year

 
11 $150.3 $151.9 $153.0 $155.1 $176.4 2Q21 3Q21 4Q21 1Q22 2Q22 Average funding and cost of funds(1) Period-end deposits up slightly QoQ excluding acquisition impacts; deposit costs well controlled $s in billions 2Q22 Average deposits See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28. 0.11% 0.09% 0.09% 0.07% 0.12% 0.16% 0.14% 0.13% 0.10% 0.18% Total deposit costs Interest-bearing deposit costs Commercial Consumer Other ■ Period-end deposits up $20.1 billion, or 13%, including $19.8 billion related to ISBC – Deposits up slightly excluding HSBC/ISBC ■ Average deposits up $21.3 billion, or 14%, including $26.4 billion related HSBC and ISBC – Deposits down 1% excluding HSBC/ISBC ■ Total deposit costs remain well controlled, up 5 bps ■ Interest-bearing deposits costs of 18 bps, up 8 bps ■ Total cost of funds of 25 bps, up 9 bps ■ Period-end deposit growth of $28.3 billion, or 19%, including $25.8 billion related to HSBC/ISBC – Deposits up 2% excluding HSBC/ISBC ■ Average deposits up $26.0 billion, or 17%, including $26.4 billion related to HSBC/ISBC – Deposits broadly stable excluding HSBC/ISBC ■ Total deposit costs up 1 bp and interest-bearing deposit costs up 2 bps ■ Total cost of funds up 3 bps 81% 83% 87% 2Q21 1Q22 2Q22 Linked Quarter Period-end LDR2Q22 Average deposit mix 31% 27% 22% 2% 14% 4% Demand Checking with interest Access Savings Savings Money Market Term Year-Over-Year

 
12 $2,081 $2,004 $1,934 $1,878 $2,147 $1,900 $247 1.70% 1.63% 1.51% 1.43% 1.37% Allowance for credit losses Allowance for credit losses - ISBC Allowance to loan coverage ratio 2Q21 3Q21 4Q21 1Q22 2Q22 ■ NCOs of $49 million, or 13 bps of average loans and leases, down 6 bps QoQ ■ Nonaccrual loans decreased 6 bps to 54 bps of total loans QoQ, largely tied to a decline in commercial ■ Underlying provision for credit losses of $71 million reflects loan growth and the continuing strong credit performance across retail and commercial – Excludes $145 million day-1 CECL provision ("double count") tied to the ISBC transaction(3) ■ The increase in the allowance for credit losses was largely driven by the ISBC transaction ■ ACL to nonaccrual loans and leases ratio of 256% compares with 238% as of 1Q22 and 267% as of 2Q21 $(213) $(33) $(25) $(21) $71$78 $44 $45 $59 $49 0.25% 0.14% 0.14% 0.19% 0.13% 2Q21 3Q21 4Q21 1Q22 2Q22 Highlights Credit quality overview $s in millions $s in millions See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28. 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) $779 $747 $702 $789 $839 $753 $86 0.64% 0.61% 0.55% 0.60% 0.54% Nonaccrual loans Nonaccrual loans - ISBC Nonaccrual loans to total loans 2Q21 3Q21 4Q21 1Q22 2Q22

 
13 2Q22 1Q22 Retail 1.33% 1.37% Commercial 1.42% 1.50% Total Citizens 1.37% 1.43% $1,878 $247 $125 $(54) $(49) $2,147 1Q22 ISBC Integration New Loan Originations Portfolio, Economic/ Qualitative Changes Net Charge-offs 2Q22 Allowance for credit losses Allowance for credit losses ■ Reserve build reflects loan growth, strong credit performance in the portfolio, slight deterioration in the macroeconomic outlook and the impact of the ISBC transaction ■ Day-1 CECL adoption ACL coverage ratio was 1.47% on January 1, 2020. The pro forma for the current portfolio mix incorporating ISBC would be slightly less than our current 1.37% level. 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. Commentary $s in millions ■ $102MM PCD ■ $145MM Non-PCD (Day-1 CECL double count) ACL coverage ratio

 
14 ■ 2Q22 CET1 ratio of 9.6%, compares with 9.7% in 1Q22 ■ Paid $195 million in common dividends to shareholders in 2Q22 ■ 2022 DFAST preliminary stress capital buffer of 3.4% unchanged with improved PPNR results offset by slightly higher credit losses ■ Common dividend increased 8% to $0.42 per share for 3Q22 ■ Board increased common stock repurchase authorization to $1.0 billion Capital remains strong $s in billions (period-end) 2Q21 3Q21 4Q21 1Q22 2Q22 Basel III basis(1)(2) Common equity tier 1 capital $ 15.3 $ 15.6 $ 15.7 $ 15.6 $ 17.9 Risk-weighted assets $ 148.6 $ 151.8 $ 158.8 $ 161.9 $ 187.7 Common equity tier 1 ratio 10.3 % 10.3 % 9.9 % 9.7 % 9.6 % Tier 1 capital ratio 11.6 % 11.6 % 11.1 % 10.9 % 10.6 % Total capital ratio 13.5 % 13.4 % 12.7 % 12.5 % 12.3 % See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28. TBV/share CET1 $ % 1Q22 9.7 % $30.97 Net Income 0.21 0.74 2.4 % Common and preferred dividends (0.13) (0.46) (1.5) % RWA growth (1.42) — — % Common stock issued for ISBC 1.74 1.63 5.3 % Goodwill and intangibles (0.52) (1.84) OCI — (1.96) (6.3) % Other 0.02 0.06 0.2 % Total change (0.10) (1.83) (5.9) % 2Q22 9.6 % $29.14 CET1 ratio remains strong(3) Highlights

 
15 Business highlights See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28. Digital check deposits ~31% of total deposits Increasing digital engagement En te rp ri se Strong execution on strategy to deliver long-term value as the trusted advisor for our clients • Diversified fee products positioned us to perform well in a volatile market; record FX revenue, up 114% YoY; consistently in top 10 in league tables for overall middle market book runner, ranked #2 with sponsor 2Q22(1) • Completed acquisition of DH Capital LLC, a private investment banking firm serving companies in the internet infrastructure, software and next generation IT services, and communications sectors • Pitching activity remained strong in 2Q22 with ~800 delivered to both corporate banking clients and prospects; new wins success continues to be in lead roles Delivering on strategic pillars (digitization, national expansion, deepening) • Opened new Clarfeld | Citizens Private Wealth Center in Naples, Florida with a team of advisors that specialize in wealth management, tax and estate planning and services • Launched Citizens Paid Early™, allowing customers to receive direct deposits up to two days early • Released new mobile application for Citizens AccessTM deposit customers • ATM Channel ranked 7th in the industry by JD Power, up from 15th in 2020 • Citizens Pay, Citizens’ leading point-of-sale offering, awarded “Best Innovation” at the 2022 Banking Tech Awards USA Citizens well positioned to continue positive trajectory and support our communities • Completed Investors Bancorp acquisition; welcomed more than 1,600 new colleagues and completed mortgage origination conversion as first phase of technology and operations conversion • Released 2021 Corporate Responsibility Report highlighting enterprise-wide progress on environmental, social and governance (ESG) initiatives • Partnered with Music Forward to provide music industry career-readiness programs including workshops, and paid internships for Boston-area students from underserved communities • Launched “Citizens Chinatown Renewal Fund,” a $350,000 grant program focused on minority-owned small businesses in New York's Chinatown. • Committed $350,000 to workforce development in Queens, NY with initial programming focused on technical skills training and development in IT and telecommunications Co ns um er Co m m er ci al 1.93 million Mobile active users, up 21% YoY P2P Zelle transactions up 31% YoY Virtual chat sessions up 297% YoY Best Innovation for Citizens Pay Banking Tech Awards USA 2022 Amplify Award Work Human

 
16 3Q22 outlook vs. 2Q22 See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28. 2Q22 Underlying(1) 3Q22 Underlying outlook Net interest income $1,505MM Up 5.5%-7% Noninterest income $525MM Broadly stable with upside if market volatility subsides Noninterest expense $1,180MM Up ~1% Net charge-off ratio 13 bps ~20 bps CET1 ratio(2) 9.6% ~9.75% Tax rate 23.7% ~22% ■ Expect to continue strong sequential positive operating leverage in 3Q22, and ROTCE above medium-term target range of 14-16% ■ Notable items of ~$60 million expected for 3Q22, largely driven by integration costs ■ Reiterate PPNR outlook from April guide with higher NII, lower fees, and well-controlled expenses – Target full year operating leverage of at least 400 bps and a 4Q22 efficiency ratio of less than 55% – Lower NCO ratio projected as credit trends remain favorable Full year commentary

 
17 – Solid fee performance reflects an increasingly diversified business model – Multi-year investments in fee-generation capabilities, including selective acquisitions – Capital Markets well positioned to benefit in the second half of the year if market volatility eases – Significantly strengthened technology, digital and data capabilities – Continuing to invest in strategic initiatives that will deliver superior revenue growth in the medium- term Positive outlook for Citizens NII benefiting from strong loan growth and higher rate environment – Emphasizing relationship-orientated commercial loan growth with attractive risk-adjusted returns – Managing to a more predictable and stable outlook for NII – Protecting NII/NIM with interest rate swaps, while maintaining asset sensitivity to benefit from further rise in rates – Improved deposit franchise supports NIM expansion and drives lower beta expectations this cycle Diversified business model positioned to perform well in a turbulent macroeconomic environment Expense discipline continues Credit metrics/migrations all in good shape across retail, commercial, CRE Strong performance, positioning and momentum – TOP 7 making progress, on track for ~$100 million pre-tax run-rate benefit by YE2022 – Integration of ISBC progressing well; on track to achieve planned expense synergies New York market entry provides significant revenue growth potential, EPS and ROTCE accretion

 
Appendix

 
19 Underlying 2Q22 performance vs. guidance ex HSBC/ISBC(1) See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28. 2Q22 Underlying performance ex. HSBC/ISBC Guidance Results $ % Net interest income Up 6-8% reflecting the benefit of higher rates $1,243MM 9% Balance sheet Average Loans Up 1-2% $132.0B 3% Average Earning Assets Up slightly $168.4B 1% Noninterest income Up 3-5% reflecting some recovery in capital market fees and seasonality $509MM 2% Noninterest expense Up 1-2% given higher revenue-based compensation expense $1,052MM 1% Net charge-off ratio Broadly stable 14 bps (5) bps Note: CFG ex HSBC/ISBC excludes impacts from the acquisitions of HSBC's East Coast Branches and Online deposits (closed 2/18/22), Investors Bancorp (closed 4/6/22) and DH Capital (closed 6/8/22).

 
20 Building a leading New York Metro bank See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28. Sizable upside: Substantial revenue growth potential ■ Closed and converted HSBC branches; closed ISBC on April 6th ■ Introducing Citizens' brand with a local flavor – Engaging in multi-channel marketing to build our brand with local businesses and consumers focused on mass affluent/young professionals – Evaluating mix of events, promotions, and sponsorships to build community awareness – Leverage national/ regional marketing in a local way Enterprise: Introducing Citizen's brand to New York Metro ■ Optimize ISBC's experience in lower middle market by more precise prospect targeting and taking an enterprise value approach to selecting companies which can best utilize our advisory services – CFG share: BOS ~30%, PHL ~24%, NY Metro ~6%(1) – ~1,600 corporate/middle market prospects in NY metro market vs. BOS/PHL ~2,100 combined ■ Deploy Citizens middle market coverage model to build local scale ■ Extend market-leading Capital Markets and Treasury Solutions across the client base Commercial Banking ■ Transform under-leveraged branches – 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 Consumer Banking

 
21 ISBC acquisition - financial impacts ■ Closed: April 6, 2022 ■ Purchase price: $3.4B – ~72.4MM shares issued (~68MM average impact in 2Q22) – ~$355MM cash Accretable marks ACL impact PCD credit mark $102 Non-PCD credit mark $141 Interest rate mark $159 Non-PCD provision ("double count") $145 Total accretable discount (accreted through NII) $300 Total impact to ACL $247 ■ $2.1 billion of non-strategic ISBC loans; classified as held-for-sale effective April 6, 2022 – Recorded $31 million interest rate driven mark-to- market loss related to the ISBC loans held-for-sale Purchase accounting summary Transaction summary Related balance sheet actions Net loans $22.3 Core deposits and other intangibles 0.1 Other assets 5.1 Total assets, fair value $27.5 Deposits $20.2 Other liabilities 4.7 Total liabilities, fair value $24.9 Fair value of net assets acquired $2.6 Consideration paid 3.4 Goodwill recorded $0.8 Summary of loan marks*Goodwill calculation $ in millions$ in billions *Includes purchase accounting impacts for loans held for investment. Fair value marks under GAAP are subject to change up to one year after acquisition date

 
22 Investors integration update Deal Announced Close Complete ~1,680 new colleagues on-boarded day-1 Phased Tech / Ops Integration Investors timeline 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 Completed milestone In processLegend: On track to achieve ~$130 million pre-tax run-rate net expense synergies by YE2023 representing ~30% of Investors’ 2021 expense base; ~70% of run-rate by YE2022 Mobilization and Planning 500+ Colleagues and contractors involved in conversion 9+ integration workstreams 40+ sub workstreams Mortgage originations converted Wealth conversion Mortgage servicing; back office conversion Full bank and deposit conversion Full-scale marketing campaign beginning in September

 
23 Stabilizing and protecting NII and NIM $17.2 $20.7 $21.3 $20.1 $13.6 $4.9 $0.6 $11.4 $10.1 $10.0 $10.0 $4.8 $5.8 $10.6 $11.3 $10.1 $8.8 2022 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 6/30/22 W.A receive fixed rate at 6/30/22* 1.4% 1.8% 1.8% 1.7% 2.1% 2.9% 2Q22 ALM hedges executed ■ $7.25 billion in cash flow receive fixed swaps executed at weighted average receive fixed rate of ~2.8% – Includes $3 billion forward starting ■ $21.25 billion outstanding cash flow receive fixed swaps at June 30, 2022 – Includes $5 billion forward starting Pre-2022 executions 2022 YTD execution *Expressed on a 1-month Libor equivalent basis

 
24 38% 38% 33% 35% 18% 17% 5% 5% 6% 5% 4Q19 2Q22 Credit portfolio quality continues to improve See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28. Retail portfolio FICOs(1) Commercial portfolio risk ratings(1) $s in billions ■ ~75% of the retail portfolio is secured; ~56% real estate and ~19% auto ■ ~95% of the retail portfolio with FICO above 640 ■ Mortgage weighted-average LTV of ~58%, FICO ~780 ■ ~48% of the HELOC portfolio is secured by 1st lien – ~98% CLTV less than 80; ~91% of HELOC has CLTV less than 70 ■ Education lending – FICO ~785 ■ Unsecured portfolio - FICO ~735 – Credit card portfolio - FICO ~740 – Personal unsecured - FICO ~755 – Merchant finance portfolio – FICO ~730 ■ Disciplined capital allocation and risk appetite – Highly experienced leadership team – Focused client selection – Leveraged loans ~2% of total CFG loans, granular hold positions with an average outstanding of ~$11 million ■ Migrated CRE portfolio toward larger, well-capitalized institutional and upper-middle market borrowers – ~81% of the CRE portfolio is project-secured 58% 64% 25% 20% 14% 12% 3% 4% 4Q19 2Q22 800+ 740-799 680-739 640-679 <640 B- and lower B+ to B BB+ to BB- AAA+ to BBB- $61.6 $74.7 $57.5 $81.4 Granular and diverse loan mixSuper prime/prime focused $s in billions

 
25 Allocation of allowance for credit losses by product type March 31, 2022 June 30, 2022 $s in millions Loans and Leases Allowance Coverage Loans and Leases Allowance Coverage Allowance for Loans and Lease Losses Commercial and industrial(1) $45,724 $525 1.15 % $51,801 $608 1.17 % Commercial real estate 14,268 214 1.50 28,070 350 1.25 Leases 1,529 39 2.54 1,574 29 1.87 Total commercial 61,521 778 1.26 81,445 987 1.21 Residential mortgages 24,211 144 0.60 29,088 196 0.67 Home equity 12,264 78 0.64 13,122 96 0.73 Automobile 14,439 149 1.03 13,868 145 1.04 Education 13,306 321 2.41 13,141 287 2.18 Other retail 5,564 250 4.49 5,508 253 4.59 Total retail loans 69,784 942 1.35 74,727 977 1.31 Total loans and leases $131,305 $1,720 1.31 % $156,172 $1,964 1.26 % Allowance for Unfunded Lending Commitments(2)* Commercial(1) $147 1.50 % $166 1.42 % Retail 11 1.37 17 1.33 Total allowance for unfunded lending commitments $158 $183 Allowance for credit losses(2) $131,305 $1,878 1.43 % $156,172 $2,147 1.37 % *Coverage ratios reflect total allowance for credit losses for the respective portfolio. See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28.

 
26 Net income available to common shareholders and EPS $s in millions, except per share data é45% $587 $850 1Q22 2Q22 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 é19% $3.5 2 $3.5 6 é7% $129.2 $153.9 1Q22 2Q22 $155.1 $176.4 1Q22 2Q22 1.06% 1.12% 1Q22 2Q22 13.0% 15.5% 1Q22 2Q22 $452 $563 $1.07 $1.14 1Q22 2Q22 é25% Pre-provision profit $s in millions See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28. é246 bps é6 bpsé14%

 
27 $629 $850 2Q21 2Q22 Year-over-year Underlying results(1) Return on average total tangible assets é35% 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 ê36 bps $3.5 6 $123.5 $153.9 2Q21 2Q22 $150.3 $176.4 2Q21 2Q22 1.48% 1.12% 2Q21 2Q22 17.7% 15.5% 2Q21 2Q22 é17% Pre-provision profit $s in millions ê229 bps$624 $563 $1.46 $1.14 2Q21 2Q22 See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28. ê22% ê10%

 
28 Notable items(1) Quarterly results for first and second quarter 2022 and second 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, first and second quarter 2022 results include notable items representing the day-one CECL provision expense ("double count") related to the HSBC and ISBC transactions. Second quarter 2022 results also include a notable item in noninterest income for a mark-to-market loss related to loans held for sale associated with the ISBC transaction. These notable items have been excluded from reported results to better reflect Underlying operating results. See pages 29-30 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 2Q22 1Q22 2Q21 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Noninterest income $ (31) $ (23) $ — $ — $ — $ — EPS Impact -Noninterest income $ (0.05) $ — $ — Salaries & benefits $ (64) $ (48) $ (4) $ (3) $ — $ — Outside services (35) (26) (28) (21) (2) (1) Other expense (5) (4) (5) (3) — — Noninterest expense $ (104) $ (78) $ (37) $ (27) $ (2) $ (1) EPS Impact - Noninterest expense $ (0.16) $ (0.07) $ — HSBC Day 1 CECL provision expense (“double count”) $ — $ — $ (24) $ (18) $ — $ — ISBC Day 1 CECL provision expense (“double count”) $ (145) $ (108) $ — $ — $ — $ — Provision for credit losses (145) (108) (24) (18) — — EPS Impact - Provision for credit losses $ (0.22) $ (0.04) $ — Tax integration cost — (6) — — — — EPS Impact - Tax integration cost $ (0.01) $ — $ — Total Integration Costs $ (280) $ (215) $ (61) $ (45) $ (2) $ (1) EPS Impact - Total integration related $ (0.44) $ (0.11) $ — Other notable items - primarily tax and TOP 2Q22 1Q22 2Q21 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Tax notable items $ — $ — $ — $ (3) $ — $ — Other notable items- TOP & other actions Salaries & benefits $ (8) $ (6) $ (2) $ (1) $ — $ — Equipment and software (6) (4) (2) (2) (4) (3) Outside services (6) (5) (7) (5) (2) (2) Occupancy (1) (1) — — (3) (2) Noninterest expense $ (21) $ (16) $ (11) $ (8) $ (9) $ (7) Total Other Notable Items $ (21) $ (16) $ (11) $ (11) $ (9) $ (7) EPS Impact - Other Notable Items $ (0.03) $ (0.03) $ (0.02) Total Notable Items $ (301) $ (231) $ (72) $ (56) $ (11) $ (8) Total EPS Impact $ (0.47) $ (0.14) $ (0.02)

 
29 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. Coverage ex-PPP calculated to exclude PPP loans which are fully guaranteed and included in the commercial and industrial category. PPP loan balances were $417 million and $287 million as of March 31, 2022 and June 30, 2022, respectively. See slide 25 for more details on the calculations. 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 - 2Q22 GAAP financial summary 1) See general note a). 2) Full-time equivalent employees. Notes on slide 4 - Overview 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 5 - 2Q22 Underlying financial summary 1) See note on non-GAAP financial measures. Notes on slide 8 - 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 9 - Noninterest expense 1) See above note on non-GAAP financial measures. Notes on slide 10 - Loans and leases 1) See above note on non-GAAP financial measures. 2) See general note c). Notes on slide 11 - Average funding and cost of funds 1) See note on non-GAAP financial measures. Notes on slide 12 - Credit quality overview 1) See note on non-GAAP financial measures. 2) Allowance for credit losses to nonperforming loans and leases. 3) Day 1 CECL reserve for non-credit impaired loans acquired. Notes on slide 14 - 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 15 - Business highlights 1) Thomson Reuters LPC, Loan syndication league table ranking for the prior twelve months as of 2Q22 based on deals and volume for Overall U.S. Middle Market (defined as Borrower Revenues <$500 million and Deal Size <$500 million).

 
30 Notes continued Notes on slide 16 - 3Q22 outlook vs. 2Q22 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 19 - Underlying 2Q22 performance vs. guidance ex HSBC/ISBC 1) See note on non-GAAP financial measures. Notes on slide 20 - Building a leading New York Metro bank 1) Based on addressable client and prospect landscape for Middle Market companies. Notes on slide 24 - Credit portfolio quality continues to improve 1) Reflects period-end loan balances. Notes on slide 25 - 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 26 - Linked-quarter Underlying results 1) See note on non-GAAP financial measures. Notes on slide 27 - Year-over-year Underlying results 1) See note on non-GAAP financial measures. Notes on slide 28 - Notable items 1) See note on non-GAAP financial measures.

 
31 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 2Q22 Change 2Q22 1Q22 2Q21 1Q22 2Q21 $ % $ % Noninterest income, Underlying: Noninterest income (GAAP) A $494 $498 $485 ($4) (1%) $9 2% Less: Notable items (31) — — (31) (100) (31) (100) Noninterest income, Underlying (non-GAAP) B $525 $498 $485 $27 5% $40 8% Total revenue, Underlying: Total revenue (GAAP) C $1,999 $1,645 $1,609 $354 22% $390 24% Less: Notable items (31) — — (31) (100) (31) (100) Total revenue, Underlying (non-GAAP) D $2,030 $1,645 $1,609 $385 23% $421 26% Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,305 $1,106 $991 $199 18% $314 32% Less: Notable items 125 48 11 77 160 114 NM Noninterest expense, Underlying (non-GAAP) F $1,180 $1,058 $980 $122 12% $200 20% Pre-provision profit: Total revenue (GAAP) C $1,999 $1,645 $1,609 $354 22% $390 24% Less: Noninterest expense (GAAP) E 1,305 1,106 991 199 18 314 32 Pre-provision profit (GAAP) $694 $539 $618 $155 29% $76 12% Pre-provision profit, Underlying: Total revenue, Underlying (non-GAAP) D $2,030 $1,645 $1,609 $385 23% $421 26% Less: Noninterest expense, Underlying (non-GAAP) F 1,180 1,058 980 122 12 200 20 Pre-provision profit, Underlying (non-GAAP) $850 $587 $629 $263 45% $221 35% Provision (benefit) for credit losses, Underlying: Provision (benefit) for credit losses (GAAP) $216 $3 ($213) $213 NM $429 NM Less: Notable items 145 24 — 121 NM 145 100 Provision (benefit) for credit losses, Underlying (non-GAAP) $71 ($21) ($213) $92 NM $284 133% Income before income tax expense, Underlying: Income before income tax expense (GAAP) G $478 $536 $831 ($58) (11%) ($353) (42%) Less: Expense before income tax benefit related to notable items (301) (72) (11) (229) NM (290) NM Income before income tax expense, Underlying (non-GAAP) H $779 $608 $842 $171 28% ($63) (7%) Income tax expense, Underlying: Income tax expense (GAAP) I $114 $116 $183 ($2) (2%) ($69) (38%) Less: Income tax benefit related to notable items (70) (16) (3) (54) NM (67) NM Income tax expense, Underlying (non-GAAP) J $184 $132 $186 $52 39% ($2) (1%) Net income, Underlying: Net income (GAAP) K $364 $420 $648 ($56) (13%) ($284) (44%) Add: Notable items, net of income tax benefit 231 56 8 175 NM 223 NM Net income, Underlying (non-GAAP) L $595 $476 $656 $119 25% ($61) (9%) Net income available to common stockholders, Underlying: Net income available to common stockholders (GAAP) M $332 $396 $616 ($64) (16%) ($284) (46%) Add: Notable items, net of income tax benefit 231 56 8 175 NM 223 NM Net income available to common stockholders, Underlying (non-GAAP) N $563 $452 $624 $111 25% ($61) (10%)

 
32 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 2Q22 Change 2Q22 1Q22 2Q21 1Q22 2Q21 $/bps % $/bps % Operating leverage: Total revenue (GAAP) C $1,999 $1,645 $1,609 $354 21.59% $390 24.24% Less: Noninterest expense (GAAP) E 1,305 1,106 991 199 18.05 314 31.58 Operating leverage 3.54% (7.34%) Operating leverage, Underlying: Total revenue, Underlying (non-GAAP) D $2,030 $1,645 $1,609 $385 23.48% $421 26.18% Less: Noninterest expense, Underlying (non-GAAP) F 1,180 1,058 980 122 11.74 200 20.47 Operating leverage, Underlying (non-GAAP) 11.74% 5.71% Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 65.27 % 67.23% 61.63 % (196) bps 364 bps Efficiency ratio, Underlying (non-GAAP) F/D 58.16 64.28 60.92 (612) bps (276) bps Noninterest income as a % of total revenue, Underlying: Noninterest income as a % of total revenue A/C 25 % 30% 30 % (554) bps (540) bps Noninterest income as a % of total revenue, Underlying B/D 26 30 30 (438) bps (424) bps Effective income tax rate and effective income tax rate, Underlying: Effective income tax rate I/G 23.77% 21.70% 21.96 % 207 bps 181 bps Effective income tax rate, Underlying (non-GAAP) J/H 23.69 21.70 22.01 199 bps 168 bpsReturn on average common equity and return on average common equity, Underlying: Average common equity (GAAP) O $22,383 $20,981 $20,833 $1,402 7% $1,550 7% Return on average common equity M/O 5.95 % 7.65% 11.85 % (170) bps (590) bps Return on average common equity, Underlying (non-GAAP) N/O 10.06 8.75 12.02 131 bps (196) bpsReturn on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) O $22,383 $20,981 $20,833 $1,402 7% $1,550 7% Less: Average goodwill (GAAP) 8,015 7,156 7,050 859 12 965 14 Less: Average other intangibles (GAAP) 213 80 53 133 166 160 NM Add: Average deferred tax liabilities related to goodwill (GAAP) 416 383 381 33 9 35 9 Average tangible common equity P $14,571 $14,128 $14,111 $443 3% $460 3% Return on average tangible common equity M/P 9.13 % 11.36% 17.50 % (223) bps (837) bps Return on average tangible common equity, Underlying (non-GAAP) N/P 15.45 12.99 17.74 246 bps (229) bps Return on average total assets and return on average total assets, Underlying: Average total assets (GAAP) Q $220,967 $188,317 $184,456 $32,650 17% $36,511 20% Return on average total assets K/Q 0.66 % 0.90% 1.41 % (24) bps (75) bps Return on average total assets, Underlying (non-GAAP) L/Q 1.08 1.03 1.43 5 bps (35) bps $s in millions, except share, per share and ratio data

 
33 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 2Q22 Change 2Q22 1Q22 2Q21 1Q22 2Q21 $/bps % $/bps % Return on average total tangible assets and return on average total tangible assets, Underlying: Average total assets (GAAP) R $220,967 $188,317 $184,456 $32,650 17% $36,511 20% Less: Average goodwill (GAAP) 8,015 7,156 7,050 859 12 965 14 Less: Average other intangibles (GAAP) 213 80 53 133 166 160 NM Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 416 383 381 33 9 35 9 Average tangible assets S $213,155 $181,464 $177,734 $31,691 17% $35,421 20% Return on average total tangible assets K/S 0.69 % 0.94% 1.46 % (25) bps (77) bps Return on average total tangible assets, Underlying (non-GAAP) L/S 1.12 1.06 1.48 6 bps (36) bps Tangible book value per common share: Common shares - at period-end (GAAP) T 495,650,259 423,031,985 426,083,143 72,618,274 17% 69,567,116 16% Common stockholders' equity (GAAP) $22,314 $20,060 $21,185 $2,254 11 $1,129 5 Less: Goodwill (GAAP) 8,081 7,232 7,050 849 12 1,031 15 Less: Other intangible assets (GAAP) 211 115 52 96 83 159 NM Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 422 387 383 35 9 39 10 Tangible common equity U $14,444 $13,100 $14,466 $1,344 10% ($22) —% Tangible book value per common share U/T $29.14 $30.97 $33.95 ($1.83) (6%) ($4.81) (14%) Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying: Average common shares outstanding - basic (GAAP) V 491,497,026 422,401,747 425,948,706 69,095,279 16% 65,548,320 15% Average common shares outstanding - diluted (GAAP) W 493,296,114 424,670,871 427,561,572 68,625,243 16 65,734,542 15 Net income per average common share - basic (GAAP) M/V $0.68 $0.94 $1.45 ($0.26) (28) ($0.77) (53) Net income per average common share - diluted (GAAP) M/W 0.67 0.93 1.44 (0.26) (28) (0.77) (53) Net income per average common share - basic, Underlying (non-GAAP) N/V 1.14 1.07 1.47 0.07 7 (0.33) (22) Net income per average common share - diluted, Underlying (non-GAAP) N/W 1.14 1.07 1.46 0.07 7 (0.32) (22) $s in millions, except share, per share and ratio data

 
34 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 2Q22 Change 2Q22 1Q22 2Q21 1Q22 2Q21 $/bps % $/bps % Other income, Underlying Other income (GAAP) ($12) $24 $16 ($36) NM ($28) NM Less: Notable items (31) — — (31) (100) (31) (100) Other income, Underlying (non-GAAP) $19 $24 $16 ($5) (21%) $3 19% Salaries and employee benefits, Underlying: Salaries and employee benefits (GAAP) $683 $594 $524 $89 15% $159 30% Less: Notable items 72 6 — 66 NM 72 100 Salaries and employee benefits, Underlying (non-GAAP) $611 $588 $524 $23 4% $87 17% Equipment and software, Underlying: Equipment and software (GAAP) $169 $150 $155 $19 13% $14 9% Less: Notable items 6 2 4 4 200 2 50 Equipment and software, Underlying (non-GAAP) $163 $148 $151 $15 10% $12 8% Outside services, Underlying: Outside services (GAAP) $189 $169 $137 $20 12% $52 38% Less: Notable items 41 35 4 6 17 37 NM Outside services, Underlying (non-GAAP) $148 $134 $133 $14 10% $15 11% Occupancy, Underlying: Occupancy (GAAP) $111 $83 $82 $28 34% $29 35% Less: Notable items 1 — 3 1 100 (2) (67) Occupancy, Underlying (non-GAAP) $110 $83 $79 $27 33% $31 39% Other operating expense, Underlying: Other operating expense (GAAP) $153 $110 $93 $43 39% $60 65% Less: Notable items 5 5 — — — 5 100 Other operating expense, Underlying (non-GAAP) $148 $105 $93 $43 41% $55 59% $s in millions, except share, per share and ratio data

 
35 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 4Q21 3Q21 Noninterest income, Underlying: Noninterest income (GAAP) A $594 $514 Less: Notable items — — Noninterest income, Underlying (non-GAAP) $594 $514 Total revenue, Underlying: B Total revenue (GAAP) C $1,720 $1,659 Less: Notable items — — Total revenue, Underlying (non-GAAP) D $1,720 $1,659 Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,061 $1,011 Less: Notable items 51 23 Noninterest expense, Underlying (non-GAAP) F $1,010 $988 Provision (benefit) for credit losses, Underlying: Provision (benefit) for credit losses (GAAP) ($25) ($33) Less: Notable items — — Provision (benefit) for credit losses, Underlying (non-GAAP) ($25) ($33) Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 61.68 % 60.92% Efficiency ratio, Underlying (non-GAAP) F/D 58.71 59.55

 
36 Non-GAAP financial measures and reconciliations - excluding the impact of HBC & ISBC Acquisitions and PPP loans QUARTERLY TRENDS 2Q22 Change 2Q22 1Q22 2Q21 1Q22 2Q21 $/bps % $/bps % Average Commercial Loans, excluding HSBC, ISBC, and PPP Average Commercial Loans (GAAP) A $79,684 $60,573 $60,653 $19,111 32% $19,031 31% Less: HSBC & ISBC Acquisition Impact $16,266 $16 $— $16,250 NM $16,266 100% Less: PPP $349 $603 $4,603 ($254) (42%) ($4,254) (92%) Average Commercial Loans, excluding HSBC, ISBC, and PPP (non-GAAP) B $63,069 $59,954 $56,050 $3,115 5% $7,019 13% $s in millions

 
37 Non-GAAP financial measures and reconciliations - excluding the impact of HSBC, ISBC, and Commercial fee-based acquisitions closed after 2Q21 QUARTERLY TRENDS 2Q22 Change 2Q22 1Q22 2Q21 1Q22 2Q21 $/bps % $/bps % Noninterest expense, Underlying excluding HSBC, ISBC, and Commercial fee based acquisition expenses closed after 2Q21: Noninterest expense (GAAP) A $1,305 $1,106 $991 $199 18% $314 32% Less: Notable items 125 48 11 77 160 114 NM Less: HSBC & ISBC Acquisition Impact 128 13 — 115 NM 128 100 Less: Commercial fee based acquisition expenses closed after 2Q21 29 24 — 5 21 29 100 Total Noninterest expense, Underlying excluding HSBC, ISBC, and Commercial fee based acquisition expenses closed after 2Q21 (non-GAAP) B $1,023 $1,021 $980 $2 —% $43 4% $s in millions, except ratio data

 
38 Non-GAAP financial measures and reconciliations - excluding the impact of HSBC & ISBC Acquisitions QUARTERLY TRENDS 2Q22 Change 2Q22 1Q22 2Q21 1Q22 2Q21 $/bps % $/bps % Total Deposits, excluding HSBC & ISBC: Total Deposits (GAAP) A $178,925 $158,776 $150,636 $20,149 13% $28,289 19% Less: HSBC & ISBC Acquisition Impact 25,831 6,303 — 19,528 NM 25,831 100 Total Deposits, excluding HSBC & ISBC (non-GAAP) B $153,094 $152,473 $150,636 $621 —% $2,458 2% Total Average Deposits, excluding HSBC & ISBC: Total Average Deposits (GAAP) C $176,362 $155,083 $150,349 $21,279 14% $26,013 17% Less: HSBC & ISBC Acquisition Impact 26,423 2,881 — 23,542 NM 26,423 100 Total Average Deposits, excluding HSBC & ISBC (non-GAAP) D $149,939 $152,202 $150,349 ($2,263) (1%) ($410) —% Total Loans, excluding HSBC & ISBC Total Loans (GAAP) E $156,172 $131,305 $122,581 $24,867 19% $33,591 27% Less: HSBC & ISBC Acquisition Impact 21,700 1,443 — 20,257 NM 21,700 100 Total Loans, excluding HSBC & ISBC (non-GAAP) F $134,472 $129,862 $122,581 $4,610 4% $11,891 10% Total Commercial Loans, excluding HSBC & ISBC Total Commercial Loans (GAAP) G $81,445 $61,521 $59,083 $19,924 32% $22,362 38% Less: HSBC & ISBC Acquisition Impact 16,138 33 — 16,105 NM 16,138 100 Total Commercial Loans, excluding HSBC & ISBC (non-GAAP) H $65,307 $61,488 $59,083 $3,819 6% $6,224 11% Total Retail Loans, excluding HSBC & ISBC Total Retail Loans (GAAP) I $74,727 $69,784 $63,498 $4,943 7% $11,229 18% Less: HSBC & ISBC Acquisition Impact 5,562 1,410 — 4,152 NM 5,562 100 Total Retail Loans, excluding HSBC & ISBC (non-GAAP) J $69,165 $68,374 $63,498 $791 1% $5,667 9% $s in millions, except ratio data

 
39 Non-GAAP financial measures and reconciliations - excluding the impact of HSBC & ISBC Acquisitions QUARTERLY TRENDS 2Q22 Change 2Q22 1Q22 2Q21 1Q22 2Q21 $/bps % $/bps % Total Average Loans, excluding HSBC & ISBC Average Loans (GAAP) K $153,854 $129,154 $123,490 $24,700 19% $30,364 25% Less: HSBC & ISBC Acquisition Impact 21,836 680 — 21,156 NM 21,836 100 Total Average Loans, excluding HSBC & ISBC (non-GAAP) L $132,018 $128,474 $123,490 $3,544 3% $8,528 7% Average Commercial Loans, excluding HSBC & ISBC Average Commercial Loans (GAAP) M $79,684 $60,573 $60,653 $19,111 32% $19,031 31% Less: HSBC & ISBC Acquisition Impact 16,266 16 — 16,250 NM 16,266 100 Average Commercial Loans, excluding HSBC & ISBC (non-GAAP) N $63,418 $60,557 $60,653 $2,861 5% $2,765 5% Average Retail Loans, excluding HSBC & ISBC Average Retail Loans (GAAP) O $74,170 $68,581 $62,837 $5,589 8% $11,333 18% Less: HSBC & ISBC Acquisition Impact 5,569 665 — 4,904 NM 5,569 100 Average Retail Loans, excluding HSBC & ISBC (non-GAAP) P $68,601 $67,916 $62,837 $685 1% $5,764 9% Average Earnings Assets, excluding HSBC & ISBC Average Earnings Assets (GAAP) $198,677 $169,276 $166,333 $29,401 17% $32,344 19% Less: HSBC & ISBC Acquisition Impact 30,237 3,189 — 27,048 NM 30,237 100 Average Earnings Assets, excluding HSBC & ISBC (non-GAAP) $168,440 $166,087 $166,333 $2,353 1% $2,107 1% Net charge-offs, excluding HSBC & ISBC: Net charge-offs (GAAP) Q $49 $59 $78 ($10) (17%) ($29) (37%) Less: HSBC & ISBC Acquisition Impact 2 — — 2 NM 2 100 Net charge-offs, excluding HSBC & ISBC (non-GAAP) R $47 $59 $78 ($12) (21%) ($31) (40%) Net charge-off ratio (GAAP) K/Q 13 bps 19 bps 25 bps (6) bps (12) bps Net charge-off ratio, excluding HSBC & ISBC (non-GAAP) L/R 14 bps 19 bps 25 bps (5) bps (11) bps $s in millions, except ratio data

 
40 Non-GAAP financial measures and reconciliations - excluding the impact of HSBC & ISBC Acquisitions QUARTERLY TRENDS 2Q22 Change 2Q22 1Q22 2Q21 1Q22 2Q21 $/bps % $/bps % Net interest Income, excluding HSBC & ISBC: Net interest Income (GAAP) $1,505 $1,147 $1,124 $358 31 % $381 34 % Less: HSBC & ISBC Acquisition Impact 262 10 — 252 NM 262 1 Net interest Income, excluding HSBC & ISBC (non-GAAP) $1,243 $1,137 $1,124 $106 9 % $119 11% Noninterest income, Underlying excluding HSBC & ISBC: Noninterest income (GAAP) $494 $498 $485 ($4) (1) % $9 2% Less: Notables (31) — — (31) (100) (31) (100) Less: HSBC & ISBC Acquisition Impact 16 — — 16 100 16 100 Noninterest income, Underlying excluding HSBC & ISBC (non-GAAP) $509 $498 $485 $11 2 % $24 5% Total revenue, Underlying excluding HSBC & ISBC Total revenue (GAAP) A $1,999 $1,645 $1,609 $354 22 % $390 24% Less: Notable items (31) — — (31) (100) (31) (100) Less: HSBC & ISBC Acquisition Impact 278 10 — 268 NM 278 100 Total revenue, Underlying excluding HSBC & ISBC (non-GAAP) B $1,752 $1,635 $1,609 $117 7% $143 9% Noninterest expense, Underlying excluding HSBC & ISBC Noninterest expense (GAAP) C $1,305 $1,106 $991 $199 18 % $314 32 Less: Notable items 125 48 11 77 160 114 NM Less: HSBC & ISBC Acquisition Impact 128 13 — 115 NM 128 100 Noninterest expense, Underlying excluding HSBC & ISBC (non-GAAP) D $1,052 $1,045 $980 $7 1% $72 7% Operating leverage: Total revenue (GAAP) A $1,999 $1,645 $1,609 $354 21.59% $390 24.24% Less: Noninterest expense (GAAP) C 1,305 1,106 991 199 18.05 314 31.58 Operating leverage 3.54% (7.34%) Operating leverage, Underlying excluding HSBC & ISBC Total Revenue, Underlying excluding HSBC & ISBC (non-GAAP) B $1,752 $1,635 $1,609 $117 7.23% $143 8.90% Less: Noninterest expense, Underlying excluding HSBC & ISBC (non-GAAP) D 1,052 1,045 980 7 0.91 72 7.43 Operating leverage, Underlying excluding HSBC & ISBC (non-GAAP) 6.32% 1.47% $s in millions, except ratio data

 

 
















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Financial Supplement

Second Quarter 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 TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q22 Change2022 Change
2Q221Q224Q213Q212Q211Q222Q21202220212021
$/bps%$/bps%$/bps%
SELECTED OPERATING DATA
Total revenue$1,999 $1,645 $1,720 $1,659 $1,609 $354 22 %$390 24 %$3,644 $3,268 $376 12 %
Noninterest expense1,305 1,106 1,061 1,011 991 199 18 314 32 2,411 2,009 402 20 
Profit before provision (benefit) for credit losses694 539 659 648 618 155 29 76 12 1,233 1,259 (26)(2)
Provision (benefit) for credit losses216 3 (25)(33)(213)213 NM429 NM219 (353)572 NM
NET INCOME364 420 530 530 648 (56)(13)(284)(44)784 1,259 (475)(38)
Net income, Underlying1
595 476 569 546 656 119 25 (61)(9)1,071 1,282 (211)(16)
Net income available to common stockholders332 396 498 504 616 (64)(16)(284)(46)728 1,204 (476)(40)
Net income available to common stockholders, Underlying1
563 452 537 520 624 111 25 (61)(10)1,015 1,227 (212)(17)
PER COMMON SHARE DATA
Basic earnings$0.68 $0.94 $1.17 $1.18 $1.45 ($0.26)(28 %)($0.77)(53 %)$1.59 $2.83 ($1.24)(44 %)
Diluted earnings0.67 0.93 1.17 1.18 1.44 (0.26)(28)(0.77)(53)1.58 2.81 (1.23)(44)
Basic earnings, Underlying1
1.14 1.07 1.26 1.22 1.47 0.07 7 (0.33)(22)2.22 2.88 (0.66)(23)
Diluted earnings, Underlying1
1.14 1.07 1.26 1.22 1.46 0.07 7 (0.32)(22)2.21 2.87 (0.66)(23)
Cash dividends declared and paid per common share 0.39 0.39 0.39 0.39 0.39 — — — — 0.78 0.78 — — 
Book value per common share45.02 47.42 50.71 50.23 49.72 (2.40)(5)(4.70)(9)45.02 49.72 (4.70)(9)
Tangible book value per common share29.14 30.97 34.61 34.44 33.95 (1.83)(6)(4.81)(14)29.14 33.95 (4.81)(14)
Dividend payout ratio57 %41 %33 %33 %27 %1,600  bps3,000  bps49 %28 %2,100  bps
Dividend payout ratio, Underlying1
34 36 31 32 27 (200) bps700  bps35 27 800  bps
COMMON SHARES OUTSTANDING
Average: Basic491,497,026 422,401,747 424,697,880 426,086,717 425,948,706 69,095,279 16 %65,548,320 15 %457,140,258 425,951,197 31,189,061 7 %
   Diluted493,296,114 424,670,871 426,868,106 427,840,964 427,561,572 68,625,243 16 65,734,542 15 459,167,747 427,668,242 31,499,505 7 
Common shares at period-end495,650,259 423,031,985 422,137,197 426,199,576 426,083,143 72,618,274 17 69,567,116 16 495,650,259 426,083,143 69,567,116 16 
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 TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q22 Change2022 Change
2Q221Q224Q213Q212Q211Q222Q21202220212021
$/bps%$/bps%$/bps%
FINANCIAL RATIOS
Net interest margin3.04 %2.75 %2.66 %2.72 %2.71 %29  bps33  bps2.91 %2.73 %18  bps
Net interest margin, FTE1
3.04 2.75 2.66 2.72 2.72 29 32 2.91 2.74 17  
Return on average common equity5.95 7.65 9.26 9.39 11.85 (170)(590)6.77 11.71 (494) 
Return on average common equity, Underlying2
10.06 8.75 9.97 9.70 12.02 131 (196)9.43 11.93 (250) 
Return on average tangible common equity9.13 11.36 13.57 13.71 17.50 (223)(837)10.22 17.34 (712) 
Return on average tangible common equity, Underlying2
15.45 12.99 14.61 14.17 17.74 246 (229)14.25 17.67 (342) 
Return on average total assets0.66 0.90 1.12 1.13 1.41 (24)(75)0.77 1.38 (61) 
Return on average total assets, Underlying2
1.08 1.03 1.20 1.16 1.43 5 (35)1.05 1.41 (36) 
Return on average total tangible assets0.69 0.94 1.17 1.17 1.46 (25)(77)0.80 1.44 (64) 
Return on average total tangible assets, Underlying2
1.12 1.06 1.25 1.21 1.48 6 (36)1.09 1.46 (37) 
Effective income tax rate23.77 21.70 22.40 22.35 21.96 207 181 22.68 21.86 82  
Effective income tax rate, Underlying2
23.69 21.70 22.61 22.45 22.01 199 168 22.82 21.93 89  
Efficiency ratio65.27 67.23 61.68 60.92 61.63 (196)364 66.16 61.49 467  
Efficiency ratio, Underlying2
58.16 64.28 58.71 59.55 60.92 (612)(276)60.90 60.55 35  
Noninterest income as a % of total revenue24.72 30.26 34.50 31.01 30.12 (554)(540)27.22 31.42 (420)
Noninterest income as a % of total revenue, Underlying2
25.88 30.26 34.50 31.01 30.12 (438)(424)27.84 31.42 (358) 
CAPITAL RATIOS - PERIOD-END (PRELIMINARY)
CET1 capital ratio9.6 %9.7 %9.9 %10.3 %10.3 %
Tier 1 capital ratio10.6 10.9 11.1 11.6 11.6 
Total capital ratio12.3 12.5 12.7 13.4 13.5 
Tier 1 leverage ratio9.3 9.6 9.7 9.7 9.7 
Tangible common equity ratio6.6 7.1 8.1 8.1 8.1 
SELECTED BALANCE SHEET DATA
Loan-to-deposit ratio (period-end balances)87.28 %82.70 %83.03 %81.01 %81.38 %458  bps590  bps87.28 %81.38 %590  bps
Loan-to-deposit ratio (average balances)87.24 83.28 81.83 80.75 82.14 396  bps510  bps85.40 82.94 246  bps
Full-time equivalent colleagues19,583 17,843 17,463 17,366 17,472 1,740 10 2,111 12 19,583 17,472 2,111 12 
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 TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q22 Change2022 Change
2Q221Q224Q213Q212Q211Q222Q21202220212021
$%$%$%
INTEREST INCOME
Interest and fees on loans and leases$1,370 $1,048 $1,056 $1,078 $1,058 $322 31 %$312 29 %$2,418 $2,119 $299 14 %
Interest and fees on loans held for sale17 16 19 21 24 1 6 (7)(29)33 42 (9)(21)
Interest and fees on other loans held for sale25 7 4 1 2 18 NM23 NM32 8 24 NM
Investment securities201 138 119 116 124 63 46 77 62 339 252 87 35 
Interest-bearing deposits in banks13 4 4 6 3 9 225 10 NM17 6 11 183 
Total interest income1,626 1,213 1,202 1,222 1,211 413 34 415 34 2,839 2,427 412 17 
INTEREST EXPENSE
Deposits54 25 33 35 42 29 116 12 29 79 92 (13)(14)
Short-term borrowed funds10 — 1 — — 10 100 10 100 10 — 10 100 
Long-term borrowed funds57 41 42 42 45 16 39 12 27 98 94 4 4 
Total interest expense121 66 76 77 87 55 83 34 39 187 186 1 1 
Net interest income1,505 1,147 1,126 1,145 1,124 358 31 381 34 2,652 2,241 411 18 
NONINTEREST INCOME
Capital markets fees88 93 184 72 91 (5)(5)(3)(3)181 172 9 5 
Service charges and fees108 98 100 110 100 10 10 8 8 206 199 7 4 
Mortgage banking fees72 69 76 108 85 3 4 (13)(15)141 250 (109)(44)
Card fees71 60 65 66 64 11 18 7 11 131 119 12 10 
Trust and investment services fees66 61 60 61 60 5 8 6 10 127 118 9 8 
Letter of credit and loan fees40 38 41 39 38 2 5 2 5 78 76 2 3 
Foreign exchange and derivative products60 51 35 29 28 9 18 32 114 111 56 55 98 
Securities gains, net1 4 1 3 3 (3)(75)(2)(67)5 6 (1)(17)
Other income(12)24 32 26 16 (36)NM(28)NM12 31 (19)(61)
Total noninterest income494 498 594 514 485 (4)(1)9 2 992 1,027 (35)(3)
TOTAL REVENUE1,999 1,645 1,720 1,659 1,609 354 22 390 24 3,644 3,268 376 12 
Provision (benefit) for credit losses216 3 (25)(33)(213)213 NM429 NM219 (353)572 NM
NONINTEREST EXPENSE
Salaries and employee benefits683 594 551 509 524 89 15 159 30 1,277 1,072 205 19 
Equipment and software 169 150 146 157 155 19 13 14 9 319 307 12 4 
Outside services189 169 175 144 137 20 12 52 38 358 276 82 30 
Occupancy111 83 86 77 82 28 34 29 35 194 170 24 14 
Other operating expense153 110 103 124 93 43 39 60 65 263 184 79 43 
Total noninterest expense1,305 1,106 1,061 1,011 991 199 18 314 32 2,411 2,009 402 20 
Income before income tax expense478 536 684 681 831 (58)(11)(353)(42)1,014 1,612 (598)(37)
Income tax expense114 116 154 151 183 (2)(2)(69)(38)230 353 (123)(35)
Net income$364 $420 $530 $530 $648 ($56)(13 %)($284)(44 %)$784 $1,259 ($475)(38 %)
Net income, Underlying1
$595 $476 $569 $546 $656 $119 25 %($61)(9 %)$1,071 $1,282 ($211)(16 %)
Net income available to common stockholders$332 $396 $498 $504 $616 ($64)(16 %)($284)(46 %)$728 $1,204 ($476)(40 %)
Net income available to common stockholders, Underlying1
$563 $452 $537 $520 $624 $111 25 %($61)(10 %)$1,015 $1,227 ($212)(17 %)
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 OFJUNE 30, 2022 CHANGE
June 30, 2022Mar 31, 2022Dec 31, 2021Sept 30, 2021June 30, 2021March 31, 2022June 30, 2021
$%$%
ASSETS
Cash and due from banks$1,456 $1,223 $1,155 $1,145 $1,035 $233 19 %$421 41 %
Interest-bearing cash and due from banks5,058 8,713 8,003 12,571 11,606 (3,655)(42)(6,548)(56)
Interest-bearing deposits in banks469 685 316 289 401 (216)(32)68 17 
Debt securities available for sale, at fair value24,961 25,319 26,067 24,911 24,583 (358)(1)378 2 
Debt securities held to maturity9,567 2,056 2,242 2,492 2,711 7,511 NM6,856 NM
Loans held for sale, at fair value1,377 1,717 2,733 3,177 3,616 (340)(20)(2,239)(62)
Other loans held for sale2,078 99 735 93 82 1,979 NM1,996 NM
Loans and leases156,172 131,305 128,163 123,318 122,581 24,867 19 33,591 27 
Less: Allowance for loan and lease losses(1,964)(1,720)(1,758)(1,855)(1,947)(244)14 (17)1 
Net loans and leases154,208 129,585 126,405 121,463 120,634 24,623 19 33,574 28 
Derivative assets1,669 1,675 1,216 1,769 1,655 (6)— 14 1 
Premises and equipment885 793 768 732 735 92 12 150 20 
Bank-owned life insurance3,207 2,960 2,843 2,428 2,268 247 8 939 41 
Goodwill8,081 7,232 7,116 7,065 7,050 849 12 1,031 15 
Other assets13,696 10,040 8,810 8,872 8,728 3,656 36 4,968 57 
TOTAL ASSETS$226,712 $192,097 $188,409 $187,007 $185,104 $34,615 18 %$41,608 22 %
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing$54,169 $50,113 $49,443 $48,184 $47,480 $4,056 8 %$6,689 14 %
Interest-bearing124,756 108,663 104,918 104,037 103,156 16,093 15 21,600 21 
Total deposits178,925 158,776 154,361 152,221 150,636 20,149 13 28,289 19 
Short-term borrowed funds3,763 25 74 8 62 3,738 NM3,701 NM
Derivative liabilities1,004 635 197 187 144 369 58 860 NM
Long-term borrowed funds:
FHLB advances8,269 20 19 20 18 8,249 NM8,251 NM
Senior debt4,176 4,290 5,326 5,345 5,357 (114)(3)(1,181)(22)
Subordinated debt and other debt1,995 1,584 1,587 1,582 1,582 411 26 413 26 
Total long-term borrowed funds14,440 5,894 6,932 6,947 6,957 8,546 145 7,483 108 
Other liabilities4,252 4,693 3,425 4,221 4,106 (441)(9)146 4 
TOTAL LIABILITIES202,384 170,023 164,989 163,584 161,905 32,361 19 40,479 25 
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 capital22,100 19,021 19,005 18,981 18,964 3,079 16 3,136 17 
Retained earnings8,346 8,209 7,978 7,648 7,314 137 2 1,032 14 
Treasury stock, at cost(4,920)(4,918)(4,918)(4,718)(4,718)(2)— (202)(4)
Accumulated other comprehensive income (loss)(3,218)(2,258)(665)(508)(381)(960)(43)(2,837)NM
TOTAL STOCKHOLDERS' EQUITY24,328 22,074 23,420 23,423 23,199 2,254 10 1,129 5 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$226,712 $192,097 $188,409 $187,007 $185,104 $34,615 18 %$41,608 22 %
Memo: Total tangible common equity$14,444 $13,100 $14,609 $14,677 $14,466 $1,344 10 %($22)— %

6

LOANS AND DEPOSITS
(in millions)
PERIOD-END BALANCESAS OFJUNE 30, 2022 CHANGE
June 30, 2022Mar 31, 2022Dec 31, 2021Sept 30, 2021June 30, 2021Mar 31, 2022June 30, 2021
$%$%
LOANS AND LEASES
Commercial and industrial$51,801 $45,724 $44,500 $41,854 $42,842 $6,077 13 %$8,959 21 %
Commercial real estate28,070 14,268 14,264 14,508 14,412 13,802 97 13,658 95 
Leases1,574 1,529 1,586 1,593 1,829 45 3 (255)(14)
Total commercial81,445 61,521 60,350 57,955 59,083 19,924 32 22,362 38 
Residential mortgages29,088 24,211 22,822 21,513 20,538 4,877 20 8,550 42 
Home equity13,122 12,264 12,015 11,889 11,841 858 7 1,281 11 
Automobile13,868 14,439 14,549 13,492 12,780 (571)(4)1,088 9 
Education13,141 13,306 12,997 13,000 12,800 (165)(1)341 3 
Other retail5,508 5,564 5,430 5,469 5,539 (56)(1)(31)(1)
Total retail74,727 69,784 67,813 65,363 63,498 4,943 7 11,229 18 
Total loans and leases$156,172 $131,305$128,163$123,318$122,581$24,867 19 %$33,591 27 %
Loans held for sale, at fair value1,377 1,717 2,733 3,177 3,616 (340)(20)(2,239)(62)
Other loans held for sale2,078 99 735 93 82 1,979 NM1,996 NM
Loans and leases and loans held for sale$159,627 $133,121 $131,631 $126,588 $126,279 $26,506 20 %$33,348 26 %
DEPOSITS
Demand$54,169 $50,113 $49,443 $48,184 $47,480 $4,056 8 %$6,689 14 %
Money market48,063 45,342 47,216 48,935 48,150 2,721 6 (87)— 
Checking with interest39,611 32,417 30,409 27,985 28,074 7,194 22 11,537 41 
Regular savings27,959 26,104 22,030 21,166 20,382 1,855 7 7,577 37 
Term9,123 4,800 5,263 5,951 6,550 4,323 90 2,573 39 
Total deposits$178,925 $158,776 $154,361 $152,221 $150,636 $20,149 13 %$28,289 19 %


7

AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(in millions, except rates)
QUARTERLY TRENDS2Q22 Change
2Q221Q222Q211Q222Q21
Average BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks$4,630 $13 1.06 %$8,055 $4 0.21 %$11,259 $3 0.12 %($3,425)$9 85 bps($6,629)$10 94 bps
Taxable investment securities35,900 201 2.25 29,245 138 1.88 27,597 124 1.80 6,655 63 378,303 77 45
Non-taxable investment securities3 — 2.62 2 — 2.60 3 — 2.60 1 — 2— — 2
Total investment securities35,903 201 2.25 29,247 138 1.88 27,600 124 1.80 6,656 63 378,303 77 45
Commercial and industrial50,517 418 3.28 44,947 328 2.91 44,388 345 3.08 5,570 90 376,129 73 20
Commercial real estate27,592 243 3.48 14,066 90 2.57 14,473 95 2.58 13,526 153 9113,119 148 90
Leases1,575 10 2.61 1,560 11 2.81 1,792 12 2.76 15 (1)(20)(217)(2)(15)
Total commercial79,684 671 3.33 60,573 429 2.83 60,653 452 2.96 19,111 242 5019,031 219 37
Residential mortgages28,486 221 3.10 23,461 169 2.88 20,242 154 3.04 5,025 52 228,244 67 6
Home equity12,811 105 3.27 12,124 90 3.02 11,825 92 3.13 687 15 25986 13 14
Automobile14,172 127 3.60 14,534 127 3.55 12,526 125 4.00 (362)— 51,646 2 (40)
Education13,144 137 4.18 13,034 131 4.07 12,632 135 4.26 110 6 11512 2 (8)
Other retail5,557 109 7.87 5,428 102 7.63 5,612 100 7.13 129 7 24(55)9 74
Total retail74,170 699 3.77 68,581 619 3.65 62,837 606 3.86 5,589 80 1211,333 93 (9)
Total loans and leases153,854 1,370 3.55 129,154 1,048 3.26 123,490 1,058 3.42 24,700 322 2930,364 312 13
Loans held for sale, at fair value1,937 17 3.60 2,366 16 2.70 3,751 24 2.55 (429)1 90(1,814)(7)105
Other loans held for sale2,353 25 4.21 454 7 5.89 233 2 2.99 1,899 18 (168)2,120 23 122
Total interest-earning assets198,677 1,626 3.26 169,276 1,213 2.88 166,333 1,211 2.90 29,401 413 3832,344 415 36
Noninterest-earning assets22,290 19,041 18,123 3,249 4,167 
TOTAL ASSETS$220,967 $188,317 $184,456 $32,650 $36,511 
INTEREST-BEARING LIABILITIES
Checking with interest$38,747 15 0.16 $30,417 5 0.07 $27,278 5 0.08 $8,330 10 9$11,469 $10 8
Money market48,795 23 0.19 47,220 12 0.10 49,394 21 0.17 1,575 11 9(599)2 2
Regular savings27,661 9 0.14 23,835 5 0.08 20,077 5 0.10 3,826 4 67,584 4 4
Term6,970 7 0.31 4,970 3 0.29 6,970 11 0.61 2,000 4 2— (4)(30)
Total interest-bearing deposits122,173 54 0.18 106,442 25 0.10 103,719 42 0.16 15,731 29 818,454 12 2
Short-term borrowed funds3,995 10 0.98 29 — 3.50 69 — 0.87 3,966 10 (252)3,926 10 11
FHLB advances4,437 12 1.04 20 — 0.81 18 — 0.91 4,417 12 234,419 12 13
Senior debt4,022 26 2.66 4,461 24 2.12 5,834 28 1.92 (439)2 54(1,812)(2)74
Subordinated debt and other debt1,763 19 4.39 1,585 17 4.21 1,582 17 4.24 178 2 18181 2 15
Total long-term borrowed funds10,222 57 2.26 6,066 41 2.66 7,434 45 2.41 4,156 16 (40)2,788 12 (15)
Total borrowed funds14,217 67 1.90 6,095 41 2.66 7,503 45 2.40 8,122 26 (76)6,714 22 (50)
Total interest-bearing liabilities136,390 121 0.36 112,537 66 0.23 111,222 87 0.31 23,853 55 1325,168 34 5
Demand deposits54,189 48,641 46,630 5,548 7,559 
Other liabilities5,991 4,144 3,741 1,847 2,250 
TOTAL LIABILITIES196,570 165,322 161,593 31,248 34,977 
STOCKHOLDERS' EQUITY24,397 22,995 22,863 1,402 1,534 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$220,967 $188,317 $184,456 $32,650 $36,511 
INTEREST RATE SPREAD2.90 %2.65 %2.59 %2531
NET INTEREST MARGIN AND NET INTEREST INCOME$1,505 3.04 %$1,147 2.75 %$1,124 2.71 %$358 29$381 33
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE1
$1,507 3.04 %$1,149 2.75 %$1,126 2.72 %$358 29$381 32
Memo: Total deposits (interest-bearing and demand)$176,362 $54 0.12 %$155,083 $25 0.07 %$150,349 $42 0.11 %$21,279 5 bps$26,013 $12 1 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)
FOR THE SIX MONTHS ENDED JUNE 30,2022 Change
202220212021
Average BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks$6,333 $17 0.52 %$11,061 $6 0.11 %($4,728)$11 41  bps
Taxable investment securities32,591 339 2.08 27,316 252 1.84 5,275 87 24 
Non-taxable investment securities2 — 2.61 3 — 2.60 (1)— 1 
Total investment securities32,593 339 2.08 27,319 252 1.84 5,274 87 24 
Commercial and industrial47,747 746 3.11 44,338 692 3.10 3,409 54 1 
Commercial real estate20,867 333 3.17 14,574 189 2.58 6,293 144 59 
Leases1,568 21 2.71 1,852 25 2.73 (284)(4)(2)
Total commercial70,182 1,100 3.12 60,764 906 2.97 9,418 194 15 
Residential mortgages25,987 390 3.00 19,817 302 3.05 6,170 88 (5)
Home equity12,469 195 3.15 11,912 187 3.16 557 8 (1)
Automobile14,352 254 3.58 12,378 250 4.07 1,974 4 (49)
Education13,091 268 4.13 12,534 269 4.32 557 (1)(19)
Other retail5,492 211 7.75 5,765 205 7.19 (273)6 56 
Total retail71,391 1,318 3.71 62,406 1,213 3.91 8,985 105 (20)
Total loans and leases141,573 2,418 3.42 123,170 2,119 3.44 18,403 299 (2)
Loans held for sale, at fair value2,150 33 3.11 3,535 42 2.40 (1,385)(9)71 
Other loans held for sale1,409 32 4.48 348 8 4.48 1,061 24 — 
Total interest-earning assets184,058 2,839 3.09 165,433 2,427 2.94 18,625 412 15 
Noninterest-earning assets20,674 18,085 2,589 
TOTAL ASSETS$204,732 $183,518 $21,214 
INTEREST-BEARING LIABILITIES
Checking with interest$34,605 20 0.12 $26,700 11 0.09 $7,905 9 3 
Money market48,012 35 0.15 49,465 43 0.17 (1,453)(8)(2)
Regular savings25,758 14 0.11 19,348 10 0.10 6,410 4 1 
Term5,976 10 0.30 7,767 28 0.73 (1,791)(18)(43)
Total interest-bearing deposits114,351 79 0.14 103,280 92 0.18 11,071 (13)(4)
Short-term borrowed funds2,023 10 1.00 109 — 0.59 1,914 10 41 
FHLB advances2,240 12 1.04 19 — 0.92 2,221 12 12 
Senior debt4,240 50 2.37 6,280 60 1.92 (2,040)(10)45 
Subordinated debt and other debt1,675 36 4.30 1,583 34 4.23 92 2 7 
Total long-term borrowed funds8,155 98 2.40 7,882 94 2.38 273 4 2 
Total borrowed funds10,178 108 2.13 7,991 94 2.36 2,187 14 (23)
Total interest-bearing liabilities124,529 187 0.30 111,271 186 0.34 13,258 1 (4)
Demand deposits51,430 45,230 6,200 
Other liabilities5,073 4,297 776 
TOTAL LIABILITIES181,032 160,798 20,234 
STOCKHOLDERS' EQUITY23,700 22,720 980 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$204,732 $183,518 $21,214 
INTEREST RATE SPREAD2.79 %2.60 %19 
NET INTEREST MARGIN AND NET INTEREST INCOME$2,652 2.91 %$2,241 2.73 %$411 18 
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE1
$2,656 2.91 %$2,246 2.74 %$410 17 
Memo: Total deposits (interest-bearing and demand)$165,781 $79 0.10 %$148,510 $92 0.12 %$17,271 ($13)(2) 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 TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q22 Change2022 Change
2Q221Q224Q213Q212Q211Q222Q21202220212021
$/bps%$/bps%$/bps%
MORTGAGE BANKING FEES
Production revenue$22 $31 $60 $98 $86 ($9)(29 %)($64)(74 %)$53 $226 ($173)(77 %)
Mortgage servicing revenue39 28 14 9 13 1139 26200 67 13 54 NM
MSR valuation changes, net of hedge impact11 10 2 1 (14)110 25NM21 11 10 91 
Total mortgage banking fees$72 $69 $76 $108 $85 $34 %($13)(15 %)$141 $250 ($109)(44 %)
Pull-through adjusted locks$3,833 $4,936 $5,785 $7,359 $8,154 ($1,103)(22 %)($4,321)(53 %)$8,769 $16,916 ($8,147)(48 %)
Production revenue as a percentage of Pull-through adjusted locks0.57 %0.63 %1.05 %1.32 %1.05 %(5) bps(48) bps0.60 %— %60  bps
RESIDENTIAL REAL ESTATE ORIGINATIONS
Retail$2,774 $3,275 $3,794 $3,560 $3,956 ($501)(15 %)($1,182)(30 %)$6,049 $7,700 ($1,651)(21 %)
Third Party3,624 4,101 6,084 6,749 7,443 (477)(12)(3,819)(51)7,725 14,841 (7,116)(48)
Total$6,398 $7,376 $9,878 $10,309 $11,399 ($978)(13 %)(5,001)(44 %)$13,774 $22,541 ($8,767)(39 %)
Originated for sale$4,296 $5,521 $7,814 $8,457 $9,592 ($1,225)(22 %)($5,296)(55 %)$9,817 $19,308 ($9,491)(49 %)
Originated for investment2,102 1,855 2,064 1,852 1,807 24713 29516 3,957 3,233 72422 
Total$6,398 $7,376 $9,878 $10,309 $11,399 ($978)(13 %)($5,001)(44 %)$13,774 $22,541 ($8,767)(39 %)
MORTGAGE SERVICING INFORMATION (UPB)
Loans serviced for others$95,489 $92,804 $90,189 $87,350 $84,596 $2,6853 %$10,89313 %$95,489 $84,596 $10,89313 %
Owned loans serviced29,893 25,283 24,855 23,988 23,329 4,61018 6,56428 29,893 23,329 6,56428 
Total$125,382 $118,087 $115,044 $111,338 $107,925 $7,2956 %$17,45716 %$125,382 $107,925 $17,45716 %
MSR at fair value$1,411 $1,241 $1,029 $978 $902 $17014 %$50956 %$1,411 $902 $509 56 %
    

10

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

QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
CONSUMER BANKING2Q22 Change2022 Change
2Q221Q224Q213Q212Q211Q222Q21202220212021
$/bps%$/bps%$/bps%
Net interest income1
$995 $857 $883 $919 $897 $138 16 %$98 11 %$1,852 $1,760 $92 5 %
Noninterest income280 257 274 315 283 23 9 (3)(1)537 634 (97)(15)
Total revenue1,275 1,114 1,157 1,234 1,180 161 14 95 8 2,389 2,394 (5)— 
Noninterest expense881 784 737 749 751 97 12 130 17 1,665 1,501 164 11 
Profit before provision (benefit) for credit losses394 330 420 485 429 64 19 (35)(8)724 893 (169)(19)
Net charge-offs39 49 46 35 45 (10)(20)(6)(13)88 104 (16)(15)
Income before income tax expense355 281 374 450 384 74 26 (29)(8)636 789 (153)(19)
Income tax expense90 72 95 114 98 18 25 (8)(8)162 201 (39)(19)
Net income$265 $209 $279 $336 $286 $56 27 %($21)(7 %)$474 $588 ($114)(19 %)
AVERAGE BALANCES
Total assets$88,881 $77,551 $76,077 $75,070 $75,600 $11,330 15 %$13,281 18 %$83,247 $75,443 $7,804 10 %
Total loans and leases2
83,248 73,233 71,925 70,984 71,389 10,015 14 11,859 17 78,268 70,792 7,476 11 
Deposits118,482 104,663 101,642 100,968 100,933 13,819 13 17,549 17 111,610 99,067 12,543 13 
Interest-earning assets84,026 74,052 72,796 71,879 72,308 9,974 13 11,718 16 79,067 71,725 7,342 10 
KEY METRICS
Net interest margin4.75 %4.69 %4.82 %5.07 %4.97 %6  bps(22) bps4.72 %4.95 %(23) bps
Efficiency ratio69.06 70.38 63.68 60.73 63.62 (132) bps544  bps69.67 62.69 698  bps
Loan-to-deposit ratio (period-end balances)69.04 66.23 68.32 68.15 67.72 281  bps132  bps69.04 67.72 132  bps
Loan-to-deposit ratio (average balances)68.60 68.04 67.97 67.25 67.21 56  bps139  bps68.34 68.08 26  bps
Return on average total tangible assets1.20 1.10 1.46 1.78 1.52 10  bps(32) bps1.15 1.58 (43) 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 TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
COMMERCIAL BANKING2Q22 Change2022 Change
2Q221Q224Q213Q212Q211Q222Q21202220212021
$/bps%$/bps%$/bps%
Net interest income1
$534 $416 $438 $428 $419 $118 28 %$115 27 %$950 $840 $110 13 %
Noninterest income221 213 293 168 178 8 4 43 24 434 348 86 25 
Total revenue755 629 731 596 597 126 20 158 26 1,384 1,188 196 16 
Noninterest expense308 272 294 226 226 36 13 82 36 580 453 127 28 
Profit before provision (benefit) for credit losses447 357 437 370 371 90 25 76 20 804 735 69 9 
Net charge-offs10 12 6 15 34 (2)(17)(24)(71)22 135 (113)(84)
Income before income tax expense437 345 431 355 337 92 27 100 30 782 600 182 30 
Income tax expense96 74 95 81 72 22 30 24 33 170 124 46 37 
Net income$341 $271 $336 $274 $265 $70 26 %$76 29 %$612 $476 $136 29 %
AVERAGE BALANCES
Total assets$78,638 $61,118 $58,501 $56,702 $57,527 $17,520 29 %$21,111 37 %$69,927 $57,632 $12,295 21 %
Total loans and leases2
74,172 58,007 55,550 53,815 54,758 16,165 28 19,414 35 66,134 54,786 11,348 21 
Deposits51,575 44,520 45,475 45,465 44,049 7,055 16 7,526 17 48,067 44,012 4,055 9 
Interest-earning assets74,422 58,312 55,891 54,177 55,143 16,110 28 19,279 35 66,412 55,159 11,253 20 
KEY METRICS
Net interest margin2.88 %2.89 %3.11 %3.14 %3.05 %(1) bps(17) bps2.89 %3.07 %(18) bps
Efficiency ratio40.78 43.32 40.16 38.02 37.86 (254) bps292  bps41.93 38.10 383  bps
Loan-to-deposit ratio (period-end balances)142.31 132.70 125.31 116.54 118.72 961  bps2,359  bps142.31 118.72 2,359  bps
Loan-to-deposit ratio (average balances)139.31 128.49 120.81 117.65 123.32 1,082  bps1,599  bps134.33 123.43 1,090  bps
Return on average total tangible assets1.75 1.81 2.28 1.92 1.85 (6) bps(10) bps1.78 1.67 11  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 TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
OTHER1
2Q22 Change2022 Change
2Q221Q224Q213Q212Q211Q222Q21202220212021
$%$%$%
Net interest income2
($24)($126)($195)($202)($192)$102 81 %$168 88 %($150)($359)$209 58 %
Noninterest income(7)28 27 31 24 (35)NM(31)NM21 45 (24)(53)
Total revenue(31)(98)(168)(171)(168)67 68 137 82 (129)(314)185 59 
Noninterest expense116 50 30 36 14 66 132 102 NM166 55 111 202 
Loss before provision (benefit) for credit losses(147)(148)(198)(207)(182)1 1 35 19 (295)(369)74 20 
Provision (benefit) for credit losses167 (58)(77)(83)(292)225 NM459 NM109 (592)701 NM
(Loss) income before income tax (benefit) expense(314)(90)(121)(124)110 (224)(249)(424)NM(404)223 (627)NM
Income tax (benefit) expense(72)(30)(36)(44)13 (42)(140)(85)NM(102)28 (130)NM
Net (loss) income($242)($60)($85)($80)$97 ($182)NM($339)NM($302)$195 ($497)NM
AVERAGE BALANCES
Total assets$53,448 $49,648 $52,650 $54,336 $51,329 $3,800 8 %$2,119 4 %$51,558 $50,443 $1,115 2 %
Total loans and leases3
724 735 1,188 1,254 1,327 (11)(1)(603)(45)729 1,405 (676)(48)
Deposits6,305 5,900 5,887 5,438 5,367 405 7 938 17 6,104 5,430 674 12 
Interest-earning assets40,228 36,913 39,322 41,214 38,882 3,315 9 1,346 3 38,579 38,479 100 — 
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 OFJUNE 30, 2022 CHANGE
June 30, 2022Mar 31, 2022Dec 31, 2021Sept 30, 2021June 30, 2021Mar 31, 2022June 30, 2021
$/bps%$/bps%
NONACCRUAL LOANS AND LEASES
Commercial and industrial$202 $200 $171 $170 $163 $2 1 %$39 24 %
Commercial real estate37 11 11 98 102 26 236 (65)(64)
Leases— 1 1 1 1 (1)(100)(1)(100)
Total commercial239 212 183 269 266 27 13 (27)(10)
Residential mortgages1
253 243 201 164 174 10 4 79 45 
Home equity240 239 220 216 234 1 — 6 3 
Automobile50 52 55 55 62 (2)(4)(12)(19)
Education31 23 23 23 21 8 35 10 48 
Other retail26 20 20 20 22 6 30 4 18 
Total retail600 577 519 478 513 23 4 87 17 
Nonaccrual loans and leases839 789 702 747 779 50 6 60 8 
Repossessed assets15 15 22 21 22 — — (7)(32)
Nonaccrual loans and leases and repossessed assets$854 $804 $724 $768 $801 $50 6 %$53 7 %
NONACCRUAL LOANS AND LEASES BY PRODUCT2
Commercial$239 $212 $183 $269 $266 $27 13 %($27)(10 %)
Retail615 592 541 499 535 23 4 80 15 
Total nonaccrual loans and leases$854 $804 $724 $768 $801 $50 6 %$53 7 %
ASSET QUALITY RATIOS
Allowance for loan and lease losses to loans and leases1.26 %1.31 %1.37 %1.50 %1.59 %(5) bps(33) bps
Allowance for credit losses to loans and leases1.37 1.43 1.51 1.63 1.70 (6)(33)
Allowance for loan and lease losses to nonaccrual loans and leases234.19 217.99 250.63 248.33 249.83 1,620 (1,564)
Allowance for credit losses to nonaccrual loans and leases256.04 238.03 275.72 268.30 266.98 1,801 (1,094)
Nonaccrual loans and leases to loans and leases0.54 0.60 0.55 0.61 0.64 (6)(10)
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 OFJUNE 30, 2022 CHANGE
June 30, 2022Mar 31, 2022Dec 31, 2021Sept 30, 2021June 30, 2021Mar 31, 2022June 30, 2021
$/bps%$/bps%
LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Commercial and industrial$39 $13 $9 $4 $— $26 200 %$39 100 %
Commercial real estate33 — — — — 33 100 33 100 
Leases— 5 — — 1 (5)(100)(1)(100)
Total commercial72 18 9 4 1 54 NM71 NM
Residential mortgages1
623 792 549 293 270 (169)(21)353 131 
Education3 2 1 1 2 1 50 1 50 
Other retail14 14 16 14 7 — — 7 100 
Total retail640 808 566 308 279 (168)(21)361 129 
Total loans and leases$712 $826 $575 $312 $280 ($114)(14 %)$432 154 %
1 90+ days past due and accruing includes $623 million, $792 million, $544 million, $289 million, and $266 million of loans fully or partially guaranteed by the FHA, VA, and USDA for June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, respectively.
15

CREDIT-RELATED INFORMATION, CONTINUED
(in millions)
QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q22 Change2022 Change
2Q221Q224Q213Q212Q211Q222Q21202220212021
$%$%$%
CHARGE-OFFS, RECOVERIES AND RELATED RATIOS
GROSS CHARGE-OFFS
Commercial and industrial$13 $14 $14 $12 $32 ($1)(7 %)($19)(59)$27 $112 ($85)(76 %)
Commercial real estate— — — 5 — — — — — — 53 (53)(100)
Leases— — 8 — 13 — — (13)(100)— 14 (14)(100)
Total commercial13 14 22 17 45 (1)(7)(32)(71)27 179 (152)(85)
Residential mortgages1 2 1 2 1 (1)(50)— — 3 1 2 200 
Home equity2 2 — 3 3 — — (1)(33)4 7 (3)(43)
Automobile21 21 18 14 15 — — 6 40 42 40 2 5 
Education16 20 21 18 18 (4)(20)(2)(11)36 31 5 16 
Other retail38 42 38 33 43 (4)(10)(5)(12)80 94 (14)(15)
Total retail78 87 78 70 80 (9)(10)(2)(3)165 173 (8)(5)
Total gross charge-offs$91 $101 $100 $87 $125 ($10)(10 %)($34)(27 %)$192 $352 ($160)(45 %)
GROSS RECOVERIES
Commercial and industrial$3 $3 $5 $2 $4 $— — %($1)(25 %)$6 $7 ($1)(14 %)
Commercial real estate— — 9 — — — — — — — 27 (27)(100)
Leases— — 3 1 — — — — — — — — — 
Total commercial3 3 17 3 4 — — (1)(25)6 34 (28)(82)
Residential mortgages2 2 2 2 2 — — — — 4 3 1 33 
Home equity11 11 13 15 13 — — (2)(15)22 24 (2)(8)
Automobile15 15 13 12 17 — — (2)(12)30 31 (1)(3)
Education5 4 4 5 5 1 25 — — 9 11 (2)(18)
Other retail6 7 6 6 6 (1)(14)— — 13 13 — — 
Total retail39 39 38 40 43 — — (4)(9)78 82 (4)(5)
Total gross recoveries$42 $42 $55 $43 $47 $— — %($5)(11 %)$84 $116 ($32)(28 %)
NET CHARGE-OFFS (RECOVERIES)
Commercial and industrial$10 $11 $9 $10 $28 ($1)(9 %)($18)(64)$21 $105 ($84)(80)
Commercial real estate— — (9)5 — — — — — — 26 (26)(100)
Leases— — 5 (1)13 — — (13)(100)— 14 (14)(100)
Total commercial10 11 5 14 41 (1)(9)(31)(76)21 145 (124)(86)
Residential mortgages(1)— (1)— (1)(1)(100)— — (1)(2)1 50 
Home equity(9)(9)(13)(12)(10)— — 1 10 (18)(17)(1)(6)
Automobile6 6 5 2 (2)— — 8 NM12 9 3 33 
Education11 16 17 13 13 (5)(31)(2)(15)27 20 7 35 
Other retail32 35 32 27 37 (3)(9)(5)(14)67 81 (14)(17)
Total retail39 48 40 30 37 (9)(19)2 5 87 91 (4)(4)
Total net charge-offs$49 $59 $45 $44 $78 ($10)(17 %)($29)(37 %)$108 $236 ($128)(54 %)

16

CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except rates)
QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q22 Change2022 Change
2Q221Q224Q213Q212Q211Q222Q21202220212021
$/bps%$/bps%$/bps%
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES
Commercial and industrial0.08 %0.10 %0.08 %0.09 %0.25 %(2) bps(17) bps0.09 %0.48 %(39) bps
Commercial real estate— — (0.24)0.12 — — — — 0.36 (36) bps
Leases(0.05)0.10 1.22 (0.22)2.97 (15)(302)0.03 1.58 (155) bps
Total commercial0.05 0.08 0.03 0.09 0.27 (3)(22)0.06 0.48 (42) bps
Residential mortgages(0.01)— (0.01)— (0.03)(1)2 (0.01)(0.02)1  bps
Home equity(0.27)(0.32)(0.41)(0.42)(0.33)5 6 (0.30)(0.29)(1) bps
Automobile0.16 0.18 0.13 0.06 (0.04)(2)20 0.17 0.15 2  bps
Education0.34 0.49 0.51 0.41 0.40 (15)(6)0.41 0.32 9  bps
Other retail2.25 2.61 2.30 1.99 2.63 (36)(38)2.43 2.82 (39) bps
Total retail0.21 0.28 0.24 0.19 0.24 (7)(3)0.24 0.29 (5) bps
Total loans and leases0.13 %0.19 %0.14 %0.14 %0.25 %(6) bps(12) bps0.15 %0.39 %(24) bps
Memo: Average loans
Commercial and industrial$50,517 $44,947 $43,070 $42,330 $44,388 $5,570 12 %$6,129 14 %$47,747 $44,338 $3,409 8 %
Commercial real estate27,592 14,066 14,261 14,656 14,473 13,526 96 13,119 91 20,867 14,574 6,293 43 
Leases1,575 1,560 1,569 1,695 1,792 15 1 (217)(12)1,568 1,852 (284)(15)
Total commercial79,684 60,573 58,900 58,681 60,653 19,111 32 19,031 31 70,182 60,764 9,418 15 
Residential mortgages28,486 23,461 22,047 20,834 20,242 5,025 21 8,244 41 25,987 19,817 6,170 31 
Home equity12,811 12,124 11,948 11,829 11,825 687 6 986 8 12,469 11,912 557 5 
Automobile14,172 14,534 13,976 13,136 12,526 (362)(2)1,646 13 14,352 12,378 1,974 16 
Education13,144 13,034 12,885 12,707 12,632 110 1 512 4 13,091 12,534 557 4 
Other retail5,557 5,428 5,453 5,454 5,612 129 2 (55)(1)5,492 5,765 (273)(5)
Total retail74,170 68,581 66,309 63,960 62,837 5,589 8 11,333 18 71,391 62,406 8,985 14 
Total loans and leases$153,854 $129,154 $125,209 $122,641 $123,490 $24,700 19 %$30,364 25 %$141,573 $123,170 $18,403 15 %



17

CREDIT-RELATED INFORMATION, CONTINUED
(in millions)
QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q22 Change2022 Change
2Q221Q224Q213Q212Q211Q222Q21202220212021
$%$%$%
SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES
Allowance for loan and lease losses - beginning$1,720 $1,758 $1,855 $1,947 $2,194 ($38)(2 %)($474)(22 %)$1,758 $2,443 ($685)(28 %)
Allowance on PCD loans and leases at acquisition:
Commercial99 — — — — 99 100 99 100 99 — 99 100 
Retail2 — — — — 2 100 2 100 2 — 2 100 
Total Allowance on PCD loans and leases at acquisition101 — — — — 101 100 101 100 101 — 101 100 
Charge-offs:
Commercial13 14 22 17 45 (1)(7)(32)(71)27 179 (152)(85)
Retail 78 87 78 70 80 (9)(10)(2)(3)165 173 (8)(5)
Total charge-offs91 101 100 87 125 (10)(10)(34)(27)192 352 (160)(45)
Recoveries:
Commercial3 3 17 3 4 — — (1)(25)6 34 (28)(82)
Retail 39 39 38 40 43 — — (4)(9)78 82 (4)(5)
Total recoveries42 42 55 43 47 — — (5)(11)84 116 (32)(28)
Net charge-offs49 59 45 44 78 (10)(17)(29)(37)108 236 (128)(54)
Provision (benefit) for loan and lease losses:
Commercial120 (32)(41)(72)(152)152 NM272 NM88 (135)223 NM
Retail72 53 (11)24 (17)19 36 89 NM125 (125)250 NM
Total provision (benefit) for loan and lease losses192 21 (52)(48)(169)171 NM361 NM213 (260)473 NM
Allowance for loan and lease losses - ending$1,964 $1,720 $1,758 $1,855 $1,947 $244 14 %$17 1 %$1,964 $1,947 $17 1 %
Allowance for unfunded lending commitments - beginning$158 $176 $149 $134 $178 ($18)(10 %)($20)(11 %)$176 $227 ($51)(22 %)
Allowance on PCD unfunded lending commitments at acquisition1 — — — — 1 100 %1 100 1 — 1 100 
Provision (benefit) for unfunded lending commitments24 (18)27 15 (44)42 NM68 NM6 (93)99 NM
Allowance for unfunded lending commitments - ending$183 $158 $176 $149 $134 $25 16 %$49 37 $183 $134 $49 37 
Total allowance for credit losses - ending$2,147 $1,878 $1,934 $2,004 $2,081 $269 14 %$66 3 %$2,147 $2,081 $66 3 %
Memo: Total allowance for credit losses by product
Commercial $1,153 $925 $974 $997 $1,074 $228 25 %$79 7 %$1,153 $1,074 $79 7 %
Retail 994 953 960 1,007 1,007 41 4 (13)(1)994 1,007 (13)(1)
Total allowance for credit losses$2,147 $1,878 $1,934 $2,004 $2,081 $269 14 %$66 3 %$2,147 $2,081 $66 3 %
18

CAPITAL AND RATIOS
(in millions, except ratio data)
AS OFFOR THE SIX MONTHS ENDED JUNE 30,
JUNE 30, 2022 CHANGE2022 Change
June 30, 2022Mar 31, 2022Dec 31, 2021Sept 30, 2021June 30, 2021Mar 31, 2022June 30, 2021202220212021
$%$%$%
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY)
CET1 capital$17,946 $15,643 $15,656 $15,584 $15,266 $2,303 15 %$2,680 18 %
Tier 1 capital19,960 17,657 17,670 17,598 17,280 2,303 13 2,680 16 
Total capital23,184 20,301 20,244 20,295 20,111 2,883 14 3,073 15 
Risk-weighted assets187,727 161,859 158,831 151,796 148,563 25,868 16 39,164 26 
Adjusted average assets1
215,727 183,089 181,800 180,528 178,929 32,638 18 36,798 21 
CET1 capital ratio9.6 %9.7 %9.9 %10.3 %10.3 %
Tier 1 capital ratio10.6 10.9 11.1 11.6 11.6 
Total capital ratio12.3 12.5 12.7 13.4 13.5 
Tier 1 leverage ratio9.3 9.6 9.7 9.7 9.7 
TANGIBLE COMMON EQUITY (PERIOD-END)
Common stockholders' equity$22,314 $20,060 $21,406 $21,409 $21,185 $2,254 11 %$1,129 5 %$22,314 $21,185 $1,129 5 %
Less: Goodwill8,081 7,232 7,116 7,065 7,050 849 12 1,031 15 8,081 7,050 1,031 15 
Less: Other intangible assets211 115 64 51 52 96 83 159 NM211 52 159 NM
Add: Deferred tax liabilities2
422 387 383 384 383 35 9 39 10 422 383 39 10 
Total tangible common equity$14,444 $13,100 $14,609 $14,677 $14,466 $1,344 10 %($22)— %$14,444 $14,466 ($22)— %
TANGIBLE COMMON EQUITY (AVERAGE)
Common stockholders' equity$22,383 $20,981 $21,320 $21,326 $20,833 $1,402 7 %$1,550 7 %$21,686 $20,723 $963 5 %
Less: Goodwill8,015 7,156 7,092 7,055 7,050 859 12 965 14 7,588 7,050 538 8 
Less: Other intangible assets213 80 56 52 53 133 166 160 NM147 55 92 167 
Add: Deferred tax liabilities2
416 383 383 383 381 33 9 35 9 400 380 20 5 
Total tangible common equity$14,571 $14,128 $14,555 $14,602 $14,111 $443 3 %$460 3 %$14,351 $13,998 $353 3 %
INTANGIBLE ASSETS (PERIOD-END)
Goodwill$8,081 $7,232 $7,116 $7,065 $7,050 $849 12 %$1,031 15 %$8,081 $7,050 $1,031 15 %
Other intangible assets211 115 64 51 52 96 83 159 NM211 52 159 NM
Total intangible assets$8,292 $7,347 $7,180 $7,116 $7,102 $945 13 %$1,190 17 %$8,292 $7,102 $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 TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q22 Change2022 Change
2Q221Q224Q213Q212Q211Q222Q21202220212021
$%$%$%
Noninterest income, Underlying:
Noninterest income (GAAP)A$494 $498 $594 $514 $485 ($4)(1 %)$9 2 %$992 $1,027 ($35)(3 %)
Less: Notable items(31)— — — — (31)(100)(31)(100)(31)— (31)(100)
Noninterest income, Underlying (non-GAAP)B$525 $498 $594 $514 $485 $27 5 %$40 8 %$1,023 $1,027 ($4)— %
Total revenue, Underlying:
Total revenue (GAAP)C$1,999 $1,645 $1,720 $1,659 $1,609 $354 22 %$390 24 %$3,644 $3,268 $376 12 %
Less: Notable items(31)— — — — (31)(100)(31)(100)(31)— (31)(100)
Total revenue, Underlying (non-GAAP)D$2,030 $1,645 $1,720 $1,659 $1,609 $385 23 %$421 26 %$3,675 $3,268 $407 12 %
Noninterest expense, Underlying:
Noninterest expense (GAAP)E$1,305 $1,106 $1,061 $1,011 $991 $199 18 %$314 32 %$2,411 $2,009 $402 20 %
Less: Notable items125 48 51 23 11 77 160 114 NM173 31 142 NM
Noninterest expense, Underlying (non-GAAP)F$1,180 $1,058 $1,010 $988 $980 $122 12 %$200 20 %$2,238 $1,978 $260 13 %
Pre-provision profit:
Total revenue (GAAP)C$1,999 $1,645 $1,720 $1,659 $1,609 $354 22 %$390 24 %$3,644 $3,268 $376 12 %
Less: Noninterest expense (GAAP)E1,305 1,106 1,061 1,011 991 199 18 314 32 2,411 2,009 402 20 
Pre-provision profit (GAAP)$694 $539 $659 $648 $618 $155 29 %$76 12 %$1,233 $1,259 ($26)(2 %)
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)D$2,030 $1,645 $1,720 $1,659 $1,609 $385 23 %$421 26 %$3,675 $3,268 $407 12 %
Less: Noninterest expense, Underlying (non-GAAP)F1,180 1,058 1,010 988 980 122 12 200 20 2,238 1,978 260 13 
Pre-provision profit, Underlying (non-GAAP)$850 $587 $710 $671 $629 $263 45 %$221 35 %$1,437 $1,290 $147 11 %
Provision (benefit) for credit losses, Underlying:
Provision (benefit) for credit losses (GAAP)$216 $3 ($25)($33)($213)$213 NM$429 NM$219 ($353)$572 NM
Less: Notable items145 24 — — — 121 NM145 100 169 — 169 100 
Provision (benefit) for credit losses, Underlying (non-GAAP)$71 ($21)($25)($33)($213)$92 NM$284 133 %$50 ($353)$403 114 %
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)G$478 $536 $684 $681 $831 ($58)(11 %)($353)(42 %)$1,014 $1,612 ($598)(37 %)
Less: Expense before income tax benefit related to notable items(301)(72)(51)(23)(11)(229)NM(290)NM(373)(31)(342)NM
Income before income tax expense, Underlying (non-GAAP)H$779 $608 $735 $704 $842 $171 28 %($63)(7 %)$1,387 $1,643 ($256)(16 %)
Income tax expense, Underlying:
Income tax expense (GAAP)I$114 $116 $154 $151 $183 ($2)(2 %)($69)(38 %)$230 $353 ($123)(35 %)
Less: Income tax benefit related to notable items(70)(16)(12)(7)(3)(54)NM(67)NM(86)(8)(78)NM
Income tax expense, Underlying (non-GAAP)J$184 $132 $166 $158 $186 $52 39 %($2)(1 %)$316 $361 ($45)(12 %)
Net income, Underlying:
Net income (GAAP)K$364 $420 $530 $530 $648 ($56)(13 %)($284)(44 %)$784 $1,259 ($475)(38 %)
Add: Notable items, net of income tax benefit231 56 39 16 8 175 NM223 NM287 23 264 NM
Net income, Underlying (non-GAAP)L$595 $476 $569 $546 $656 $119 25 %($61)(9 %)$1,071 $1,282 ($211)(16 %)
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)M$332 $396 $498 $504 $616 ($64)(16 %)($284)(46 %)$728 $1,204 ($476)(40 %)
Add: Notable items, net of income tax benefit231 56 39 16 8 175 NM223 NM287 23 264 NM
Net income available to common stockholders, Underlying (non-GAAP)N$563 $452 $537 $520 $624 $111 25 %($61)(10 %)$1,015 $1,227 ($212)(17 %)
21


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

QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q22 Change2022 Change
2Q221Q224Q213Q212Q211Q222Q21202220212021
$/bps%$/bps%$/bps%
Operating leverage:
Total revenue (GAAP)C$1,999 $1,645 $1,720 $1,659 $1,609 $354 21.59 %$390 24.24 %$3,644 $3,268 $376 11.51 %
Less: Noninterest expense (GAAP)E1,305 1,106 1,061 1,011 991 199 18.05 314 31.58 2,411 2,009 402 19.97 
Operating leverage3.54 %(7.34 %)(8.46 %)
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)D$2,030 $1,645 $1,720 $1,659 $1,609 $385 23.48 %$421 26.18 %$3,675 $3,268 $407 12.46 %
Less: Noninterest expense, Underlying (non-GAAP)F1,180 1,058 1,010 988 980 122 11.74 200 20.47 2,238 1,978 260 13.11 
Operating leverage, Underlying (non-GAAP)11.74 %5.71 %(0.65 %)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio E/C65.27 %67.23 %61.68 %60.92 %61.63 %(196) bps364  bps66.16 %61.49 %467  bps
Efficiency ratio, Underlying (non-GAAP)F/D58.16 64.28 58.71 59.55 60.92 (612) bps(276) bps60.90 60.55 35  bps
Noninterest income as a % of total revenue, Underlying:
Noninterest income as a % of total revenueA/C24.72 %30.26 %34.50 %31.01 %30.12 %(554) bps(540) bps27.22 %31.42 %(420) bps
Noninterest income as a % of total revenue, UnderlyingB/D25.88 30.26 34.50 31.01 30.12 (438) bps(424) bps27.84 31.42 (358) bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rateI/G23.77 %21.70 %22.40 %22.35 %21.96 %207  bps181  bps22.68 %21.86 %82  bps
Effective income tax rate, Underlying (non-GAAP)J/H23.69 21.70 22.61 22.45 22.01 199  bps168  bps22.82 21.93 89  bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)O$22,383 $20,981 $21,320 $21,326 $20,833 $1,402 7 %$1,550 7 %$21,686 $20,723 $963 5 %
Return on average common equityM/O5.95 %7.65 %9.26 %9.39 %11.85 %(170) bps(590) bps6.77 %11.71 %(494) bps
Return on average common equity, Underlying (non-GAAP)N/O10.06 8.75 9.97 9.70 12.02 131  bps(196) bps9.43 11.93 (250) bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)O$22,383 $20,981 $21,320 $21,326 $20,833 $1,402 7 %$1,550 7 %$21,686 $20,723 $963 5 %
Less: Average goodwill (GAAP)8,015 7,156 7,092 7,055 7,050 859 12 965 14 7,588 7,050 538 8 
Less: Average other intangibles (GAAP)213 80 56 52 53 133 166 160 NM147 55 92 167 
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)416 383 383 383 381 33 9 35 9 400 380 20 5 
Average tangible common equityP$14,571 $14,128 $14,555 $14,602 $14,111 $443 3 %$460 3 %$14,351 $13,998 $353 3 %
Return on average tangible common equity M/P9.13 %11.36 %13.57 %13.71 %17.50 %(223) bps(837) bps10.22 %17.34 %(712) bps
Return on average tangible common equity, Underlying (non-GAAP)N/P15.45 12.99 14.61 14.17 17.74 246  bps(229) bps14.25 17.67 (342) bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)Q$220,967 $188,317 $187,228 $186,108 $184,456 $32,65017 %$36,51120 %$204,732 $183,518 $21,21412 %
Return on average total assetsK/Q0.66 %0.90 %1.12 %1.13 %1.41 %(24) bps(75) bps0.77 %1.38 %(61) bps
Return on average total assets, Underlying (non-GAAP)L/Q1.08 1.03 1.20 1.16 1.43 5  bps(35) bps1.05 1.41 (36) bps
22

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q22 Change2022 Change
2Q221Q224Q213Q212Q211Q222Q21202220212021
$/bps%$/bps%$/bps%
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)R$220,967 $188,317 $187,228 $186,108 $184,456 $32,65017 %$36,51120 %$204,732 $183,518 $21,21412 %
Less: Average goodwill (GAAP)8,015 7,156 7,092 7,055 7,050 85912 96514 7,588 7,050 5388 
Less: Average other intangibles (GAAP)213 80 56 52 53 133166 160NM147 55 92167 
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)416 383 383 383 381 339 359 400 380 205 
Average tangible assetsS$213,155 $181,464 $180,463 $179,384 $177,734 $31,69117 %$35,42120 %$197,397 $176,793 $20,60412 %
Return on average total tangible assets K/S0.69 %0.94 %1.17 %1.17 %1.46 %(25) bps(77) bps0.80 %1.44 %(64) bps
Return on average total tangible assets, Underlying (non-GAAP)L/S1.12 1.06 1.25 1.21 1.48 6  bps(36) bps1.09 1.46 (37) bps
Tangible book value per common share:
Common shares - at period-end (GAAP)T495,650,259 423,031,985 422,137,197 426,199,576 426,083,143 72,618,274 17 %69,567,11616 %495,650,259 426,083,143 69,567,11616 %
Common stockholders' equity (GAAP)$22,314 $20,060 $21,406 $21,409 $21,185 $2,25411 $1,1295 $22,314 $21,185 $1,1295 
Less: Goodwill (GAAP)8,081 7,232 7,116 7,065 7,050 84912 1,03115 8,081 7,050 1,03115 
Less: Other intangible assets (GAAP)211 115 64 51 52 9683 159NM211 52 159NM
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)422 387 383 384 383 359 3910 422 383 3910 
Tangible common equityU$14,444 $13,100 $14,609 $14,677 $14,466 $1,34410 %($22)— %$14,444 $14,466 ($22)— %
Tangible book value per common shareU/T$29.14 $30.97 $34.61 $34.44 $33.95 ($1.83)(6 %)($4.81)(14 %)$29.14 $33.95 ($4.81)(14 %)
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)V491,497,026 422,401,747 424,697,880 426,086,717 425,948,706 69,095,279 16 %65,548,320 15 %457,140,258 425,951,197 31,189,0617 %
Average common shares outstanding - diluted (GAAP)W493,296,114 424,670,871 426,868,106 427,840,964 427,561,572 68,625,243 16 65,734,542 15 459,167,747 427,668,242 31,499,5057 
Net income per average common share - basic (GAAP)M/V$0.68 $0.94 $1.17 $1.18 $1.45 ($0.26)(28)($0.77)(53)$1.59 $2.83 ($1.24)(44)
Net income per average common share - diluted (GAAP)M/W0.67 0.93 1.17 1.18 1.44 (0.26)(28)(0.77)(53)1.58 2.81 (1.23)(44)
Net income per average common share - basic, Underlying (non-GAAP)N/V1.14 1.07 1.26 1.22 1.47 0.07 7 (0.33)(22)2.22 2.88 (0.66)(23)
Net income per average common share - diluted, Underlying (non-GAAP)N/W1.14 1.07 1.26 1.22 1.46 0.07 7 (0.32)(22)2.21 2.87 (0.66)(23)
Dividend payout ratio and dividend payout ratio, Underlying:
Cash dividends declared and paid per common shareX$0.39 $0.39 $0.39 $0.39 $0.39 $— — %$— — %$0.78 $0.78 $— — %
Dividend payout ratioX/(M/V)57 %41 %33 %33 %27 %1,600 bps3,000 bps49 %28 %2,100 bps
Dividend payout ratio, Underlying (non-GAAP)X/(N/V)34 36 31 32 27 (200) bps700 bps35 27 800 bps
23

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q22 Change2022 Change
2Q221Q224Q213Q212Q211Q222Q21202220212021
$%$%$/bps%
Other income, Underlying:
Other income (GAAP)($12)$24 $32 $26 $16 ($36)NM($28)NM$12 $31 ($19)(61 %)
Less: Notable items(31)— — — — (31)(100)(31)(100)(31)— (31)(100)
Other income, Underlying (non-GAAP)$19 $24 $32 $26 $16 ($5)(21)$3 19 %$43 $31 $12 39 %
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)$683 $594 $551 $509 $524 $89 15 %$159 30 %$1,277 $1,072 $205 19 %
Less: Notable items72 6 5 (13)— 66 NM72 100 78 — 78 100 
Salaries and employee benefits, Underlying (non-GAAP)$611 $588 $546 $522 $524 $23 4 %$87 17 %$1,199 $1,072 $127 12 %
Equipment and software, Underlying:
Equipment and software (GAAP)
$169 $150 $146 $157 $155 $19 13 %$14 9 %$319 $307 $12 4 %
Less: Notable items6 2 2 7 4 4 200 2 50 8 8 — — 
Equipment and software, Underlying (non-GAAP)$163 $148 $144 $150 $151 $15 10 %$12 8 %$311 $299 $12 4 %
Outside services, Underlying:
Outside services (GAAP)$189 $169 $175 $144 $137 $20 12 %$52 38 %$358 $276 $82 30 %
Less: Notable items41 35 37 12 4 6 17 37 NM76 11 65 NM
Outside services, Underlying (non-GAAP)$148 $134 $138 $132 $133 $14 10 %$15 11 %$282 $265 $17 6 %
Occupancy, Underlying:
Occupancy (GAAP)$111 $83 $86 $77 $82 $28 34 %$29 35 %$194 $170 $24 14 %
Less: Notable items1 — 5 1 3 1 100 (2)(67)1 12 (11)(92)
Occupancy, Underlying (non-GAAP)$110 $83 $81 $76 $79 $27 33 %$31 39 %$193 $158 $35 22 %
Other operating expense, Underlying:
Other operating expense (GAAP)$153 $110 $103 $124 $93 $43 39 %$60 65 %$263 $184 $79 43 %
Less: Notable items5 5 2 16 — — — 5 100 10 — 10 NM
Other operating expense, Underlying (non-GAAP)$148 $105 $101 $108 $93 $43 41 %$55 59 %$253 $184 $69 38 %

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NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS
(in millions, except ratio data)
SECOND QUARTER 2022FIRST QUARTER 2022FOURTH QUARTER 2021
Consumer BankingCommercial BankingOtherConsolidatedConsumer BankingCommercial BankingOtherConsolidatedConsumer BankingCommercial BankingOtherConsolidated
Net income (loss) available to common stockholders:
Net income (loss)A$265 $341 ($242)$364 $209 $271 ($60)$420 $279 $336 ($85)$530 
Less: Preferred stock dividends— — 32 32 — — 24 24 — — 32 32 
Net income (loss) available to common stockholdersB$265 $341 ($274)$332 $209 $271 ($84)$396 $279 $336 ($117)$498 
Return on average total tangible assets:
Average total assets (GAAP)$88,881 $78,638 $53,448 $220,967 $77,551 $61,118 $49,648 $188,317 $76,077 $58,501 $52,650 $187,228 
 Less: Average goodwill (GAAP)445 731 6,839 8,015 160 120 6,876 7,156 122 94 6,876 7,092 
          Average other intangibles (GAAP)74 16 123 213 51 18 11 80 32 11 13 56 
 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)6 1 409 416 5 1 377 383 4 1 378 383 
Average tangible assetsC$88,368 $77,892 $46,895 $213,155 $77,345 $60,981 $43,138 $181,464 $75,927 $58,397 $46,139 $180,463 
Return on average total tangible assets A/C1.20 %1.75 %NM0.69 %1.10 %1.81 %NM0.94 %1.46 %2.28 %NM1.17 %
Efficiency ratio:
Noninterest expense (GAAP)D$881 $308 $116 $1,305 $784 $272 $50 $1,106 $737 $294 $30 $1,061 
Net interest income (GAAP)995 534 (24)1,505 857 416 (126)1,147 883 438 (195)1,126 
Noninterest income (GAAP)280 221 (7)494 257 213 28 498 274 293 27 594 
Total revenue (GAAP)E$1,275 $755 ($31)$1,999 $1,114 $629 ($98)$1,645 $1,157 $731 ($168)$1,720 
Efficiency ratio D/E69.06 %40.78 %NM65.27 %70.38 %43.32 %NM67.23 %63.68 %40.16 %NM61.68 %
THIRD QUARTER 2021SECOND QUARTER 2021
Consumer BankingCommercial BankingOtherConsolidatedConsumer BankingCommercial BankingOtherConsolidated
Net income (loss) available to common stockholders:
Net income (loss)A$336 $274 ($80)$530 $286 $265 $97 $648 
Less: Preferred stock dividends
— — 26 26 — — 32 32 
Net income (loss) available to common stockholdersB$336 $274 ($106)$504 $286 $265 $65 $616 
Return on average total tangible assets:
Average total assets (GAAP)$75,070 $56,702 $54,336 $186,108 $75,600 $57,527 $51,329 $184,456 
 Less: Average goodwill (GAAP)122 57 6,876 7,055 122 52 6,876 7,050 
          Average other intangibles (GAAP)34 5 13 52 35 4 14 53 
 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)4 2 377 383 4 1 376 381 
Average tangible assetsC$74,918 $56,642 $47,824 $179,384 $75,447 $57,472 $44,815 $177,734 
Return on average total tangible assets A/C1.78 %1.92 %NM1.17 %1.52 %1.85 %NM1.46 %
Efficiency ratio:
Noninterest expense (GAAP)D$749 $226 $36 $1,011 $751 $226 $14 $991 
Net interest income (GAAP)919 428 (202)1,145 897 419 (192)1,124 
Noninterest income (GAAP)315 168 31 514 283 178 24 485 
Total revenue (GAAP)E$1,234 $596 ($171)$1,659 $1,180 $597 ($168)$1,609 
Efficiency ratio D/E60.73 %38.02 %NM60.92 %63.62 %37.86 %NM61.63 %

25

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS (CONTINUED)
(in millions, except ratio data)
FOR THE SIX MONTHS ENDED JUNE 30,
20222021
Consumer BankingCommercial BankingOtherConsolidatedConsumer BankingCommercial BankingOtherConsolidated
Net income (loss) available to common stockholders:
Net income (loss)A$474 $612 ($302)$784 $588 $476 $195 $1,259 
Less: Preferred stock dividends— — 56 56 — — 55 55 
Net income (loss) available to common stockholdersB$474 $612 ($358)$728 $588 $476 $140 $1,204 
Return on average total tangible assets:
Average total assets (GAAP)$83,247 $69,927 $51,558 $204,732 $75,443 $57,632 $50,443 $183,518 
 Less: Average goodwill (GAAP)303 427 6,858 7,588 122 52 6,876 7,050 
         Average other intangibles (GAAP)62 17 68 147 36 5 14 55 
 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)5 1 394 400 3 1 376 380 
Average tangible assetsC$82,887 $69,484 $45,026 $197,397 $75,288 $57,576 $43,929 $176,793 
Return on average total tangible assets A/C1.15 %1.78 %NM0.80 %1.58 %1.67 %NM1.44 %
Efficiency ratio:
Noninterest expense (GAAP)D$1,665 $580 $166 $2,411 $1,501 $453 $55 $2,009 
Net interest income (GAAP)1,852 950 (150)2,652 1,760 840 (359)2,241 
Noninterest income (GAAP)537 434 21 992 634 348 45 1,027 
Total revenue (GAAP)E$2,389 $1,384 ($129)$3,644 $2,394 $1,188 ($314)$3,268 
Efficiency ratio D/E69.67 %41.93 %NM66.16 %62.69 %38.10 %NM61.49 %
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