cfg-20240417
CITIZENS FINANCIAL GROUP INC/RI0000759944false00007599442024-04-172024-04-170000759944us-gaap:CommonStockMember2024-04-172024-04-170000759944us-gaap:SeriesDPreferredStockMember2024-04-172024-04-170000759944us-gaap:SeriesEPreferredStockMember2024-04-172024-04-17


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 17, 2024

citizenslogoa05.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 April 17, 2024, Citizens Financial Group, Inc. (the “Company”) issued a press release announcing its first quarter 2024 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 Chair and Chief Financial Officer
Date:  April 17, 2024






citizenslogoa05a.jpg

Citizens Financial Group, Inc. Reports First Quarter 2024 Net Income of
$334 million and EPS of $0.65
Underlying Net Income of $395 million and EPS of $0.79*
Strong recovery in Capital Markets fees
Stable NIM; LDR of 81%; CET1 ratio of 10.6%

Key Financial Data1Q244Q231Q23
First Quarter 2024 Highlights
 
Income
Statement		($s in millions)
■Underlying EPS of $0.79 and ROTCE of 10.6%
■Underlying PPNR of $683 million
–NII down 3% QoQ given a slight decrease in interest-earning assets; stable NIM of 2.91%
–Fees up 3% QoQ with higher Capital Markets and Card fees
–Expenses stable QoQ including continued Private Bank start-up investment
■Increased ACL coverage to 1.61%, up 2 bps QoQ
■Period-end and average loans down 2% QoQ given balance sheet optimization, including Non-Core portfolio run off
■Period-end deposits up $4.2 billion YoY reflecting retail and Private Bank growth; Period-end and average deposits down slightly QoQ given Commercial seasonal outflows
■Strong liquidity profile; Spot LDR improved to 81%; FHLB advances reduced further to $2.0 billion, down 83% YoY
■Strong CET1 ratio of 10.6%; TCE ratio of 6.5%
■TBV/share of $30.19, down 2% QoQ reflecting rate impacts on AOCI
Total revenue$1,959 $1,988 $2,128 
Pre-provision profit601 376 832 
Underlying pre-provision profit683 721 898 
Provision for credit losses171 171 168 
Net income334 189 511 
Underlying net income395 426 560 
Balance Sheet
&
Credit Quality		($s in billions)
Period-end loans and leases$143.2 $146.0 $154.7 
Average loans and leases144.8 148.0 156.5 
Period-end deposits176.4 177.3 172.2 
Average deposits176.1 177.1 174.4 
Period-end loan-to-deposit ratio
81.2 %82.3 %89.8 %
NCO ratio0.50 %0.46 %0.34 %
Financial MetricsDiluted EPS$0.65 $0.34 $1.00 
Underlying Diluted EPS0.79 0.85 1.10 
ROTCE8.9 %4.7 %14.4 %
Underlying ROTCE10.6 11.8 15.8 
Net interest margin, FTE2.91 2.91 3.30 
Efficiency ratio69.3 81.1 60.9 
Underlying efficiency ratio65.1 63.8 57.8 
CET110.6 %10.6 %10.0 %
TBV/Share$30.19 $30.91 $29.44 

Notable Items1Q24
($s in millions except per share data)Pre-tax $EPS
Integration related$(3)$(0.01)
TOP and Other items
(44)(0.07)
FDIC special assessment
(35)(0.06)
Total:$(82)$(0.14)
Comments from Chairman and CEO Bruce Van Saun
“We are pleased to start the year with a solid first quarter, featuring a bounce back in capital markets fees, stable NIM,
*Results presented on an Underlying basis are non-GAAP Financial Measures. See page 15 for additional information on our use of Non-GAAP Financial Measures.
Citizens Financial Group, Inc.
further improvement in our LDR, tight expense management and a strong capital and credit reserve position“ said Chairman and CEO Bruce Van Saun. “We are executing well on our key strategic initiatives, including the Private Bank, NYC Metro, TOP 9 and servicing Private Capital. We remain comfortable with our full year guidance and are excited by our medium-term prospects.”
Citizens also announced today that its board of directors declared a quarterly common stock dividend of $0.42 per share. The dividend is payable on May 15, 2024 to shareholders of record at the close of business on May 1, 2024.
2
Citizens Financial Group, Inc.
Earnings highlights(1):
Quarterly Trends
 1Q24 change from
($s in millions, except per share data)1Q244Q231Q234Q231Q23
Earnings$/bps%$/bps%
Net interest income$1,442 $1,488 $1,643 $(46)(3) %$(201)(12) %
Noninterest income517 500 485 17 3 32 7 
Total revenue1,959 1,988 2,128 (29)(1)(169)(8)
Noninterest expense1,358 1,612 1,296 (254)(16)62 5 
Pre-provision profit601 376 832 225 60 (231)(28)
Provision for credit losses171 171 168 — —3 2
Net income334 189 511 145 77 (177)(35)
Preferred dividends30 30 23 — — 7 30 
Net income available to common stockholders$304 $159 $488 $145 91  %$(184)(38) %
After-tax notable Items61 237 49 (176)(74)12 24
Underlying net income$395 $426 $560 $(31)(7) %$(165)(29) %
Underlying net income available to common stockholders365 396 537 (31)(8)(172)(32)
Average common shares outstanding
Basic (in millions)461.4 466.2 485.4 (4.9)(1)(24.1)(5)
Diluted (in millions)463.8 468.2 487.7 (4.4)(1)(23.9)(5)
Diluted earnings per share$0.65 $0.34 $1.00 $0.31 91  %$(0.35)(35) %
Underlying diluted earnings per share0.79 0.85 1.10 (0.06)(7)(0.31)(28)
Performance metrics
Net interest margin2.90 %2.90 %3.29 %—  bps(39) bps
Net interest margin, FTE2.91 2.91 3.30 — (39)
Effective income tax rate22.3 7.6 23.0 1,469 (69)
Efficiency ratio69.3 81.1 60.9 (1,180)843 
Underlying efficiency ratio65.1 63.8 57.8 128 721 
Return on average tangible common equity8.9 4.7 14.4 414 (552)
Underlying return on average tangible common equity10.6 11.8 15.8 (119)(515)
Return on average total tangible assets0.63 0.35 0.97 28 (34)
Underlying return on average total tangible assets0.75 %0.78 %1.06 %(3) bps(31) bps
Capital adequacy(2,3)
Common equity tier 1 capital ratio10.6 %10.6 %10.0 %
Total capital ratio13.8 13.7 12.9 
Tier 1 leverage ratio9.3 9.3 9.4 
Tangible common equity ratio6.5 6.7 6.6 
Allowance for credit losses to loans and leases1.61 %1.59 %1.47 %2  bps14  bps
Asset quality(3)
Nonaccrual loans and leases to loans and leases1.02 %0.93 %0.64 %9  bps38  bps
Allowance for credit losses to nonaccrual loans and leases157 170 229 (13)(72)
Net charge-offs as a % of average loans and leases0.50 %0.46 %0.34 %4  bps16  bps

(1) Unless otherwise noted, references to balance sheet items are on an average basis, loans exclude loans held for sale, earnings per share
represent fully diluted per common share and references to NIM are on a FTE basis.
(2) Current reporting-period regulatory capital ratios are preliminary.
(3) Capital adequacy and asset-quality ratios calculated on a period-end basis, except net charge-offs.







3
Citizens Financial Group, Inc.
The following table provides information on Underlying results which exclude the impact of notable items.

Underlying results:

Quarterly Trends
 1Q24 change from
($s in millions, except per share data)1Q244Q231Q234Q231Q23
$/bps%$/bps%
Net interest income$1,442 $1,488 $1,643 $(46)(3) %$(201)(12) %
Noninterest income514 500 485 14 3 29 6 
Total revenue$1,956 $1,988 $2,128 $(32)(2) %$(172)(8) %
Noninterest expense1,273 1,267 1,230 6 —  %43 3  %
Provision for credit losses171 171 168 — — 3 2 
Net income available to common stockholders$365 $396 $537 $(31)(8)%$(172)(32)%
Performance metrics
EPS$0.79 $0.85 $1.10 $(0.06)(7) %$(0.31)(28) %
Efficiency ratio65.1  %63.8  %57.8  %128  bps721  bps
Return on average tangible common equity10.6  %11.8  %15.8  %(119) bps(515) bps




Consolidated balance sheet summary(1):

 1Q24 change from
($s in millions)1Q244Q231Q234Q231Q23
$/bps%$/bps%
Total assets$220,448 $221,964 $222,256 $(1,516)(1) %$(1,808)(1) %
Total loans and leases143,188 145,959 154,688 (2,771)(2)(11,500)(7)
Total loans held for sale555 779 1,855 (224)(29)(1,300)(70)
Deposits176,428 177,342 172,194 (914)(1)4,234 2 
Stockholders' equity23,761 24,342 24,201 (581)(2)(440)(2)
Stockholders' common equity21,747 22,329 22,187 (582)(3)(440)(2)
Tangible common equity$13,844 $14,417 $14,247 $(573)(4) %$(403)(3) %
Loan-to-deposit ratio (period-end)(2)
81.2 %82.3  %89.8  %(114) bps(867) bps
Loan-to-deposit ratio (average)(2)
82.2 %83.5 %89.8 %(130) bps(752) bps
(1) Represents period-end unless otherwise noted.
(2) Excludes loans held for sale.

4
Citizens Financial Group, Inc.
Notable items:
Quarterly results reflect notable items primarily related to integration costs associated with recent acquisitions, as well as TOP revenue and efficiency initiatives and other expense reductions actions. In addition, first quarter 2024 and fourth quarter 2023 include a notable item for an industry-wide FDIC special assessment. These notable items have been excluded from reported results to better reflect Underlying operating results.
Notable items - Integration-related
1Q244Q231Q23
($s in millions, except per share data)Pre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-tax
Salaries & benefits$(2)$(1)$(2)$(1)$(7)$(5)
Equipment and software— — — — (3)(2)
Outside services(1)(1)(3)(2)(25)(19)
Occupancy— — — — (16)(12)
Other expense— — — — (1)(1)
   Noninterest expense$(3)$(2)$(5)$(3)$(52)$(39)
EPS Impact - Noninterest expense $(0.01)$(0.01)$(0.08)
Total integration related$(3)$(2)$(5)$(3)$(52)$(39)
EPS Impact - Total Integration-related
$(0.01)$(0.01)$(0.08)
Other notable items - TOP & Other
1Q244Q231Q23
($s in millions, except per share data)Pre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-tax
Tax notable items$— $— $— $17 $— $— 
  Noninterest income3 2 — — — — 
Salaries & benefits(15)(11)(30)(22)(9)(7)
Equipment and software(8)(6)(37)(27)(1)(1)
Outside services(11)(9)(10)(7)(2)(1)
Occupancy(7)(5)(20)(15)(2)(1)
FDIC special assessment(1)
(35)(26)(225)(167)— — 
Other expense(6)(4)(18)(13)— — 
   Noninterest expense$(82)$(61)$(340)$(251)$(14)$(10)
Total Other Notable Items$(79)$(59)$(340)$(234)$(14)$(10)
EPS Impact - Other Notable Items $(0.13)$(0.50)$(0.02)
Total Notable Items$(82)$(61)$(345)$(237)$(66)$(49)
Total EPS Impact$(0.14)$(0.51)$(0.10)
(1) The FDIC special assessment earnings per share impact is $(0.06) and $(0.35) for first quarter 2024 and fourth quarter 2023, respectively.

















5
Citizens Financial Group, Inc.
Discussion of results:
Net interest income 1Q24 change from
($s in millions)1Q244Q231Q234Q231Q23
$/bps%$/bps%
Interest income:
Interest and fees on loans and leases and loans held for sale$2,071 $2,166 $2,067 $(95)(4) %$4 —  %
Investment securities399 339 266 60 18 133 50 
Interest-bearing deposits in banks140 171 69 (31)(18)71 103
Total interest income$2,610 $2,676 $2,402 $(66)(2) %$208 9  %
Interest expense:
Deposits$987 $974 $550 $13 1  %$437 79  %
Short-term borrowed funds7 7 6 — — 1 17 
Long-term borrowed funds174 207 203 (33)(16)(29)(14)
Total interest expense$1,168 $1,188 $759 $(20)(2) %$409 54  %
Net interest income$1,442 $1,488 $1,643 $(46)(3) %$(201)(12) %
Net interest margin, FTE2.91  %2.91  %3.30  %—  bps(39) bps
First quarter 2024vs.fourth quarter 2023
Net interest income of $1.4 billion decreased 3%, reflecting a 2% decrease in average interest-earning assets, reflecting lower loans, and the impact of day count.
•Net interest margin of 2.91% was stable reflecting improved asset yields (4 basis points), the benefit of Non-Core run off (3 basis points), and day count (2 basis points), offset by higher funding costs (6 basis points) and the impact of swaps (3 basis points).
First quarter 2024vs.first quarter 2023
Net interest income of $1.4 billion decreased 12%, reflecting lower net interest margin and a 1% decline in average interest-earning assets.
•Net interest margin of 2.91% decreased 39 basis points, as higher funding costs and the impact of building liquidity were partly offset by higher interest-earning-asset yields and the benefit of Non-Core run off.





6
Citizens Financial Group, Inc.
Noninterest Income 1Q24 change from
($s in millions)1Q244Q231Q234Q231Q23
$%$%
Service charges and fees$96 $104 $100 $(8)(8) %$(4)(4) %
Capital markets fees118 87 83 31 36 35 42 
Card fees86 70 72 16 23 14 19 
Trust and investment services fees68 68 63 — — 5 8 
Mortgage banking fees49 57 57 (8)(14)(8)(14)
Foreign exchange and derivative products36 43 48 (7)(16)(12)(25)
Letter of credit and loan fees42 42 40 — — 2 5 
Securities gains, net5 9 5 (4)(44)— —
Other income(1)
17 20 17 (3)(15)— —
Noninterest income$517 $500 $485 $17 3  %$32 7  %
Underlying, as applicable
Card fees$83 $70 $72 $13 19 $11 15 
Underlying noninterest income$514 $500 $485 $14 3  %$29 6  %
(1) Includes bank-owned life insurance income and other miscellaneous income for all periods presented.
First quarter 2024vs.fourth quarter 2023
Underlying noninterest income of $514 million increased $14 million, or 3%.
•Service charges and fees decreased $8 million, given seasonality and lower overdraft fees.
•Capital markets fees increased $31 million, given increased M&A advisory and bond underwriting fees.
•Card fees increased $13 million, driven by higher credit card fees, including favorable vendor contract negotiations.
•Trust and investment services fees were stable.
•Mortgage banking fees decreased $8 million, driven by lower MSR valuation, net of hedging, and servicing fees, partially offset by higher production revenue.
•Foreign exchange and derivative products revenue decreased $7 million, primarily reflecting lower client activity in commodities and foreign exchange hedging.
First quarter 2024vs.first quarter 2023
Noninterest income of $514 million increased $29 million, or 6%.
•Service charges and fees decreased $4 million, given lower overdraft fees.
•Capital markets fees increased $35 million, given increased M&A advisory, bond and equity underwriting fees.
•Card fees increased $11 million, primarily reflecting higher credit card fees, including favorable vendor contract negotiations.
•Trust and investment services fees increased $5 million, given increased sales activity and asset management fees.
•Mortgage banking fees decreased $8 million, given lower servicing and production fees.
•Foreign Exchange and derivative products revenue decreased $12 million, given lower client activity in interest rate and commodities hedging.

7
Citizens Financial Group, Inc.
Noninterest Expense 1Q24 change from
($s in millions)1Q244Q231Q234Q231Q23
$%$%
Salaries and employee benefits$691 $667 $658 $24 4 %$33 5 %
Equipment and software192 215 169 (23)(11)23 14 
Outside services158 174 176 (16)(9)(18)(10)
Occupancy114 125 124 (11)(9)(10)(8)
Other operating expense203 431 169 (228)(53)34 20 
Noninterest expense$1,358 $1,612 $1,296 $(254)(16)%$62 5 %
Notable items$85 $345 $66 $(260)(75)%$19 29%
Underlying, as applicable
Salaries and employee benefits$674 $635 $642 $39 6 %$32 5 %
Equipment and software184 178 165 6 3 19 12 
Outside services146 161 149 (15)(9)(3)(2)
Occupancy107 105 106 2 2 1 1 
Other operating expense162 188 168 (26)(14)(6)(4)
Underlying noninterest expense$1,273 $1,267 $1,230 $6 — %$43 3 %
First quarter 2024vs.fourth quarter 2023
Underlying noninterest expense of $1.27 billion was broadly stable.
•Salaries and benefits increased, primarily reflecting seasonal increases in payroll taxes and compensation related costs.
•Equipment and software increased reflecting technology investments.
•Outside services decreased reflecting lower vendor costs and other efficiency initiatives.
•Other operating expense decreased given lower advertising and travel expense, as well as lower fraud costs.
Reported noninterest expense of $1.36 billion decreased $254 million, including notable items of $85 million in first quarter 2024 compared with notable items of $345 million in fourth quarter 2023. Notable items include the industry-wide FDIC special assessment of $35 million in first quarter 2024 and $225 million in fourth quarter 2023.
The effective tax rate was 22.3% in first quarter 2024. On an underlying basis, the effective tax rate of 22.8% increased modestly compared to 22.3% in fourth quarter 2023.
First quarter 2024vs.first quarter 2023
Underlying noninterest expense of $1.27 billion increased 3%; was stable excluding $38 million in expenses related to the Private Bank start-up investment.
•Salaries and benefits increased reflecting the Private Bank start-up investment, partly offset by lower headcount.
•Equipment and software increased reflecting technology investments.
•Other operating expenses decreased primarily driven by lower fraud, advertising and travel expense.
The effective tax rate was 22.3% in first quarter 2024. On an underlying basis, the effective tax rate of 22.8% compared with 23.2% in first quarter 2023.
8
Citizens Financial Group, Inc.
Interest-earning assets 1Q24 change from
($s in millions)1Q244Q231Q234Q231Q23
Period-end interest-earning assets$%$%
Investments$41,127 $40,003 $34,893 $1,124 3  %$6,234 18  %
Interest-bearing deposits in banks10,893 10,239 7,011 654 6 3,882 55 
Commercial loans and leases72,823 74,445 80,866 (1,622)(2)(8,043)(10)
Retail loans70,365 71,514 73,822 (1,149)(2)(3,457)(5)
Total loans and leases143,188 145,959 154,688 (2,771)(2)(11,500)(7)
Loans held for sale, at fair value505 676 855 (171)(25)(350)(41)
Other loans held for sale50 103 1,000 (53)(51)(950)(95)
Total loans and leases and loans held for sale143,743 146,738 156,543 (2,995)(2)(12,800)(8)
Total period-end interest-earning assets$195,763 $196,980 $198,447 $(1,217)(1) %$(2,684)(1) %
Average interest-earning assets
Investments(1)
$43,905 $41,499 $38,955 $2,406 6  %$4,950 13  %
Interest-bearing deposits in banks10,268 12,387 5,899 (2,119)(17)4,369 74 
Commercial loans and leases73,842 76,078 82,321 (2,236)(3)(8,479)(10)
Retail loans70,980 71,891 74,171 (911)(1)(3,191)(4)
Total loans and leases144,822 147,969 156,492 (3,147)(2)(11,670)(7)
Loans held for sale, at fair value850 1,047 1,009 (197)(19)(159)(16)
Other loans held for sale223 219 197 4 2 26 13 
Total loans and leases and loans held for sale145,895 149,235 157,698 (3,340)(2)(11,803)(7)
Total average interest-earning assets$200,068 $203,121 $202,552 $(3,053)(2) %$(2,484)(1) %
(1) Total average interest-earning assets excludes the mark-to-market on investment securities and unsettled purchases or sales of loans and investments.

First quarter 2024vs.fourth quarter 2023
Period-end interest-earning assets of $195.8 billion decreased $1.2 billion, or 1%, reflecting a $3.0 billion decrease in total loans and leases and loans held for sale, partly offset by a $1.1 billion increase in investments in securities and a $654 million increase in cash held in interest-bearing deposits. The decrease in loans and leases reflects a $1.6 billion decrease in commercial given balance sheet optimization actions, paydowns and market conditions driving lower client demand. Results also reflect a $1.1 billion decrease in retail, given planned Non-Core portfolio run off.
Average interest-earning assets of $200.1 billion decreased $3.1 billion, or 2%, reflecting a $3.1 billion decrease in total loans and leases and a $2.1 billion decrease in cash held in interest-bearing deposits, partly offset by a $2.4 billion increase in investments. The decrease in loans and leases reflects a $2.2 billion decrease in commercial given paydowns, balance sheet optimization actions and market conditions driving lower client demand, as well as a $911 million decrease in retail driven by the Non-Core portfolio run off.
The average effective duration of the securities portfolio was 3.8 years, compared with 3.9 years at December 31, 2023 and 5.8 years at March 31, 2023.
First quarter 2024vs.first quarter 2023
Period-end interest-earning assets of $195.8 billion decreased $2.7 billion, or 1%, reflecting a $12.8 billion decrease in total loans and leases and loans held for sale, partly offset by a $6.2 billion increase in investments in securities and a $3.9 billion increase in investments in cash held in interest-bearing deposits. The decrease in loans and leases reflects an $8.0 billion decrease in commercial given paydowns, balance sheet optimization actions and lower client demand, and a $3.5 billion decrease in retail driven by the Non-Core portfolio run off largely offset by growth in mortgage and home equity.
Average interest-earning assets of $200.1 billion decreased $2.5 billion, or 1%, reflecting a $11.8 billion decrease in total loans and leases and loans held for sale, partially offset by a $5.0 billion increase in investments in securities and a $4.4 billion increase in cash held in interest-bearing deposits.
9
Citizens Financial Group, Inc.
Deposits 1Q24 change from
($s in millions)1Q244Q231Q234Q231Q23
Period-end deposits$%$%
Demand
$36,593 $37,107 $44,326 $(514)(1) %$(7,733)(17) %
Money market52,182 53,812 48,905 (1,630)(3)3,277 7 
Checking with interest34,487 31,876 34,496 2,611 8 (9)— 
Savings27,912 27,983 29,789 (71)— (1,877)(6)
Term25,254 26,564 14,678 (1,310)(5)10,576 72 
Total period-end deposits$176,428 $177,342 $172,194 $(914)(1) %$4,234 2  %
Average deposits
Demand
$36,684 $38,390 $46,135 $(1,706)(4) %$(9,451)(20) %
Money market52,926 53,003 49,942 (77)— 2,984 6 
Checking with interest32,302 31,788 35,974 514 2 (3,672)(10)
Savings27,745 28,455 29,460 (710)(2)(1,715)(6)
Term26,447 25,492 12,839 955 4 13,608 106 
Total average deposits$176,104 $177,128 $174,350 $(1,024)(1) %$1,754 1  %
First quarter 2024vs.fourth quarter 2023
Total period-end deposits of $176.4 billion and average deposits of $176.1 billion were down slightly, reflecting seasonal declines in Commercial, partially offset by growth in the Private Bank and retail branch deposits.
The mix of deposits reflect a declining rate of migration from demand to interest-bearing and low-cost to high-cost interest bearing accounts. Checking with interest increased $2.6 billion on a period-end basis reflecting a transfer from money market and growth in Commercial.
First quarter 2024vs.first quarter 2023
Total period-end deposits of $176.4 billion increased 2% and average deposits of $176.1 billion increased 1%, reflecting growth in retail branch and Private Bank deposits. Commercial deposits were stable on a spot basis, down 6% on an average basis reflecting deposit optimization initiatives.

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Citizens Financial Group, Inc.
Borrowed Funds 1Q24 change from
($s in millions)1Q244Q231Q234Q231Q23
Period-end borrowed funds$%$%
Short-term borrowed funds$9 $505 $1,018 $(496)(98) %$(1,009)(99) %
Long-term borrowed funds
FHLB advances2,036 3,786 11,779 (1,750)(46)(9,743)(83)
Senior debt6,414 5,170 5,263 1,244 24 1,151 22 
Subordinated debt and other debt1,825 1,819 1,813 6 — 12 1 
Auto collateralized borrowings3,529 2,692 — 837 313,529 100 
Total borrowed funds$13,813 $13,972 $19,873 $(159)(1) %$(6,060)(30) %
Average borrowed funds
Short-term borrowed funds$498 $491 $542 $7 1 %$(44)(8) %
Long-term borrowed funds
FHLB advances2,272 5,751 10,362 (3,479)(60)(8,090)(78)
Senior debt6,113 5,217 5,606 896 17 507 9 
Subordinated debt and other debt1,821 1,816 1,812 5 — 9 — 
Auto collateralized borrowings3,458 2,904 — 554 193,458 100 
Total average borrowed funds$14,162 $16,179 $18,322 $(2,017)(12) %$(4,160)(23) %
First quarter 2024vs.fourth quarter 2023
Period-end borrowed funds decreased by $159 million. Senior debt increased by $1.2 billion and collateralized borrowings on auto loans increased by $837 million, reflecting attractive issuances, with proceeds used to deliver a net decrease of $1.8 billion in FHLB advances and $496 million in short-term borrowings.
Average borrowed funds decreased $2.0 billion. Senior debt increased by $896 million and collateralized borrowings on auto loans increased by $554 million, driven by issuances. Proceeds from these issuances, along with Non-Core run off drove a net decrease of $3.5 billion in FHLB advances.
First quarter 2024vs.first quarter 2023
Period-end borrowed funds decreased by $6.1 billion, primarily due to a decrease in FHLB advances of $9.7 billion and a $1.0 billion decrease in short-term borrowed funds. Run off of the Non-Core portfolio and debt issuances drove the lower FHLB borrowing need.
Average borrowed funds decreased by $4.2 billion, reflecting a $8.1 billion decrease in FHLB advances. Run off of the Non-Core portfolio and debt issuances drove the lower FHLB borrowing need.
11
Citizens Financial Group, Inc.
Capital 1Q24 change from
($s and shares in millions, except per share data)1Q244Q231Q234Q231Q23
Period-end capital$%$%
Stockholders' equity$23,761 $24,342 $24,201 $(581)(2) %$(440)(2) %
Stockholders' common equity21,747 22,329 22,187 (582)(3)(440)(2)
Tangible common equity13,844 14,417 14,247 (573)(4)(403)(3)
Tangible book value per common share$30.19 $30.91 $29.44 $(0.72)(2) %$0.75 3  %
Common shares - at end of period458.5 466.4 484.0 (7.9)(2)(25.5)(5)
Common shares - average (diluted)463.8 468.2 487.7 (4.4)(1) %(23.9)(5) %
Common equity tier 1 capital ratio(1)
10.6 %10.6 %10.0 %
Total capital ratio(1)
13.8 13.7 12.9 
Tangible common equity ratio6.5 6.7 6.6 
Tier 1 leverage ratio(1)
9.3 9.3 9.4 
(1) Current reporting-period regulatory capital ratios are preliminary.
First quarter 2024
•The CET1 capital ratio of 10.6% as of March 31, 2024 compares with 10.6% at December 31, 2023 and 10.0% at March 31, 2023.
•Total capital ratio of 13.8% compares with 13.7% at December 31, 2023 and 12.9% as of March 31, 2023.
•Tangible common equity ratio of 6.5% compares with 6.7% at December 31, 2023 and 6.6% as of March 31, 2023.
•Tangible book value per common share of $30.19 decreased 2% compared with fourth quarter 2023 reflecting AOCI impacts from higher rates.
•Paid $197 million in common dividends to shareholders during first quarter 2024. This compares with $198 million in common dividends during fourth quarter 2023 and $205 million during first quarter 2023.
•Repurchased $300 million of common shares during first quarter 2024, compared with no repurchases in fourth quarter 2023 and $400 million in first quarter 2023.
12
Citizens Financial Group, Inc.
Credit quality review 1Q24 change from
($s in millions)1Q244Q231Q234Q231Q23
$/bps%$/bps%
Nonaccrual loans and leases(1)
$1,469 $1,364 $996 $105 8  %$473 47  %
90+ days past due and accruing(2)
300 333 424 (33)(10)(124)(29)
Net charge-offs181 171 133 10 6 48 36 
Provision for credit losses171 171 168 — —3 2
Allowance for credit losses $2,308 $2,318 $2,275 $(10)—  %$33 1  %
Nonaccrual loans and leases to loans and leases1.02  %0.93  %0.64  %9  bps38 
Net charge-offs as a % of total loans and leases0.50 0.46 0.34 4 16 
Allowance for credit losses to loans and leases1.61 1.59 1.47 2 14 
Allowance for credit losses to nonaccrual loans and leases157  %170  %229  %(13) bps(72) 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 $202 million, $243 million, and $309 million of loans fully or partially guaranteed by the FHA, VA, and USDA for March 31, 2024, December 31, 2023, and March 31, 2023, respectively.
First quarter 2024vs.fourth quarter 2023
•The nonaccrual loans to total loans ratio of 1.02% compares with 0.93% at December 31, 2023. Nonaccrual loans of $1.5 billion increased $105 million, or 8%, reflecting a $117 million increase in Commercial, driven by an increase in the General Office segment of commercial real estate, and a modest decrease in the retail portfolio.
•Net charge-offs of $181 million, or 50 basis points of average loans and leases, increased 4 basis points compared with the prior quarter given a $16 million increase in commercial, primarily driven by the General Office segment of commercial real estate, and a $6 million decrease in retail.
•The first quarter 2024 provision for credit losses of $171 million compares with $171 million for fourth quarter 2023. The ratio of allowance for credit losses to total loans of 1.61% increased from 1.59% as of December 31, 2023, primarily reflecting lower loan balances given Non-Core run off and commercial balance sheet optimization.
•The allowance for credit losses to nonaccrual loans and leases ratio of 157% compares with 170% as of December 31, 2023.
First quarter 2024vs.first quarter 2023
•The nonaccrual loans to total loans ratio of 1.02% increased from 0.64% at March 31, 2023.
•Nonaccrual loans increased $473 million, or 47%, primarily reflecting an increase in the General Office segment of commercial real estate.
•Net charge-offs of $181 million, or 50 basis points of average loans and leases, increased $48 million, primarily reflecting a $33 million increase in commercial driven by the General Office segment of commercial real estate.
•Provision for credit losses of $171 million compares with a $168 million provision in first quarter 2023.
•Allowance for credit losses of $2.3 billion increased $33 million compared with March 31, 2023. Allowance for credit losses ratio of 1.61% as of March 31, 2024, compares with 1.47% as of March 31, 2023.
•The allowance for credit losses to nonaccrual loans and leases ratio of 157% compares with 229% as of March 31, 2023.
13
Citizens Financial Group, Inc.

Corresponding Financial Tables and Information
Investors are encouraged to review the foregoing summary and discussion of Citizens’ earnings and financial condition in conjunction with the detailed financial tables and other information available on the Investor Relations portion of the company’s website at www.citizensbank.com/about-us.
Media:    Peter Lucht - (781) 655-2289
Investors: Kristin Silberberg - (203) 900-6854
Conference Call
CFG management will host a live conference call today with details as follows:
Time:    9:00 am ET
Dial-in: (877) 692-8955, conference ID 7141414
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 April 17, 2024 through May 17, 2024. Please dial (866) 207-1041 and enter access code 4035711. 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 $220.4 billion in assets as of March 31, 2024. 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 1,000 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 X (formerly Twitter), LinkedIn or Facebook.

14
Citizens Financial Group, Inc.

Non-GAAP Financial Measures and Reconciliations
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 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.
15
Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
1Q24 Change
1Q244Q231Q234Q231Q23
$%$%
Noninterest income, Underlying:
Noninterest income (GAAP)$517 $500 $485 $17 3 %$32 7 %
Less: Notable items3 — — 3 100 3 100 
Noninterest income, Underlying (non-GAAP)$514 $500 $485 $14 3 %$29 6 %
Total revenue, Underlying:
Total revenue (GAAP)A$1,959 $1,988 $2,128 ($29)(1 %)($169)(8 %)
Less: Notable items3 — — 3 100 3 100 
Total revenue, Underlying (non-GAAP)B$1,956 $1,988 $2,128 ($32)(2 %)($172)(8 %)
Noninterest expense, Underlying:
Noninterest expense (GAAP)C$1,358 $1,612 $1,296 ($254)(16 %)$62 5 %
Less: Notable items85 345 66 (260)(75)19 29
Noninterest expense, Underlying (non-GAAP)D$1,273 $1,267 $1,230 $6 — %$43 3 %
Pre-provision profit:
Total revenue (GAAP)A$1,959 $1,988 $2,128 ($29)(1 %)($169)(8 %)
Less: Noninterest expense (GAAP)C1,358 1,612 1,296 (254)(16)62 5 
Pre-provision profit (non-GAAP)
$601 $376 $832 $225 60 %($231)(28 %)
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)B$1,956 $1,988 $2,128 ($32)(2 %)($172)(8 %)
Less: Noninterest expense, Underlying (non-GAAP)D1,273 1,267 1,230 6 — 43 3 
Pre-provision profit, Underlying (non-GAAP)$683 $721 $898 ($38)(5 %)($215)(24 %)
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)E$430 $205 $664 $225 110 %($234)(35 %)
Less: Income (expense) before income tax expense (benefit) related to notable items(82)(345)(66)263 76(16)(24)
Income before income tax expense, Underlying (non-GAAP)F$512 $550 $730 ($38)(7 %)($218)(30 %)
Income tax expense, Underlying:
Income tax expense (GAAP)G$96 $16 $153 $80 NM($57)(37 %)
Less: Income tax expense (benefit) related to notable items(21)(108)(17)87 81(4)(24)
Income tax expense, Underlying (non-GAAP)H$117 $124 $170 ($7)(6 %)($53)(31 %)
Net income, Underlying:
Net income (GAAP)I$334 $189 $511 $145 77 %($177)(35 %)
Add: Notable items, net of income tax benefit61 237 49 (176)(74)12 24
Net income, Underlying (non-GAAP)J$395 $426 $560 ($31)(7 %)($165)(29 %)
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)K$304 $159 $488 $145 91 %($184)(38 %)
Add: Notable items, net of income tax benefit61 237 49 (176)(74)12 24
Net income available to common stockholders, Underlying (non-GAAP)L$365 $396 $537 ($31)(8 %)($172)(32 %)
16
Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
1Q24 Change
1Q244Q231Q234Q231Q23
$/bps%$/bps%
Operating leverage:
Total revenue (GAAP)A$1,959 $1,988 $2,128 ($29)(1 %)($169)(8 %)
Less: Noninterest expense (GAAP)C1,358 1,612 1,296 (254)(16)62 5 
Operating leverage14 %(13 %)
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)B$1,956 $1,988 $2,128 ($32)(2 %)($172)(8 %)
Less: Noninterest expense, Underlying (non-GAAP)D1,273 1,267 1,230 6 — 43 3 
Operating leverage, Underlying (non-GAAP)(2 %)(11 %)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio C/A69.33 %81.13 %60.90 %(1,180) bps843  bps
Efficiency ratio, Underlying (non-GAAP)D/B65.05 63.77 57.84 128  bps721  bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rateG/E22.28 %7.59 %22.97 %1,469  bps(69) bps
Effective income tax rate, Underlying (non-GAAP)H/F22.84 22.25 23.25 59  bps(41) bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)M$21,700 $21,209 $21,702 $491 2 %($2)— %
Less: Average goodwill (GAAP)8,188 8,188 8,177 — — 11 — 
Less: Average other intangibles (GAAP)153 163 192 (10)(6)(39)(20)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)433 421 422 12 3 11 3 
Average tangible common equityN$13,792 $13,279 $13,755 $513 4 %$37 — %
Return on average tangible common equity K/N8.86 %4.72 %14.38 %414  bps(552) bps
Return on average tangible common equity, Underlying (non-GAAP)L/N10.65 11.84 15.80 (119) bps(515) bps
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)O$220,770 $223,653 $222,711 ($2,883)(1 %)($1,941)(1 %)
Less: Average goodwill (GAAP)8,188 8,188 8,177 — — 11 — 
Less: Average other intangibles (GAAP)153 163 192 (10)(6)(39)(20)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)433 421 422 12 3 11 3 
Average tangible assetsP$212,862 $215,723 $214,764 ($2,861)(1 %)($1,902)(1 %)
Return on average total tangible assets I/P0.63 %0.35 %0.97 %28  bps(34) bps
Return on average total tangible assets, Underlying (non-GAAP)J/P0.75 0.78 1.06 (3) bps(31) bps





















17
Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
1Q24 Change
1Q244Q231Q234Q231Q23
$/bps%$/bps%
Tangible book value per common share:
Common shares - at period-end (GAAP)Q458,485,032 466,418,055 483,982,264 (7,933,023)(2 %)(25,497,232)(5 %)
Common stockholders' equity (GAAP)$21,747 $22,329 $22,187 ($582)(3)($440)(2)
Less: Goodwill (GAAP)8,188 8,188 8,177 — — 11 — 
Less: Other intangible assets (GAAP)148 157 185 (9)(6)(37)(20)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)433 433 422 — — 11 3 
Tangible common equityR$13,844 $14,417 $14,247 ($573)(4 %)($403)(3 %)
Tangible book value per common shareR/Q$30.19 $30.91 $29.44 ($0.72)(2 %)$0.75 3 %
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)S461,358,681 466,234,324 485,444,313 (4,875,643)(1 %)(24,085,632)(5 %)
Average common shares outstanding - diluted (GAAP)T463,797,964 468,159,167 487,712,146 (4,361,203)(1)(23,914,182)(5)
Net income per average common share - basic (GAAP)K/S$0.66 $0.34 $1.00 $0.32 94 ($0.34)(34)
Net income per average common share - diluted (GAAP)K/T0.65 0.34 1.00 0.31 91 (0.35)(35)
Net income per average common share - basic, Underlying (non-GAAP)L/S0.79 0.85 1.10 (0.06)(7)(0.31)(28)
Net income per average common share - diluted, Underlying (non-GAAP)L/T0.79 0.85 1.10 (0.06)(7)(0.31)(28)


18
Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
1Q24 Change
1Q244Q231Q234Q231Q23
$/bps%$/bps%
Card fees, Underlying:
Card fees (GAAP)$86 $70 $72 $16 23$14 19%
Less: Notable items3 — — 3 100 3 100 
Card fees, Underlying (non-GAAP)$83 $70 $72 $13 19 $11 15 %
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)$691 $667 $658 $24 4 %$33 5 %
Less: Notable items17 32 16 (15)(47)1 6 
Salaries and employee benefits, Underlying (non-GAAP)$674 $635 $642 $39 6 %$32 5 %
Equipment and software, Underlying:
Equipment and software (GAAP)
$192 $215 $169 ($23)(11 %)$23 14 %
Less: Notable items8 37 4 (29)(78)4 100 
Equipment and software, Underlying (non-GAAP)$184 $178 $165 $6 3 %$19 12 %
Outside services, Underlying:
Outside services (GAAP)$158 $174 $176 ($16)(9 %)($18)(10 %)
Less: Notable items12 13 27 (1)(8)(15)(56)
Outside services, Underlying (non-GAAP)$146 $161 $149 ($15)(9 %)($3)(2 %)
Occupancy, Underlying:
Occupancy (GAAP)$114 $125 $124 ($11)(9 %)($10)(8 %)
Less: Notable items7 20 18 (13)(65)(11)(61)
Occupancy, Underlying (non-GAAP)$107 $105 $106 $2 2 %$1 1 %
Other operating expense, Underlying:
Other operating expense (GAAP)$203 $431 $169 ($228)(53 %)$34 20 %
Less: Notable items41 243 1 (202)(83)40 NM
Other operating expense, Underlying (non-GAAP)$162 $188 $168 ($26)(14 %)($6)(4 %)




























19
Citizens Financial Group, Inc.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “prospects,” “outlook,” “guidance” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.”

Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation:
•Negative economic, business and political conditions, including as a result of the interest rate environment, supply chain disruptions, inflationary pressures and labor shortages, that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits;
•The general state of the economy and employment, as well as general business and economic conditions, and changes in the competitive environment;
•Our capital and liquidity requirements under regulatory standards and our ability to generate capital and liquidity on favorable terms;
•The effect of changes in our credit ratings on our cost of funding, access to capital markets, ability to market our securities, and overall liquidity position;
•The effect of changes in the level of commercial and consumer deposits on our funding costs and net interest margin;
•Our ability to implement our business strategy, including the cost savings and efficiency components, and achieve our financial performance goals, including the anticipated benefits of the Private Bank start-up investment and Investors acquisition;
•The effects of geopolitical instability, including the wars in Ukraine and the Middle East, 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;
•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;
•Financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses;
•Environmental risks, such as physical or transition risks associated with climate change, and social and governance risks, that could adversely affect our reputation, operations, business, and customers;
•A failure in or breach of our compliance with laws, as well as operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; and
•Management’s ability to identify and manage these and other risks.

In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares from or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends.

More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 as filed with the Securities and Exchange Commission.
Note: Per share amounts and ratios presented in this document are calculated using whole dollars.
20
Citizens Financial Group, Inc.
CFG-IR
21
1Q24 Financial Results April 17, 2024

 
2 Forward-looking statements and use of non-GAAP financial measures This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that does not describe historical or current facts is a forward- looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “prospects,” “outlook,” “guidance” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation: • Negative economic, business and political conditions, including as a result of the interest rate environment, supply chain disruptions, inflationary pressures and labor shortages, that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits; • The general state of the economy and employment, as well as general business and economic conditions, and changes in the competitive environment; • Our capital and liquidity requirements under regulatory standards and our ability to generate capital and liquidity on favorable terms; • The effect of changes in our credit ratings on our cost of funding, access to capital markets, ability to market our securities, and overall liquidity position; • The effect of changes in the level of commercial and consumer deposits on our funding costs and net interest margin; • Our ability to implement our business strategy, including the cost savings and efficiency components, and achieve our financial performance goals, including the anticipated benefits of the Private Bank start-up investment and Investors acquisition; • The effects of geopolitical instability, including the wars in Ukraine and the Middle East, 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; • 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; • Financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses; • Environmental risks, such as physical or transition risks associated with climate change, and social and governance risks, that could adversely affect our reputation, operations, business, and customers; • A failure in or breach of our compliance with laws, as well as operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; and • Management’s ability to identify and manage these and other risks. In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares from or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends. More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 as filed with the Securities and Exchange Commission. 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 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 1Q24 GAAP summary 1Q24 4Q23 1Q23 Q/Q Y/Y $s in millions $/bps % $/bps % Net interest income $ 1,442 $ 1,488 $ 1,643 $ (46) (3) % $ (201) (12) % Noninterest income 517 500 485 17 3 32 7 Total revenue 1,959 1,988 2,128 (29) (1) (169) (8) Noninterest Expense 1,358 1,612 1,296 (254) (16) 62 5 Pre-provision profit 601 376 832 225 60 (231) (28) Provision for credit losses 171 171 168 — — 3 2 Income before income tax expense 430 205 664 225 110 (234) (35) Income tax expense 96 16 153 80 NM (57) (37) Net income $ 334 $ 189 $ 511 $ 145 77 % $ (177) (35) % Preferred dividends 30 30 23 — — 7 30 Net income available to common stockholders $ 304 $ 159 $ 488 $ 145 91 % $ (184) (38) % $s in billions Average interest-earning assets $ 200.1 $ 203.1 $ 202.6 $ (3.1) (2) % $ (2.5) (1) % Average deposits $ 176.1 $ 177.1 $ 174.4 $ (1.0) (1) % $ 1.8 1 % Performance metrics Net interest margin(1) 2.90 % 2.90 % 3.29 % — bps (39) bps Net interest margin, FTE(1) 2.91 2.91 3.30 — (39) Loan-to-deposit ratio (period-end) 81.2 82.3 89.8 (114) (867) ROTCE 8.9 4.7 14.4 414 (552) Efficiency ratio 69.3 81.1 60.9 (1,180) 843 Noninterest income as a % of total revenue 26 % 25 % 23 % 125 bps 360 bps Full-time equivalent colleagues 17,354 17,570 18,547 (216) (1) (1,193) (6) Operating leverage 14.3 % (12.7) % Per common share Diluted earnings $ 0.65 $ 0.34 $ 1.00 $ 0.31 91 % $ (0.35) (35) % Tangible book value $ 30.19 $ 30.91 $ 29.44 $ (0.72) (2) % $ 0.75 3 % Average diluted shares outstanding (in millions) 463.8 468.2 487.7 (4.4) (1) % (23.9) (5) % See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35.

 
4 1Q24 Underlying financial summary(1) Q/Q Y/Y $s in millions 1Q24 $/bps % $/bps % Net interest income $ 1,442 $ (46) (3) % $ (201) (12) % Noninterest income 514 14 3 29 6 Total revenue 1,956 (32) (2) (172) (8) Noninterest expense 1,273 6 — 43 3 Pre-provision profit 683 (38) (5) (215) (24) Provision for credit losses 171 — — 3 2 Net income available to common stockholders $ 365 $ (31) (8) % $ (172) (32) % Performance metrics Diluted EPS $ 0.79 $ (0.06) (7) % $ (0.31) (28) % Efficiency ratio 65.1 128 bps 721 bps Noninterest income as a % of total revenue 26 % 116 bps 351 bps ROTCE 10.6 % (119) bps (515) bps Tangible book value per share $ 30.19 $ (0.72) (2) % $ 0.75 3 % 1Q24 Notable items impacts Pre-tax EPS ($s in millions except per share data) Integration related $ (3) $ (0.01) TOP and Other items (44) (0.07) FDIC special assessment (35) (0.06) Total: $ (82) $ (0.14) See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35.

 
5 ■ CFG performance reflects solid Legacy Core results, investment in Private Bank and impact from Non-Core ■ Private Bank expected to reach breakeven in 2H2024 ■ Non-Core run off of $1.2 billion in 1Q24 1Q24 Underlying financial performance detail(1) (A) (B) (C) = (A) + (B) (D) (E) = (C) + (D) $s in millions Legacy Core(2) Private Bank Core Non-Core(3) Total CFG Net interest income $1,462 $16.8 $1,479 $(37) $1,442 Noninterest income 513 1.3 514 — 514 Total revenue 1,975 18.0 1,993 (37) 1,956 Noninterest Expense 1,210 37.6 1,248 25 1,273 Pre-provision profit 765 (19.6) 745 (62) 683 Provision for credit losses 152 — 152 19 171 Income before income tax expense 613 (19.6) 593 (81) 512 Income tax expense 143 (5.0) 138 (21) 117 Net income 470 (14.5) 455 (60) 395 Preferred dividends 30 — 30 — 30 Net income available to common stockholders $440 $(14.5) $425 $(60) $365 Contribution to total CFG Diluted EPS $0.95 $(0.03) $0.92 $(0.13) $0.79 $s in billions Interest-earning assets (spot) $185 $1.1 $186 $9.9 $196 Loans (spot) 132 1.1 133 9.9 143 Deposits (spot) 174 2.4 176 — 176 Risk-weighted assets (spot) 159 1.3 160 10.0 170 Performance metrics: Net interest margin, FTE(4) 3.12% NM 3.15% (1.41)% 2.91% Loan-to-deposit ratio (spot) 75.9 46.0 75.5 NM 81.2 CET1 capital ratio(5) 11.4 NM 11.3 NM 10.6 ROTCE 12.8 NM 12.4 NM 10.6 Efficiency ratio 61.2 NM 62.6 NM 65.1 Noninterest income as a % of total revenue 26.0 NM 25.8 NM 26.3 See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35.

 
6 ■ CET1 ratio of 10.6%(2); 8.9% adjusted for AOCI opt-out removal ■ Strong liquidity profile; proforma LCR at 120% exceeds Category 1 Bank requirement of 100%; Spot LDR improved to 81% – Deposits up $4.2 billion YoY on period-end basis reflecting growth in retail and Private Bank, now $2.4 billion; Period-end deposits down slightly QoQ given expected Commercial seasonal outflows partially offset by Private Bank and retail growth – Issued $1.25 billion senior debt and $1.5 billion auto collateralized borrowings; FHLB advances reduced further to $2 billion ■ Loans down 2% QoQ on period-end basis reflecting Non-Core portfolio run off, commercial balance sheet optimization and lower line utilization ■ Underlying EPS of $0.79; ROTCE of 10.6% – Stable NIM of 2.91% – Fees up 3% QoQ with improved Capital Markets and Card fees – Expenses broadly stable QoQ including continued Private Bank start-up investment 1Q24 Overview(1) Pre-tax EPS Integration related $ (3) $ (0.01) TOP and Other items (44) (0.07) FDIC special assessment (35) (0.06) Total: $ (82) $ (0.14) Underlying PPNR drivers 1Q24 QoQ NII $ 1,442 (3.0) % Fees 514 3.0 % Expenses 1,273 0.5 % Notable items* ($s in millions except per share data) See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35. Solid 1Q24 results Credit trends in line with expectations Well positioned for the medium term Maintaining strong capital and liquidity position ■ Net charge-offs were as expected at 50 bps ■ ACL coverage increased 2 bps QoQ to 1.61%, primarily reflecting lower loan balances given Non-Core run off and commercial balance sheet optimization – General Office reserve of 10.6% at March 31, 2024 ■ Strategic initiatives progressing well: Private Bank, NYC Metro, private capital opportunity, TOP 9 ■ Significant NII contribution from Non-Core and swaps over the medium term given run off and lower rates; target NIM range of 3.25 to 3.40% $s in millions

 
7 2.91% 0.04% 0.03% 0.02% (0.06)% (0.03)% 2.91% 4Q23 Asset Yields/ Mix Non-Core Impact Day count/ Other Funding Pricing/Mix Swaps 1Q24 $202.6B $201.5B $199.6B $203.1B $200.1B $1,643 $1,588 $1,522 $1,488 $1,4423.30% 3.17% 3.03% 2.91% 2.91% 1Q23 2Q23 3Q23 4Q23 1Q24 ■ NII down 3%, given 2% decrease in average interest- earning assets, reflecting lower loans, and the impact of day count – NIM of 2.91% stable to prior quarter, reflecting improved asset yields, the benefit of Non-Core run off and day count, offset by higher funding costs and swap impacts – Interest-earning asset yields stable at 5.20% – Interest-bearing deposit costs up 6 bps to 2.85%; cumulative beta of 52% Net interest income NII and NIM Average interest-earning assets Net interest income NIM, FTE Net interest income decline reflects higher funding costs Linked Quarter NIM walk from 4Q23 to 1Q24 $s in millions, except earning assets (1) Net swap impact, which includes receive-fixed swaps to hedge the C&I loan portfolio and pay-fixed swaps on the securities portfolio (1)

 
8 ■ Underlying noninterest income increased 3% – Service charges and fees decreased $8 million, given seasonality and lower overdraft fees – Capital markets fees increased $31 million given increased M&A advisory and bond underwriting fees – Card fees increased $13 million driven by higher credit card fees, including favorable vendor contract negotiations – Mortgage banking fees decreased $8 million, given lower MSR valuation, net of hedging, and servicing fees, partially offset by higher production revenue – FX and derivative products revenue decreased $7 million, reflecting lower client activity in commodities and foreign exchange hedging $485 $506 $492 $500 $517 $514 Underlying Notable items 1Q23 2Q23 3Q23 4Q23 1Q24 Noninterest income(1) $s in millions Fees up 3% QoQ reflecting improvement in Capital Markets and Card See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35. Linked Quarter Year-Over-YearNoninterest income ■ Underlying noninterest income increased 6% – Service charges and fees decreased $4 million, given lower overdraft fees – Capital markets fees increased $35 million, given increased M&A advisory, bond and equity underwriting fees – Card fees increased $11 million, including favorable vendor contract negotiations – Trust and investment services fees increased $5 million, reflecting increased sales activity and asset management fees – Mortgage banking fees decreased $8 million, given lower servicing and production fees – FX and derivative products revenue decreased $12 million, given lower client activity in interest rate and commodities hedging $s in millions 1Q24 4Q23 1Q23 $ Q/Q Y/Y Service charges and fees $ 96 $ 104 $ 100 $ (8) $ (4) Capital markets fees 118 87 83 31 35 Card fees 83 70 72 13 11 Trust and investment services fees 68 68 63 — 5 Mortgage banking fees 49 57 57 (8) (8) FX and derivative products 36 43 48 (7) (12) Letter of credit and loan fees 42 42 40 — 2 Securities gains, net 5 9 5 (4) — Other income(1) 17 20 17 (3) — Noninterest income, underlying $ 514 $ 500 $ 485 $ 14 $ 29 Notable items (2) 3 — — 3 3 Noninterest income, reported $ 517 $ 500 $ 485 $ 17 $ 32

 
9 ■ Underlying noninterest expense of $1.27 billion, broadly stable – Reflects increase in salaries and employee benefits given seasonally higher payroll taxes and compensation related costs – Equipment and software increased reflecting technology investments – Outside services decreased given lower vendor costs and other efficiency initiatives – Other operating expense decreased reflecting lower advertising and travel expense, as well as lower fraud costs ■ Reported noninterest expense of $1.36 billion decreased $254 million, reflecting the industry-wide FDIC special assessment of $225 million in 4Q23 compared with $35 million in 1Q24 ■ Underlying noninterest expense of $1.27 billion increased 3%; stable excluding $38 million in expenses related to the Private Bank start-up investment – Salaries and employee benefits increased reflecting the Private Bank start-up investment, partly offset by lower headcount – Equipment and software expense increased reflecting technology investments – Other operating expense decreased primarily driven by lower fraud, advertising and travel expense Noninterest expense(1) See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35. Efficiency ratio Underlying expenses broadly stable QoQ; remain highly disciplined on expenses Linked Quarter Year-Over-Year 60.9% 62.3% 64.2% 81.1% 69.3% 57.8% 58.9% 63.1% 63.8% 65.1% Underlying Notable items 1Q23 2Q23 3Q23 4Q23 1Q24 1Q24 4Q23 1Q23 $ $s in millions Q/Q Y/Y Salaries & employee benefits $ 674 $ 635 $ 642 $ 39 $ 32 Equipment & software 184 178 165 6 19 Outside services 146 161 149 (15) (3) Occupancy 107 105 106 2 1 Other operating expense 162 188 168 (26) (6) Noninterest expense, underlying $ 1,273 $ 1,267 $ 1,230 $ 6 $ 43 Notable items (1) 85 345 66 (260) 19 Noninterest expense, reported $ 1,358 $ 1,612 $ 1,296 $ (254) $ 62 Full-time equivalents (FTEs) 17,354 17,570 18,547 (216) (1,193)

 
10 ■ Average loans down $11.7 billion, or 7%, reflecting Non-Core portfolio run off – Core loans down 5% with commercial down $8.5 billion, or 10%, driven by paydowns, balance sheet optimization actions and lower client demand ■ Period-end loans down $11.5 billion, or 7%, reflecting Non- Core Portfolio run off – Core loans down 5% with commercial down $8.0 billion, or 10%, driven by paydowns, balance sheet optimization actions and lower client demand $156.5 $153.7 $150.8 $148.0 $144.8 $140.9 $139.3 $137.8 $136.3 $134.3 $15.6 $14.4 $13.0 $11.7 $10.5 Core Non-Core Loan yield 1Q23 2Q23 3Q23 4Q23 1Q24 ~10% QoQ ■ Average loans down $3.1 billion, or 2%, reflecting planned Non-Core portfolio run off – Core loans down 1% with commercial down $2.2 billion, or 3%, given paydowns, balance sheet optimization actions and lower client demand ■ Period-end loans down $2.8 billion, or 2%, reflecting planned Non-Core portfolio run off – Core loans down 1% driven by commercial balance sheet optimization actions, paydowns and lower client demand ■ Loan yield of 5.64%, down 7 bps QoQ Loans and leases $s in billions Loans down modestly reflecting continued balance sheet optimization Average loans and leases $154.7 $151.3 $149.7 $146.0 $143.2 $139.6 $137.6 $137.4 $134.9 $133.3 $15.1 $13.7 $12.3 $11.1 $9.9 Core Non-Core 1Q23 2Q23 3Q23 4Q23 1Q24 $s in billions Period-end loans and leases 5.25% 5.52% 5.66% 5.71% 5.64% Linked Quarter Year-Over-Year ~11% QoQ ~1% QoQ ~1% QoQ

 
11 $174.4 $173.2 $176.5 $177.1 $176.1 1Q23 2Q23 3Q23 4Q23 1Q24 Deposit performance and cost of funds Strong growth in Private Bank and retail branch deposits $s in billions 1Q24 Average deposits 1.28% 1.68% 2.02% 2.18% 2.25% 1.74% 2.21% 2.60% 2.79% 2.85% Total deposit costs Interest-bearing deposit costs Commercial Consumer Other Year-Over-Year 1Q24 Period-end deposits Term Linked Quarter ■ Period-end deposits down slightly – Seasonal outflows in Commercial partially offset by growth in Private Bank and retail branch deposits ■ Average deposits down $1.0 billion – Consumer deposits up $1.5 billion, including Private Bank up $1.3 billion – Commercial down $1.1 billion ■ Citizens Access deposits stable with period-end balance of $11.2 billion ■ Total deposit costs increased 7 bps ■ Interest-bearing deposit costs increased 6 bps – Well-controlled cumulative beta of 52% ■ Total cost of funds of 2.46%, up 2 bps ■ Period-end deposits up $4.2 billion, or 2%; average deposits up $1.8 billion, or 1% – Reflects growth in retail branch and Private Bank deposits – Commercial deposits were stable on a spot basis, down 6% on an average basis reflecting deposit optimization initiatives ■ Total deposit costs up 97 bps and interest-bearing deposit costs up 111 bps ■ Total cost of funds up 87 bps $s in billions $172.2 $177.7 $178.2 $177.3 $176.4 Commercial Consumer Other 1Q23 2Q23 3Q23 4Q23 1Q24

 
12 NIB 21% Money Market 30%Checking With Interest 19% Citizens Access Savings 6% Savings 10% Term 14% Branch Deposits 49% Citizens Access 6% Wealth 1% Business Banking 12% Commercial 26% Treasury/ Other 6% (As of 3/31/24) Highly diversified and retail-oriented deposit base $176B Period-end deposits Peer Avg(1) Business mix Product mix See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35. Total deposits insured/secured(2) Stable Consumer Banking deposits Peer Avg(1) 44% 42% 42% 22% 21% 21% 22% 21% 21% NIB Low-cost deposits 3Q23 4Q23 1Q24 % NIB and low- cost deposits (3) 55% 67% 68% 4Q23 4Q23 1Q24 65% 71% 70% 4Q23 4Q23 1Q24 Proforma LCR under Category I Bank rules 109% 117% 120% 3Q23 4Q23 1Q24 100%* *Minimum LCR requirement under Category I Bank rules

 
13 $2,275 $2,299 $2,318 $2,318 $2,308 1.47% 1.52% 1.55% 1.59% 1.61% Allowance for credit losses Allowance to loan coverage ratio 1Q23 2Q23 3Q23 4Q23 1Q24 $996 $1,191 $1,296 $1,364 $1,469 0.64% 0.79% 0.87% 0.93% 1.02% Nonaccrual loans Nonaccrual loans to total loans 1Q23 2Q23 3Q23 4Q23 1Q24 ■ NCOs of $181 million, or 50 bps of average loans and leases ■ Nonaccrual loans increased 8% QoQ to 102 bps of total loans driven by an increase in the General Office segment of commercial real estate, and a modest decrease in the retail portfolio ■ Provision for credit losses of $171 million; ACL coverage ratio of 1.61%, up 2 bps QoQ primarily reflecting lower loan balances given Non-Core run off and commercial balance sheet optimization ■ ACL to nonaccrual loans and leases ratio of 157% compares with 170% as of 4Q23 and 229% as of 1Q23 $168 $176 $172 $171 $171 $133 $152 $153 $171 $181 0.34% 0.40% 0.40% 0.46% 0.50% Provision for credit losses Net charge-offs Net c/o ratio 1Q23 2Q23 3Q23 4Q23 1Q24 Credit quality overview $s in millions $s in millions See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35. Nonaccrual loans $s in millions Allowance for credit losses HighlightsCredit provision expense; net charge-offs (1)

 
14 4Q23 1Q24 ACL % Coverage ACL % Coverage Retail $ 893 1.25 % $ 883 1.25 % Commercial 1,425 1.91 1,425 1.96 C&I(1) 692 1.54 691 1.57 CRE 733 2.49 734 2.54 Total $ 2,318 1.59 % $ 2,308 1.61 % Memo: General Office ACL $ 370 10.2 % $ 364 10.6 % NCOs $ 48 $ 89 Allowance for credit losses ■ The increase in the ACL reserve coverage to 1.61% primarily reflects the decrease in loan balances and includes slightly higher reserve coverage for commercial, primarily CRE General Office ■ The key macroeconomic assumptions underlying the reserve broadly reflects a shallow recession over the two-year reasonable and supportable period, except for certain portfolios where we used more severe assumptions, such as General Office ■ Qualitative factors and sensitivities are also incorporated in the allowance framework to account for other considerations not fully captured in reserve models $s in millions CommentaryAllowance for credit losses Current assumptions Property valuations, peak-to-trough % decline ~71% Avg. loss severity (%) ~44% Default rate (%) ~24% General Office ACL coverage 10.6% Allowance for credit losses ~$365 million CRE General Office key reserve assumptions ■ CRE General Office portfolio of $3.4 billion, down ~$200 million, or 6%, QoQ driven by paydowns and charge-offs ■ Strong ACL coverage of General Office informed by a severe recession scenario combined with a loan-by- loan analysis – Increased ACL coverage for CRE General Office to 10.6% from 10.2% – Absorbed ~$236 million NCOs over quarters 2Q23-1Q24; equates to a cumulative loss rate to date of ~6% on the 3/31/23 balance ■ Capital impacts of higher stress scenarios very modest CRE General Office commentary See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35.

 
15 ■ 1Q24 CET1 ratio of 10.6%(1) stable with 10.6% in 4Q23 – 8.9% CET1 ratio adjusted for AOCI opt-out removal ■ Capital ratios consistently remain top quartile of peer group (see slide 16) ■ TBV/share of $30.19, down 2% QoQ, reflects AOCI impacts from higher rates – Tangible common equity ratio of 6.5%, up 23 bps QoQ ■ Paid $197 million in common dividends to shareholders in 1Q24 ■ Repurchased $300 million of common stock at a weighted-average price of $32.46 in 1Q24 ■ Total capital returned to shareholders, including common dividends, was $497 million in 1Q24 Strong capital position $s in billions (period-end) 1Q23 2Q23 3Q23 4Q23 1Q24 Basel III basis(1)(2) Common equity tier 1 capital $ 18.4 $ 18.4 $ 18.4 $ 18.4 $ 18.1 Risk-weighted assets $ 183.2 $ 179.0 $ 176.4 $ 172.6 $ 170.1 Common equity tier 1 ratio 10.0 % 10.3 % 10.4 % 10.6 % 10.6 % Tier 1 capital ratio 11.1 % 11.4 % 11.5 % 11.8 % 11.8 % Total capital ratio 12.9 % 13.3 % 13.4 % 13.7 % 13.8 % Tangible common equity ratio 6.6 % 6.3 % 5.9 % 6.7 % 6.5 % See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35. TBV/share CET1 $ % 4Q23 10.6% $30.91 Net Income 0.20 0.73 2.4% Common and preferred dividends (0.13) (0.49) (1.6) RWA decrease 0.15 Treasury stock (0.18) (0.05) (0.2) Goodwill and intangibles — — — AOCI — (0.89) (2.9) Other (0.04) (0.02) (0.1) Total change — (0.72) (2.3)% 1Q24 10.6% $30.19 CET1 ratio remains strong(3) Highlights

 
16 Capital level remains near the top of the peer group Tangible Common Equity CET1 Ratio adjusted for AOCI opt-out removalCET1 Ratio(1) ■ Well positioned for changing regulatory environment ■ CET1 ratio under current rules of 10.6%(1), and 8.9% adjusted for AOCI opt-out removal; among the strongest within the peer group – Expect both ratios to converge to the 10.0-10.5% range over the medium term Peer data as of December 31, 2023. Peers include CMA, FITB, HBAN, KEY, MTB, PNC, RF, TFC and USB. See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35. 11.1% 11.0% 10.6% 10.6% 10.3% 10.3% 10.2% 10.1% 10.0% 9.9% 9.9% Peer 1 Peer 2 CFG (1Q24) CFG (4Q23) Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 10.8% 9.0% 8.9% 8.4% 8.4% 8.2% 7.7% 7.7% 7.6% 7.1% 6.8% Peer 1 CFG (4Q23) CFG (1Q24) Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 8.2% 6.8% 6.7% 6.5% 6.3% 6.2% 6.1% 5.7% 5.7% 5.3% 5.1% Peer 1 Peer 2 CFG (4Q23) CFG (1Q24) Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Remove TCE?

 
17 $8.7 $10.4 Mar-23 Mar-24 Consumer Banking - transformed franchise Dec-19 Mar-24 Strong customer growth Growing strong in NYC Metro Strong deposit performance Relationship-based capital deployment Improving digital strength High quality growth acceleration Retail deposit growth ($ billions) Primary checking household growth (millions) +16% ~7% ~17% All-time high app store rating YoY growth in mobile active users YoY growth in digital payments Building scale in Wealth Management $20.9 $24.0 $7.7 $8.7 $13.2 $15.3 1Q23 1Q24 Citizens Private Wealth Citizens Wealth Management AUM ($ billions) +15% Demonstrating franchise quality ■ HELOC ■ Mortgage ■ Card ■ Student ■ Indirect Auto ■ Wholesale Mortgage ■ Fintech purchase flow agreements Growth focusExited 2018 2023 +~7% CAGR Low-cost branch- based deposits ■ Strong low-cost deposit growth ■ Significantly improved deposit beta performance vs prior rate cycle 1.76 2.03 362 387 Mar-23 Mar-24 +~7% +~20% Retail household growth ('000s)

 
18 $0.2 $1.2 $2.4 3Q23 4Q23 1Q24 81%19% Commercial Consumer High-quality loans Wealth AUM DDA 30% CWI 3% Savings 64% Term 3% Private Bank - high-quality, accretive growth ■ ~80% of deposits are Commercial ■ DDA/CWI is 33% of deposit mix $0.4 $0.5 12/31/23 03/31/24 as of 3/31/24 with a yield of ~8% Deposits Strong growth; accretive DDA mix focused on operating relationships Lending Diversified, high-quality growth led by strong commercial pipeline Wealth Scale through hiring and addition of geographically linked teams connected to the Private Bank P&L Expect to reach breakeven in 2H2024 Financial expectations 2024 as of 3/31/24 Deposit mix $1.1B $s in billions Deposit growth as of 3/31/24 $s in billions Strong accretive portfolio composition

 
19 Focused on middle market, mid- corporate, sponsor clients For the past 12 years, Citizens has been cultivating distinctive capabilities to serve the middle market economy including the private capital ecosystem ■ Significant investments in talent and capabilities; five advisory acquisitions since 2017, Private Bank synergies ■ Steady multi-year league table gains in middle market and overall market ■ Effectively utilizing our balance sheet to support both private equity and private debt firms active in the middle market Commercial Banking - uniquely positioned Strong league table results Middle market bookrunner by deal count 12 months ended March 31, 2024 Sponsor #1 Overall #8 Private capital opportunity Private capital fundraising has led to record deal formation, M&A activity and fees 2019-2023 eclipsed prior five years by 44% $3.3 trillion U.S. private capital fundraising ■ Multi-year investments in talent, capabilities, industry expertise to serve clients through their life cycle ■ Built-out global markets, securities businesses, advisory and wealth capabilities ■ Focused on key growth verticals ■ Enhanced Treasury Solutions; developing integrated payments platforms Full life-cycle capabilities Vertical expertise and strong sponsor relationships, advisory, subscription finance, fund finance, LBOs, public market capital Focused on high-growth markets Fully-integrated client coverage Built a formidable full-service corporate bank ■ Expanded to a national focus; growing mid-corporate client base through continued expansion into Southeast, Texas, California ■ Poised for upside in capital markets ■ Growth opportunities in Treasury Solutions & Payments ■ Developed full-service capabilities for private capital ■ Strong integrated coverage model serving middle market, mid-corporate and private capital ■ Expanding leveraged finance and M&A opportunities across middle market, sponsor client base ■ Increasing sustainability focus with clients especially in carbon-intensive sectors

 
20 2Q24 outlook vs. 1Q24 See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35. 1Q24 Underlying(1) 2Q24 Underlying outlook Net interest income $1,442MM ■ Down ~2% Noninterest income $514MM ■ Up ~3-4% Noninterest expense $1,273MM ■ Stable to down slightly Net charge-offs 50 bps ■ ~50 bps; ACL will continue to benefit from Non-Core run off CET1 ratio(2) 10.6% ■ ~10.5% Tax rate 22.8% ■ ~21% ■ FY2024 average real GDP of ~1-2%, CPI of ~2-3% and FY2024 unemployment rate of ~4% ■ Forward curve as of early January: – YE2024 Fed Funds target of 4.25% with 25 bp cuts in May, June, July, September and December – 10-year Treasury rate ~3.90% by YE2024 Key 2024 economic and rate assumptions ■ Broadly reaffirm FY2024 outlook provided in January ■ Updated key rate assumptions: 25 bp Fed rate cut in July and December with YE2024 Fed Funds target of 5%

 
21 Citizens is an attractive investment opportunity Citizens continues to have a series of unique initiatives that will lead to relative medium-term outperformance – Transformed Consumer Bank with further deposit growth and Wealth revenue potential; well positioned in NYC metro to gain market share; performance tracking well – Well-positioned Commercial Bank ready to serve private capital and high-growth sectors of the U.S. economy – Building premier Wealth/Private Bank franchise - off to a strong start and gathering momentum through 2024 Citizens has robust capital, liquidity and funding position Citizens has performed well since the IPO given its sound strategy, capable and experienced leadership and a strong customer-focused culture – Track record of strong execution – Commitment to operating and financial discipline; TOP 9 progressing well – Excellence in our capabilities, highly competitive with mega-banks and peers Citizens is well positioned to deliver ~16 to 18% ROTCE over the medium-term given strategic initiatives and 2025 to 2027 NII tailwinds – Committed to maintaining our strong capital and liquidity position, while further strengthening funding and performance with balance sheet optimization, including Non-Core strategy – Relative strength allows Citizens to take advantage of opportunities – Focused on deploying capital to best relationship/highest risk-adjusted return areas – Flexibility to continue returning capital to shareholders – Significant NII contribution from Non-Core and swaps over the medium term; target NIM range 3.25 to 3.40% – Private Bank results go from net investment position towards 20%+ ROTCE – Current significant drag from Non-Core dissipates with time

 
Appendix

 
23 Net income available to common shareholders and EPS $s in millions, except per share data ê5% $721 $683 4Q23 1Q24 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 ê2% $3.5 2 $3.5 6 ê7% $148.0 $144.8 4Q23 1Q24 $177.1 $176.1 4Q23 1Q24 1.02% 0.94% 0.78% 0.75% 4Q23 1Q24 14.8% 12.8% 11.8% 10.6% 4Q23 1Q24 $396 $365 $0.85 $0.79 4Q23 1Q24 ê8% Pre-provision profit $s in millions See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35. ê119 bps ê3 bpsê1%

 
24 $898 $683 1Q23 1Q24 Year-over-year Underlying results(1) Return on average total tangible assets ê24% Average loans $s in billions ê7% 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 ê31 bps $3.5 6 $156.5 $144.8 1Q23 1Q24 $174.4 $176.1 1Q23 1Q24 1.24% 0.94% 1.06% 0.75% 1Q23 1Q24 17.3% 12.8%15.8% 10.6% 1Q23 1Q24 é1% Pre-provision profit $s in millions ê515 bps $537 $365 $1.10 $0.79 1Q23 1Q24 See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35. ê28% ê32%

 
25 $(50) $— $50 $100 $150 $200 $250 Significant NII contribution from Non-Core and swaps in 2025 and beyond given run off and lower rates Terminated swaps (fixed impact; not dependent on rates) Active swaps (received fixed only) - impact based on forward curve Expected incremental quarterly NII & NIM contribution from Non-Core and receive-fixed swaps portfolio relative to 1Q24 Non-Core portfolio* Net impact $(75) $(50) $(25) $— $25 $50 $75 $100 $125 $150 $175 $200 $225 $250 **Non-Core includes benefit from denominator effects which accounts for ~65% of the NIM tailwind by 4Q27 4Q24 4Q25 4Q26 4Q271Q24 to 4Q27 NIM Tailwind Non-Core** ~22 bps Terminated swaps ~23 bps Active swaps ~17 bps Total ~62 bps 0 bps + ~29 bps Medium-term CFG NIM range Net Cumulative NIM Impact ~3.25-3.40% + ~62 bps Receive-fixed active swaps $ (87) Terminated swaps (115) Total swaps (202) Non-Core (37) Total NII $ (239) Net NIM impact ~(65) bps 1Q24 NII contribution $s in millions $s in millions + ~57 bps ~$(35) ~$91 ~$213 ~$233 ■ 1Q24 NIM of 2.91% expected to benefit ~62 bps by 4Q27 from Non-Core and swaps, partially offset by a ~15-25 bps impact of an asset sensitive core balance sheet, resulting in a medium-term NIM outlook of 3.25-3.40% ■ Assumes Fed Funds at ~5% by YE2024 and trending toward ~3.50% by YE2027 Medium-term NIM

 
26 ■ Maintaining significant protection to downside in rates well into 2026 with receive-fixed swap portfolio Interest rate risk management - swaps $16.5 $25.8 $30.1 $21.9 $7.6 2023 2024 2025 2026 2027 $21.1 $21.9 $29.5 $30.5 1Q24 2Q24 3Q24 4Q24 W.A. receive-fixed rate at 3/31/24 3.7% 3.1% 3.1% 3.1% 4.2% 3.2% 3.2% 3.5% 3.7% NII impact from active swaps ($MM)* $(87) $(121) $(155) $(140) $(123) $(504) $(293) $(52) $19 NII impact from terminated swaps ($MM) $(115) $(115) $(115) $(114) $(441) $(459) $(426) $(229) $(40) Total NII impact ($MM) $(202) $(236) $(270) $(254) $(564) $(963) $(719) $(281) $(21) Protecting NII from adverse outcomes while reducing earnings volatility through economic cycles Receive-fixed cash flow swaps (avg. notional in $ billions at 3/31/24) ■ Increase in the 2024 swap position is incorporated in the FY2024 NII guidance ■ Significant tailwind to NII over 2025 to 2027 as swaps run off and the Fed normalizes rates – Estimated incremental annual benefit of ~$244 million in 2025; ~$438 million in 2026; and ~$260 million in 2027 – The funded balance sheet is inherently asset sensitive which partly offsets these benefits *Includes impacts from variation margin and daily compounding effects with SOFR

 
27 Investment portfolio management as of 3/31/24 ...with a high-quality securities portfolio ■ Maintain strong liquidity profile – 120% LCR under Category I Bank rules at 3/31/24 ■ Continuing actions to reduce portfolio duration and protect capital from rate-related volatility – Increased pay-fixed swap portfolio by ~$1.7 billion during the quarter – Outstanding pay-fixed swaps of ~$7.0 billion at 3/31/24; WA pay rate of ~3.8% with WA life of ~5.8 years Investment portfolio strategy ■ 97% U.S. Treasury, Govt. or Govt-backed securities ■ ~85% fixed-rate; ~67% fixed-rate with hedges ■ ~75% AFS/~25% HTM Highly liquid and well-diversified Maintaining strong liquidity, while shortening duration... U.S Treasuries 12% U.S Govt Guaranteed 20% "GSE" Fannie Mac and Freddie Mac 66% Other 3% ~$39B(1) securities portfolio 2.74% 2.81% 2.95% 3.25% 3.63% 2.41% 2.52% 2.57% 2.59% CFG Peer Median 1Q23 2Q23 3Q23 4Q23 1Q24 ...and improving yields relative to peer median... $39B(1) See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35. $s in billions $40 $48 $49 $31 $27 $26 $5 $7$2 $6 $6$7 $10 $10 Cash Floating Fixed Hedged Fixed 1Q23 4Q23 1Q24Duration Securities 5.8 3.9 3.8 Cash & Securities 4.9 3.2 3.0

 
28 AOCI accretion Protecting CET1 - AFS marks; duration decreasing with securities portfolio hedging; less sensitivity to rates. Illustrate how sensitivity to a 50 bp move has fallen from 12/31/22 to 9/30/23 to 12/31/23 AOCI accretion benefit to generate significant capital... AOCI burndown contribution to TCE and CET1 - considering pulling forward appendix detail here ...As recent actions limit AOCI volatility to protect capital $(2.5) $(2.0) $(1.7) $(1.4) $(0.3) $(0.3) $(0.3) $(0.3) $(1.3) $(0.7) $(0.2) Swaps Pension Securities 3/31/2024 12/31/2024 12/31/2025 12/31/2026 $(4.2) $(3.1) $(2.2) $(1.8) ~58% TCE CET1(2) $(2.8) $(2.4) $(2.0) $(1.7) Commentary ■ Expect significant capital generation via accretion to AOCI as unrealized losses "burn off" – ~$1.1 billion in unrealized losses related to securities and pension expected to "burn off" by YE2026, adding ~60 bps to the CET1 ratio adjusted for AOCI opt-out removal(4) ■ Recent hedging actions to reduce duration of securities portfolio protects capital by limiting volatility in AOCI – Immediate 50 bps parallel increase in rates would negatively impact CET1 ratio adjusted for AOCI opt-out removal by ~20 bps Burn-off by YE2026~38% (1) Select totals may not sum due to rounding (2) CET1 adjusted for AOCI opt-out removal accretion based on forward curve with YE2024 Fed Funds target of ~5%, and trending toward ~3.50% by YE2027 (3) Unrealized losses in swap portfolio includes both active and terminated swaps (4) CET1 ratio impact for illustrative purposes assumes the RWA balance at 3/31/24 Projected accretion to TCE and CET1 adjusted for AOCI opt-out removal(1) Accretes to CET1(2) (3)

 
29 ■ Non-Core portfolio of $9.9 billion retail loans as of March 31, 2024 – $1.2 billion decline in 1Q24 – ~4.3% WA loan yield (~98% fixed rate); ~5.7% WA funding cost ■ Retail products targeted for growth include areas with greatest relationship potential – Home equity, card, mortgage ■ Commercial BSO activities focused on exiting lower- return, credit-only relationships; selectively originating C&I loans with multi-product relationship potential Non-Core portfolio update Non-Core portfolio Focusing on relationship-based lending with attractive risk-adjusted returns Enhancing risk profile, liquidity and returns $11.1 $9.9 $7.2 $4.6 $8.3 $7.3 $5.0 $2.8 $2.8 $2.6 $2.2 $1.8 Education and Other Retail (Purchased) Indirect Auto 4Q23 1Q24 4Q24 4Q25 Commentary

 
30 $72.8B Commercial credit portfolio See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35. Commercial portfolio risk ratings(4) $s in billions 58% 57% 56% 25% 17% 17% 14% 19% 20% 3% 7% 7% 4Q19 4Q23 1Q24 B- and lower B+ to B BB+ to BB- AAA+ to BBB- $57.5 $72.8 Highlights $74.4($ in billions) Balances % of total CFG C&I Finance and Insurance Capital call facilities $ 5.1 4 % Other Finance and Insurance 5.8 4 Other Manufacturing 3.8 2 Technology 3.3 2 Accommodation and Food Services 2.8 2 Health, Pharma, Social Assistance 2.5 2 Professional, Scientific, and Technical Services 2.4 2 Wholesale Trade 2.4 2 Retail Trade 2.1 1 Other Services 2.4 2 Energy & Related 2.0 1 Rental and Leasing 0.9 1 Consumer Products Manufacturing 0.9 1 Administrative and Waste Management Services 1.5 1 Arts, Entertainment, and Recreation 1.6 1 Automotive 0.9 1 Other (1) 3.6 2 Total C&I(2) $ 44.0 31 % CRE Multi-family $ 9.5 7 % Office 5.7 4 Credit tenant lease and life sciences(3) 2.3 2 Other general office 3.4 2 Industrial 4.1 3 Retail 3.4 2 Co-op 1.8 1 Data Center 0.7 — Hospitality 0.6 — Other (1) 3.1 3 Total CRE $ 28.9 20 % Total Commercial loans & leases $ 72.8 51 % Total CFG $ 143.2 Diverse and granular portfolio ■ Disciplined capital allocation and risk appetite – Highly experienced leadership team – Focused client selection ■ C&I portfolio has focused growth on larger, mid-corporate customers, thereby improving overall asset quality ■ Leveraged loans ~1.7% of total CFG loans, granular hold positions with an average outstanding of ~$13 million ■ CRE portfolio is well diversified across asset type, geography, and borrowers with the emphasis on strong sponsor selection

 
31 Suburban Class C 2% CBD Class C 5% Suburban Class A 39% CBD Class A 15% Suburban Class B 29% CBD Class B 10% 53% 100% 88% 100% 58% 76% 9% 42% 81% 100% 47% 12% 42% 24% 91% 58% 19% New York, NY Washington, DC Dallas, TX Los Angeles, CA Atlanta, GA Philadelphia, PA Chicago, IL Boston, MA Baltimore, MD Phoenix, AZ Suburban CBD NY 13.4% VA 12.3% NJ 10.8% CA 9.2% TX 8.2% MD 6.4% PA 5.1% GA 4.7% IL 3.9% MA 3.6% OH 3.5% AZ 2.7% CO 2.5% WA 2.3% NC 2.2% Other 9.2% Commercial Real Estate - $5.7B Office portfolio: well diversified $3.4B General Office by state Other MN CT FL VT MO IN DC MI UT SC RI DE 24% 16% 60% General Office $3.4B Credit Tenant $1.4B Life Sciences $0.9B Property type $3.4B General Office class & location Top 10 General Office MSA breakdown Outstanding *Manhattan is ~$115 million $ 789 519 201 193 162 153 135 117 95 92 $ in millions (As of 3/31/24)

 
32 38% 43% 44% 33% 32% 31% 18% 16% 16% 5% 4% 4%6% 5% 5% 4Q19 4Q23 1Q24 44% 21% 11% 4% 13% 7% $70.4B Retail credit portfolio 800+ 740-799 680-739 640-679 <640 $61.6 $70.4 $s in billions $71.5 Home equity Retail loans(1) Residential mortgage Auto Education - in school Education - refinance Other retail ~95% of retail portfolio > 680 Super-prime/prime* ~76% of retail portfolio Secured ■ Mortgage – FICO ~785 – Weighted-average LTV of ~53% ■ Home equity – FICO ~760 – ~35% secured by 1st lien – ~98% CLTV less than 80% – ~86% CLTV less than 70% ■ Auto – FICO ~740 ■ Education – FICO ~785 ■ Other retail: – Credit card – FICO ~735 – Citizens Pay – FICO ~725; incorporates loss sharing High quality, diverse portfolio * Super-prime/prime defined as FICO of 680 or above at origination See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35. Retail portfolio FICOs(2)

 
33 Allocation of allowance for credit losses by product type March 31, 2024 December 31, 2023 $s in millions Loans and Leases Allowance Coverage Loans and Leases Allowance Coverage Commercial and industrial(1)(2) $ 43,951 $691 1.57 % $ 44,975 $692 1.54 % Commercial real estate 28,872 734 2.54 29,471 733 2.49 Total commercial 72,823 1,425 1.96 74,445 1,425 1.91 Residential mortgages 31,512 171 0.54 31,332 181 0.58 Home equity 15,113 129 0.86 15,040 137 0.91 Automobile 7,277 42 0.57 8,258 57 0.69 Education 11,646 267 2.29 11,834 266 2.25 Other retail 4,817 274 5.70 5,050 252 4.98 Total retail loans 70,365 883 1.25 71,514 893 1.25 Allowance for credit losses(3) $143,188 $2,308 1.61 % $145,959 $2,318 1.59 % See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35.

 
34 Delinquency by product type See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35. March 31, 2024 (%) December 31, 2023 (%) Days Past Due and Accruing Days Past Due and Accruing Current 30-59 60-89 90+ Nonaccrual Current 30-59 60-89 90+ Nonaccrual Commercial and industrial(1) 99.05 % 0.17 % 0.06 % 0.05 % 0.67 % 99.14 % 0.14 % 0.04 % 0.01 % 0.67 % Commercial real estate 96.76 1.01 0.02 0.14 2.07 97.53 0.51 0.20 0.14 1.62 Total commercial 98.14 0.50 0.05 0.09 1.22 98.52 0.28 0.10 0.06 1.04 Residential mortgages(2) 97.56 0.86 0.37 0.66 0.55 97.34 0.90 0.38 0.82 0.56 Home equity 97.40 0.52 0.17 — 1.91 97.34 0.55 0.22 — 1.89 Automobile 97.36 1.58 0.41 — 0.65 96.94 1.74 0.58 — 0.74 Education 99.23 0.34 0.16 0.02 0.25 99.14 0.41 0.19 0.02 0.24 Other retail 97.10 0.89 0.62 0.56 0.83 97.02 0.97 0.67 0.57 0.77 Total retail 97.75 0.78 0.31 0.34 0.82 97.56 0.85 0.36 0.40 0.83 Total 97.94 % 0.64 % 0.18 % 0.21 % 1.03 % 98.05 % 0.56 % 0.23 % 0.23 % 0.93 %

 
35 Notable items(1) Quarterly results reflect notable items primarily related to integration costs associated with recent acquisitions, as well as TOP revenue and efficiency initiatives and other expense reductions actions. In addition, first quarter 2024 and fourth quarter 2023 include a notable item for the FDIC special assessment. These notable items have been excluded from reported results to better reflect Underlying operating results. See pages 36-37 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 1Q24 4Q23 1Q23 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Salaries & benefits $ (2) $ (1) $ (2) $ (1) $ (7) $ (5) Equipment and software — — — — (3) (2) Outside services (1) (1) (3) (2) (25) (19) Occupancy — — — — (16) (12) Other expense — — — — (1) (1) Noninterest expense $ (3) $ (2) $ (5) $ (3) $ (52) $ (39) EPS Impact - Noninterest expense $ (0.01) $ (0.01) $ (0.08) Total Integration Costs $ (3) $ (2) $ (5) $ (3) $ (52) $ (39) EPS Impact - Total Integration-related $ (0.01) $ (0.01) $ (0.08) Other notable items - TOP & Other 1Q24 4Q23 1Q23 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Tax notable items $ — $ — $ — $ 17 $ — $ — Noninterest income $ 3 $ 2 $ — $ — $ — $ — Salaries & benefits $ (15) $ (11) $ (30) $ (22) $ (9) $ (7) Equipment and software (8) (6) (37) (27) (1) (1) Outside services (11) (9) (10) (7) (2) (1) Occupancy (7) (5) (20) (15) (2) (1) FDIC Assessment(1) (35) (26) (225) (167) — — Other expense (6) (4) (18) (13) — — Noninterest expense $ (82) $ (61) $ (340) $ (251) $ (14) $ (10) Total Other Notable Items $ (79) $ (59) $ (340) $ (234) $ (14) $ (10) EPS Impact - Other Notable Items $ (0.13) $ (0.50) $ (0.02) Total Notable Items $ (82) $ (61) $ (345) $ (237) $ (66) $ (49) Total EPS Impact $ (0.14) $ (0.51) $ (0.10) (1) The FDIC special assessment earnings per share impact is $(0.06) and $(0.35) for first quarter 2024 and fourth quarter 2023, respectively. Notable items 1Q24 4Q23 1Q23 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Integration-related Salaries & benefits $ (2) $ (1) $ (2) $ (1) $ (7) $ (5) Equipment and software — — — — (3) (2) Outside services (1) (1) (3) (2) (25) (19) Occupancy — — — — (16) (12) Other expense — — — — (1) (1) Net integration-related $ (3) $ (2) $ (5) $ (3) $ (52) $ (39) EPS Impact - Total Integration-related $ (0.01) $ (0.01) $ (0.08) TOP-related Card fee income $ 3 $ 2 $ — $ — $ — $ — Salaries & benefits $ (2) $ (1) $ (3) $ (2) $ (9) $ (7) Equipment and software (8) (6) (37) (27) (1) (1) Outside services (11) (9) (10) (7) (2) (1) Occupancy (7) (5) (20) (15) (2) (1) Other expense (6) (4) (18) (13) — — Net TOP-related $ (31) $ (23) $ (88) $ (64) $ (14) $ (10) EPS Impact - TOP-related $ (0.07) $ (0.14) $ (0.02) Other items Tax notable items $ — $ — $ — $ 17 $ — $ — FDIC Assessment(1) (35) (26) (225) (167) — — Other efficiencies (Severance / Salaries & Benefits) (13) (10) (27) (20) — — Net Other items $ (48) $ (36) $ (252) $ (170) $ — $ — EPS Impact - Other items $ (0.06) $ (0.36) Total Notable Items $ (82) $ (61) $ (345) $ (237) $ (66) $ (49) Total EPS Impact $ (0.14) $ (0.51) $ (0.10) (1) The FDIC special assessment earnings per share impact is $(0.06) and $(0.35) for first quarter 2024 and fourth quarter 2023, respectively.

 
36 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. 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. 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. Notes Notes on slide 3 - 1Q24 GAAP Summary 1) See general note a). Notes on slide 4 - 1Q24 Underlying financial summary 1) See note on non-GAAP financial measures. Notes on slide 5 - 1Q24 Underlying financial performance detail 1) See note on non-GAAP financial measures. 2) Legacy Core consists of Commercial, Consumer excluding Private Bank and Non-Core, and Other. 3) At March 31, 2024, the Non-Core segment was fully funded with marginal high-cost funding comprised of FHLB, collateralized auto debt, and brokered certificates of deposit. 4) See general note a). 5) See general note d). Notes on slide 6 - 1Q24 Overview 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 8 - Noninterest income 1) Includes bank-owned life insurance income and other miscellaneous income for all periods presented. 2) See above note on non-GAAP financial measures. See Notable Items slide 35 for more detail. Notes on slide 9 - Noninterest expense 1) See above note on non-GAAP financial measures. See Notable Items slide 35 for more detail. Notes on slide 12 - Highly diversified and retail-oriented deposit base 1) Estimated based on available company disclosures. 2) Includes collateralized state and municipal balances and excludes bank and nonbank subsidiaries. 3) Includes branch-based checking with interest and savings. Notes on slide 13 - Credit quality overview 1) Allowance for credit losses to nonaccrual loans and leases. Notes on slide 14 - Allowance for credit losses 1) Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation. Notes on slide 15 - Strong capital position 1) See general note d). 2) For regulatory capital purposes, we have elected to delay the estimated impact of CECL on regulatory capital for a two-year period ended December 31,2021, followed by a three-year transition period ending December 31, 2024. As of December 31, 2021, the modified CECL transition amount was $384 million and is being transitioned out of regulatory capital over a three-year period. 3) See general note c). Notes on slide 16 - Capital level remains near top of the peer group 1) See general note d).

 
37 Notes continued Notes on slide 20 - 2Q24 outlook vs. 1Q24 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 23 - Linked-quarter Underlying results 1) See note on non-GAAP financial measures. Notes on slide 24 - Year-over-year Underlying results 1) See note on non-GAAP financial measures. Notes on slide 27 - Investment portfolio management 1) Represents fair value balances. Notes on slide 30 - $72.8B Commercial credit portfolio 1) Includes deferred fees and costs. 2) Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation. 3) Credit tenant lease includes loans to nationally recognized tenants with high credit ratings and life sciences includes loans to provide lab and office space for tenants involved in the study and development of scientific discoveries. 4) Reflects period end balances. Notes on slide 32 - $70.4B Retail credit portfolio 1) See general note c). 2) Reflects period end balances. Notes on slide 33 - 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) Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation. 3) Coverage ratio reflects total allowance for credit losses for the respective portfolio. Notes on slide 34 - Delinquency by product type 1) Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation. 2) 90+ days past due and accruing includes $202 million, $243 million, and $309 million of loans fully or partially guaranteed by the FHA, VA, and USDA for March 31, 2024, December 31, 2023, and March 31, 2023, respectively. Notes on slide 35 - Notable items 1) See note on non-GAAP financial measures. Notes on slide 46 - Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core 1) Consumer Banking excludes Private Bank. 2) Legacy Core consists of Commercial, Consumer excluding Private Bank and Non-Core, and Other. 3) At March 31, 2024, the Non-Core segment was fully funded with marginal high-cost funding comprised of FHLB, collateralized auto debt, and brokered certificates of deposit. 4) See general note a). 5) See general note d).

 
38 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 1Q24 Change 1Q24 4Q23 1Q23 4Q23 1Q23 $ % $ % Noninterest income, Underlying: Noninterest income (GAAP) A $517 $500 $485 $17 3% $32 7% Less: Notable items 3 — — 3 100 3 100 Noninterest income, Underlying (non-GAAP) B $514 $500 $485 $14 3% $29 6% Total revenue, Underlying: Total revenue (GAAP) C $1,959 $1,988 $2,128 ($29) (1%) ($169) (8%) Less: Notable items 3 — — 3 100 3 100 Total revenue, Underlying (non-GAAP) D $1,956 $1,988 $2,128 ($32) (2%) ($172) (8%) Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,358 $1,612 $1,296 ($254) (16%) $62 5% Less: Notable items 85 345 66 (260) (75) 19 29 Noninterest expense, Underlying (non-GAAP) F $1,273 $1,267 $1,230 $6 —% $43 3% Pre-provision profit: Total revenue (GAAP) C $1,959 $1,988 $2,128 ($29) (1%) ($169) (8%) Less: Noninterest expense (GAAP) E 1,358 1,612 1,296 (254) (16) 62 5 Pre-provision profit (non-GAAP) $601 $376 $832 $225 60% ($231) (28%) Pre-provision profit, Underlying: Total revenue, Underlying (non-GAAP) D $1,956 $1,988 $2,128 ($32) (2%) ($172) (8%) Less: Noninterest expense, Underlying (non-GAAP) F 1,273 1,267 1,230 6 — 43 3 Pre-provision profit, Underlying (non-GAAP) $683 $721 $898 ($38) (5%) ($215) (24%) Income before income tax expense, Underlying: Income before income tax expense (GAAP) G $430 $205 $664 $225 110% ($234) (35%) Less: Income (expense) before income tax expense (benefit) related to notable items (82) (345) (66) 263 76 (16) (24) Income before income tax expense, Underlying (non-GAAP) H $512 $550 $730 ($38) (7%) ($218) (30%) Income tax expense, Underlying: Income tax expense (GAAP) I $96 $16 $153 $80 NM ($57) (37%) Less: Income tax expense (benefit) related to notable items (21) (108) (17) 87 81 (4) (24) Income tax expense, Underlying (non-GAAP) J $117 $124 $170 ($7) (6%) ($53) (31%) Net income, Underlying: Net income (GAAP) K $334 $189 $511 $145 77% ($177) (35%) Add: Notable items, net of income tax benefit 61 237 49 (176) (74) 12 24 Net income, Underlying (non-GAAP) L $395 $426 $560 ($31) (7%) ($165) (29%) Net income available to common stockholders, Underlying: Net income available to common stockholders (GAAP) M $304 $159 $488 $145 91% ($184) (38%) Add: Notable items, net of income tax benefit 61 237 49 (176) (74) 12 24 Net income available to common stockholders, Underlying (non-GAAP) N $365 $396 $537 ($31) (8%) ($172) (32%)

 
39 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 1Q24 Change 1Q24 4Q23 1Q23 4Q23 1Q23 $/bps % $/bps % Operating leverage: Total revenue (GAAP) C $1,959 $1,988 $2,128 ($29) (1.41%) ($169) (7.96%) Less: Noninterest expense (GAAP) E 1,358 1,612 1,296 (254) (15.75) 62 4.77 Operating leverage 14.34% (12.73%) Operating leverage, Underlying: Total revenue, Underlying (non-GAAP) D $1,956 $1,988 $2,128 ($32) (1.55%) ($172) (8.09%) Less: Noninterest expense, Underlying (non-GAAP) F 1,273 1,267 1,230 6 0.43 43 3.38 Operating leverage, Underlying (non-GAAP) (1.98%) (11.47%) Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 69.33 % 81.13% 60.90 % (1,180) bps 843 bps Efficiency ratio, Underlying (non-GAAP) F/D 65.05 63.77 57.84 128 bps 721 bps Effective income tax rate and effective income tax rate, Underlying: Effective income tax rate I/G 22.28% 7.59% 22.97 % 1,469 bps (69) bps Effective income tax rate, Underlying (non-GAAP) J/H 22.84 22.25 23.25 59 bps (41) bps Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) O $21,700 $21,209 $21,702 $491 2% ($2) —% Less: Average goodwill (GAAP) 8,188 8,188 8,177 — — 11 — Less: Average other intangibles (GAAP) 153 163 192 (10) (6) (39) (20) Add: Average deferred tax liabilities related to goodwill (GAAP) 433 421 422 12 3 11 3 Average tangible common equity P $13,792 $13,279 $13,755 $513 4% $37 —% Return on average tangible common equity M/P 8.86 % 4.72% 14.38 % 414 bps (552) bps Return on average tangible common equity, Underlying (non-GAAP) N/P 10.65 11.84 15.80 (119) bps (515) bps Return on average total assets and return on average total assets, Underlying: Average total assets (GAAP) Q $220,770 $223,653 $222,711 ($2,883) (1%) ($1,941) (1%) Return on average total assets K/Q 0.61 % 0.33% 0.93 % 28 bps (32) bps Return on average total assets, Underlying (non-GAAP) L/Q 0.72 0.76 1.02 (4) bps (30) bps $s in millions, except share, per share and ratio data

 
40 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 1Q24 Change 1Q24 4Q23 1Q23 4Q23 1Q23 $/bps % $/bps % Return on average total tangible assets and return on average total tangible assets, Underlying: Average total assets (GAAP) Q $220,770 $223,653 $222,711 ($2,883) (1%) ($1,941) (1%) Less: Average goodwill (GAAP) 8,188 8,188 8,177 — — 11 — Less: Average other intangibles (GAAP) 153 163 192 (10) (6) (39) (20) Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 433 421 422 12 3 11 3 Average tangible assets R $212,862 $215,723 $214,764 ($2,861) (1%) ($1,902) (1%) Return on average total tangible assets K/R 0.63 % 0.35% 0.97 % 28 bps (34) bps Return on average total tangible assets, Underlying (non-GAAP) L/R 0.75 0.78 1.06 (3) bps (31) bps Tangible book value per common share: Common shares - at period-end (GAAP) S 458,485,032 466,418,055 483,982,264 (7,933,023) (2%) (25,497,232) (5%) Common stockholders' equity (GAAP) $21,747 $22,329 $22,187 ($582) (3) ($440) (2) Less: Goodwill (GAAP) 8,188 8,188 8,177 — — 11 — Less: Other intangible assets (GAAP) 148 157 185 (9) (6) (37) (20) Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 433 433 422 — — 11 3 Tangible common equity T $13,844 $14,417 $14,247 ($573) (4%) ($403) (3%) Tangible book value per common share T/S $30.19 $30.91 $29.44 ($0.72) (2%) $0.75 3% Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying: Average common shares outstanding - basic (GAAP) U 461,358,681 466,234,324 485,444,313 (4,875,643) (1%) (24,085,632) (5%) Average common shares outstanding - diluted (GAAP) V 463,797,964 468,159,167 487,712,146 (4,361,203) (1) (23,914,182) (5) Net income per average common share - basic (GAAP) M/U $0.66 $0.34 $1.00 $0.32 94 ($0.34) (34) Net income per average common share - diluted (GAAP) M/V 0.65 0.34 1.00 0.31 91 (0.35) (35) Net income per average common share - basic, Underlying (non-GAAP) N/U 0.79 0.85 1.10 (0.06) (7) (0.31) (28) Net income per average common share - diluted, Underlying (non- GAAP) N/V 0.79 0.85 1.10 (0.06) (7) (0.31) (28) Dividend payout ratio and dividend payout ratio, Underlying: Cash dividends declared and paid per common share W $0.42 $0.42 $0.42 $— —% $— —% Dividend payout ratio W/(M/U) 64 % 124 % 42 % (5,989) bps 2,164 bps Dividend payout ratio, Underlying (non-GAAP) W/(N/U) 53 49 38 400 bps 1,500 bps $s in millions, except share, per share and ratio data

 
41 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 1Q24 Change 1Q24 4Q23 1Q23 4Q23 1Q23 $/bps % $/bps % Card fees, Underlying: Card fees (GAAP) $86 $70 $72 $16 23% $14 19% Less: Notable items 3 — — 3 100 3 100 Card fees, Underlying (non-GAAP) $83 $70 $72 $13 19% $11 15% Salaries and employee benefits, Underlying: Salaries and employee benefits (GAAP) $691 $667 $658 $24 4% $33 5% Less: Notable items 17 32 16 (15) (47) 1 6 Salaries and employee benefits, Underlying (non-GAAP) $674 $635 $642 $39 6% $32 5% Equipment and software, Underlying: Equipment and software (GAAP) $192 $215 $169 ($23) (11%) $23 14% Less: Notable items 8 37 4 (29) (78) 4 100 Equipment and software, Underlying (non-GAAP) $184 $178 $165 $6 3% $19 12% Outside services, Underlying: Outside services (GAAP) $158 $174 $176 ($16) (9%) ($18) (10%) Less: Notable items 12 13 27 (1) (8) (15) (56) Outside services, Underlying (non-GAAP) $146 $161 $149 ($15) (9%) ($3) (2%) Occupancy, Underlying: Occupancy (GAAP) $114 $125 $124 ($11) (9%) ($10) (8%) Less: Notable items 7 20 18 (13) (65) (11) (61) Occupancy, Underlying (non-GAAP) $107 $105 $106 $2 2% $1 1% Other operating expense, Underlying: Other operating expense (GAAP) $203 $431 $169 ($228) (53%) $34 20% Less: Notable items 41 243 1 (202) (83) 40 NM Other operating expense, Underlying (non-GAAP) $162 $188 $168 ($26) (14%) ($6) (4%) $s in millions, except share, per share and ratio data

 
42 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 3Q23 2Q23 Noninterest income, Underlying: Noninterest income (GAAP) A $492 $506 Less: Notable items — — Noninterest income, Underlying (non-GAAP) B $492 $506 Total revenue, Underlying: Total revenue (GAAP) C $2,014 $2,094 Less: Notable items — — Total revenue, Underlying (non-GAAP) D $2,014 $2,094 Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,293 $1,306 Less: Notable items 22 73 Noninterest expense, Underlying (non-GAAP) F $1,271 $1,233 Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 64.2 % 62.3% Efficiency ratio, Underlying (non-GAAP) F/D 63.1 58.9

 
43 Non-GAAP financial measures and reconciliations - CET1 adjusted for AOCI opt-out removal 1Q24 4Q23 CET1 Ratio adjusted for AOCI opt-out removal CET1 capital $ 18,090 $ 18,358 Less: AFS securities - AOCI 1,687 1,511 HTM securities - AOCI(1) 810 827 DTA for AFS/HTM securities 12 14 Pension 324 333 DTA for Pension 1 1 CET 1 capital adjusted for AOCI opt-out removal A $15,256 $15,672 Risk-weighted assets 170,125 172,601 Less: HTM securities - AOCI 142 146 AFS securities - AOCI 282 243 DTA for AFS/HTM securities (2,062) (1,901) Pension 324 333 DTA for Pension (292) (287) Risk-weighted assets adjusted for AOCI opt-out removal B $171,731 $174,067 CET1 Ratio adjusted for AOCI opt-out removal A/B 8.9 % 9.0 % $s in millions, except share, per share and ratio data (1) "HTM securities - AOCI" refers to unrealized losses recognized on securities before transfer to HTM

 
44 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core $s in millions, except share, per share and ratio data QUARTERLY TRENDS 1Q24 4Q23 1Q23 Net income available to common stockholders, Underlying: Net income available to common stockholders (GAAP) $304 $159 $488 Add: Notable items, net of income tax benefit 61 237 49 Net income available to common stockholders, Underlying (non-GAAP) A $365 $396 $537 Private Bank Net income available to common stockholders, (GAAP) (16) (27) — Less: Private Bank Notable Items (1) (1) — Private Bank Net income available to common stockholders, Underlying (non-GAAP) B ($15) ($26) $— Non-Core Net income available to common stockholders, (GAAP) C ($60) ($72) ($50) Net income available to common stockholders excluding Private Bank & Non-Core, Underlying (non-GAAP) D=(A-B-C) $440 $494 $587 Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) $21,700 $21,209 $21,702 Less: Average goodwill (GAAP) 8,188 8,188 8,177 Less: Average other intangibles (GAAP) 153 163 192 Add: Average deferred tax liabilities related to goodwill (GAAP) 433 421 422 Average tangible common equity E $13,792 $13,279 $13,755 Return on average tangible common equity excluding Private Bank & Non-Core, Underlying (non-GAAP) D/E 12.8 % 14.8 % 17.3 %

 
45 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core $s in millions, except share, per share and ratio data QUARTERLY TRENDS 1Q24 4Q23 1Q23 Return on average total tangible assets and return on average total tangible assets, Underlying: Average total assets (GAAP) $220,770 $223,653 $222,711 Less: Average goodwill (GAAP) 8,188 8,188 8,177 Less: Average other intangibles (GAAP) 153 163 192 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 433 421 422 Average tangible assets $212,862 $215,723 $214,764 Less: Private Bank Average total assets (GAAP) 800 83 — Less: Non-Core Average total assets (GAAP) 10,554 11,776 15,686 Average tangible assets excluding Private Bank & Non-Core, Underlying (non-GAAP) A $201,507 $203,864 $199,077 Net income, Underlying: Net income (GAAP) $334 $189 $511 Add: Notable items, net of income tax benefit 61 237 49 Net income, Underlying (non-GAAP) B $395 $426 $560 Private Bank Net income (GAAP) (16) (27) — Less: Private Bank Notables (1) (1) — Net income Private Bank, Underlying (non-GAAP) C ($15) ($26) $— Non-Core Net income (GAAP) D (60) (72) (50) Net income excluding Private Bank & Non-Core, Underlying (non-GAAP) E=B-C-D $470 $524 $610 Return on average total tangible assets excluding Private Bank & Non-Core, Underlying (non-GAAP) E/A 0.94 % 1.02 % 1.24 %

 
46 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core* 1Q 2024 (GAAP) 1Q 2024 Notables 1Q 2024 (Non-GAAP) $s in millions Commercial Banking Consumer Banking(1) Other Legacy Core(2) Private Bank Non-Core Legacy Private Bank Non-Core Legacy Core Private Bank Non-Core Total Net interest income $ 514 $ 1,076 $ (128) $ 1,462 $ 16.8 $ (37) $ — $ — $ — $ 1,462 $ 16.8 $ (37) $ 1,442 Noninterest income 227 257 32 516 1.3 — 3.0 — — 513 1.3 — 514 Total revenue 741 1,333 (96) 1,978 18.0 (37) 3.0 — — 1,975 18.0 (37) 1,956 Noninterest Expense 317 864 113 1,294 39.0 25 84 1.4 — 1,210 37.6 25 1,273 Pre-provision profit 424 469 (209) 684 (21.0) (62) (81) (1.4) — 765 (19.6) (62) 683 Provision for credit losses 81 81 (10) 152 — 19 — — — 152 — 19 171 Income before income tax expense 343 388 (199) 532 (21.0) (81) (81) (1.4) — 613 (19.6) (81) 512 Income tax expense 84 100 (62) 122 (5.4) (21) (21) (0.4) — 143 (5.0) (21) 117 Net income 259 288 (137) 410 (15.6) (60) (60) (1.1) — 470 (14.5) (60) 395 Preferred dividends — — 30 30 — — — — — 30 — — 30 Net income available to common stockholders $ 259 $ 288 $ (167) $ 380 $ (15.6) $ (60) $ (60) $ (1.1) $ — $ 440 $ (14.5) $ (60) $ 365 Contribution to total CFG Diluted EPS $ 0.56 $ 0.62 $ (0.37) $ 0.81 $ (0.03) $ (0.13) $ (0.14) $ — $ — $ 0.95 $ (0.03) $ (0.13) $ 0.79 $s in billions Interest-earning assets (spot) $ 66 $ 67 $ 52 $ 185 $ 1.1 $ 10 $— $— $— $185 $1.1 $9.9 $196 Loans (spot) 65 66 1 132 1.1 10 — — — 132 1.1 9.9 143 Deposits (spot) 45 119 10 174 2.4 — — — — 174 2.4 — 176 Risk-weighted assets (spot) $ 88 $ 55 $ 16 $ 159 $ 1.3 $ 10 $— $— $— $159 $1.3 $10.0 $170 Performance metrics: Net interest margin, FTE(4) 3.12 % (1.41) % 3.12 % (1.41) % 2.91 % Loans-to-deposit ratio (spot) 75.9 % 46.0 % 75.9 % 46.0 % 81.2 % CET1 capital ratio(5) 11.4 % 11.4 % 10.6 % ROTCE 11.1 % 12.8 % 10.6 % Efficiency ratio 65.4 % 61.2 % 65.1 % Noninterest income as a % of total revenue 26.1 % 26.0 % 26.3 % (3) *Select totals may not sum due to rounding

 

 
















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Financial Supplement

First Quarter 2024





















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
(dollars in millions, except per share data)
QUARTERLY TRENDS
1Q24 Change
1Q244Q233Q232Q231Q234Q231Q23
$/bps%$/bps%
SELECTED OPERATING DATA
Total revenue$1,959 $1,988 $2,014 $2,094 $2,128 ($29)(1 %)($169)(8 %)
Noninterest expense1,358 1,612 1,293 1,306 1,296 (254)(16)62 5 
Profit before provision (benefit) for credit losses601 376 721 788 832 225 60 (231)(28)
Provision (benefit) for credit losses171 171 172 176 168 — — 3 2 
NET INCOME334 189 430 478 511 145 77 (177)(35)
Net income, Underlying1
395 426 448 531 560 (31)(7)(165)(29)
Net income available to common stockholders304 159 400 444 488 145 91 (184)(38)
Net income available to common stockholders, Underlying1
365 396 418 497 537 (31)(8)(172)(32)
PER COMMON SHARE DATA
Basic earnings$0.66 $0.34 $0.85 $0.93 $1.00 $0.32 94 %($0.34)(34 %)
Diluted earnings0.65 0.34 0.85 0.92 1.00 0.31 91 (0.35)(35)
Basic earnings, Underlying1
0.79 0.85 0.89 1.04 1.10 (0.06)(7)(0.31)(28)
Diluted earnings, Underlying1
0.79 0.85 0.89 1.04 1.10 (0.06)(7)(0.31)(28)
Cash dividends declared and paid per common share 0.42 0.42 0.42 0.42 0.42 — — — — 
Book value per common share47.43 47.87 44.75 45.44 45.84 (0.44)(1)1.59 3 
Tangible book value per common share30.19 30.91 27.73 28.72 29.44 (0.72)(2)0.75 3 
Dividend payout ratio64 %124 %49 %45 %42 %(5,989) bps2,164  bps
Dividend payout ratio, Underlying1
53 49 47 40 38 400  bps1,500  bps
COMMON SHARES OUTSTANDING
Average: Basic461,358,681 466,234,324 469,481,085 479,470,543 485,444,313 (4,875,643)(1 %)(24,085,632)(5 %)
   Diluted463,797,964 468,159,167 471,183,719 480,975,281 487,712,146 (4,361,203)(1)(23,914,182)(5)
Common shares at period-end458,485,032 466,418,055 466,221,795 474,682,759 483,982,264 (7,933,023)(2)(25,497,232)(5)
1 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

3

CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDS
1Q24 Change
1Q244Q233Q232Q231Q234Q231Q23
$/bps%$/bps%
FINANCIAL RATIOS
Net interest margin2.90 %2.90 %3.03 %3.16 %3.29 %0 bps(39) bps
Net interest margin, FTE1
2.91 2.91 3.03 3.17 3.30 0(39)
Return on average common equity5.63 2.96 7.50 8.00 9.11 267 (348)
Return on average common equity, Underlying2
6.77 7.41 7.82 8.97 10.01 (64)(324)
Return on average tangible common equity8.86 4.72 12.00 12.42 14.38 414 (552)
Return on average tangible common equity, Underlying2
10.65 11.84 12.51 13.93 15.80 (119)(515)
Return on average total assets0.61 0.33 0.78 0.86 0.93 28 (32)
Return on average total assets, Underlying2
0.72 0.76 0.81 0.96 1.02 (4)(30)
Return on average total tangible assets0.63 0.35 0.81 0.89 0.97 28 (34)
Return on average total tangible assets, Underlying2
0.75 0.78 0.84 0.99 1.06 (3)(31)
Effective income tax rate22.28 7.59 21.51 22.09 22.97 1,469 (69)
Effective income tax rate, Underlying2
22.84 22.25 21.69 22.51 23.25 59 (41)
Efficiency ratio69.33 81.13 64.21 62.34 60.90 (1,180)843 
Efficiency ratio, Underlying2
65.05 63.77 63.08 58.86 57.84 128 721 
Noninterest income as a % of total revenue26.41 25.16 24.44 24.14 22.81 125 360 
Noninterest income as a % of total revenue, Underlying2
26.32 25.16 24.44 24.14 22.81 116 351 
CAPITAL RATIOS - PERIOD-END (PRELIMINARY)
CET1 capital ratio10.6 %10.6 %10.4 %10.3 %10.0 %
Tier 1 capital ratio11.8 11.8 11.5 11.4 11.1 
Total capital ratio13.8 13.7 13.4 13.3 12.9 
Tier 1 leverage ratio9.3 9.3 9.4 9.4 9.4 
Tangible common equity ratio6.5 6.7 5.9 6.3 6.6 
SELECTED BALANCE SHEET DATA
Loan-to-deposit ratio (period-end balances)81.16 %82.30 %84.03 %85.17 %89.83 %(114) bps(867) bps
Loan-to-deposit ratio (average balances)82.24 83.54 85.46 88.73 89.76 (130) bps(752) bps
Full-time equivalent colleagues (period-end)17,354 17,570 18,214 18,468 18,547 (216)(1)(1,193)(6)
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)
(dollars in millions)
QUARTERLY TRENDS
1Q24 Change
1Q244Q233Q232Q231Q234Q231Q23
$%$%
INTEREST INCOME
Interest and fees on loans and leases$2,051 $2,144 $2,166 $2,132 $2,047 ($93)(4 %)$4 — %
Interest and fees on loans held for sale14 18 20 20 15 (4)(22)(1)(7)
Interest and fees on other loans held for sale6 4 8 12 5 2 50 1 20 
Investment securities399 339 290 267 266 60 18 133 50 
Interest-bearing deposits in banks140 171 111 100 69 (31)(18)71 103 
Total interest income2,610 2,676 2,595 2,531 2,402 (66)(2)208 9 
INTEREST EXPENSE
Deposits987 974 898 723 550 13 1 437 79 
Short-term borrowed funds7 7 8 22 6 — — 1 17 
Long-term borrowed funds174 207 167 198 203 (33)(16)(29)(14)
Total interest expense1,168 1,188 1,073 943 759 (20)(2)409 54 
Net interest income1,442 1,488 1,522 1,588 1,643 (46)(3)(201)(12)
NONINTEREST INCOME
Service charges and fees96 104 105 101 100 (8)(8)(4)(4)
Capital markets fees118 87 67 82 83 31 36 35 42 
Card fees86 70 74 80 72 16 23 14 19 
Trust and investment services fees68 68 63 65 63 — — 5 8 
Mortgage banking fees49 57 69 59 57 (8)(14)(8)(14)
Foreign exchange and derivative products36 43 48 44 48 (7)(16)(12)(25)
Letter of credit and loan fees42 42 43 43 40 — — 2 5 
Securities gains, net5 9 5 9 5 (4)(44)— — 
Other income17 20 18 23 17 (3)(15)— — 
Total noninterest income517 500 492 506 485 17 3 32 7 
TOTAL REVENUE1,959 1,988 2,014 2,094 2,128 (29)(1)(169)(8)
Provision (benefit) for credit losses171 171 172 176 168 — — 3 2 
NONINTEREST EXPENSE
Salaries and employee benefits691 667 659 615 658 24 4 33 5 
Equipment and software192 215 191 181 169 (23)(11)23 14 
Outside services158 174 160 177 176 (16)(9)(18)(10)
Occupancy114 125 107 136 124 (11)(9)(10)(8)
Other operating expense203 431 176 197 169 (228)(53)34 20 
Total noninterest expense1,358 1,612 1,293 1,306 1,296 (254)(16)62 5 
Income before income tax expense430 205 549 612 664 225 110 (234)(35)
Income tax expense96 16 119 134 153 80 NM(57)(37)
Net income$334 $189 $430 $478 $511 $145 77 %($177)(35 %)
Net income, Underlying1
$395 $426 $448 $531 $560 ($31)(7 %)($165)(29 %)
Net income available to common stockholders$304 $159 $400 $444 $488 $145 91 %($184)(38 %)
Net income available to common stockholders, Underlying1
$365 $396 $418 $497 $537 ($31)(8 %)($172)(32 %)
1 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."
5

CONSOLIDATED BALANCE SHEETS (unaudited)
(dollars in millions, except par value)
PERIOD-END BALANCESAS OFMARCH 31, 2024 CHANGE
Mar 31, 2024Dec 31, 2023Sept 30, 2023June 30, 2023Mar 31, 2023December 31, 2023March 31, 2023
$%$%
ASSETS
Cash and due from banks$1,098 $1,794 $1,395 $1,689 $1,283 ($696)(39 %)($185)(14 %)
Interest-bearing cash and due from banks10,501 9,834 14,005 9,878 6,691 667 7 3,810 57 
Interest-bearing deposits in banks392 405 324 284 320 (13)(3)72 23 
Debt securities available for sale, at fair value31,187 29,777 25,069 24,755 23,845 1,410 5 7,342 31 
Debt securities held to maturity9,054 9,184 9,320 9,520 9,677 (130)(1)(623)(6)
Loans held for sale, at fair value505 676 749 1,225 855 (171)(25)(350)(41)
Other loans held for sale50 103 99 196 1,000 (53)(51)(950)(95)
Loans and leases143,188 145,959 149,746 151,320 154,688 (2,771)(2)(11,500)(7)
Less: Allowance for loan and lease losses(2,086)(2,098)(2,080)(2,044)(2,017)12 (1)(69)3 
Net loans and leases141,102 143,861 147,666 149,276 152,671 (2,759)(2)(11,569)(8)
Derivative assets469 440 522 719 569 29 7 (100)(18)
Premises and equipment872 895 878 876 866 (23)(3)6 1 
Bank-owned life insurance3,311 3,291 3,275 3,263 3,244 20 1 67 2 
Goodwill8,188 8,188 8,188 8,188 8,177 — — 11 — 
Other intangible assets148 157 167 175 185 (9)(6)(37)(20)
Other assets13,571 13,359 13,613 13,022 12,873 212 2 698 5 
TOTAL ASSETS$220,448 $221,964 $225,270 $223,066 $222,256 ($1,516)(1 %)($1,808)(1 %)
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing$36,593 $37,107 $38,561 $40,286 $44,326 ($514)(1 %)($7,733)(17 %)
Interest-bearing139,835 140,235 139,636 137,381 127,868 (400)— 11,967 9 
Total deposits176,428 177,342 178,197 177,667 172,194 (914)(1)4,234 2 
Short-term borrowed funds9 505 232 1,099 1,018 (496)(98)(1,009)(99)
Derivative liabilities1,705 1,562 2,109 2,270 1,704 143 9 1 — 
Long-term borrowed funds:
FHLB advances2,036 3,786 7,036 5,029 11,779 (1,750)(46)(9,743)(83)
Senior debt6,414 5,170 5,258 5,258 5,263 1,244 24 1,151 22 
Subordinated debt and other debt5,354 4,511 5,060 3,813 1,813 843 19 3,541 195 
Total long-term borrowed funds13,804 13,467 17,354 14,100 18,855 337 3 (5,051)(27)
Other liabilities4,741 4,746 4,500 4,345 4,284 (5)— 457 11 
TOTAL LIABILITIES196,687 197,622 202,392 199,481 198,055 (935)— (1,368)(1)
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 capital22,272 22,250 22,231 22,207 22,183 22 — 89 — 
Retained earnings9,923 9,816 9,856 9,655 9,416 107 1 507 5 
Treasury stock, at cost(6,290)(5,986)(5,986)(5,734)(5,475)(304)(5)(815)(15)
Accumulated other comprehensive income (loss)(4,164)(3,758)(5,243)(4,563)(3,943)(406)(11)(221)(6)
TOTAL STOCKHOLDERS' EQUITY23,761 24,342 22,878 23,585 24,201 (581)(2)(440)(2)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$220,448 $221,964 $225,270 $223,066 $222,256 ($1,516)(1 %)($1,808)(1 %)
Memo: Total tangible common equity$13,844 $14,417 $12,930 $13,630 $14,247 ($573)(4 %)($403)(3 %)

6

LOANS AND DEPOSITS
(dollars in millions)
PERIOD-END BALANCESAS OFMARCH 31, 2024 CHANGE
Mar 31, 2024Dec 31, 2023Sept 30, 2023June 30, 2023Mar 31, 2023Dec 31, 2023March 31, 2023
$%$%
LOANS AND LEASES
Commercial and industrial1
$43,951 $44,974 $47,971 $49,332 $51,867 ($1,023)(2 %)($7,916)(15 %)
Commercial real estate28,872 29,471 29,486 28,947 28,999 (599)(2)(127)— 
Total commercial72,823 74,445 77,457 78,279 80,866 (1,622)(2)(8,043)(10)
Residential mortgages31,512 31,332 30,983 30,769 30,362 180 1 1,150 4 
Home equity15,113 15,040 14,729 14,487 14,135 73 — 978 7 
Automobile7,277 8,258 9,290 10,428 11,535 (981)(12)(4,258)(37)
Education11,646 11,834 12,134 12,246 12,634 (188)(2)(988)(8)
Other retail4,817 5,050 5,153 5,111 5,156 (233)(5)(339)(7)
Total retail70,365 71,514 72,289 73,041 73,822 (1,149)(2)(3,457)(5)
Total loans and leases$143,188 $145,959$149,746$151,320$154,688($2,771)(2 %)($11,500)(7 %)
Loans held for sale, at fair value505 676 749 1,225 855 (171)(25)(350)(41)
Other loans held for sale50 103 99 196 1,000 (53)(51)(950)(95)
Loans and leases and loans held for sale$143,743 $146,738 $150,594 $152,741 $156,543 ($2,995)(2 %)($12,800)(8 %)
DEPOSITS
Demand$36,593 $37,107 $38,561 $40,286 $44,326 ($514)(1 %)($7,733)(17 %)
Money market52,182 53,812 53,517 52,542 48,905 (1,630)(3)3,277 7 
Checking with interest34,487 31,876 33,355 35,028 34,496 2,611 8 (9)— 
Savings27,912 27,983 29,139 29,824 29,789 (71)— (1,877)(6)
Term25,254 26,564 23,625 19,987 14,678 (1,310)(5)10,576 72 
Total deposits$176,428 $177,342 $178,197 $177,667 $172,194 ($914)(1 %)$4,234 2 %
1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.

7

AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)
QUARTERLY TRENDS1Q24 Change
1Q244Q231Q234Q231Q23
Average BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks$10,268 $140 5.39 %$12,387 $171 5.43 %$5,899 $69 4.65 %($2,119)($31)(4) bps$4,369 $71 74 bps
Taxable investment securities43,904 399 3.63 41,497 339 3.25 38,953 266 2.74 2,407 60 384,951 133 89
Non-taxable investment securities1 — 2.60 2 — 2.66 2 — 2.68 (1)— (6)(1)— (8)
Total investment securities43,905 399 3.63 41,499 339 3.25 38,955 266 2.74 2,406 60 384,950 133 89
Commercial and industrial1
44,577 635 5.64 46,618 716 6.00 53,429 747 5.60 (2,041)(81)(36)(8,852)(112)4
Commercial real estate29,265 468 6.32 29,460 476 6.32 28,892 416 5.75 (195)(8)—373 52 57
Total commercial73,842 1,103 5.91 76,078 1,192 6.13 82,321 1,163 5.65 (2,236)(89)(22)(8,479)(60)26
Residential mortgages31,384 283 3.60 31,146 276 3.55 30,075 250 3.33 238 7 51,309 33 27
Home equity15,080 298 7.94 14,889 302 8.04 14,073 240 6.92 191 (4)(10)1,007 58 102
Automobile7,758 82 4.25 8,752 94 4.24 11,937 119 4.04 (994)(12)1(4,179)(37)21
Education11,816 156 5.31 11,971 156 5.17 12,796 154 4.88 (155)— 14(980)2 43
Other retail4,942 129 10.54 5,133 124 9.64 5,290 121 9.25 (191)5 90(348)8 129
Total retail70,980 948 5.36 71,891 952 5.27 74,171 884 4.81 (911)(4)9(3,191)64 55
Total loans and leases144,822 2,051 5.64 147,969 2,144 5.71 156,492 2,047 5.25 (3,147)(93)(7)(11,670)4 39
Loans held for sale, at fair value850 14 6.37 1,047 18 6.79 1,009 15 5.87 (197)(4)(42)(159)(1)50
Other loans held for sale223 6 10.72 219 4 7.72 197 5 9.98 4 2 30026 1 74
Total interest-earning assets200,068 2,610 5.20 203,121 2,676 5.20 202,552 2,402 4.76 (3,053)(66)—(2,484)208 44
Noninterest-earning assets20,702 20,532 20,159 170 543 
TOTAL ASSETS$220,770 $223,653 $222,711 ($2,883)($1,941)
INTEREST-BEARING LIABILITIES
Checking with interest$32,302 109 1.35 $31,788 113 1.40 $35,974 97 1.09 $514 (4)(5)($3,672)$12 26
Money market52,926 445 3.38 53,003 444 3.32 49,942 287 2.33 (77)1 62,984 158 105
Regular savings27,745 121 1.76 28,455 123 1.72 29,460 79 1.09 (710)(2)4(1,715)42 67
Term26,447 312 4.74 25,492 294 4.59 12,839 87 2.72 955 18 1513,608 225 202
Total interest-bearing deposits139,420 987 2.85 138,738 974 2.79 128,215 550 1.74 682 13 611,205 437 111
Short-term borrowed funds498 7 5.53 491 7 5.63 542 6 4.97 7 — (10)(44)1 56
FHLB advances2,272 32 5.60 5,751 83 5.62 10,362 121 4.68 (3,479)(51)(2)(8,090)(89)92
Senior debt6,113 70 4.56 5,217 57 4.34 5,606 61 4.39 896 13 22507 9 17
Subordinated debt and other debt5,279 72 5.45 4,720 67 5.71 1,812 21 4.37 559 5 (26)3,467 51 108
Total long-term borrowed funds13,664 174 5.08 15,688 207 5.22 17,780 203 4.55 (2,024)(33)(14)(4,116)(29)53
Total borrowed funds14,162 181 5.09 16,179 214 5.24 18,322 209 4.57 (2,017)(33)(15)(4,160)(28)52
Total interest-bearing liabilities153,582 1,168 3.05 154,917 1,188 3.04 146,537 759 2.09 (1,335)(20)17,045 409 96
Demand deposits36,684 38,390 46,135 (1,706)(9,451)
Other noninterest-bearing liabilities6,791 7,123 6,323 (332)468 
TOTAL LIABILITIES197,057 200,430 198,995 (3,373)(1,938)
STOCKHOLDERS' EQUITY23,713 23,223 23,716 490 (3)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$220,770 $223,653 $222,711 ($2,883)($1,941)
INTEREST RATE SPREAD2.15 %2.16 %2.67 %(1)(52)
NET INTEREST MARGIN AND NET INTEREST INCOME$1,442 2.90 %$1,488 2.90 %$1,643 3.29 %($46)—($201)(39)
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE2
$1,446 2.91 %$1,492 2.91 %$1,647 3.30 %($46)—($201)(39)
Memo: Total deposits (interest-bearing and demand)$176,104 $987 2.25 %$177,128 $974 2.18 %$174,350 $550 1.28 %($1,024)$13 7 bps$1,754 $437 97 bps

1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.
2Net 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

MORTGAGE BANKING FEES SUMMARY
(dollars in millions)
QUARTERLY TRENDS
1Q24 Change
1Q244Q233Q232Q231Q234Q231Q23
$/bps%$/bps%
MORTGAGE BANKING FEES
Production revenue$15 $11 $19 $23 $18 $436 %($3)(17 %)
Mortgage servicing revenue33 37 35 34 37 (4)(11)(4)(11)
MSR valuation changes, net of hedge impact1 9 15 2 2 (8)(89)(1)(50)
Total mortgage banking fees$49 $57 $69 $59 $57 ($8)(14 %)($8)(14 %)
Pull-through adjusted locks$1,404 $1,412 $2,397 $2,870 $2,078 ($8)(1 %)($674)(32 %)
Production revenue as a percentage of Pull-through adjusted locks1.05 %0.78 %0.79 %0.79 %0.90 %27  bps15  bps
RESIDENTIAL REAL ESTATE ORIGINATIONS
Retail$1,045 $958 $1,146 $1,260 $1,011 $879 %$343 %
Third Party892 1,214 2,285 2,350 1,333 (322)(27)(441)(33)
Total$1,937 $2,172 $3,431 $3,610 $2,344 ($235)(11 %)(407)(17 %)
Originated for sale$1,296 $1,595 $2,815 $2,874 $1,651 ($299)(19 %)($355)(22 %)
Originated for investment641 577 616 736 693 6411 (52)(8)
Total$1,937 $2,172 $3,431 $3,610 $2,344 ($235)(11 %)($407)(17 %)
MORTGAGE SERVICING INFORMATION (UPB)
Loans serviced for others$96,952 $97,420 $97,603 $96,591 $96,346 ($468)— %$6061 %
Owned loans serviced31,659 31,640 31,436 31,636 30,827 19— 8323 
Total$128,611 $129,060 $129,039 $128,227 $127,173 ($449)— %$1,4381 %
MSR at fair value$1,564 $1,552 $1,620 $1,524 $1,496 $121 %$685 %
    

9

SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING
(dollars in millions)

QUARTERLY TRENDS
CONSUMER BANKING
1Q24 Change
1Q244Q233Q232Q231Q234Q231Q23
$/bps%$/bps%
Net interest income$1,093 $1,086 $1,067 $1,023 $1,011 $7 1 %$82 8 %
Noninterest income258 265 278 268 256 (7)(3)2 1 
Total revenue1,351 1,351 1,345 1,291 1,267 — — 84 7 
Noninterest expense903 905 905 875 857 (2)— 46 5 
Profit (loss) before credit losses448 446 440 416 410 2 — 38 9 
Net charge-offs81 82 67 68 63 (1)(1)18 29 
Income (loss) before income tax expense (benefit)367 364 373 348 347 3 1 20 6 
Income tax expense (benefit)95 95 97 91 90 — — 5 6 
Net income (loss)$272 $269 $276 $257 $257 $3 1 %$15 6 %
AVERAGE BALANCES
Total assets$73,833 $73,334 $72,964 $72,583 $71,872 $499 1 %$1,961 3 %
Total loans and leases1
67,448 66,906 66,641 66,289 65,570 542 1 1,878 3 
Deposits120,019 118,474 117,979 115,847 115,578 1,545 1 4,441 4 
Interest-earning assets68,050 67,524 67,273 66,933 66,251 526 1 1,799 3 
KEY METRICS
Net interest margin6.46 %6.40 %6.28 %6.12 %6.20 %6  bps26  bps
Efficiency ratio66.87 67.08 67.18 67.74 67.70 (21) bps(83) bps
Loan-to-deposit ratio (period-end balances)55.25 55.52 55.81 55.35 56.37 (27) bps(112) bps
Loan-to-deposit ratio (average balances)55.80 55.88 55.71 56.44 56.25 (8) bps(45) bps
Return on average total tangible assets1.49 1.47 1.51 1.43 1.46 2  bps3  bps
1 Includes loans held for sale.
















10

SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING
(dollars in millions)

QUARTERLY TRENDS
COMMERCIAL BANKING1Q24 Change
1Q244Q233Q232Q231Q234Q231Q23
$/bps%$/bps%
Net interest income$514 $551 $560 $584 $597 ($37)(7 %)($83)(14 %)
Noninterest income227 196 180 207 201 31 16 26 13 
Total revenue741 747 740 791 798 (6)(1)(57)(7)
Noninterest expense317 324 325 315 331 (7)(2)(14)(4)
Profit (loss) before credit losses424 423 415 476 467 1 — (43)(9)
Net charge-offs81 65 67 71 47 16 25 34 72 
Income (loss) before income tax expense (benefit)343 358 348 405 420 (15)(4)(77)(18)
Income tax expense (benefit)84 89 88 100 101 (5)(6)(17)(17)
Net income (loss)$259 $269 $260 $305 $319 ($10)(4 %)($60)(19 %)
AVERAGE BALANCES
Total assets$70,100 $72,758 $74,997 $77,546 $78,891 ($2,658)(4 %)($8,791)(11 %)
Total loans and leases1
67,187 69,899 71,898 74,295 75,734 (2,712)(4)(8,547)(11)
Deposits45,912 46,962 47,221 45,494 48,966 (1,050)(2)(3,054)(6)
Interest-earning assets67,536 70,267 72,275 74,687 76,130 (2,731)(4)(8,594)(11)
KEY METRICS
Net interest margin3.07 %3.11 %3.07 %3.13 %3.18 %(4) bps(11) bps
Efficiency ratio42.80 43.44 43.93 39.76 41.47 (64) bps133  bps
Loan-to-deposit ratio (period-end balances)143.98 146.09 145.77 150.41 162.54 (211) bps(1,856) bps
Loan-to-deposit ratio (average balances)145.05 147.64 150.96 160.89 153.33 (259) bps(828) bps
Return on average total tangible assets1.50 1.48 1.39 1.59 1.66 2  bps(16) bps
1 Includes loans held for sale.
















11

SEGMENT FINANCIAL HIGHLIGHTS - NON-CORE
(dollars in millions)

QUARTERLY TRENDS
NON-CORE
1Q24 Change
1Q244Q233Q232Q231Q234Q231Q23
$/bps%$/bps%
Net interest income($37)($45)($41)($28)($15)$8 18 %($22)(147 %)
Noninterest income— — — — — — — — — 
Total revenue(37)(45)(41)(28)(15)8 18 (22)(147)
Noninterest expense25 28 30 33 32 (3)(11)(7)(22)
Profit (loss) before credit losses(62)(73)(71)(61)(47)11 15 (15)(32)
Net charge offs19 24 20 13 21 (5)(21)(2)(10)
Income (loss) before income tax expense (benefit)(81)(97)(91)(74)(68)16 16 (13)(19)
Income tax expense (benefit)(21)(25)(24)(19)(18)4 16 (3)(17)
Net income (loss)($60)($72)($67)($55)($50)$12 17 %($10)(20 %)
AVERAGE BALANCES
Total assets$10,554 $11,776 $13,113 $14,456 $15,686 ($1,222)(10 %)($5,132)(33 %)
Total loans and leases1
10,507 11,701 13,010 14,395 15,620 (1,194)(10)(5,113)(33)
Interest-earning assets10,507 11,726 13,010 14,395 15,620 (1,219)(10)(5,113)(33)
KEY METRICS
Net interest margin(1.41)%(1.54)%(1.24)%(0.77)%(0.40)%13  bps(101) bps
Return on average total tangible assets(2.30)(2.42)(2.03)(1.53)(1.30)12  bps(100) bps
1 Includes loans held for sale.
12

SEGMENT FINANCIAL HIGHLIGHTS - OTHER
(dollars in millions)

QUARTERLY TRENDS
OTHER1
1Q24 Change
1Q244Q233Q232Q231Q234Q231Q23
$%$%
Net interest income($128)($104)($64)$9 $50 ($24)(23 %)($178)NM
Noninterest income32 39 34 31 28 (7)(18)4 14 
Total revenue(96)(65)(30)40 78 (31)(48)(174)NM
Noninterest expense113 355 33 83 76 (242)(68)37 49 
Profit (loss) before provision (benefit) for credit losses(209)(420)(63)(43)2 211 50 (211)NM
Provision (benefit) for credit losses(10)— 18 24 37 (10)(100)(47)NM
Income (loss) before income tax expense (benefit)(199)(420)(81)(67)(35)221 53 (164)NM
Income tax expense (benefit)(62)(143)(42)(38)(20)81 57 (42)(210)
Net income (loss)($137)($277)($39)($29)($15)$140 51 %($122)NM
AVERAGE BALANCES
Total assets$66,283 $65,785 $59,088 $57,788 $56,262 $498 1 %$10,021 18 %
Total loans and leases2
754 729 766 748 773 25 3 (19)(2)
Deposits10,173 11,692 11,250 11,908 9,806 (1,519)(13)367 4 
Interest-earning assets53,976 53,604 47,035 45,482 44,550 372 1 9,426 21 
1 Includes assets, liabilities, capital, revenues, provision for credit losses, expenses and income tax expense not attributed to our Consumer Banking, Commercial Banking, or Non-Core segments as well as treasury and community development.
2 Includes loans held for sale.
13

CREDIT-RELATED INFORMATION
(dollars in millions)
AS OFMARCH 31, 2024 CHANGE
Mar 31, 2024Dec 31, 2023Sept 30, 2023June 30, 2023Mar 31, 2023Dec 31, 2023March 31, 2023
$/bps/%%$/bps/%%
NONACCRUAL LOANS AND LEASES
Commercial and industrial1
$294 $297 $245 $283 $297 ($3)(1 %)($3)(1 %)
Commercial real estate597 477 470 352 140 120 25 457 NM
Total commercial891 774 715 635 437 117 15 454 104 
Residential mortgages2
174 177 190 201 216 (3)(2)(42)(19)
Home equity288 285 268 251 240 3 1 48 20 
Automobile47 61 62 51 50 (14)(23)(3)(6)
Education29 28 23 22 23 1 4 6 26 
Other retail40 39 38 31 30 1 3 10 33 
Total retail578 590 581 556 559 (12)(2)19 3 
Nonaccrual loans and leases1,469 1,364 1,296 1,191 996 105 8 473 47 
Repossessed assets14 14 15 11 14 — — — — 
Nonaccrual loans and leases and repossessed assets$1,483 $1,378 $1,311 $1,202 $1,010 $105 8 %$473 47 %
NONACCRUAL LOANS AND LEASES BY PRODUCT3
Commercial$891 $774 $715 $635 $437 $117 15 %$454 104 %
Retail592 604 596 567 573 (12)(2)19 3 
Total nonaccrual loans and leases$1,483 $1,378 $1,311 $1,202 $1,010 $105 8 %$473 47 %
ASSET QUALITY RATIOS
Allowance for loan and lease losses to loans and leases1.46 %1.44 %1.39 %1.35 %1.30 %2  bps16  bps
Allowance for credit losses to loans and leases1.61 1.59 1.55 1.52 1.47 2 14 
Allowance for loan and lease losses to nonaccrual loans and leases142 154 160 172 203 (12 %)(61 %)
Allowance for credit losses to nonaccrual loans and leases157 170 179 193 229 (13 %)(72 %)
Nonaccrual loans and leases to loans and leases1.02 0.93 0.87 0.79 0.64 9  bps38  bps
1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.
2Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
3Nonaccrual loans and leases by product includes repossessed assets.



14

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
AS OFMARCH 31, 2024 CHANGE
Mar 31, 2024Dec 31, 2023Sept 30, 2023June 30, 2023Mar 31, 2023Dec 31, 2023March 31, 2023
$/bps%$/bps%
LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Commercial and industrial1
$23 $6 $4 $2 $21 $17 NM$2 10 %
Commercial real estate39 40 3 — 63 (1)(3)(24)(38)
Total commercial62 46 7 2 84 16 35 (22)(26)
Residential mortgages2
209 256 217 257 314 (47)(18)(105)(33)
Home equity— — — — — — — — — 
Automobile— — — — — — — — — 
Education2 2 3 3 3 — — (1)(33)
Other retail27 29 21 20 23 (2)(7)4 17 
Total retail238 287 241 280 340 (49)(17)(102)(30)
Total loans and leases$300 $333 $248 $282 $424 ($33)(10 %)($124)(29 %)
1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.
2 90+ days past due and accruing includes $202 million, $243 million, $216 million, $256 million, and $309 million of loans fully or partially guaranteed by the FHA, VA, and USDA for March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.

15

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDS
1Q24 Change
1Q244Q233Q232Q231Q234Q231Q23
$%$%
CHARGE-OFFS, RECOVERIES AND RELATED RATIOS
GROSS CHARGE-OFFS
Commercial and industrial1
$14 $24 $25 $17 $55 ($10)(42 %)($41)(75)
Commercial real estate88 49 49 62 4 39 80 84 NM
Total commercial102 73 74 79 59 29 40 43 73 
Residential mortgages2 3 1 1 1 (1)(33)1 100 
Home equity4 4 3 3 2 — — 2 100 
Automobile28 31 28 24 30 (3)(10)(2)(7)
Education32 35 27 26 23 (3)(9)9 39 
Other retail63 60 58 56 56 3 5 7 13 
Total retail129 133 117 110 112 (4)(3)17 15 
Total gross charge-offs$231 $206 $191 $189 $171 $25 12 %$60 35 %
GROSS RECOVERIES
Commercial and industrial1
$17 $3 $3 $3 $6 $14 NM$11 183 %
Commercial real estate— 1 1 — 1 (1)(100)(1)(100)
Total commercial17 4 4 3 7 13 NM10 143 
Residential mortgages1 1 2 1 — — — 1 100 
Home equity6 5 6 6 5 1 20 1 20 
Automobile14 14 13 16 15 — — (1)(7)
Education5 5 5 4 5 — — — — 
Other retail7 6 8 7 6 1 17 1 17 
Total retail33 31 34 34 31 2 6 2 6 
Total gross recoveries$50 $35 $38 $37 $38 $15 43 %$12 32 %
NET CHARGE-OFFS (RECOVERIES)
Commercial and industrial1
($3)$21 $22 $14 $49 ($24)NM($52)NM
Commercial real estate88 48 48 62 3 40 83 85 NM
Total commercial85 69 70 76 52 16 23 33 63 
Residential mortgages1 2 (1)— 1 (1)(50)— — 
Home equity(2)(1)(3)(3)(3)(1)(100)1 33 
Automobile14 17 15 8 15 (3)(18)(1)(7)
Education27 30 22 22 18 (3)(10)9 50 
Other retail56 54 50 49 50 2 4 6 12 
Total retail96 102 83 76 81 (6)(6)15 19 
Total net charge-offs$181 $171 $153 $152 $133 $10 6 %$48 36 %
1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.
16

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDS
1Q24 Change
1Q244Q233Q232Q231Q234Q231Q23
$/bps%$/bps%
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES
Commercial and industrial1
(0.03 %)0.18 %0.18 %0.11 %0.37 %(21) bps(40) bps
Commercial real estate1.22 0.66 0.65 0.86 0.05 56 117 
Total commercial0.47 0.36 0.35 0.38 0.26 11 21 
Residential mortgages0.01 0.02 (0.02)— 0.01 (1)— 
Home equity(0.06)(0.04)(0.08)(0.08)(0.07)(2)1 
Automobile0.73 0.77 0.60 0.30 0.51 (4)22 
Education0.92 1.00 0.72 0.68 0.57 (8)35 
Other retail4.56 4.13 3.95 3.84 3.81 43 75 
Total retail0.54 0.56 0.46 0.41 0.44 (2)10 
Total loans and leases0.50 %0.46 %0.40 %0.40 %0.34 %4  bps16  bps
Memo: Average loans
Commercial and industrial1
$44,577 $46,618 $48,908 $51,122 $53,429 ($2,041)(4 %)($8,852)(17 %)
Commercial real estate29,265 29,460 29,353 29,115 28,892 (195)(1)373 1 
Total commercial73,842 76,078 78,261 80,237 82,321 (2,236)(3)(8,479)(10)
Residential mortgages31,384 31,146 30,838 30,566 30,075 238 1 1,309 4 
Home equity15,080 14,889 14,589 14,340 14,073 191 1 1,007 7 
Automobile7,758 8,752 9,849 10,997 11,937 (994)(11)(4,179)(35)
Education11,816 11,971 12,147 12,430 12,796 (155)(1)(980)(8)
Other retail4,942 5,133 5,107 5,155 5,290 (191)(4)(348)(7)
Total retail70,980 71,891 72,530 73,488 74,171 (911)(1)(3,191)(4)
Total loans and leases$144,822 $147,969 $150,791 $153,725 $156,492 ($3,147)(2 %)($11,670)(7 %)
1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.


17

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDS
1Q24 Change
1Q244Q233Q232Q231Q234Q231Q23
$%$%
SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES
Allowance for loan and lease losses - beginning$2,098 $2,080 $2,044 $2,017 $1,983 $18 1 %$115 6 %
Charge-offs:
Commercial102 73 74 79 59 29 40 43 73 
Retail 129 133 117 110 112 (4)(3)17 15 
Total charge-offs231 206 191 189 171 25 12 60 35 
Recoveries:
Commercial17 4 4 3 7 13 NM10 143 
Retail 33 31 34 34 31 2 6 2 6 
Total recoveries50 35 38 37 38 15 43 12 32 
Net charge-offs181 171 153 152 133 10 6 48 36 
Provision (benefit) for loan and lease losses:
Commercial69 86 146 122 103 (17)(20)(34)(33)
Retail100 103 43 57 64 (3)(3)36 56 
Total provision (benefit) for loan and lease losses169 189 189 179 167 (20)(11)2 1 
Allowance for loan and lease losses - ending$2,086 $2,098 $2,080 $2,044 $2,017 ($12)(1 %)$69 3 %
Allowance for unfunded lending commitments - beginning$220 $238 $255 $258 $257 ($18)(8 %)($37)(14 %)
Provision (benefit) for unfunded lending commitments2 (18)(17)(3)1 20 NM1 100 
Allowance for unfunded lending commitments - ending$222 $220 $238 $255 $258 $2 1 %($36)(14)
Total allowance for credit losses - ending$2,308 $2,318 $2,318 $2,299 $2,275 ($10)— %$33 1 %
Memo: Total allowance for credit losses by product
Commercial $1,425 $1,425 $1,425 $1,370 $1,326 $— — %$99 7 %
Retail 883 893 893 929 949 (10)(1)(66)(7)
Total allowance for credit losses$2,308 $2,318 $2,318 $2,299 $2,275 ($10)— %$33 1 %
18

CAPITAL AND RATIOS
(dollars in millions)
AS OF
MARCH 31, 2024 CHANGE
Mar 31, 2024Dec 31, 2023Sept 30, 2023June 30, 2023Mar 31, 2023Dec 31, 2023March 31, 2023
$%$%
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY)
CET1 capital$18,090 $18,358 $18,360 $18,381 $18,370 ($268)(1 %)($280)(2 %)
Tier 1 capital20,104 20,372 20,374 20,395 20,384 (268)(1)(280)(1)
Total capital23,466 23,608 23,682 23,748 23,720 (142)(1)(254)(1)
Risk-weighted assets170,125 172,601 176,407 179,034 183,246 (2,476)(1)(13,121)(7)
Adjusted average assets1
216,001 219,591 215,877 217,264 217,998 (3,590)(2)(1,997)(1)
CET1 capital ratio10.6 %10.6 %10.4 %10.3 %10.0 %
Tier 1 capital ratio11.8 11.8 11.5 11.4 11.1 
Total capital ratio13.8 13.7 13.4 13.3 12.9 
Tier 1 leverage ratio9.3 9.3 9.4 9.4 9.4 
TANGIBLE COMMON EQUITY (PERIOD-END)
Common stockholders' equity$21,747 $22,329 $20,864 $21,571 $22,187 ($582)(3 %)($440)(2 %)
Less: Goodwill8,188 8,188 8,188 8,188 8,177 — — 11 — 
Less: Other intangible assets148 157 167 175 185 (9)(6)(37)(20)
Add: Deferred tax liabilities2
433 433 421 422 422 — — 11 3 
Total tangible common equity$13,844 $14,417 $12,930 $13,630 $14,247 ($573)(4 %)($403)(3 %)
TANGIBLE COMMON EQUITY (AVERAGE)
Common stockholders' equity$21,700 $21,209 $21,177 $22,289 $21,702 $491 2 %($2)— %
Less: Goodwill8,188 8,188 8,188 8,182 8,177 — — 11 — 
Less: Other intangible assets153 163 173 181 192 (10)(6)(39)(20)
Add: Deferred tax liabilities2
433 421 422 422 422 12 3 11 3 
Total tangible common equity$13,792 $13,279 $13,238 $14,348 $13,755 $513 4 %$37 — %
INTANGIBLE ASSETS (PERIOD-END)
Goodwill$8,188 $8,188 $8,188 $8,188 $8,177 $— — %$11 — %
Other intangible assets148 157 167 175 185 (9)(6)(37)(20)
Total intangible assets$8,336 $8,345 $8,355 $8,363 $8,362 ($9)— %($26)— %
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
(dollars in millions, except per share 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 in that period and, accordingly, are useful to consider in addition to our GAAP financial results. The following tables present reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.

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 (dollars in millions, except per share data)
QUARTERLY TRENDS
1Q24 Change
1Q244Q233Q232Q231Q234Q231Q23
$%$%
Noninterest income, Underlying:
Noninterest income (GAAP)A$517 $500 $492 $506 $485 $17 3 %$32 7 %
Less: Notable items3 — — — — 3 100 3 100 
Noninterest income, Underlying (non-GAAP)B$514 $500 $492 $506 $485 $14 3 %$29 6 %
Total revenue, Underlying:
Total revenue (GAAP)C$1,959 $1,988 $2,014 $2,094 $2,128 ($29)(1 %)($169)(8 %)
Less: Notable items3 — — — — 3 100 3 100 
Total revenue, Underlying (non-GAAP)D$1,956 $1,988 $2,014 $2,094 $2,128 ($32)(2 %)($172)(8 %)
Noninterest expense, Underlying:
Noninterest expense (GAAP)E$1,358 $1,612 $1,293 $1,306 $1,296 ($254)(16 %)$62 5 %
Less: Notable items85 345 22 73 66 (260)(75)19 29 
Noninterest expense, Underlying (non-GAAP)F$1,273 $1,267 $1,271 $1,233 $1,230 $6 — %$43 3 %
Pre-provision profit:
Total revenue (GAAP)C$1,959 $1,988 $2,014 $2,094 $2,128 ($29)(1 %)($169)(8 %)
Less: Noninterest expense (GAAP)E1,358 1,612 1,293 1,306 1,296 (254)(16)62 5 
Pre-provision profit (non-GAAP)
$601 $376 $721 $788 $832 $225 60 %($231)(28 %)
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)D$1,956 $1,988 $2,014 $2,094 $2,128 ($32)(2 %)($172)(8 %)
Less: Noninterest expense, Underlying (non-GAAP)F1,273 1,267 1,271 1,233 1,230 6 — 43 3 
Pre-provision profit, Underlying (non-GAAP)$683 $721 $743 $861 $898 ($38)(5 %)($215)(24 %)
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)G$430 $205 $549 $612 $664 $225 110 %($234)(35 %)
Less: Income (expense) before income tax expense (benefit) related to notable items(82)(345)(22)(73)(66)263 76 (16)(24)
Income before income tax expense, Underlying (non-GAAP)H$512 $550 $571 $685 $730 ($38)(7 %)($218)(30 %)
Income tax expense, Underlying:
Income tax expense (GAAP)I$96 $16 $119 $134 $153 $80 NM($57)(37 %)
Less: Income tax expense (benefit) related to notable items(21)(108)(4)(20)(17)87 81 (4)(24)
Income tax expense, Underlying (non-GAAP)J$117 $124 $123 $154 $170 ($7)(6 %)($53)(31 %)
Net income, Underlying:
Net income (GAAP)K$334 $189 $430 $478 $511 $145 77 %($177)(35 %)
Add: Notable items, net of income tax benefit61 237 18 53 49 (176)(74)12 24 
Net income, Underlying (non-GAAP)L$395 $426 $448 $531 $560 ($31)(7 %)($165)(29 %)
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)M$304 $159 $400 $444 $488 $145 91 %($184)(38 %)
Add: Notable items, net of income tax benefit61 237 18 53 49 (176)(74)12 24 
Net income available to common stockholders, Underlying (non-GAAP)N$365 $396 $418 $497 $537 ($31)(8 %)($172)(32 %)
21

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

QUARTERLY TRENDS
1Q24 Change
1Q244Q233Q232Q231Q234Q231Q23
$/bps%$/bps%
Operating leverage:
Total revenue (GAAP)C$1,959 $1,988 $2,014 $2,094 $2,128 ($29)(1.41 %)($169)(7.96 %)
Less: Noninterest expense (GAAP)E1,358 1,612 1,293 1,306 1,296 (254)(15.75)62 4.77 
Operating leverage14.34 %(12.73 %)
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)D$1,956 $1,988 $2,014 $2,094 $2,128 ($32)(1.55 %)($172)(8.09 %)
Less: Noninterest expense, Underlying (non-GAAP)F1,273 1,267 1,271 1,233 1,230 6 0.43 43 3.38 
Operating leverage, Underlying (non-GAAP)(1.98 %)(11.47 %)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio E/C69.33 %81.13 %64.21 %62.34 %60.90 %(1,180) bps843  bps
Efficiency ratio, Underlying (non-GAAP)F/D65.05 63.77 63.08 58.86 57.84 128  bps721  bps
Noninterest income as a % of total revenue, Underlying:
Noninterest income as a % of total revenueA/C26.41 %25.16 %24.44 %24.14 %22.81 %125  bps360  bps
Noninterest income as a % of total revenue, UnderlyingB/D26.32 25.16 24.44 24.14 22.81 116  bps351  bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rateI/G22.28 %7.59 %21.51 %22.09 %22.97 %1,469  bps(69) bps
Effective income tax rate, Underlying (non-GAAP)J/H22.84 22.25 21.69 22.51 23.25 59  bps(41) bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)O$21,700 $21,209 $21,177 $22,289 $21,702 $491 2 %($2)— %
Return on average common equityM/O5.63 %2.96 %7.50 %8.00 %9.11 %267  bps(348) bps
Return on average common equity, Underlying (non-GAAP)N/O6.77 7.41 7.82 8.97 10.01 (64) bps(324) bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)O$21,700 $21,209 $21,177 $22,289 $21,702 $491 2 %($2)— %
Less: Average goodwill (GAAP)8,188 8,188 8,188 8,182 8,177 — — 11 — 
Less: Average other intangibles (GAAP)153 163 173 181 192 (10)(6)(39)(20)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)433 421 422 422 422 12 3 11 3 
Average tangible common equityP$13,792 $13,279 $13,238 $14,348 $13,755 $513 4 %$37 — %
Return on average tangible common equity M/P8.86 %4.72 %12.00 %12.42 %14.38 %414  bps(552) bps
Return on average tangible common equity, Underlying (non-GAAP)N/P10.65 11.84 12.51 13.93 15.80 (119) bps(515) bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)Q$220,770 $223,653 $220,162 $222,373 $222,711 ($2,883)(1 %)($1,941)(1 %)
Return on average total assetsK/Q0.61 %0.33 %0.78 %0.86 %0.93 %28  bps(32) bps
Return on average total assets, Underlying (non-GAAP)L/Q0.72 0.76 0.81 0.96 1.02 (4) bps(30) bps
22

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDS
1Q24 Change
1Q244Q233Q232Q231Q234Q231Q23
$/bps%$/bps%
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)Q$220,770 $223,653 $220,162 $222,373 $222,711 ($2,883)(1 %)($1,941)(1 %)
Less: Average goodwill (GAAP)8,188 8,188 8,188 8,182 8,177 —— 11— 
Less: Average other intangibles (GAAP)153 163 173 181 192 (10)(6)(39)(20)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)433 421 422 422 422 123 113 
Average tangible assetsR$212,862 $215,723 $212,223 $214,432 $214,764 ($2,861)(1 %)($1,902)(1 %)
Return on average total tangible assets K/R0.63 %0.35 %0.81 %0.89 %0.97 %28  bps(34) bps
Return on average total tangible assets, Underlying (non-GAAP)L/R0.75 0.78 0.84 0.99 1.06 (3) bps(31) bps
Tangible book value per common share:
Common shares - at period-end (GAAP)S458,485,032 466,418,055 466,221,795 474,682,759 483,982,264 (7,933,023)(2 %)(25,497,232)(5 %)
Common stockholders' equity (GAAP)$21,747 $22,329 $20,864 $21,571 $22,187 ($582)(3)($440)(2)
Less: Goodwill (GAAP)8,188 8,188 8,188 8,188 8,177 —— 11— 
Less: Other intangible assets (GAAP)148 157 167 175 185 (9)(6)(37)(20)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)433 433 421 422 422 —— 113 
Tangible common equityT$13,844 $14,417 $12,930 $13,630 $14,247 ($573)(4 %)($403)(3 %)
Tangible book value per common shareT/S$30.19 $30.91 $27.73 $28.72 $29.44 ($0.72)(2 %)$0.75 3 %
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)U461,358,681 466,234,324 469,481,085 479,470,543 485,444,313 (4,875,643)(1 %)(24,085,632)(5 %)
Average common shares outstanding - diluted (GAAP)V463,797,964 468,159,167 471,183,719 480,975,281 487,712,146 (4,361,203)(1)(23,914,182)(5)
Net income per average common share - basic (GAAP)M/U$0.66 $0.34 $0.85 $0.93 $1.00 $0.32 94 ($0.34)(34)
Net income per average common share - diluted (GAAP)M/V0.65 0.34 0.85 0.92 1.00 0.31 91 (0.35)(35)
Net income per average common share - basic, Underlying (non-GAAP)N/U0.79 0.85 0.89 1.04 1.10 (0.06)(7)(0.31)(28)
Net income per average common share - diluted, Underlying (non-GAAP)N/V0.79 0.85 0.89 1.04 1.10 (0.06)(7)(0.31)(28)
Dividend payout ratio and dividend payout ratio, Underlying:
Cash dividends declared and paid per common shareW$0.42 $0.42 $0.42 $0.42 $0.42 $— — %$— — %
Dividend payout ratioW/(M/U)64 %124 %49 %45 %42 %(5,989) bps2,164 bps
Dividend payout ratio, Underlying (non-GAAP)W/(N/U)53 49 47 40 38 400 bps1,500 bps
23

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDS
1Q24 Change
1Q244Q233Q232Q231Q234Q231Q23
$%$%
Card fees, Underlying:
Card fees (GAAP)
$86 $70 $74 $80 $72 $16 23 %$14 19 %
Less: Notable items3 — — — — 3 100 3 100 
Card fees, Underlying (non-GAAP)
$83 $70 $74 $80 $72 $13 19 %$11 15 %
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)$691 $667 $659 $615 $658 $24 4 %$33 5 %
Less: Notable items17 32 5 14 16 (15)(47)1 6 
Salaries and employee benefits, Underlying (non-GAAP)$674 $635 $654 $601 $642 $39 6 %$32 5 %
Equipment and software, Underlying:
Equipment and software (GAAP)
$192 $215 $191 $181 $169 ($23)(11 %)$23 14 %
Less: Notable items8 37 6 4 4 (29)(78)4 100 
Equipment and software, Underlying (non-GAAP)$184 $178 $185 $177 $165 $6 3 %$19 12 %
Outside services, Underlying:
Outside services (GAAP)$158 $174 $160 $177 $176 ($16)(9 %)($18)(10 %)
Less: Notable items12 13 7 21 27 (1)(8)(15)(56)
Outside services, Underlying (non-GAAP)$146 $161 $153 $156 $149 ($15)(9 %)($3)(2 %)
Occupancy, Underlying:
Occupancy (GAAP)$114 $125 $107 $136 $124 ($11)(9 %)($10)(8 %)
Less: Notable items7 20 2 30 18 (13)(65)(11)(61)
Occupancy, Underlying (non-GAAP)$107 $105 $105 $106 $106 $2 2 %$1 1 %
Other operating expense, Underlying:
Other operating expense (GAAP)$203 $431 $176 $197 $169 ($228)(53 %)$34 20 %
Less: Notable items41 243 2 4 1 (202)(83)40 NM
Other operating expense, Underlying (non-GAAP)$162 $188 $174 $193 $168 ($26)(14 %)($6)(4 %)

24



NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS
(dollars in millions)
FIRST QUARTER 2024FOURTH QUARTER 2023
Consumer BankingCommercial BankingNon-CoreOtherConsolidatedConsumer BankingCommercial BankingNon-CoreOtherConsolidated
Net income (loss) available to common stockholders:
Net income (loss)A$272 $259 ($60)($137)$334 $269 $269 ($72)($277)$189 
Less: Preferred stock dividends— — — 30 30 — — — 30 30 
Net income (loss) available to common stockholdersB$272 $259 ($60)($167)$304 $269 $269 ($72)($307)$159 
Return on average total tangible assets:
Average total assets (GAAP)$73,833 $70,100 $10,554 $66,283 $220,770 $73,334 $72,758 $11,776 $65,785 $223,653 
 Less: Average goodwill (GAAP)542 770 — 6,876 8,188 542 770 — 6,876 8,188 
          Average other intangibles (GAAP)92 33 — 28 153 98 35 — 30 163 
 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)26 10 — 397 433 26 10 — 385 421 
Average tangible assetsC$73,225 $69,307 $10,554 $59,776 $212,862 $72,720 $71,963 $11,776 $59,264 $215,723 
Return on average total tangible assets A/C1.49 %1.50 %(2.30)%NM0.63 %1.47 %1.48 %(2.42)%NM0.35 %
Efficiency ratio:
Noninterest expense (GAAP)D$903 $317 $25 $113 $1,358 $905 $324 $28 $355 $1,612 
Net interest income (GAAP)1,093 514 (37)(128)1,442 1,086 551 (45)(104)1,488 
Noninterest income (GAAP)258 227 — 32 517 265 196 — 39 500 
Total revenue (GAAP)E$1,351 $741 ($37)($96)$1,959 $1,351 $747 ($45)($65)$1,988 
Efficiency ratio D/E66.87 %42.80 %NMNM69.33 %67.08 %43.44 %NMNM81.13 %
THIRD QUARTER 2023SECOND QUARTER 2023
Consumer BankingCommercial BankingNon-CoreOtherConsolidatedConsumer BankingCommercial BankingNon-CoreOtherConsolidated
Net income (loss) available to common stockholders:
Net income (loss)A$276 $260 ($67)($39)$430 $257 $305 ($55)($29)$478 
Less: Preferred stock dividends
— — — 30 30 — — — 34 34 
Net income (loss) available to common stockholdersB$276 $260 ($67)($69)$400 $257 $305 ($55)($63)$444 
Return on average total tangible assets:
Average total assets (GAAP)$72,964 $74,997 $13,113 $59,088 $220,162 $72,583 $77,546 $14,456 $57,788 $222,373 
 Less: Average goodwill (GAAP)542 770 — 6,876 8,188 540 766 — 6,876 8,182 
         Average other intangibles (GAAP)103 39 — 31 173 109 41 — 31 181 
 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)24 12 — 386 422 23 11 — 388 422 
Average tangible assetsC$72,343 $74,200 $13,113 $52,567 $212,223 $71,957 $76,750 $14,456 $51,269 $214,432 
Return on average total tangible assets A/C1.51 %1.39 %(2.03)%NM0.81 %1.43 %1.59 %(1.53)%NM0.89 %
Efficiency ratio:
Noninterest expense (GAAP)D$905 $325 $30 $33 $1,293 $875 $315 $33 $83 $1,306 
Net interest income (GAAP)1,067 560 (41)(64)1,522 1,023 584 (28)9 1,588 
Noninterest income (GAAP)278 180 — 34 492 268 207 — 31 506 
Total revenue (GAAP)E$1,345 $740 ($41)($30)$2,014 $1,291 $791 ($28)$40 $2,094 
Efficiency ratio D/E67.18 %43.93 %NMNM64.21 %67.74 %39.76 %NMNM62.34 %
25



NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS, CONTINUED
(dollars in millions)
FIRST QUARTER 2023
Consumer BankingCommercial BankingNon-CoreOtherConsolidated
Net income (loss) available to common stockholders:
Net income (loss)A$257 $319 ($50)($15)$511 
Less: Preferred stock dividends
— — — 23 23 
Net income (loss) available to common stockholdersB$257 $319 ($50)($38)$488 
Return on average total tangible assets:
Average total assets (GAAP)$71,872 $78,891 $15,686 $56,262 $222,711 
 Less: Average goodwill (GAAP)538 763 — 6,876 8,177 
         Average other intangibles (GAAP)115 43 — 34 192 
 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)23 12 — 387 422 
Average tangible assetsC$71,242 $78,097 $15,686 $49,739 $214,764 
Return on average total tangible assets A/C1.46 %1.66 %(1.30)%NM0.97 %
Efficiency ratio:
Noninterest expense (GAAP)D$857 $331 $32 $76 $1,296 
Net interest income (GAAP)1,011 597 (15)50 1,643 
Noninterest income (GAAP)256 201 — 28 485 
Total revenue (GAAP)E$1,267 $798 ($15)$78 $2,128 
Efficiency ratio D/E67.70 %41.47 %NMNM60.90 %

26