cfg-20231018
CITIZENS FINANCIAL GROUP INC/RI0000759944false00007599442023-10-182023-10-180000759944us-gaap:CommonStockMember2023-10-182023-10-180000759944us-gaap:SeriesDPreferredStockMember2023-10-182023-10-180000759944us-gaap:SeriesEPreferredStockMember2023-10-182023-10-18


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): October 18, 2023

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 October 18, 2023, Citizens Financial Group, Inc. (the “Company”) issued a press release announcing its third quarter 2023 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:  October 18, 2023




citizenslogoa05.jpg

Citizens Financial Group, Inc. Reports Third Quarter 2023 Net Income of
$430 million and EPS of $0.85
Underlying Net Income of $448 million and EPS of $0.89* includes $(0.05) for Private Bank start-up investment and $(0.14) for the Non-Core portfolio
CET1 ratio of 10.4%

Key Financial Data3Q232Q233Q22
Third Quarter 2023 Highlights
 
Income
Statement		($s in millions)
■Underlying EPS of $0.89 and ROTCE of 12.5%
■Underlying PPNR of $743 million, with lower NII and fees, and expenses up slightly including Private Bank start-up investment
–NII down 4% QoQ given lower NIM and slightly lower average interest-earning assets
–Fees down 3% QoQ given Capital Markets deal slippage to Q4
■Underlying efficiency ratio of 63.1%, or 61.4% excluding Private Bank start-up investment
■Provision for credit losses of $172 million; ACL/loans ratio up 3 bps QoQ to 1.55%
■Period-end loans down 1% and average loans down 2% QoQ given balance sheet optimization, including planned Non-Core portfolio run off
–Loan yields up 14 bps QoQ
■Period-end deposits up $530 million QoQ; average deposits up 2%
–Total deposit costs up 34 bps QoQ
■Period-end LDR improved to 84%, and cash/securities position strengthened further
■Strong CET1 ratio above target range at 10.4%; repurchased $250 million in common shares
■TBV/share of $27.73, down 3% QoQ
Total revenue$2,014 $2,094 $2,177 
Pre-provision profit721 788 936 
Underlying pre-provision profit743 861 982 
Provision for credit losses172 176 123 
Net income430 478 636 
Underlying net income448 531 669 
Balance Sheet
&
Credit Quality		($s in billions)
Period-end loans and leases$149.7 $151.3 $156.1 
Average loans and leases150.8 153.7 156.9 
Period-end deposits178.2 177.7 178.6 
Average deposits176.5 173.2 177.6 
Period-end loans-to-deposit ratio84.0 %85.2 %87.4 %
NCO ratio0.40 %0.40 %0.19 %
Financial MetricsDiluted EPS$0.85 $0.92 $1.23 
Underlying EPS0.89 1.04 1.30 
ROTCE12.0 %12.4 %17.0 %
Underlying ROTCE12.5 13.9 17.9 
Net interest margin, FTE3.03 3.17 3.25 
Efficiency ratio64.2 62.3 57.0 
Underlying efficiency ratio63.1 58.9 54.9 
CET110.4 %10.3 %9.8 %
TBV/Share$27.73 $28.72 $26.62 

Notable Items3Q23
($s in millions except per share data)Pre-tax $EPS
Integration related$(8)$(0.02)
TOP and Other items(14)(0.02)
Total:$(22)$(0.04)
Comments from Chairman and CEO Bruce Van Saun
“We continue to post solid results through a dynamic environment“ said Chairman and CEO Bruce Van Saun. “Our spot deposit levels were up slightly relative to Q2 and broadly stable with a year ago, and our NII and NIM were in line with expectations. We increased our CET1 ratio to 10.4% while continuing to repurchase a modest amount of stock. The ramp of the Citizens
*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.
Private Bank is making good progress, with several launch events over the next few weeks, and the Non-Core rundown is on track. Successful execution of these initiatives will meaningfully bolster EPS and returns. We will continue to play strong defense given the external environment, while advancing important strategic initiatives.”
Citizens also announced today that its board of directors declared a quarterly common stock dividend of $0.42 per share. The dividend is payable on November 15, 2023 to shareholders of record at the close of business on November 1, 2023.
2
Citizens Financial Group, Inc.
Earnings highlights(1):
Quarterly Trends
 3Q23 change from
($s in millions, except per share data)3Q232Q233Q222Q233Q22
Earnings$/bps%$/bps%
Net interest income$1,522 $1,588 $1,665 $(66)(4) %$(143)(9) %
Noninterest income492 506 512 (14)(3)(20)(4)
Total revenue2,014 2,094 2,177 (80)(4)(163)(7)
Noninterest expense1,293 1,306 1,241 (13)(1)52 4 
Pre-provision profit721 788 936 (67)(9)(215)(23)
Provision for credit losses172 176 123 (4)(2)49 40
Net income430 478 636 (48)(10)(206)(32)
Preferred dividends30 34 25 (4)(12)5 20 
Net income available to common stockholders$400 $444 $611 $(44)(10) %$(211)(35) %
After-tax notable Items18 53 33 (35)(66)(15)(45)
Underlying net income$448 $531 $669 $(83)(16) %$(221)(33) %
Underlying net income available to common stockholders418 497 644 (79)(16)(226)(35)
Average common shares outstanding
Basic (in millions)469.5 479.5 495.7 (10.0)(2)(26.2)(5)
Diluted (in millions)471.2 481.0 497.5 (9.8)(2)(26.3)(5)
Diluted earnings per share$0.85 $0.92 $1.23 $(0.07)(8) %$(0.38)(31) %
Underlying diluted earnings per share0.89 1.04 1.30 (0.15)(14)(0.41)(32)
Performance metrics
Net interest margin3.03 %3.16 %3.24 %(13) bps(21) bps
Net interest margin, FTE3.03 3.17 3.25 (14)(22)
Effective income tax rate21.5 22.1 21.8 (58)(29)
Efficiency ratio64.2 62.3 57.0 187 719 
Underlying efficiency ratio63.1 58.9 54.9 422 818 
Return on average tangible common equity12.0 12.4 17.0 (42)(496)
Underlying return on average tangible common equity12.5 13.9 17.9 (142)(540)
Return on average total tangible assets0.81 0.89 1.16 (8)(35)
Underlying return on average total tangible assets0.84 %0.99 %1.22 %(15) bps(38) bps
Capital adequacy(2,3)
Common equity tier 1 capital ratio10.4 %10.3 %9.8 %
Total capital ratio13.4 13.3 12.6 
Tier 1 leverage ratio9.4 9.4 9.2 
Tangible common equity ratio5.9 6.3 6.1 
Allowance for credit losses to loans and leases1.55 %1.52 %1.41 %3  bps14  bps
Asset quality(3)
Nonaccrual loans and leases to loans and leases0.87 %0.79 %0.55 %8  bps32  bps
Allowance for credit losses to nonaccrual loans and leases179 193 258 (14)(79)
Net charge-offs as a % of average loans and leases0.40 %0.40 %0.19 %—  bps21  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
 3Q23 change from
($s in millions, except per share data)3Q232Q233Q222Q233Q22
$/bps%$/bps%
Net interest income$1,522 $1,588 $1,665 $(66)(4) %$(143)(9) %
Noninterest income492 506 512 (14)(3)(20)(4)
Total revenue$2,014 $2,094 $2,177 $(80)(4) %$(163)(7) %
Noninterest expense$1,271 $1,233 $1,195 $38 3  %$76 6  %
Provision for credit losses172 176 123 (4)(2)49 40 
Net income available to common stockholders$418 $497 $644 $(79)(16)%$(226)(35)%
Performance metrics
EPS$0.89 $1.04 $1.30 $(0.15)(14) %$(0.41)(32) %
Efficiency ratio63.1  %58.9  %54.9  %422  bps818  bps
Return on average tangible common equity12.5  %13.9  %17.9  %(142) bps(540) bps




Consolidated balance sheet summary(1):

 3Q23 change from
($s in millions)3Q232Q233Q222Q233Q22
$/bps%$/bps%
Total assets$225,270 $223,066 $224,684 $2,204 1  %$586 —  %
Total loans and leases149,746 151,320 156,140 (1,574)(1)(6,394)(4)
Total loans held for sale848 1,421 1,962 (573)(40)(1,114)(57)
Deposits178,197 177,667 178,566 530 — (369)— 
Stockholders' equity22,878 23,585 23,146 (707)(3)(268)(1)
Stockholders' common equity20,864 21,571 21,132 (707)(3)(268)(1)
Tangible common equity$12,930 $13,630 $13,197 $(700)(5) %$(267)(2) %
Loans-to-deposit ratio (period-end)(2)
84.0 %85.2  %87.4  %(114) bps(341) bps
Loans-to-deposit ratio (average)(2)
85.5 %88.7 %88.3 %(327) bps(286) 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. These notable items have been excluded from reported results to better reflect Underlying operating results.
Notable items - integration related3Q232Q233Q22
($s in millions, except per share data)Pre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-tax
Salaries & benefits$(4)$(3)$(2)$(1)$(17)$(12)
Outside services(4)(3)(11)(8)(11)(8)
Equipment and software— — (1)(1)— — 
Occupancy— — (25)(18)(2)(1)
Other expense— — — — (7)(5)
   Noninterest expense$(8)$(6)$(39)$(28)$(37)$(26)
EPS Impact - Noninterest expense $(0.02)$(0.06)$(0.06)
Total integration related$(8)$(6)$(39)$(28)$(37)$(26)
EPS Impact - Total integration related$(0.02)$(0.06)$(0.06)
Other notable items - TOP & Other related Actions 3Q232Q233Q22
($s in millions, except per share data)Pre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-tax
Salaries & benefits(1)— (12)(9)— — 
Outside services(3)(3)(10)(7)(9)(7)
Equipment and software(6)(5)(3)(2)— — 
Occupancy(2)(2)(5)(4)— — 
Other expense(2)(2)(4)(3)— — 
   Noninterest expense$(14)$(12)$(34)$(25)$(9)$(7)
Total Other Notable Items$(14)$(12)$(34)$(25)$(9)$(7)
EPS Impact - Other Notable Items $(0.02)$(0.06)$(0.01)
Total Notable Items$(22)$(18)$(73)$(53)$(46)$(33)
Total EPS Impact$(0.04)$(0.12)$(0.07)






















5
Citizens Financial Group, Inc.
Discussion of results:
Net interest income 3Q23 change from
($s in millions)3Q232Q233Q222Q233Q22
$/bps%$/bps%
Interest income:
Interest and fees on loans and leases and loans held for sale$2,194 $2,164 $1,690 $30 1  %$504 30  %
Investment securities290 267 243 23 9 47 19 
Interest-bearing deposits in banks111 100 36 11 11 75 208
Total interest income$2,595 $2,531 $1,969 $64 3  %$626 32  %
Interest expense:
Deposits$898 $723 $176 $175 24  %$722 NM
Short-term borrowed funds8 22 11 (14)(64)(3)(27)
Long-term borrowed funds167 198 117 (31)(16)50 43 
Total interest expense$1,073 $943 $304 $130 14  %$769 NM
Net interest income$1,522 $1,588 $1,665 $(66)(4) %$(143)(9) %
Net interest margin, FTE3.03  %3.17  %3.25  %(14) bps(22) bps
Third quarter 2023vs.second quarter 2023
Net interest income of $1.5 billion decreased 4%, reflecting lower net interest margin and slightly lower average interest-earning assets, partly offset by higher day count.
•Net interest margin of 3.03% decreased 14 basis points as higher funding costs were partly offset by higher earning-asset yields and Non-Core portfolio run off.
Third quarter 2023vs.third quarter 2022
Net interest income of $1.5 billion decreased 9%, reflecting lower net interest margin and a 2% decline in average interest-earning assets.
•Net interest margin of 3.03% decreased 22 basis points, reflecting increased funding costs partly offset by higher interest-earning-asset yields given higher market interest rates.





6
Citizens Financial Group, Inc.
Noninterest Income 3Q23 change from
($s in millions)3Q232Q233Q222Q233Q22
$%$%
Service charges and fees$105 $101 $109 $4 4  %$(4)(4) %
Capital markets fees67 82 89 (15)(18)(22)(25)
Card fees74 80 71 (6)(8)3 4 
Mortgage banking fees69 59 66 10 17 3 5 
Trust and investment services fees63 65 61 (2)(3)2 3 
Foreign exchange and derivative products48 44 42 4 9 6 14 
Letter of credit and loan fees43 43 40 — — 3 8 
Securities gains, net5 9 — (4)(44)5 100
Other income(1)
18 23 34 (5)(22)(16)(47)
Noninterest income$492 $506 $512 $(14)(3) %$(20)(4) %
1) Includes bank-owned life insurance income and other miscellaneous income for all periods presented.
Third quarter 2023vs.second quarter 2023
Noninterest income of $492 million decreased $14 million, or 3%.
•Service charges and fees increased $4 million, reflecting lower consumer cash balances.
•Capital markets fees decreased $15 million, given lower M&A advisory fees, as several deals pushed into fourth quarter 2023.
•Card fees decreased $6 million, primarily reflecting lower balance transfer fees.
•Mortgage banking fees increased $10 million, driven by higher MSR valuation.
•Trust and investment services fees decreased $2 million, reflecting lower annuity sales.
•Foreign exchange and derivative products revenue increased $4 million, reflecting strength in commodities hedging.
Third quarter 2023vs.third quarter 2022
Noninterest income of $492 million decreased $20 million, or 4%.
•Service charges and fees decreased $4 million, reflecting the elimination of non-sufficient funds fees in Consumer.
•Capital markets fees decreased $22 million, given lower M&A advisory and underwriting fees, partially offset by higher loan syndication fees.
•Card fees increased $3 million, reflecting higher transaction volumes.
•Mortgage banking fees increased $3 million, driven by higher MSR valuation.
•FX and derivative products revenue increased $6 million, reflecting increased client activity in interest rate products and commodities hedging.

7
Citizens Financial Group, Inc.
Noninterest Expense 3Q23 change from
($s in millions)3Q232Q233Q222Q233Q22
$%$%
Salaries and employee benefits$659 $615 $639 $44 7 %$20 3 %
Outside services160 177 172 (17)(10)(12)(7)
Equipment and software191 181 159 10 6 32 20 
Occupancy107 136 106 (29)(21)1 1 
Other operating expense176 197 165 (21)(11)11 7 
Noninterest expense$1,293 $1,306 $1,241 $(13)(1)%$52 4 %
Notable items$22 $73 $46 $(51)(70)%$(24)(52)%
Underlying, as applicable
Salaries and employee benefits$654 $601 $622 $53 9 %$32 5 %
Outside services153 156 152 (3)(2)1 1 
Equipment and software185 177 159 8 5 26 16 
Occupancy105 106 104 (1)(1)1 1 
Other operating expense174 193 158 (19)(10)16 10 
Underlying noninterest expense$1,271 $1,233 $1,195 $38 3 %$76 6 %
Third quarter 2023vs.second quarter 2023
Underlying noninterest expense of $1.3 billion was up 3%, primarily reflecting $35 million of expense related to Citizens Private Bank which was launched in late second quarter 2023. Salaries and benefits increased primarily reflecting the Private Bank start-up investment. Equipment and software increased given technology-related investments. Other operating expense decreased primarily due to lower advertising spend. Excluding the Private Bank start-up investment, expenses were broadly stable.
The effective tax rate of 21.5% was broadly stable compared to 22.1% in second quarter 2023.
Third quarter 2023vs.third quarter 2022
Underlying noninterest expense of $1.3 billion increased 6%; up 3% excluding $35 million in expenses related to the Private Bank start-up investment. Salaries and benefits increased reflecting the Private Bank start-up investment. Equipment and software increased, reflecting higher software maintenance and amortization costs. Other operating expenses increased primarily driven by the FDIC deposit insurance surcharge as well as higher advertising costs.
The effective tax rate of 21.5% was broadly stable compared to 21.8% in third quarter 2022.

8
Citizens Financial Group, Inc.
Interest-earning assets 3Q23 change from
($s in millions)3Q232Q233Q222Q233Q22
Period-end interest-earning assets$%$%
Investments$35,547 $35,339 $34,813 $208 1  %$734 2  %
Interest-bearing deposits in banks14,329 10,162 7,186 4,167 41 7,143 99 
Commercial loans and leases77,457 78,279 81,114 (822)(1)(3,657)(5)
Retail loans72,289 73,041 75,026 (752)(1)(2,737)(4)
Total loans and leases149,746 151,320 156,140 (1,574)(1)(6,394)(4)
Loans held for sale, at fair value749 1,225 1,048 (476)(39)(299)(29)
Other loans held for sale99 196 914 (97)(49)(815)(89)
Total loans and leases and loans held for sale150,594 152,741 158,102 (2,147)(1)(7,508)(5)
Total period-end interest-earning assets$200,470 $198,242 $200,101 $2,228 1  %$369 —  %
Average interest-earning assets
Investments$39,273 $38,002 $38,510 $1,271 3  %$763 2  %
Interest-bearing deposits in banks8,005 7,768 5,203 237 3 2,802 54 
Commercial loans and leases78,261 80,237 82,047 (1,976)(2)(3,786)(5)
Retail loans72,530 73,488 74,832 (958)(1)(2,302)(3)
Total loans and leases150,791 153,725 156,879 (2,934)(2)(6,088)(4)
Loans held for sale, at fair value1,204 1,381 1,600 (177)(13)(396)(25)
Other loans held for sale321 622 1,385 (301)(48)(1,064)(77)
Total loans and leases and loans held for sale152,316 155,728 159,864 (3,412)(2)(7,548)(5)
Total average interest-earning assets$199,594 $201,498 $203,577 $(1,904)(1) %$(3,983)(2) %

Third quarter 2023vs.second quarter 2023
Period-end interest-earning assets of $200.5 billion were broadly stable, reflecting a $4.2 billion increase in cash held in interest-bearing deposits and a small increase in investments in securities, largely offset by a $2.1 billion decrease in total loans and leases and loans held for sale. The decrease in loans and leases reflects a $822 million decrease in commercial given balance sheet optimization actions. Results also reflect a $752 million decrease in retail, given planned Non-Core portfolio run off.
Average interest-earning assets of $199.6 billion were broadly stable, reflecting a $2.9 billion decrease in total loans and leases, largely offset by a $1.3 billion increase in investments and a $237 million increase in cash held in interest-bearing deposits. The decrease in loans and leases reflects a $2.0 billion decrease in commercial given balance sheet optimization actions and a $958 million decrease in retail driven by the Non-Core portfolio run off.
The average effective duration of the securities portfolio was 5.2 years compared with 5.5 years at June 30, 2023 and 5.9 years at September 30, 2022.
Third quarter 2023vs.third quarter 2022
Period-end interest-earning assets of $200.5 billion were broadly stable, reflecting a $7.5 billion decrease in total loans and leases and loans held for sale, largely offset by a $7.1 billion increase in cash held in interest-bearing deposits and a $734 million increase in investments in securities. The decrease in loans and leases reflects a $3.7 billion decrease in commercial given balance sheet optimization actions, and a $2.7 billion decrease in retail driven by the Non-Core portfolio run off and lower education largely offset by growth in mortgage and home equity.
Average interest-earning assets of $199.6 billion decreased $4.0 billion, or 2%, reflecting a $7.5 billion decrease in total loans and leases and loans held for sale, partially offset by a $2.8 billion increase in cash held in interest-bearing deposits and a $763 million increase in investments in securities.
9
Citizens Financial Group, Inc.
    
Deposits 3Q23 change from
($s in millions)3Q232Q233Q222Q233Q22
Period-end deposits$%$%
Demand
$38,561 $40,286 $51,888 $(1,725)(4) %$(13,327)(26) %
Money market53,517 52,542 49,081 975 2 4,436 9 
Checking with interest33,355 35,028 38,040 (1,673)(5)(4,685)(12)
Savings29,139 29,824 29,882 (685)(2)(743)(2)
Term23,625 19,987 9,675 3,638 18 13,950 144 
Total period-end deposits$178,197 $177,667 $178,566 $530 —  %$(369)—  %
Average deposits
Demand
$39,728 $42,178 $53,293 $(2,450)(6) %$(13,565)(25) %
Money market52,057 49,665 47,374 2,392 5 4,683 10 
Checking with interest33,545 34,586 38,297 (1,041)(3)(4,752)(12)
Savings29,516 29,640 28,741 (124)— 775 3 
Term21,604 17,180 9,913 4,424 26 11,691 118 
Total average deposits$176,450 $173,249 $177,618 $3,201 2  %$(1,168)(1) %
Third quarter 2023vs.second quarter 2023
Total period-end deposits of $178.2 billion were up $530 million, while average deposits of $176.5 billion were up $3.2 billion, or 2%. The spot decreases in demand of 4% and checking with interest of 5% reflect continued migration to higher rate alternatives, with increases in term, up 18%, and money market, up 2%.
Third quarter 2023vs.third quarter 2022
Total period-end deposits of $178.2 billion were broadly stable; average deposits of $176.5 billion were down 1%, primarily due to rate-related outflows. The higher rates drove migration of deposits from demand and checking with interest to term and money market accounts.
10
Citizens Financial Group, Inc.
Borrowed Funds 3Q23 change from
($s in millions)3Q232Q233Q222Q233Q22
Period-end borrowed funds$%$%
Short-term borrowed funds$232 $1,099 $263 $(867)(79) %$(31)(12) %
Long-term borrowed funds
FHLB advances7,036 5,029 9,519 2,007 40(2,483)(26)
Senior debt5,258 5,258 4,954 — — 304 6 
Subordinated debt and other debt1,815 1,813 1,813 2 — 2 — 
Auto collateralized borrowings3,245 2,000 — 1,245 623,245 100 
Total borrowed funds$17,586 $15,199 $16,549 $2,387 16  %$1,037 6  %
Average borrowed funds
Short-term borrowed funds$506 $1,446 $2,043 $(940)(65) %$(1,537)(75) %
Long-term borrowed funds
FHLB advances4,023 9,674 9,226 (5,651)(58)(5,203)(56)
Senior debt5,259 5,264 4,633 (5)— 626 14 
Subordinated debt and other debt1,814 1,813 1,988 1 — (174)(9)
Auto collateralized borrowings2,106 44 — 2,062 NM2,106 100 
Total average borrowed funds$13,708 $18,241 $17,890 $(4,533)(25) %$(4,182)(23) %
Third quarter 2023vs.second quarter 2023
Period-end borrowed funds increased by $2.4 billion, primarily due to an increase in FHLB advances of $2.0 billion and an increase of $1.2 billion in collateralized borrowings on auto loans, partly offset by a $867 million decrease in short-term borrowings. The borrowings funded the build up of cash during the quarter.
Average borrowed funds decreased $4.5 billion, with a decrease in FHLB advances of $5.7 billion and short-term borrowed funds, partly offset by an increase in collateralized borrowings on auto loans of $2.1 billion.
Third quarter 2023vs.third quarter 2022
Period-end borrowed funds increased by $1.0 billion, reflecting an increase in collateralized borrowings on auto loans and the issuance of senior debt, partly offset by reduction in FHLB advances.
Average borrowed funds decreased by $4.2 billion, reflecting a decrease in FHLB advances and short-term borrowed funds, partly offset by an increase in collateralized borrowings on auto loans and the issuance of senior debt.
11
Citizens Financial Group, Inc.
Capital 3Q23 change from
($s and shares in millions, except per share data)3Q232Q233Q222Q233Q22
Period-end capital$%$%
Stockholders' equity$22,878 $23,585 $23,146 $(707)(3) %$(268)(1) %
Stockholders' common equity20,864 21,571 21,132 (707)(3)(268)(1)
Tangible common equity12,930 13,630 13,197 (700)(5)(267)(2)
Tangible book value per common share$27.73 $28.72 $26.62 $(0.99)(3) %$1.11 4  %
Common shares - at end of period466.2 474.7 495.8 (8.5)(2)(29.6)(6)
Common shares - average (diluted)471.2 481.0 497.5 (9.8)(2) %(26.3)(5) %
Common equity tier 1 capital ratio(1)
10.4 %10.3 %9.8 %
Total capital ratio(1)
13.4 13.3 12.6 
Tangible common equity ratio5.9 %6.3 %6.1 %
Tier 1 leverage ratio(1)
9.4 %9.4 %9.2 %
1) Current reporting-period regulatory capital ratios are preliminary.
Third quarter 2023
•The CET1 capital ratio is 10.4% as of September 30, 2023 compared with 10.3% at June 30, 2023 and 9.8% at September 30, 2022.
•Total capital ratio of 13.4% compares with 13.3% at June 30, 2023 and 12.6% as of September 30, 2022.
•Tangible common equity ratio of 5.9% compares with 6.3% at June 30, 2023 and 6.1% as of September 30, 2022.
•Tangible book value per common share of $27.73 decreased 3% compared with second quarter 2023 given AOCI impacts associated with higher rates.
•Citizens paid $200 million in common dividends to shareholders during third quarter 2023. This compares with $205 million in common dividends during second quarter 2023 and $210 million during third quarter 2022.
•Citizens repurchased $250 million in common shares during third quarter 2023.
12
Citizens Financial Group, Inc.
Credit quality review 3Q23 change from
($s in millions)3Q232Q233Q222Q233Q22
$/bps%$/bps%
Nonaccrual loans and leases(1)
$1,296 $1,191 $852 $105 9  %$444 52  %
90+ days past due and accruing(2)
248 282 462 (34)(12)(214)(46)
Net charge-offs153 152 74 1 1 79 107 
Provision for credit losses172 176 123 (4)(2)49 40
Allowance for credit losses $2,318 $2,299 $2,196 $19 1  %$122 6  %
Nonaccrual loans and leases to loans and leases0.87  %0.79  %0.55  %8  bps32 
Net charge-offs as a % of total loans and leases0.40 0.40 0.19 — 21 
Allowance for credit losses to loans and leases1.55 1.52 1.41 3 14 
Allowance for credit losses to nonaccrual loans and leases179  %193  %258  %(14) bps(79) 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 $216 million, $256 million, and $425 million of loans fully or partially guaranteed by the FHA, VA, and USDA for September 30, 2023, June 30, 2023, and September 30, 2022, respectively.
Third quarter 2023vs.second quarter 2023
•The nonaccrual loans to total loans ratio of 0.87% compares with 0.79% at June 30, 2023.
•Nonaccrual loans of $1.3 billion increased $105 million, or 9%, reflecting an $80 million increase in commercial, primarily an increase in the General Office segment of commercial real estate, and a $25 million increase in retail given expected seasoning in home equity and auto.
•Net charge-offs of $153 million, or 40 basis points of average loans and leases, were flat to the prior quarter given a $6 million decrease in commercial offset by a $7 million increase in retail, where credit losses continue to gradually normalize off pandemic-era lows.
•The third quarter 2023 provision for credit losses of $172 million compares with $176 million for second quarter 2023. The reserve build of $19 million increased the allowance for credit losses ratio to 1.55%, up from 1.52% as of June 30, 2023.
•The allowance for credit losses to nonaccrual loans and leases ratio of 179% compares with 193% as of June 30, 2023.
Third quarter 2023vs.third quarter 2022
•The nonaccrual loans to total loans ratio of 0.87% increased from 0.55% at September 30, 2022.
•Nonaccrual loans increased $444 million, or 52%, primarily reflecting an increase in the General Office segment of commercial real estate.
•Net charge-offs of 40 basis points of average loans and leases compares with 19 basis points in third quarter 2022.
•Net charge-offs of $153 million increased $79 million reflecting a $24 million increase in retail, primarily other retail, education and home equity, and a $55 million increase in commercial as credit losses continue to gradually normalize off pandemic era lows.
•Provision for credit losses of $172 million compares with a $123 million provision in third quarter 2022.
•Allowance for credit losses of $2.3 billion increased $122 million compared with September 30, 2022. Allowance for credit losses ratio of 1.55% as of September 30, 2023, compares with 1.41% as of September 30, 2022.
•The allowance for credit losses to nonaccrual loans and leases ratio of 179% compares with 258% as of September 30, 2022.
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) 226-8189, conference ID 6086305
Webcast/Presentation: The live webcast will be available at http://investor.citizensbank.com under Events & Presentations.
Replay Information: A replay of the conference call will be available beginning at 12:00 pm ET on October 18, 2023 through November 18, 2023. Please dial (866) 207-1041 and enter access code 7500675. 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 $225.3 billion in assets as of September 30, 2023. 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 1,100 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.

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
3Q23 Change
3Q232Q233Q222Q233Q22
$%$%
Total revenue, Underlying:
Total revenue (GAAP)A$2,014 $2,094 $2,177 ($80)(4 %)($163)(7 %)
Less: Notable items— — — — — — — 
Total revenue, Underlying (non-GAAP)B$2,014 $2,094 $2,177 ($80)(4 %)($163)(7 %)
Noninterest expense, Underlying:
Noninterest expense (GAAP)C$1,293 $1,306 $1,241 ($13)(1 %)$52 4 %
Less: Notable items22 73 46 (51)(70)(24)(52)
Noninterest expense, Underlying (non-GAAP)D$1,271 $1,233 $1,195 $38 3 %$76 6 %
Pre-provision profit:
Total revenue (GAAP)A$2,014 $2,094 $2,177 ($80)(4 %)($163)(7 %)
Less: Noninterest expense (GAAP)C1,293 1,306 1,241 (13)(1)52 4 
Pre-provision profit (GAAP)$721 $788 $936 ($67)(9 %)($215)(23 %)
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)B$2,014 $2,094 $2,177 ($80)(4 %)($163)(7 %)
Less: Noninterest expense, Underlying (non-GAAP)D1,271 1,233 1,195 38 3 76 6 
Pre-provision profit, Underlying (non-GAAP)$743 $861 $982 ($118)(14 %)($239)(24 %)
Provision for credit losses, Underlying:
Provision for credit losses (GAAP)$172 $176 $123 ($4)(2%)$49 40%
Less: Notable items— — — — —— — 
Provision for credit losses, Underlying (non-GAAP)$172 $176 $123 ($4)(2%)$49 40 %
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)E$549 $612 $813 ($63)(10 %)($264)(32 %)
Less: Income (expense) before income tax expense (benefit) related to notable items(22)(73)(46)51 7024 52
Income before income tax expense, Underlying (non-GAAP)F$571 $685 $859 ($114)(17 %)($288)(34 %)
Income tax expense, Underlying:
Income tax expense (GAAP)G$119 $134 $177 ($15)(11 %)($58)(33 %)
Less: Income tax expense (benefit) related to notable items(4)(20)(13)16 809 69
Income tax expense, Underlying (non-GAAP)H$123 $154 $190 ($31)(20 %)($67)(35 %)
Net income, Underlying:
Net income (GAAP)I$430 $478 $636 ($48)(10 %)($206)(32 %)
Add: Notable items, net of income tax benefit18 53 33 (35)(66)(15)(45)
Net income, Underlying (non-GAAP)J$448 $531 $669 ($83)(16 %)($221)(33 %)
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)K$400 $444 $611 ($44)(10 %)($211)(35 %)
Add: Notable items, net of income tax benefit18 53 33 (35)(66)(15)(45)
Net income available to common stockholders, Underlying (non-GAAP)L$418 $497 $644 ($79)(16 %)($226)(35 %)
16
Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
3Q23 Change
3Q232Q233Q222Q233Q22
$/bps%$/bps%
Operating leverage:
Total revenue (GAAP)A$2,014 $2,094 $2,177 ($80)(3.84 %)($163)(7.47 %)
Less: Noninterest expense (GAAP)C1,293 1,306 1,241 (13)(0.96)52 4.20 
Operating leverage(2.88 %)(11.67 %)
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)B$2,014 $2,094 $2,177 ($80)(3.84 %)($163)(7.47 %)
Less: Noninterest expense, Underlying (non-GAAP)D1,271 1,233 1,195 38 3.06 76 6.31 
Operating leverage, Underlying (non-GAAP)(6.90 %)(13.78 %)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio C/A64.21 %62.34 %57.02 %187  bps719  bps
Efficiency ratio, Underlying (non-GAAP)D/B63.08 58.86 54.90 422  bps818  bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rateG/E21.51 %22.09 %21.80 %(58) bps(29) bps
Effective income tax rate, Underlying (non-GAAP)H/F21.69 22.51 22.00 (82) bps(31) bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)M$21,177 $22,289 $22,246 ($1,112)(5 %)($1,069)(5 %)
Less: Average goodwill (GAAP)8,188 8,182 8,131 6 — 57 1 
Less: Average other intangibles (GAAP)173 181 228 (8)(4)(55)(24)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)422 422 424 — — (2)— 
Average tangible common equityN$13,238 $14,348 $14,311 ($1,110)(8 %)($1,073)(7 %)
Return on average tangible common equity K/N12.00 %12.42 %16.96 %(42) bps(496) bps
Return on average tangible common equity, Underlying (non-GAAP)L/N12.51 13.93 17.91 (142) bps(540) bps
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)O$220,162 $222,373 $225,473 ($2,211)(1 %)($5,311)(2 %)
Less: Average goodwill (GAAP)8,188 8,182 8,131 6 — 57 1 
Less: Average other intangibles (GAAP)173 181 228 (8)(4)(55)(24)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)422 422 424 — — (2)— 
Average tangible assetsP$212,223 $214,432 $217,538 ($2,209)(1 %)($5,315)(2 %)
Return on average total tangible assets I/P0.81 %0.89 %1.16 %(8) bps(35) bps
Return on average total tangible assets, Underlying (non-GAAP)J/P0.84 0.99 1.22 (15) bps(38) bps
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
17
Citizens Financial Group, Inc.
QUARTERLY TRENDS
3Q23 Change
3Q232Q233Q222Q233Q22
$/bps%$/bps%
Tangible book value per common share:
Common shares - at period-end (GAAP)Q466,221,795 474,682,759 495,843,793 (8,460,964)(2 %)(29,621,998)(6 %)
Common stockholders' equity (GAAP)$20,864 $21,571 $21,132 ($707)(3)($268)(1)
Less: Goodwill (GAAP)8,188 8,188 8,160 — — 28 — 
Less: Other intangible assets (GAAP)167 175 199 (8)(5)(32)(16)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)421 422 424 (1)— (3)(1)
Tangible common equityR$12,930 $13,630 $13,197 ($700)(5 %)($267)(2 %)
Tangible book value per common shareR/Q$27.73 $28.72 $26.62 ($0.99)(3 %)$1.11 4 %
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)S469,481,085 479,470,543 495,651,083 (9,989,458)(2 %)(26,169,998)(5 %)
Average common shares outstanding - diluted (GAAP)T471,183,719 480,975,281 497,477,501 (9,791,562)(2)(26,293,782)(5)
Net income per average common share - basic (GAAP)K/S$0.85 $0.93 $1.23 ($0.08)(9)($0.38)(31)
Net income per average common share - diluted (GAAP)K/T0.85 0.92 1.23 (0.07)(8)(0.38)(31)
Net income per average common share - basic, Underlying (non-GAAP)L/S0.89 1.04 1.30 (0.15)(14)(0.41)(32)
Net income per average common share - diluted, Underlying (non-GAAP)L/T0.89 1.04 1.30 (0.15)(14)(0.41)(32)


18
Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
3Q23 Change
3Q232Q233Q222Q233Q22
$/bps%$/bps%
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)$659 $615 $639 $44 7 %$20 3 %
Less: Notable items5 14 17 (9)(64)(12)(71)
Salaries and employee benefits, Underlying (non-GAAP)$654 $601 $622 $53 9 %$32 5 %
Outside services, Underlying:
Outside services (GAAP)$160 $177 $172 ($17)(10 %)($12)(7 %)
Less: Notable items7 21 20 (14)(67)(13)(65)
Outside services, Underlying (non-GAAP)$153 $156 $152 ($3)(2 %)$1 1 %
Equipment and software, Underlying:
Equipment and software (GAAP)
$191 $181 $159 $10 6 %$32 20 %
Less: Notable items6 4 — 2 50 6 100 
Equipment and software, Underlying (non-GAAP)$185 $177 $159 $8 5 %$26 16 %
Occupancy, Underlying:
Occupancy (GAAP)$107 $136 $106 ($29)(21 %)$1 1 %
Less: Notable items2 30 2 (28)(93)— — 
Occupancy, Underlying (non-GAAP)$105 $106 $104 ($1)(1 %)$1 1 %
Other operating expense, Underlying:
Other operating expense (GAAP)$176 $197 $165 ($21)(11 %)$11 7 %
Less: Notable items2 4 7 (2)(50)(5)(71)
Other operating expense, Underlying (non-GAAP)$174 $193 $158 ($19)(10 %)$16 10 %

































19
Citizens Financial Group, Inc.
Non-GAAP measures and reconciliations - excluding the impact of Private Bank
(in millions, except ratio data)

3Q23
Total revenue, Underlying excluding Private Bank:
Total revenue (GAAP)$2,014 
Less: Notable items— 
Less: Private Bank Total revenue (GAAP)— 
Total revenue, Underlying excluding Private Bank (non-GAAP)A$2,014 
Noninterest expense, Underlying excluding Private Bank:
Noninterest expense (GAAP)$1,293 
Less: Notable items22 
Noninterest expense, Underlying (non-GAAP)B$1,271 
Private Bank Noninterest expense (GAAP)$36 
Less: Private Bank Notable Items1 
Noninterest expense, Underlying Private Bank (non-GAAP)C$35 
Noninterest expense, Underlying excluding Private Bank (non-GAAP)B-C$1,236 
Efficiency ratio, Underlying excluding Private Bank:
Efficiency ratio, excluding Private Bank (non-GAAP)(B-C)/A61.4 %
20
Citizens Financial Group, Inc.
Non-GAAP measures and reconciliations - Private Bank & Non-Core
(in millions, except ratio data)


3Q23
Private Bank
Non-Core
Net income per average common share:
Net interest income
— (41)
Noninterest Income
— — 
Total Revenue— (41)
Noninterest expense
35 30 
Pre-provision profit(34)(71)
Provision (benefit) for credit losses— 20 
Income before income tax expense(34)(91)
Income tax expense(9)(24)
Net income(26)(67)
Preferred dividends
— — 
Net income available to common stockholders
A
($26)($67)
Average common shares outstanding - diluted (GAAP)
B
471,183,719 471,183,719 
Contribution to total CFG diluted EPS
A/B
($0.05)($0.14)


21
Citizens Financial Group, Inc.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook,” “hopeful,” “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 Investors acquisition and HSBC transaction;
•The effects of geopolitical instability, including as a result of Russia’s invasion of Ukraine and the imposition of sanctions on Russia and other actions in response, on economic and market conditions, inflationary pressures and the interest rate environment, commodity price and foreign exchange rate volatility, and heightened cybersecurity risks;
•Our ability to meet heightened supervisory requirements and expectations;
•Liabilities and business restrictions resulting from litigation and regulatory investigations;
•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 transitional 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 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, 2022 as filed with the Securities and Exchange Commission.
Note: Per share amounts and ratios presented in this document are calculated using whole dollars.
22
Citizens Financial Group, Inc.
CFG-IR
23
3Q23 Financial Results October 18, 2023

 
2 Forward-looking statements and use of non-GAAP financial measures This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook,” “hopeful,” “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 Investors acquisition and HSBC transaction; • The effects of geopolitical instability, including as a result of Russia’s invasion of Ukraine and the imposition of sanctions on Russia and other actions in response, on economic and market conditions, inflationary pressures and the interest rate environment, commodity price and foreign exchange rate volatility, and heightened cybersecurity risks; • Our ability to meet heightened supervisory requirements and expectations; • Liabilities and business restrictions resulting from litigation and regulatory investigations; • 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 transitional 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 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, 2022 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 3Q23 GAAP financial summary 3Q23 2Q23 3Q22 Q/Q Y/Y $s in millions $/bps % $/bps % Net interest income $ 1,522 $ 1,588 $ 1,665 $ (66) (4) % $ (143) (9) % Noninterest income 492 506 512 (14) (3) (20) (4) Total revenue 2,014 2,094 2,177 (80) (4) (163) (7) Noninterest Expense 1,293 1,306 1,241 (13) (1) 52 4 Pre-provision profit 721 788 936 (67) (9) (215) (23) Provision for credit losses 172 176 123 (4) (2) 49 40 Income before income tax expense 549 612 813 (63) (10) (264) (32) Income tax expense 119 134 177 (15) (11) (58) (33) Net income $ 430 $ 478 $ 636 $ (48) (10) % $ (206) (32) % Preferred dividends 30 34 25 (4) (12) 5 20 Net income available to common stockholders $ 400 $ 444 $ 611 $ (44) (10) % $ (211) (35) % $s in billions Average interest-earning assets $ 199.6 $ 201.5 $ 203.6 $ (1.9) (1) % $ (4.0) (2) % Average deposits $ 176.5 $ 173.2 $ 177.6 $ 3.2 2 % $ (1.2) (1) % Performance metrics Net interest margin(1) 3.03 % 3.16 % 3.24 % (13) bps (21) bps Net interest margin, FTE(1) 3.03 3.17 3.25 (14) (22) Loans-to-deposit ratio (period-end) 84.0 85.2 87.4 (114) (341) ROTCE 12.0 12.4 17.0 (42) (496) Efficiency ratio 64.2 62.3 57.0 187 719 Noninterest income as a % of total revenue 24 % 24 % 24 % 30 bps 90 bps Full-time equivalent colleagues 18,214 18,468 19,235 (254) (1) (1,021) (5) Operating leverage (2.9) % (11.7) % Per common share Diluted earnings $ 0.85 $ 0.92 $ 1.23 $ (0.07) (8) % $ (0.38) (31) % Tangible book value $ 27.73 $ 28.72 $ 26.62 $ (0.99) (3) % $ 1.11 4 % Average diluted shares outstanding (in millions) 471.2 481.0 497.5 (9.8) (2) % (26.3) (5) % See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31.

 
4 3Q23 Underlying financial summary(1) Q/Q Y/Y $s in millions 3Q23 $/bps % $/bps % Net interest income $ 1,522 $ (66) (4) % $ (143) (9) % Noninterest income 492 (14) (3) (20) (4) Total revenue 2,014 (80) (4) (163) (7) Noninterest expense 1,271 38 3 76 6 Pre-provision profit 743 (118) (14) (239) (24) Provision for credit losses 172 (4) (2) 49 40 Net income available to common stockholders $ 418 $ (79) (16) % $ (226) (35) % Performance metrics Diluted EPS $ 0.89 $ (0.15) (14) % $ (0.41) (32) % Efficiency ratio 63.1 422 bps 818 bps Noninterest income as a % of total revenue 24 % 30 bps 90 bps ROTCE 12.5 % (142) bps (540) bps Tangible book value per share $ 27.73 $ (0.99) (3) % $ 1.11 4 % 3Q23 Notable Items Impacts Pre-tax EPS ($s in millions except per share data) Integration related $ (8) $ (0.02) TOP and Other items (14) (0.02) Total: $ (22) $ (0.04) See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31.

 
5 ■ CFG performance reflects solid Legacy Core results, investment in Private Bank and impact from Non-Core ■ Private Bank expected to reach breakeven in 2H24 and achieve ~5% EPS accretion in 2025 ■ Non-Core ran down $1.4 billion in Q3 and targeting ~$9 billion rundown by YE2025 3Q23 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 $1,563 $0.3 $1,563 $(41) $1,522 Noninterest income 492 — 492 — 492 Total revenue 2,055 0.3 2,055 (41) 2,014 Noninterest Expense 1,206 34.8 1,241 30 1,271 Pre-provision profit 848 (34.5) 814 (71) 743 Provision for credit losses 152 — 152 20 172 Income before income tax expense 696 (34.5) 662 (91) 571 Income tax expense 156 (9.0) 147 (24) 123 Net income 541 (25.5) 515 (67) 448 Preferred dividends 30 — 30 — 30 Net income available to common stockholders $511 $(25.5) $485 $(67) $418 Contribution to total CFG Diluted EPS $1.08 $(0.05) $1.03 $(0.14) $0.89 $s in billions Interest-earning assets (spot) $188 $— $188 $12.3 $200 Loans (spot) 137 — 137 12.3 150 Deposits (spot) 178 0.2 178 — 178 Risk-weighted assets (spot) 164 — 164 12.4 176 Performance metrics: Net interest margin, FTE(4) 3.33% 3.33% (1.24)% 3.03% Loans-to-deposit ratio (spot) 77.2 77.1 84.0 CET1 capital ratio 11.2 11.2 10.4 ROTCE 15.3 14.6 12.5 Efficiency ratio 58.7 60.4 63.1 Noninterest income as a % of total revenue 24.0 24.0 24.4 See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31. Commentary

 
6 Overview(1) See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31. 3Q23: Quarter highlights – Underlying EPS of $0.89 and ROTCE of 12.5%; includes $(0.05) for the Private Bank start-up investment and $(0.14) impact from the Non- Core portfolio – Underlying PPNR of $743 million, with lower NII and fees, and expenses up slightly including the Private Bank start-up investment ◦ NII down 4% QoQ given lower NIM and slightly lower average interest-earning assets ◦ Fees down 3% QoQ reflecting Capital Markets deal slippage into Q4 ◦ Underlying efficiency ratio of 63.1% compares with 58.9% at 2Q23 and 54.9% at 3Q22 ▪ 61.4% excluding Private Bank start-up investment – Strong CET1 ratio of 10.4%(2); repurchased $250 million in common shares – Period-end LDR of 84% – Executing Non-Core strategy to run off non-strategic lending and high-cost funding ◦ $1.4 billion of Non-Core loan portfolio run off in 3Q23 ◦ $3.2 billion of auto-collateralized funding at September 30, 2023 – Cash and securities further strengthened, up ~$4 billion QoQ – Strong capital and liquidity metrics position us well for changing regulatory environment – Continue to be well reserved for credit issues: ACL 1.55% vs. ~1.3% pro forma day one CECL ◦ General Office reserve of 9.5% at September 30, 2023 – Focus on driving attractive new relationships and existing customer primacy/deepening – Well positioned in NYC metro to gain market share; performance tracking well – Citizens Private Bank established to build Wealth presence; ~$500 million of deposit and investments brought in during 3Q soft launch – TOP 8 program expected to deliver ~$115 million run rate benefit by YE2023; TOP 9 in process of launch; targeting flat 2024 Underlying expenses Well positioned for medium-term relative outperformance through strategic initiatives Refining and strengthening the balance sheet in a strategic fashion

 
7 3.17% 0.03% 0.16% (0.22)% (0.06)% (0.02)% (0.03)% 3.03% 2Q23 Non-Core Impact Asset Yields* Deposit Pricing NIB Migration Liquidity Build Daycount/ Other 3Q23 $203.6B $204.5B $202.6B $201.5B $199.6B $1,665 $1,695 $1,643 $1,588 $1,522 3.25% 3.30% 3.30% 3.17% 3.03% 3Q22 4Q22 1Q23 2Q23 3Q23 ■ NII down 4%, as expected, given lower NIM and slightly lower interest-earning assets, partly offset by higher day count – NIM of 3.03% decreased 14 bps, primarily driven by higher funding costs partially offset by higher earning-asset yields and Non-Core portfolio run off – Interest-earning asset yields up 13 bps to 5.13% – Interest-bearing deposit costs up 39 bps to 260 bps; well-controlled cumulative beta of 48% 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 & NII walk from 2Q23 to 3Q23 $3 $54 $(100) $(31) $2$1,588 $1,522$6 $s in millions *Excludes impacts from non-core run-off and liquidity build ■ Neutral impact to NII over the next 12 months with a gradual 200 bp increase in rates above forward curve Rate sensitivity $s in millions, except earning assets

 
8 ■ Noninterest income decreased 3% – Service charges and fees increased $4 million reflecting lower consumer cash balances – Capital markets fees decreased $15 million as several M&A deals pushed into Q4 – Card fees decreased $6 million, primarily reflecting lower balance transfer fees – Mortgage banking fees increased $10 million, driven by higher MSR valuation – Trust and investment services fees decreased $2 million, reflecting lower annuity sales – FX and derivative products revenue increased $4 million, reflecting strength in commodities hedging $512 $505 $485 $506 $492 3Q22 4Q22 1Q23 2Q23 3Q23 Noninterest income $s in millions Fees down 3% QoQ reflecting a challenging market environment See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31. Linked Quarter Year-Over-YearNoninterest income ■ Noninterest income decreased 4% – Service charges and fees decreased $4 million, reflecting the elimination of non-sufficient funds fees in Consumer – Capital markets fees decreased $22 million, given lower M&A advisory and underwriting fees, partially offset by higher loan syndication fees – Card fees increased $3 million, reflecting higher transaction volumes – Mortgage banking fees increased $3 million, driven by higher MSR valuation – FX and derivative products revenue increased $6 million, reflecting increased client activity in interest rate products and commodities hedging $s in millions 3Q23 2Q23 3Q22 $ Q/Q Y/Y Service charges and fees $ 105 $ 101 $ 109 $ 4 $ (4) Capital markets fees 67 82 89 (15) (22) Card fees 74 80 71 (6) 3 Mortgage banking fees 69 59 66 10 3 Trust and investment services fees 63 65 61 (2) 2 FX and derivative products 48 44 42 4 6 Letter of credit and loan fees 43 43 40 — 3 Securities gains, net 5 9 — (4) 5 Other income(1) 18 23 34 (5) (16) Noninterest income, reported $ 492 $ 506 $ 512 $ (14) $ (20)

 
9 Noninterest expense(1) ■ Underlying noninterest expense up $38 million QoQ; broadly stable excluding $35 million in expense related to the Private Bank start-up investment – Reflects an increase in salaries and employee benefits, driven by the Private Bank start-up investment – Equipment and software increased given technology-related investments – Other operating expense decreased reflecting lower advertising spend ■ Underlying noninterest expense of $1.3 billion increased 6%; up 3% excluding $35 million in expenses related to the Private Bank start-up investment – Reflects an increase in salaries and employee benefits primarily reflecting the Private Bank start-up investment – Higher equipment and software expense driven by increased software maintenance and amortization costs – Higher other operating expense reflects an industry-wide increase in FDIC insurance surcharge, as well as higher advertising costs See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31. Efficiency ratio Broadly stable excluding Private Bank start-up investment; remain highly disciplined on expenses Linked Quarter Year-Over-Year 57.0% 56.4% 60.9% 62.3% 64.2% 54.9% 54.4% 57.8% 58.9% 63.1% Underlying Notable items 3Q22 4Q22 1Q23 2Q23 3Q23 3Q23 2Q23 3Q22 $ $s in millions Q/Q Y/Y Salaries & employee benefits $ 654 $ 601 $ 622 $ 53 $ 32 Outside services 153 156 152 (3) 1 Equipment & software 185 177 159 8 26 Occupancy 105 106 104 (1) 1 Other operating expense 174 193 158 (19) 16 Noninterest expense, underlying $ 1,271 $ 1,233 $ 1,195 $ 38 $ 76 Notable items (1) 22 73 46 (51) (24) Noninterest expense, reported $ 1,293 $ 1,306 $ 1,241 $ (13) $ 52 Full-time equivalents (FTEs) 18,214 18,468 19,235 (254) (1,021)

 
10 $156.9 $157.1 $156.5 $153.7 $150.8 $139.0 $140.4 $140.9 $139.3 $137.8 $17.9 $16.7 $15.6 $14.4 $13.0 Core Non-Core Loan yield 3Q22 4Q22 1Q23 2Q23 3Q23 ~10% QoQ ■ Average loans down $2.9 billion, or 2%, driven by planned Non- Core portfolio run off – Core loans down 1% with commercial down $2.0 billion, or 2%, driven by C&I balance sheet optimization actions, largely offset by retail, up 1%, driven by growth in mortgage and home equity ■ Period-end loans down $1.6 billion, or 1%, driven by planned Non-Core portfolio run off – Core loans stable with retail growth in mortgage and home equity offset by commercial balance sheet optimization actions ■ Loan yield of 5.66%, up 14 bps QoQ Loans and leases $s in billions Loans down slightly reflecting balance sheet optimization ■ Average loans down $6.1 billion, or 4%, driven by Non-Core portfolio run off – Core loans down 1% with commercial down $3.8 billion, or 5%, driven by C&I balance sheet optimization actions largely offset by retail up 3% driven by growth in mortgage and home equity ■ Period-end loans down $6.4 billion, or 4%, driven by Non-Core Portfolio run off – Core loans down 1% with commercial down $3.7 billion, or 5%, driven by C&I balance sheet optimization actions largely offset by retail up 2% driven by growth in mortgage and home equity Average loans and leases $156.1 $156.7 $154.7 $151.3 $149.7 $138.8 $140.6 $139.6 $137.6 $137.4 $17.3 $16.1 $15.1 $13.7 $12.3 Core Non-Core 3Q22 4Q22 1Q23 2Q23 3Q23 $s in billions Period-end loans and leases 4.17% 4.75% 5.25% 5.52% 5.66% Linked Quarter Year-Over-Year ~10% QoQ Stable QoQ ~1% QoQ

 
11 $177.6 $179.0 $174.4 $173.2 $176.5 3Q22 4Q22 1Q23 2Q23 3Q23 Deposit performance and cost of funds Spot deposit increase of $530 million QoQ across Consumer and Commercial $s in billions 3Q23 Average deposits 0.39% 0.88% 1.28% 1.68% 2.02%0.56% 1.23% 1.74% 2.21% 2.60% Total deposit costs Interest-bearing deposit costs Commercial Consumer Other Year-Over-Year 3Q23 Period-end deposits Term ■ Period-end deposits up slightly, $530 million, driven by Commercial ■ Average deposits up $3.2 billion, or 2% – Consumer deposits up $2.1 billion – Commercial up $1.7 billion ■ Citizens Access 3Q23 average balance of $10.9 billion; period- end balance of $11.0 billion ■ Total deposit costs increased 34 bps ■ Interest-bearing deposit costs increased 39 bps; sequential beta 144%; well-controlled cumulative beta of 48% ■ Total cost of funds of 224 bps, up 27 bps Linked Quarter ■ Period-end deposits broadly stable; average deposits down $1.2 billion, or 1%, primarily due to rate-related outflows ■ Total deposit costs up 163 bps and interest-bearing deposit costs up 204 bps ■ Total cost of funds up 162 bps $178.6 $180.7 $172.2 $177.7 $178.2 Commercial Consumer Other 3Q22 4Q22 1Q23 2Q23 3Q23 $s in billions

 
12 NIB 22% Money Market 30%Checking With Interest 19% Citizens Access Savings 6% Savings 10% Term 13% 65% 70% 70% 2Q23 2Q23 3Q23 55% 67% 67% 2Q23 2Q23 3Q23 Branch Deposits 47% Citizens Access 6% Wealth 1% Business Banking 13% Commercial 27% Treasury/ Other 6% (As of 9/30/23) Highly diversified and retail-oriented deposit base $178B Period-end deposits Peer Avg(1) Business mix Product mix See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31. Total deposits insured/secured(2) % Consumer Banking deposits Peer Avg(1) 51% 46% 44% 26% 23% 22% 25% 23% 22% NIB Low-cost deposits 1Q23 2Q23 3Q23 % NIB and low-cost deposits (3)

 
13 $2,196 $2,240 $2,275 $2,299 $2,318 1.41% 1.43% 1.47% 1.52% 1.55% Allowance for credit losses Allowance to loan coverage ratio 3Q22 4Q22 1Q23 2Q23 3Q23 $852 $944 $996 $1,191 $1,296 0.55% 0.60% 0.64% 0.79% 0.87% Nonaccrual loans Nonaccrual loans to total loans 3Q22 4Q22 1Q23 2Q23 3Q23 ■ NCOs of $153 million, or 40 bps of average loans and leases, stable QoQ ■ Nonaccrual loans increased 9% QoQ to 87 bps of total loans primarily driven by an increase in the General Office segment of commercial real estate and expected seasoning in home equity and auto consistent with 2022 origination volume ■ Provision for credit losses of $172 million, with reserve build of $19 million; ACL coverage ratio of 1.55%, up 3 bps QoQ ■ ACL to nonaccrual loans and leases ratio of 179% compares with 193% as of 2Q23 and 258% as of 3Q22 $123 $132 $168 $176 $172 $74 $88 $133 $152 $153 0.19% 0.22% 0.34% 0.40% 0.40% Provision for credit losses Net charge-offs Net c/o ratio 3Q22 4Q22 1Q23 2Q23 3Q23 Credit quality overview $s in millions $s in millions See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31. Nonaccrual loans $s in millions Allowance for credit losses HighlightsCredit provision expense; net charge-offs (1)

 
14 2Q23 3Q23 ACL % Coverage ACL % Coverage Retail $ 929 1.27 % $ 893 1.23 % Commercial 1,370 1.75 1,425 1.84 C&I 702 1.46 707 1.51 CRE 637 2.20 692 2.35 Leasing 31 2.40 26 2.14 Total $ 2,299 1.52 % $ 2,318 1.55 % Memo: General Office ACL $ 313 8.0 % $ 354 9.5 % NCOs $ 56 $ 44 Allowance for credit losses ■ The increase in the ACL reserve coverage to 1.55% primarily reflects higher reserves against CRE exposures ■ The key macroeconomic assumptions underlying the reserve reflect a moderate recession over the two- year reasonable and supportable period ■ Peak unemployment of ~6% and peak-to-trough GDP decline of ~1%, unchanged from prior quarter. Collateral value peak-to-trough declines stable for CRE at ~13%, driven by General Office, and improved for auto compared with prior quarter ■ Additionally, qualitative factors and sensitivities are 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 ~68% Avg. Loss Severity (%) ~50% Default rate (%) ~18-20% Scenario losses implied ~$354 million General Office ACL Coverage 9.5% CRE General Office key reserve assumptions ■ CRE General Office portfolio of $3.7 billion, down $200 million, or 5%, QoQ driven by paydowns and charge-offs ■ ~99.2% of CRE General Office is in current pay status ■ Strong ACL coverage of General Office; ACL informed by a specific CRE downside macro scenario combined with a loan-by-loan analysis – Increased ACL coverage for CRE General Office to 9.5% from 8.0% while absorbing ~$100 million in 2Q and 3Q NCOs, which is another ~2.5% of loans ■ Capital impacts of higher stress scenarios very modest CRE General Office commentary

 
15 ■ 3Q23 CET1 ratio of 10.4%(1) compares with 10.3% in 2Q23 – 8.3% CET1 ratio adjusted for AOCI opt-out removal ■ TBV/share of $27.73, down 3% QoQ and tangible common equity ratio of 5.9%, down 39 bps QoQ given AOCI impacts associated with higher rates ■ Paid $200 million in common dividends to shareholders and repurchased $250 million of common stock in 3Q23; remaining Board-authorized capacity of $1.094 billion at September 30, 2023 ■ Timing and amount of future share repurchases will be impacted by our view of external conditions Capital remains strong $s in billions (period-end) 3Q22 4Q22 1Q23 2Q23 3Q23 Basel III basis(1)(2) Common equity tier 1 capital $ 18.3 $ 18.6 $ 18.4 $ 18.4 $ 18.4 Risk-weighted assets $ 187.2 $ 185.2 $ 183.2 $ 179.0 $ 176.4 Common equity tier 1 ratio 9.8 % 10.0 % 10.0 % 10.3 % 10.4 % Tier 1 capital ratio 10.9 % 11.1 % 11.1 % 11.4 % 11.5 % Total capital ratio 12.6 % 12.8 % 12.9 % 13.3 % 13.4 % Tangible common equity ratio 6.1 % 6.3 % 6.6 % 6.3 % 5.9 % See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31. TBV/share CET1 $ % 2Q23 10.3 % $28.72 Net Income 0.24 0.92 3.2 % Common and preferred dividends (0.13) (0.49) (1.7) RWA decrease 0.15 Treasury stock (0.14) (0.01) — Goodwill and intangibles — — — AOCI — (1.46) (5.1) Other 0.02 0.05 0.2 Total change 0.14 (0.99) (3.4) % 3Q23 10.4 % $27.73 CET1 ratio remains strong(3) Highlights

 
16 Business initiatives to drive improving performance Building a Leading NY/NJ Bank new HSBC and ISBC retail checking households YTD Growing Citizens Private Bank Driving deposit and investment primacy HSBC and ISBC consumer deposits per branch growth YTD has significantly outpaced legacy major metro branches • Launch Private Bank strategy and brand in October • Finalize office locations and design • Creating operating model changes to deliver an exceptional client service experience Current Focus: +12% ~$500MM deposit and investment balances brought in during 3Q23 +30% Growth in investment sales YTD 2023 vs. YTD 2022(1) +38 Private Client relationship managers hired to support deepening CitizensPlus relationships Consumer Banking 1% 9% Legacy Major Metro HSBC + ISBC Multi-year strategy to improve client satisfaction and efficiency, enhancing digital closing, onboarding and servicing Strong league table results Middle market bookrunner by deal count For the past 10 years, Citizens has been cultivating distinctive capabilities to serve the Private Capital ecosystem Advisory, subscription finance, LBOs, public market capital Increasing lead lefts from Sponsors 9 months ended September 30, 2023 Capturing the Private Capital Opportunity Growing Commercial payments Improving client satisfaction and efficiency through digitization Sponsor #2 Overall #9 Deepening relationships with enhanced Treasury Solutions, Global Markets capabilities; developing integrated payments platforms YTD 22 YTD 23 Commercial payments fees 9% 95% Commercial client satisfaction, remains at all-time high Top 2-Box Score Commercial Banking See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31.

 
17 Enterprise-wide initiatives Balance sheet optimization TOP program/ expense management ■ Non-core portfolio of $12.3 billion at 9/30/23 – ~4.2% WA loan yield (~95% fixed rate); ~5.4% WA funding cost ■ Focusing on relationship-based lending with attractive risk- adjusted returns across core loan portfolio ■ TOP 8 tracking well to ~$115 million pre-tax run-rate benefit by YE2023 ■ TOP 9 in process of launch; areas of opportunity include – Re-imagine operations with process reengineering, automation and AI – Simplify organization structure – Generate additional procurement efficiencies – Improve customer journeys utilizing generative AI ■ Targeting flat 2024 Underlying expenses through further meaningful actions $12.3 $11.3 $7.3 $4.7 $9.3 $8.5 $5.3 $3.0 $3.0 $2.8 $2.0 $1.7 Education and Other Retail (Purchased) Indirect Auto 3Q23 4Q23 4Q24 4Q25 ■ Targeting exit of all Citizens data centers by 2025 ■ We have made significant progress in our journey of migrating applications to the cloud and rationalizing/ retiring applications as part of our Next Gen Tech strategy ■ Planning core deposit system convergence through Modern Banking Platform ■ In third year of transformation to an agile delivery model, significantly improves speed and efficiency of tech delivery Technology update ■ Announced in September a $50 billion sustainable finance target by 2030, a key milestone in our ESG journey – Includes $5 billion to finance green initiatives – Plan to engage 100% of Oil and Gas clients by YE2024 on climate-related topics – Committing to achieve carbon neutrality by 2035 ESG update ~$1.4B QoQ

 
18 4Q23 outlook vs. 3Q23 See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31. *Excludes anticipated impact from FDIC special assessment 3Q23 Underlying(1) 4Q23 Underlying outlook Net interest income $1,522MM Down ~2% Noninterest income $492MM Up 3-4%, market dependent Noninterest expense $1,271MM Broadly stable* Net charge-offs 40 bps Mid-40s; ACL will continue to benefit from Non-Core loan run off CET1 ratio(2) 10.4% ~10.5% Tax rate 21.7% ~22%

 
19 Investment thesis Citizens has a robust capital, liquidity and funding position – Committed to strengthening even further 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 Citizens continues to have a series of unique initiatives that will lead to relative medium-term outperformance Citizens has performed well since the IPO given its sound strategy, capable & experienced leadership and a strong customer-focused culture – Track record of strong execution – Commitment to operating and financial discipline – Excellence in our capabilities, highly competitive with mega-banks and peers Citizens is poised to deliver attractive ROTCE over the medium-term. Represents attractive opportunity for investors at current valuation – Well positioned in NYC metro to gain market share; performance tracking well – Citizens Private Bank launched to rapidly build Wealth presence – All other initiatives tracking well: Citizens Pay, Citizens Access, Private Capital, TOP 8/9

 
Appendix

 
21 Net income available to common shareholders and EPS $s in millions, except per share data ê14% $861 $743 2Q23 3Q23 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 ê14% $153.7 $150.8 2Q23 3Q23 $173.2 $176.5 2Q23 3Q23 1.18% 1.08% 0.99% 0.84% 2Q23 3Q23 15.5% 15.3% 13.9% 12.5% 2Q23 3Q23 $497 $418 $1.04 $0.89 2Q23 3Q23 ê16% Pre-provision profit $s in millions See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31. ê142 bps ê15 bpsé2%

 
22 $982 $743 3Q22 3Q23 Year-over-year Underlying results(1) Return on average total tangible assets ê24% Average loans $s in billions ê4% 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 ê38 bps $3.5 6 $156.9 $150.8 3Q22 3Q23 $177.6 $176.5 3Q22 3Q23 1.30% 1.08% 1.22% 0.84% 3Q22 3Q23 17.9% 15.3% 12.5% 3Q22* 3Q23 ê1% Pre-provision profit $s in millions ê540 bps$644 $418 $1.30 $0.89 3Q22 3Q23 See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31. ê32% ê35% *Excluding Private Bank & Non-Core has a (40) bps impact

 
23 3Q23 YTD 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 $4,837 $0.3 $4,837 $(84) $4,753 Noninterest income 1,483 — 1,483 — 1,483 Total revenue 6,320 0.3 6,320 (84) 6,236 Noninterest Expense 3,603 35.7 3,639 95 3,734 Pre-provision profit 2,716 (35.4) 2,681 (179) 2,502 Provision for credit losses 462 — 462 54 516 Income before income tax expense 2,254 (35.4) 2,219 (233) 1,986 Income tax expense 517 (9.2) 508 (61) 447 Net income 1,737 (26.2) 1,711 (172) 1,539 Preferred dividends 87 — 87 — 87 Net income available to common stockholders $1,650 $(26.2) $1,624 $(172) $1,452 Contribution to total CFG Diluted EPS $3.43 $(0.05) $3.38 $(0.35) $3.03 $s in billions Interest-earning assets (spot) $188 $— $188 $12.3 $200 Loans (spot) 137 — 137 12.3 150 Deposits (spot) 178 0.2 178 — 178 Risk-weighted assets (spot) 164 — 164 12.4 176 Performance metrics: Net interest margin, FTE(4) 3.47% 3.47% (0.78)% 3.17% Loans-to-deposit ratio (spot) 77.2 77.1 84.0 CET1 capital ratio 11.2 11.2 10.4 ROTCE 16.0 15.8 14.1 Efficiency ratio 57.0 57.6 59.9 Noninterest income as a % of total revenue 23.5 23.5 23.8 See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31.

 
24 Interest rate risk management $16.5 $25.8 $30.1 $21.9 $7.6 2023 2024 2025 2026 2027 Cash flow hedges are the primary tool to manage interest rate exposure Receive fixed cash flow swaps - average notional balances in $ billions at 9/30/23 W.A. receive fixed rate at 9/30/23 3.2% 3.5% $18.4 $20.5 $21.1 $21.9 $29.5 $30.5 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 3.1%3.1%3.1%3.7%4.3% 3.7% ALM hedging update 4.5% ■ Continue to manage hedges to maintain significant protection to downside in rates well into 2026 ■ Added ~$7.5 billion of forward-starting receive fixed cash flow swaps with a weighted average fixed rate of ~4%; start dates through 2H25 adding additional down-rate protection into 2H27 ■ Higher expected swap expense in 2024 will be partly offset by the benefit to NII from Non-Core rundown; swap expense drag will reduce meaningfully over 2025-2027 as swaps run-off and Fed normalizes short rates – In addition, the impact of terminated swaps is dramatically lower in 2026/2027 ~($119) ~($117) ~($115) ~($115) ~($115) ~($114) ~($428) ~($230) ~($40) NII impact from terminated swaps ($ in millions) 3.2% ~($460) 4.2% ~($441)

 
25 $(3.2) $(2.5) $(2.2) $(2.1) $(1.7) $(0.8) $(0.5) $(0.3) $(0.4) $(0.3) $(0.3) $(0.3) Securities Swaps* Pension 9/30/2023 12/31/2024 6/30/2025 12/31/2025 Projected AOCI accretion Projected accretion based on forward curve ■ At September 30, 2023, average effective duration of the securities portfolio was 5.2 years; investment portfolio (inclusive of cash and securities) duration of ~3.8 years $(5.3) $(3.6) $(3.0) $(2.7) ~49% burn-off by YE2025 Commentary See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31. *Unrealized losses in swaps portfolio includes both active and terminated swaps. $s in billions

 
26 $77.5B Commercial credit portfolio See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31. Commercial portfolio risk ratings(2) $s in billions 58% 60% 59% 25% 18% 17% 14% 16% 17% 3% 6% 7% 4Q19 2Q23 3Q23 B- and lower B+ to B BB+ to BB- AAA+ to BBB- $57.5 $77.5 Highlights $78.3($ in billions) Balances % of total CFG C&I Finance and Insurance Capital call facilities $ 6.9 4 % Other Finance and Insurance 5.9 4 Other Manufacturing 3.8 2 Technology 3.6 2 Accommodation and Food Services 3.0 2 Health, Pharma, Social Assistance 2.7 2 Professional, Scientific, and Technical 2.5 2 Wholesale Trade 2.5 2 Retail Trade 2.5 2 Other Services 2.4 1 Energy & Related 2.1 1 Rental and Leasing 1.1 1 Consumer Products Manufacturing 1.0 1 Administrative and Waste Management 1.5 1 Arts, Entertainment, and Recreation 1.6 1 Automotive 1.0 1 Other (1) 2.7 2 Total C&I $ 46.8 31 % CRE Multi-family $ 9.0 6 % Office 6.1 4 Industrial 3.8 3 Retail 3.5 2 Co-op 1.8 1 Data Center 1.0 1 Hospitality 0.6 — Other (1) 3.7 3 Total CRE $ 29.5 20 % Total Commercial loans & leases $ 77.5 52 % Total CFG $ 149.7 100 % Diverse and granular portfolio ■ Disciplined capital allocation and risk appetite – Highly experienced leadership team – Focused client selection ■ C&I portfolio has focused growth on larger, mid-corporate customers, thereby improving overall asset quality ■ Leveraged loans ~1.6% of total CFG loans, granular hold positions with an average outstanding of ~$12 million ■ CRE portfolio is well diversified across asset type, geography, and borrowers with the emphasis on strong sponsor selection

 
27 Suburban Class C 4% CBD Class C 2% Suburban Class A 42% CBD Class A 15% Suburban Class B 26% CBD Class B 11% 50% 100% 88% 100% 88% 61% 20% 45% 78% 85% 50% —% 12% —% 12% 39% 80% 55% 22% 15% New York, NY Washington, DC Dallas, TX Los Angeles, CA Philadelphia, PA Atlanta, GA Chicago, IL Boston, MA Baltimore, MD Seattle, WA Suburban CBD NY 14.8% VA 12.0% NJ 9.4% CA 9.1% TX 8.4% MD 6.7% PA 5.5% GA 4.5% IL 4.1% MA 3.5% OH 3.2% NC 2.7% WA 2.5% AZ 2.4% CO 2.2% Other 8.9% Commercial Real Estate - $6.1B Office portfolio: well diversified $3.7B General Office by state Other MN MO CT FL VT IN DC MI UT SC TN RI DE 25% 14% 61% General Office $3.7B Credit Tenant $1.5B Life Sciences $0.8B Property type $3.7B General Office class & location Top 10 General Office MSA breakdown Outstanding *Manhattan is ~$162 million $ 831 567 202 196 177 170 154 122 109 95 $ in millions (As of 9/30/23)

 
28 38% 43% 43% 33% 32% 32% 18% 16% 16% 5% 4% 4%6% 5% 5% 4Q19 2Q23 3Q23 43% 19% 14% 4% 13% 7% $72.3B Retail credit portfolio 800+ 740-799 680-739 640-679 <640 $61.6 $72.3 $s in billions $73.0 Home equity Retail loans(1) Residential mortgages Auto Education - in school Education - refinance Other retail ~99% of retail portfolio > 680 Super-prime/prime* ~76% of retail portfolio Secured ■ Mortgage – FICO ~785 – Weighted-average LTV of ~54% ■ Home equity – FICO ~765 – ~38% secured by 1st lien – ~97% 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 Retail portfolio FICOs(2) See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31.

 
29 Allocation of allowance for credit losses by product type June 30, 2023 September 30, 2023 $s in millions Loans and Leases Allowance Coverage Loans and Leases Allowance Coverage Commercial and industrial(1) $ 48,038 $702 1.46 % $ 46,753 $707 1.51 % Commercial real estate 28,947 637 2.20 29,486 692 2.35 Leases 1,294 30 2.39 1,218 26 2.14 Total commercial 78,279 1,370 1.75 77,457 1,425 1.84 Residential mortgages 30,769 205 0.67 30,983 181 0.59 Home equity 14,487 142 0.98 14,729 144 0.97 Automobile 10,428 89 0.86 9,290 56 0.60 Education 12,246 261 2.13 12,134 270 2.23 Other retail 5,111 232 4.53 5,153 242 4.69 Total retail loans 73,041 929 1.27 72,289 893 1.23 Allowance for credit losses(2) $151,320 $2,299 1.52 % $149,746 $2,318 1.55 % See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31.

 
30 Delinquency by product type See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31. June 30, 2023 (%) September 30, 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 99.36 % 0.04 % 0.02 % — % 0.58 % 99.40 % 0.05 % 0.02 % 0.01 % 0.52 % Commercial real estate 98.50 0.08 0.20 — 1.22 98.01 0.25 0.14 0.01 1.59 Leases 99.77 — — — 0.23 99.75 — — — 0.25 Total commercial 99.05 0.05 0.09 — 0.81 98.87 0.13 0.07 0.01 0.92 Residential mortgages(1) 98.12 0.29 0.10 0.84 0.65 98.17 0.36 0.16 0.70 0.61 Home equity 97.72 0.38 0.17 — 1.73 97.43 0.56 0.19 — 1.82 Automobile 97.88 1.25 0.38 — 0.49 97.21 1.58 0.54 — 0.67 Education 99.37 0.27 0.16 0.02 0.18 99.19 0.39 0.21 0.02 0.19 Other retail 97.67 0.80 0.53 0.39 0.61 97.30 0.95 0.60 0.41 0.74 Total retail 98.19 0.48 0.19 0.38 0.76 98.01 0.60 0.26 0.33 0.80 Total 98.62 % 0.26 % 0.14 % 0.19 % 0.79 % 98.44 % 0.36 % 0.16 % 0.17 % 0.87 %

 
31 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. These notable items have been excluded from reported results to better reflect Underlying operating results. See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described above. Notable items - integration related 3Q23 2Q23 3Q22 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Salaries & benefits $ (4) $ (3) $ (2) $ (1) $ (17) $ (12) Outside services (4) (3) (11) (8) (11) (8) Equipment and software — — (1) (1) — — Occupancy — — (25) (18) (2) (1) Other expense — — — — (7) (5) Noninterest expense $ (8) $ (6) $ (39) $ (28) $ (37) $ (26) EPS Impact - Noninterest expense $ (0.02) $ (0.06) $ (0.06) Total Integration Costs $ (8) $ (6) $ (39) $ (28) $ (37) $ (26) EPS Impact - Total integration related $ (0.02) $ (0.06) $ (0.06) Other notable items - TOP & Other Actions related 3Q23 2Q23 3Q22 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Salaries & benefits $ (1) $ — $ (12) $ (9) $ — $ — Outside services (3) (3) (10) (7) (9) (7) Equipment and software (6) (5) (3) (2) — — Occupancy (2) (2) (5) (4) — — Other expense (2) (2) (4) (3) — — Noninterest expense $ (14) $ (12) $ (34) $ (25) $ (9) $ (7) Total Other Notable Items $ (14) $ (12) $ (34) $ (25) $ (9) $ (7) EPS Impact - Other Notable Items $ (0.02) $ (0.06) $ (0.01) Total Notable Items $ (22) $ (18) $ (73) $ (53) $ (46) $ (33) Total EPS Impact $ (0.04) $ (0.12) $ (0.07)

 
32 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 - 3Q23 GAAP financial summary 1) See general note a). Notes on slide 4 - 3Q23 Underlying financial summary 1) See note on non-GAAP financial measures. Notes on slide 5 - 3Q23 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 September 30, 2023, 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). Notes on slide 6 - 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. Notes on slide 9 - Noninterest expense 1) See above note on non-GAAP financial measures. See Notable Items slide 31 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 15 - Capital remains strong 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 - Business initiatives to drive improving performance 1) Excludes Private Bank Referred Sales Notes on slide 18 - 4Q23 outlook vs. 3Q23 1) See note on non-GAAP financial measures. 2) See general note d).

 
33 Notes continued Notes on slide 21 - Linked-quarter Underlying results 1) See note on non-GAAP financial measures. Notes on slide 22 - Year-over-year Underlying results 1) See note on non-GAAP financial measures. Notes on slide 23 - 3Q23 YTD 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 September 30, 2023, 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). Notes on slide 26 - Commercial credit portfolio 1) Includes deferred fees and costs. 2) Reflects period end balances. Notes on slide 28 - Retail credit porftolio 1) See general note c). 2) Reflects period end balances. Notes on slide 29 - Allocation of allowance for credit losses by product type 1) Coverage ratio includes total commercial allowance for unfunded lending commitments and total commercial allowance for loan and lease losses in the numerator and total commercial loans and leases in the denominator. 2) Coverage ratio reflects total allowance for credit losses for the respective portfolio. Notes on slide 30 - Delinquency by product type 1) 90+ days past due and accruing includes $216 million and $256 million of loans fully or partially guaranteed by the FHA, VA, and USDA at September 30, 2023 and June 30, 2023, respectively. Notes on slide 31 - Notable items 1) See note on non-GAAP financial measures. Notes on slide 43 - 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 September 30, 2023, 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). Notes on slide 44 - 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 September 30, 2023, 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).

 
34 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 3Q23 Change 3Q23 2Q23 3Q22 2Q23 3Q22 $ % $ % Noninterest income, Underlying: Noninterest income (GAAP) A $492 $506 $512 ($14) (3%) ($20) (4%) Less: Notable items — — — — — — — Noninterest income, Underlying (non-GAAP) B $492 $506 $512 ($14) (3%) ($20) (4%) Total revenue, Underlying: Total revenue (GAAP) C $2,014 $2,094 $2,177 ($80) (4%) ($163) (7%) Less: Notable items — — — — — — — Total revenue, Underlying (non-GAAP) D $2,014 $2,094 $2,177 ($80) (4%) ($163) (7%) Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,293 $1,306 $1,241 ($13) (1%) $52 4% Less: Notable items 22 73 46 (51) (70) (24) (52) Noninterest expense, Underlying (non-GAAP) F $1,271 $1,233 $1,195 $38 3% $76 6% Pre-provision profit: Total revenue (GAAP) C $2,014 $2,094 $2,177 ($80) (4%) ($163) (7%) Less: Noninterest expense (GAAP) E 1,293 1,306 1,241 (13) (1) 52 4 Pre-provision profit (GAAP) $721 $788 $936 ($67) (9%) ($215) (23%) Pre-provision profit, Underlying: Total revenue, Underlying (non-GAAP) D $2,014 $2,094 $2,177 ($80) (4%) ($163) (7%) Less: Noninterest expense, Underlying (non-GAAP) F 1,271 1,233 1,195 38 3 76 6 Pre-provision profit, Underlying (non-GAAP) $743 $861 $982 ($118) (14%) ($239) (24%) Provision for credit losses, Underlying: Provision for credit losses (GAAP) $172 $176 $123 ($4) (2%) $49 40% Less: Notable items — — — — — — — Provision for credit losses, Underlying (non-GAAP) $172 $176 $123 ($4) (2%) $49 40% Income before income tax expense, Underlying: Income before income tax expense (GAAP) G $549 $612 $813 ($63) (10%) ($264) (32%) notable items (22) (73) (46) 51 70 24 52 Income before income tax expense, Underlying (non-GAAP) H $571 $685 $859 ($114) (17%) ($288) (34%) Income tax expense, Underlying: Income tax expense (GAAP) I $119 $134 $177 ($15) (11%) ($58) (33%) Less: Income tax expense (benefit) related to notable items (4) (20) (13) 16 80 9 69 Income tax expense, Underlying (non-GAAP) J $123 $154 $190 ($31) (20%) ($67) (35%) Net income, Underlying: Net income (GAAP) K $430 $478 $636 ($48) (10%) ($206) (32%) Add: Notable items, net of income tax benefit 18 53 33 (35) (66) (15) (45) Net income, Underlying (non-GAAP) L $448 $531 $669 ($83) (16%) ($221) (33%) Net income available to common stockholders, Underlying: Net income available to common stockholders (GAAP) M $400 $444 $611 ($44) (10%) ($211) (35%) Add: Notable items, net of income tax benefit 18 53 33 (35) (66) (15) (45) Net income available to common stockholders, Underlying (non-GAAP) N $418 $497 $644 ($79) (16%) ($226) (35%)

 
35 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 3Q23 Change 3Q23 2Q23 3Q22 2Q23 3Q22 $/bps % $/bps % Operating leverage: Total revenue (GAAP) C $2,014 $2,094 $2,177 ($80) (3.84%) ($163) (7.47%) Less: Noninterest expense (GAAP) E 1,293 1,306 1,241 (13) (0.96) 52 4.20 Operating leverage (2.88%) (11.67%) Operating leverage, Underlying: Total revenue, Underlying (non-GAAP) D $2,014 $2,094 $2,177 ($80) (3.84%) ($163) (7.47%) Less: Noninterest expense, Underlying (non-GAAP) F 1,271 1,233 1,195 38 3.06 76 6.31 Operating leverage, Underlying (non-GAAP) (6.90%) (13.78%) Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 64.21 % 62.34% 57.02 % 187 bps 719 bps Efficiency ratio, Underlying (non-GAAP) F/D 63.08 58.86 54.90 422 bps 818 bps Effective income tax rate and effective income tax rate, Underlying: Effective income tax rate I/G 21.51% 22.09% 21.80 % (58) bps (29) bps Effective income tax rate, Underlying (non-GAAP) J/H 21.69 22.51 22.00 (82) bps (31) bps Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) O $21,177 $22,289 $22,246 ($1,112) (5%) ($1,069) (5%) Less: Average goodwill (GAAP) 8,188 8,182 8,131 6 — 57 1 Less: Average other intangibles (GAAP) 173 181 228 (8) (4) (55) (24) Add: Average deferred tax liabilities related to goodwill (GAAP) 422 422 424 — — (2) — Average tangible common equity P $13,238 $14,348 $14,311 ($1,110) (8%) ($1,073) (7%) Return on average tangible common equity M/P 12.00 % 12.42% 16.96 % (42) bps (496) bps Return on average tangible common equity, Underlying (non-GAAP) N/P 12.51 13.93 17.91 (142) bps (540) bps Return on average total assets and return on average total assets, Underlying: Average total assets (GAAP) Q $220,162 $222,373 $225,473 ($2,211) (1%) ($5,311) (2%) Return on average total assets K/Q 0.78 % 0.86% 1.12 % (8) bps (34) bps Return on average total assets, Underlying (non-GAAP) L/Q 0.81 0.96 1.18 (15) bps (37) bps $s in millions, except share, per share and ratio data

 
36 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 3Q23 Change 3Q23 2Q23 3Q22 2Q23 3Q22 $/bps % $/bps % Return on average total tangible assets and return on average total tangible assets, Underlying: Average total assets (GAAP) Q $220,162 $222,373 $225,473 ($2,211) (1%) ($5,311) (2%) Less: Average goodwill (GAAP) 8,188 8,182 8,131 6 — 57 1 Less: Average other intangibles (GAAP) 173 181 228 (8) (4) (55) (24) Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 422 422 424 — — (2) — Average tangible assets R $212,223 $214,432 $217,538 ($2,209) (1%) ($5,315) (2%) Return on average total tangible assets K/R 0.81 % 0.89% 1.16 % (8) bps (35) bps Return on average total tangible assets, Underlying (non-GAAP) L/R 0.84 0.99 1.22 (15) bps (38) bps Tangible book value per common share: Common shares - at period-end (GAAP) S 466,221,795 474,682,759 495,843,793 (8,460,964) (2%) (29,621,998) (6%) Common stockholders' equity (GAAP) $20,864 $21,571 $21,132 ($707) (3) ($268) (1) Less: Goodwill (GAAP) 8,188 8,188 8,160 — — 28 — Less: Other intangible assets (GAAP) 167 175 199 (8) (5) (32) (16) Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 421 422 424 (1) — (3) (1) Tangible common equity T $12,930 $13,630 $13,197 ($700) (5%) ($267) (2%) Tangible book value per common share T/S $27.73 $28.72 $26.62 ($0.99) (3%) $1.11 4% 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 469,481,085 479,470,543 495,651,083 (9,989,458) (2%) (26,169,998) (5%) Average common shares outstanding - diluted (GAAP) V 471,183,719 480,975,281 497,477,501 (9,791,562) (2) (26,293,782) (5) Net income per average common share - basic (GAAP) M/U $0.85 $0.93 $1.23 ($0.08) (9) ($0.38) (31) Net income per average common share - diluted (GAAP) M/V 0.85 0.92 1.23 (0.07) (8) (0.38) (31) Net income per average common share - basic, Underlying (non-GAAP) N/U 0.89 1.04 1.30 (0.15) (14) (0.41) (32) Net income per average common share - diluted, Underlying (non- GAAP) N/V 0.89 1.04 1.30 (0.15) (14) (0.41) (32) 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) 49 % 45 % 34 % 441 bps 1,541 bps Dividend payout ratio, Underlying (non-GAAP) W/(N/U) 47 40 32 700 bps 1,500 bps $s in millions, except share, per share and ratio data

 
37 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 3Q23 Change 3Q23 2Q23 3Q22 2Q23 3Q22 $/bps % $/bps % Salaries and employee benefits, Underlying: Salaries and employee benefits (GAAP) $659 $615 $639 $44 7% $20 3% Less: Notable items 5 14 17 (9) (64) (12) (71) Salaries and employee benefits, Underlying (non-GAAP) $654 $601 $622 $53 9% $32 5% Outside services, Underlying: Outside services (GAAP) $160 $177 $172 ($17) (10%) ($12) (7%) Less: Notable items 7 21 20 (14) (67) (13) (65) Outside services, Underlying (non-GAAP) $153 $156 $152 ($3) (2%) $1 1% Equipment and software, Underlying: Equipment and software (GAAP) $191 $181 $159 $10 6% $32 20% Less: Notable items 6 4 — 2 50 6 100 Equipment and software, Underlying (non-GAAP) $185 $177 $159 $8 5% $26 16% Occupancy, Underlying: Occupancy (GAAP) $107 $136 $106 ($29) (21%) $1 1% Less: Notable items 2 30 2 (28) (93) — — Occupancy, Underlying (non-GAAP) $105 $106 $104 ($1) (1%) $1 1% Other operating expense, Underlying: Other operating expense (GAAP) $176 $197 $165 ($21) (11%) $11 7% Less: Notable items 2 4 7 (2) (50) (5) (71) Other operating expense, Underlying (non-GAAP) $174 $193 $158 ($19) (10%) $16 10% $s in millions, except share, per share and ratio data

 
38 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 1Q23 4Q22 Noninterest income, Underlying: Noninterest income (GAAP) A $485 $505 Less: Notable items — — Noninterest income, Underlying (non-GAAP) B $485 $505 Total revenue, Underlying: Total revenue (GAAP) C $2,128 $2,200 Less: Notable items — — Total revenue, Underlying (non-GAAP) D $2,128 $2,200 Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,296 $1,240 Less: Notable items 66 43 Noninterest expense, Underlying (non-GAAP) F $1,230 $1,197 Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 60.9 % 56.4% Efficiency ratio, Underlying (non-GAAP) F/D 57.8 54.4

 
39 Non-GAAP financial measures and reconciliations - CET1 adjusted for AOCI opt-out removal 3Q23 CET1 Ratio adjusted for AOCI opt-out removal CET1 capital $ 18,360 Less: AFS securities - AOCI 2,341 HTM securities - AOCI(1) 854 DTA for AFS/HTM securities 26 Pension 367 DTA for Pension 2 CET 1 capital adjusted for AOCI opt-out removal A $14,770 Risk-weighted assets 176,407 Less: HTM securities - AOCI 151 AFS securities - AOCI 376 DTA for AFS/HTM securities (2,585) Pension 364 DTA for Pension (318) Risk-weighted assets adjusted for AOCI opt-out removal B $178,419 CET1 Ratio adjusted for AOCI opt-out removal A/B 8.3 % $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

 
40 Non-GAAP financial measures and reconciliations - excluding the impact of Private Bank 3Q23 Total revenue, Underlying excluding Private Bank: Total revenue (GAAP) $2,014 Less: Notable items — Less: Private Bank Total revenue (GAAP) — Total revenue, Underlying excluding Private Bank (non-GAAP) A $2,014 Noninterest expense, Underlying excluding Private Bank: Noninterest expense (GAAP) $1,293 Less: Notable items 22 Noninterest expense, Underlying (non-GAAP) B $1,271 Private Bank Noninterest expense (GAAP) $36 Less: Private Bank Notable Items 1 Noninterest expense, Underlying Private Bank (non-GAAP) C $35 Noninterest expense, Underlying excluding Private Bank (non-GAAP) B-C $1,236 Efficiency ratio, Underlying excluding Private Bank: Efficiency ratio, excluding Private Bank (non-GAAP) (B-C)/A 61.4 % $s in millions, except ratio data

 
41 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core $s in millions, except share, per share and ratio data QUARTERLY TRENDS 3Q23 2Q23 3Q22 Net income available to common stockholders, Underlying: Net income available to common stockholders (GAAP) $400 $444 $611 Add: Notable items, net of income tax benefit 18 53 33 Net income available to common stockholders, Underlying (non-GAAP) A $418 $497 $644 Private Bank Net income available to common stockholders, (GAAP) (27) (5) — Less: Private Bank Notable Items (1) (4) — Private Bank Net income available to common stockholders, Underlying (non-GAAP) B ($26) ($1) $— Non-Core Net income available to common stockholders, (GAAP) C ($67) ($55) $16 Net income available to common stockholders excluding Private Bank & Non-Core, Underlying (non-GAAP) D=(A-B-C) $511 $553 $628 Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) $21,177 $22,289 $22,246 Less: Average goodwill (GAAP) 8,188 8,182 8,131 Less: Average other intangibles (GAAP) 173 181 228 Add: Average deferred tax liabilities related to goodwill (GAAP) 422 422 424 Average tangible common equity E $13,238 $14,348 $14,311 Private Bank Average tangible common equity (GAAP) (22) (2) — Less: Private Bank Notables (5) (1) — Private Bank Average tangible common equity, Underlying (non-GAAP) F ($17) ($1) $— Non-Core Average tangible common equity GAAP G — — — Average tangible common equity excluding Private Bank & Non-Core, Underlying (non-GAAP) H=(E-F-G) 13,255 14,349 14,311 Return on average tangible common equity excluding Private Bank & Non-Core, Underlying (non-GAAP) D/H 15.3 % 15.5 % 17.5 %

 
42 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core $s in millions, except share, per share and ratio data QUARTERLY TRENDS 3Q23 2Q23 3Q22 Return on average total tangible assets and return on average total tangible assets, Underlying: Average total assets (GAAP) $220,162 $222,373 $225,473 Less: Average goodwill (GAAP) 8,188 8,182 8,131 Less: Average other intangibles (GAAP) 173 181 228 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 422 422 424 Average tangible assets $212,223 $214,432 $217,538 Less: Private Bank Average total assets (GAAP) 5 — — Less: Non-Core Average total assets (GAAP) 13,113 14,456 17,929 Average tangible assets excluding Private Bank & Non-Core, Underlying (non-GAAP) A $199,105 $199,976 $199,609 Net income, Underlying: Net income (GAAP) $430 $478 $636 Add: Notable items, net of income tax benefit 18 53 33 Net income, Underlying (non-GAAP) B $448 $531 $669 Private Bank Net income (GAAP) (27) (5) — Less: Private Bank Notables (1) (4) — Net income Private Bank, Underlying (non-GAAP) C ($26) ($1) $— Non-Core Net income (GAAP) D (67) (55) 16 Net income excluding Private Bank & Non-Core, Underlying (non-GAAP) E=B-C-D $541 $587 $653 Return on average total tangible assets excluding Private Bank & Non-Core, Underlying (non-GAAP) E/A 1.08 % 1.18 % 1.30 %

 
43 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core* 3Q 2023 (GAAP) 3Q 2023 Notables 3Q 2023 (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 $ 560 $ 1,067 $ (64) $ 1,563 $ — $ (41.0) $ — $ — $ — $ 1,563 $ — $ (41) $ 1,522 Noninterest income 180 278 34 492 — — — — — 492 — — 492 Total revenue 740 1,345 (30) 2,055 — (41.0) — — — 2,055 — (41) 2,014 Noninterest Expense 325 869 33 1,227 36 30.0 21 1 — 1,206 35 30 1,271 Pre-provision profit 415 476 (63) 828 (36) (71.0) (21) (1) — 848 (34) (71) 743 Provision for credit losses 67 67 18 152 — 20.0 — — — 152 — 20 172 Income before income tax expense 348 409 (81) 676 (36) (91.0) (21) (1) — 696 (34) (91) 571 Income tax expense 88 106 (42) 152 (9) (24.0) (4) — — 156 (9) (24) 123 Net income 260 303 (39) 524 (27) (67.0) (17) (1) — 541 (26) (67) 448 Preferred dividends — — 30 30 — — — — — 30 — — 30 Net income available to common stockholders $ 260 $ 303 $ (69) $ 494 $ (27) $ (67.0) $ (17) $ (1) $ — $ 511 $ (26) $ (67) $ 418 Contribution to total CFG Diluted EPS $ 0.55 $ 0.65 $ (0.15) $ 1.05 $ — $ (0.14) $ (0.03) $ — $ — $ 1.08 $ — $ (0.14) $ 0.94 $s in billions Interest-earning assets (spot) $ 71 $ 67 $ 50 $ 188 $ — $ 12 $— $— $— $188 $— $12.3 $200 Loans (spot) 71 66 1 137 — 12 — — — 137 — 12.3 150 Deposits (spot) 48 118 11 178 — — — — — 178 — — 178 Risk-weighted assets (spot) $ 94 $ 56 $ 14 $ 164 $ — $ 12 $— $— $— $164 $— $12.4 $176 Performance metrics: Net interest margin, FTE(4) 3.33 % (1.24) % 3.33 % (1.24) % 3.03 % Loans-to-deposit ratio (spot) 77.2 % 77.2 % 84.0 % CET1 capital ratio 11.2 % 11.2 % 10.4 % ROTCE 14.8 % 15.3 % 12.5 % Efficiency ratio 59.7 % 58.7 % 63.1 % Noninterest income as a % of total revenue 24 % 24 % 24 % (3) *Select totals may not sum due to rounding

 
44 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core* 3Q 2023 YTD (GAAP) 3Q 2023 YTD Notables 3Q 2023 YTD (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 $ 1,741 $ 3,101 $ (5) $ 4,837 $ — $ (84) $ — $ — $ — $ 4,837 $ — $ (84) $ 4,753 Noninterest income 588 802 93 1,483 — — — — — 1,483 — — 1,483 Total revenue 2,329 3,903 88 6,320 — (84) — — — 6,320 — (84) 6,236 Noninterest Expense 971 2,594 192 3,757 43 95 154 7 — 3,603 36 95 3,734 Pre-provision profit 1,358 1,309 (104) 2,563 (43) (179) (154) (7) — 2,716 (35) (179) 2,502 Provision for credit losses 185 198 79 462 — 54 — — — 462 — 54 516 Income before income tax expense 1,173 1,111 (183) 2,101 (43) (233) (154) (7) — 2,254 (35) (233) 1,986 Income tax expense 289 289 (100) 478 (11) (61) (40) (2) — 517 (9) (61) 447 Net income 884 822 (83) 1,623 (32) (172) (114) (5) — 1,737 (26) (172) 1,539 Preferred dividends — — 87 87 — — — — — 87 — — 87 Net income available to common stockholders $ 884 $ 822 $ (170) $ 1,536 $ (32) $ (172) $ (114) $ (5) $ — $ 1,650 $ (26) $ (172) $ 1,452 Contribution to total CFG Diluted EPS $ 1.84 $ 1.70 $ (0.35) $ 3.19 $ (0.07) $ (0.35) $ (0.24) $ (0.02) $ — $ 3.43 $ (0.05) $ (0.35) $ 3.03 $s in billions Interest-earning assets (spot) $ 71 $ 67 $ 50 $ 188 $ — $ 12 $— $— $— $188 $— $12 $ 200 Loans (spot) 71 66 1 137 — 12 — — — 137 — 12 150 Deposits (spot) 48 118 11 178 — — — — — 178 — — 178 Risk-weighted assets (spot) $ 94 $ 56 $ 14 $ 164 $ — $ 12 $— $— $— $164 $— $12 $ 176 Performance metrics: Net interest margin, FTE(4) 3.47 % (0.78) % 3.47 % (0.78) % 3.17 % Loans-to-deposit ratio (spot) 77.2 % 77.2 % 84.0 % CET1 capital ratio 11.2 % 11.2 % 10.4 % ROTCE 14.9 % 16.0 % 14.1 % Efficiency ratio 59.4 % 57.0 % 59.9 % Noninterest income as a % of total revenue 23 % 23 % 23.8 % (3) *Select totals may not sum due to rounding

 

 
















newcfglogomediuma01a21.jpg


Financial Supplement

Third Quarter 2023





















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 TRENDSFOR THE NINE MONTHS ENDED SEPTEMBER 30,
3Q23 Change2023 Change
3Q232Q231Q234Q223Q222Q233Q22202320222022
$/bps%$/bps%$/bps%
SELECTED OPERATING DATA
Total revenue$2,014 $2,094 $2,128 $2,200 $2,177 ($80)(4 %)($163)(7 %)$6,236 $5,821 $415 7 %
Noninterest expense1,293 1,306 1,296 1,240 1,241 (13)(1)52 4 3,895 3,652 243 7 
Profit before provision (benefit) for credit losses721 788 832 960 936 (67)(9)(215)(23)2,341 2,169 172 8 
Provision (benefit) for credit losses172 176 168 132 123 (4)(2)49 40 516 342 174 51 
NET INCOME430 478 511 653 636 (48)(10)(206)(32)1,419 1,420 (1)— 
Net income, Underlying1
448 531 560 685 669 (83)(16)(221)(33)1,539 1,740 (201)(12)
Net income available to common stockholders400 444 488 621 611 (44)(10)(211)(35)1,332 1,339 (7)(1)
Net income available to common stockholders, Underlying1
418 497 537 653 644 (79)(16)(226)(35)1,452 1,659 (207)(12)
PER COMMON SHARE DATA
Basic earnings$0.85 $0.93 $1.00 $1.26 $1.23 ($0.08)(9 %)($0.38)(31 %)$2.79 $2.85 ($0.06)(2 %)
Diluted earnings0.85 0.92 1.00 1.25 1.23 (0.07)(8)(0.38)(31)2.78 2.84 (0.06)(2)
Basic earnings, Underlying1
0.89 1.04 1.10 1.32 1.30 (0.15)(14)(0.41)(32)3.04 3.53 (0.49)(14)
Diluted earnings, Underlying1
0.89 1.04 1.10 1.32 1.30 (0.15)(14)(0.41)(32)3.03 3.52 (0.49)(14)
Cash dividends declared and paid per common share 0.42 0.42 0.42 0.42 0.42 — — — — 1.26 1.20 0.06 5 
Book value per common share44.75 45.44 45.84 44.03 42.62 (0.69)(2)2.13 5 44.75 42.62 2.13 5 
Tangible book value per common share27.73 28.72 29.44 27.88 26.62 (0.99)(3)1.11 4 27.73 26.62 1.11 4 
Dividend payout ratio49 %45 %42 %33 %34 %441  bps1,541  bps45 %42 %316  bps
Dividend payout ratio, Underlying1
47 40 38 32 32 700  bps1,500  bps41 34 700  bps
COMMON SHARES OUTSTANDING
Average: Basic469,481,085 479,470,543 485,444,313 493,293,981 495,651,083 (9,989,458)(2 %)(26,169,998)(5 %)478,073,507 470,118,265 7,955,242 2 %
   Diluted471,183,719 480,975,281 487,712,146 495,478,398 497,477,501 (9,791,562)(2)(26,293,782)(5)479,733,008 471,958,310 7,774,698 2 
Common shares at period-end466,221,795 474,682,759 483,982,264 492,282,158 495,843,793 (8,460,964)(2)(29,621,998)(6)466,221,795 495,843,793 (29,621,998)(6)
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 TRENDSFOR THE NINE MONTHS ENDED SEPTEMBER 30,
3Q23 Change2023 Change
3Q232Q231Q234Q223Q222Q233Q22202320222022
$/bps%$/bps%$/bps%
FINANCIAL RATIOS
Net interest margin3.03 %3.16 %3.29 %3.29 %3.24 %(13) bps(21) bps3.16 %3.03 %13  bps
Net interest margin, FTE1
3.03 3.17 3.30 3.30 3.25 (14)(22)3.17 3.03 14  
Return on average common equity7.50 8.00 9.11 11.56 10.91 (50)(341)8.20 8.19 1  
Return on average common equity, Underlying2
7.82 8.97 10.01 12.15 11.52 (115)(370)8.93 10.15 (122) 
Return on average tangible common equity12.00 12.42 14.38 18.46 16.96 (42)(496)12.93 12.49 44  
Return on average tangible common equity, Underlying2
12.51 13.93 15.80 19.40 17.91 (142)(540)14.09 15.48 (139) 
Return on average total assets0.78 0.86 0.93 1.15 1.12 (8)(34)0.86 0.90 (4) 
Return on average total assets, Underlying2
0.81 0.96 1.02 1.21 1.18 (15)(37)0.93 1.10 (17) 
Return on average total tangible assets0.81 0.89 0.97 1.19 1.16 (8)(35)0.89 0.93 (4) 
Return on average total tangible assets, Underlying2
0.84 0.99 1.06 1.25 1.22 (15)(38)0.96 1.14 (18) 
Effective income tax rate21.51 22.09 22.97 21.16 21.80 (58)(29)22.24 22.29 (5) 
Effective income tax rate, Underlying2
21.69 22.51 23.25 21.37 22.00 (82)(31)22.55 22.50 5  
Efficiency ratio64.21 62.34 60.90 56.36 57.02 187 719 62.45 62.74 (29) 
Efficiency ratio, Underlying2
63.08 58.86 57.84 54.42 54.90 422 818 59.87 58.67 120  
Noninterest income as a % of total revenue24.44 24.14 22.81 22.92 23.54 30 90 23.78 25.84 (206)
Noninterest income as a % of total revenue, Underlying2
24.44 24.14 22.81 22.92 23.54 30 90 23.78 26.24 (246) 
CAPITAL RATIOS - PERIOD-END (PRELIMINARY)
CET1 capital ratio10.4 %10.3 %10.0 %10.0 %9.8 %
Tier 1 capital ratio11.5 11.4 11.1 11.1 10.9 
Total capital ratio13.4 13.3 12.9 12.8 12.6 
Tier 1 leverage ratio9.4 9.4 9.4 9.3 9.2 
Tangible common equity ratio5.9 6.3 6.6 6.3 6.1 
SELECTED BALANCE SHEET DATA
Loan-to-deposit ratio (period-end balances)84.03 %85.17 %89.83 %86.69 %87.44 %(114) bps(341) bps84.03 %87.44 %(341) bps
Loan-to-deposit ratio (average balances)85.46 88.73 89.76 87.74 88.32 (327) bps(286) bps87.95 86.43 152  bps
Full-time equivalent colleagues (period-end)18,214 18,468 18,547 18,889 19,235 (254)(1)(1,021)(5)18,214 19,235 (1,021)(5)
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 TRENDSFOR THE NINE MONTHS ENDED SEPTEMBER 30,
3Q23 Change2023 Change
3Q232Q231Q234Q223Q222Q233Q22202320222022
$%$%$%
INTEREST INCOME
Interest and fees on loans and leases$2,166 $2,132 $2,047 $1,893 $1,657 $34 2 %$509 31 %$6,345 $4,075 $2,270 56 %
Interest and fees on loans held for sale20 20 15 16 18 — — 2 11 55 51 4 8 
Interest and fees on other loans held for sale8 12 5 10 15 (4)(33)(7)(47)25 47 (22)(47)
Investment securities290 267 266 258 243 23 9 47 19 823 582 241 41 
Interest-bearing deposits in banks111 100 69 75 36 11 11 75 208 280 53 227 NM
Total interest income2,595 2,531 2,402 2,252 1,969 64 3 626 32 7,528 4,808 2,720 57 
INTEREST EXPENSE
Deposits898 723 550 396 176 175 24 722 NM2,171 255 1,916 NM
Short-term borrowed funds8 22 6 2 11 (14)(64)(3)(27)36 21 15 71 
Long-term borrowed funds167 198 203 159 117 (31)(16)50 43 568 215 353 164 
Total interest expense1,073 943 759 557 304 130 14 769 NM2,775 491 2,284 NM
Net interest income1,522 1,588 1,643 1,695 1,665 (66)(4)(143)(9)4,753 4,317 436 10 
NONINTEREST INCOME
Service charges and fees105 101 100 105 109 4 4 (4)(4)306 315 (9)(3)
Capital markets fees67 82 83 98 89 (15)(18)(22)(25)232 270 (38)(14)
Card fees74 80 72 71 71 (6)(8)3 4 226 202 24 12 
Mortgage banking fees69 59 57 54 66 10 17 3 5 185 207 (22)(11)
Trust and investment services fees63 65 63 61 61 (2)(3)2 3 191 188 3 2 
Foreign exchange and derivative products48 44 48 35 42 4 9 6 14 140 153 (13)(8)
Letter of credit and loan fees43 43 40 41 40 — — 3 8 126 118 8 7 
Securities gains, net5 9 5 4 — (4)(44)5 100 19 5 14 NM
Other income18 23 17 36 34 (5)(22)(16)(47)58 46 12 26 
Total noninterest income492 506 485 505 512 (14)(3)(20)(4)1,483 1,504 (21)(1)
TOTAL REVENUE2,014 2,094 2,128 2,200 2,177 (80)(4)(163)(7)6,236 5,821 415 7 
Provision (benefit) for credit losses172 176 168 132 123 (4)(2)49 40 516 342 174 51 
NONINTEREST EXPENSE
Salaries and employee benefits659 615 658 633 639 44 7 20 3 1,932 1,916 16 1 
Outside services160 177 176 170 172 (17)(10)(12)(7)513 530 (17)(3)
Equipment and software191 181 169 170 159 10 6 32 20 541 478 63 13 
Occupancy107 136 124 110 106 (29)(21)1 1 367 300 67 22 
Other operating expense176 197 169 157 165 (21)(11)11 7 542 428 114 27 
Total noninterest expense1,293 1,306 1,296 1,240 1,241 (13)(1)52 4 3,895 3,652 243 7 
Income before income tax expense549 612 664 828 813 (63)(10)(264)(32)1,825 1,827 (2)— 
Income tax expense119 134 153 175 177 (15)(11)(58)(33)406 407 (1)— 
Net income$430 $478 $511 $653 $636 ($48)(10 %)($206)(32 %)$1,419 $1,420 ($1)— %
Net income, Underlying1
$448 $531 $560 $685 $669 ($83)(16 %)($221)(33 %)$1,539 $1,740 ($201)(12 %)
Net income available to common stockholders$400 $444 $488 $621 $611 ($44)(10 %)($211)(35 %)$1,332 $1,339 ($7)(1 %)
Net income available to common stockholders, Underlying1
$418 $497 $537 $653 $644 ($79)(16 %)($226)(35 %)$1,452 $1,659 ($207)(12 %)
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 OFSEPTEMBER 30, 2023 CHANGE
Sept 30, 2023June 30, 2023Mar 31, 2023Dec 31, 2022Sept 30, 2022June 30, 2023September 30, 2022
$%$%
ASSETS
Cash and due from banks$1,395 $1,689 $1,283 $1,489 $1,235 ($294)(17 %)$160 13 %
Interest-bearing cash and due from banks14,005 9,878 6,691 9,058 6,925 4,127 42 7,080 102 
Interest-bearing deposits in banks324 284 320 303 261 40 14 63 24 
Debt securities available for sale, at fair value25,069 24,755 23,845 24,007 23,478 314 1 1,591 7 
Debt securities held to maturity9,320 9,520 9,677 9,834 10,071 (200)(2)(751)(7)
Loans held for sale, at fair value749 1,225 855 774 1,048 (476)(39)(299)(29)
Other loans held for sale99 196 1,000 208 914 (97)(49)(815)(89)
Loans and leases149,746 151,320 154,688 156,662 156,140 (1,574)(1)(6,394)(4)
Less: Allowance for loan and lease losses(2,080)(2,044)(2,017)(1,983)(1,980)(36)2 (100)5 
Net loans and leases147,666 149,276 152,671 154,679 154,160 (1,610)(1)(6,494)(4)
Derivative assets522 719 569 842 1,352 (197)(27)(830)(61)
Premises and equipment878 876 866 844 827 2 — 51 6 
Bank-owned life insurance3,275 3,263 3,244 3,236 3,222 12 — 53 2 
Goodwill8,188 8,188 8,177 8,173 8,160 — — 28 — 
Other intangible assets167 175 185 197 199 (8)(5)(32)(16)
Other assets13,613 13,022 12,873 13,089 12,832 591 5 781 6 
TOTAL ASSETS$225,270 $223,066 $222,256 $226,733 $224,684 $2,204 1 %$586 — %
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing$38,561 $40,286 $44,326 $49,283 $51,888 ($1,725)(4 %)($13,327)(26 %)
Interest-bearing139,636 137,381 127,868 131,441 126,678 2,255 2 12,958 10 
Total deposits178,197 177,667 172,194 180,724 178,566 530 — (369)— 
Short-term borrowed funds232 1,099 1,018 3 263 (867)(79)(31)(12)
Derivative liabilities2,109 2,270 1,704 1,909 2,227 (161)(7)(118)(5)
Long-term borrowed funds:
FHLB advances7,036 5,029 11,779 8,519 9,519 2,007 40 (2,483)(26)
Senior debt5,258 5,258 5,263 5,555 4,954 — — 304 6 
Subordinated debt and other debt5,060 3,813 1,813 1,813 1,813 1,247 33 3,247 179 
Total long-term borrowed funds17,354 14,100 18,855 15,887 16,286 3,254 23 1,068 7 
Other liabilities4,500 4,345 4,284 4,520 4,196 155 4 304 7 
TOTAL LIABILITIES202,392 199,481 198,055 203,043 201,538 2,911 1 854 — 
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 capital22,231 22,207 22,183 22,142 22,121 24 — 110 — 
Retained earnings9,856 9,655 9,416 9,159 8,748 201 2 1,108 13 
Treasury stock, at cost(5,986)(5,734)(5,475)(5,071)(4,920)(252)(4)(1,066)(22)
Accumulated other comprehensive income (loss)(5,243)(4,563)(3,943)(4,560)(4,823)(680)(15)(420)(9)
TOTAL STOCKHOLDERS' EQUITY22,878 23,585 24,201 23,690 23,146 (707)(3)(268)(1)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$225,270 $223,066 $222,256 $226,733 $224,684 $2,204 1 %$586 — %
Memo: Total tangible common equity$12,930 $13,630 $14,247 $13,728 $13,197 ($700)(5 %)($267)(2 %)

6

LOANS AND DEPOSITS
(dollars in millions)
PERIOD-END BALANCESAS OFSEPTEMBER 30, 2023 CHANGE
Sept 30, 2023June 30, 2023Mar 31, 2023Dec 31, 2022Sept 30, 2022June 30, 2023September 30, 2022
$%$%
LOANS AND LEASES
Commercial and industrial$46,753 $48,038 $50,450 $51,836 $50,989 ($1,285)(3 %)($4,236)(8 %)
Commercial real estate29,486 28,947 28,999 28,865 28,681 539 2 805 3 
Leases1,218 1,294 1,417 1,479 1,444 (76)(6)(226)(16)
Total commercial77,457 78,279 80,866 82,180 81,114 (822)(1)(3,657)(5)
Residential mortgages30,983 30,769 30,362 29,921 29,548 214 1 1,435 5 
Home equity14,729 14,487 14,135 14,043 13,684 242 2 1,045 8 
Automobile9,290 10,428 11,535 12,292 13,155 (1,138)(11)(3,865)(29)
Education12,134 12,246 12,634 12,808 13,094 (112)(1)(960)(7)
Other retail5,153 5,111 5,156 5,418 5,545 42 1 (392)(7)
Total retail72,289 73,041 73,822 74,482 75,026 (752)(1)(2,737)(4)
Total loans and leases$149,746 $151,320$154,688$156,662$156,140($1,574)(1 %)($6,394)(4 %)
Loans held for sale, at fair value749 1,225 855 774 1,048 (476)(39)(299)(29)
Other loans held for sale99 196 1,000 208 914 (97)(49)(815)(89)
Loans and leases and loans held for sale$150,594 $152,741 $156,543 $157,644 $158,102 ($2,147)(1 %)($7,508)(5 %)
DEPOSITS
Demand$38,561 $40,286 $44,326 $49,283 $51,888 ($1,725)(4 %)($13,327)(26 %)
Money market53,517 52,542 48,905 49,905 49,081 975 2 4,436 9 
Checking with interest33,355 35,028 34,496 39,721 38,040 (1,673)(5)(4,685)(12)
Savings29,139 29,824 29,789 29,805 29,882 (685)(2)(743)(2)
Term23,625 19,987 14,678 12,010 9,675 3,638 18 13,950 144 
Total deposits$178,197 $177,667 $172,194 $180,724 $178,566 $530 — %($369)— %


7

AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)
QUARTERLY TRENDS3Q23 Change
3Q232Q233Q222Q233Q22
Average BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks$8,005 $111 5.42 %$7,768 $100 5.10 %$5,203 $36 2.78 %$237 $11 32 bps$2,802 $75 264 bps
Taxable investment securities39,271 290 2.95 38,000 267 2.81 38,507 243 2.50 1,271 23 14764 47 45
Non-taxable investment securities2 — 2.68 2 — 2.68 3 — 1.88 — — —(1)— 80
Total investment securities39,273 290 2.95 38,002 267 2.81 38,510 243 2.50 1,271 23 14763 47 45
Commercial and industrial47,658 750 6.17 49,770 765 6.09 52,130 544 4.08 (2,112)(15)8(4,472)206 209
Commercial real estate29,353 467 6.23 29,115 445 6.05 28,388 311 4.29 238 22 18965 156 194
Leases1,250 12 3.56 1,352 12 3.69 1,529 13 3.35 (102)— (13)(279)(1)21
Total commercial78,261 1,229 6.15 80,237 1,222 6.03 82,047 868 4.14 (1,976)7 12(3,786)361 201
Residential mortgages30,838 267 3.46 30,566 259 3.38 29,327 240 3.27 272 8 81,511 27 19
Home equity14,589 286 7.77 14,340 264 7.38 13,400 156 4.62 249 22 391,189 130 315
Automobile9,849 103 4.16 10,997 113 4.14 13,540 128 3.74 (1,148)(10)2(3,691)(25)42
Education12,147 156 5.11 12,430 155 5.00 13,081 144 4.37 (283)1 11(934)12 74
Other retail5,107 125 9.67 5,155 119 9.30 5,484 121 8.71 (48)6 37(377)4 96
Total retail72,530 937 5.14 73,488 910 4.96 74,832 789 4.19 (958)27 18(2,302)148 95
Total loans and leases150,791 2,166 5.66 153,725 2,132 5.52 156,879 1,657 4.17 (2,934)34 14(6,088)509 149
Loans held for sale, at fair value1,204 20 6.72 1,381 20 5.74 1,600 18 4.37 (177)— 98(396)2 235
Other loans held for sale321 8 9.01 622 12 7.90 1,385 15 4.36 (301)(4)111(1,064)(7)465
Total interest-earning assets199,594 2,595 5.13 201,498 2,531 5.00 203,577 1,969 3.82 (1,904)64 13(3,983)626 131
Noninterest-earning assets20,568 20,875 21,896 (307)(1,328)
TOTAL ASSETS$220,162 $222,373 $225,473 ($2,211)($5,311)
INTEREST-BEARING LIABILITIES
Checking with interest$33,545 126 1.49 $34,586 110 1.28 $38,297 45 0.46 ($1,041)16 21($4,752)$81 103
Money market52,057 415 3.17 49,665 348 2.81 47,374 77 0.64 2,392 67 364,683 338 253
Regular savings29,516 123 1.65 29,640 108 1.46 28,741 28 0.38 (124)15 19775 95 127
Term21,604 234 4.29 17,180 157 3.68 9,913 26 1.10 4,424 77 6111,691 208 319
Total interest-bearing deposits136,722 898 2.60 131,071 723 2.21 124,325 176 0.56 5,651 175 3912,397 722 204
Short-term borrowed funds506 8 6.21 1,446 22 5.82 2,043 11 2.09 (940)(14)39(1,537)(3)412
FHLB advances4,023 56 5.54 9,674 123 5.01 9,226 55 2.33 (5,651)(67)53(5,203)1 321
Senior debt5,259 56 4.33 5,264 57 4.27 4,633 39 3.37 (5)(1)6626 17 96
Subordinated debt and other debt3,920 55 4.37 1,857 18 4.37 1,988 23 4.52 2,063 37 —1,932 32 (15)
Total long-term borrowed funds13,202 167 4.77 16,795 198 4.70 15,847 117 2.91 (3,593)(31)7(2,645)50 186
Total borrowed funds13,708 175 5.07 18,241 220 4.80 17,890 128 2.81 (4,533)(45)27(4,182)47 226
Total interest-bearing liabilities150,430 1,073 2.83 149,312 943 2.53 142,215 304 0.85 1,118 130 308,215 769 198
Demand deposits39,728 42,178 53,293 (2,450)(13,565)
Other noninterest-bearing liabilities6,813 6,580 5,705 233 1,108 
TOTAL LIABILITIES196,971 198,070 201,213 (1,099)(4,242)
STOCKHOLDERS' EQUITY23,191 24,303 24,260 (1,112)(1,069)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$220,162 $222,373 $225,473 ($2,211)($5,311)
INTEREST RATE SPREAD2.30 %2.47 %2.97 %(17)(67)
NET INTEREST MARGIN AND NET INTEREST INCOME$1,522 3.03 %$1,588 3.16 %$1,665 3.24 %($66)(13)($143)(21)
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE1
$1,526 3.03 %$1,593 3.17 %$1,668 3.25 %($67)(14)($142)(22)
Memo: Total deposits (interest-bearing and demand)$176,450 $898 2.02 %$173,249 $723 1.68 %$177,618 $176 0.39 %$3,201 $175 34 bps($1,168)$722 163 bps

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

AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)
FOR THE NINE MONTHS ENDED SEPTEMBER 30,2023 Change
202320222022
Average BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks$7,232 $280 5.10 %$5,952 $53 1.19 %$1,280 $227 391  bps
Taxable investment securities38,742 823 2.83 34,584 582 2.24 4,158 241 59 
Non-taxable investment securities2 — 2.68 3 — 2.31 (1)— 37 
Total investment securities38,744 823 2.83 34,587 582 2.24 4,157 241 59 
Commercial and industrial49,791 2,250 5.96 49,224 1,290 3.45 567 960 251 
Commercial real estate29,122 1,328 6.01 23,401 644 3.63 5,721 684 238 
Leases1,345 36 3.52 1,555 34 2.92 (210)2 60 
Total commercial80,258 3,614 5.94 74,180 1,968 3.50 6,078 1,646 244 
Residential mortgages30,496 776 3.39 27,113 630 3.10 3,383 146 29 
Home equity14,336 790 7.37 12,783 351 3.67 1,553 439 370 
Automobile10,920 335 4.11 14,078 382 3.63 (3,158)(47)48 
Education12,455 465 5.00 13,086 412 4.21 (631)53 79 
Other retail5,184 365 9.41 5,490 332 8.08 (306)33 133 
Total retail73,391 2,731 4.97 72,550 2,107 3.88 841 624 109 
Total loans and leases153,649 6,345 5.48 146,730 4,075 3.69 6,919 2,270 179 
Loans held for sale, at fair value1,199 55 6.10 1,965 51 3.46 (766)4 264 
Other loans held for sale380 25 8.57 1,401 47 4.44 (1,021)(22)413 
Total interest-earning assets201,204 7,528 4.96 190,635 4,808 3.35 10,569 2,720 161 
Noninterest-earning assets20,535 21,087 (552)
TOTAL ASSETS$221,739 $211,722 $10,017 
INTEREST-BEARING LIABILITIES
Checking with interest$34,693 333 1.28 $35,849 65 0.24 ($1,156)268 104 
Money market50,562 1,050 2.78 47,797 112 0.31 2,765 938 247 
Regular savings29,539 310 1.40 26,763 42 0.21 2,776 268 119 
Term17,240 478 3.70 7,303 36 0.67 9,937 442 303 
Total interest-bearing deposits132,034 2,171 2.20 117,712 255 0.29 14,322 1,916 191 
Short-term borrowed funds831 36 5.71 2,030 21 1.37 (1,199)15 434 
FHLB advances7,997 300 4.96 4,595 67 1.91 3,402 233 305 
Senior debt5,375 174 4.33 4,373 89 2.73 1,002 85 160 
Subordinated debt and other debt2,537 94 4.37 1,780 59 4.38 757 35 (1)
Total long-term borrowed funds15,909 568 4.66 10,748 215 2.65 5,161 353 201 
Total borrowed funds16,740 604 4.79 12,778 236 2.45 3,962 368 234 
Total interest-bearing liabilities148,774 2,775 2.49 130,490 491 0.50 18,284 2,284 199 
Demand deposits42,657 52,058 (9,401)
Other noninterest-bearing liabilities6,573 5,285 1,288 
TOTAL LIABILITIES198,004 187,833 10,171 
STOCKHOLDERS' EQUITY23,735 23,889 (154)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$221,739 $211,722 $10,017 
INTEREST RATE SPREAD2.47 %2.85 %(38)
NET INTEREST MARGIN AND NET INTEREST INCOME$4,753 3.16 %$4,317 3.03 %$436 13 
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE1
$4,766 3.17 %$4,324 3.03 %$442 14 
Memo: Total deposits (interest-bearing and demand)$174,691 $2,171 1.66 %$169,770 $255 0.20 %$4,921 $1,916 146  bps
1Net interest income and net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented.
9

MORTGAGE BANKING FEES SUMMARY
(dollars in millions)
QUARTERLY TRENDSFOR THE NINE MONTHS ENDED SEPTEMBER 30,
3Q23 Change2023 Change
3Q232Q231Q234Q223Q222Q233Q22202320222022
$/bps%$/bps%$/bps%
MORTGAGE BANKING FEES
Production revenue$19 $23 $18 $12 $19 ($4)(17 %)$—— %$60 $72 ($12)(17 %)
Mortgage servicing revenue35 34 37 40 40 13 (5)(13)106 107 (1)(1)
MSR valuation changes, net of hedge impact15 2 2 2 7 13NM8114 19 28 (9)(32)
Total mortgage banking fees$69 $59 $57 $54 $66 $1017 %$35 %$185 $207 ($22)(11 %)
Pull-through adjusted locks$2,397 $2,870 $2,078 $1,665 $2,979 ($473)(16 %)($582)(20 %)$7,345 $11,748 ($4,403)(37 %)
Production revenue as a percentage of Pull-through adjusted locks0.79 %0.79 %0.90 %0.72 %0.64 %—  bps15  bps0.82 %0.61 %20  bps
RESIDENTIAL REAL ESTATE ORIGINATIONS
Retail$1,146 $1,260 $1,011 $1,103 $1,799 ($114)(9 %)($653)(36 %)$3,417 $7,848 ($4,431)(56 %)
Third Party2,285 2,350 1,333 1,652 2,642 (65)(3)(357)(14)5,968 10,367 (4,399)(42)
Total$3,431 $3,610 $2,344 $2,755 $4,441 ($179)(5 %)(1,010)(23 %)$9,385 $18,215 ($8,830)(48 %)
Originated for sale$2,815 $2,874 $1,651 $2,044 $3,212 ($59)(2 %)($397)(12 %)$7,340 $13,029 ($5,689)(44 %)
Originated for investment616 736 693 711 1,229 (120)(16)(613)(50)2,045 5,186 (3,141)(61)
Total$3,431 $3,610 $2,344 $2,755 $4,441 ($179)(5 %)($1,010)(23 %)$9,385 $18,215 ($8,830)(48 %)
MORTGAGE SERVICING INFORMATION (UPB)
Loans serviced for others$97,603 $96,591 $96,346 $96,698 $96,415 $1,0121 %$1,1881 %$97,603 $96,415 $1,1881 %
Owned loans serviced31,436 31,636 30,827 30,135 30,081 (200)(1)1,3555 31,436 30,081 1,3555 
Total$129,039 $128,227 $127,173 $126,833 $126,496 $8121 %$2,5432 %$129,039 $126,496 $2,5432 %
MSR at fair value$1,620 $1,524 $1,496 $1,530 $1,524 $966 %$966 %$1,620 $1,524 $96 6 %
    

10

SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING
(dollars in millions)

QUARTERLY TRENDSFOR THE NINE MONTHS ENDED SEPTEMBER 30,
CONSUMER BANKING1
3Q23 Change2023 Change
3Q232Q231Q234Q223Q222Q233Q22202320222022
$/bps%$/bps%$/bps%
Net interest income$1,067 $1,023 $1,011 $1,014 $989 $44 4 %$78 8 %$3,101 $2,635 $466 18 %
Noninterest income278 268 256 256 270 10 4 8 3 802 807 (5)(1)
Total revenue1,345 1,291 1,267 1,270 1,259 54 4 86 7 3,903 3,442 461 13 
Noninterest expense905 875 857 831 828 30 3 77 9 2,637 2,424 213 9 
Profit before provision (benefit) for credit losses440 416 410 439 431 24 6 9 2 1,266 1,018 248 24 
Net charge-offs67 68 63 57 47 (1)(1)20 43 198 117 81 69 
Income before income tax expense373 348 347 382 384 25 7 (11)(3)1,068 901 167 19 
Income tax expense97 91 90 98 98 6 7 (1)(1)278 230 48 21 
Net income$276 $257 $257 $284 $286 $19 7 %($10)(3 %)$790 $671 $119 18 %
AVERAGE BALANCES
Total assets$72,964 $72,583 $71,872 $71,688 $71,631 $381 1 %$1,333 2 %$72,477 $66,793 $5,684 9 %
Total loans and leases2
66,641 66,289 65,570 65,619 65,513 352 1 1,128 2 66,171 61,480 4,691 8 
Deposits117,979 115,847 115,578 117,164 117,448 2,132 2 531 — 116,477 113,578 2,899 3 
Interest-earning assets67,273 66,933 66,251 66,338 66,263 340 1 1,010 2 66,823 62,262 4,561 7 
KEY METRICS
Net interest margin6.28 %6.12 %6.20 %6.07 %5.93 %16  bps35  bps6.20 %5.66 %54  bps
Efficiency ratio67.18 67.74 67.70 65.39 65.84 (56) bps134  bps67.54 70.43 (289) bps
Loan-to-deposit ratio (period-end balances)55.81 55.35 56.37 54.91 54.77 46  bps104  bps55.81 54.77 104  bps
Loan-to-deposit ratio (average balances)55.71 56.44 56.25 55.14 54.42 (73) bps129  bps56.13 52.49 364  bps
Return on average total tangible assets1.51 1.43 1.46 1.59 1.59 8  bps(8) bps1.47 1.35 12  bps
1 During the third quarter of 2023, the Company’s indirect auto and certain purchased consumer loan portfolios were transferred from Consumer Banking into a new Non-Core segment. In addition, the Company revised its funds transfer pricing ("FTP") methodology relative to the funding of Non-Core assets, with the FTP charge based on a marginal high-cost funding waterfall approach. Prior period results have been revised to conform to the new segment presentation.
2 Includes loans held for sale.















11


SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING
(dollars in millions)

QUARTERLY TRENDSFOR THE NINE MONTHS ENDED SEPTEMBER 30,
COMMERCIAL BANKING3Q23 Change2023 Change
3Q232Q231Q234Q223Q222Q233Q22202320222022
$/bps%$/bps%$/bps%
Net interest income$560 $584 $597 $595 $558 ($24)(4 %)$2 — %$1,741 $1,508 $233 15 %
Noninterest income180 207 201 198 213 (27)(13)(33)(15)588 647 (59)(9)
Total revenue740 791 798 793 771 (51)(6)(31)(4)2,329 2,155 174 8 
Noninterest expense325 315 331 318 325 10 3 — — 971 905 66 7 
Profit before provision (benefit) for credit losses415 476 467 475 446 (61)(13)(31)(7)1,358 1,250 108 9 
Net charge-offs67 71 47 12 12 (4)(6)55 NM185 34 151 NM
Income before income tax expense348 405 420 463 434 (57)(14)(86)(20)1,173 1,216 (43)(4)
Income tax expense88 100 101 105 100 (12)(12)(12)(12)289 270 19 7 
Net income$260 $305 $319 $358 $334 ($45)(15 %)($74)(22 %)$884 $946 ($62)(7 %)
AVERAGE BALANCES
Total assets$74,997 $77,546 $78,891 $79,591 $80,067 ($2,549)(3 %)($5,070)(6 %)$77,130 $73,344 $3,786 5 %
Total loans and leases1
71,898 74,295 75,734 75,773 75,767 (2,397)(3)(3,869)(5)73,961 69,381 4,580 7 
Deposits47,221 45,494 48,966 52,303 51,095 1,727 4 (3,874)(8)47,221 49,087 (1,866)(4)
Interest-earning assets72,275 74,687 76,130 76,097 76,025 (2,412)(3)(3,750)(5)74,350 69,651 4,699 7 
KEY METRICS
Net interest margin3.07 %3.13 %3.18 %3.10 %2.91 %(6) bps16  bps3.13 %2.90 %23  bps
Efficiency ratio43.93 39.76 41.47 40.18 42.07 417  bps186  bps41.67 41.98 (31) bps
Loan-to-deposit ratio (period-end balances)145.77 150.41 162.54 141.44 141.72 (464) bps405  bps145.77 141.72 405  bps
Loan-to-deposit ratio (average balances)150.96 160.89 153.33 143.49 145.57 (993) bps539  bps154.96 138.27 1,669  bps
Return on average total tangible assets1.39 1.59 1.66 1.80 1.67 (20) bps(28) bps1.55 1.74 (19) bps
1 Includes loans held for sale.















12


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

QUARTERLY TRENDSFOR THE NINE MONTHS ENDED SEPTEMBER 30,
NON-CORE1
3Q23 Change2023 Change
3Q232Q231Q234Q223Q222Q233Q22202320222022
$/bps%$/bps%$/bps%
Net interest income($41)($28)($15)$19 $70 ($13)(46 %)($111)NM($84)$359 ($443)NM
Noninterest income— — — — — — — — — — — — — 
Total revenue(41)(28)(15)19 70 (13)(46)(111)NM(84)359 (443)NM
Noninterest expense30 33 32 31 36 (3)(9)(6)(17)95 105 (10)(10)
Profit (loss) before provision (benefit) for credit losses(71)(61)(47)(12)34 (10)(16)(105)NM(179)254 (433)NM
Net charge offs20 13 21 19 14 7 54 6 43 54 33 21 64 
Income (loss) before income tax expense (benefit)(91)(74)(68)(31)20 (17)(23)(111)NM(233)221 (454)NM
Income tax expense (benefit)(24)(19)(18)(8)4 (5)(26)(28)NM(61)56 (117)NM
Net income (loss)($67)($55)($50)($23)$16 ($12)(22 %)($83)NM($172)$165 ($337)NM
AVERAGE BALANCES
Total assets$13,113 $14,456 $15,686 $16,752 $17,929 ($1,343)(9 %)($4,816)(27 %)$14,409 $18,582 ($4,173)(22 %)
Total loans and leases2
13,010 14,395 15,620 16,683 17,859 (1,385)(10)(4,849)(27)14,332 18,508 (4,176)(23)
Interest-earning assets13,010 14,395 15,620 16,683 17,859 (1,385)(10)(4,849)(27)14,332 18,508 (4,176)(23)
KEY METRICS
Net interest margin(1.24)%(0.77)%(0.40)%0.47 %1.55 %(47) bps(279) bps(0.78)%2.59 %(337) bps
Return on average total tangible assets(2.03)(1.53)(1.30)(0.54)0.34 (50) bps(237) bps(1.60)1.19 (279) bps
1 During the third quarter of 2023, the Company’s indirect auto and certain purchased consumer loan portfolios were transferred from Consumer Banking into a new Non-Core segment. In addition, the Company revised its funds transfer pricing ("FTP") methodology relative to the funding of Non-Core assets, with the FTP charge based on a marginal high-cost funding waterfall approach. Prior period results have been revised to conform to the new segment presentation.
2 Includes loans held for sale.
13

SEGMENT FINANCIAL HIGHLIGHTS - OTHER
(dollars in millions)

QUARTERLY TRENDSFOR THE NINE MONTHS ENDED SEPTEMBER 30,
OTHER1,2
3Q23 Change2023 Change
3Q232Q231Q234Q223Q222Q233Q22202320222022
$%$%$%
Net interest income($64)$9 $50 $67 $48 ($73)NM($112)NM($5)($185)$180 97 %
Noninterest income34 31 28 51 29 3 10 5 17 93 50 43 86 
Total revenue(30)40 78 118 77 (70)NM(107)NM88 (135)223 NM
Noninterest expense33 83 76 60 52 (50)(60)(19)(37)192 218 (26)(12)
Profit (loss) before provision (benefit) for credit losses(63)(43)2 58 25 (20)(47)(88)NM(104)(353)249 71 
Provision (benefit) for credit losses18 24 37 44 50 (6)(25)(32)(64)79 158 (79)(50)
Income (loss) before income tax expense (benefit)(81)(67)(35)14 (25)(14)(21)(56)(224)(183)(511)328 64 
Income tax expense (benefit)(42)(38)(20)(20)(25)(4)(11)(17)(68)(100)(149)49 33 
Net income (loss)($39)($29)($15)$34 $— ($10)(34 %)($39)(100)($83)($362)$279 77 
AVERAGE BALANCES
Total assets$59,088 $57,788 $56,262 $56,939 $55,846 $1,300 2 %$3,242 6 %$57,723 $53,003 $4,720 9 %
Total loans and leases3
766 748 773 760 725 18 2 41 6 763 727 36 5 
Deposits11,250 11,908 9,806 9,577 9,075 (658)(6)2,175 24 10,993 7,105 3,888 55 
Interest-earning assets47,035 45,482 44,550 45,405 43,428 1,553 3 3,607 8 45,698 40,214 5,484 14 
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 During the third quarter of 2023, the Company’s indirect auto and certain purchased consumer loan portfolios were transferred from Consumer Banking into a new Non-Core segment. In addition, the Company revised its funds transfer pricing ("FTP") methodology relative to the funding of Non-Core assets, with the FTP charge based on a marginal high-cost funding waterfall approach. Prior period results have been revised to conform to the new segment presentation.
3 Includes loans held for sale.
14

CREDIT-RELATED INFORMATION
(dollars in millions)
AS OFSEPTEMBER 30, 2023 CHANGE
Sept 30, 2023June 30, 2023Mar 31, 2023Dec 31, 2022Sept 30, 2022June 30, 2023September 30, 2022
$/bps/%%$/bps/%%
NONACCRUAL LOANS AND LEASES
Commercial and industrial$242 $280 $297 $249 $234 ($38)(14 %)$8 3 %
Commercial real estate470 352 140 103 37 118 34 433 NM
Leases3 3 — — — — — 3 100 
Total commercial715 635 437 352 271 80 13 444 164 
Residential mortgages1
190 201 216 234 236 (11)(5)(46)(19)
Home equity268 251 240 241 235 17 7 33 14 
Automobile62 51 50 56 52 11 22 10 19 
Education23 22 23 33 33 1 5 (10)(30)
Other retail38 31 30 28 25 7 23 13 52 
Total retail581 556 559 592 581 25 4 — — 
Nonaccrual loans and leases1,296 1,191 996 944 852 105 9 444 52 
Repossessed assets15 11 14 16 16 4 36 (1)(6)
Nonaccrual loans and leases and repossessed assets$1,311 $1,202 $1,010 $960 $868 $109 9 %$443 51 %
NONACCRUAL LOANS AND LEASES BY PRODUCT2
Commercial$715 $635 $437 $352 $271 $80 13 %$444 164 %
Retail596 567 573 608 597 29 5 (1)— 
Total nonaccrual loans and leases$1,311 $1,202 $1,010 $960 $868 $109 9 %$443 51 %
ASSET QUALITY RATIOS
Allowance for loan and lease losses to loans and leases1.39 %1.35 %1.30 %1.27 %1.27 %4  bps12  bps
Allowance for credit losses to loans and leases1.55 1.52 1.47 1.43 1.41 3 14 
Allowance for loan and lease losses to nonaccrual loans and leases160 172 203 210 232 (12 %)(72 %)
Allowance for credit losses to nonaccrual loans and leases179 193 229 237 258 (14 %)(79 %)
Nonaccrual loans and leases to loans and leases0.87 0.79 0.64 0.60 0.55 8  bps32  bps
1Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
2Nonaccrual loans and leases by product includes repossessed assets.



15

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
AS OFSEPTEMBER 30, 2023 CHANGE
Sept 30, 2023June 30, 2023Mar 31, 2023Dec 31, 2022Sept 30, 2022June 30, 2023September 30, 2022
$/bps%$/bps%
LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Commercial and industrial$4 $2 $21 $21 $13 $2 100 %($9)(69 %)
Commercial real estate3 — 63 1 2 3 100 1 50 
Leases— — — — — — — — — 
Total commercial7 2 84 22 15 5 250 (8)(53)
Residential mortgages1
217 257 314 319 425 (40)(16)(208)(49)
Home equity— — — — — — — — — 
Automobile— — — — — — — — — 
Education3 3 3 4 4 — — (1)(25)
Other retail21 20 23 22 18 1 5 3 17 
Total retail241 280 340 345 447 (39)(14)(206)(46)
Total loans and leases$248 $282 $424 $367 $462 ($34)(12 %)($214)(46 %)
1 90+ days past due and accruing includes $216 million, $256 million, $309 million, $316 million, and $425 million of loans fully or partially guaranteed by the FHA, VA, and USDA for September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively.

16

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDSFOR THE NINE MONTHS ENDED SEPTEMBER 30,
3Q23 Change2023 Change
3Q232Q231Q234Q223Q222Q233Q22202320222022
$%$%$%
CHARGE-OFFS, RECOVERIES AND RELATED RATIOS
GROSS CHARGE-OFFS
Commercial and industrial$25 $17 $55 $21 $20 $8 47 %$5 25 $97 $47 $50 106 %
Commercial real estate49 62 4 — 2 (13)(21)47 NM115 2 113 NM
Leases— — — — — — — — — — — — — 
Total commercial74 79 59 21 22 (5)(6)52 236 212 49 163 NM
Residential mortgages1 1 1 1 1 — — — — 3 4 (1)(25)
Home equity3 3 2 2 3 — — — — 8 7 1 14 
Automobile28 24 30 27 24 4 17 4 17 82 66 16 24 
Education27 26 23 24 18 1 4 9 50 76 54 22 41 
Other retail58 56 56 51 48 2 4 10 21 170 128 42 33 
Total retail117 110 112 105 94 7 6 23 24 339 259 80 31 
Total gross charge-offs$191 $189 $171 $126 $116 $2 1 %$75 65 %$551 $308 $243 79 %
GROSS RECOVERIES
Commercial and industrial$3 $2 $3 $5 $6 $1 50 %($3)(50 %)$8 $12 ($4)(33 %)
Commercial real estate1 — 1 — 1 1 100 — — 2 1 1 100 
Leases— 1 3 — — (1)(100)— — 4 — 4 100 
Total commercial4 3 7 5 7 1 33 (3)(43)14 13 1 8 
Residential mortgages2 1 — 1 1 1 100 1 100 3 5 (2)(40)
Home equity6 6 5 6 9 — — (3)(33)17 31 (14)(45)
Automobile13 16 15 14 13 (3)(19)— — 44 43 1 2 
Education5 4 5 5 5 1 25 — — 14 14 — — 
Other retail8 7 6 7 7 1 14 1 14 21 20 1 5 
Total retail34 34 31 33 35 — — (1)(3)99 113 (14)(12)
Total gross recoveries$38 $37 $38 $38 $42 $1 3 %($4)(10 %)$113 $126 ($13)(10 %)
NET CHARGE-OFFS (RECOVERIES)
Commercial and industrial$22 $15 $52 $16 $14 $7 47 %$8 57 $89 $35 $54 154 
Commercial real estate48 62 3 — 1 (14)(23)47 NM113 1 112 NM
Leases— (1)(3)— — 1 100 — — (4)— (4)— 
Total commercial70 76 52 16 15 (6)(8)55 NM198 36 162 NM
Residential mortgages(1)— 1 — — (1)(100)(1)(100)— (1)1 100 
Home equity(3)(3)(3)(4)(6)— — 3 50 (9)(24)15 63 
Automobile15 8 15 13 11 7 88 4 36 38 23 15 65 
Education22 22 18 19 13 — — 9 69 62 40 22 55 
Other retail50 49 50 44 41 1 2 9 22 149 108 41 38 
Total retail83 76 81 72 59 7 9 24 41 240 146 94 64 
Total net charge-offs$153 $152 $133 $88 $74 $1 1 %$79 107 %$438 $182 $256 141 %

17

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDSFOR THE NINE MONTHS ENDED SEPTEMBER 30,
3Q23 Change2023 Change
3Q232Q231Q234Q223Q222Q233Q22202320222022
$/bps%$/bps%$/bps%
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES
Commercial and industrial0.18 %0.12 %0.40 %0.12 %0.11 %6  bps7  bps0.24 %0.10 %14  bps
Commercial real estate0.65 0.86 0.05 — 0.01 (21)64 0.52 — 52 
Leases— (0.22)(0.85)(0.06)(0.11)22 11 (0.37)(0.02)(35)
Total commercial0.35 0.38 0.26 0.07 0.07 (3)28 0.33 0.07 26 
Residential mortgages(0.02)— 0.01 — 0.01 (2)(3)— — — 
Home equity(0.08)(0.08)(0.07)(0.12)(0.17)— 9 (0.08)(0.25)17 
Automobile0.60 0.30 0.51 0.42 0.31 30 29 0.47 0.22 25 
Education0.72 0.68 0.57 0.59 0.38 4 34 0.66 0.40 26 
Other retail3.95 3.84 3.81 3.21 3.02 11 93 3.87 2.63 124 
Total retail0.46 0.41 0.44 0.39 0.32 5 14 0.44 0.27 17 
Total loans and leases0.40 %0.40 %0.34 %0.22 %0.19 %—  bps21  bps0.38 %0.17 %21  bps
Memo: Average loans
Commercial and industrial$47,658 $49,770 $51,993 $52,311 $52,130 ($2,112)(4 %)($4,472)(9 %)$49,791 $49,224 $567 1 %
Commercial real estate29,353 29,115 28,892 28,735 28,388 238 1 965 3 29,122 23,401 5,721 24 
Leases1,250 1,352 1,436 1,422 1,529 (102)(8)(279)(18)1,345 1,555 (210)(14)
Total commercial78,261 80,237 82,321 82,468 82,047 (1,976)(2)(3,786)(5)80,258 74,180 6,078 8 
Residential mortgages30,838 30,566 30,075 29,677 29,327 272 1 1,511 5 30,496 27,113 3,383 12 
Home equity14,589 14,340 14,073 13,869 13,400 249 2 1,189 9 14,336 12,783 1,553 12 
Automobile9,849 10,997 11,937 12,692 13,540 (1,148)(10)(3,691)(27)10,920 14,078 (3,158)(22)
Education12,147 12,430 12,796 12,929 13,081 (283)(2)(934)(7)12,455 13,086 (631)(5)
Other retail5,107 5,155 5,290 5,464 5,484 (48)(1)(377)(7)5,184 5,490 (306)(6)
Total retail72,530 73,488 74,171 74,631 74,832 (958)(1)(2,302)(3)73,391 72,550 841 1 
Total loans and leases$150,791 $153,725 $156,492 $157,099 $156,879 ($2,934)(2 %)($6,088)(4 %)$153,649 $146,730 $6,919 5 %



18

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDSFOR THE NINE MONTHS ENDED SEPTEMBER 30,
3Q23 Change2023 Change
3Q232Q231Q234Q223Q222Q233Q22202320222022
$%$%$%
SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES
Allowance for loan and lease losses - beginning$2,044 $2,017 $1,983 $1,980 $1,964 $27 1 %$80 4 %$1,983 $1,758 $225 13 %
Allowance on PCD loans and leases at acquisition:
Commercial— — — — — — — — — — 99 (99)(100)
Retail— — — — — — — — — — 2 (2)(100)
Total Allowance on PCD loans and leases at acquisition— — — — — — — — — — 101 (101)(100)
Charge-offs:
Commercial74 79 59 21 22 (5)(6)52 236 212 49 163 NM
Retail 117 110 112 105 94 7 6 23 24 339 259 80 31 
Total charge-offs191 189 171 126 116 2 1 75 65 551 308 243 79 
Recoveries:
Commercial4 3 7 5 7 1 33 (3)(43)14 13 1 8 
Retail 34 34 31 33 35 — — (1)(3)99 113 (14)(12)
Total recoveries38 37 38 38 42 1 3 (4)(10)113 126 (13)(10)
Net charge-offs153 152 133 88 74 1 1 79 107 438 182 256 141 
Provision (benefit) for loan and lease losses:
Commercial146 122 103 46 58 24 20 88 152 371 146 225 154 
Retail43 57 64 45 32 (14)(25)11 34 164 157 7 4 
Total provision (benefit) for loan and lease losses189 179 167 91 90 10 6 99 110 535 303 232 77 
Allowance for loan and lease losses - ending$2,080 $2,044 $2,017 $1,983 $1,980 $36 2 %$100 5 %$2,080 $1,980 $100 5 %
Allowance for unfunded lending commitments - beginning$255 $258 $257 $216 $183 ($3)(1 %)$72 39 %$257 $176 $81 46 %
Allowance on PCD unfunded lending commitments at acquisition— — — — — — — %— — — 1 (1)(100)
Provision (benefit) for unfunded lending commitments(17)(3)1 41 33 (14)NM(50)NM(19)39 (58)NM
Allowance for unfunded lending commitments - ending$238 $255 $258 $257 $216 ($17)(7 %)$22 10 $238 $216 $22 10 
Total allowance for credit losses - ending$2,318 $2,299 $2,275 $2,240 $2,196 $19 1 %$122 6 %$2,318 $2,196 $122 6 %
Memo: Total allowance for credit losses by product
Commercial $1,425 $1,370 $1,326 $1,267 $1,202 $55 4 %$223 19 %$1,425 $1,202 $223 19 %
Retail 893 929 949 973 994 (36)(4)(101)(10)893 994 (101)(10)
Total allowance for credit losses$2,318 $2,299 $2,275 $2,240 $2,196 $19 1 %$122 6 %$2,318 $2,196 $122 6 %
19

CAPITAL AND RATIOS
(dollars in millions)
AS OFFOR THE NINE MONTHS ENDED SEPTEMBER 30,
SEPTEMBER 30, 2023 CHANGE2023 Change
Sept 30, 2023June 30, 2023Mar 31, 2023Dec 31, 2022Sept 30, 2022June 30, 2023September 30, 2022202320222022
$%$%$%
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY)
CET1 capital$18,360 $18,381 $18,370 $18,574 $18,304 ($21)— %$56 — %
Tier 1 capital20,374 20,395 20,384 20,588 20,318 (21)— 56 — 
Total capital23,682 23,748 23,720 23,755 23,516 (66)— 166 1 
Risk-weighted assets176,407 179,034 183,246 185,224 187,201 (2,627)(1)(10,794)(6)
Adjusted average assets1
215,877 217,264 217,998 220,779 220,076 (1,387)(1)(4,199)(2)
CET1 capital ratio10.4 %10.3 %10.0 %10.0 %9.8 %
Tier 1 capital ratio11.5 11.4 11.1 11.1 10.9 
Total capital ratio13.4 13.3 12.9 12.8 12.6 
Tier 1 leverage ratio9.4 9.4 9.4 9.3 9.2 
TANGIBLE COMMON EQUITY (PERIOD-END)
Common stockholders' equity$20,864 $21,571 $22,187 $21,676 $21,132 ($707)(3 %)($268)(1 %)$20,864 $21,132 ($268)(1 %)
Less: Goodwill8,188 8,188 8,177 8,173 8,160 — — 28 — 8,188 8,160 28 — 
Less: Other intangible assets167 175 185 197 199 (8)(5)(32)(16)167 199 (32)(16)
Add: Deferred tax liabilities2
421 422 422 422 424 (1)— (3)(1)421 424 (3)(1)
Total tangible common equity$12,930 $13,630 $14,247 $13,728 $13,197 ($700)(5 %)($267)(2 %)$12,930 $13,197 ($267)(2 %)
TANGIBLE COMMON EQUITY (AVERAGE)
Common stockholders' equity$21,177 $22,289 $21,702 $21,276 $22,246 ($1,112)(5 %)($1,069)(5 %)$21,721 $21,875 ($154)(1 %)
Less: Goodwill8,188 8,182 8,177 8,171 8,131 6 — 57 1 8,182 7,771 411 5 
Less: Other intangible assets173 181 192 199 228 (8)(4)(55)(24)182 174 8 5 
Add: Deferred tax liabilities2
422 422 422 424 424 — — (2)— 422 408 14 3 
Total tangible common equity$13,238 $14,348 $13,755 $13,330 $14,311 ($1,110)(8 %)($1,073)(7 %)$13,779 $14,338 ($559)(4 %)
INTANGIBLE ASSETS (PERIOD-END)
Goodwill$8,188 $8,188 $8,177 $8,173 $8,160 $— — %$28 — %$8,188 $8,160 $28 — %
Other intangible assets167 175 185 197 199 (8)(5)(32)(16)167 199 (32)(16)
Total intangible assets$8,355 $8,363 $8,362 $8,370 $8,359 ($8)— %($4)— %$8,355 $8,359 ($4)— %
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.




20


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.

21

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED (dollars in millions, except per share data)
QUARTERLY TRENDSFOR THE NINE MONTHS ENDED SEPTEMBER 30,
3Q23 Change2023 Change
3Q232Q231Q234Q223Q222Q233Q22202320222022
$%$%$%
Noninterest income, Underlying:
Noninterest income (GAAP)A$492 $506 $485 $505 $512 ($14)(3 %)($20)(4 %)$1,483 $1,504 ($21)(1 %)
Less: Notable items— — — — — — — — — — (31)31 100 
Noninterest income, Underlying (non-GAAP)B$492 $506 $485 $505 $512 ($14)(3 %)($20)(4 %)$1,483 $1,535 ($52)(3 %)
Total revenue, Underlying:
Total revenue (GAAP)C$2,014 $2,094 $2,128 $2,200 $2,177 ($80)(4 %)($163)(7 %)$6,236 $5,821 $415 7 %
Less: Notable items— — — — — — — — — — (31)31 100 
Total revenue, Underlying (non-GAAP)D$2,014 $2,094 $2,128 $2,200 $2,177 ($80)(4 %)($163)(7 %)$6,236 $5,852 $384 7 %
Noninterest expense, Underlying:
Noninterest expense (GAAP)E$1,293 $1,306 $1,296 $1,240 $1,241 ($13)(1 %)$52 4 %$3,895 $3,652 $243 7 %
Less: Notable items22 73 66 43 46 (51)(70)(24)(52)161 219 (58)(26)
Noninterest expense, Underlying (non-GAAP)F$1,271 $1,233 $1,230 $1,197 $1,195 $38 3 %$76 6 %$3,734 $3,433 $301 9 %
Pre-provision profit:
Total revenue (GAAP)C$2,014 $2,094 $2,128 $2,200 $2,177 ($80)(4 %)($163)(7 %)$6,236 $5,821 $415 7 %
Less: Noninterest expense (GAAP)E1,293 1,306 1,296 1,240 1,241 (13)(1)52 4 3,895 3,652 243 7 
Pre-provision profit (GAAP)$721 $788 $832 $960 $936 ($67)(9 %)($215)(23 %)$2,341 $2,169 $172 8 %
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)D$2,014 $2,094 $2,128 $2,200 $2,177 ($80)(4 %)($163)(7 %)$6,236 $5,852 $384 7 %
Less: Noninterest expense, Underlying (non-GAAP)F1,271 1,233 1,230 1,197 1,195 38 3 76 6 3,734 3,433 301 9 
Pre-provision profit, Underlying (non-GAAP)$743 $861 $898 $1,003 $982 ($118)(14 %)($239)(24 %)$2,502 $2,419 $83 3 %
Provision (benefit) for credit losses, Underlying:
Provision (benefit) for credit losses (GAAP)$172 $176 $168 $132 $123 ($4)(2 %)$49 40 %$516 $342 $174 51 %
Less: Notable items— — — — — — — — — — 169 (169)(100)
Provision (benefit) for credit losses, Underlying (non-GAAP)$172 $176 $168 $132 $123 ($4)(2 %)$49 40 %$516 $173 $343 NM
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)G$549 $612 $664 $828 $813 ($63)(10 %)($264)(32 %)$1,825 $1,827 ($2)— %
Less: Income (expense) before income tax expense (benefit) related to notable items(22)(73)(66)(43)(46)51 70 24 52 (161)(419)258 62 
Income before income tax expense, Underlying (non-GAAP)H$571 $685 $730 $871 $859 ($114)(17 %)($288)(34 %)$1,986 $2,246 ($260)(12 %)
Income tax expense, Underlying:
Income tax expense (GAAP)I$119 $134 $153 $175 $177 ($15)(11 %)($58)(33 %)$406 $407 ($1)— %
Less: Income tax expense (benefit) related to notable items(4)(20)(17)(11)(13)16 80 9 69 (41)(99)58 59 
Income tax expense, Underlying (non-GAAP)J$123 $154 $170 $186 $190 ($31)(20 %)($67)(35 %)$447 $506 ($59)(12 %)
Net income, Underlying:
Net income (GAAP)K$430 $478 $511 $653 $636 ($48)(10 %)($206)(32 %)$1,419 $1,420 ($1)— %
Add: Notable items, net of income tax benefit18 53 49 32 33 (35)(66)(15)(45)120 320 (200)(63)
Net income, Underlying (non-GAAP)L$448 $531 $560 $685 $669 ($83)(16 %)($221)(33 %)$1,539 $1,740 ($201)(12 %)
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)M$400 $444 $488 $621 $611 ($44)(10 %)($211)(35 %)$1,332 $1,339 ($7)(1 %)
Add: Notable items, net of income tax benefit18 53 49 32 33 (35)(66)(15)(45)120 320 (200)(63)
Net income available to common stockholders, Underlying (non-GAAP)N$418 $497 $537 $653 $644 ($79)(16 %)($226)(35 %)$1,452 $1,659 ($207)(12 %)
    
22



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

QUARTERLY TRENDSFOR THE NINE MONTHS ENDED SEPTEMBER 30,
3Q23 Change2023 Change
3Q232Q231Q234Q223Q222Q233Q22202320222022
$/bps%$/bps%$/bps%
Operating leverage:
Total revenue (GAAP)C$2,014 $2,094 $2,128 $2,200 $2,177 ($80)(3.84 %)($163)(7.47 %)$6,236 $5,821 $415 7.15 %
Less: Noninterest expense (GAAP)E1,293 1,306 1,296 1,240 1,241 (13)(0.96)52 4.20 3,895 3,652 243 6.67 
Operating leverage(2.88 %)(11.67 %)0.48 %
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)D$2,014 $2,094 $2,128 $2,200 $2,177 ($80)(3.84 %)($163)(7.47 %)$6,236 $5,852 $384 6.58 %
Less: Noninterest expense, Underlying (non-GAAP)F1,271 1,233 1,230 1,197 1,195 38 3.06 76 6.31 3,734 3,433 301 8.77 
Operating leverage, Underlying (non-GAAP)(6.90 %)(13.78 %)(2.19 %)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio E/C64.21 %62.34 %60.90 %56.36 %57.02 %187  bps719  bps62.45 %62.74 %(29) bps
Efficiency ratio, Underlying (non-GAAP)F/D63.08 58.86 57.84 54.42 54.90 422  bps818  bps59.87 58.67 120  bps
Noninterest income as a % of total revenue, Underlying:
Noninterest income as a % of total revenueA/C24.44 %24.14 %22.81 %22.92 %23.54 %30  bps90  bps23.78 %25.84 %(206) bps
Noninterest income as a % of total revenue, UnderlyingB/D24.44 24.14 22.81 22.92 23.54 30  bps90  bps23.78 26.24 (246) bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rateI/G21.51 %22.09 %22.97 %21.16 %21.80 %(58) bps(29) bps22.24 %22.29 %(5) bps
Effective income tax rate, Underlying (non-GAAP)J/H21.69 22.51 23.25 21.37 22.00 (82) bps(31) bps22.55 22.50 5  bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)O$21,177 $22,289 $21,702 $21,276 $22,246 ($1,112)(5 %)($1,069)(5 %)$21,721 $21,875 ($154)(1 %)
Return on average common equityM/O7.50 %8.00 %9.11 %11.56 %10.91 %(50) bps(341) bps8.20 %8.19 %1  bps
Return on average common equity, Underlying (non-GAAP)N/O7.82 8.97 10.01 12.15 11.52 (115) bps(370) bps8.93 10.15 (122) bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)O$21,177 $22,289 $21,702 $21,276 $22,246 ($1,112)(5 %)($1,069)(5 %)$21,721 $21,875 ($154)(1 %)
Less: Average goodwill (GAAP)8,188 8,182 8,177 8,171 8,131 6 — 57 1 8,182 7,771 411 5 
Less: Average other intangibles (GAAP)173 181 192 199 228 (8)(4)(55)(24)182 174 8 5 
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)422 422 422 424 424 — — (2)— 422 408 14 3 
Average tangible common equityP$13,238 $14,348 $13,755 $13,330 $14,311 ($1,110)(8 %)($1,073)(7 %)$13,779 $14,338 ($559)(4 %)
Return on average tangible common equity M/P12.00 %12.42 %14.38 %18.46 %16.96 %(42) bps(496) bps12.93 %12.49 %44  bps
Return on average tangible common equity, Underlying (non-GAAP)N/P12.51 13.93 15.80 19.40 17.91 (142) bps(540) bps14.09 15.48 (139) bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)Q$220,162 $222,373 $222,711 $224,970 $225,473 ($2,211)(1 %)($5,311)(2 %)$221,739 $211,722 $10,0175 %
Return on average total assetsK/Q0.78 %0.86 %0.93 %1.15 %1.12 %(8) bps(34) bps0.86 %0.90 %(4) bps
Return on average total assets, Underlying (non-GAAP)L/Q0.81 0.96 1.02 1.21 1.18 (15) bps(37) bps0.93 1.10 (17) bps
23

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDSFOR THE NINE MONTHS ENDED SEPTEMBER 30,
3Q23 Change2023 Change
3Q232Q231Q234Q223Q222Q233Q22202320222022
$/bps%$/bps%$/bps%
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)Q$220,162 $222,373 $222,711 $224,970 $225,473 ($2,211)(1 %)($5,311)(2 %)$221,739 $211,722 $10,0175 %
Less: Average goodwill (GAAP)8,188 8,182 8,177 8,171 8,131 6— 571 8,182 7,771 4115 
Less: Average other intangibles (GAAP)173 181 192 199 228 (8)(4)(55)(24)182 174 85 
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)422 422 422 424 424 —— (2)— 422 408 143 
Average tangible assetsR$212,223 $214,432 $214,764 $217,024 $217,538 ($2,209)(1 %)($5,315)(2 %)$213,797 $204,185 $9,6125 %
Return on average total tangible assets K/R0.81 %0.89 %0.97 %1.19 %1.16 %(8) bps(35) bps0.89 %0.93 %(4) bps
Return on average total tangible assets, Underlying (non-GAAP)L/R0.84 0.99 1.06 1.25 1.22 (15) bps(38) bps0.96 1.14 (18) bps
Tangible book value per common share:
Common shares - at period-end (GAAP)S466,221,795 474,682,759 483,982,264 492,282,158 495,843,793 (8,460,964)(2 %)(29,621,998)(6 %)466,221,795 495,843,793 (29,621,998)(6 %)
Common stockholders' equity (GAAP)$20,864 $21,571 $22,187 $21,676 $21,132 ($707)(3)($268)(1)$20,864 $21,132 ($268)(1)
Less: Goodwill (GAAP)8,188 8,188 8,177 8,173 8,160 —— 28— 8,188 8,160 28— 
Less: Other intangible assets (GAAP)167 175 185 197 199 (8)(5)(32)(16)167 199 (32)(16)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)421 422 422 422 424 (1)— (3)(1)421 424 (3)(1)
Tangible common equityT$12,930 $13,630 $14,247 $13,728 $13,197 ($700)(5 %)($267)(2 %)$12,930 $13,197 ($267)(2 %)
Tangible book value per common shareT/S$27.73 $28.72 $29.44 $27.88 $26.62 ($0.99)(3 %)$1.11 4 %$27.73 $26.62 $1.11 4 %
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)U469,481,085 479,470,543 485,444,313 493,293,981 495,651,083 (9,989,458)(2 %)(26,169,998)(5 %)478,073,507 470,118,265 7,955,2422 %
Average common shares outstanding - diluted (GAAP)V471,183,719 480,975,281 487,712,146 495,478,398 497,477,501 (9,791,562)(2)(26,293,782)(5)479,733,008 471,958,310 7,774,6982 
Net income per average common share - basic (GAAP)M/U$0.85 $0.93 $1.00 $1.26 $1.23 ($0.08)(9)($0.38)(31)$2.79 $2.85 ($0.06)(2)
Net income per average common share - diluted (GAAP)M/V0.85 0.92 1.00 1.25 1.23 (0.07)(8)(0.38)(31)2.78 2.84 (0.06)(2)
Net income per average common share - basic, Underlying (non-GAAP)N/U0.89 1.04 1.10 1.32 1.30 (0.15)(14)(0.41)(32)3.04 3.53 (0.49)(14)
Net income per average common share - diluted, Underlying (non-GAAP)N/V0.89 1.04 1.10 1.32 1.30 (0.15)(14)(0.41)(32)3.03 3.52 (0.49)(14)
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 $— — %$— — %$1.26 $1.20 $0.06 5 %
Dividend payout ratioW/(M/U)49 %45 %42 %33 %34 %441 bps1,541 bps45 %42 %316 bps
Dividend payout ratio, Underlying (non-GAAP)W/(N/U)47 40 38 32 32 700 bps1,500 bps41 34 700 bps
24

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDSFOR THE NINE MONTHS ENDED SEPTEMBER 30,
3Q23 Change2023 Change
3Q232Q231Q234Q223Q222Q233Q22202320222022
$%$%$/bps%
Other income, Underlying:
Other income (GAAP)$18 $23 $17 $36 $34 ($5)(22 %)($16)(47 %)$58 $46 $12 26 %
Less: Notable items— — — — — — — — — — (31)31 100 
Other income, Underlying (non-GAAP)$18 $23 $17 $36 $34 ($5)(22)($16)(47 %)$58 $77 ($19)(25 %)
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)$659 $615 $658 $633 $639 $44 7 %$20 3 %$1,932 $1,916 $16 1 %
Less: Notable items5 14 16 15 17 (9)(64)(12)(71)35 95 (60)(63)
Salaries and employee benefits, Underlying (non-GAAP)$654 $601 $642 $618 $622 $53 9 %$32 5 %$1,897 $1,821 $76 4 %
Equipment and software, Underlying:
Equipment and software (GAAP)
$191 $181 $169 $170 $159 $10 6 %$32 20 %$541 $478 $63 13 %
Less: Notable items6 4 4 2 — 2 50 6 100 14 8 6 75 
Equipment and software, Underlying (non-GAAP)$185 $177 $165 $168 $159 $8 5 %$26 16 %$527 $470 $57 12 %
Outside services, Underlying:
Outside services (GAAP)$160 $177 $176 $170 $172 ($17)(10 %)($12)(7 %)$513 $530 ($17)(3 %)
Less: Notable items7 21 27 17 20 (14)(67)(13)(65)55 96 (41)(43)
Outside services, Underlying (non-GAAP)$153 $156 $149 $153 $152 ($3)(2 %)$1 1 %$458 $434 $24 6 %
Occupancy, Underlying:
Occupancy (GAAP)$107 $136 $124 $110 $106 ($29)(21 %)$1 1 %$367 $300 $67 22 %
Less: Notable items2 30 18 2 2 (28)(93)— — 50 3 47 NM
Occupancy, Underlying (non-GAAP)$105 $106 $106 $108 $104 ($1)(1 %)$1 1 %$317 $297 $20 7 %
Other operating expense, Underlying:
Other operating expense (GAAP)$176 $197 $169 $157 $165 ($21)(11 %)$11 7 %$542 $428 $114 27 %
Less: Notable items2 4 1 7 7 (2)(50)(5)(71)7 17 (10)(59)
Other operating expense, Underlying (non-GAAP)$174 $193 $168 $150 $158 ($19)(10 %)$16 10 %$535 $411 $124 30 %

25



NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS1
(dollars in millions)
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 %
FIRST QUARTER 2023FOURTH QUARTER 2022
Consumer BankingCommercial BankingNon-CoreOtherConsolidatedConsumer BankingCommercial BankingNon-CoreOtherConsolidated
Net income (loss) available to common stockholders:
Net income (loss)A$257 $319 ($50)($15)$511 $284 $358 ($23)$34 $653 
Less: Preferred stock dividends
— — — 23 23 — — — 32 32 
Net income (loss) available to common stockholdersB$257 $319 ($50)($38)$488 $284 $358 ($23)$2 $621 
Return on average total tangible assets:
Average total assets (GAAP)$71,872 $78,891 $15,686 $56,262 $222,711 $71,688 $79,591 $16,752 $56,939 $224,970 
 Less: Average goodwill (GAAP)538 763 — 6,876 8,177 491 804 — 6,876 8,171 
         Average other intangibles (GAAP)115 43 — 34 192 121 46 — 32 199 
 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)23 12 — 387 422 7 4 — 413 424 
Average tangible assetsC$71,242 $78,097 $15,686 $49,739 $214,764 $71,083 $78,745 $16,752 $50,444 $217,024 
Return on average total tangible assets A/C1.46 %1.66 %(1.30)%NM0.97 %1.59 %1.80 %(0.54)%NM1.19 %
Efficiency ratio:
Noninterest expense (GAAP)D$857 $331 $32 $76 $1,296 $831 $318 $31 $60 $1,240 
Net interest income (GAAP)1,011 597 (15)50 1,643 1,014 595 19 67 1,695 
Noninterest income (GAAP)256 201 — 28 485 256 198 — 51 505 
Total revenue (GAAP)E$1,267 $798 ($15)$78 $2,128 $1,270 $793 $19 $118 $2,200 
Efficiency ratio D/E67.70 %41.47 %NMNM60.90 %65.39 %40.18 %NMNM56.36 %
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NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS, CONTINUED1
(dollars in millions)
THIRD QUARTER 2022
Consumer BankingCommercial BankingNon-CoreOtherConsolidated
Net income (loss) available to common stockholders:
Net income (loss)A$286 $334 $16 $— $636 
Less: Preferred stock dividends
— — — 25 25 
Net income (loss) available to common stockholdersB$286 $334 $16 ($25)$611 
Return on average total tangible assets:
Average total assets (GAAP)$71,631 $80,067 $17,929 $55,846 $225,473 
 Less: Average goodwill (GAAP)454 801 — 6,876 8,131 
         Average other intangibles (GAAP)106 38 — 84 228 
 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)6 3 — 415 424 
Average tangible assetsC$71,077 $79,231 $17,929 $49,301 $217,538 
Return on average total tangible assets A/C1.59 %1.67 %0.34 %NM1.16 %
Efficiency ratio:
Noninterest expense (GAAP)D$828 $325 $36 $52 $1,241 
Net interest income (GAAP)989 558 70 48 1,665 
Noninterest income (GAAP)270 213 — 29 512 
Total revenue (GAAP)E$1,259 $771 $70 $77 $2,177 
Efficiency ratio D/E65.84 %42.07 %NMNM57.02 %

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NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS, CONTINUED1
(dollars in millions)
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
20232022
Consumer BankingCommercial BankingNon-CoreOtherConsolidatedConsumer BankingCommercial BankingNon-CoreOtherConsolidated
Net income (loss) available to common stockholders:
Net income (loss)A$790 $884 ($172)($83)$1,419 $671 $946 $165 ($362)$1,420 
Less: Preferred stock dividends— — — 87 87 — — — 81 81 
Net income (loss) available to common stockholdersB$790 $884 ($172)($170)$1,332 $671 $946 $165 ($443)$1,339 
Return on average total tangible assets:
Average total assets (GAAP)$72,477 $77,130 $14,409 $57,723 $221,739 $66,793 $73,344 $18,582 $53,003 $211,722 
 Less: Average goodwill (GAAP)540 766 — 6,876 8,182 354 553 — 6,864 7,771 
         Average other intangibles (GAAP)109 41 — 32 182 77 24 — 73 174 
 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)23 12 — 387 422 6 2 — 400 408 
Average tangible assetsC$71,851 $76,335 $14,409 $51,202 $213,797 $66,368 $72,769 $18,582 $46,466 $204,185 
Return on average total tangible assets A/C1.47 %1.55 %(1.60)%NM0.89 %1.35 %1.74 %1.19 %NM0.93 %
Efficiency ratio:
Noninterest expense (GAAP)D$2,637 $971 $95 $192 $3,895 $2,424 $905 $105 $218 $3,652 
Net interest income (GAAP)3,101 1,741 (84)(5)4,753 2,635 1,508 359 (185)4,317 
Noninterest income (GAAP)802 588 — 93 1,483 807 647 — 50 1,504 
Total revenue (GAAP)E$3,903 $2,329 ($84)$88 $6,236 $3,442 $2,155 $359 ($135)$5,821 
Efficiency ratio D/E67.54 %41.67 %NMNM62.45 %70.43 %41.98 %NMNM62.74 %
1 During the third quarter of 2023, the Company’s indirect auto and certain purchased consumer loan portfolios were transferred from Consumer Banking into a new Non-Core segment. In addition, the Company revised its funds transfer pricing ("FTP") methodology relative to the funding of Non-Core assets, with the FTP charge based on a marginal high-cost funding waterfall approach. Prior period results have been revised to conform to the new segment presentation.
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