cfg-20220419
CITIZENS FINANCIAL GROUP INC/RI0000759944false00007599442022-04-192022-04-190000759944us-gaap:CommonStockMember2022-04-192022-04-190000759944us-gaap:SeriesDPreferredStockMember2022-04-192022-04-190000759944us-gaap:SeriesEPreferredStockMember2022-04-192022-04-19


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

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported): April 19, 2022

cfg-20220419_g1.jpg
 (Exact name of the registrant as specified in its charter)
Delaware001-3663605-0412693
(State or Other Jurisdiction of
Incorporation)		(Commission File Number)(I.R.S. Employer
Identification Number)
One Citizens Plaza
Providence,RI02903
(Address of principal executive offices)(Zip Code)
 

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

Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, $0.01 par value per shareCFGNew York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 6.350% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series DCFG PrDNew York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series ECFG PrENew York Stock Exchange

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



Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
   
Item 2.02   Results of Operations and Financial Condition.
On April 19, 2022, Citizens Financial Group, Inc. (the “Company”) issued a press release announcing its first quarter 2022 earnings and posted on its website the press release and a financial supplement. Copies of the press release and financial supplement are being furnished as Exhibits 99.1 and 99.3, respectively.

Item 7.01 Regulation FD Disclosure.

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

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


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
CITIZENS FINANCIAL GROUP, INC.
By: /s/ John F. Woods
 John F. Woods
 Vice Chairman and Chief Financial Officer
Date:  April 19, 2022






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Citizens Financial Group, Inc. Reports First Quarter 2022 Net Income of
$420 million and EPS of $0.93
Underlying Net Income of $476 million and EPS of $1.07*

Key Financial Data1Q224Q211Q21
First Quarter 2022 Highlights
 
Income
Statement		($s in millions)
■Completed acquisitions of HSBC East Coast branches and national online deposits (the “HSBC transaction”) on February 18th and Investors Bancorp on April 6th
■Underlying EPS of $1.07 and ROTCE of 13.0%
■Underlying PPNR of $587 million reflects lower fees, partly offset by higher net interest income
–NII up 2% QoQ given improved net interest margin and strong loan growth; interest-bearing deposit costs down 3 bps to 10 bps
–Fees down 16% QoQ reflecting lower capital markets fees from prior quarter record
■Underlying credit benefit of $21 million; NCOs up slightly QoQ at 19 bps
■Period-end loans up 2% and average loans up 3% QoQ
■Period-end LDR of 82.7%; liquidity position remains strong
■Strong capital position with CET1 at 9.7%
■TBV/share of $30.97, down 10.5% QoQ
Total revenue$1,645 $1,720 $1,659 
Pre-provision profit539 659 641 
Underlying pre-provision profit587 710 661 
Provision (benefit) for credit losses3 (25)(140)
Net income420 530 611 
Underlying net income476 569 626 
Balance Sheet
&
Credit Quality		($s in billions)
Period-end loans and leases$131.3 $128.2 $122.2 
Average loans and leases129.2 125.2 122.8 
Period-end deposits158.8 154.4 151.3 
Average deposits155.1 153.0 146.6 
Period-end loans-to-deposit ratio82.7 %83.0 %80.7 %
NCO ratio0.19 %0.14 %0.52 %
Financial MetricsDiluted EPS$0.93 $1.17 $1.37 
Underlying EPS1.07 1.26 1.41 
ROTCE11.4 %13.6 %17.2 %
Underlying ROTCE13.0 14.6 17.6 
Net interest margin, FTE2.75 2.66 2.76 
Efficiency ratio67 62 61 
Underlying efficiency ratio64 59 60 
CET19.7 %9.9 %10.1 %
TBV/Share$30.97 $34.61 $32.79 

First Quarter 2022 ImpactsPre-tax $EPS
Notable Items($s in millions except per share data)
Integration expenses$(37)$(0.07)
HSBC Day 1 CECL provision expense (“double count”)**(24)(0.04)
TOP revenue and efficiency initiatives(11)(0.03)
Total:$(72)$(0.14)
**Day 1 CECL reserve for non-credit impaired loans acquired
Comments from Chairman and CEO Bruce Van Saun
“We started off 2022 with solid financial performance, as strong net interest income, good expense discipline and excellent credit helped to offset the macro environment’s impact on Capital Markets and Mortgage revenue,” said Chairman and CEO Bruce Van Saun. “We were pleased to close both the HSBC branch and the Investors Bancorp acquisitions, and look forward to building out a strong franchise in the New York City Metro market. Our strategic initiatives are on track, which should drive relative out-performance in the future. During the quarter, we actively managed our balance sheet strategies, and we feel well-positioned to benefit from the market expectations for significant rate rises. Our refreshed guidance demonstrates
*Results presented on an Underlying basis are non-GAAP Financial Measures. See page 18 for additional information on our use of Non-GAAP Financial Measures.
Citizens Financial Group, Inc.
confidence in our outlook for a strong 2022.”


Citizens also announced today that its board of directors declared a second quarter 2022 common stock dividend of $0.39 per share. The dividend is payable on May 17, 2022 to shareholders of record at the close of business on May 3, 2022.
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Citizens Financial Group, Inc.
Earnings highlights(1):
Quarterly Trends
 1Q22 change from
($s in millions, except per share data)1Q224Q211Q214Q211Q21
Earnings$/bps%$/bps%
Net interest income$1,147 $1,126 $1,117 $21 2 %$30 3 %
Noninterest income498 594 542 (96)(16)(44)(8)
Total revenue1,645 1,720 1,659 (75)(4)(14)(1)
Noninterest expense1,106 1,061 1,018 45 488 9
Pre-provision profit539 659 641 (120)(18)(102)(16)
Provision (benefit) for credit losses3 (25)(140)28 NM143 NM
Net income420 530 611 (110)(21)(191)(31)
Preferred dividends24 32 23 (8)(25)1 4
Net income available to common stockholders$396 $498 $588 $(102)(20) %$(192)(33) %
After-tax notable Items56 39 15 17 4441 NM
Underlying net income$476 $569 $626 $(93)(16) %$(150)(24) %
Underlying net income available to common stockholders$452 $537 $603 $(85)(16) %$(151)(25) %
Average common shares outstanding
Basic (in millions)422.4 424.7 426.0 (2.3)(1)(3.6)(1)
Diluted (in millions)424.7 426.9 427.9 (2.2)(1)(3.2)(1)
Diluted earnings per share$0.93 $1.17 $1.37 $(0.24)(21) %$(0.44)(32) %
Underlying diluted earnings per share$1.07 $1.26 $1.41 $(0.19)(15) %$(0.34)(24) %
Performance metrics
Net interest margin2.75 %2.66 %2.75 %9  bps—  bps
Net interest margin, FTE2.75 2.66 2.76 9 (1)
Effective income tax rate21.7 22.4 21.8 (70)(6)
Efficiency ratio67 62 61 555 588 
Underlying efficiency ratio64 59 60 557 409 
Return on average common equity7.7 9.3 11.6 (161)(392)
Return on average tangible common equity11.4 13.6 17.2 (221)(581)
Underlying return on average tangible common equity13.0 14.6 17.6 (162)(460)
Return on average total assets0.90 1.12 1.36 (22)(46)
Return on average total tangible assets0.94 1.17 1.41 (23)(47)
Underlying return on average total tangible assets1.06 %1.25 %1.44 %(19) bps(38) bps
Capital adequacy(2,3)
Common equity tier 1 capital ratio9.7 %9.9 %10.1 %
Total capital ratio12.5 12.7 13.4 
Tier 1 leverage ratio9.6 9.7 9.5 
Allowance for credit losses to loans and leases1.43 %1.51 %1.94 %(8) bps(51) bps
Asset quality(3)
Nonaccrual loans and leases to loans and leases0.60 %0.55 %0.82 %5  bps(22) bps
Allowance for credit losses to nonaccrual loans and leases238 276 235 (3,769)261 
Net charge-offs as a % of average loans and leases0.19 %0.14 %0.52 %5  bps(33) 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.







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Citizens Financial Group, Inc.
Notable items:
Quarterly results for first quarter 2022, fourth quarter 2021, and first quarter 2021 reflect notable items primarily related to integration costs associated with acquisitions, primarily HSBC East Coast branches and online deposits, Investors Bancorp, Inc. and JMP Group LLC, as well as TOP transformational and revenue and efficiency initiatives. First quarter 2022 also includes a $24 million pre-tax day-one CECL provision expense (“double count”) notable item tied to the HSBC transaction. These notable items have been excluded from reported results to better reflect Underlying operating results.
Notable items - integration expense1Q224Q211Q21
($s in millions, except per share data)Pre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-tax
Salaries & benefits$(4)$(3)$(3)$(2)$— $— 
Equipment and software— — (1)(1)— — 
Outside services(28)(21)(22)(17)— — 
Other expense(5)(3)(3)(2)— — 
   Noninterest expense$(37)$(27)$(29)$(22)$— $— 
EPS Impact - Noninterest expense integration expense$(0.07)$(0.05)$— 
HSBC Day 1 CECL provision expense (“double count”)$(24)$(18)$— $— $— $— 
EPS Impact - HSBC Day 1 CECL provision expense$(0.04)$— $— 
Total integration expense$(61)$(45)$(29)$(22)$— $— 
EPS Impact - Total integration expense$(0.11)$(0.05)$— 
Other notable items - primarily tax and TOP1Q224Q211Q21
($s in millions, except per share data)Pre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-tax
Tax notable items$— $(3)$— $— $— $— 
Other notable items- TOP & other actions
Salaries & benefits$(2)$(1)$(2)$(2)$— $— 
Equipment and software(2)(2)(1)(1)(4)(3)
Outside services(7)(5)(15)(11)(7)(5)
Occupancy— — (5)(4)(9)(7)
Other expense— — 1 1 — — 
   Noninterest expense$(11)$(8)$(22)$(17)$(20)$(15)
Total Other Notable Items$(11)$(11)$(22)$(17)$(20)$(15)
EPS Impact - Other Notable Items $(0.03)$(0.04)$(0.04)
Total Notable Items$(72)$(56)$(51)$(39)$(20)$(15)
Total EPS Impact$(0.14)$(0.09)$(0.04)


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

Underlying results:

Quarterly Trends
 1Q22 change from
($s in millions, except per share data)1Q224Q211Q214Q211Q21
$/bps%$/bps%
Net interest income$1,147 $1,126 $1,117 $21 2  %$30 3  %
Noninterest income498 594 542 (96)(16)(44)(8)
Total revenue$1,645 $1,720 $1,659 $(75)(4) %$(14)(1) %
Noninterest expense$1,058 $1,010 $998 $48 5  %$60 6  %
Provision (benefit) for credit losses(21)(25)(140)4 16119 85
Net income available to common stockholders$452 $537 $603 $(85)(16)%$(151)(25)%
Performance metrics
EPS$1.07 $1.26 $1.41 $(0.19)(15) %$(0.34)(24) %
Efficiency ratio64  %59  %60  %557  bps409  bps
Return on average tangible common equity13.0  %14.6  %17.6  %(162) bps(460) bps
Operating leverage(9.1) %(6.7) %




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Citizens Financial Group, Inc.

Consolidated balance sheet review(1):

 1Q22 change from
($s in millions)1Q224Q211Q214Q211Q21
$/bps%$/bps%
Total assets$192,097 $188,409 $187,217 $3,688 2  %$4,880 3  %
Total loans and leases131,305 128,163 122,195 3,142 2 9,110 7 
Total loans held for sale1,816 3,468 4,379 (1,652)(48)(2,563)(59)
Deposits158,776 154,361 151,349 4,415 3 7,427 5 
Stockholders' equity22,074 23,420 22,653 (1,346)(6)(579)(3)
Stockholders' common equity20,060 21,406 20,688 (1,346)(6)(628)(3)
Tangible common equity$13,100 $14,609 $13,964 $(1,509)(10) %$(864)(6) %
Loans-to-deposit ratio (period-end)(2)
82.7 %83.0  %80.7  %(33) bps196  bps
Loans-to-deposit ratio (average)(2)
83.3 %81.8 %83.8 %145  bps(49) bps
1) Represents period end unless otherwise noted.
2) Excludes loans held for sale.

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Citizens Financial Group, Inc.


Discussion of results:
Net interest income 1Q22 change from
($s in millions)1Q224Q211Q214Q211Q21
$/bps%$/bps%
Interest income:
Interest and fees on loans and leases and loans held for sale$1,071 $1,079 $1,085 $(8)(1) %$(14)(1) %
Investment securities138 119 128 19 16 10 8 
Interest-bearing deposits in banks4 4 3 — — 1 33 
Total interest income$1,213 $1,202 $1,216 $11 1  %$(3)—  %
Interest expense:
Deposits$25 $33 $50 $(8)(24) %$(25)(50) %
Short-term borrowed funds— 1 — (1)(100)— — 
Long-term borrowed funds41 42 49 (1)(2)(8)(16)
Total interest expense$66 $76 $99 $(10)(13) %$(33)(33) %
Net interest income$1,147 $1,126 $1,117 $21 2  %$30 3  %
Net interest margin, FTE2.75  %2.66  %2.76  %9  bps(1) bps
First quarter 2022vs.fourth quarter 2021
Net interest income of $1.1 billion increased 2% given loan growth and higher net interest margin, partially offset by the reduced benefit from PPP forgiveness (~$23 million) and the impact of lower day count (~$18 million).
•Net interest margin of 2.75% increased 9 basis points reflecting the deployment of cash into loan growth, and higher earning-asset yields, partially offset by a reduced benefit from PPP forgiveness (~(4) bps). Interest-bearing deposit costs were down 3 basis points to 10 basis points.
First quarter 2022vs.first quarter 2021
Net interest income of $1.1 billion increased 3%, reflecting 3% growth in interest-earning assets and broadly stable net interest margin.
•Net interest margin of 2.75% decreased 1 basis point as the impact of lower earning-asset yields was largely offset by the deployment of cash into loan growth. Interest-bearing deposit costs decreased to 10 basis points from 20 basis points.

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Citizens Financial Group, Inc.

Noninterest Income 1Q22 change from
($s in millions)1Q224Q211Q214Q211Q21
$%$%
Capital markets fees$93 $184 $81 $(91)(49) %$12 15  %
Service charges and fees98 100 99 (2)(2)(1)(1)
Mortgage banking fees69 76 165 (7)(9)(96)(58)
Card fees60 65 55 (5)(8)5 9 
Trust and investment services fees61 60 58 1 2 3 5 
Letter of credit and loan fees38 41 38 (3)(7)— — 
Foreign exchange and derivative products51 35 28 16 46 23 82 
Securities gains, net4 1 3 3 NM1 33 
Other income(1)
24 32 15 (8)(25)9 60 
Noninterest income$498 $594 $542 $(96)(16) %$(44)(8) %
1) Includes bank-owned life insurance income and other miscellaneous income for all periods presented.
First quarter 2022vs.fourth quarter 2021
Noninterest income of $498 million decreased $96 million, or 16%, from $594 million.
•Capital markets fees decreased $91 million from a record level in fourth quarter 2021 reflecting lower M&A advisory, underwriting and loan syndication fees given market volatility, seasonal impacts and some pull-forward of transactions into fourth quarter 2021.
•Record foreign exchange and derivative products revenue increased $16 million, reflecting increased client interest rate and commodities hedging activity.
•Mortgage banking fees decreased $7 million, reflecting a decline in gain-on-sale margins and seasonally lower production volume, partially offset by improved mortgage servicing income.
•Card fees and service charges and fees decreased $5 million and $2 million, respectively, reflecting seasonal impacts.
•Other income decreased $8 million, primarily reflecting lower leasing income.
First quarter 2022vs.first quarter 2021
Noninterest income of $498 million decreased $44 million, or 8%, primarily reflecting lower mortgage banking fees.
•Mortgage banking fees decreased $96 million, driven by lower gain-on-sale margins and production volumes.
•Record foreign exchange and derivative products revenue increased $23 million reflecting increased client interest rate and commodities hedging activity.
•Capital markets fees increased $12 million. Excluding acquisitions, results reflect lower M&A advisory and underwriting fees, partially offset by higher loan syndication fees. First quarter 2022 includes $21 million of fees from acquisitions closed during the second half of 2021.
•Card fees increased $5 million, driven by higher debit and credit card volumes.
•Trust and investment services fees increased $3 million, reflecting an increase in assets under management from strong net inflows and higher equity market levels.
•Service charges and fees decreased $1 million, reflecting the impact on overdraft fees of the new customer-friendly deposit account feature, Citizens Peace of MindTM, introduced in fourth quarter 2021, partially offset by higher transaction volumes.
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Citizens Financial Group, Inc.
•Other income increased $9 million, primarily reflecting higher investment income.
Noninterest Expense 1Q22 change from
($s in millions)1Q224Q211Q214Q211Q21
$%$%
Salaries and employee benefits$594 $551 $548 $43 8 %$46 8 %
Equipment and software150 146 152 4 3 (2)(1)
Outside services169 175 139 (6)(3)30 22 
Occupancy83 86 88 (3)(3)(5)(6)
Other operating expense110 103 91 7 7 19 21 
Noninterest expense$1,106 $1,061 $1,018 $45 4 %$88 9 %
Notable items$48 $51 $20 $(3)(6)%$28 140 %
Underlying, as applicable
Salaries and employee benefits$588 $546 $548 $42 8 %$40 7 %
Equipment and software148 144 148 4 3 — — 
Outside services134 138 132 (4)(3)2 2 
Occupancy83 81 79 2 2 4 5 
Other operating expense105 101 91 4 4 14 15 
Underlying noninterest expense$1,058 $1,010 $998 $48 5 %$60 6 %
First quarter 2022vs.fourth quarter 2021
Noninterest expense of $1.1 billion was up 4%, or up 5% on an Underlying basis given higher salaries and employee benefits, reflecting seasonal increases in payroll taxes and 401k costs, partially offset by lower incentive compensation tied to lower capital markets revenue. Underlying noninterest expense for first quarter 2022 includes $13 million tied to the HSBC transaction. Excluding the impact of the HSBC transaction and other acquisitions closed in the second half of 2021, Underlying noninterest expense was up 3%. Results reflect strong expense discipline and the benefit of efficiency initiatives.
The effective tax rate of 21.7% was broadly stable. On an Underlying basis, the effective tax rate of 21.7% compares with 22.6% for fourth quarter 2021.
First quarter 2022vs.first quarter 2021
Noninterest expense of $1.1 billion remains well-controlled. Excluding acquisitions, on an Underlying basis, noninterest expense increased 2% reflecting higher salaries and employee benefits, as well as higher other operating expense associated with increased travel and advertising costs, partially offset by the benefit of efficiency initiatives.
The effective tax rate of 21.7% was broadly stable. On an Underlying basis, the effective tax rate of 21.7% decreased from 21.8%.
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Citizens Financial Group, Inc.
Interest-earning assets 1Q22 change from
($s in millions)1Q224Q211Q214Q211Q21
Period-end interest-earning assets$%$%
Investments$28,116 $29,042 $28,138 $(926)(3) %$(22)—  %
Interest-bearing deposits in banks9,398 8,319 13,851 1,079 13 (4,453)(32)
Commercial loans and leases61,521 60,350 60,413 1,171 2 1,108 2 
Retail loans69,784 67,813 61,782 1,971 3 8,002 13 
Total loans and leases131,305 128,163 122,195 3,142 2 9,110 7 
Loans held for sale, at fair value1,717 2,733 4,304 (1,016)(37)(2,587)(60)
Other loans held for sale99 735 75 (636)(87)24 32 
Total loans and leases and loans held for sale133,121 131,631 126,574 1,490 1 6,547 5 
Total period-end interest-earning assets$170,635 $168,992 $168,563 $1,643 1  %$2,072 1  %
Average interest-earning assets
Investments$29,247 $28,193 $27,034 $1,054 4  %$2,213 8  %
Interest-bearing deposits in banks8,055 11,152 10,861 (3,097)(28)(2,806)(26)
Commercial loans and leases60,573 58,900 60,877 1,673 3 (304)— 
Retail loans68,581 66,309 61,970 2,272 3 6,611 11 
Total loans and leases129,154 125,209 122,847 3,945 3 6,307 5 
Loans held for sale, at fair value2,366 3,133 3,254 (767)(24)(888)(27)
Other loans held for sale454 321 385 133 41 69 18 
Total loans and leases and loans held for sale131,974 128,663 126,486 3,311 3 5,488 4 
Total average interest-earning assets$169,276 $168,008 $164,381 $1,268 1  %$4,895 3  %

First quarter 2022vs.fourth quarter 2021
Period-end interest-earning assets of $170.6 billion increased $1.6 billion, or 1% as a $3.1 billion increase in loans and leases and a $1.1 billion increase in cash held in interest-bearing deposits was largely offset by a $1.7 billion decrease in loans held for sale and a $926 million decrease in investments. Loan growth of 2% was driven by 3% growth in retail, led by mortgage, education and home equity, and 2% growth in commercial, driven by C&I. Excluding PPP impact, commercial loan growth was 3%.
Average interest-earning assets of $169.3 billion increased $1.3 billion, or 1%, as a $3.9 billion increase in loans and a $1.1 billion increase in investments was offset by a $3.1 billion decrease in cash held in interest-bearing deposits reflecting the partial deployment of elevated liquidity. Loan growth of 3% was driven by a $2.3 billion, or 3%, growth in retail, led by mortgage, auto and home equity, and growth in commercial of $1.7 billion, or 3%, driven by C&I. Excluding PPP impact, average commercial loan growth was 4%.
The average effective duration of the securities portfolio was 5.3 years compared with 4.3 years at December 31, 2021 and 4.1 years at March 31, 2021.
First quarter 2022vs.first quarter 2021
Period-end interest-earning assets of $170.6 billion increased $2.1 billion, or 1%, as a $9.1 billion increase in loans was partly offset by a $4.5 billion decrease in cash held in interest-bearing deposits, reflecting the partial deployment of elevated liquidity, and a $2.6 billion decrease in loans held for sale. Loan growth of 7% was driven by an $8.0 billion, or 13%, increase in retail given strength in mortgage, auto, education and home equity, partially offset by planned run off of personal unsecured installment loans. Commercial loans increased $1.1 billion, or 2%, as underlying growth in C&I was largely offset by a $4.7 billion decrease in PPP loans. Excluding PPP impact, commercial loan growth was 11%.
Average interest-earning assets of $169.3 billion increased $4.9 billion, or 3%, as a $2.2 billion increase in investments and a $6.3 billion increase in loans was partly offset by a $2.8 billion decrease in cash held in interest-bearing deposits reflecting the partial deployment of elevated liquidity. Loan growth of 5% was driven by a $6.6 billion, or 11%, increase in retail loans given strength in mortgage, auto and education, partially offset by planned run off of personal unsecured installment loans.
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Citizens Financial Group, Inc.
Commercial loans decreased by approximately $300 million as underlying growth in C&I was more than offset by a $4.2 billion decrease in PPP loans. Excluding PPP impact, average commercial loan growth was 7%.
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Citizens Financial Group, Inc.
    
Deposits 1Q22 change from
($s in millions)1Q224Q211Q214Q211Q21
Period-end deposits$%$%
Demand$50,113 $49,443 $46,067 $670 1  %$4,046 9  %
Money market45,342 47,216 51,074 (1,874)(4)(5,732)(11)
Checking with interest32,417 30,409 26,883 2,008 7 5,534 21 
Savings26,104 22,030 19,634 4,074 18 6,470 33 
Term4,800 5,263 7,691 (463)(9)(2,891)(38)
Total period-end deposits$158,776 $154,361 $151,349 $4,415 3  %$7,427 5  %
Average deposits
Demand$48,641 $49,206 $43,814 $(565)(1) %$4,827 11  %
Money market47,220 48,512 49,536 (1,292)(3)(2,316)(5)
Checking with interest30,417 28,075 26,116 2,342 8 4,301 16 
Savings23,835 21,575 18,611 2,260 10 5,224 28 
Term4,970 5,636 8,572 (666)(12)(3,602)(42)
Total average deposits$155,083 $153,004 $146,649 $2,079 1  %$8,434 6  %
First quarter 2022vs.fourth quarter 2021
Total period-end deposits of $158.8 billion were up 3%, driven by the $6.3 billion impact of the HSBC transaction. Excluding the HSBC transaction, deposits of $152.5 billion were down 1% given seasonal impacts, as well as continued normalization from elevated liquidity levels.
Average deposits of $155.1 billion were up 1%, including the $2.9 billion impact of the HSBC transaction. Excluding the HSBC transaction, deposits of $152.2 billion were down 1% given seasonal impacts.
First quarter 2022vs.first quarter 2021
Total period-end deposits of $158.8 billion increased $7.4 billion, or 5%, driven by the $6.3 billion impact of the HSBC transaction. Excluding the HSBC transaction, up 1% with growth in checking with interest, savings and demand, partially offset by decreases in money market accounts and term.
Average deposits of $155.1 billion increased $8.4 billion, or 6%, including the $2.9 billion impact of the HSBC transaction. Excluding the HSBC transaction, deposits were up 4%, given growth in demand, checking with interest and savings, partially offset by decreases in money market accounts and term.



12
Citizens Financial Group, Inc.
Borrowed Funds 1Q22 change from
($s in millions)1Q224Q211Q214Q211Q21
Period-end borrowed funds$%$%
Short-term borrowed funds$25 $74 $70 $(49)(66) %$(45)(64) %
Long-term borrowed funds
FHLB advances20 19 19 1 5 1 5 
Senior debt4,290 5,326 6,714 (1,036)(19)(2,424)(36)
Subordinated debt and other debt1,584 1,587 1,583 (3)— 1 — 
Total borrowed funds$5,919 $7,006 $8,386 $(1,087)(16) %$(2,467)(29) %
Average borrowed funds
Short-term borrowed funds$29 $24 $150 $5 21  %$(121)(81) %
Long-term borrowed funds
FHLB advances20 18 19 2 11 1 5 
Senior debt4,461 5,338 6,732 (877)(16)(2,271)(34)
Subordinated debt and other debt1,585 1,587 1,585 (2)— — — 
Total average borrowed funds$6,095 $6,967 $8,486 $(872)(13) %$(2,391)(28) %
First quarter 2022vs.fourth quarter 2021
•Period-end borrowed funds and average borrowed funds decreased by $1.1 billion and $872 million, respectively, given a decrease in senior debt.
First quarter 2022vs.first quarter 2021
•Period-end borrowed funds and average borrowed funds decreased by $2.5 billion and $2.4 billion, respectively, given a decrease in senior debt.

13
Citizens Financial Group, Inc.
Capital 1Q22 change from
($s and shares in millions, except per share data)1Q224Q211Q214Q211Q21
Period-end capital$%$%
Stockholders' equity$22,074$23,420 $22,653 $(1,346)(6) %$(579)(3) %
Stockholders' common equity20,06021,406 20,688 (1,346)(6)(628)(3)
Tangible common equity13,100 14,609 13,964 (1,509)(10)(864)(6)
Tangible book value per common share$30.97 $34.61 $32.79 $(3.64)(11) %$(1.82)(6) %
Common shares - at end of period423.0 422.1 425.9 0.9 — (2.9)(1)
Common shares - average (diluted)424.7 426.9 427.9 (2.2)(1) %(3.2)(1) %
Common equity tier 1 capital ratio(1)
9.7 %9.9 %10.1 %
Total capital ratio(1)
12.5 12.7 13.4 
Tier 1 leverage ratio(1)
9.6 %9.7 %9.5 %
1) Current reporting-period regulatory capital ratios are preliminary.
First quarter 2022
•Our CET1 capital ratio was 9.7% as of March 31, 2022 compared with 9.9% at December 31, 2021 and 10.1% at March 31, 2021.
•The HSBC transaction closed on February 18, 2022 and had an approximate 20 basis point impact on CET1.
•Total capital ratio of 12.5% compares with 12.7% at December 31, 2021 and 13.4% as of March 31, 2021.
•Tangible book value per common share of $30.97 decreased 10.5% compared with fourth quarter 2021, primarily driven by the $3.76 negative impact of higher long-term rates on accumulated other comprehensive income. Tangible book value per common share decreased 5.6% compared with first quarter 2021.
•Citizens paid $165 million in common dividends to shareholders during first quarter 2022. This compares with $168 million in common dividends during fourth quarter 2021 and $167 million during first quarter 2021.
14
Citizens Financial Group, Inc.
Credit quality review 1Q22 change from
($s in millions)1Q224Q211Q214Q211Q21
$/bps%$/bps%
Nonaccrual loans and leases(1)
$789 $702 $1,008 $87 12  %$(219)(22) %
90+ days past due and accruing(2)
826 575 46 251 44 780 NM
Net charge-offs59 45 158 14 31 (99)(63)
Provision (benefit) for credit losses3 (25)(140)28 NM143 NM
Allowance for credit losses $1,878 $1,934 $2,372 $(56)(3) %(494)(21) %
Nonaccrual loans and leases to loans and leases0.60  %0.55  %0.82  %5  bps(22) bps
Net charge-offs as a % of total loans and leases0.19 0.14 0.52 5 (33)
Allowance for credit losses to loans and leases1.43 1.51 1.94 (8)(51)
Allowance for credit losses to loans and leases (ex. PPP)1.43 1.52 2.03 (9)(60)
Allowance for credit losses to nonaccrual loans and leases238.0  %275.7  %235.4  %(3,769) bps261  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 $792 million, $544 million, and $20 million of loans fully or partially guaranteed by the FHA, VA, and USDA for March 31, 2022, December 31, 2021, and March 31, 2021, respectively.
First quarter 2022vs.fourth quarter 2021
•Nonaccrual loans of $789 million increased $87 million, or 12%, largely reflecting an increase in retail primarily tied to residential real estate-secured loans exiting forbearance.
•The nonaccrual loans to total loans ratio of 0.60% is up from 0.55% at December 31, 2021.
•Net charge-offs of $59 million, or 19 basis points of average loans and leases, were up slightly from prior quarter.
•Underlying credit provision benefit of $21 million reflects the continuing strong credit performance across retail and commercial. The first quarter 2022 Underlying credit provision benefit excludes a $24 million day-one CECL provision expense (“double count”) tied to the HSBC transaction. Fourth quarter 2021 credit provision benefit was $25 million.
•Allowance for credit losses ratio of 1.43% compares with 1.51% as of December 31, 2021. The reduction reflects a reserve release of $56 million.
•The allowance for credit losses to nonaccrual loans and leases ratio of 238% compares with 276% as of December 31, 2021.
First quarter 2022vs.first quarter 2021
•Nonaccrual loans decreased $219 million, or 22%, primarily driven by a $170 million decrease in commercial given repayments, charge-offs and loan sale activity, as well as an overall improvement in credit.
•The nonaccrual loans to total loans ratio of 0.60% decreased from 0.82% at March 31, 2021.
•Net charge-offs of $59 million decreased $99 million reflecting a $93 million decrease in commercial given economic recovery, and a $6 million decrease in retail, as consumers continue to benefit from the economic recovery and strong mortgage and auto collateral values.
•Net charge-offs of 19 basis points of average loans and leases compares with 52 basis points in first quarter 2021.
•Underlying credit provision benefit of $21 million compares with a $140 million benefit in first quarter 2021, reflecting strong credit performance across the retail and commercial loan portfolios and improvement in the economy. The first quarter 2022 Underlying credit provision benefit excludes a $24 million day-one CECL provision expense (“double count”) tied to the HSBC transaction.
•Allowance for credit losses of $1.9 billion compares with $2.4 billion at March 31, 2021. Allowance for credit losses ratio of 1.43% as of March 31, 2022, compares with 1.94% as of March 31, 2021.
15
Citizens Financial Group, Inc.
•The allowance for credit losses to nonaccrual loans and leases ratio of 238% compares with 235% as of March 31, 2021.
16
Citizens Financial Group, Inc.

Corresponding Financial Tables and Information
Investors are encouraged to review the foregoing summary and discussion of Citizens’ earnings and financial condition in conjunction with the detailed financial tables and other information available on the Investor Relations portion of the company’s website at www.citizensbank.com/about-us.
Media:    Peter Lucht - 781.655.2289
Investors: Kristin Silberberg - 203.900.6854
Conference Call
CFG management will host a live conference call today with details as follows:
Time:    9:00 am ET
Dial-in: (877) 336-4440, conference ID 6052001
Webcast/Presentation: The live webcast will be available at http://investor.citizensbank.com under Events & Presentations.
Replay Information: A replay of the conference call will be available beginning at 12:00 pm ET on April 19, 2022 through May 19, 2022. Please dial (866) 207-1041 and enter access code 8193987. 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 $192.1 billion in assets as of March 31, 2022. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,300 ATMs and more than 1,200 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.

17
Citizens Financial Group, Inc.

Non-GAAP Financial Measures and Reconciliations
Non-GAAP Financial Measures:
This document contains non-GAAP financial measures denoted as Underlying results, excluding HSBC, excluding acquisitions and excluding PPP. Underlying results for any given reporting period exclude certain items that may occur in that period which Management does not consider indicative of the Company’s on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by our Management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe our Underlying results in any given reporting period reflect our on-going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. We further believe the presentation of Underlying results increases comparability of period-to-period results. See the following pages for reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.
Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP.
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Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
1Q22 Change
1Q224Q211Q214Q211Q21
$%$%
Total revenue, Underlying:
Total revenue (GAAP)A$1,645 $1,720 $1,659 ($75)(4 %)($14)(1 %)
Less: Notable items— — — — — — — 
Total revenue, Underlying (non-GAAP)B$1,645 $1,720 $1,659 ($75)(4 %)($14)(1 %)
Noninterest expense, Underlying:
Noninterest expense (GAAP)C$1,106 $1,061 $1,018 $45 4 %$88 9 %
Less: Notable items48 51 20 (3)(6)28 140 
Noninterest expense, Underlying (non-GAAP)D$1,058 $1,010 $998 $48 5 %$60 6 %
Pre-provision profit:
Total revenue (GAAP)A$1,645 $1,720 $1,659 ($75)(4 %)($14)(1 %)
Less: Noninterest expense (GAAP)C1,106 1,061 1,018 45 4 88 9 
Pre-provision profit (GAAP)$539 $659 $641 ($120)(18 %)($102)(16 %)
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)B$1,645 $1,720 $1,659 ($75)(4 %)($14)(1 %)
Less: Noninterest expense, Underlying (non-GAAP)D1,058 1,010 998 48 5 60 6 
Pre-provision profit, Underlying (non-GAAP)$587 $710 $661 ($123)(17 %)($74)(11 %)
Provision (benefit) for credit losses, Underlying:
Provision (benefit) for credit losses (GAAP)$3 ($25)($140)$28 NM$143 NM
Less: Notable items24 — — 24 100 24 100 
Provision (benefit) for credit losses, Underlying (non-GAAP)($21)($25)($140)$4 16 %$119 85 %
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)E$536 $684 $781 ($148)(22 %)($245)(31 %)
Less: Expense before income tax benefit related to notable items(72)(51)(20)(21)(41)(52)NM
Income before income tax expense, Underlying (non-GAAP)F$608 $735 $801 ($127)(17 %)($193)(24 %)
Income tax expense, Underlying:
Income tax expense (GAAP)G$116 $154 $170 ($38)(25 %)($54)(32 %)
Less: Income tax benefit related to notable items(16)(12)(5)(4)(33)(11)(220)
Income tax expense, Underlying (non-GAAP)H$132 $166 $175 ($34)(20 %)($43)(25 %)
Net income, Underlying:
Net income (GAAP)I$420 $530 $611 ($110)(21 %)($191)(31 %)
Add: Notable items, net of income tax benefit56 39 15 17 44 41 NM
Net income, Underlying (non-GAAP)J$476 $569 $626 ($93)(16 %)($150)(24 %)
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)K$396 $498 $588 ($102)(20 %)($192)(33 %)
Add: Notable items, net of income tax benefit56 39 15 17 44 41 NM
Net income available to common stockholders, Underlying (non-GAAP)L$452 $537 $603 ($85)(16 %)($151)(25 %)
19
Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
1Q22 Change
1Q224Q211Q214Q211Q21
$/bps%$/bps%
Operating leverage:
Total revenue (GAAP)A$1,645 $1,720 $1,659 ($75)(4.33 %)($14)(0.85 %)
Less: Noninterest expense (GAAP)C1,106 1,061 1,018 45 4.28 88 8.65 
Operating leverage(8.61 %)(9.50 %)
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)B$1,645 $1,720 $1,659 ($75)(4.33 %)($14)(0.85 %)
Less: Noninterest expense, Underlying (non-GAAP)D1,058 1,010 998 48 4.74 60 5.89 
Operating leverage, Underlying (non-GAAP)(9.07 %)(6.74 %)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio C/A67.23 %61.68 %61.35 %555  bps588  bps
Efficiency ratio, Underlying (non-GAAP)D/B64.28 58.71 60.19 557  bps409  bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rateG/E21.70 %22.40 %21.76 %(70) bps(6) bps
Effective income tax rate, Underlying (non-GAAP)H/F21.70 22.61 21.85 (91) bps(15) bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)M$20,981 $21,320 $20,611 ($339)(2 %)$370 2 %
Return on average common equityK/M7.65 %9.26 %11.57 %(161) bps(392) bps
Return on average common equity, Underlying (non-GAAP)L/M8.75 9.97 11.85 (122) bps(310) bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)M$20,981 $21,320 $20,611 ($339)(2 %)$370 2 %
Less: Average goodwill (GAAP)7,156 7,092 7,050 64 1 106 2 
Less: Average other intangibles (GAAP)80 56 57 24 43 23 40 
Add: Average deferred tax liabilities related to goodwill (GAAP)
383 383 379 — — 4 1 
Average tangible common equityN$14,128 $14,555 $13,883 ($427)(3 %)$245 2 %
Return on average tangible common equity K/N11.36 %13.57 %17.17 %(221) bps(581) bps
Return on average tangible common equity, Underlying (non-GAAP)L/N12.99 14.61 17.59 (162) bps(460) bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)O$188,317 $187,228 $182,569 $1,089 1 %$5,748 3 %
Return on average total assetsI/O0.90 %1.12 %1.36 %(22) bps(46) bps
Return on average total assets, Underlying (non-GAAP)J/O1.03 1.20 1.39 (17) bps(36) bps
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)P$188,317 $187,228 $182,569 $1,0891 %$5,7483 %
Less: Average goodwill (GAAP)7,156 7,092 7,050 64 1 106 2 
Less: Average other intangibles (GAAP)80 56 57 24 43 23 40 
Add: Average deferred tax liabilities related to goodwill (GAAP)383 383 379 — — 4 1 
Average tangible assetsQ$181,464 $180,463 $175,841 $1,001 1 %$5,623 3 %
Return on average total tangible assets I/Q0.94 %1.17 %1.41 %(23) bps(47) bps
Return on average total tangible assets, Underlying (non-GAAP)J/Q1.06 1.25 1.44 (19) bps(38) bps
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Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
1Q22 Change
1Q224Q211Q214Q211Q21
$/bps%$/bps%
Tangible book value per common share:
Common shares - at period-end (GAAP)R423,031,985 422,137,197 425,930,159 894,788 — %(2,898,174)(1 %)
Common stockholders' equity (GAAP)$20,060 $21,406 $20,688 ($1,346)(6)($628)(3)
Less: Goodwill (GAAP)7,232 7,116 7,050 116 2 182 3 
Less: Other intangible assets (GAAP)115 64 54 51 80 61 113 
Add: Deferred tax liabilities related to goodwill (GAAP)387 383 380 4 1 7 2 
Tangible common equityS$13,100 $14,609 $13,964 ($1,509)(10 %)($864)(6 %)
Tangible book value per common shareS/R$30.97 $34.61 $32.79 ($3.64)(11 %)($1.82)(6 %)
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)T422,401,747 424,697,880 425,953,716 (2,296,133)(1 %)(3,551,969)(1 %)
Average common shares outstanding - diluted (GAAP)U424,670,871 426,868,106 427,880,530 (2,197,235)(1)(3,209,659)(1)
Net income per average common share - basic (GAAP)K/T$0.94 $1.17 $1.38 ($0.23)(20)($0.44)(32)
Net income per average common share - diluted (GAAP)K/U0.93 1.17 1.37 (0.24)(21)(0.44)(32)
Net income per average common share - basic, Underlying (non-GAAP)L/T1.07 1.26 1.41 (0.19)(15)(0.34)(24)
Net income per average common share - diluted, Underlying (non-GAAP)L/U1.07 1.26 1.41 (0.19)(15)(0.34)(24)


21
Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
1Q22 Change
1Q224Q211Q214Q211Q21
$/bps%$/bps%
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)$594 $551 $548 $43 8 %$46 8 %
Less: Notable items6 5 — 1 20 6 100 
Salaries and employee benefits, Underlying (non-GAAP)$588 $546 $548 $42 8 %$40 7 %
Equipment and software, Underlying:
Equipment and software (GAAP)
$150 $146 $152 $4 3 %($2)(1 %)
Less: Notable items2 2 4 — — (2)(50)
Equipment and software, Underlying (non-GAAP)$148 $144 $148 $4 3 %$— — %
Outside services, Underlying:
Outside services (GAAP)$169 $175 $139 ($6)(3 %)$30 22 %
Less: Notable items35 37 7 (2)(5)28 NM
Outside services, Underlying (non-GAAP)$134 $138 $132 ($4)(3 %)$2 2 %
Occupancy, Underlying:
Occupancy (GAAP)$83 $86 $88 ($3)(3 %)($5)(6 %)
Less: Notable items— 5 9 (5)(100)(9)(100)
Occupancy, Underlying (non-GAAP)$83 $81 $79 $2 2 %$4 5 %
Other operating expense, Underlying:
Other operating expense (GAAP)$110 $103 $91 $7 7 %$19 21 %
Less: Notable items5 2 — 3 150 5 NM
Other operating expense, Underlying (non-GAAP)$105 $101 $91 $4 4 %$14 15 %
22
Citizens Financial Group, Inc.
Non-GAAP measures and reconciliations - Excluding the impact of PPP loans
(in millions, except ratio data)
QUARTERLY TRENDS
1Q22 Change
1Q224Q211Q214Q211Q21
$/bps%$/bps%
Total loans, excluding the impact of PPP loans:
Total loans (GAAP)A$131,305 $128,163 $122,195 $3,142 2 %$9,110 7 %
Less: PPP loans417 787 5,148 (370)(47)(4,731)(92)
Total loans, excluding the impact of PPP loans (non-GAAP)B$130,888 $127,376 $117,047 $3,512 3 %$13,841 12 %
Total commercial loans, excluding the impact of PPP loans:
Total commercial loans (GAAP)C$61,521 $60,350 $60,413 $1,171 2 %$1,108 2 %
Less: PPP loans417 787 5,148 (370)(47)(4,731)(92)
Total commercial loans, excluding the impact of PPP loans (non-GAAP)D$61,104 $59,563 $55,265 $1,541 3 %$5,839 11 %
Allowance for credit losses:
Allowance for credit losses (GAAP)E$1,878 $1,934 $2,372 ($56)(3 %)($494)(21 %)
Average loans, excluding the impact of PPP loans:
Average loans (GAAP)F$129,154 $125,209 $122,847 $3,945 3 %$6,307 5 %
Less: PPP loans603 1,317 4,801 (714)(54)(4,198)(87)
Average loans, excluding the impact of PPP loans (non-GAAP)G$128,551 $123,892 $118,046 $4,659 4 %$10,505 9 %
Average commercial loans, excluding the impact of PPP loans:
Average commercial loans (GAAP)H$60,573 $58,900 $60,877 $1,673 3 %($304)— %
Less: PPP loans603 1,317 4,801 (714)(54)(4,198)(87)
Average commercial loans, excluding the impact of PPP loans (non-GAAP)I$59,970 $57,583 $56,076 $2,387 4 %$3,894 7 %
Allowance for credit losses to total loans (GAAP)E / A1.43 %1.51 %1.94 %(8) bps(51) bps
Allowance for credit losses to total loans, excluding the impact of PPP loans (non-GAAP)E / B1.43 %1.52 %2.03 %(9) bps(60) bps

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Citizens Financial Group, Inc.
Non-GAAP measures and reconciliations - excluding the impact of Acquisitions
(in millions, except ratio data)
QUARTERLY TRENDS
1Q22 Change
1Q224Q211Q214Q211Q21
$/bps%$/bps%
Noninterest expense, excluding Acquisitions:
Noninterest expense (GAAP)A$1,106 $1,061 $1,018 $45 4 %$88 9 %
Less: Notable items48 51 20 (3)(6)28 140 
Less: Acquisitions impact37 21 — 16 7637 100 
Noninterest expense, excluding Acquisitions (non-GAAP)B$1,021 $989 $998 $32 3 %$23 2 %
24
Citizens Financial Group, Inc.
Non-GAAP measures and reconciliations - excluding HSBC Acquisition
(in millions, except ratio data)
QUARTERLY TRENDS
1Q22 Change
1Q224Q211Q214Q211Q21
$/bps%$/bps%
Total Deposits, excluding HSBC Acquisition Impact:
Total Deposits (GAAP)A$158,776 $154,361 $151,349 $4,415 3 %$7,427 5 %
Less: HSBC Acquisition Impact6,303 — — 6,303 1006,303 100 
Total Deposits, excluding HSBC Acquisition Impact (non-GAAP)B$152,473 $154,361 $151,349 ($1,888)(1 %)$1,124 1 %
Total Average Deposits, excluding HSBC Acquisition Impact:
Total Average Deposits (GAAP)C$155,083 $153,004 $146,649 $2,079 1 %$8,434 6 %
Less: HSBC Acquisition Impact2,881 — — 2,881 1002,881 100 
Total Average Deposits, excluding HSBC Acquisition Impact (non-GAAP)D$152,202 $153,004 $146,649 ($802)(1 %)$5,553 4 %
25
Citizens Financial Group, Inc.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements regarding potential future share repurchases and future dividends as well as the potential effects of the COVID-19 disruption on our business, operations, financial performance and prospects, are forward-looking statements. Also, any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook,” “guidance” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.”

Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation:
•Negative economic and political conditions that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits which may affect, among other things, the level of nonaccrual assets, charge-offs and provision expense;
•The rate of growth in the economy and employment levels, as well as general business and economic conditions, and changes in the competitive environment;
•Our ability to implement our business strategy, including the cost savings and efficiency components, and achieve our financial performance goals, including through the integration of Investors and the HSBC branches;
•The COVID-19 disruption and its effects on the economic and business environments in which we operate;
•Our ability to meet heightened supervisory requirements and expectations;
•Liabilities and business restrictions resulting from litigation and regulatory investigations;
•Our capital and liquidity requirements under regulatory capital standards and our ability to generate capital internally or raise capital on favorable terms;
•The effect of changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale;
•Changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources and affect the ability to originate and distribute financial products in the primary and secondary markets;
•The effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin;
•Financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses;
•A failure in or breach of our operational or security systems or infrastructure, or those of our third party vendors or other service providers, including as a result of cyber-attacks;
•Greater than expected costs or other difficulties related to the integration of our business and that of Investors and the relevant HSBC branches;
•The inability to retain existing Investors or HSBC clients and employees following the closing of the Investors and HSBC branch acquisitions; and
•Management’s ability to identify and manage these and other risks.
In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, risk-weighted assets, capital impacts of strategic initiatives, market conditions and regulatory and accounting considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares from or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends. Further, statements about the effects of the COVID-19 disruption on our business, operations, financial performance and prospects may constitute forward-looking statements and are subject to the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the
26
Citizens Financial Group, Inc.
pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, third parties and us.

More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found under “Risk Factors” in our 2021 Annual Report on Form 10-K as filed with the United States Securities and Exchange Commission.
Note: Per share amounts and ratios presented in this document are calculated using whole dollars.
CFG-IR
27
1Q22 Financial Results April 19, 2022

 
2 Forward-looking statements and use of non-GAAP financial measures This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements regarding potential future share repurchases and future dividends as well as the potential effects of the COVID-19 disruption on our business, operations, financial performance and prospects, are forward-looking statements. Also, any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook,” “guidance” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation: • Negative economic and political conditions that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits which may affect, among other things, the level of nonaccrual assets, charge-offs and provision expense; • The rate of growth in the economy and employment levels, as well as general business and economic conditions, and changes in the competitive environment; • Our ability to implement our business strategy, including the cost savings and efficiency components, and achieve our financial performance goals, including through the integration of Investors and the HSBC branches; • The COVID-19 disruption and its effects on the economic and business environments in which we operate; • Our ability to meet heightened supervisory requirements and expectations; • Liabilities and business restrictions resulting from litigation and regulatory investigations; • Our capital and liquidity requirements under regulatory capital standards and our ability to generate capital internally or raise capital on favorable terms; • The effect of changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale; • Changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources and affect the ability to originate and distribute financial products in the primary and secondary markets; • The effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin; • Financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses; • A failure in or breach of our operational or security systems or infrastructure, or those of our third party vendors or other service providers, including as a result of cyber-attacks; • Greater than expected costs or other difficulties related to the integration of our business and that of Investors and the relevant HSBC branches; • The inability to retain existing Investors or HSBC clients and employees following the closing of the Investors and HSBC branch acquisitions; and • Management’s ability to identify and manage these and other risks. In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, risk-weighted assets, capital impacts of strategic initiatives, market conditions and regulatory and accounting considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares from or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends. Further, statements about the effects of the COVID-19 disruption on our business, operations, financial performance and prospects may constitute forward-looking statements and are subject to the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, third parties and us. More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found under “Risk Factors” in our 2021 Annual Report on Form 10-K as filed with the United States Securities and Exchange Commission. Non-GAAP Financial Measures: This document contains non-GAAP financial measures denoted as Underlying results, excluding HSBC, excluding acquisitions and excluding PPP. Underlying results for any given reporting period exclude certain items that may occur in that period which Management does not consider indicative of the Company’s on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by our Management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe our Underlying results in any given reporting period reflect our on- going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. We further believe the presentation of Underlying results increases comparability of period- to-period results. The Appendix presents reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP.

 
3 1Q22 GAAP financial summary 1Q22 4Q21 1Q21 Q/Q Y/Y $s in millions $/bps % $/bps % Net interest income $ 1,147 $ 1,126 $ 1,117 $ 21 2 % $ 30 3 % Noninterest income 498 594 542 (96) (16) (44) (8) Total revenue 1,645 1,720 1,659 (75) (4) (14) (1) Noninterest Expense 1,106 1,061 1,018 45 4 88 9 Pre-provision profit 539 659 641 (120) (18) (102) (16) Provision (benefit) for credit losses 3 (25) (140) 28 NM 143 NM Income before income tax expense 536 684 781 (148) (22) (245) (31) Income tax expense 116 154 170 (38) (25) (54) (32) Net income $ 420 $ 530 $ 611 $ (110) (21) % $ (191) (31) % Preferred dividends 24 32 23 (8) (25) 1 4 Net income available to common stockholders $ 396 $ 498 $ 588 $ (102) (20) % $ (192) (33) % $s in billions Average interest-earning assets $ 169.3 $ 168.0 $ 164.4 $ 1.3 1 % $ 4.9 3 % Average deposits $ 155.1 $ 153.0 $ 146.6 $ 2.1 1 % $ 8.4 6 % Performance metrics Net interest margin(1) 2.75 % 2.66 % 2.75 % 9 bps — bps Net interest margin, FTE(1) 2.75 2.66 2.76 9 (1) Loans-to-deposit ratio (period-end) 82.7 83.0 80.7 (33) 196 ROACE 7.7 9.3 11.6 (161) (392) ROTCE 11.4 13.6 17.2 (221) (581) ROA 0.9 1.1 1.4 (22) (46) ROTA 0.9 1.2 1.4 (23) (47) Efficiency ratio 67.2 61.7 61.4 555 588 Noninterest income as a % of total revenue 30 % 35 % 33 % (500) bps (300) bps FTEs(2) 17,843 17,463 17,405 380 2 % 438 3 % Operating leverage (8.6) % (9.5) % Per common share Diluted earnings $ 0.93 $ 1.17 $ 1.37 $ (0.24) (21) % $ (0.44) (32) % Tangible book value $ 30.97 $ 34.61 $ 32.79 $ (3.64) (11) % $ (1.82) (6) % Average diluted shares outstanding (in millions) 424.7 426.9 427.9 (2.2) (1) % (3.2) (1) % See pages 26-27 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 25.

 
4 1Q22 Underlying financial summary(1) Q/Q Y/Y $s in millions 1Q22 4Q21 1Q21 $/bps % $/bps % Net interest income $ 1,147 $ 1,126 $ 1,117 $ 21 2 % $ 30 3 % Noninterest income 498 594 542 (96) (16) (44) (8) Total revenue 1,645 1,720 1,659 (75) (4) (14) (1) Noninterest expense 1,058 1,010 998 48 5 60 6 Pre-provision profit 587 710 661 (123) (17) (74) (11) Provision (benefit) for credit losses (21) (25) (140) 4 16 119 85 Net income available to common stockholders $ 452 $ 537 $ 603 $ (85) (16) % $ (151) (25) % Performance metrics Noninterest income as a % of total revenue 30 % 35 % 33 % (500) bps (300) bps Efficiency ratio 64.3 58.7 60.2 557 409 ROTCE 13.0 % 14.6 % 17.6 % (162) bps (460) bps Diluted EPS $ 1.07 $ 1.26 $ 1.41 $ (0.19) (15) % $ (0.34) (24) % Tangible book value per share $ 30.97 $ 34.61 $ 32.79 $ (3.64) (11) % $ (1.82) (6) % See pages 26-27 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 25.

 
5 Overview(1) See pages 26-27 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 25. 1Q22 results reflect our diversified business model Credit trends favorable Strong capital, liquidity and funding ■ Credit remains excellent across retail and commercial; NCOs of 19 bps, up slightly from historically low 4Q21, NPLs to loans of 0.60%, up from 0.55% at 4Q21 ■ Allowance for credit losses coverage ratio of 1.43% ■ Strong capital levels with a CET1 ratio of 9.7%(2); compares with 9.9% in 4Q21 and 10.1% in 1Q21 ■ Period-end LDR ratio of 83% vs. 81% a year ago; average DDA up 11% YoY and down 1% QoQ, 31% of total deposits ■ TBV/share of $30.97, down 10.5% QoQ Prioritizing major strategic initiatives ■ Underlying net income of $476 million and EPS of $1.07 ■ Underlying PPNR of $587 million, down 17% from 4Q21 and down 11% from 1Q21 reflects lower fees, partially offset by higher NII – NII up 2% QoQ given 9 bps increase in net interest margin and strong loan growth – Interest-bearing deposit costs of 10 bps, down 3 bps QoQ – Fees of $498 million, down 16% QoQ given lower capital markets fees from prior quarter record ■ Average loans up 3% QoQ; Period-end loans up 2% ■ Underlying credit provision benefit of $21 million reflects the continuing strong credit performance across retail and commercial ■ Underlying ROTCE of 13.0% compares with 14.6% in 4Q21 and 17.6% in 1Q21 ■ Completed acquisitions of HSBC East Coast branches and national online deposits (the "HSBC transaction") on February 18th and Investors Bancorp on April 6th ■ TOP 7 making progress, targeting ~$100 million pre-tax run-rate benefit by YE2022 ■ Consumer: transformative national expansion strategy and digital transformation; growing Citizens PayTM, driving momentum in wealth, entering NYC Metro and New Jersey Markets ■ Commercial: enhancing coverage model, diversifying fee capabilities, expanding into high-growth sectors and supporting the growth of private capital

 
6 2.66% 0.09% 0.05% 0.01% (0.04)% (0.02)% 2.75% 4Q21 Lower Cash Asset Yields Funding Cost PPP Other 1Q22 $164.4B $166.3B $167.3B $168.0B $169.3B $1,117 $1,124 $1,145 $1,126 $1,147 2.76% 2.72% 2.72% 2.66% 2.75% 1Q21 2Q21 3Q21 4Q21 1Q22 ■ NII up 2% given loan growth and higher net interest margin, partially offset by the reduced benefit from PPP forgiveness (~$23 million) and the impact of lower day count (~$18 million) – NIM of 2.75%, up 9 bps reflecting the deployment of cash into loan growth and higher earning-asset yields, partially offset by a reduced benefit from PPP forgiveness (~(4) bps) – Interest-bearing deposit costs were down 3 bps to 10 bps Net interest income $s in millions, except earning assets NII and NIM Average interest-earning assets Net interest income NIM, FTE Robust loan growth and improved rate environment benefiting NII ■ NII up 3% given interest-earning asset growth of 3% and broadly stable NIM – NIM of 2.75%, down 1 basis point reflecting lower earning-asset yields, largely offset by the deployment of cash into loan growth – Interest-bearing deposit costs decreased to 10 bps from 20 bps NIM 4Q21 to 1Q22 Year-Over-Year Linked Quarter

 
7 Instant +/- 25 bps quarterly impact vs. forward curve Short-end '+/- ~$15-20 Long-end '+/- ~$5 Total '+/- ~$20-25 Enhanced funding base will drive significant benefit from rising rates See pages 26-27 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 25. Asset sensitivity Prior up-cycle Current up-cycle Period-end LDR 96% 83% IB deposit costs 34 bps 10 bps NIB to total deposits(1) 27% 32% Consumer CDs / total deposits(1) 10.4% 2.9% Floating rate wholesale funding / total liabilities(1)(2) 6.1% 1.3% Funding base much better positioned for current up-cycle ■ Funding mix favorable; significant strides in improving quality of deposit base over time – Better starting point with lower LDR and lower interest- bearing deposit costs – Continue to grow noninterest-bearing deposits and reduce Consumer CDs as a percentage of total deposits – Enhanced Consumer and Commercial product offerings and enhanced tools to drive higher operating deposits – Advanced data and analytics to optimize deposit base and pricing ■ Asset sensitivity higher than start of last up-cycle ■ ~75% of exposure to the short-end; meaningful upside if rates increase beyond the April 6th forward curve Note: Long-end is greater than 6 months ■ Utilizing April 6th forward curve: 50 bp hike in May, 25 bp hikes in June, July, August and September, and 50 bp hike in November – Year-end 2022 Fed Funds target range of 2.25% to 2.50%; 10-year Treasury of 2.70% ■ Expect ~35% cumulative IB deposit beta over full-rate cycle, significantly improved from ~43% in prior 3Q15-2Q19 cycle Prior up-cycle Current up-cycle 3Q15 4Q15(3) 4Q21 1Q22(3) ~7% ~6% ~10% ~7%(4) Dramatic improvement in funding base over-time (3) Quarter of first Fed rate hike (4) ~6% pro forma for ISBC

 
8 ■ Noninterest income down 8% – Mortgage banking fees declined reflecting lower gain-on-sale margins and production volumes – Record FX and derivative products revenue reflect increased client interest-rate and commodities hedging activity – Capital markets fees up $12 million, driven by higher loan syndication fees, partially offset by lower underwriting; includes $21 million of fees from acquisitions closed during the second half of 2021 – Card fees up $5 million reflecting higher debit and credit card volumes – Wealth fees up $3 million reflecting an increase in AUM given strong inflows and higher equity market levels – Other income increased, primarily reflecting higher investment income $542 $485 $514 $594 $498 1Q21 2Q21 3Q21 4Q21 1Q22 Noninterest income $s in millions ■ Noninterest income decreased 16% – Capital markets fees declined from record levels in 4Q21 reflecting lower M&A advisory, underwriting and loan syndication fees given market volatility, seasonal impacts and some pull- forward of transactions into 4Q21 – Record FX and derivative products revenue reflects increased client interest-rate and commodities hedging activity – Mortgage banking fees lower reflecting a decline in gain-on-sale margin and seasonally lower production volume – Card fees and service charges and fees lower, reflecting seasonal impacts – Other income decline primarily reflects lower leasing income Record FX and derivatives; fee results reflect capital markets disruption and expected seasonality See pages 26-27 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 25. $s in millions 1Q22 4Q21 1Q21 $ Q/Q Y/Y Capital markets fees $ 93 $ 184 $ 81 $ (91) $ 12 Service charges and fees 98 100 99 (2) (1) Mortgage banking fees 69 76 165 (7) (96) Card fees 60 65 55 (5) 5 Trust and investment services fees 61 60 58 1 3 Letter of credit and loan fees 38 41 38 (3) — FX and derivative products 51 35 28 16 23 Securities gains, net 4 1 3 3 1 Other income(1) 24 32 15 (8) 9 Noninterest income $ 498 $ 594 $ 542 $ (96) $ (44) Linked Quarter Year-Over-YearNoninterest income

 
9 60.2% 60.9% 59.5% 58.7% 64.3% 1Q21 2Q21 3Q21 4Q21 1Q22 Underlying, as applicable 1Q22 4Q21 1Q21 $ $s in millions Q/Q Y/Y Salaries & employee benefits $ 588 $ 546 $ 548 $ 42 $ 40 Equipment & software 148 144 148 4 — Outside services 134 138 132 (4) 2 Occupancy 83 81 79 2 4 Other operating expense 105 101 91 4 14 Noninterest expense $ 1,058 $ 1,010 $ 998 $ 48 $ 60 Full-time equivalents (FTEs) 17,843 17,463 17,405 380 438 Noninterest expense(1) ■ Underlying noninterest expense up 5%, which includes $13 million tied to the HSBC transaction; up 3% excluding acquisitions – Reflects higher salaries and employee benefits, given seasonal increases in payroll taxes and 401k costs, partially offset by lower incentive compensation tied to lower capital markets revenue – Results reflect strong expense discipline and the benefit of efficiency initiatives ■ Underlying noninterest expense up 2% excluding acquisitions – Reflects higher salaries and employee benefits given merit increases, as well as higher other operating expense associated with increased travel and advertising costs, partially offset by the benefit of efficiency initiatives See pages 26-27 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 25. Underlying efficiency ratio Continued expense discipline and efficiency initiatives helping to combat inflation pressures Linked Quarter Year-Over-Year

 
10 ■ Average loans up $3.9 billion, or 3% – Reflects 3% growth in retail driven by mortgage, auto and home equity – Commercial up 3%, driven by C&I; up 4% ex PPP(1) ■ Period-end loans up $3.1 billion, or 2% – Reflects 3% growth in retail driven by mortgage, education and home equity – Commercial up 2%; up 3% ex PPP(1) – Period-end commercial line utilization up ~150 basis points to ~36% $122.8 $123.5 $122.6 $125.2 $129.2 $62.0 $62.8 $64.0 $66.3 $68.6 $60.9 $60.7 $58.7 $58.9 $60.6 Retail loans Commercial loans and leases 1Q21 2Q21 3Q21 4Q21 1Q22 Loans and leases $s in billions Strong average loan growth of 3%, with commercial up 3% led by C&I ■ Average loans up $6.3 billion, or 5% – Reflects 11% growth in retail, driven by mortgage, auto and education, partially offset by planned run off in personal unsecured – Commercial stable; excluding PPP up $3.9 billion, or 7%(1) ■ Period-end loans up $9.1 billion, or 7%, – Reflects 13% growth in retail, given strength in mortgage, auto, education and home equity, partially offset by planned run off of personal unsecured installment loans – Commercial up 2%; excluding PPP up $5.8 billion, or 11%(1) Average loans and leases(2) $122.2 $122.6 $123.3 $128.2 $131.3 $61.8 $63.5 $65.4 $67.8 $69.8 $60.4 $59.1 $58.0 $60.4 $61.5 Retail loans Commercial loans and leases 1Q21 2Q21 3Q21 4Q21 1Q22 $s in billions Period-end loans and leases(2) See pages 26-27 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 25. Linked Quarter Year-Over-Year

 
11 $146.6 $150.3 $151.9 $153.0 $155.1 1Q21 2Q21 3Q21 4Q21 1Q22 Average funding and cost of funds HSBC transaction adds ~$6.3 billion of low-cost deposits $s in billions 1Q22 Average deposits See pages 26-27 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 25. 0.14% 0.11% 0.09% 0.09% 0.07% 0.20% 0.16% 0.14% 0.13% 0.10% Total deposit costs Interest-bearing deposit costs Commercial Consumer Other ■ Average deposits up $2.1 billion, or 1%, driven by the $2.9 billion impact of the HSBC transaction; down 1% excluding HSBC, given seasonal impacts(1) ■ Interest-bearing deposits costs of 10 bps, down 3 bps ■ Total deposit costs down 2 bps; demand deposits 31% of total ■ Period-end deposits up $4.4 billion, or 3%, including $6.3 billion impact of the HSBC transaction; down 1% excluding HSBC(1), given seasonal impacts, as well as continued normalization from elevated liquidity levels ■ Period-end LDR ratio 82.7% ■ Average deposits up $8.4 billion, or 6%, including the $2.9 billion impact of the HSBC transaction; up 4% excluding HSBC(1), given growth in lower-cost deposits, partially offset by decreases in money market and term deposits ■ Total deposit costs down 7 bps and interest-bearing deposit costs down 10 bps ■ Period-end deposit growth of $7.4 billion, or 5%, driven by the $6.3 billion impact of the HSBC transaction; up 1% excluding HSBC(1), given growth in lower-cost deposits, partially offset by decreases in money market and term deposits 81% 83% 83% 1Q21 4Q21 1Q22 Linked Quarter Year-Over-Year 31% 31% 20% 15% 3% Demand Checking with interest Term Savings Money Market Period-end LDR1Q22 Average deposit mix

 
12 ■ NCOs of $59 million, or 19 bps of average loans and leases, up slightly from prior quarter ■ Nonaccrual loans increased 5 bps to 0.60% of total loans QoQ, largely tied to residential real estate-secured loans exiting forbearance ■ Underlying credit provision benefit of $21 million reflects the continuing strong credit performance across retail and commercial – Excludes $24 million day-1 CECL provision ("double count") tied to the HSBC transaction(4) ■ 1Q22 ACL ratio of 1.43% compares with 1.51% in 4Q21 and 1.94% in 1Q21 ■ ACL to nonaccrual loans and leases ratio of 238% compares with 276% as of 4Q21 and 235% as of 1Q21 $(140) $(213) $(33) $(25) $(21) $158 $78 $44 $45 $59 0.52% 0.25% 0.14% 0.14% 0.19% 1Q21 2Q21 3Q21 4Q21 1Q22 Highlights Credit quality overview (1) $s in millions $s in millions 0.82% 0.64% 0.61% 0.55% 0.60% Nonaccrual loans Nonaccrual loans to total loans 1Q21 2Q21 3Q21 4Q21 1Q22 See pages 26-27 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 25. $1,008 $779 $747 $702 $789 Credit provision benefit, net charge-offs Nonaccrual loans $s in millions 1.94% 1.70% 1.63% 1.51% 1.43% Allowance for credit losses Allowance to loan coverage ratio 1Q21 2Q21 3Q21 4Q21 1Q22 Allowance for credit losses $2,372 $2,081 $2,004 $1,934 $1,878 (3) Provision (benefit) for credit losses Net Charge-offs Net c/o ratio(2)

 
13 HSBC ■ 1Q22 CET1 ratio of 9.7%, compares with 9.9% in 4Q21 ■ Paid $165 million in common dividends to shareholders in 1Q22 ■ Updated CET1 target operating range to 9.5% to 10.0% Capital remains strong $s in billions (period-end) 1Q21 2Q21 3Q21 4Q21 1Q22 Basel III basis(1)(2) Common equity tier 1 capital $ 14.9 $ 15.3 $ 15.6 $ 15.7 $ 15.6 Risk-weighted assets $ 147.8 $ 148.6 $ 151.8 $ 158.8 $ 161.9 Common equity tier 1 ratio 10.1 % 10.3 % 10.3 % 9.9 % 9.7 % Tier 1 capital ratio 11.4 % 11.6 % 11.6 % 11.1 % 10.9 % Total capital ratio 13.4 % 13.5 % 13.4 % 12.7 % 12.5 % See pages 26-27 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 25. Closed: February 18, 2022 Deposit premium: ~$140MM Closed: April 6, 2022 Purchase price: $3.39B; ~72.2MM shares and ~$355MM cash Acquisition summary ISBC 4Q21 9.9 % Net Income 0.26 Common and preferred dividends (0.12) RWA growth (0.12) HSBC acquisition (0.20) Other (0.02) 1Q22 9.7 % CET1 ratio remains strong(3) Highlights Stock repurchases Priorities 2 3a Organic growth Prudently grow loan balances Sustainable dividend Targeting 35-40% dividend payout ratio1 3b M&A Growth through strategically and financially compelling acquisitions

 
14 Business highlights See pages 26-27 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 25. Digital check deposits ~31% of total deposits Increasing digital engagement En te rp ri se Strong execution on strategy to deliver long-term value as the trusted advisor for our clients • Strengthened capabilities to grow fees; record Global Markets revenue, up 82% YoY; consistently in top 10 in league tables for overall middle market book runner, ranked #3 with sponsor 1Q22(1) • Announced new Treasury Solutions capabilities; Earned Wage Access enables clients to give employees on-demand access to earned pay, along with financial health tools • Expanded partnership with FIS to allow Worldpay to process Card-to-Crypto® transactions for leading digital asset companies • Pitching activity remained strong in 1Q22 with ~800 delivered to both corporate banking clients and prospects; new wins success continues to be in lead roles Delivering on strategic pillars (digitization, national expansion, deepening) • Migrated Citizens Access® to fully-cloud enabled core platform • Announced Citizens EverValue Checking, a new overdraft-free checking account designed to increase banking access for underbanked and underserved communities • EverValue Checking and Student Checking accounts certified as meeting the Bank On National Account Standards; Citizens is the first bank to offer both an overall certified checking account and a certified youth and teen checking account • Planned 2Q22 launch of Citizens Paid Early™, allowing customers to receive direct deposits up to two days early Citizens well positioned to continue positive trajectory and support our communities • TOP 7 progressing well; targeting pre-tax run-rate benefit of ~$100 million by YE2022 • Completed HSBC branch and Investors acquisitions; significantly build on physical presence in the NYC/New Jersey Metro area with the addition of more than 200 branches • Citizens announced renewed sponsorship of the Girls Who Code Summer Immersion Program serving up to 6,000 students exploring careers in technology • Citizens hosts fifth-annual Community Champion Award Contest; awards $10,000 each to 30 small businesses, including at least ten minority-owned and ten women-owned businesses Co ns um er Co m m er ci al 1.9 million Mobile active users, up 16% YoY P2P Zelle transactions up 24% YoY Virtual chat sessions up 225% YoY My Banktracker Best of Banking 2022 Best Northeast Regional Bank Humans Rights Campaign 3rd year in a row named a best place to work for LGBTQ equity by the Human Rights Campaign

 
15 FY2022 Revised outlook See pages 26-27 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 25. Key 2022 interest rate assumptions 2021 Underlying(1) 2022 Underlying Outlook vs. 2021 Underlying January Guidance April Guidance CFG ex HSBC/ISBC* CFG ex HSBC/ISBC* Total CFG* Net interest income $4,512MM Up 3-5%; up high single digits ex PPP Up 10-12%; ~$290-$330 million higher than January guide reflecting rates Up 27-30% or ~$5.7-$5.9B Balance sheet Avg. Loans $123.6B Up mid single digits; up high single digits ex PPP Up mid single digits; up high single digits ex PPP Up 20-22% Avg. Earning Assets $166.5B Up slightly Up slightly Up 14-16% Noninterest income $2,135MM Up 4-7% given strength in Capital Markets and Wealth, offsetting decline in mortgage fees Up slightly; ~$100 million lower than January guide reflecting lower mortgage and capital markets fees Up 3-7% or ~$2.2-$2.3B Noninterest expense $3,976MM Up 5-6%; less than 3% excluding impact from Commercial fee- based acquisitions in 2H21 Up ~6%; up 3-4% excluding Commercial fee-based acquisitions in 2H21 Up 16-18% or ~$4.6-$4.7B Net charge-off ratio 26 bps Broadly stable/down slightly Broadly stable/down slightly Broadly stable/down slightly CET1 ratio(2) 9.90% Expect to maintain within 9.75-10.0% targeted range ~9.75%** Tax rate 22.2% ~22% ~22-23% Forward curve January 5, 2022 April 6, 2022 YE Fed Funds target range 0.75 - 1.00% 2.25 - 2.50% YE 10-yr Treasury rate ~1.90% ~2.70% * CFG ex HSBC/ISBC excludes impacts from the acquisitions of HSBC's East Coast Branches and Online deposits (closed 2/18/22), Investors Bancorp (closed 4/6/22) and the pending acquisition of DH Capital; Total CFG excludes only the pending acquisition of DH Capital ** Reflects impacts from expected notable items; see Appendix page 20 Notable Items outlook Full-year ROTCE expected to be solidly within the 14-16% medium-term target range

 
16 2Q22 outlook vs. 1Q22 See pages 26-27 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 25. 1Q22 Underlying(1) 2Q22 Underlying Outlook CFG ex HSBC/ISBC* Total CFG* Net interest income $1,147MM Up 6-8% reflecting the benefit of higher rates Up 27-29% or ~$1,450-$1,480MM Balance sheet Average Loans $129.2B Up 1-2% Up 18-20% Average Earning Assets $169.3B Up slightly Up 15-17% Noninterest income $498MM Up 3-5% reflecting some recovery in capital market fees and seasonality Up 7-9% or ~$530-$545MM Noninterest expense $1,058MM Up 1-2% given higher revenue-based compensation expense Up 12-13% or ~$1,185-$1,200MM Net charge-off ratio 19 bps Broadly stable Broadly stable CET1 ratio(2) 9.7% ~9.75% * CFG ex HSBC/ISBC excludes impacts from the acquisitions of HSBC's East Coast Branches and Online deposits (closed 2/18/22), Investors Bancorp (closed 4/6/22) and the pending acquisition of DH Capital; Total CFG excludes only the pending acquisition of DH Capital

 
17 Citizens well positioned to continue positive trajectory 2 3 Transformed bank since IPO – Repositioned Consumer and Commercial Banking businesses, with focus on attractive customer segments and sustainable growth – Significantly modernized and strengthened technology capabilities; digital first approach/business model 1 4 Strong franchise, in attractive markets with diversified business model – Recent acquisitions provide strong growth prospects in NYC Metro and the opportunity to capitalize on industry growth sectors in Commercial; innovation driving organic initiatives Citizens remains well capitalized and maintains ample liquidity – Transformed the balance sheet; significantly improved deposit base Intense focus on expense discipline and efficiency initiatives – TOP 7 making progress, targeting ~$100 million pre-tax run-rate benefit by YE2022 5 Key Attributes 6 Strong and proven Board and leadership team: track record of execution Successfully executing on our key strategic priorities to deepen customer relationships – Best-in-class digital-first Consumer bank with differentiated capabilities and expanding nationally – Enhancing Commercial coverage model, diversifying fee capabilities, expanding into high-growth sectors and supporting the growth of private capital

 
18 – Acquisitions already well-integrated, go-to-market strategy effective, gaining market share – Strong positioning to support growth of private capital sponsors – Increased focus on attractive high growth sectors Positive outlook for Citizens' 2022 performance Absolute and relative valuation highly attractive given performance, positioning and momentum NII will be materially higher given higher rate environment and reaffirmation of strong loan growth – Deposit franchise significantly better than previous cycle – Expecting higher loan growth in Commercial while constraining growth in Consumer to maintain attractive LDR – Maintain healthy level of asset sensitivity to benefit from further rise in rates Capital Markets pipelines remain strong; with improving market stability, expect growth for the balance of the year Investors/HSBC deals offer attractive synergies to drive distinction in NYC Metro, EPS and ROTCE accretion Expense discipline continues Credit metrics/migrations all in good shape across retail, commercial, CRE

 
Appendix

 
20 Notable items outlook(1) See pages 26-27 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described above. 2Q22 FY22 impacts Pre-tax Pre-tax ($s in millions except per share data) Integration expenses ~$100 ~$200 HSBC Day 1 CECL provision expense (“double count”)* — 24 ISBC Day 1 CECL provision expense (“double count”)* ~165 ~165 TOP revenue and efficiency initiatives ~10 ~40 Total notable items: ~$275 ~$429 *Day 1 CECL reserve for non-credit impaired loans acquired Impact of notable items incorporated in the 2Q22 and FY22 capital projections

 
21 38% 39% 33% 34% 18% 17% 5% 5% 6% 5% 4Q19 1Q22 Credit portfolio quality continues to improve See pages 26-27 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 25. Retail portfolio FICOs(1) Commercial portfolio risk ratings(1) $s in billions ■ ~73% of the retail portfolio is secured; ~52% real estate and ~21% auto ■ Mortgage weighted-average LTV of 60%; ~96% of the portfolio with FICO above 640 ■ ~50% of the HELOC portfolio is secured by 1st lien – ~98% CLTV less than 80; ~90% of HELOC has CLTV less than 70 ■ Education lending – FICO ~785 ■ Unsecured portfolio - FICO ~740 – Credit card portfolio - FICO ~740 – Personal unsecured - FICO ~755 – Merchant finance portfolio – FICO ~735 ■ Disciplined capital allocation and risk appetite – Highly experienced leadership team – Focused client selection – Leveraged loans ~2% of total CFG loans, granular hold positions with an average outstanding of ~$12 million ■ Reduced overall risk and driven down exposures – Areas of market concern down from ~11% of total CFG loans in 4Q19 to ~1% in 1Q22 ■ Migrated CRE portfolio toward larger, well-capitalized institutional and upper-middle market borrowers – ~82% of the CRE portfolio is project-secured – ~57% represented by income-producing projects 58% 69% 25% 16% 14% 12% 3% 3% 4Q19 1Q22 800+ 740-799 680-739 640-679 <640 B- and lower B+ to B BB+ to BB- AAA+ to BBB- $61.6 $69.8 $57.5 $61.5 Granular and diverse loan mixSuper prime/prime focused $s in billions

 
22 Allocation of allowance for credit losses by product type December 31, 2021 March 31, 2022 $s in millions Loans and Leases Allowance Coverage Coverage (ex-PPP)(3) Loans and Leases Allowance Coverage Coverage (ex-PPP)(3) Allowance for Loans and Lease Losses Commercial and industrial(1) $44,500 $555 1.25 % 1.27 % $45,724 $525 1.15 % 1.16 % Commercial real estate 14,264 220 1.54 14,268 214 1.50 Leases 1,586 46 2.92 1,529 39 2.54 Total commercial 60,350 821 1.36 1.38 61,521 778 1.26 1.27 Residential mortgages 22,822 144 0.63 24,211 144 0.60 Home equity 12,015 82 0.69 12,264 78 0.64 Automobile 14,549 154 1.05 14,439 149 1.03 Education 12,997 308 2.37 13,306 321 2.41 Other retail 5,430 249 4.59 5,564 250 4.49 Total retail loans 67,813 937 1.38 69,784 942 1.35 Total loans and leases $128,163 $1,758 1.37 % 1.38 % $131,305 $1,720 1.31 % Allowance for Unfunded Lending Commitments(2)* Commercial(1) $153 1.61 % 1.63 % $147 1.50 % 1.51 % Retail 23 1.42 11 1.37 Total allowance for unfunded lending commitments $176 $158 Allowance for credit losses(2) $128,163 $1,934 1.51 % 1.52 % $131,305 $1,878 1.43 % Coverage ex-PPP calculated to exclude PPP loans which are fully guaranteed and included in the commercial and industrial category. PPP loan balances were $787 million and $417 million as of December 31, 2021 and March 31, 2022, respectively. *Coverage ratios reflect total allowance for credit losses for the respective portfolio. See pages 26-27 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 25.

 
23 Net income available to common shareholders and EPS $s in millions, except per share data ê17% $710 $587 4Q21 1Q22 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 é3% $3.5 2 $3.5 6 ê15% $125.2 $129.2 4Q21 1Q22 $153.0 $155.1 4Q21 1Q22 1.25% 1.06% 4Q21 1Q22 14.6% 13.0% 4Q21 1Q22 $537 $452 $1.26 $1.07 4Q21 1Q22 ê16% Pre-provision profit $s in millions See pages 26-27 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 25. ê162 bps ê19 bpsé1%

 
24 $661 $587 1Q21 1Q22 Year-over-year Underlying results(1) Return on average total tangible assets ê11% Average loans $s in billions é5% 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 $122.8 $129.2 1Q21 1Q22 $146.6 $155.1 1Q21 1Q22 1.44% 1.06% 1Q21 1Q22 17.6% 13.0% 1Q21 1Q22 é6% Pre-provision profit $s in millions ê460 bps$603 $452 $1.41 $1.07 1Q21 1Q22 See pages 26-27 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 25. ê24% ê25%

 
25 Notable items(1) Quarterly results for first quarter 2022, fourth quarter 2021, and first quarter 2021 reflect notable items primarily related to integration costs associated with acquisitions, primarily HSBC East Coast branches and online deposits, Investors Bancorp, Inc. and JMP Group LLC, as well as TOP transformational and revenue and efficiency initiatives. First quarter 2022 also includes a $24 million pre-tax day-one CECL provision expense (“double count”) notable item tied to the HSBC transaction. These notable items have been excluded from reported results to better reflect Underlying operating results. See pages 26-27 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described above. Notable items - integration expense 1Q22 4Q21 1Q21 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Salaries & benefits $ (4) $ (3) $ (3) $ (2) $ — $ — Equipment and software — — (1) (1) — — Outside services (28) (21) (22) (17) — — Occupancy — — — — — — Other expense (5) (3) (3) (2) — — Noninterest expense $ (37) $ (27) $ (29) $ (22) $ — $ — EPS Impact - Noninterest expense integration expense $ (0.07) $ (0.05) $ — HSBC Day 1 CECL provision expense (“double count”) (24) (18) — — — — EPS Impact - HSBC Day 1 CECL provision expense $ (0.04) $ — $ — Total Integration Expense $ (61) $ (45) $ (29) $ (22) $ — $ — EPS Impact - Total integration expense $ (0.11) $ (0.05) $ — Other notable items - primarily tax and TOP 1Q22 4Q21 1Q21 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Tax notable items $ — $ (3) $ — $ — $ — $ — Other notable items- TOP & other actions Salaries & benefits $ (2) $ (1) $ (2) $ (2) $ — $ — Equipment and software (2) (2) (1) (1) (4) (3) Outside services (7) (5) (15) (11) (7) (5) Occupancy — — (5) (4) (9) (7) Other expense — — 1 1 — — Noninterest expense $ (11) $ (8) $ (22) $ (17) $ (20) $ (15) Total Other Notable Items $ (11) $ (11) $ (22) $ (17) $ (20) $ (15) EPS Impact - Other Notable Items $ (0.03) $ (0.04) $ (0.04) Total Notable Items $ (72) $ (56) $ (51) $ (39) $ (20) $ (15) Total EPS Impact $ (0.14) $ (0.09) $ (0.04)

 
26 Notes on Non-GAAP Financial Measures See important information on Non-GAAP Financial Measures, as applicable, at the beginning and end of this presentation for an explanation of our use of these metrics and non-GAAP financial measures and their reconciliations to GAAP financial measures. "Underlying" and "excluding acquisitions" results exclude notable items and/or the impact of the acquisitions closed in this reporting period. Where there is a reference to Underlying results in a paragraph or table, all measures that follow these references are on the same basis, when applicable. Allowance coverage ratios for loans and leases includes the allowance for funded loans and leases in the numerator and funded loans and leases in the denominator. Allowance coverage ratios for credit losses includes the allowance for funded loans and leases and allowance for unfunded lending commitments in the numerator and funded loans and leases in the denominator. Coverage ex-PPP calculated to exclude PPP loans which are fully guaranteed and included in the commercial and industrial category. PPP loan balances were $787 million and $417 million as of December 31, 2021 and March 31, 2022, respectively. See slide 22 for more details on the calculations. General Notes a. References to net interest margin are on a fully taxable equivalent ("FTE") basis. b. Throughout this presentation, references to consolidated and/or commercial loans and loan growth include leases. Loans held for sale are also referred to as LHFS. c. Select totals may not sum due to rounding. d. Based on Basel III standardized approach. Capital Ratios are preliminary. e. Throughout this presentation, reference to balance sheet items are on an average basis and loans exclude held for sale unless otherwise noted. f. NIM excluding elevated cash adjusts interest-earning assets to exclude the impact of cash above targeted operating levels. Notes Notes on slide 3 - 1Q22 GAAP financial summary 1) See general note a). 2) Full-time equivalent employees. Notes on slide 4 - 1Q22 Underlying financial summary 1) See note on non-GAAP financial measures. Notes on slide 5 - Overview 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 7 - Enhanced funding base will drive significant benefit from rising rates 1) Calculated using period-end balances 2) Calculated as floating rate wholesale funding borrowings as a percentage of total interest bearing liabilities and demand deposits. 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. Notes on slide 10 - Loans and leases 1) See note on non-GAAP financial measures. 2) See general note c). Notes on slide 11 - Average funding and cost of funds 1) See note on non-GAAP financial measures. Notes on slide 12 - Credit quality overview 1) Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing. 2) See note on non-GAAP financial measures. 3) Allowance for credit losses to nonperforming loans and leases. 4) Day 1 CECL reserve for non-credit impaired loans acquired. Notes on slide 13 - Capital remains strong 1) See general note d). 2) For regulatory capital purposes, in connection with the Federal Reserve’s final interim rule as of April 3, 2020, 100% of the $451 million Day-1 CECL impact recorded as of January 1, 2020 will be deferred over a two-year period ending January 1, 2022, at which time it will be phased in on a pro-rata basis over a three-year period ending January 1, 2025. Additionally, 25% of the cumulative reserve build of $923 million since January 1, 2020, or $231 million, will be phased in over the same time frame. 3) See general note c). Notes on slide 14 - Business highlights 1) Thomson Reuters LPC, Loan syndication league table ranking for the prior twelve months as of 1Q22 based on deals for Overall U.S. Middle Market (defined as Borrower Revenues <$500 million and Deal Size <$500 million).

 
27 Notes continued Notes on slide 15 - FY2022 Revised outlook 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 16 - 2Q22 outlook vs. 1Q22 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 20 - Notable items outlook 1) See note on non-GAAP financial measures. Notes on slide 21 - Credit portfolio quality continues to improve 1) Reflects period-end loan balances. Notes on slide 22 - Allocation of allowance for credit losses by product type 1) Coverage ratio includes total commercial allowance for unfunded lending commitments and total commercial allowance for loan and lease losses in the numerator and total commercial loans and leases in the denominator. 2) Coverage ratio includes total retail allowance for unfunded lending commitments and total retail allowance for loan losses in the numerator and total retail loans in the denominator. 3) See note on non-GAAP financial measures. Notes on slide 23 - Linked-quarter Underlying results 1) See note on non-GAAP financial measures. Notes on slide 24 - Year-over-year Underlying results 1) See note on non-GAAP financial measures. Notes on slide 25 - Notable items 1) See note on non-GAAP financial measures.

 
28 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS FULL YEAR 1Q22 Change 1Q22 4Q21 1Q21 4Q21 1Q21 2021 $ % $ % Total revenue, Underlying: Total revenue (GAAP) A $1,645 $1,720 $1,659 ($75) (4%) ($14) (1%) $6,647 Less: Notable items — — — — — — — — Total revenue, Underlying (non-GAAP) B $1,645 $1,720 $1,659 ($75) (4%) ($14) (1%) $6,647 Noninterest expense, Underlying: Noninterest expense (GAAP) C $1,106 $1,061 $1,018 $45 4% $88 9% $4,081 Less: Notable items 48 51 20 (3) (6) 28 140 105 Noninterest expense, Underlying (non-GAAP) D $1,058 $1,010 $998 $48 5% $60 6% $3,976 Pre-provision profit: Total revenue (GAAP) A $1,645 $1,720 $1,659 ($75) (4%) ($14) (1%) $6,647 Less: Noninterest expense (GAAP) C 1,106 1,061 1,018 45 4 88 9 4,081 Pre-provision profit (GAAP) $539 $659 $641 ($120) (18%) ($102) (16%) $2,566 Pre-provision profit, Underlying: Total revenue, Underlying (non-GAAP) B $1,645 $1,720 $1,659 ($75) (4%) ($14) (1%) $6,647 Less: Noninterest expense, Underlying (non-GAAP) D 1,058 1,010 998 48 5 60 6 3,976 Pre-provision profit, Underlying (non-GAAP) $587 $710 $661 ($123) (17%) ($74) (11%) $2,671 Provision (benefit) for credit losses, Underlying: Provision (benefit) for credit losses (GAAP) $3 ($25) ($140) $28 NM $143 NM ($411) Less: Notable items 24 — — 24 100 24 100 — Provision (benefit) for credit losses, Underlying (non-GAAP) ($21) ($25) ($140) $4 16% $119 85% ($411) Income before income tax expense, Underlying: Income before income tax expense (GAAP) E $536 $684 $781 ($148) (22%) ($245) (31%) $2,977 Less: Expense before income tax benefit related to notable items (72) (51) (20) (21) (41) (52) NM (105) Income before income tax expense, Underlying (non-GAAP) F $608 $735 $801 ($127) (17%) ($193) (24%) $3,082 Income tax expense, Underlying: Income tax expense (GAAP) G $116 $154 $170 ($38) (25%) ($54) (32%) $658 Less: Income tax benefit related to notable items (16) (12) (5) (4) (33) (11) (220) (27) Income tax expense, Underlying (non-GAAP) H $132 $166 $175 ($34) (20%) ($43) (25%) $685 Net income, Underlying: Net income (GAAP) I $420 $530 $611 ($110) (21%) ($191) (31%) $2,319 Add: Notable items, net of income tax benefit 56 39 15 17 44 41 NM 78 Net income, Underlying (non-GAAP) J $476 $569 $626 ($93) (16%) ($150) (24%) $2,397 Net income available to common stockholders, Underlying: Net income available to common stockholders (GAAP) K $396 $498 $588 ($102) (20%) ($192) (33%) $2,206 Add: Notable items, net of income tax benefit 56 39 15 17 44 41 NM 78 Net income available to common stockholders, Underlying (non-GAAP) L $452 $537 $603 ($85) (16%) ($151) (25%) $2,284

 
29 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS FULL YEAR 1Q22 Change 1Q22 4Q21 1Q21 4Q21 1Q21 2021 $/bps % $/bps % Operating leverage: Total revenue (GAAP) A $1,645 $1,720 $1,659 ($75) (4.33%) ($14) (0.85%) Less: Noninterest expense (GAAP) C 1,106 1,061 1,018 45 4.28 88 8.65 Operating leverage (8.61%) (9.50%) Operating leverage, Underlying: Total revenue, Underlying (non-GAAP) B $1,645 $1,720 $1,659 ($75) (4.33%) ($14) (0.85%) Less: Noninterest expense, Underlying (non-GAAP) D 1,058 1,010 998 48 4.74 60 5.89 Operating leverage, Underlying (non-GAAP) (9.07%) (6.74%) Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio C/A 67.23 % 61.68% 61.35 % 555 bps 588 bps 61.40 % Efficiency ratio, Underlying (non-GAAP) D/B 64.28 58.71 60.19 557 bps 409 bps 59.82 Effective income tax rate and effective income tax rate, Underlying: Effective income tax rate G/E 21.70% 22.40% 21.76 % (70) bps (6) bps 22.10 % Effective income tax rate, Underlying (non-GAAP) H/F 21.70 22.61 21.85 (91) bps (15) bps 22.21 Return on average common equity and return on average common equity, Underlying: Average common equity (GAAP) M $20,981 $21,320 $20,611 ($339) (2%) $370 2% $21,025 Return on average common equity K/M 7.65 % 9.26% 11.57 % (161) bps (392) bps 10.49 % Return on average common equity, Underlying (non-GAAP) L/M 8.75 9.97 11.85 (122) bps (310) bps 10.86 Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) M $20,981 $21,320 $20,611 ($339) (2%) $370 2% $21,025 Less: Average goodwill (GAAP) 7,156 7,092 7,050 64 1 106 2 7,062 Less: Average other intangibles (GAAP) 80 56 57 24 43 23 40 54 Add: Average deferred tax liabilities related to goodwill (GAAP) 383 383 379 — — 4 1 381 Average tangible common equity N $14,128 $14,555 $13,883 ($427) (3%) $245 2% $14,290 Return on average tangible common equity K/N 11.36 % 13.57% 17.17 % (221) bps (581) bps 15.44 % Return on average tangible common equity, Underlying (non-GAAP) L/N 12.99 14.61 17.59 (162) bps (460) bps 15.98 Return on average total assets and return on average total assets, Underlying: Average total assets (GAAP) O $188,317 $187,228 $182,569 $1,089 1% $5,748 3% $185,106 Return on average total assets I/O 0.90 % 1.12% 1.36 % (22) bps (46) bps 1.25 % Return on average total assets, Underlying (non-GAAP) J/O 1.03 1.20 1.39 (17) bps (36) bps 1.30 $s in millions, except share, per share and ratio data

 
30 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 1Q22 Change 1Q22 4Q21 1Q21 4Q21 1Q21 $/bps % $/bps % Return on average total tangible assets and return on average total tangible assets, Underlying: Average total assets (GAAP) P $188,317 $187,228 $182,569 $1,089 1% $5,748 3% Less: Average goodwill (GAAP) 7,156 7,092 7,050 64 1 106 2 Less: Average other intangibles (GAAP) 80 56 57 24 43 23 40 Add: Average deferred tax liabilities related to goodwill (GAAP) 383 383 379 — — 4 1 Average tangible assets Q $181,464 $180,463 $175,841 $1,001 1% $5,623 3% Return on average total tangible assets I/Q 0.94 % 1.17% 1.41 % (23) bps (47) bps Return on average total tangible assets, Underlying (non-GAAP) J/Q 1.06 1.25 1.44 (19) bps (38) bps Tangible book value per common share: Common shares - at period-end (GAAP) R 423,031,985 422,137,197 425,930,159 894,788 —% (2,898,174) (1%) Common stockholders' equity (GAAP) $20,060 $21,406 $20,688 ($1,346) (6) ($628) (3) Less: Goodwill (GAAP) 7,232 7,116 7,050 116 2 182 3 Less: Other intangible assets (GAAP) 115 64 54 51 80 61 113 Add: Deferred tax liabilities related to goodwill (GAAP) 387 383 380 4 1 7 2 Tangible common equity S $13,100 $14,609 $13,964 ($1,509) (10%) ($864) (6%) Tangible book value per common share S/R $30.97 $34.61 $32.79 ($3.64) (11%) ($1.82) (6%) 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) T 422,401,747 424,697,880 425,953,716 (2,296,133) (1%) (3,551,969) (1%) Average common shares outstanding - diluted (GAAP) U 424,670,871 426,868,106 427,880,530 (2,197,235) (1) (3,209,659) (1) Net income per average common share - basic (GAAP) K/T $0.94 $1.17 $1.38 ($0.23) (20) ($0.44) (32) Net income per average common share - diluted (GAAP) K/U 0.93 1.17 1.37 (0.24) (21) (0.44) (32) Net income per average common share - basic, Underlying (non-GAAP) L/T 1.07 1.26 1.41 (0.19) (15) (0.34) (24) Net income per average common share - diluted, Underlying (non-GAAP) L/U 1.07 1.26 1.41 (0.19) (15) (0.34) (24) $s in millions, except share, per share and ratio data

 
31 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 1Q22 Change 1Q22 4Q21 1Q21 4Q21 1Q21 $/bps % $/bps % Salaries and employee benefits, Underlying: Salaries and employee benefits (GAAP) $594 $551 $548 $43 8% $46 8% Less: Notable items 6 5 — 1 20 6 100 Salaries and employee benefits, Underlying (non-GAAP) $588 $546 $548 $42 8% $40 7% Equipment and software, Underlying: Equipment and software (GAAP) $150 $146 $152 $4 3% ($2) (1%) Less: Notable items 2 2 4 — — (2) (50) Equipment and software, Underlying (non-GAAP) $148 $144 $148 $4 3% $— —% Outside services, Underlying: Outside services (GAAP) $169 $175 $139 ($6) (3%) $30 22% Less: Notable items 35 37 7 (2) (5) 28 NM Outside services, Underlying (non-GAAP) $134 $138 $132 ($4) (3%) $2 2% Occupancy, Underlying: Occupancy (GAAP) $83 $86 $88 ($3) (3%) ($5) (6%) Less: Notable items — 5 9 (5) (100) (9) (100) Occupancy, Underlying (non-GAAP) $83 $81 $79 $2 2% $4 5% Other operating expense, Underlying: Other operating expense (GAAP) $110 $103 $91 $7 7% $19 21% Less: Notable items 5 2 — 3 150 5 NM Other operating expense, Underlying (non-GAAP) $105 $101 $91 $4 4% $14 15% $s in millions, except share, per share and ratio data

 
32 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 3Q21 2Q21 Total revenue, Underlying: Total revenue (GAAP) A $1,659 $1,609 Less: Notable items — — Total revenue, Underlying (non-GAAP) B $1,659 $1,609 Noninterest expense, Underlying: Noninterest expense (GAAP) C $1,011 $991 Less: Notable items 23 11 Noninterest expense, Underlying (non-GAAP) D $988 $980 Provision (benefit) for credit losses, Underlying: Provision (benefit) for credit losses (GAAP) E ($33) ($213) Less: Notable items — — Provision (benefit) for credit losses, Underlying (non-GAAP) F ($33) ($213) Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio C/A 60.92 % 61.63% Efficiency ratio, Underlying (non-GAAP) D/B 59.55 60.92

 
33 Non-GAAP financial measures and reconciliations - excluding the impact of PPP loans QUARTERLY TRENDS 1Q22 Change 1Q22 4Q21 1Q21 4Q21 1Q21 $/bps % $/bps % Total commercial loans, excluding the impact of PPP loans: Total commercial loans (GAAP) A $61,521 $60,350 $60,413 $1,171 2% $1,108 2% Less: PPP loans 417 787 5,148 (370) (47) (4,731) (92) Total commercial loans, excluding the impact of PPP loans (non-GAAP) B $61,104 $59,563 $55,265 $1,541 3% $5,839 11% Average commercial loans, excluding the impact of PPP loans: Average commercial loans (GAAP) C $60,573 $58,900 $60,877 $1,673 3% ($304) —% Less: PPP loans 603 1,317 4,801 (714) (54) (4,198) (87) Average commercial loans, excluding the impact of PPP loans (non-GAAP) D $59,970 $57,583 $56,076 $2,387 4% $3,894 7% $s in millions

 
34 Non-GAAP financial measures and reconciliations - excluding the impact of Acquisitions QUARTERLY TRENDS 1Q22 Change 1Q22 4Q21 1Q21 4Q21 1Q21 $/bps % $/bps % Noninterest expense, excluding Acquisitions: Noninterest expense (GAAP) A $1,106 $1,061 $1,018 $45 4% $88 9% Less: Notable items 48 51 20 (3) (6) 28 140 Less: Acquisitions impact 37 21 — 16 76 37 100 Noninterest expense, excluding Acquisitions (non-GAAP) B $1,021 $989 $998 $32 3% $23 2% $s in millions, except ratio data

 
35 Non-GAAP financial measures and reconciliations - excluding HSBC Acquisition QUARTERLY TRENDS 1Q22 Change 1Q22 4Q21 1Q21 4Q21 1Q21 $/bps % $/bps % Total Deposits, excluding HSBC Acquisition Impact: Total Deposits (GAAP) A $158,776 $154,361 $151,349 $4,415 3% $7,427 5% Less: HSBC Acquisition Impact 6,303 — — 6,303 100 6,303 100 Total Deposits, excluding HSBC Acquisition Impact (non-GAAP) B $152,473 $154,361 $151,349 ($1,888) (1%) $1,124 1% Total Average Deposits, excluding HSBC Acquisition Impact: Total Average Deposits (GAAP) C $155,083 $153,004 $146,649 $2,079 1% $8,434 6% Less: HSBC Acquisition Impact 2,881 — — 2,881 100 2,881 100 Total Average Deposits, excluding HSBC Acquisition Impact (non-GAAP) D $152,202 $153,004 $146,649 ($802) (1%) $5,553 4% $s in millions, except ratio data

 

 
















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Financial Supplement

First Quarter 2022





















1

Table of ContentsPage
Credit-Related Information:
The information in this Financial Supplement is preliminary and based on company data available at the time of the earnings presentation.  It speaks only as of the particular date or dates included in the accompanying pages.  The Company does not undertake an obligation to, and disclaims any duty to, update any of the information provided.  Any forward-looking statements in this Financial Supplement are subject to the forward-looking statements language contained in the Company’s reports filed with the SEC pursuant to the Securities Exchange Act of 1934, which can be found on the SEC’s website (www.sec.gov) or on the Company’s website (www.citizensbank.com). The Company’s future financial performance is subject to the risks and uncertainties described in its SEC filings.

2

CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
$/bps%$/bps%
SELECTED OPERATING DATA
Total revenue$1,645 $1,720 $1,659 $1,609 $1,659 ($75)(4 %)($14)(1 %)
Noninterest expense1,106 1,061 1,011 991 1,018 45 4 88 9 
Profit before provision (benefit) for credit losses539 659 648 618 641 (120)(18)(102)(16)
Provision (benefit) for credit losses3 (25)(33)(213)(140)28 NM143 NM
NET INCOME420 530 530 648 611 (110)(21)(191)(31)
Net income, Underlying1
476 569 546 656 626 (93)(16)(150)(24)
Net income available to common stockholders396 498 504 616 588 (102)(20)(192)(33)
Net income available to common stockholders, Underlying1
452 537 520 624 603 (85)(16)(151)(25)
PER COMMON SHARE DATA
Basic earnings$0.94 $1.17 $1.18 $1.45 $1.38 ($0.23)(20 %)($0.44)(32 %)
Diluted earnings0.93 1.17 1.18 1.44 1.37 (0.24)(21)(0.44)(32)
Basic earnings, Underlying1
1.07 1.26 1.22 1.47 1.41 (0.19)(15)(0.34)(24)
Diluted earnings, Underlying1
1.07 1.26 1.22 1.46 1.41 (0.19)(15)(0.34)(24)
Cash dividends declared and paid per common share 0.39 0.39 0.39 0.39 0.39 — — — — 
Book value per common share47.42 50.71 50.23 49.72 48.57 (3.29)(6)(1.15)(2)
Tangible book value per common share30.97 34.61 34.44 33.95 32.79 (3.64)(11)(1.82)(6)
Dividend payout ratio41 %33 %33 %27 %28 %800  bps1,300  bps
Dividend payout ratio, Underlying1
36 31 32 27 28 500  bps800  bps
COMMON SHARES OUTSTANDING
Average: Basic422,401,747 424,697,880 426,086,717 425,948,706 425,953,716 (2,296,133)(1 %)(3,551,969)(1 %)
   Diluted424,670,871 426,868,106 427,840,964 427,561,572 427,880,530 (2,197,235)(1)(3,209,659)(1)
Common shares at period-end423,031,985 422,137,197 426,199,576 426,083,143 425,930,159 894,788 — (2,898,174)(1)
1 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

3

CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
QUARTERLY TRENDS
1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
$/bps%$/bps%
FINANCIAL RATIOS
Net interest margin2.75 %2.66 %2.72 %2.71 %2.75 %9  bps—  bps
Net interest margin, FTE1
2.75 2.66 2.72 2.72 2.76 9 (1)
Return on average common equity7.65 9.26 9.39 11.85 11.57 (161)(392)
Return on average common equity, Underlying2
8.75 9.97 9.70 12.02 11.85 (122)(310)
Return on average tangible common equity11.36 13.57 13.71 17.50 17.17 (221)(581)
Return on average tangible common equity, Underlying2
12.99 14.61 14.17 17.74 17.59 (162)(460)
Return on average total assets0.90 1.12 1.13 1.41 1.36 (22)(46)
Return on average total assets, Underlying2
1.03 1.20 1.16 1.43 1.39 (17)(36)
Return on average total tangible assets0.94 1.17 1.17 1.46 1.41 (23)(47)
Return on average total tangible assets, Underlying2
1.06 1.25 1.21 1.48 1.44 (19)(38)
Effective income tax rate21.70 22.40 22.35 21.96 21.76 (70)(6)
Effective income tax rate, Underlying2
21.70 22.61 22.45 22.01 21.85 (91)(15)
Efficiency ratio67.23 61.68 60.92 61.63 61.35 555 588 
Efficiency ratio, Underlying2
64.28 58.71 59.55 60.92 60.19 557 409 
Noninterest income as a % of total revenue30 %35 %31 %30 %33 %(500) bps(300) bps
CAPITAL RATIOS - PERIOD-END (PRELIMINARY)
CET1 capital ratio9.7 %9.9 %10.3 %10.3 %10.1 %
Tier 1 capital ratio10.9 11.1 11.6 11.6 11.4 
Total capital ratio12.5 12.7 13.4 13.5 13.4 
Tier 1 leverage ratio9.6 9.7 9.7 9.7 9.5 
Tangible common equity ratio7.1 8.1 8.1 8.1 7.7 
SELECTED BALANCE SHEET DATA
Loan-to-deposit ratio (period-end balances)82.70 %83.03 %81.01 %81.38 %80.74 %(33) bps196  bps
Loan-to-deposit ratio (average balances)83.28 81.83 80.75 82.14 83.77 145  bps(49) bps
Full-time equivalent colleagues17,843 17,463 17,366 17,472 17,405 380 2 438 3 
1Net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented.
2These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."




4

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(in millions)
QUARTERLY TRENDS
1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
$%$%
INTEREST INCOME
Interest and fees on loans and leases$1,048 $1,056 $1,078 $1,058 $1,061 ($8)(1 %)($13)(1 %)
Interest and fees on loans held for sale16 19 21 24 18 (3)(16)(2)(11)
Interest and fees on other loans held for sale7 4 1 2 6 3 75 1 17 
Investment securities138 119 116 124 128 19 16 10 8 
Interest-bearing deposits in banks4 4 6 3 3 — — 1 33 
Total interest income1,213 1,202 1,222 1,211 1,216 11 1 (3)— 
INTEREST EXPENSE
Deposits25 33 35 42 50 (8)(24)(25)(50)
Short-term borrowed funds— 1 — — — (1)(100)— — 
Long-term borrowed funds41 42 42 45 49 (1)(2)(8)(16)
Total interest expense66 76 77 87 99 (10)(13)(33)(33)
Net interest income1,147 1,126 1,145 1,124 1,117 21 2 30 3 
NONINTEREST INCOME
Capital markets fees93 184 72 91 81 (91)(49)12 15 
Service charges and fees98 100 110 100 99 (2)(2)(1)(1)
Mortgage banking fees69 76 108 85 165 (7)(9)(96)(58)
Card fees60 65 66 64 55 (5)(8)5 9 
Trust and investment services fees61 60 61 60 58 1 2 3 5 
Letter of credit and loan fees38 41 39 38 38 (3)(7)— — 
Foreign exchange and derivative products51 35 29 28 28 16 46 23 82 
Securities gains, net4 1 3 3 3 3 NM1 33 
Other income24 32 26 16 15 (8)(25)9 60 
Total noninterest income498 594 514 485 542 (96)(16)(44)(8)
TOTAL REVENUE1,645 1,720 1,659 1,609 1,659 (75)(4)(14)(1)
Provision (benefit) for credit losses3 (25)(33)(213)(140)28 NM143 NM
NONINTEREST EXPENSE
Salaries and employee benefits594 551 509 524 548 43 8 46 8 
Equipment and software 150 146 157 155 152 4 3 (2)(1)
Outside services169 175 144 137 139 (6)(3)30 22 
Occupancy83 86 77 82 88 (3)(3)(5)(6)
Other operating expense110 103 124 93 91 7 7 19 21 
Total noninterest expense1,106 1,061 1,011 991 1,018 45 4 88 9 
Income before income tax expense536 684 681 831 781 (148)(22)(245)(31)
Income tax expense116 154 151 183 170 (38)(25)(54)(32)
Net income$420 $530 $530 $648 $611 ($110)(21 %)($191)(31 %)
Net income, Underlying1
$476 $569 $546 $656 $626 ($93)(16 %)($150)(24 %)
Net income available to common stockholders$396 $498 $504 $616 $588 ($102)(20 %)($192)(33 %)
Net income available to common stockholders, Underlying1
$452 $537 $520 $624 $603 ($85)(16 %)($151)(25 %)
1 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

5

CONSOLIDATED BALANCE SHEETS (unaudited)
(in millions)
PERIOD-END BALANCESAS OFMARCH 31, 2022 CHANGE
Mar 31, 2022Dec 31, 2021Sept 30, 2021June 30, 2021Mar 31, 2021December 31, 2021March 31, 2021
$%$%
ASSETS
Cash and due from banks$1,223 $1,155 $1,145 $1,035 $1,117 $68 6 %$106 9 %
Interest-bearing cash and due from banks8,713 8,003 12,571 11,606 13,543 710 9 (4,830)(36)
Interest-bearing deposits in banks685 316 289 401 308 369 117 377 122 
Debt securities available for sale, at fair value25,319 26,067 24,911 24,583 24,467 (748)(3)852 3 
Debt securities held to maturity2,056 2,242 2,492 2,711 2,995 (186)(8)(939)(31)
Loans held for sale, at fair value1,717 2,733 3,177 3,616 4,304 (1,016)(37)(2,587)(60)
Other loans held for sale99 735 93 82 75 (636)(87)24 32 
Loans and leases131,305 128,163 123,318 122,581 122,195 3,142 2 9,110 7 
Less: Allowance for loan and lease losses(1,720)(1,758)(1,855)(1,947)(2,194)38 (2)474 (22)
Net loans and leases129,585 126,405 121,463 120,634 120,001 3,180 3 9,584 8 
Derivative assets1,675 1,216 1,769 1,655 1,298 459 38 377 29 
Premises and equipment793 768 732 735 743 25 3 50 7 
Bank-owned life insurance2,960 2,843 2,428 2,268 2,135 117 4 825 39 
Goodwill7,232 7,116 7,065 7,050 7,050 116 2 182 3 
Other assets10,040 8,810 8,872 8,728 9,181 1,230 14 859 9 
TOTAL ASSETS$192,097 $188,409 $187,007 $185,104 $187,217 $3,688 2 %$4,880 3 %
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing$50,113 $49,443 $48,184 $47,480 $46,067 $670 1 %$4,046 9 %
Interest-bearing108,663 104,918 104,037 103,156 105,282 3,745 4 3,381 3 
Total deposits158,776 154,361 152,221 150,636 151,349 4,415 3 7,427 5 
Short-term borrowed funds25 74 8 62 70 (49)(66)(45)(64)
Derivative liabilities635 197 187 144 111 438 222 524 NM
Long-term borrowed funds:
FHLB advances20 19 20 18 19 1 5 1 5 
Senior debt4,290 5,326 5,345 5,357 6,714 (1,036)(19)(2,424)(36)
Subordinated debt and other debt1,584 1,587 1,582 1,582 1,583 (3)— 1 — 
Total long-term borrowed funds5,894 6,932 6,947 6,957 8,316 (1,038)(15)(2,422)(29)
Other liabilities4,693 3,425 4,221 4,106 4,718 1,268 37 (25)(1)
TOTAL LIABILITIES170,023 164,989 163,584 161,905 164,564 5,034 3 5,459 3 
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 1,965 — — 49 2 
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 capital19,021 19,005 18,981 18,964 18,945 16 — 76 — 
Retained earnings8,209 7,978 7,648 7,314 6,866 231 3 1,343 20 
Treasury stock, at cost(4,918)(4,918)(4,718)(4,718)(4,718)— — (200)(4)
Accumulated other comprehensive income (loss)(2,258)(665)(508)(381)(411)(1,593)(240)(1,847)NM
TOTAL STOCKHOLDERS' EQUITY22,074 23,420 23,423 23,199 22,653 (1,346)(6)(579)(3)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$192,097 $188,409 $187,007 $185,104 $187,217 $3,688 2 %$4,880 3 %
Memo: Total tangible common equity$13,100 $14,609 $14,677 $14,466 $13,964 ($1,509)(10 %)($864)(6 %)



6

LOANS AND DEPOSITS
(in millions)
PERIOD-END BALANCESAS OFMARCH 31, 2022 CHANGE
Mar 31, 2022Dec 31, 2021Sept 30, 2021June 30, 2021Mar 31, 2021Dec 31, 2021March 31, 2021
$%$%
LOANS AND LEASES
Commercial and industrial$45,724 $44,500 $41,854 $42,842 $44,058 $1,224 3 %$1,666 4 %
Commercial real estate14,268 14,264 14,508 14,412 14,553 4 — (285)(2)
Leases1,529 1,586 1,593 1,829 1,802 (57)(4)(273)(15)
Total commercial61,521 60,350 57,955 59,083 60,413 1,171 2 1,108 2 
Residential mortgages24,211 22,822 21,513 20,538 19,202 1,389 6 5,009 26 
Home equity12,264 12,015 11,889 11,841 11,854 249 2 410 3 
Automobile14,439 14,549 13,492 12,780 12,344 (110)(1)2,095 17 
Education13,306 12,997 13,000 12,800 12,691 309 2 615 5 
Other retail5,564 5,430 5,469 5,539 5,691 134 2 (127)(2)
Total retail69,784 67,813 65,363 63,498 61,782 1,971 3 8,002 13 
Total loans and leases$131,305 $128,163$123,318$122,581$122,195$3,142 2 %$9,110 7 %
Loans held for sale, at fair value1,717 2,733 3,177 3,616 4,304 (1,016)(37)(2,587)(60)
Other loans held for sale99 735 93 82 75 (636)(87)24 32 
Loans and leases and loans held for sale$133,121 $131,631 $126,588 $126,279 $126,574 $1,490 1 %$6,547 5 %
DEPOSITS
Demand$50,113 $49,443 $48,184 $47,480 $46,067 $670 1 %$4,046 9 %
Money market45,342 47,216 48,935 48,150 51,074 (1,874)(4)(5,732)(11)
Checking with interest32,417 30,409 27,985 28,074 26,883 2,008 7 5,534 21 
Regular savings26,104 22,030 21,166 20,382 19,634 4,074 18 6,470 33 
Term4,800 5,263 5,951 6,550 7,691 (463)(9)(2,891)(38)
Total deposits$158,776 $154,361 $152,221 $150,636 $151,349 $4,415 3 %$7,427 5 %


7

AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(in millions, except rates)
QUARTERLY TRENDS1Q22 Change
1Q224Q211Q214Q211Q21
Average BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks$8,055 $4 0.21 %$11,152 $4 0.15 %$10,861 $3 0.11 %($3,097)$— 6 bps($2,806)$1 10 bps
Taxable investment securities29,245 138 1.88 28,191 119 1.68 27,031 128 1.89 1,054 19 202,214 10 (1)
Non-taxable investment securities2 — 2.60 2 — 2.60 3 — 2.60 — — —(1)— —
Total investment securities29,247 138 1.88 28,193 119 1.68 27,034 128 1.89 1,054 19 202,213 10 (1)
Commercial and industrial44,947 328 2.91 43,070 345 3.12 44,287 347 3.12 1,877 (17)(21)660 (19)(21)
Commercial real estate14,066 90 2.57 14,261 95 2.61 14,675 94 2.57 (195)(5)(4)(609)(4)—
Leases1,560 11 2.81 1,569 12 3.00 1,915 13 2.69 (9)(1)(19)(355)(2)12
Total commercial60,573 429 2.83 58,900 452 2.99 60,877 454 2.98 1,673 (23)(16)(304)(25)(15)
Residential mortgages23,461 169 2.88 22,047 154 2.81 19,388 148 3.05 1,414 15 74,073 21 (17)
Home equity12,124 90 3.02 11,948 91 3.02 12,001 95 3.20 176 (1)—123 (5)(18)
Automobile14,534 127 3.55 13,976 130 3.67 12,229 125 4.14 558 (3)(12)2,305 2 (59)
Education13,034 131 4.07 12,885 133 4.09 12,436 134 4.38 149 (2)(2)598 (3)(31)
Other retail5,428 102 7.63 5,453 96 7.07 5,916 105 7.25 (25)6 56(488)(3)38
Total retail68,581 619 3.65 66,309 604 3.63 61,970 607 3.96 2,272 15 26,611 12 (31)
Total loans and leases129,154 1,048 3.26 125,209 1,056 3.33 122,847 1,061 3.47 3,945 (8)(7)6,307 (13)(21)
Loans held for sale, at fair value2,366 16 2.70 3,133 19 2.44 3,254 18 2.27 (767)(3)26(888)(2)43
Other loans held for sale454 7 5.89 321 4 4.85 385 6 6.30 133 3 10469 1 (41)
Total interest-earning assets169,276 1,213 2.88 168,008 1,202 2.83 164,381 1,216 2.97 1,268 11 54,895 (3)(9)
Noninterest-earning assets19,041 19,220 18,188 (179)853 
TOTAL ASSETS$188,317 $187,228 $182,569 $1,089 $5,748 
INTEREST-BEARING LIABILITIES
Checking with interest$30,417 5 0.07 $28,075 6 0.09 $26,116 6 0.09 $2,342 (1)(2)$4,301 ($1)(2)
Money market47,220 12 0.10 48,512 17 0.14 49,536 22 0.18 (1,292)(5)(4)(2,316)(10)(8)
Regular savings23,835 5 0.08 21,575 4 0.09 18,611 5 0.11 2,260 1 (1)5,224 — (3)
Term4,970 3 0.29 5,636 6 0.33 8,572 17 0.83 (666)(3)(4)(3,602)(14)(54)
Total interest-bearing deposits106,442 25 0.10 103,798 33 0.13 102,835 50 0.20 2,644 (8)(3)3,607 (25)(10)
Short-term borrowed funds29 — 3.50 24 1 5.15 150 — 0.46 5 (1)(165)(121)— 304
FHLB advances20 — 0.81 18 — 0.85 19 — 0.92 2 — (4)1 — (11)
Senior debt4,461 24 2.12 5,338 25 1.87 6,732 32 1.91 (877)(1)25(2,271)(8)21
Subordinated debt and other debt1,585 17 4.21 1,587 17 4.35 1,585 17 4.22 (2)— (14)— — (1)
Total long-term borrowed funds6,066 41 2.66 6,943 42 2.43 8,336 49 2.35 (877)(1)23(2,270)(8)31
Total borrowed funds6,095 41 2.66 6,967 43 2.44 8,486 49 2.32 (872)(2)22(2,391)(8)34
Total interest-bearing liabilities112,537 66 0.23 110,765 76 0.27 111,321 99 0.36 1,772 (10)(4)1,216 (33)(13)
Demand deposits48,641 49,206 43,814 (565)4,827 
Other liabilities4,144 3,924 4,858 220 (714)
TOTAL LIABILITIES165,322 163,895 159,993 1,427 5,329 
STOCKHOLDERS' EQUITY22,995 23,333 22,576 (338)419 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$188,317 $187,228 $182,569 $1,089 $5,748 
INTEREST RATE SPREAD2.65 %2.56 %2.62 %93
NET INTEREST MARGIN AND NET INTEREST INCOME$1,147 2.75 %$1,126 2.66 %$1,117 2.75 %$21 9$30 —
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE1
$1,149 2.75 %$1,128 2.66 %$1,120 2.76 %$21 9$29 (1)
Memo: Total deposits (interest-bearing and demand)$155,083 $25 0.07 %$153,004 $33 0.09 %$146,649 $50 0.14 %$2,079 (2) bps$8,434 ($25)(7) 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

MORTGAGE BANKING FEES SUMMARY
(in millions, except ratio data)
QUARTERLY TRENDS
1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
$/bps%$/bps%
MORTGAGE BANKING FEES1
Production revenue$31 $60 $98 $86 $140 ($29)(48 %)($109)(78 %)
Mortgage servicing revenue28 14 9 13 — 14100 28100 
MSR valuation changes, net of hedge impact10 2 1 (14)25 8NM(15)(60)
Total mortgage banking fees$69 $76 $108 $85 $165 ($7)(9 %)($96)(58 %)
Pull-through adjusted locks$4,936 $5,785 $7,359 $8,154 $8,762 ($849)(15 %)($3,826)(44 %)
Production revenue as a percentage of Pull-through adjusted locks0.63 %1.05 %1.32 %1.05 %1.59 %(42) bps(96) bps
RESIDENTIAL REAL ESTATE ORIGINATIONS
Retail$3,275 $3,794 $3,560 $3,956 $3,744 ($519)(14 %)($469)(13 %)
Third Party4,101 6,084 6,749 7,443 7,398 (1,983)(33)(3,297)(45)
Total$7,376 $9,878 $10,309 $11,399 $11,142 ($2,502)(25 %)(3,766)(34 %)
Originated for sale$5,521 $7,814 $8,457 $9,592 $9,716 ($2,293)(29 %)($4,195)(43 %)
Originated for investment1,855 2,064 1,852 1,807 1,426 (209)(10)42930 
Total$7,376 $9,878 $10,309 $11,399 $11,142 ($2,502)(25 %)($3,766)(34 %)
MORTGAGE SERVICING INFORMATION (UPB)
Loans serviced for others$92,804 $90,189 $87,350 $84,596 $81,805 $2,6153 %$10,99913 %
Owned loans serviced25,283 24,855 23,988 23,329 22,762 428 2 2,521 11 
Total$118,087 $115,044 $111,338 $107,925 $104,567 $3,0433 %$13,52013 %
MSR at fair value$1,241 $1,029 $978 $902 $893 $21221 %$34839 %
    
1Beginning in the second quarter of 2021, mortgage banking fees are presented on a consolidated basis. Prior periods have been adjusted to conform with the current period presentation.

9

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

QUARTERLY TRENDS
CONSUMER BANKING1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
$/bps%$/bps%
Net interest income1
$857 $883 $919 $897 $863 ($26)(3 %)($6)(1 %)
Noninterest income257 274 315 283 351 (17)(6)(94)(27)
Total revenue1,114 1,157 1,234 1,180 1,214 (43)(4)(100)(8)
Noninterest expense784 737 749 751 750 47 6 34 5 
Profit before provision (benefit) for credit losses330 420 485 429 464 (90)(21)(134)(29)
Net charge-offs49 46 35 45 59 3 7 (10)(17)
Income before income tax expense281 374 450 384 405 (93)(25)(124)(31)
Income tax expense72 95 114 98 103 (23)(24)(31)(30)
Net income$209 $279 $336 $286 $302 ($70)(25 %)($93)(31 %)
AVERAGE BALANCES
Total assets$77,551 $76,077 $75,070 $75,600 $75,283 $1,474 2 %$2,268 3 %
Total loans and leases2
73,233 71,925 70,984 71,389 70,188 1,308 2 3,045 4 
Deposits104,663 101,642 100,968 100,933 97,180 3,021 3 7,483 8 
Interest-earning assets74,052 72,796 71,879 72,308 71,135 1,256 2 2,917 4 
KEY METRICS
Net interest margin4.69 %4.82 %5.07 %4.97 %4.93 %(13) bps(24) bps
Efficiency ratio70.38 63.68 60.73 63.62 61.79 670  bps859  bps
Loan-to-deposit ratio (period-end balances)66.23 68.32 68.15 67.72 66.44 (209) bps(21) bps
Loan-to-deposit ratio (average balances)68.04 67.97 67.25 67.21 68.99 7  bps(95) bps
Return on average total tangible assets1.10 1.46 1.78 1.52 1.63 (36) bps(53) bps
1Effective January 1, 2022, the Company refined its FTP credit methodology for deposits provided by each business segment.
2Includes loans held for sale.















10


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

QUARTERLY TRENDS
COMMERCIAL BANKING1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
$/bps%$/bps%
Net interest income1
$416 $438 $428 $419 $421 ($22)(5 %)($5)(1 %)
Noninterest income213 293 168 178 170 (80)(27)43 25 
Total revenue629 731 596 597 591 (102)(14)38 6 
Noninterest expense272 294 226 226 227 (22)(7)45 20 
Profit before provision (benefit) for credit losses357 437 370 371 364 (80)(18)(7)(2)
Net charge-offs12 6 15 34 101 6 100 (89)(88)
Income before income tax expense345 431 355 337 263 (86)(20)82 31 
Income tax expense74 95 81 72 52 (21)(22)22 42 
Net income$271 $336 $274 $265 $211 ($65)(19 %)$60 28 %
AVERAGE BALANCES
Total assets$61,118 $58,501 $56,702 $57,527 $57,738 $2,617 4 %$3,380 6 %
Total loans and leases2
58,007 55,550 53,815 54,758 54,813 2,457 4 3,194 6 
Deposits44,520 45,475 45,465 44,049 43,974 (955)(2)546 1 
Interest-earning assets58,312 55,891 54,177 55,143 55,175 2,421 4 3,137 6 
KEY METRICS
Net interest margin2.89 %3.11 %3.14 %3.05 %3.09 %(22) bps(20) bps
Efficiency ratio43.32 40.16 38.02 37.86 38.33 316  bps499  bps
Loan-to-deposit ratio (period-end balances)132.70 125.31 116.54 118.72 120.66 739  bps1,204  bps
Loan-to-deposit ratio (average balances)128.49 120.81 117.65 123.32 123.53 768  bps496  bps
Return on average total tangible assets1.81 2.28 1.92 1.85 1.48 (47) bps33  bps
1Effective January 1, 2022, the Company refined its FTP credit methodology for deposits provided by each business segment.
2Includes loans held for sale.



11

SEGMENT FINANCIAL HIGHLIGHTS - OTHER
(in millions)

QUARTERLY TRENDS
OTHER1
1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
$%$%
Net interest income2
($126)($195)($202)($192)($167)$69 35 %$41 25 %
Noninterest income28 27 31 24 21 1 4 7 33 
Total revenue(98)(168)(171)(168)(146)70 42 48 33 
Noninterest expense50 30 36 14 41 20 67 9 22 
Loss before provision (benefit) for credit losses(148)(198)(207)(182)(187)50 25 39 21 
Provision (benefit) for credit losses(58)(77)(83)(292)(300)19 25 242 81 
(Loss) income before income tax (benefit) expense(90)(121)(124)110 113 31 26 (203)NM
Income tax (benefit) expense(30)(36)(44)13 15 6 17 (45)NM
Net (loss) income($60)($85)($80)$97 $98 $25 29 %($158)NM
AVERAGE BALANCES
Total assets$49,648 $52,650 $54,336 $51,329 $49,548 ($3,002)(6 %)$100 — %
Total loans and leases3
735 1,188 1,254 1,327 1,485 (453)(38)(750)(51)
Deposits5,900 5,887 5,438 5,367 5,495 13 — 405 7 
Interest-earning assets36,913 39,322 41,214 38,882 38,071 (2,409)(6)(1,158)(3)
1Includes assets, liabilities, capital, revenues, provision for credit losses, expenses and income tax expense not attributed to our Consumer or Commercial Banking segments as well as treasury and community development.
2Effective January 1, 2022, the Company refined its FTP credit methodology for deposits provided by each business segment.
3Includes loans held for sale.
12

CREDIT-RELATED INFORMATION
(in millions, except ratio data)
AS OFMARCH 31, 2022 CHANGE
Mar 31, 2022Dec 31, 2021Sept 30, 2021June 30, 2021Mar 31, 2021Dec 31, 2021March 31, 2021
$/bps%$/bps%
NONACCRUAL LOANS AND LEASES
Commercial and industrial$200 $171 $170 $163 $281 $29 17 %($81)(29 %)
Commercial real estate11 11 98 102 100 — — (89)(89)
Leases1 1 1 1 1 — — — — 
Total commercial212 183 269 266 382 29 16 (170)(45)
Residential mortgages1
243 201 164 174 237 42 21 6 3 
Home equity239 220 216 234 269 19 9 (30)(11)
Automobile52 55 55 62 70 (3)(5)(18)(26)
Education23 23 23 21 22 — — 1 5 
Other retail20 20 20 22 28 — — (8)(29)
Total retail577 519 478 513 626 58 11 (49)(8)
Nonaccrual loans and leases789 702 747 779 1,008 87 12 (219)(22)
Repossessed assets15 22 21 22 18 (7)(32)(3)(17)
Nonaccrual loans and leases and repossessed assets$804 $724 $768 $801 $1,026 $80 11 %($222)(22 %)
NONACCRUAL LOANS AND LEASES BY PRODUCT2
Commercial$212 $183 $269 $266 $382 $29 16 %($170)(45 %)
Retail592 541 499 535 644 51 9 (52)(8)
Total nonaccrual loans and leases$804 $724 $768 $801 $1,026 $80 11 %($222)(22 %)
ASSET QUALITY RATIOS
Allowance for loan and lease losses to loans and leases1.31 %1.37 %1.50 %1.59 %1.80 %(6) bps(49) bps
Allowance for credit losses to loans and leases1.43 1.51 1.63 1.70 1.94 (8)(51)
Allowance for loan and lease losses to nonaccrual loans and leases217.99 250.63 248.33 249.83 217.74 (3,264)25 
Allowance for credit losses to nonaccrual loans and leases238.03 275.72 268.30 266.98 235.42 (3,769)261 
Nonaccrual loans and leases to loans and leases0.60 0.55 0.61 0.64 0.82 5 (22)
1Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
2Nonaccrual loans and leases by product includes repossessed assets.



13

CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
AS OFMARCH 31, 2022 CHANGE
Mar 31, 2022Dec 31, 2021Sept 30, 2021June 30, 2021Mar 31, 2021Dec 31, 2021March 31, 2021
$/bps%$/bps%
LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Commercial and industrial$13 $9 $4 $— $3 $4 44 %$10 NM
Commercial real estate— — — — 9 — — (9)(100)
Leases5 — — 1 — 5 100 5 100 
Total commercial18 9 4 1 12 9 100 6 50 
Residential mortgages1
792 549 293 270 23 243 44 769 NM
Education2 1 1 2 2 1 100 — — 
Other retail14 16 14 7 9 (2)(13)5 56 
Total retail808 566 308 279 34 242 43 774 NM
Total loans and leases$826 $575 $312 $280 $46 $251 44 %$780 NM
1 90+ days past due and accruing includes $792 million, $544 million, $289 million, $266 million, and $20 million of loans fully or partially guaranteed by the FHA, VA, and USDA for March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively.
14

CREDIT-RELATED INFORMATION, CONTINUED
(in millions)
QUARTERLY TRENDS
1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
$%$%
CHARGE-OFFS, RECOVERIES AND RELATED RATIOS
GROSS CHARGE-OFFS
Commercial and industrial$14 $14 $12 $32 $80 $— — %($66)(83)
Commercial real estate— — 5 — 53 — — (53)(100)
Leases— 8 — 13 1 (8)(100)(1)(100)
Total commercial14 22 17 45 134 (8)(36)(120)(90)
Residential mortgages2 1 2 1 — 1 100 2 100 
Home equity2 — 3 3 4 2 100 (2)(50)
Automobile21 18 14 15 25 3 17 (4)(16)
Education20 21 18 18 13 (1)(5)7 54 
Other retail42 38 33 43 51 4 11 (9)(18)
Total retail87 78 70 80 93 9 12 (6)(6)
Total gross charge-offs$101 $100 $87 $125 $227 $1 1 %($126)(56 %)
GROSS RECOVERIES
Commercial and industrial$3 $5 $2 $4 $3 ($2)(40 %)$— — %
Commercial real estate— 9 — — 27 (9)(100)(27)(100)
Leases— 3 1 — — (3)(100)— — 
Total commercial3 17 3 4 30 (14)(82)(27)(90)
Residential mortgages2 2 2 2 1 — — 1 100 
Home equity11 13 15 13 11 (2)(15)— — 
Automobile15 13 12 17 14 2 15 1 7 
Education4 4 5 5 6 — — (2)(33)
Other retail7 6 6 6 7 1 17 — — 
Total retail39 38 40 43 39 1 3 — — 
Total gross recoveries$42 $55 $43 $47 $69 ($13)(24 %)($27)(39 %)
NET CHARGE-OFFS (RECOVERIES)
Commercial and industrial$11 $9 $10 $28 $77 $2 22 %($66)(86)
Commercial real estate— (9)5 — 26 9 100 (26)(100)
Leases— 5 (1)13 1 (5)(100)(1)(100)
Total commercial11 5 14 41 104 6 120 (93)(89)
Residential mortgages— (1)— (1)(1)1 100 1 100 
Home equity(9)(13)(12)(10)(7)4 31 (2)(29)
Automobile6 5 2 (2)11 1 20 (5)(45)
Education16 17 13 13 7 (1)(6)9 129 
Other retail35 32 27 37 44 3 9 (9)(20)
Total retail48 40 30 37 54 8 20 (6)(11)
Total net charge-offs$59 $45 $44 $78 $158 $14 31 %($99)(63 %)

15

CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except rates)
QUARTERLY TRENDS
1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
$/bps%$/bps%
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES
Commercial and industrial0.10 %0.08 %0.09 %0.25 %0.70 %2  bps(60) bps
Commercial real estate— (0.24)0.12 — 0.73 24 (73)
Leases0.10 1.22 (0.22)2.97 0.26 (112)(16)
Total commercial0.08 0.03 0.09 0.27 0.69 5 (61)
Residential mortgages— (0.01)— (0.03)(0.01)1 1 
Home equity(0.32)(0.41)(0.42)(0.33)(0.25)9 (7)
Automobile0.18 0.13 0.06 (0.04)0.35 5 (17)
Education0.49 0.51 0.41 0.40 0.24 (2)25 
Other retail2.61 2.30 1.99 2.63 3.00 31 (39)
Total retail0.28 0.24 0.19 0.24 0.35 4 (7)
Total loans and leases0.19 %0.14 %0.14 %0.25 %0.52 %5  bps(33) bps
Memo: Average loans
Commercial and industrial$44,947 $43,070 $42,330 $44,388 $44,287 $1,877 4 %$660 1 %
Commercial real estate14,066 14,261 14,656 14,473 14,675 (195)(1)(609)(4)
Leases1,560 1,569 1,695 1,792 1,915 (9)(1)(355)(19)
Total commercial60,573 58,900 58,681 60,653 60,877 1,673 3 (304)— 
Residential mortgages23,461 22,047 20,834 20,242 19,388 1,414 6 4,073 21 
Home equity12,124 11,948 11,829 11,825 12,001 176 1 123 1 
Automobile14,534 13,976 13,136 12,526 12,229 558 4 2,305 19 
Education13,034 12,885 12,707 12,632 12,436 149 1 598 5 
Other retail5,428 5,453 5,454 5,612 5,916 (25)— (488)(8)
Total retail68,581 66,309 63,960 62,837 61,970 2,272 3 6,611 11 
Total loans and leases$129,154 $125,209 $122,641 $123,490 $122,847 $3,945 3 %$6,307 5 %



16

CREDIT-RELATED INFORMATION, CONTINUED
(in millions)
QUARTERLY TRENDS
1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
$%$%
SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES
Allowance for loan and lease losses - beginning$1,758 $1,855 $1,947 $2,194 $2,443 ($97)(5 %)($685)(28 %)
Charge-offs:
Commercial14 22 17 45 134 (8)(36)(120)(90)
Retail 87 78 70 80 93 9 12 (6)(6)
Total charge-offs101 100 87 125 227 1 1 (126)(56)
Recoveries:
Commercial3 17 3 4 30 (14)(82)(27)(90)
Retail 39 38 40 43 39 1 3 — — 
Total recoveries42 55 43 47 69 (13)(24)(27)(39)
Net charge-offs59 45 44 78 158 14 31 (99)(63)
Provision (benefit) for loan and lease losses:
Commercial(32)(41)(72)(152)17 9 22 (49)NM
Retail53 (11)24 (17)(108)64 NM161 NM
Total provision (benefit) for loan and lease losses21 (52)(48)(169)(91)73 NM112 NM
Allowance for loan and lease losses - ending$1,720 $1,758 $1,855 $1,947 $2,194 ($38)(2 %)($474)(22 %)
Allowance for unfunded lending commitments - beginning$176 $149 $134 $178 $227 $27 18 %($51)(22 %)
Provision (benefit) for unfunded lending commitments(18)27 15 (44)(49)(45)NM31 63 
Allowance for unfunded lending commitments - ending$158 $176 $149 $134 $178 ($18)(10 %)($20)(11)
Total allowance for credit losses - ending$1,878 $1,934 $2,004 $2,081 $2,372 ($56)(3 %)($494)(21 %)
Memo: Total allowance for credit losses by product
Commercial $925 $974 $997 $1,074 $1,311 ($49)(5 %)($386)(29 %)
Retail 953 960 1,007 1,007 1,061 (7)(1)(108)(10)
Total allowance for credit losses$1,878 $1,934 $2,004 $2,081 $2,372 ($56)(3 %)($494)(21 %)
17

CAPITAL AND RATIOS
(in millions, except ratio data)
AS OF
MARCH 31, 2022 CHANGE
Mar 31, 2022Dec 31, 2021Sept 30, 2021June 30, 2021Mar 31, 2021Dec 31, 2021March 31, 2021
$%$%
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY)
CET1 capital$15,643 $15,656 $15,584 $15,266 $14,867 ($13)— %$776 5 %
Tier 1 capital17,657 17,670 17,598 17,280 16,832 (13)— 825 5 
Total capital20,301 20,244 20,295 20,111 19,879 57 — 422 2 
Risk-weighted assets161,859 158,831 151,796 148,563 147,817 3,028 2 14,042 9 
Adjusted average assets1
183,089 181,800 180,528 178,929 176,890 1,289 1 6,199 4 
CET1 capital ratio9.7 %9.9 %10.3 %10.3 %10.1 %
Tier 1 capital ratio10.9 11.1 11.6 11.6 11.4 
Total capital ratio12.5 12.7 13.4 13.5 13.4 
Tier 1 leverage ratio9.6 9.7 9.7 9.7 9.5 
TANGIBLE COMMON EQUITY (PERIOD-END)
Common stockholders' equity$20,060 $21,406 $21,409 $21,185 $20,688 ($1,346)(6 %)($628)(3 %)
Less: Goodwill7,232 7,116 7,065 7,050 7,050 116 2 182 3 
Less: Other intangible assets115 64 51 52 54 51 80 61 113 
Add: Deferred tax liabilities2
387 383 384 383 380 4 1 7 2 
Total tangible common equity$13,100 $14,609 $14,677 $14,466 $13,964 ($1,509)(10 %)($864)(6 %)
TANGIBLE COMMON EQUITY (AVERAGE)
Common stockholders' equity$20,981 $21,320 $21,326 $20,833 $20,611 ($339)(2 %)$370 2 %
Less: Goodwill7,156 7,092 7,055 7,050 7,050 64 1 106 2 
Less: Other intangible assets80 56 52 53 57 24 43 23 40 
Add: Deferred tax liabilities2
383 383 383 381 379 — — 4 1 
Total tangible common equity$14,128 $14,555 $14,602 $14,111 $13,883 ($427)(3 %)$245 2 %
INTANGIBLE ASSETS (PERIOD-END)
Goodwill$7,232 $7,116 $7,065 $7,050 $7,050 $116 2 %$182 3 %
Other intangible assets115 64 51 52 54 51 80 61 113 
Total intangible assets$7,347 $7,180 $7,116 $7,102 $7,104 $167 2 %$243 3 %
1Adjusted average assets include quarterly average assets, less deductions for disallowed goodwill and other intangible assets, net of deferred tax liabilities related to tax deductible goodwill, 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, which is netted against goodwill when calculating tangible common equity.




18


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

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

Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP.










19

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
$%$%
Total revenue, Underlying:
Total revenue (GAAP)A$1,645 $1,720 $1,659 $1,609 $1,659 ($75)(4 %)($14)(1 %)
Less: Notable items— — — — — — — — — 
Total revenue, Underlying (non-GAAP)B$1,645 $1,720 $1,659 $1,609 $1,659 ($75)(4 %)($14)(1 %)
Noninterest expense, Underlying:
Noninterest expense (GAAP)C$1,106 $1,061 $1,011 $991 $1,018 $45 4 %$88 9 %
Less: Notable items48 51 23 11 20 (3)(6)28 140 
Noninterest expense, Underlying (non-GAAP)D$1,058 $1,010 $988 $980 $998 $48 5 %$60 6 %
Pre-provision profit:
Total revenue (GAAP)A$1,645 $1,720 $1,659 $1,609 $1,659 ($75)(4 %)($14)(1 %)
Less: Noninterest expense (GAAP)C1,106 1,061 1,011 991 1,018 45 4 88 9 
Pre-provision profit (GAAP)$539 $659 $648 $618 $641 ($120)(18 %)($102)(16 %)
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)B$1,645 $1,720 $1,659 $1,609 $1,659 ($75)(4 %)($14)(1 %)
Less: Noninterest expense, Underlying (non-GAAP)D1,058 1,010 988 980 998 48 5 60 6 
Pre-provision profit, Underlying (non-GAAP)$587 $710 $671 $629 $661 ($123)(17 %)($74)(11 %)
Provision (benefit) for credit losses, Underlying:
Provision (benefit) for credit losses (GAAP)$3 ($25)($33)($213)($140)$28 NM$143 NM
Less: Notable items24 — — — — 24 100 24 100 
Provision (benefit) for credit losses, Underlying (non-GAAP)($21)($25)($33)($213)($140)$4 16 %$119 85 %
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)E$536 $684 $681 $831 $781 ($148)(22 %)($245)(31 %)
Less: Expense before income tax benefit related to notable items(72)(51)(23)(11)(20)(21)(41)(52)NM
Income before income tax expense, Underlying (non-GAAP)F$608 $735 $704 $842 $801 ($127)(17 %)($193)(24 %)
Income tax expense, Underlying:
Income tax expense (GAAP)G$116 $154 $151 $183 $170 ($38)(25 %)($54)(32 %)
Less: Income tax benefit related to notable items(16)(12)(7)(3)(5)(4)(33)(11)(220)
Income tax expense, Underlying (non-GAAP)H$132 $166 $158 $186 $175 ($34)(20 %)($43)(25 %)
Net income, Underlying:
Net income (GAAP)I$420 $530 $530 $648 $611 ($110)(21 %)($191)(31 %)
Add: Notable items, net of income tax benefit56 39 16 8 15 17 44 41 NM
Net income, Underlying (non-GAAP)J$476 $569 $546 $656 $626 ($93)(16 %)($150)(24 %)
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)K$396 $498 $504 $616 $588 ($102)(20 %)($192)(33 %)
Add: Notable items, net of income tax benefit56 39 16 8 15 17 44 41 NM
Net income available to common stockholders, Underlying (non-GAAP)L$452 $537 $520 $624 $603 ($85)(16 %)($151)(25 %)







20





NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
$/bps%$/bps%
Operating leverage:
Total revenue (GAAP)A$1,645 $1,720 $1,659 $1,609 $1,659 ($75)(4.33 %)($14)(0.85 %)
Less: Noninterest expense (GAAP)C1,106 1,061 1,011 991 1,018 45 4.28 88 8.65 
Operating leverage(8.61 %)(9.50 %)
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)B$1,645 $1,720 $1,659 $1,609 $1,659 ($75)(4.33 %)($14)(0.85 %)
Less: Noninterest expense, Underlying (non-GAAP)D1,058 1,010 988 980 998 48 4.74 60 5.89 
Operating leverage, Underlying (non-GAAP)(9.07 %)(6.74 %)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio C/A67.23 %61.68 %60.92 %61.63 %61.35 %555  bps588  bps
Efficiency ratio, Underlying (non-GAAP)D/B64.28 58.71 59.55 60.92 60.19 557  bps409  bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rateG/E21.70 %22.40 %22.35 %21.96 %21.76 %(70) bps(6) bps
Effective income tax rate, Underlying (non-GAAP)H/F21.70 22.61 22.45 22.01 21.85 (91) bps(15) bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)M$20,981 $21,320 $21,326 $20,833 $20,611 ($339)(2 %)$370 2 %
Return on average common equityK/M7.65 %9.26 %9.39 %11.85 %11.57 %(161) bps(392) bps
Return on average common equity, Underlying (non-GAAP)L/M8.75 9.97 9.70 12.02 11.85 (122) bps(310) bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)M$20,981 $21,320 $21,326 $20,833 $20,611 ($339)(2 %)$370 2 %
Less: Average goodwill (GAAP)7,156 7,092 7,055 7,050 7,050 64 1 106 2 
Less: Average other intangibles (GAAP)80 56 52 53 57 24 43 23 40 
Add: Average deferred tax liabilities related to goodwill (GAAP)
383 383 383 381 379 — — 4 1 
Average tangible common equityN$14,128 $14,555 $14,602 $14,111 $13,883 ($427)(3 %)$245 2 %
Return on average tangible common equity K/N11.36 %13.57 %13.71 %17.50 %17.17 %(221) bps(581) bps
Return on average tangible common equity, Underlying (non-GAAP)L/N12.99 14.61 14.17 17.74 17.59 (162) bps(460) bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)O$188,317 $187,228 $186,108 $184,456 $182,569 $1,089 1 %$5,748 3 %
Return on average total assetsI/O0.90 %1.12 %1.13 %1.41 %1.36 %(22) bps(46) bps
Return on average total assets, Underlying (non-GAAP)J/O1.03 1.20 1.16 1.43 1.39 (17) bps(36) bps
21

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
$/bps%$/bps%
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)P$188,317 $187,228 $186,108 $184,456 $182,569 $1,089 1 %$5,748 3 %
Less: Average goodwill (GAAP)7,156 7,092 7,055 7,050 7,050 64 1 106 2 
Less: Average other intangibles (GAAP)80 56 52 53 57 24 43 23 40 
Add: Average deferred tax liabilities related to goodwill (GAAP)383 383 383 381 379 — — 4 1 
Average tangible assetsQ$181,464 $180,463 $179,384 $177,734 $175,841 $1,001 1 %$5,623 3 %
Return on average total tangible assets I/Q0.94 %1.17 %1.17 %1.46 %1.41 %(23) bps(47) bps
Return on average total tangible assets, Underlying (non-GAAP)J/Q1.06 1.25 1.21 1.48 1.44 (19) bps(38) bps
Tangible book value per common share:
Common shares - at period-end (GAAP)R423,031,985 422,137,197 426,199,576 426,083,143 425,930,159 894,788 — %(2,898,174)(1 %)
Common stockholders' equity (GAAP)$20,060 $21,406 $21,409 $21,185 $20,688 ($1,346)(6)($628)(3)
Less: Goodwill (GAAP)7,232 7,116 7,065 7,050 7,050 116 2 182 3 
Less: Other intangible assets (GAAP)115 64 51 52 54 51 80 61 113 
Add: Deferred tax liabilities related to goodwill (GAAP)387 383 384 383 380 4 1 7 2 
Tangible common equityS$13,100 $14,609 $14,677 $14,466 $13,964 ($1,509)(10 %)($864)(6 %)
Tangible book value per common shareS/R$30.97 $34.61 $34.44 $33.95 $32.79 ($3.64)(11 %)($1.82)(6 %)
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)T422,401,747 424,697,880 426,086,717 425,948,706 425,953,716 (2,296,133)(1 %)(3,551,969)(1 %)
Average common shares outstanding - diluted (GAAP)U424,670,871 426,868,106 427,840,964 427,561,572 427,880,530 (2,197,235)(1)(3,209,659)(1)
Net income per average common share - basic (GAAP)K/T$0.94 $1.17 $1.18 $1.45 $1.38 ($0.23)(20)($0.44)(32)
Net income per average common share - diluted (GAAP)K/U0.93 1.17 1.18 1.44 1.37 (0.24)(21)(0.44)(32)
Net income per average common share - basic, Underlying (non-GAAP)L/T1.07 1.26 1.22 1.47 1.41 (0.19)(15)(0.34)(24)
Net income per average common share - diluted, Underlying (non-GAAP)L/U1.07 1.26 1.22 1.46 1.41 (0.19)(15)(0.34)(24)
Dividend payout ratio and dividend payout ratio, Underlying:
Cash dividends declared and paid per common shareV$0.39 $0.39 $0.39 $0.39 $0.39 $— — %$— — %
Dividend payout ratioV/(K/T)41 %33 %33 %27 %28 %800 bps1,300 bps
Dividend payout ratio, Underlying (non-GAAP)V/(L/T)36 31 32 27 28 500 bps800 bps
22

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
1Q22 Change
1Q224Q213Q212Q211Q214Q211Q21
$%$%
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)$594 $551 $509 $524 $548 $43 8 %$46 8 %
Less: Notable items6 5 (13)— — 1 20 6 100 
Salaries and employee benefits, Underlying (non-GAAP)$588 $546 $522 $524 $548 $42 8 %$40 7 %
Equipment and software, Underlying:
Equipment and software (GAAP)
$150 $146 $157 $155 $152 $4 3 %($2)(1 %)
Less: Notable items2 2 7 4 4 — — (2)(50)
Equipment and software, Underlying (non-GAAP)$148 $144 $150 $151 $148 $4 3 %$— — %
Outside services, Underlying:
Outside services (GAAP)$169 $175 $144 $137 $139 ($6)(3 %)$30 22 %
Less: Notable items35 37 12 4 7 (2)(5)28 NM
Outside services, Underlying (non-GAAP)$134 $138 $132 $133 $132 ($4)(3 %)$2 2 %
Occupancy, Underlying:
Occupancy (GAAP)$83 $86 $77 $82 $88 ($3)(3 %)($5)(6 %)
Less: Notable items— 5 1 3 9 (5)(100)(9)(100)
Occupancy, Underlying (non-GAAP)$83 $81 $76 $79 $79 $2 2 %$4 5 %
Other operating expense, Underlying:
Other operating expense (GAAP)$110 $103 $124 $93 $91 $7 7 %$19 21 %
Less: Notable items5 2 16 — — 3 150 5 NM
Other operating expense, Underlying (non-GAAP)$105 $101 $108 $93 $91 $4 4 %$14 15 %

23



NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS
(in millions, except ratio data)
FIRST QUARTER 2022FOURTH QUARTER 2021THIRD QUARTER 2021
Consumer BankingCommercial BankingOtherConsolidatedConsumer BankingCommercial BankingOtherConsolidatedConsumer BankingCommercial BankingOtherConsolidated
Net income (loss) available to common stockholders:
Net income (loss)A$209 $271 ($60)$420 $279 $336 ($85)$530 $336 $274 ($80)$530 
Less: Preferred stock dividends— — 24 24 — — 32 32 — — 26 26 
Net income (loss) available to common stockholdersB$209 $271 ($84)$396 $279 $336 ($117)$498 $336 $274 ($106)$504 
Return on average total tangible assets:
Average total assets (GAAP)$77,551 $61,118 $49,648 $188,317 $76,077 $58,501 $52,650 $187,228 $75,070 $56,702 $54,336 $186,108 
 Less: Average goodwill (GAAP)160 120 6,876 7,156 122 94 6,876 7,092 122 57 6,876 7,055 
          Average other intangibles (GAAP)51 18 11 80 32 11 13 56 34 5 13 52 
 Add: Average deferred tax liabilities related to goodwill (GAAP)5 1 377 383 4 1 378 383 4 2 377 383 
Average tangible assetsC$77,345 $60,981 $43,138 $181,464 $75,927 $58,397 $46,139 $180,463 $74,918 $56,642 $47,824 $179,384 
Return on average total tangible assets A/C1.10 %1.81 %NM0.94 %1.46 %2.28 %NM1.17 %1.78 %1.92 %NM1.17 %
Efficiency ratio:
Noninterest expense (GAAP)D$784 $272 $50 $1,106 $737 $294 $30 $1,061 $749 $226 $36 $1,011 
Net interest income (GAAP)857 416 (126)1,147 883 438 (195)1,126 919 428 (202)1,145 
Noninterest income (GAAP)257 213 28 498 274 293 27 594 315 168 31 514 
Total revenue (GAAP)E$1,114 $629 ($98)$1,645 $1,157 $731 ($168)$1,720 $1,234 $596 ($171)$1,659 
Efficiency ratio D/E70.38 %43.32 %NM67.23 %63.68 %40.16 %NM61.68 %60.73 %38.02 %NM60.92 %
SECOND QUARTER 2021FIRST QUARTER 2021
Consumer BankingCommercial BankingOtherConsolidatedConsumer BankingCommercial BankingOtherConsolidated
Net income (loss) available to common stockholders:
Net incomeA$286 $265 $97 $648 $302 $211 $98 $611 
Less: Preferred stock dividends
— — 32 32 — — 23 23 
Net income available to common stockholdersB$286 $265 $65 $616 $302 $211 $75 $588 
Return on average total tangible assets:
Average total assets (GAAP)$75,600 $57,527 $51,329 $184,456 $75,283 $57,738 $49,548 $182,569 
 Less: Average goodwill (GAAP)122 52 6,876 7,050 122 52 6,876 7,050 
          Average other intangibles (GAAP)35 4 14 53 37 5 15 57 
 Add: Average deferred tax liabilities related to goodwill (GAAP)4 1 376 381 3 1 375 379 
Average tangible assetsC$75,447 $57,472 $44,815 $177,734 $75,127 $57,682 $43,032 $175,841 
Return on average total tangible assets A/C1.52 %1.85 %NM1.46 %1.63 %1.48 %NM1.41 %
Efficiency ratio:
Noninterest expense (GAAP)D$751 $226 $14 $991 $750 $227 $41 $1,018 
Net interest income (GAAP)897 419 (192)1,124 863 421 (167)1,117 
Noninterest income (GAAP)283 178 24 485 351 170 21 542 
Total revenue (GAAP)E$1,180 $597 ($168)$1,609 $1,214 $591 ($146)$1,659 
Efficiency ratio D/E63.62 %37.86 %NM61.63 %61.79 %38.33 %NM61.35 %

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