CITIZENS FINANCIAL GROUP INC/RI0000759944false00007599442024-04-182024-04-180000759944us-gaap:CommonStockMember2024-04-182024-04-180000759944us-gaap:SeriesDPreferredStockMember2024-04-182024-04-180000759944us-gaap:SeriesEPreferredStockMember2024-04-182024-04-18

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 18, 2024

 (Exact name of the registrant as specified in its charter)

Delaware						001-36636			05-0412693
(State or Other Jurisdiction of Incorporation)						(Commission File Number)			(I.R.S. Employer Identification Number)
One Citizens Plaza
Providence,			RI						02903
(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 class			Trading symbol(s)			Name of each exchange on which registered
Common stock, $0.01 par value per share			CFG			New 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 D			CFG PrD			New 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 E			CFG PrE			New 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).

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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 8.01   Other Events.

On April 17, 2024, Citizens Financial Group, Inc. (the “Company”) announced its first quarter 2024 earnings. The Company’s earnings results and financial supplement are being filed as Exhibits 99.1 and 99.2, respectively.

Item 9.01   Financial Statements and Exhibits.

			Exhibit Number						Description
(d)			Exhibit 99.1						Citizens Financial Group, Inc. earnings results for first quarter 2024
			Exhibit 99.2						Citizens Financial Group, Inc. financial supplement for first quarter 2024
			Exhibit 104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

CITIZENS FINANCIAL GROUP, INC.
By:						/s/ John F. Woods
						John F. Woods
						Vice Chair and Chief Financial Officer

Date:  April 18, 2024

Exhibit 99.1

						Key Financial Data						1Q24			4Q23			1Q23																		First Quarter 2024 Highlights
Income Statement						($s in millions)																														■Underlying EPS of $0.79 and ROTCE of 10.6% ■Underlying PPNR of $683 million –NII down 3% QoQ given a slight decrease in interest-earning assets; stable NIM of 2.91% –Fees up 3% QoQ with higher Capital Markets and Card fees –Expenses stable QoQ including continued Private Bank start-up investment ■Increased ACL coverage to 1.61%, up 2 bps QoQ ■Period-end and average loans down 2% QoQ given balance sheet optimization, including Non-Core portfolio run off ■Period-end deposits up $4.2 billion YoY reflecting retail and Private Bank growth; Period-end and average deposits down slightly QoQ given Commercial seasonal outflows ■Strong liquidity profile; Spot LDR improved to 81%; FHLB advances reduced further to $2.0 billion, down 83% YoY ■Strong CET1 ratio of 10.6%; TCE ratio of 6.5% ■TBV/share of $30.19, down 2% QoQ reflecting rate impacts on AOCI
						Total revenue						$	1,959		$	1,988		$	2,128
						Pre-provision profit						601			376			832
						Underlying pre-provision profit						683			721			898
						Provision for credit losses						171			171			168
						Net income						334			189			511
						Underlying net income						395			426			560
Balance Sheet & Credit Quality						($s in billions)
						Period-end loans and leases						$	143.2		$	146.0		$	154.7
						Average loans and leases						144.8			148.0			156.5
						Period-end deposits						176.4			177.3			172.2
						Average deposits						176.1			177.1			174.4
						Period-end loan-to-deposit ratio						81.2		%	82.3		%	89.8		%
						NCO ratio						0.50		%	0.46		%	0.34		%
Financial Metrics						Diluted EPS						$	0.65		$	0.34		$	1.00
						Underlying Diluted EPS						0.79			0.85			1.10
						ROTCE						8.9		%	4.7		%	14.4		%
						Underlying ROTCE						10.6			11.8			15.8
						Net interest margin, FTE						2.91			2.91			3.30
						Efficiency ratio						69.3			81.1			60.9
						Underlying efficiency ratio						65.1			63.8			57.8
						CET1						10.6		%	10.6		%	10.0		%
						TBV/Share						$	30.19		$	30.91		$	29.44

Notable Items												1Q24
						($s in millions except per share data)						Pre-tax $			EPS
						Integration related						$	(3)		$	(0.01)
						TOP and Other items						(44)			(0.07)
						FDIC special assessment						(35)			(0.06)
						Total:						$	(82)		$	(0.14)

Citizens also announced that its board of directors declared a quarterly common stock dividend of $0.42 per share. The dividend is payable on May 15, 2024 to shareholders of record at the close of business on May 1, 2024.

Results presented on an Underlying basis are non-GAAP Financial Measures. See page 14 for additional information on our use of Non-GAAP Financial Measures.

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Citizens Financial Group, Inc.

Earnings highlights(1):

						Quarterly Trends
																		1Q24 change from
($s in millions, except per share data)						1Q24			4Q23			1Q23						4Q23									1Q23
Earnings																		$/bps			%						$/bps			%
Net interest income						$	1,442		$	1,488		$	1,643					$	(46)		(3)		%				$	(201)		(12)		%
Noninterest income						517			500			485						17			3						32			7
Total revenue						1,959			1,988			2,128						(29)			(1)						(169)			(8)
Noninterest expense						1,358			1,612			1,296						(254)			(16)						62			5
Pre-provision profit						601			376			832						225			60						(231)			(28)
Provision for credit losses						171			171			168						—			—						3			2
Net income						334			189			511						145			77						(177)			(35)
Preferred dividends						30			30			23						—			—						7			30
Net income available to common stockholders						$	304		$	159		$	488					$	145		91		%				$	(184)		(38)		%
After-tax notable Items						61			237			49						(176)			(74)						12			24
Underlying net income						$	395		$	426		$	560					$	(31)		(7)		%				$	(165)		(29)		%
Underlying net income available to common stockholders						365			396			537						(31)			(8)						(172)			(32)
Average common shares outstanding
Basic (in millions)						461.4			466.2			485.4						(4.9)			(1)						(24.1)			(5)
Diluted (in millions)						463.8			468.2			487.7						(4.4)			(1)						(23.9)			(5)
Diluted earnings per share						$	0.65		$	0.34		$	1.00					$	0.31		91		%				$	(0.35)		(35)		%
Underlying diluted earnings per share						0.79			0.85			1.10						(0.06)			(7)						(0.31)			(28)
Performance metrics
Net interest margin						2.90		%	2.90		%	3.29		%				—		bps							(39)		bps
Net interest margin, FTE						2.91			2.91			3.30						—									(39)
Effective income tax rate						22.3			7.6			23.0						1,469									(69)
Efficiency ratio						69.3			81.1			60.9						(1,180)									843
Underlying efficiency ratio						65.1			63.8			57.8						128									721
Return on average tangible common equity						8.9			4.7			14.4						414									(552)
Underlying return on average tangible common equity						10.6			11.8			15.8						(119)									(515)
Return on average total tangible assets						0.63			0.35			0.97						28									(34)
Underlying return on average total tangible assets						0.75		%	0.78		%	1.06		%				(3)		bps							(31)		bps
Capital adequacy(2,3)
Common equity tier 1 capital ratio						10.6		%	10.6		%	10.0		%
Total capital ratio						13.8			13.7			12.9
Tier 1 leverage ratio						9.3			9.3			9.4
Tangible common equity ratio						6.5			6.7			6.6
Allowance for credit losses to loans and leases						1.61		%	1.59		%	1.47		%				2		bps							14		bps
Asset quality(3)
Nonaccrual loans and leases to loans and leases						1.02		%	0.93		%	0.64		%				9		bps							38		bps
Allowance for credit losses to nonaccrual loans and leases						157			170			229						(13)									(72)
Net charge-offs as a % of average loans and leases						0.50		%	0.46		%	0.34		%				4		bps							16		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.

2

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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
																		1Q24 change from
($s in millions, except per share data)						1Q24			4Q23			1Q23						4Q23									1Q23
																		$/bps			%						$/bps			%
Net interest income						$	1,442		$	1,488		$	1,643					$	(46)		(3)		%				$	(201)		(12)		%
Noninterest income						514			500			485						14			3						29			6
Total revenue						$	1,956		$	1,988		$	2,128					$	(32)		(2)		%				$	(172)		(8)		%
Noninterest expense						1,273			1,267			1,230						6			—		%				43			3		%
Provision for credit losses						171			171			168						—			—						3			2
Net income available to common stockholders						$	365		$	396		$	537					$	(31)		(8)		%				$	(172)		(32)		%
Performance metrics
EPS						$	0.79		$	0.85		$	1.10					$	(0.06)		(7)		%				$	(0.31)		(28)		%
Efficiency ratio						65.1		%	63.8		%	57.8		%				128		bps							721		bps
Return on average tangible common equity						10.6		%	11.8		%	15.8		%				(119)		bps							(515)		bps

Consolidated balance sheet summary(1):

																								1Q24 change from
($s in millions)						1Q24						4Q23						1Q23						4Q23									1Q23
																								$/bps			%						$/bps			%
Total assets						$	220,448					$	221,964					$	222,256					$	(1,516)		(1)		%				$	(1,808)		(1)		%
Total loans and leases						143,188						145,959						154,688						(2,771)			(2)						(11,500)			(7)
Total loans held for sale						555						779						1,855						(224)			(29)						(1,300)			(70)
Deposits						176,428						177,342						172,194						(914)			(1)						4,234			2
Stockholders' equity						23,761						24,342						24,201						(581)			(2)						(440)			(2)
Stockholders' common equity						21,747						22,329						22,187						(582)			(3)						(440)			(2)
Tangible common equity						$	13,844					$	14,417					$	14,247					$	(573)		(4)		%				$	(403)		(3)		%
Loan-to-deposit ratio (period-end)(2)						81.2		%				82.3		%				89.8		%				(114)		bps							(867)		bps
Loan-to-deposit ratio (average)(2)						82.2		%				83.5		%				89.8		%				(130)		bps							(752)		bps
(1) Represents period-end unless otherwise noted.
(2) Excludes loans held for sale.

3

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Citizens Financial Group, Inc.

Notable items:

Quarterly results reflect notable items primarily related to integration costs associated with recent acquisitions, as well as TOP revenue and efficiency initiatives and other expense reductions actions. In addition, first quarter 2024 and fourth quarter 2023 include a notable item for an industry-wide FDIC special assessment. These notable items have been excluded from reported results to better reflect Underlying operating results.

Notable items - Integration-related						1Q24												4Q23												1Q23
($s in millions, except per share data)						Pre-tax						After-tax												Pre-tax						After-tax												Pre-tax						After-tax
Salaries & benefits						$	(2)					$	(1)											$	(2)					$	(1)											$	(7)					$	(5)
Equipment and software						—						—												—						—												(3)						(2)
Outside services						(1)						(1)												(3)						(2)												(25)						(19)
Occupancy						—						—												—						—												(16)						(12)
Other expense						—						—												—						—												(1)						(1)
Noninterest expense						$	(3)					$	(2)											$	(5)					$	(3)											$	(52)					$	(39)
EPS Impact - Noninterest expense												$	(0.01)																	$	(0.01)																	$	(0.08)
Total integration related						$	(3)					$	(2)											$	(5)					$	(3)											$	(52)					$	(39)
EPS Impact - Total Integration-related												$	(0.01)																	$	(0.01)																	$	(0.08)
Other notable items - TOP & Other						1Q24												4Q23												1Q23
($s in millions, except per share data)						Pre-tax						After-tax												Pre-tax						After-tax												Pre-tax						After-tax
Tax notable items						$	—					$	—											$	—					$	17											$	—					$	—
Noninterest income						3						2												—						—												—						—
Salaries & benefits						(15)						(11)												(30)						(22)												(9)						(7)
Equipment and software						(8)						(6)												(37)						(27)												(1)						(1)
Outside services						(11)						(9)												(10)						(7)												(2)						(1)
Occupancy						(7)						(5)												(20)						(15)												(2)						(1)
FDIC special assessment(1)						(35)						(26)												(225)						(167)												—						—
Other expense						(6)						(4)												(18)						(13)												—						—
Noninterest expense						$	(82)					$	(61)											$	(340)					$	(251)											$	(14)					$	(10)
Total Other Notable Items						$	(79)					$	(59)											$	(340)					$	(234)											$	(14)					$	(10)
EPS Impact - Other Notable Items												$	(0.13)																	$	(0.50)																	$	(0.02)
Total Notable Items						$	(82)					$	(61)											$	(345)					$	(237)											$	(66)					$	(49)
Total EPS Impact												$	(0.14)																	$	(0.51)																	$	(0.10)
(1) The FDIC special assessment earnings per share impact is $(0.06) and $(0.35) for first quarter 2024 and fourth quarter 2023, respectively.

4

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Citizens Financial Group, Inc.

Discussion of results:

Net interest income																								1Q24 change from
($s in millions)						1Q24						4Q23						1Q23						4Q23												1Q23
																								$/bps						%						$/bps						%
Interest income:
Interest and fees on loans and leases and loans held for sale						$	2,071					$	2,166					$	2,067					$	(95)					(4)		%				$	4					—		%
Investment securities						399						339						266						60						18						133						50
Interest-bearing deposits in banks						140						171						69						(31)						(18)						71						103
Total interest income						$	2,610					$	2,676					$	2,402					$	(66)					(2)		%				$	208					9		%
Interest expense:
Deposits						$	987					$	974					$	550					$	13					1		%				$	437					79		%
Short-term borrowed funds						7						7						6						—						—						1						17
Long-term borrowed funds						174						207						203						(33)						(16)						(29)						(14)
Total interest expense						$	1,168					$	1,188					$	759					$	(20)					(2)		%				$	409					54		%
Net interest income						$	1,442					$	1,488					$	1,643					$	(46)					(3)		%				$	(201)					(12)		%
Net interest margin, FTE						2.91		%				2.91		%				3.30		%				—		bps										(39)		bps

First quarter 2024			vs.			fourth quarter 2023

Net interest income of $1.4 billion decreased 3%, reflecting a 2% decrease in average interest-earning assets, reflecting lower loans, and the impact of day count.

•Net interest margin of 2.91% was stable reflecting improved asset yields (4 basis points), the benefit of Non-Core run off (3 basis points), and day count (2 basis points), offset by higher funding costs (6 basis points) and the impact of swaps (3 basis points).

First quarter 2024			vs.			first quarter 2023

Net interest income of $1.4 billion decreased 12%, reflecting lower net interest margin and a 1% decline in average interest-earning assets.

•Net interest margin of 2.91% decreased 39 basis points, as higher funding costs and the impact of building liquidity were partly offset by higher interest-earning-asset yields and the benefit of Non-Core run off.

5

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Citizens Financial Group, Inc.

Noninterest Income																								1Q24 change from
($s in millions)						1Q24						4Q23						1Q23						4Q23												1Q23
																								$						%						$						%
Service charges and fees						$	96					$	104					$	100					$	(8)					(8)		%				$	(4)					(4)		%
Capital markets fees						118						87						83						31						36						35						42
Card fees						86						70						72						16						23						14						19
Trust and investment services fees						68						68						63						—						—						5						8
Mortgage banking fees						49						57						57						(8)						(14)						(8)						(14)
Foreign exchange and derivative products						36						43						48						(7)						(16)						(12)						(25)
Letter of credit and loan fees						42						42						40						—						—						2						5
Securities gains, net						5						9						5						(4)						(44)						—						—
Other income(1)						17						20						17						(3)						(15)						—						—
Noninterest income						$	517					$	500					$	485					$	17					3		%				$	32					7		%
Underlying, as applicable
Card fees						$	83					$	70					$	72					$	13					19						$	11					15
Underlying noninterest income						$	514					$	500					$	485					$	14					3		%				$	29					6		%
(1) Includes bank-owned life insurance income and other miscellaneous income for all periods presented.

First quarter 2024			vs.			fourth quarter 2023

Underlying noninterest income of $514 million increased $14 million, or 3%.

•Service charges and fees decreased $8 million, given seasonality and lower overdraft fees.

•Capital markets fees increased $31 million, given increased M&A advisory and bond underwriting fees.

•Card fees increased $13 million, driven by higher credit card fees, including favorable vendor contract negotiations.

•Trust and investment services fees were stable.

•Mortgage banking fees decreased $8 million, driven by lower MSR valuation, net of hedging, and servicing fees, partially offset by higher production revenue.

•Foreign exchange and derivative products revenue decreased $7 million, primarily reflecting lower client activity in commodities and foreign exchange hedging.

First quarter 2024			vs.			first quarter 2023

Noninterest income of $514 million increased $29 million, or 6%.

•Service charges and fees decreased $4 million, given lower overdraft fees.

•Capital markets fees increased $35 million, given increased M&A advisory, bond and equity underwriting fees.

•Card fees increased $11 million, primarily reflecting higher credit card fees, including favorable vendor contract negotiations.

•Trust and investment services fees increased $5 million, given increased sales activity and asset management fees.

•Mortgage banking fees decreased $8 million, given lower servicing and production fees.

•Foreign Exchange and derivative products revenue decreased $12 million, given lower client activity in interest rate and commodities hedging.

6

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Citizens Financial Group, Inc.

Noninterest Expense																								1Q24 change from
($s in millions)						1Q24						4Q23						1Q23						4Q23									1Q23
																								$			%						$			%
Salaries and employee benefits						$	691					$	667					$	658					$	24		4		%				$	33		5		%
Equipment and software						192						215						169						(23)			(11)						23			14
Outside services						158						174						176						(16)			(9)						(18)			(10)
Occupancy						114						125						124						(11)			(9)						(10)			(8)
Other operating expense						203						431						169						(228)			(53)						34			20
Noninterest expense						$	1,358					$	1,612					$	1,296					$	(254)		(16)		%				$	62		5		%
Notable items						$	85					$	345					$	66					$	(260)		(75)		%				$	19		29%
Underlying, as applicable
Salaries and employee benefits						$	674					$	635					$	642					$	39		6		%				$	32		5		%
Equipment and software						184						178						165						6			3						19			12
Outside services						146						161						149						(15)			(9)						(3)			(2)
Occupancy						107						105						106						2			2						1			1
Other operating expense						162						188						168						(26)			(14)						(6)			(4)
Underlying noninterest expense						$	1,273					$	1,267					$	1,230					$	6		—		%				$	43		3		%

First quarter 2024			vs.			fourth quarter 2023

Underlying noninterest expense of $1.27 billion was broadly stable.

•Salaries and benefits increased, primarily reflecting seasonal increases in payroll taxes and compensation related costs.

•Equipment and software increased reflecting technology investments.

•Outside services decreased reflecting lower vendor costs and other efficiency initiatives.

•Other operating expense decreased given lower advertising and travel expense, as well as lower fraud costs.

Reported noninterest expense of $1.36 billion decreased $254 million, including notable items of $85 million in first quarter 2024 compared with notable items of $345 million in fourth quarter 2023. Notable items include the industry-wide FDIC special assessment of $35 million in first quarter 2024 and $225 million in fourth quarter 2023.

The effective tax rate was 22.3% in first quarter 2024. On an underlying basis, the effective tax rate of 22.8% increased modestly compared to 22.3% in fourth quarter 2023.

First quarter 2024			vs.			first quarter 2023

Underlying noninterest expense of $1.27 billion increased 3%; was stable excluding $38 million in expenses related to the Private Bank start-up investment.

•Salaries and benefits increased reflecting the Private Bank start-up investment, partly offset by lower headcount.

•Equipment and software increased reflecting technology investments.

•Other operating expenses decreased primarily driven by lower fraud, advertising and travel expense.

The effective tax rate was 22.3% in first quarter 2024. On an underlying basis, the effective tax rate of 22.8% compared with 23.2% in first quarter 2023.

7

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Citizens Financial Group, Inc.

Interest-earning assets															1Q24 change from
($s in millions)			1Q24			4Q23			1Q23						4Q23												1Q23
Period-end interest-earning assets															$						%						$						%
Investments			$	41,127		$	40,003		$	34,893					$	1,124					3		%				$	6,234					18		%
Interest-bearing deposits in banks			10,893			10,239			7,011						654						6						3,882						55
Commercial loans and leases			72,823			74,445			80,866						(1,622)						(2)						(8,043)						(10)
Retail loans			70,365			71,514			73,822						(1,149)						(2)						(3,457)						(5)
Total loans and leases			143,188			145,959			154,688						(2,771)						(2)						(11,500)						(7)
Loans held for sale, at fair value			505			676			855						(171)						(25)						(350)						(41)
Other loans held for sale			50			103			1,000						(53)						(51)						(950)						(95)
Total loans and leases and loans held for sale			143,743			146,738			156,543						(2,995)						(2)						(12,800)						(8)
Total period-end interest-earning assets			$	195,763		$	196,980		$	198,447					$	(1,217)					(1)		%				$	(2,684)					(1)		%
Average interest-earning assets
Investments(1)			$	43,905		$	41,499		$	38,955					$	2,406					6		%				$	4,950					13		%
Interest-bearing deposits in banks			10,268			12,387			5,899						(2,119)						(17)						4,369						74
Commercial loans and leases			73,842			76,078			82,321						(2,236)						(3)						(8,479)						(10)
Retail loans			70,980			71,891			74,171						(911)						(1)						(3,191)						(4)
Total loans and leases			144,822			147,969			156,492						(3,147)						(2)						(11,670)						(7)
Loans held for sale, at fair value			850			1,047			1,009						(197)						(19)						(159)						(16)
Other loans held for sale			223			219			197						4						2						26						13
Total loans and leases and loans held for sale			145,895			149,235			157,698						(3,340)						(2)						(11,803)						(7)
Total average interest-earning assets			$	200,068		$	203,121		$	202,552					$	(3,053)					(2)		%				$	(2,484)					(1)		%
(1) Total average interest-earning assets excludes the mark-to-market on investment securities and unsettled purchases or sales of loans and investments.

First quarter 2024			vs.			fourth quarter 2023

Period-end interest-earning assets of $195.8 billion decreased $1.2 billion, or 1%, reflecting a $3.0 billion decrease in total loans and leases and loans held for sale, partly offset by a $1.1 billion increase in investments in securities and a $654 million increase in cash held in interest-bearing deposits. The decrease in loans and leases reflects a $1.6 billion decrease in commercial given balance sheet optimization actions, paydowns and market conditions driving lower client demand. Results also reflect a $1.1 billion decrease in retail, given planned Non-Core portfolio run off.

Average interest-earning assets of $200.1 billion decreased $3.1 billion, or 2%, reflecting a $3.1 billion decrease in total loans and leases and a $2.1 billion decrease in cash held in interest-bearing deposits, partly offset by a $2.4 billion increase in investments. The decrease in loans and leases reflects a $2.2 billion decrease in commercial given paydowns, balance sheet optimization actions and market conditions driving lower client demand, as well as a $911 million decrease in retail driven by the Non-Core portfolio run off.

The average effective duration of the securities portfolio was 3.8 years, compared with 3.9 years at December 31, 2023 and 5.8 years at March 31, 2023.

First quarter 2024			vs.			first quarter 2023

Period-end interest-earning assets of $195.8 billion decreased $2.7 billion, or 1%, reflecting a $12.8 billion decrease in total loans and leases and loans held for sale, partly offset by a $6.2 billion increase in investments in securities and a $3.9 billion increase in investments in cash held in interest-bearing deposits. The decrease in loans and leases reflects an $8.0 billion decrease in commercial given paydowns, balance sheet optimization actions and lower client demand, and a $3.5 billion decrease in retail driven by the Non-Core portfolio run off largely offset by growth in mortgage and home equity.

Average interest-earning assets of $200.1 billion decreased $2.5 billion, or 1%, reflecting a $11.8 billion decrease in total loans and leases and loans held for sale, partially offset by a $5.0 billion increase in investments in securities and a $4.4 billion increase in cash held in interest-bearing deposits.

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Citizens Financial Group, Inc.

Deposits															1Q24 change from
($s in millions)			1Q24			4Q23			1Q23						4Q23												1Q23
Period-end deposits															$						%						$						%
Demand			$	36,593		$	37,107		$	44,326					$	(514)					(1)		%				$	(7,733)					(17)		%
Money market			52,182			53,812			48,905						(1,630)						(3)						3,277						7
Checking with interest			34,487			31,876			34,496						2,611						8						(9)						—
Savings			27,912			27,983			29,789						(71)						—						(1,877)						(6)
Term			25,254			26,564			14,678						(1,310)						(5)						10,576						72
Total period-end deposits			$	176,428		$	177,342		$	172,194					$	(914)					(1)		%				$	4,234					2		%
Average deposits
Demand			$	36,684		$	38,390		$	46,135					$	(1,706)					(4)		%				$	(9,451)					(20)		%
Money market			52,926			53,003			49,942						(77)						—						2,984						6
Checking with interest			32,302			31,788			35,974						514						2						(3,672)						(10)
Savings			27,745			28,455			29,460						(710)						(2)						(1,715)						(6)
Term			26,447			25,492			12,839						955						4						13,608						106
Total average deposits			$	176,104		$	177,128		$	174,350					$	(1,024)					(1)		%				$	1,754					1		%

First quarter 2024			vs.			fourth quarter 2023

Total period-end deposits of $176.4 billion and average deposits of $176.1 billion were down slightly, reflecting seasonal declines in Commercial, partially offset by growth in the Private Bank and retail branch deposits.

The mix of deposits reflect a declining rate of migration from demand to interest-bearing and low-cost to high-cost interest bearing accounts. Checking with interest increased $2.6 billion on a period-end basis reflecting a transfer from money market and growth in Commercial.

First quarter 2024			vs.			first quarter 2023

Total period-end deposits of $176.4 billion increased 2% and average deposits of $176.1 billion increased 1%, reflecting growth in retail branch and Private Bank deposits. Commercial deposits were stable on a spot basis, down 6% on an average basis reflecting deposit optimization initiatives.

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Citizens Financial Group, Inc.

Borrowed Funds															1Q24 change from
($s in millions)			1Q24			4Q23			1Q23						4Q23												1Q23
Period-end borrowed funds															$						%						$						%
Short-term borrowed funds			$	9		$	505		$	1,018					$	(496)					(98) %						$	(1,009)					(99)		%
Long-term borrowed funds
FHLB advances			2,036			3,786			11,779						(1,750)						(46)						(9,743)						(83)
Senior debt			6,414			5,170			5,263						1,244						24						1,151						22
Subordinated debt and other debt			1,825			1,819			1,813						6						—						12						1
Auto collateralized borrowings			3,529			2,692			—						837						31						3,529						100
Total borrowed funds			$	13,813		$	13,972		$	19,873					$	(159)					(1)		%				$	(6,060)					(30)		%
Average borrowed funds
Short-term borrowed funds			$	498		$	491		$	542					$	7					1 %						$	(44)					(8)		%
Long-term borrowed funds
FHLB advances			2,272			5,751			10,362						(3,479)						(60)						(8,090)						(78)
Senior debt			6,113			5,217			5,606						896						17						507						9
Subordinated debt and other debt			1,821			1,816			1,812						5						—						9						—
Auto collateralized borrowings			3,458			2,904			—						554						19						3,458						100
Total average borrowed funds			$	14,162		$	16,179		$	18,322					$	(2,017)					(12)		%				$	(4,160)					(23)		%

First quarter 2024			vs.			fourth quarter 2023

Period-end borrowed funds decreased by $159 million. Senior debt increased by $1.2 billion and collateralized borrowings on auto loans increased by $837 million, reflecting attractive issuances, with proceeds used to deliver a net decrease of $1.8 billion in FHLB advances and $496 million in short-term borrowings.

Average borrowed funds decreased $2.0 billion. Senior debt increased by $896 million and collateralized borrowings on auto loans increased by $554 million, driven by issuances. Proceeds from these issuances, along with Non-Core run off drove a net decrease of $3.5 billion in FHLB advances.

First quarter 2024			vs.			first quarter 2023

Period-end borrowed funds decreased by $6.1 billion, primarily due to a decrease in FHLB advances of $9.7 billion and a $1.0 billion decrease in short-term borrowed funds. Run off of the Non-Core portfolio and debt issuances drove the lower FHLB borrowing need.

Average borrowed funds decreased by $4.2 billion, reflecting a $8.1 billion decrease in FHLB advances. Run off of the Non-Core portfolio and debt issuances drove the lower FHLB borrowing need.

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Citizens Financial Group, Inc.

Capital																					1Q24 change from
($s and shares in millions, except per share data)			1Q24						4Q23						1Q23						4Q23												1Q23
Period-end capital																					$						%						$						%
Stockholders' equity			$	23,761					$	24,342					$	24,201					$	(581)					(2)		%				$	(440)					(2)		%
Stockholders' common equity			21,747						22,329						22,187						(582)						(3)						(440)						(2)
Tangible common equity			13,844						14,417						14,247						(573)						(4)						(403)						(3)
Tangible book value per common share			$	30.19					$	30.91					$	29.44					$	(0.72)					(2)		%				$	0.75					3		%
Common shares - at end of period			458.5						466.4						484.0						(7.9)						(2)						(25.5)						(5)
Common shares - average (diluted)			463.8						468.2						487.7						(4.4)						(1)		%				(23.9)						(5)		%
Common equity tier 1 capital ratio(1)			10.6		%				10.6		%				10.0		%
Total capital ratio(1)			13.8						13.7						12.9
Tangible common equity ratio			6.5						6.7						6.6
Tier 1 leverage ratio(1)			9.3						9.3						9.4
(1) Current reporting-period regulatory capital ratios are preliminary.

First quarter 2024

•The CET1 capital ratio of 10.6% as of March 31, 2024 compares with 10.6% at December 31, 2023 and 10.0% at March 31, 2023.

•Total capital ratio of 13.8% compares with 13.7% at December 31, 2023 and 12.9% as of March 31, 2023.

•Tangible common equity ratio of 6.5% compares with 6.7% at December 31, 2023 and 6.6% as of March 31, 2023.

•Tangible book value per common share of $30.19 decreased 2% compared with fourth quarter 2023 reflecting AOCI impacts from higher rates.

•Paid $197 million in common dividends to shareholders during first quarter 2024. This compares with $198 million in common dividends during fourth quarter 2023 and $205 million during first quarter 2023.

•Repurchased $300 million of common shares during first quarter 2024, compared with no repurchases in fourth quarter 2023 and $400 million in first quarter 2023.

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Citizens Financial Group, Inc.

Credit quality review																								1Q24 change from
($s in millions)						1Q24						4Q23						1Q23						4Q23												1Q23
																								$/bps						%						$/bps						%
Nonaccrual loans and leases(1)						$	1,469					$	1,364					$	996					$	105					8		%				$	473					47		%
90+ days past due and accruing(2)						300						333						424						(33)						(10)						(124)						(29)
Net charge-offs						181						171						133						10						6						48						36
Provision for credit losses						171						171						168						—						—						3						2
Allowance for credit losses						$	2,308					$	2,318					$	2,275					$	(10)					—		%				$	33					1		%
Nonaccrual loans and leases to loans and leases						1.02		%				0.93		%				0.64		%				9		bps										38
Net charge-offs as a % of total loans and leases						0.50						0.46						0.34						4												16
Allowance for credit losses to loans and leases						1.61						1.59						1.47						2												14
Allowance for credit losses to nonaccrual loans and leases						157		%				170		%				229		%				(13)		bps										(72)		bps
(1) Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
(2) 90+ days past due and accruing includes $202 million, $243 million, and $309 million of loans fully or partially guaranteed by the FHA, VA, and USDA for March 31, 2024, December 31, 2023, and March 31, 2023, respectively.

First quarter 2024			vs.			fourth quarter 2023

•The nonaccrual loans to total loans ratio of 1.02% compares with 0.93% at December 31, 2023. Nonaccrual loans of $1.5 billion increased $105 million, or 8%, reflecting a $117 million increase in Commercial, driven by an increase in the General Office segment of commercial real estate, and a modest decrease in the retail portfolio.

•Net charge-offs of $181 million, or 50 basis points of average loans and leases, increased 4 basis points compared with the prior quarter given a $16 million increase in commercial, primarily driven by the General Office segment of commercial real estate, and a $6 million decrease in retail.

•The first quarter 2024 provision for credit losses of $171 million compares with $171 million for fourth quarter 2023. The ratio of allowance for credit losses to total loans of 1.61% increased from 1.59% as of December 31, 2023, primarily reflecting lower loan balances given Non-Core run off and commercial balance sheet optimization.

•The allowance for credit losses to nonaccrual loans and leases ratio of 157% compares with 170% as of December 31, 2023.

First quarter 2024			vs.			first quarter 2023

•The nonaccrual loans to total loans ratio of 1.02% increased from 0.64% at March 31, 2023.

•Nonaccrual loans increased $473 million, or 47%, primarily reflecting an increase in the General Office segment of commercial real estate.

•Net charge-offs of $181 million, or 50 basis points of average loans and leases, increased $48 million, primarily reflecting a $33 million increase in commercial driven by the General Office segment of commercial real estate.

•Provision for credit losses of $171 million compares with a $168 million provision in first quarter 2023.

•Allowance for credit losses of $2.3 billion increased $33 million compared with March 31, 2023. Allowance for credit losses ratio of 1.61% as of March 31, 2024, compares with 1.47% as of March 31, 2023.

•The allowance for credit losses to nonaccrual loans and leases ratio of 157% compares with 229% as of March 31, 2023.

12

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Citizens Financial Group, Inc.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $220.4 billion in assets as of March 31, 2024. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,300 ATMs and more than 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities.

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Citizens Financial Group, Inc.

Non-GAAP Financial Measures and Reconciliations

Non-GAAP Financial Measures:

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

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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
																																				1Q24 Change
						1Q24						4Q23																		1Q23						4Q23												1Q23
																																				$/bps						%						$/bps						%
Operating leverage:
Total revenue (GAAP)			A			$1,959						$1,988																		$2,128						($29)						(1		%)				($169)						(8		%)
Less: Noninterest expense (GAAP)			C			1,358						1,612																		1,296						(254)						(16)						62						5
Operating leverage																																										14		%										(13		%)
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)			B			$1,956						$1,988																		$2,128						($32)						(2		%)				($172)						(8		%)
Less: Noninterest expense, Underlying (non-GAAP)			D			1,273						1,267																		1,230						6						—						43						3
Operating leverage, Underlying (non-GAAP)																																										(2		%)										(11		%)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio			C/A			69.33		%				81.13		%																60.90		%				(1,180)		bps										843		bps
Efficiency ratio, Underlying (non-GAAP)			D/B			65.05						63.77																		57.84						128		bps										721		bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate			G/E			22.28		%				7.59		%																22.97		%				1,469		bps										(69)		bps
Effective income tax rate, Underlying (non-GAAP)			H/F			22.84						22.25																		23.25						59		bps										(41)		bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)			M			$21,700						$21,209																		$21,702						$491						2		%				($2)						—		%
Less: Average goodwill (GAAP)						8,188						8,188																		8,177						—						—						11						—
Less: Average other intangibles (GAAP)						153						163																		192						(10)						(6)						(39)						(20)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)						433						421																		422						12						3						11						3
Average tangible common equity			N			$13,792						$13,279																		$13,755						$513						4		%				$37						—		%
Return on average tangible common equity			K/N			8.86		%				4.72		%																14.38		%				414		bps										(552)		bps
Return on average tangible common equity, Underlying (non-GAAP)			L/N			10.65						11.84																		15.80						(119)		bps										(515)		bps
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)			O			$220,770						$223,653																		$222,711						($2,883)						(1		%)				($1,941)						(1		%)
Less: Average goodwill (GAAP)						8,188						8,188																		8,177						—						—						11						—
Less: Average other intangibles (GAAP)						153						163																		192						(10)						(6)						(39)						(20)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)						433						421																		422						12						3						11						3
Average tangible assets			P			$212,862						$215,723																		$214,764						($2,861)						(1		%)				($1,902)						(1		%)
Return on average total tangible assets			I/P			0.63		%				0.35		%																0.97		%				28		bps										(34)		bps
Return on average total tangible assets, Underlying (non-GAAP)			J/P			0.75						0.78																		1.06						(3)		bps										(31)		bps

16

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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
																																				1Q24 Change
						1Q24						4Q23																		1Q23						4Q23												1Q23
																																				$/bps						%						$/bps						%
Tangible book value per common share:
Common shares - at period-end (GAAP)			Q			458,485,032						466,418,055																		483,982,264						(7,933,023)						(2		%)				(25,497,232)						(5		%)
Common stockholders' equity (GAAP)						$21,747						$22,329																		$22,187						($582)						(3)						($440)						(2)
Less: Goodwill (GAAP)						8,188						8,188																		8,177						—						—						11						—
Less: Other intangible assets (GAAP)						148						157																		185						(9)						(6)						(37)						(20)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)						433						433																		422						—						—						11						3
Tangible common equity			R			$13,844						$14,417																		$14,247						($573)						(4		%)				($403)						(3		%)
Tangible book value per common share			R/Q			$30.19						$30.91																		$29.44						($0.72)						(2		%)				$0.75						3		%
Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying:
Average common shares outstanding - basic (GAAP)			S			461,358,681						466,234,324																		485,444,313						(4,875,643)						(1		%)				(24,085,632)						(5		%)
Average common shares outstanding - diluted (GAAP)			T			463,797,964						468,159,167																		487,712,146						(4,361,203)						(1)						(23,914,182)						(5)
Net income per average common share - basic (GAAP)			K/S			$0.66						$0.34																		$1.00						$0.32						94						($0.34)						(34)
Net income per average common share - diluted (GAAP)			K/T			0.65						0.34																		1.00						0.31						91						(0.35)						(35)
Net income per average common share - basic, Underlying (non-GAAP)			L/S			0.79						0.85																		1.10						(0.06)						(7)						(0.31)						(28)
Net income per average common share - diluted, Underlying (non-GAAP)			L/T			0.79						0.85																		1.10						(0.06)						(7)						(0.31)						(28)

17

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

18

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Citizens Financial Group, Inc.

Forward-Looking Statements

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

Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation:

•Negative economic, business and political conditions, including as a result of the interest rate environment, supply chain disruptions, inflationary pressures and labor shortages, that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits;

•The general state of the economy and employment, as well as general business and economic conditions, and changes in the competitive environment;

•Our capital and liquidity requirements under regulatory standards and our ability to generate capital and liquidity on favorable terms;

•The effect of changes in our credit ratings on our cost of funding, access to capital markets, ability to market our securities, and overall liquidity position;

•The effect of changes in the level of commercial and consumer deposits on our funding costs and net interest margin;

•Our ability to implement our business strategy, including the cost savings and efficiency components, and achieve our financial performance goals, including the anticipated benefits of the Private Bank start-up investment and Investors acquisition;

•The effects of geopolitical instability, including the wars in Ukraine and the Middle East, on economic and market conditions, inflationary pressures and the interest rate environment, commodity price and foreign exchange rate volatility, and heightened cybersecurity risks;

•Our ability to meet heightened supervisory requirements and expectations;

•Liabilities and business restrictions resulting from litigation and regulatory investigations;

•The effect of changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale;

•Changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources and affect the ability to originate and distribute financial products in the primary and secondary markets;

•Financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses;

•Environmental risks, such as physical or transition risks associated with climate change, and social and governance risks, that could adversely affect our reputation, operations, business, and customers;

•A failure in or breach of our compliance with laws, as well as operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; and

•Management’s ability to identify and manage these and other risks.

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

More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 as filed with the Securities and Exchange Commission.

Note: Per share amounts and ratios presented in this document are calculated using whole dollars.

19

Exhibit 99.2

Financial Supplement

First Quarter 2024

1

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Table of Contents						Page
Consolidated Financial Highlights						3
Consolidated Statements of Operations (unaudited)						5
Consolidated Balance Sheets (unaudited)						6
Loans and Deposits						7
Average Balance Sheets, Annualized Yields and Rates						8
Mortgage Banking Fees						9
Segment Financial Highlights						10
Credit-Related Information:
Nonaccrual loans and leases						14
Loans and Leases 90 Days or More Past Due and Accruing						15
Charge-offs, Recoveries, and Related Ratios						16
Summary of Changes in the Components of the Allowance for Credit Losses						18
Capital and Ratios						19
Non-GAAP Financial Measures and Reconciliations						20
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

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CONSOLIDATED FINANCIAL HIGHLIGHTS

(dollars in millions, except per share data)

						QUARTERLY TRENDS
																																				1Q24 Change
						1Q24						4Q23						3Q23						2Q23						1Q23						4Q23												1Q23
																																				$/bps						%						$/bps						%
SELECTED OPERATING DATA
Total revenue						$1,959						$1,988						$2,014						$2,094						$2,128						($29)						(1		%)				($169)						(8		%)
Noninterest expense						1,358						1,612						1,293						1,306						1,296						(254)						(16)						62						5
Profit before provision (benefit) for credit losses						601						376						721						788						832						225						60						(231)						(28)
Provision (benefit) for credit losses						171						171						172						176						168						—						—						3						2
NET INCOME						334						189						430						478						511						145						77						(177)						(35)
Net income, Underlying1						395						426						448						531						560						(31)						(7)						(165)						(29)
Net income available to common stockholders						304						159						400						444						488						145						91						(184)						(38)
Net income available to common stockholders, Underlying1						365						396						418						497						537						(31)						(8)						(172)						(32)
PER COMMON SHARE DATA
Basic earnings						$0.66						$0.34						$0.85						$0.93						$1.00						$0.32						94		%				($0.34)						(34		%)
Diluted earnings						0.65						0.34						0.85						0.92						1.00						0.31						91						(0.35)						(35)
Basic earnings, Underlying1						0.79						0.85						0.89						1.04						1.10						(0.06)						(7)						(0.31)						(28)
Diluted earnings, Underlying1						0.79						0.85						0.89						1.04						1.10						(0.06)						(7)						(0.31)						(28)
Cash dividends declared and paid per common share						0.42						0.42						0.42						0.42						0.42						—						—						—						—
Book value per common share						47.43						47.87						44.75						45.44						45.84						(0.44)						(1)						1.59						3
Tangible book value per common share						30.19						30.91						27.73						28.72						29.44						(0.72)						(2)						0.75						3
Dividend payout ratio						64		%				124		%				49		%				45		%				42		%				(5,989)		bps										2,164		bps
Dividend payout ratio, Underlying1						53						49						47						40						38						400		bps										1,500		bps
COMMON SHARES OUTSTANDING
Average: Basic						461,358,681						466,234,324						469,481,085						479,470,543						485,444,313						(4,875,643)						(1		%)				(24,085,632)						(5		%)
Diluted						463,797,964						468,159,167						471,183,719						480,975,281						487,712,146						(4,361,203)						(1)						(23,914,182)						(5)
Common shares at period-end						458,485,032						466,418,055						466,221,795						474,682,759						483,982,264						(7,933,023)						(2)						(25,497,232)						(5)

1 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

3

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CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED

(dollars in millions, except per share data)

						QUARTERLY TRENDS
																																				1Q24 Change
						1Q24						4Q23						3Q23						2Q23						1Q23						4Q23												1Q23
																																				$/bps						%						$/bps						%
FINANCIAL RATIOS
Net interest margin						2.90		%				2.90		%				3.03		%				3.16		%				3.29		%				0 bps												(39) bps
Net interest margin, FTE1						2.91						2.91						3.03						3.17						3.30						0												(39)
Return on average common equity						5.63						2.96						7.50						8.00						9.11						267												(348)
Return on average common equity, Underlying2						6.77						7.41						7.82						8.97						10.01						(64)												(324)
Return on average tangible common equity						8.86						4.72						12.00						12.42						14.38						414												(552)
Return on average tangible common equity, Underlying2						10.65						11.84						12.51						13.93						15.80						(119)												(515)
Return on average total assets						0.61						0.33						0.78						0.86						0.93						28												(32)
Return on average total assets, Underlying2						0.72						0.76						0.81						0.96						1.02						(4)												(30)
Return on average total tangible assets						0.63						0.35						0.81						0.89						0.97						28												(34)
Return on average total tangible assets, Underlying2						0.75						0.78						0.84						0.99						1.06						(3)												(31)
Effective income tax rate						22.28						7.59						21.51						22.09						22.97						1,469												(69)
Effective income tax rate, Underlying2						22.84						22.25						21.69						22.51						23.25						59												(41)
Efficiency ratio						69.33						81.13						64.21						62.34						60.90						(1,180)												843
Efficiency ratio, Underlying2						65.05						63.77						63.08						58.86						57.84						128												721
Noninterest income as a % of total revenue						26.41						25.16						24.44						24.14						22.81						125												360
Noninterest income as a % of total revenue, Underlying2						26.32						25.16						24.44						24.14						22.81						116												351
CAPITAL RATIOS - PERIOD-END (PRELIMINARY)
CET1 capital ratio						10.6		%				10.6		%				10.4		%				10.3		%				10.0		%
Tier 1 capital ratio						11.8						11.8						11.5						11.4						11.1
Total capital ratio						13.8						13.7						13.4						13.3						12.9
Tier 1 leverage ratio						9.3						9.3						9.4						9.4						9.4
Tangible common equity ratio						6.5						6.7						5.9						6.3						6.6
SELECTED BALANCE SHEET DATA
Loan-to-deposit ratio (period-end balances)						81.16		%				82.30		%				84.03		%				85.17		%				89.83		%				(114)		bps										(867)		bps
Loan-to-deposit ratio (average balances)						82.24						83.54						85.46						88.73						89.76						(130)		bps										(752)		bps
Full-time equivalent colleagues (period-end)						17,354						17,570						18,214						18,468						18,547						(216)						(1)						(1,193)						(6)

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

2These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

4

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CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(dollars in millions)

						QUARTERLY TRENDS
																																				1Q24 Change
						1Q24						4Q23						3Q23						2Q23						1Q23						4Q23												1Q23
																																				$						%						$						%
INTEREST INCOME
Interest and fees on loans and leases						$2,051						$2,144						$2,166						$2,132						$2,047						($93)						(4		%)				$4						—		%
Interest and fees on loans held for sale						14						18						20						20						15						(4)						(22)						(1)						(7)
Interest and fees on other loans held for sale						6						4						8						12						5						2						50						1						20
Investment securities						399						339						290						267						266						60						18						133						50
Interest-bearing deposits in banks						140						171						111						100						69						(31)						(18)						71						103
Total interest income						2,610						2,676						2,595						2,531						2,402						(66)						(2)						208						9
INTEREST EXPENSE
Deposits						987						974						898						723						550						13						1						437						79
Short-term borrowed funds						7						7						8						22						6						—						—						1						17
Long-term borrowed funds						174						207						167						198						203						(33)						(16)						(29)						(14)
Total interest expense						1,168						1,188						1,073						943						759						(20)						(2)						409						54
Net interest income						1,442						1,488						1,522						1,588						1,643						(46)						(3)						(201)						(12)
NONINTEREST INCOME
Service charges and fees						96						104						105						101						100						(8)						(8)						(4)						(4)
Capital markets fees						118						87						67						82						83						31						36						35						42
Card fees						86						70						74						80						72						16						23						14						19
Trust and investment services fees						68						68						63						65						63						—						—						5						8
Mortgage banking fees						49						57						69						59						57						(8)						(14)						(8)						(14)
Foreign exchange and derivative products						36						43						48						44						48						(7)						(16)						(12)						(25)
Letter of credit and loan fees						42						42						43						43						40						—						—						2						5
Securities gains, net						5						9						5						9						5						(4)						(44)						—						—
Other income						17						20						18						23						17						(3)						(15)						—						—
Total noninterest income						517						500						492						506						485						17						3						32						7
TOTAL REVENUE						1,959						1,988						2,014						2,094						2,128						(29)						(1)						(169)						(8)
Provision (benefit) for credit losses						171						171						172						176						168						—						—						3						2
NONINTEREST EXPENSE
Salaries and employee benefits						691						667						659						615						658						24						4						33						5
Equipment and software						192						215						191						181						169						(23)						(11)						23						14
Outside services						158						174						160						177						176						(16)						(9)						(18)						(10)
Occupancy						114						125						107						136						124						(11)						(9)						(10)						(8)
Other operating expense						203						431						176						197						169						(228)						(53)						34						20
Total noninterest expense						1,358						1,612						1,293						1,306						1,296						(254)						(16)						62						5
Income before income tax expense						430						205						549						612						664						225						110						(234)						(35)
Income tax expense						96						16						119						134						153						80						NM						(57)						(37)
Net income						$334						$189						$430						$478						$511						$145						77		%				($177)						(35		%)
Net income, Underlying1						$395						$426						$448						$531						$560						($31)						(7		%)				($165)						(29		%)
Net income available to common stockholders						$304						$159						$400						$444						$488						$145						91		%				($184)						(38		%)
Net income available to common stockholders, Underlying1						$365						$396						$418						$497						$537						($31)						(8		%)				($172)						(32		%)

1 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

5

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CONSOLIDATED BALANCE SHEETS (unaudited)

(dollars in millions, except par value)

PERIOD-END BALANCES						AS OF																														MARCH 31, 2024 CHANGE
						Mar 31, 2024						Dec 31, 2023						Sept 30, 2023						June 30, 2023						Mar 31, 2023						December 31, 2023												March 31, 2023
																																				$						%						$						%
ASSETS
Cash and due from banks						$1,098						$1,794						$1,395						$1,689						$1,283						($696)						(39		%)				($185)						(14		%)
Interest-bearing cash and due from banks						10,501						9,834						14,005						9,878						6,691						667						7						3,810						57
Interest-bearing deposits in banks						392						405						324						284						320						(13)						(3)						72						23
Debt securities available for sale, at fair value						31,187						29,777						25,069						24,755						23,845						1,410						5						7,342						31
Debt securities held to maturity						9,054						9,184						9,320						9,520						9,677						(130)						(1)						(623)						(6)
Loans held for sale, at fair value						505						676						749						1,225						855						(171)						(25)						(350)						(41)
Other loans held for sale						50						103						99						196						1,000						(53)						(51)						(950)						(95)
Loans and leases						143,188						145,959						149,746						151,320						154,688						(2,771)						(2)						(11,500)						(7)
Less: Allowance for loan and lease losses						(2,086)						(2,098)						(2,080)						(2,044)						(2,017)						12						(1)						(69)						3
Net loans and leases						141,102						143,861						147,666						149,276						152,671						(2,759)						(2)						(11,569)						(8)
Derivative assets						469						440						522						719						569						29						7						(100)						(18)
Premises and equipment						872						895						878						876						866						(23)						(3)						6						1
Bank-owned life insurance						3,311						3,291						3,275						3,263						3,244						20						1						67						2
Goodwill						8,188						8,188						8,188						8,188						8,177						—						—						11						—
Other intangible assets						148						157						167						175						185						(9)						(6)						(37)						(20)
Other assets						13,571						13,359						13,613						13,022						12,873						212						2						698						5
TOTAL ASSETS						$220,448						$221,964						$225,270						$223,066						$222,256						($1,516)						(1		%)				($1,808)						(1		%)
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing						$36,593						$37,107						$38,561						$40,286						$44,326						($514)						(1		%)				($7,733)						(17		%)
Interest-bearing						139,835						140,235						139,636						137,381						127,868						(400)						—						11,967						9
Total deposits						176,428						177,342						178,197						177,667						172,194						(914)						(1)						4,234						2
Short-term borrowed funds						9						505						232						1,099						1,018						(496)						(98)						(1,009)						(99)
Derivative liabilities						1,705						1,562						2,109						2,270						1,704						143						9						1						—
Long-term borrowed funds:
FHLB advances						2,036						3,786						7,036						5,029						11,779						(1,750)						(46)						(9,743)						(83)
Senior debt						6,414						5,170						5,258						5,258						5,263						1,244						24						1,151						22
Subordinated debt and other debt						5,354						4,511						5,060						3,813						1,813						843						19						3,541						195
Total long-term borrowed funds						13,804						13,467						17,354						14,100						18,855						337						3						(5,051)						(27)
Other liabilities						4,741						4,746						4,500						4,345						4,284						(5)						—						457						11
TOTAL LIABILITIES						196,687						197,622						202,392						199,481						198,055						(935)						—						(1,368)						(1)
STOCKHOLDERS' EQUITY
Preferred stock:
$25.00 par value, 100,000,000 shares authorized for each of the periods presented						2,014						2,014						2,014						2,014						2,014						—						—						—						—
Common stock:
$0.01 par value, 1,000,000,000 shares authorized for each of the periods presented						6						6						6						6						6						—						—						—						—
Additional paid-in capital						22,272						22,250						22,231						22,207						22,183						22						—						89						—
Retained earnings						9,923						9,816						9,856						9,655						9,416						107						1						507						5
Treasury stock, at cost						(6,290)						(5,986)						(5,986)						(5,734)						(5,475)						(304)						(5)						(815)						(15)
Accumulated other comprehensive income (loss)						(4,164)						(3,758)						(5,243)						(4,563)						(3,943)						(406)						(11)						(221)						(6)
TOTAL STOCKHOLDERS' EQUITY						23,761						24,342						22,878						23,585						24,201						(581)						(2)						(440)						(2)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY						$220,448						$221,964						$225,270						$223,066						$222,256						($1,516)						(1		%)				($1,808)						(1		%)
Memo: Total tangible common equity						$13,844						$14,417						$12,930						$13,630						$14,247						($573)						(4		%)				($403)						(3		%)

6

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LOANS AND DEPOSITS

(dollars in millions)

PERIOD-END BALANCES						AS OF																														MARCH 31, 2024 CHANGE
						Mar 31, 2024						Dec 31, 2023						Sept 30, 2023						June 30, 2023						Mar 31, 2023						Dec 31, 2023												March 31, 2023
																																				$						%						$						%
LOANS AND LEASES
Commercial and industrial1						$43,951						$44,974						$47,971						$49,332						$51,867						($1,023)						(2		%)				($7,916)						(15		%)
Commercial real estate						28,872						29,471						29,486						28,947						28,999						(599)						(2)						(127)						—
Total commercial						72,823						74,445						77,457						78,279						80,866						(1,622)						(2)						(8,043)						(10)
Residential mortgages						31,512						31,332						30,983						30,769						30,362						180						1						1,150						4
Home equity						15,113						15,040						14,729						14,487						14,135						73						—						978						7
Automobile						7,277						8,258						9,290						10,428						11,535						(981)						(12)						(4,258)						(37)
Education						11,646						11,834						12,134						12,246						12,634						(188)						(2)						(988)						(8)
Other retail						4,817						5,050						5,153						5,111						5,156						(233)						(5)						(339)						(7)
Total retail						70,365						71,514						72,289						73,041						73,822						(1,149)						(2)						(3,457)						(5)
Total loans and leases						$143,188						$145,959						$149,746						$151,320						$154,688						($2,771)						(2		%)				($11,500)						(7		%)
Loans held for sale, at fair value						505						676						749						1,225						855						(171)						(25)						(350)						(41)
Other loans held for sale						50						103						99						196						1,000						(53)						(51)						(950)						(95)
Loans and leases and loans held for sale						$143,743						$146,738						$150,594						$152,741						$156,543						($2,995)						(2		%)				($12,800)						(8		%)
DEPOSITS
Demand						$36,593						$37,107						$38,561						$40,286						$44,326						($514)						(1		%)				($7,733)						(17		%)
Money market						52,182						53,812						53,517						52,542						48,905						(1,630)						(3)						3,277						7
Checking with interest						34,487						31,876						33,355						35,028						34,496						2,611						8						(9)						—
Savings						27,912						27,983						29,139						29,824						29,789						(71)						—						(1,877)						(6)
Term						25,254						26,564						23,625						19,987						14,678						(1,310)						(5)						10,576						72
Total deposits						$176,428						$177,342						$178,197						$177,667						$172,194						($914)						(1		%)				$4,234						2		%

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

7

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AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)
						QUARTERLY TRENDS																																																						1Q24 Change
						1Q24																		4Q23																		1Q23																		4Q23																		1Q23
						Average Balances						Interest						Rate						Average Balances						Interest						Rate						Average Balances						Interest						Rate						Average Balances						Interest						Rate						Average Balances						Interest						Rate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks						$10,268						$140						5.39		%				$12,387						$171						5.43		%				$5,899						$69						4.65		%				($2,119)						($31)						(4) bps						$4,369						$71						74 bps
Taxable investment securities						43,904						399						3.63						41,497						339						3.25						38,953						266						2.74						2,407						60						38						4,951						133						89
Non-taxable investment securities						1						—						2.60						2						—						2.66						2						—						2.68						(1)						—						(6)						(1)						—						(8)
Total investment securities						43,905						399						3.63						41,499						339						3.25						38,955						266						2.74						2,406						60						38						4,950						133						89
Commercial and industrial1						44,577						635						5.64						46,618						716						6.00						53,429						747						5.60						(2,041)						(81)						(36)						(8,852)						(112)						4
Commercial real estate						29,265						468						6.32						29,460						476						6.32						28,892						416						5.75						(195)						(8)						—						373						52						57
Total commercial						73,842						1,103						5.91						76,078						1,192						6.13						82,321						1,163						5.65						(2,236)						(89)						(22)						(8,479)						(60)						26
Residential mortgages						31,384						283						3.60						31,146						276						3.55						30,075						250						3.33						238						7						5						1,309						33						27
Home equity						15,080						298						7.94						14,889						302						8.04						14,073						240						6.92						191						(4)						(10)						1,007						58						102
Automobile						7,758						82						4.25						8,752						94						4.24						11,937						119						4.04						(994)						(12)						1						(4,179)						(37)						21
Education						11,816						156						5.31						11,971						156						5.17						12,796						154						4.88						(155)						—						14						(980)						2						43
Other retail						4,942						129						10.54						5,133						124						9.64						5,290						121						9.25						(191)						5						90						(348)						8						129
Total retail						70,980						948						5.36						71,891						952						5.27						74,171						884						4.81						(911)						(4)						9						(3,191)						64						55
Total loans and leases						144,822						2,051						5.64						147,969						2,144						5.71						156,492						2,047						5.25						(3,147)						(93)						(7)						(11,670)						4						39
Loans held for sale, at fair value						850						14						6.37						1,047						18						6.79						1,009						15						5.87						(197)						(4)						(42)						(159)						(1)						50
Other loans held for sale						223						6						10.72						219						4						7.72						197						5						9.98						4						2						300						26						1						74
Total interest-earning assets						200,068						2,610						5.20						203,121						2,676						5.20						202,552						2,402						4.76						(3,053)						(66)						—						(2,484)						208						44
Noninterest-earning assets						20,702																		20,532																		20,159																		170																		543
TOTAL ASSETS						$220,770																		$223,653																		$222,711																		($2,883)																		($1,941)
INTEREST-BEARING LIABILITIES
Checking with interest						$32,302						109						1.35						$31,788						113						1.40						$35,974						97						1.09						$514						(4)						(5)						($3,672)						$12						26
Money market						52,926						445						3.38						53,003						444						3.32						49,942						287						2.33						(77)						1						6						2,984						158						105
Regular savings						27,745						121						1.76						28,455						123						1.72						29,460						79						1.09						(710)						(2)						4						(1,715)						42						67
Term						26,447						312						4.74						25,492						294						4.59						12,839						87						2.72						955						18						15						13,608						225						202
Total interest-bearing deposits						139,420						987						2.85						138,738						974						2.79						128,215						550						1.74						682						13						6						11,205						437						111
Short-term borrowed funds						498						7						5.53						491						7						5.63						542						6						4.97						7						—						(10)						(44)						1						56
FHLB advances						2,272						32						5.60						5,751						83						5.62						10,362						121						4.68						(3,479)						(51)						(2)						(8,090)						(89)						92
Senior debt						6,113						70						4.56						5,217						57						4.34						5,606						61						4.39						896						13						22						507						9						17
Subordinated debt and other debt						5,279						72						5.45						4,720						67						5.71						1,812						21						4.37						559						5						(26)						3,467						51						108
Total long-term borrowed funds						13,664						174						5.08						15,688						207						5.22						17,780						203						4.55						(2,024)						(33)						(14)						(4,116)						(29)						53
Total borrowed funds						14,162						181						5.09						16,179						214						5.24						18,322						209						4.57						(2,017)						(33)						(15)						(4,160)						(28)						52
Total interest-bearing liabilities						153,582						1,168						3.05						154,917						1,188						3.04						146,537						759						2.09						(1,335)						(20)						1						7,045						409						96
Demand deposits						36,684																		38,390																		46,135																		(1,706)																		(9,451)
Other noninterest-bearing liabilities						6,791																		7,123																		6,323																		(332)																		468
TOTAL LIABILITIES						197,057																		200,430																		198,995																		(3,373)																		(1,938)
STOCKHOLDERS' EQUITY						23,713																		23,223																		23,716																		490																		(3)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY						$220,770																		$223,653																		$222,711																		($2,883)																		($1,941)
INTEREST RATE SPREAD																		2.15		%																2.16		%																2.67		%																(1)																		(52)
NET INTEREST MARGIN AND NET INTEREST INCOME												$1,442						2.90		%										$1,488						2.90		%										$1,643						3.29		%										($46)						—												($201)						(39)
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE2												$1,446						2.91		%										$1,492						2.91		%										$1,647						3.30		%										($46)						—												($201)						(39)
Memo: Total deposits (interest-bearing and demand)						$176,104						$987						2.25		%				$177,128						$974						2.18		%				$174,350						$550						1.28		%				($1,024)						$13						7 bps						$1,754						$437						97 bps

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

2Net interest income and net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented.

8

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MORTGAGE BANKING FEES SUMMARY

(dollars in millions)

						QUARTERLY TRENDS
																																				1Q24 Change
						1Q24						4Q23						3Q23						2Q23						1Q23						4Q23												1Q23
																																				$/bps						%						$/bps						%
MORTGAGE BANKING FEES
Production revenue						$15						$11						$19						$23						$18						$4						36		%				($3)						(17		%)
Mortgage servicing revenue						33						37						35						34						37						(4)						(11)						(4)						(11)
MSR valuation changes, net of hedge impact						1						9						15						2						2						(8)						(89)						(1)						(50)
Total mortgage banking fees						$49						$57						$69						$59						$57						($8)						(14		%)				($8)						(14		%)
Pull-through adjusted locks						$1,404						$1,412						$2,397						$2,870						$2,078						($8)						(1		%)				($674)						(32		%)
Production revenue as a percentage of Pull-through adjusted locks						1.05		%				0.78		%				0.79		%				0.79		%				0.90		%				27		bps										15		bps
RESIDENTIAL REAL ESTATE ORIGINATIONS
Retail						$1,045						$958						$1,146						$1,260						$1,011						$87						9		%				$34						3		%
Third Party						892						1,214						2,285						2,350						1,333						(322)						(27)						(441)						(33)
Total						$1,937						$2,172						$3,431						$3,610						$2,344						($235)						(11		%)				(407)						(17		%)
Originated for sale						$1,296						$1,595						$2,815						$2,874						$1,651						($299)						(19		%)				($355)						(22		%)
Originated for investment						641						577						616						736						693						64						11						(52)						(8)
Total						$1,937						$2,172						$3,431						$3,610						$2,344						($235)						(11		%)				($407)						(17		%)
MORTGAGE SERVICING INFORMATION (UPB)
Loans serviced for others						$96,952						$97,420						$97,603						$96,591						$96,346						($468)						—		%				$606						1		%
Owned loans serviced						31,659						31,640						31,436						31,636						30,827						19						—						832						3
Total						$128,611						$129,060						$129,039						$128,227						$127,173						($449)						—		%				$1,438						1		%
MSR at fair value						$1,564						$1,552						$1,620						$1,524						$1,496						$12						1		%				$68						5		%

    

9

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SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING

(dollars in millions)

						QUARTERLY TRENDS
CONSUMER BANKING																																				1Q24 Change
						1Q24						4Q23						3Q23						2Q23						1Q23						4Q23												1Q23
																																				$/bps						%						$/bps						%
Net interest income						$1,093						$1,086						$1,067						$1,023						$1,011						$7						1		%				$82						8		%
Noninterest income						258						265						278						268						256						(7)						(3)						2						1
Total revenue						1,351						1,351						1,345						1,291						1,267						—						—						84						7
Noninterest expense						903						905						905						875						857						(2)						—						46						5
Profit (loss) before credit losses						448						446						440						416						410						2						—						38						9
Net charge-offs						81						82						67						68						63						(1)						(1)						18						29
Income (loss) before income tax expense (benefit)						367						364						373						348						347						3						1						20						6
Income tax expense (benefit)						95						95						97						91						90						—						—						5						6
Net income (loss)						$272						$269						$276						$257						$257						$3						1		%				$15						6		%
AVERAGE BALANCES
Total assets						$73,833						$73,334						$72,964						$72,583						$71,872						$499						1		%				$1,961						3		%
Total loans and leases1						67,448						66,906						66,641						66,289						65,570						542						1						1,878						3
Deposits						120,019						118,474						117,979						115,847						115,578						1,545						1						4,441						4
Interest-earning assets						68,050						67,524						67,273						66,933						66,251						526						1						1,799						3
KEY METRICS
Net interest margin						6.46		%				6.40		%				6.28		%				6.12		%				6.20		%				6		bps										26		bps
Efficiency ratio						66.87						67.08						67.18						67.74						67.70						(21)		bps										(83)		bps
Loan-to-deposit ratio (period-end balances)						55.25						55.52						55.81						55.35						56.37						(27)		bps										(112)		bps
Loan-to-deposit ratio (average balances)						55.80						55.88						55.71						56.44						56.25						(8)		bps										(45)		bps
Return on average total tangible assets						1.49						1.47						1.51						1.43						1.46						2		bps										3		bps

1 Includes loans held for sale.

10

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SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING

(dollars in millions)

						QUARTERLY TRENDS
COMMERCIAL BANKING																																				1Q24 Change
						1Q24						4Q23						3Q23						2Q23						1Q23						4Q23												1Q23
																																				$/bps						%						$/bps						%
Net interest income						$514						$551						$560						$584						$597						($37)						(7		%)				($83)						(14		%)
Noninterest income						227						196						180						207						201						31						16						26						13
Total revenue						741						747						740						791						798						(6)						(1)						(57)						(7)
Noninterest expense						317						324						325						315						331						(7)						(2)						(14)						(4)
Profit (loss) before credit losses						424						423						415						476						467						1						—						(43)						(9)
Net charge-offs						81						65						67						71						47						16						25						34						72
Income (loss) before income tax expense (benefit)						343						358						348						405						420						(15)						(4)						(77)						(18)
Income tax expense (benefit)						84						89						88						100						101						(5)						(6)						(17)						(17)
Net income (loss)						$259						$269						$260						$305						$319						($10)						(4		%)				($60)						(19		%)
AVERAGE BALANCES
Total assets						$70,100						$72,758						$74,997						$77,546						$78,891						($2,658)						(4		%)				($8,791)						(11		%)
Total loans and leases1						67,187						69,899						71,898						74,295						75,734						(2,712)						(4)						(8,547)						(11)
Deposits						45,912						46,962						47,221						45,494						48,966						(1,050)						(2)						(3,054)						(6)
Interest-earning assets						67,536						70,267						72,275						74,687						76,130						(2,731)						(4)						(8,594)						(11)
KEY METRICS
Net interest margin						3.07		%				3.11		%				3.07		%				3.13		%				3.18		%				(4)		bps										(11)		bps
Efficiency ratio						42.80						43.44						43.93						39.76						41.47						(64)		bps										133		bps
Loan-to-deposit ratio (period-end balances)						143.98						146.09						145.77						150.41						162.54						(211)		bps										(1,856)		bps
Loan-to-deposit ratio (average balances)						145.05						147.64						150.96						160.89						153.33						(259)		bps										(828)		bps
Return on average total tangible assets						1.50						1.48						1.39						1.59						1.66						2		bps										(16)		bps

1 Includes loans held for sale.

11

---

SEGMENT FINANCIAL HIGHLIGHTS - NON-CORE

(dollars in millions)

						QUARTERLY TRENDS
NON-CORE																																				1Q24 Change
						1Q24						4Q23						3Q23						2Q23						1Q23						4Q23												1Q23
																																				$/bps						%						$/bps						%
Net interest income						($37)						($45)						($41)						($28)						($15)						$8						18		%				($22)						(147		%)
Noninterest income						—						—						—						—						—						—						—						—						—
Total revenue						(37)						(45)						(41)						(28)						(15)						8						18						(22)						(147)
Noninterest expense						25						28						30						33						32						(3)						(11)						(7)						(22)
Profit (loss) before credit losses						(62)						(73)						(71)						(61)						(47)						11						15						(15)						(32)
Net charge offs						19						24						20						13						21						(5)						(21)						(2)						(10)
Income (loss) before income tax expense (benefit)						(81)						(97)						(91)						(74)						(68)						16						16						(13)						(19)
Income tax expense (benefit)						(21)						(25)						(24)						(19)						(18)						4						16						(3)						(17)
Net income (loss)						($60)						($72)						($67)						($55)						($50)						$12						17		%				($10)						(20		%)
AVERAGE BALANCES
Total assets						$10,554						$11,776						$13,113						$14,456						$15,686						($1,222)						(10		%)				($5,132)						(33		%)
Total loans and leases1						10,507						11,701						13,010						14,395						15,620						(1,194)						(10)						(5,113)						(33)
Interest-earning assets						10,507						11,726						13,010						14,395						15,620						(1,219)						(10)						(5,113)						(33)
KEY METRICS
Net interest margin						(1.41)		%				(1.54)		%				(1.24)		%				(0.77)		%				(0.40)		%				13		bps										(101)		bps
Return on average total tangible assets						(2.30)						(2.42)						(2.03)						(1.53)						(1.30)						12		bps										(100)		bps

1 Includes loans held for sale.

12

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SEGMENT FINANCIAL HIGHLIGHTS - OTHER

(dollars in millions)

						QUARTERLY TRENDS
OTHER1																																				1Q24 Change
						1Q24						4Q23						3Q23						2Q23						1Q23						4Q23												1Q23
																																				$						%						$						%
Net interest income						($128)						($104)						($64)						$9						$50						($24)						(23		%)				($178)						NM
Noninterest income						32						39						34						31						28						(7)						(18)						4						14
Total revenue						(96)						(65)						(30)						40						78						(31)						(48)						(174)						NM
Noninterest expense						113						355						33						83						76						(242)						(68)						37						49
Profit (loss) before provision (benefit) for credit losses						(209)						(420)						(63)						(43)						2						211						50						(211)						NM
Provision (benefit) for credit losses						(10)						—						18						24						37						(10)						(100)						(47)						NM
Income (loss) before income tax expense (benefit)						(199)						(420)						(81)						(67)						(35)						221						53						(164)						NM
Income tax expense (benefit)						(62)						(143)						(42)						(38)						(20)						81						57						(42)						(210)
Net income (loss)						($137)						($277)						($39)						($29)						($15)						$140						51		%				($122)						NM
AVERAGE BALANCES
Total assets						$66,283						$65,785						$59,088						$57,788						$56,262						$498						1		%				$10,021						18		%
Total loans and leases2						754						729						766						748						773						25						3						(19)						(2)
Deposits						10,173						11,692						11,250						11,908						9,806						(1,519)						(13)						367						4
Interest-earning assets						53,976						53,604						47,035						45,482						44,550						372						1						9,426						21

1 Includes assets, liabilities, capital, revenues, provision for credit losses, expenses and income tax expense not attributed to our Consumer Banking, Commercial Banking, or Non-Core segments as well as treasury and community development.

2 Includes loans held for sale.

13

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CREDIT-RELATED INFORMATION

(dollars in millions)

						AS OF																														MARCH 31, 2024 CHANGE
						Mar 31, 2024						Dec 31, 2023						Sept 30, 2023						June 30, 2023						Mar 31, 2023						Dec 31, 2023												March 31, 2023
																																				$/bps/%						%						$/bps/%						%
NONACCRUAL LOANS AND LEASES
Commercial and industrial1						$294						$297						$245						$283						$297						($3)						(1		%)				($3)						(1		%)
Commercial real estate						597						477						470						352						140						120						25						457						NM
Total commercial						891						774						715						635						437						117						15						454						104
Residential mortgages2						174						177						190						201						216						(3)						(2)						(42)						(19)
Home equity						288						285						268						251						240						3						1						48						20
Automobile						47						61						62						51						50						(14)						(23)						(3)						(6)
Education						29						28						23						22						23						1						4						6						26
Other retail						40						39						38						31						30						1						3						10						33
Total retail						578						590						581						556						559						(12)						(2)						19						3
Nonaccrual loans and leases						1,469						1,364						1,296						1,191						996						105						8						473						47
Repossessed assets						14						14						15						11						14						—						—						—						—
Nonaccrual loans and leases and repossessed assets						$1,483						$1,378						$1,311						$1,202						$1,010						$105						8		%				$473						47		%
NONACCRUAL LOANS AND LEASES BY PRODUCT3
Commercial						$891						$774						$715						$635						$437						$117						15		%				$454						104		%
Retail						592						604						596						567						573						(12)						(2)						19						3
Total nonaccrual loans and leases						$1,483						$1,378						$1,311						$1,202						$1,010						$105						8		%				$473						47		%
ASSET QUALITY RATIOS
Allowance for loan and lease losses to loans and leases						1.46		%				1.44		%				1.39		%				1.35		%				1.30		%				2		bps										16		bps
Allowance for credit losses to loans and leases						1.61						1.59						1.55						1.52						1.47						2												14
Allowance for loan and lease losses to nonaccrual loans and leases						142						154						160						172						203						(12		%)										(61		%)
Allowance for credit losses to nonaccrual loans and leases						157						170						179						193						229						(13		%)										(72		%)
Nonaccrual loans and leases to loans and leases						1.02						0.93						0.87						0.79						0.64						9		bps										38		bps

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

2Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.

3Nonaccrual loans and leases by product includes repossessed assets.

14

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CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)

						AS OF																														MARCH 31, 2024 CHANGE
						Mar 31, 2024						Dec 31, 2023						Sept 30, 2023						June 30, 2023						Mar 31, 2023						Dec 31, 2023												March 31, 2023
																																				$/bps						%						$/bps						%
LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Commercial and industrial1						$23						$6						$4						$2						$21						$17						NM						$2						10		%
Commercial real estate						39						40						3						—						63						(1)						(3)						(24)						(38)
Total commercial						62						46						7						2						84						16						35						(22)						(26)
Residential mortgages2						209						256						217						257						314						(47)						(18)						(105)						(33)
Home equity						—						—						—						—						—						—						—						—						—
Automobile						—						—						—						—						—						—						—						—						—
Education						2						2						3						3						3						—						—						(1)						(33)
Other retail						27						29						21						20						23						(2)						(7)						4						17
Total retail						238						287						241						280						340						(49)						(17)						(102)						(30)
Total loans and leases						$300						$333						$248						$282						$424						($33)						(10		%)				($124)						(29		%)

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

2 90+ days past due and accruing includes $202 million, $243 million, $216 million, $256 million, and $309 million of loans fully or partially guaranteed by the FHA, VA, and USDA for March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.

15

---

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)

						QUARTERLY TRENDS
																																				1Q24 Change
						1Q24						4Q23						3Q23						2Q23						1Q23						4Q23												1Q23
																																				$						%						$						%
CHARGE-OFFS, RECOVERIES AND RELATED RATIOS
GROSS CHARGE-OFFS
Commercial and industrial1						$14						$24						$25						$17						$55						($10)						(42		%)				($41)						(75)
Commercial real estate						88						49						49						62						4						39						80						84						NM
Total commercial						102						73						74						79						59						29						40						43						73
Residential mortgages						2						3						1						1						1						(1)						(33)						1						100
Home equity						4						4						3						3						2						—						—						2						100
Automobile						28						31						28						24						30						(3)						(10)						(2)						(7)
Education						32						35						27						26						23						(3)						(9)						9						39
Other retail						63						60						58						56						56						3						5						7						13
Total retail						129						133						117						110						112						(4)						(3)						17						15
Total gross charge-offs						$231						$206						$191						$189						$171						$25						12		%				$60						35		%
GROSS RECOVERIES
Commercial and industrial1						$17						$3						$3						$3						$6						$14						NM						$11						183		%
Commercial real estate						—						1						1						—						1						(1)						(100)						(1)						(100)
Total commercial						17						4						4						3						7						13						NM						10						143
Residential mortgages						1						1						2						1						—						—						—						1						100
Home equity						6						5						6						6						5						1						20						1						20
Automobile						14						14						13						16						15						—						—						(1)						(7)
Education						5						5						5						4						5						—						—						—						—
Other retail						7						6						8						7						6						1						17						1						17
Total retail						33						31						34						34						31						2						6						2						6
Total gross recoveries						$50						$35						$38						$37						$38						$15						43		%				$12						32		%
NET CHARGE-OFFS (RECOVERIES)
Commercial and industrial1						($3)						$21						$22						$14						$49						($24)						NM						($52)						NM
Commercial real estate						88						48						48						62						3						40						83						85						NM
Total commercial						85						69						70						76						52						16						23						33						63
Residential mortgages						1						2						(1)						—						1						(1)						(50)						—						—
Home equity						(2)						(1)						(3)						(3)						(3)						(1)						(100)						1						33
Automobile						14						17						15						8						15						(3)						(18)						(1)						(7)
Education						27						30						22						22						18						(3)						(10)						9						50
Other retail						56						54						50						49						50						2						4						6						12
Total retail						96						102						83						76						81						(6)						(6)						15						19
Total net charge-offs						$181						$171						$153						$152						$133						$10						6		%				$48						36		%

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

16

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CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)

						QUARTERLY TRENDS
																																				1Q24 Change
						1Q24						4Q23						3Q23						2Q23						1Q23						4Q23												1Q23
																																				$/bps						%						$/bps						%
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES
Commercial and industrial1						(0.03		%)				0.18		%				0.18		%				0.11		%				0.37		%				(21)		bps										(40)		bps
Commercial real estate						1.22						0.66						0.65						0.86						0.05						56												117
Total commercial						0.47						0.36						0.35						0.38						0.26						11												21
Residential mortgages						0.01						0.02						(0.02)						—						0.01						(1)												—
Home equity						(0.06)						(0.04)						(0.08)						(0.08)						(0.07)						(2)												1
Automobile						0.73						0.77						0.60						0.30						0.51						(4)												22
Education						0.92						1.00						0.72						0.68						0.57						(8)												35
Other retail						4.56						4.13						3.95						3.84						3.81						43												75
Total retail						0.54						0.56						0.46						0.41						0.44						(2)												10
Total loans and leases						0.50		%				0.46		%				0.40		%				0.40		%				0.34		%				4		bps										16		bps
Memo: Average loans
Commercial and industrial1						$44,577						$46,618						$48,908						$51,122						$53,429						($2,041)						(4		%)				($8,852)						(17		%)
Commercial real estate						29,265						29,460						29,353						29,115						28,892						(195)						(1)						373						1
Total commercial						73,842						76,078						78,261						80,237						82,321						(2,236)						(3)						(8,479)						(10)
Residential mortgages						31,384						31,146						30,838						30,566						30,075						238						1						1,309						4
Home equity						15,080						14,889						14,589						14,340						14,073						191						1						1,007						7
Automobile						7,758						8,752						9,849						10,997						11,937						(994)						(11)						(4,179)						(35)
Education						11,816						11,971						12,147						12,430						12,796						(155)						(1)						(980)						(8)
Other retail						4,942						5,133						5,107						5,155						5,290						(191)						(4)						(348)						(7)
Total retail						70,980						71,891						72,530						73,488						74,171						(911)						(1)						(3,191)						(4)
Total loans and leases						$144,822						$147,969						$150,791						$153,725						$156,492						($3,147)						(2		%)				($11,670)						(7		%)

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

17

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CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)

						QUARTERLY TRENDS
																																				1Q24 Change
						1Q24						4Q23						3Q23						2Q23						1Q23						4Q23												1Q23
																																				$						%						$						%
SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES
Allowance for loan and lease losses - beginning						$2,098						$2,080						$2,044						$2,017						$1,983						$18						1		%				$115						6		%
Charge-offs:
Commercial						102						73						74						79						59						29						40						43						73
Retail						129						133						117						110						112						(4)						(3)						17						15
Total charge-offs						231						206						191						189						171						25						12						60						35
Recoveries:
Commercial						17						4						4						3						7						13						NM						10						143
Retail						33						31						34						34						31						2						6						2						6
Total recoveries						50						35						38						37						38						15						43						12						32
Net charge-offs						181						171						153						152						133						10						6						48						36
Provision (benefit) for loan and lease losses:
Commercial						69						86						146						122						103						(17)						(20)						(34)						(33)
Retail						100						103						43						57						64						(3)						(3)						36						56
Total provision (benefit) for loan and lease losses						169						189						189						179						167						(20)						(11)						2						1
Allowance for loan and lease losses - ending						$2,086						$2,098						$2,080						$2,044						$2,017						($12)						(1		%)				$69						3		%
Allowance for unfunded lending commitments - beginning						$220						$238						$255						$258						$257						($18)						(8		%)				($37)						(14		%)
Provision (benefit) for unfunded lending commitments						2						(18)						(17)						(3)						1						20						NM						1						100
Allowance for unfunded lending commitments - ending						$222						$220						$238						$255						$258						$2						1		%				($36)						(14)
Total allowance for credit losses - ending						$2,308						$2,318						$2,318						$2,299						$2,275						($10)						—		%				$33						1		%
Memo: Total allowance for credit losses by product
Commercial						$1,425						$1,425						$1,425						$1,370						$1,326						$—						—		%				$99						7		%
Retail						883						893						893						929						949						(10)						(1)						(66)						(7)
Total allowance for credit losses						$2,308						$2,318						$2,318						$2,299						$2,275						($10)						—		%				$33						1		%

18

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CAPITAL AND RATIOS

(dollars in millions)

						AS OF
																																				MARCH 31, 2024 CHANGE
						Mar 31, 2024						Dec 31, 2023						Sept 30, 2023						June 30, 2023						Mar 31, 2023						Dec 31, 2023												March 31, 2023
																																				$						%						$						%
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY)
CET1 capital						$18,090						$18,358						$18,360						$18,381						$18,370						($268)						(1		%)				($280)						(2		%)
Tier 1 capital						20,104						20,372						20,374						20,395						20,384						(268)						(1)						(280)						(1)
Total capital						23,466						23,608						23,682						23,748						23,720						(142)						(1)						(254)						(1)
Risk-weighted assets						170,125						172,601						176,407						179,034						183,246						(2,476)						(1)						(13,121)						(7)
Adjusted average assets1						216,001						219,591						215,877						217,264						217,998						(3,590)						(2)						(1,997)						(1)
CET1 capital ratio						10.6		%				10.6		%				10.4		%				10.3		%				10.0		%
Tier 1 capital ratio						11.8						11.8						11.5						11.4						11.1
Total capital ratio						13.8						13.7						13.4						13.3						12.9
Tier 1 leverage ratio						9.3						9.3						9.4						9.4						9.4
TANGIBLE COMMON EQUITY (PERIOD-END)
Common stockholders' equity						$21,747						$22,329						$20,864						$21,571						$22,187						($582)						(3		%)				($440)						(2		%)
Less: Goodwill						8,188						8,188						8,188						8,188						8,177						—						—						11						—
Less: Other intangible assets						148						157						167						175						185						(9)						(6)						(37)						(20)
Add: Deferred tax liabilities2						433						433						421						422						422						—						—						11						3
Total tangible common equity						$13,844						$14,417						$12,930						$13,630						$14,247						($573)						(4		%)				($403)						(3		%)
TANGIBLE COMMON EQUITY (AVERAGE)
Common stockholders' equity						$21,700						$21,209						$21,177						$22,289						$21,702						$491						2		%				($2)						—		%
Less: Goodwill						8,188						8,188						8,188						8,182						8,177						—						—						11						—
Less: Other intangible assets						153						163						173						181						192						(10)						(6)						(39)						(20)
Add: Deferred tax liabilities2						433						421						422						422						422						12						3						11						3
Total tangible common equity						$13,792						$13,279						$13,238						$14,348						$13,755						$513						4		%				$37						—		%
INTANGIBLE ASSETS (PERIOD-END)
Goodwill						$8,188						$8,188						$8,188						$8,188						$8,177						$—						—		%				$11						—		%
Other intangible assets						148						157						167						175						185						(9)						(6)						(37)						(20)
Total intangible assets						$8,336						$8,345						$8,355						$8,363						$8,362						($9)						—		%				($26)						—		%

1Adjusted average assets include quarterly average assets, less deductions for disallowed goodwill and other intangible assets, net of deferred taxes, and the accumulated other comprehensive
income impact related to the adoption of post-retirement benefit plan guidance under GAAP.

2Deferred tax liabilities relate to tax-deductible goodwill and other intangible assets.

19

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NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

(dollars in millions, except per share data)

Non-GAAP Financial Measures

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

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

20

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

						QUARTERLY TRENDS
																																				1Q24 Change
						1Q24						4Q23						3Q23						2Q23						1Q23						4Q23												1Q23
																																				$						%						$						%
Noninterest income, Underlying:
Noninterest income (GAAP)			A			$517						$500						$492						$506						$485						$17						3		%				$32						7		%
Less: Notable items						3						—						—						—						—						3						100						3						100
Noninterest income, Underlying (non-GAAP)			B			$514						$500						$492						$506						$485						$14						3		%				$29						6		%
Total revenue, Underlying:
Total revenue (GAAP)			C			$1,959						$1,988						$2,014						$2,094						$2,128						($29)						(1		%)				($169)						(8		%)
Less: Notable items						3						—						—						—						—						3						100						3						100
Total revenue, Underlying (non-GAAP)			D			$1,956						$1,988						$2,014						$2,094						$2,128						($32)						(2		%)				($172)						(8		%)
Noninterest expense, Underlying:
Noninterest expense (GAAP)			E			$1,358						$1,612						$1,293						$1,306						$1,296						($254)						(16		%)				$62						5		%
Less: Notable items						85						345						22						73						66						(260)						(75)						19						29
Noninterest expense, Underlying (non-GAAP)			F			$1,273						$1,267						$1,271						$1,233						$1,230						$6						—		%				$43						3		%
Pre-provision profit:
Total revenue (GAAP)			C			$1,959						$1,988						$2,014						$2,094						$2,128						($29)						(1		%)				($169)						(8		%)
Less: Noninterest expense (GAAP)			E			1,358						1,612						1,293						1,306						1,296						(254)						(16)						62						5
Pre-provision profit (non-GAAP)						$601						$376						$721						$788						$832						$225						60		%				($231)						(28		%)
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)			D			$1,956						$1,988						$2,014						$2,094						$2,128						($32)						(2		%)				($172)						(8		%)
Less: Noninterest expense, Underlying (non-GAAP)			F			1,273						1,267						1,271						1,233						1,230						6						—						43						3
Pre-provision profit, Underlying (non-GAAP)						$683						$721						$743						$861						$898						($38)						(5		%)				($215)						(24		%)
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)			G			$430						$205						$549						$612						$664						$225						110		%				($234)						(35		%)
Less: Income (expense) before income tax expense (benefit) related to notable items						(82)						(345)						(22)						(73)						(66)						263						76						(16)						(24)
Income before income tax expense, Underlying (non-GAAP)			H			$512						$550						$571						$685						$730						($38)						(7		%)				($218)						(30		%)
Income tax expense, Underlying:
Income tax expense (GAAP)			I			$96						$16						$119						$134						$153						$80						NM						($57)						(37		%)
Less: Income tax expense (benefit) related to notable items						(21)						(108)						(4)						(20)						(17)						87						81						(4)						(24)
Income tax expense, Underlying (non-GAAP)			J			$117						$124						$123						$154						$170						($7)						(6		%)				($53)						(31		%)
Net income, Underlying:
Net income (GAAP)			K			$334						$189						$430						$478						$511						$145						77		%				($177)						(35		%)
Add: Notable items, net of income tax benefit						61						237						18						53						49						(176)						(74)						12						24
Net income, Underlying (non-GAAP)			L			$395						$426						$448						$531						$560						($31)						(7		%)				($165)						(29		%)
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)			M			$304						$159						$400						$444						$488						$145						91		%				($184)						(38		%)
Add: Notable items, net of income tax benefit						61						237						18						53						49						(176)						(74)						12						24
Net income available to common stockholders, Underlying (non-GAAP)			N			$365						$396						$418						$497						$537						($31)						(8		%)				($172)						(32		%)

21

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NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)

						QUARTERLY TRENDS
																																				1Q24 Change
						1Q24						4Q23						3Q23						2Q23						1Q23						4Q23												1Q23
																																				$/bps						%						$/bps						%
Operating leverage:
Total revenue (GAAP)			C			$1,959						$1,988						$2,014						$2,094						$2,128						($29)						(1.41		%)				($169)						(7.96		%)
Less: Noninterest expense (GAAP)			E			1,358						1,612						1,293						1,306						1,296						(254)						(15.75)						62						4.77
Operating leverage																																										14.34		%										(12.73		%)
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)			D			$1,956						$1,988						$2,014						$2,094						$2,128						($32)						(1.55		%)				($172)						(8.09		%)
Less: Noninterest expense, Underlying (non-GAAP)			F			1,273						1,267						1,271						1,233						1,230						6						0.43						43						3.38
Operating leverage, Underlying (non-GAAP)																																										(1.98		%)										(11.47		%)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio			E/C			69.33		%				81.13		%				64.21		%				62.34		%				60.90		%				(1,180)		bps										843		bps
Efficiency ratio, Underlying (non-GAAP)			F/D			65.05						63.77						63.08						58.86						57.84						128		bps										721		bps
Noninterest income as a % of total revenue, Underlying:
Noninterest income as a % of total revenue			A/C			26.41		%				25.16		%				24.44		%				24.14		%				22.81		%				125		bps										360		bps
Noninterest income as a % of total revenue, Underlying			B/D			26.32						25.16						24.44						24.14						22.81						116		bps										351		bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate			I/G			22.28		%				7.59		%				21.51		%				22.09		%				22.97		%				1,469		bps										(69)		bps
Effective income tax rate, Underlying (non-GAAP)			J/H			22.84						22.25						21.69						22.51						23.25						59		bps										(41)		bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)			O			$21,700						$21,209						$21,177						$22,289						$21,702						$491						2		%				($2)						—		%
Return on average common equity			M/O			5.63		%				2.96		%				7.50		%				8.00		%				9.11		%				267		bps										(348)		bps
Return on average common equity, Underlying (non-GAAP)			N/O			6.77						7.41						7.82						8.97						10.01						(64)		bps										(324)		bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)			O			$21,700						$21,209						$21,177						$22,289						$21,702						$491						2		%				($2)						—		%
Less: Average goodwill (GAAP)						8,188						8,188						8,188						8,182						8,177						—						—						11						—
Less: Average other intangibles (GAAP)						153						163						173						181						192						(10)						(6)						(39)						(20)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)						433						421						422						422						422						12						3						11						3
Average tangible common equity			P			$13,792						$13,279						$13,238						$14,348						$13,755						$513						4		%				$37						—		%
Return on average tangible common equity			M/P			8.86		%				4.72		%				12.00		%				12.42		%				14.38		%				414		bps										(552)		bps
Return on average tangible common equity, Underlying (non-GAAP)			N/P			10.65						11.84						12.51						13.93						15.80						(119)		bps										(515)		bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)			Q			$220,770						$223,653						$220,162						$222,373						$222,711						($2,883)						(1		%)				($1,941)						(1		%)
Return on average total assets			K/Q			0.61		%				0.33		%				0.78		%				0.86		%				0.93		%				28		bps										(32)		bps
Return on average total assets, Underlying (non-GAAP)			L/Q			0.72						0.76						0.81						0.96						1.02						(4)		bps										(30)		bps

22

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NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)

						QUARTERLY TRENDS
																																				1Q24 Change
						1Q24						4Q23						3Q23						2Q23						1Q23						4Q23												1Q23
																																				$/bps						%						$/bps						%
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)			Q			$220,770						$223,653						$220,162						$222,373						$222,711						($2,883)						(1		%)				($1,941)						(1		%)
Less: Average goodwill (GAAP)						8,188						8,188						8,188						8,182						8,177						—						—						11						—
Less: Average other intangibles (GAAP)						153						163						173						181						192						(10)						(6)						(39)						(20)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)						433						421						422						422						422						12						3						11						3
Average tangible assets			R			$212,862						$215,723						$212,223						$214,432						$214,764						($2,861)						(1		%)				($1,902)						(1		%)
Return on average total tangible assets			K/R			0.63		%				0.35		%				0.81		%				0.89		%				0.97		%				28		bps										(34)		bps
Return on average total tangible assets, Underlying (non-GAAP)			L/R			0.75						0.78						0.84						0.99						1.06						(3)		bps										(31)		bps
Tangible book value per common share:
Common shares - at period-end (GAAP)			S			458,485,032						466,418,055						466,221,795						474,682,759						483,982,264						(7,933,023)						(2		%)				(25,497,232)						(5		%)
Common stockholders' equity (GAAP)						$21,747						$22,329						$20,864						$21,571						$22,187						($582)						(3)						($440)						(2)
Less: Goodwill (GAAP)						8,188						8,188						8,188						8,188						8,177						—						—						11						—
Less: Other intangible assets (GAAP)						148						157						167						175						185						(9)						(6)						(37)						(20)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)						433						433						421						422						422						—						—						11						3
Tangible common equity			T			$13,844						$14,417						$12,930						$13,630						$14,247						($573)						(4		%)				($403)						(3		%)
Tangible book value per common share			T/S			$30.19						$30.91						$27.73						$28.72						$29.44						($0.72)						(2		%)				$0.75						3		%
Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying:
Average common shares outstanding - basic (GAAP)			U			461,358,681						466,234,324						469,481,085						479,470,543						485,444,313						(4,875,643)						(1		%)				(24,085,632)						(5		%)
Average common shares outstanding - diluted (GAAP)			V			463,797,964						468,159,167						471,183,719						480,975,281						487,712,146						(4,361,203)						(1)						(23,914,182)						(5)
Net income per average common share - basic (GAAP)			M/U			$0.66						$0.34						$0.85						$0.93						$1.00						$0.32						94						($0.34)						(34)
Net income per average common share - diluted (GAAP)			M/V			0.65						0.34						0.85						0.92						1.00						0.31						91						(0.35)						(35)
Net income per average common share - basic, Underlying (non-GAAP)			N/U			0.79						0.85						0.89						1.04						1.10						(0.06)						(7)						(0.31)						(28)
Net income per average common share - diluted, Underlying (non-GAAP)			N/V			0.79						0.85						0.89						1.04						1.10						(0.06)						(7)						(0.31)						(28)
Dividend payout ratio and dividend payout ratio, Underlying:
Cash dividends declared and paid per common share			W			$0.42						$0.42						$0.42						$0.42						$0.42						$—						—		%				$—						—		%
Dividend payout ratio			W/(M/U)			64		%				124		%				49		%				45		%				42		%				(5,989) bps												2,164 bps
Dividend payout ratio, Underlying (non-GAAP)			W/(N/U)			53						49						47						40						38						400 bps												1,500 bps

23

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NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)

						QUARTERLY TRENDS
																																				1Q24 Change
						1Q24						4Q23						3Q23						2Q23						1Q23						4Q23												1Q23
																																				$						%						$						%
Card fees, Underlying:
Card fees (GAAP)						$86						$70						$74						$80						$72						$16						23		%				$14						19		%
Less: Notable items						3						—						—						—						—						3						100						3						100
Card fees, Underlying (non-GAAP)						$83						$70						$74						$80						$72						$13						19		%				$11						15		%
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)						$691						$667						$659						$615						$658						$24						4		%				$33						5		%
Less: Notable items						17						32						5						14						16						(15)						(47)						1						6
Salaries and employee benefits, Underlying (non-GAAP)						$674						$635						$654						$601						$642						$39						6		%				$32						5		%
Equipment and software, Underlying:
Equipment and software (GAAP)						$192						$215						$191						$181						$169						($23)						(11		%)				$23						14		%
Less: Notable items						8						37						6						4						4						(29)						(78)						4						100
Equipment and software, Underlying (non-GAAP)						$184						$178						$185						$177						$165						$6						3		%				$19						12		%
Outside services, Underlying:
Outside services (GAAP)						$158						$174						$160						$177						$176						($16)						(9		%)				($18)						(10		%)
Less: Notable items						12						13						7						21						27						(1)						(8)						(15)						(56)
Outside services, Underlying (non-GAAP)						$146						$161						$153						$156						$149						($15)						(9		%)				($3)						(2		%)
Occupancy, Underlying:
Occupancy (GAAP)						$114						$125						$107						$136						$124						($11)						(9		%)				($10)						(8		%)
Less: Notable items						7						20						2						30						18						(13)						(65)						(11)						(61)
Occupancy, Underlying (non-GAAP)						$107						$105						$105						$106						$106						$2						2		%				$1						1		%
Other operating expense, Underlying:
Other operating expense (GAAP)						$203						$431						$176						$197						$169						($228)						(53		%)				$34						20		%
Less: Notable items						41						243						2						4						1						(202)						(83)						40						NM
Other operating expense, Underlying (non-GAAP)						$162						$188						$174						$193						$168						($26)						(14		%)				($6)						(4		%)

24

---

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS

(dollars in millions)

									FIRST QUARTER 2024																														FOURTH QUARTER 2023
									Consumer Banking						Commercial Banking						Non-Core						Other						Consolidated						Consumer Banking						Commercial Banking						Non-Core						Other						Consolidated
Net income (loss) available to common stockholders:
Net income (loss)			A						$272						$259						($60)						($137)						$334						$269						$269						($72)						($277)						$189
Less: Preferred stock dividends									—						—						—						30						30						—						—						—						30						30
Net income (loss) available to common stockholders			B						$272						$259						($60)						($167)						$304						$269						$269						($72)						($307)						$159
Return on average total tangible assets:
Average total assets (GAAP)									$73,833						$70,100						$10,554						$66,283						$220,770						$73,334						$72,758						$11,776						$65,785						$223,653
Less: Average goodwill (GAAP)									542						770						—						6,876						8,188						542						770						—						6,876						8,188
Average other intangibles (GAAP)									92						33						—						28						153						98						35						—						30						163
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)									26						10						—						397						433						26						10						—						385						421
Average tangible assets			C						$73,225						$69,307						$10,554						$59,776						$212,862						$72,720						$71,963						$11,776						$59,264						$215,723
Return on average total tangible assets			A/C						1.49		%				1.50		%				(2.30)		%				NM						0.63		%				1.47		%				1.48		%				(2.42)		%				NM						0.35		%
Efficiency ratio:
Noninterest expense (GAAP)			D						$903						$317						$25						$113						$1,358						$905						$324						$28						$355						$1,612
Net interest income (GAAP)									1,093						514						(37)						(128)						1,442						1,086						551						(45)						(104)						1,488
Noninterest income (GAAP)									258						227						—						32						517						265						196						—						39						500
Total revenue (GAAP)			E						$1,351						$741						($37)						($96)						$1,959						$1,351						$747						($45)						($65)						$1,988
Efficiency ratio			D/E						66.87		%				42.80		%				NM						NM						69.33		%				67.08		%				43.44		%				NM						NM						81.13		%

									THIRD QUARTER 2023																														SECOND QUARTER 2023
									Consumer Banking						Commercial Banking						Non-Core						Other						Consolidated						Consumer Banking						Commercial Banking						Non-Core						Other						Consolidated
Net income (loss) available to common stockholders:
Net income (loss)			A						$276						$260						($67)						($39)						$430						$257						$305						($55)						($29)						$478
Less: Preferred stock dividends									—						—						—						30						30						—						—						—						34						34
Net income (loss) available to common stockholders			B						$276						$260						($67)						($69)						$400						$257						$305						($55)						($63)						$444
Return on average total tangible assets:
Average total assets (GAAP)									$72,964						$74,997						$13,113						$59,088						$220,162						$72,583						$77,546						$14,456						$57,788						$222,373
Less: Average goodwill (GAAP)									542						770						—						6,876						8,188						540						766						—						6,876						8,182
Average other intangibles (GAAP)									103						39						—						31						173						109						41						—						31						181
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)									24						12						—						386						422						23						11						—						388						422
Average tangible assets			C						$72,343						$74,200						$13,113						$52,567						$212,223						$71,957						$76,750						$14,456						$51,269						$214,432
Return on average total tangible assets			A/C						1.51		%				1.39		%				(2.03)		%				NM						0.81		%				1.43		%				1.59		%				(1.53)		%				NM						0.89		%
Efficiency ratio:
Noninterest expense (GAAP)			D						$905						$325						$30						$33						$1,293						$875						$315						$33						$83						$1,306
Net interest income (GAAP)									1,067						560						(41)						(64)						1,522						1,023						584						(28)						9						1,588
Noninterest income (GAAP)									278						180						—						34						492						268						207						—						31						506
Total revenue (GAAP)			E						$1,345						$740						($41)						($30)						$2,014						$1,291						$791						($28)						$40						$2,094
Efficiency ratio			D/E						67.18		%				43.93		%				NM						NM						64.21		%				67.74		%				39.76		%				NM						NM						62.34		%

25

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NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS, CONTINUED

(dollars in millions)

									FIRST QUARTER 2023
									Consumer Banking						Commercial Banking						Non-Core						Other						Consolidated
Net income (loss) available to common stockholders:
Net income (loss)			A						$257						$319						($50)						($15)						$511
Less: Preferred stock dividends									—						—						—						23						23
Net income (loss) available to common stockholders			B						$257						$319						($50)						($38)						$488
Return on average total tangible assets:
Average total assets (GAAP)									$71,872						$78,891						$15,686						$56,262						$222,711
Less: Average goodwill (GAAP)									538						763						—						6,876						8,177
Average other intangibles (GAAP)									115						43						—						34						192
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)									23						12						—						387						422
Average tangible assets			C						$71,242						$78,097						$15,686						$49,739						$214,764
Return on average total tangible assets			A/C						1.46		%				1.66		%				(1.30)		%				NM						0.97		%
Efficiency ratio:
Noninterest expense (GAAP)			D						$857						$331						$32						$76						$1,296
Net interest income (GAAP)									1,011						597						(15)						50						1,643
Noninterest income (GAAP)									256						201						—						28						485
Total revenue (GAAP)			E						$1,267						$798						($15)						$78						$2,128
Efficiency ratio			D/E						67.70		%				41.47		%				NM						NM						60.90		%

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