CITIZENS FINANCIAL GROUP INC/RI0000759944false00007599442025-07-222025-07-220000759944us-gaap:CommonStockMember2025-07-222025-07-220000759944us-gaap:SeriesEPreferredStockMember2025-07-222025-07-220000759944us-gaap:SeriesHPreferredStockMember2025-07-222025-07-22

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 22, 2025

 (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 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E			CFG PrE			New York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 7.375% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series H			CFG PrH			New York Stock Exchange

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

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

   

Item 8.01   Other Events.

On July 17, 2025, Citizens Financial Group, Inc. (the “Company”) announced its second quarter 2025 earnings. The Company’s earnings results and financial supplement are being filed as Exhibits 99.1 and 99.2, respectively.

On July 22, 2025, the Company announced the launch of a proposed public offering (the “Offering”) of a new series of Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series I (the “Series I Preferred Stock”). The Offering is subject to pricing, which has not yet occurred. If the Offering is priced and proceeds to closing, the Company intends to use the net proceeds from the sale of the Series I Preferred Stock to redeem some or all outstanding shares of its 5.650% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series F, $1,000 liquidation preference per share (CUSIP No. 174610AU9) (“Series F Preferred Stock”), on the dividend payment date of October 6, 2025.

The pricing of the Offering, and thus whether the redemption of the Series F Preferred Stock will occur, is subject to market conditions and other considerations. There is no assurance that the Offering will price and close or that the Company will decide to redeem the Series F Preferred Stock, or, if it does, the amount to be redeemed and the timing of the redemption. If the Company decides to redeem the Series F Preferred Stock, it intends to announce its decision by press release and an appropriate notice of redemption following the closing of the Offering.

The Offering is described in the Company’s preliminary prospectus supplement dated July 22, 2025, which was filed with the Securities and Exchange Commission today.

This Current Report on Form 8-K does not constitute an offer to sell the Series I Preferred Stock.

Cautionary Note on Forward-Looking Statements

This Current Report on Form 8-K contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding the completion of, and the use of proceeds from, the Offering, including the redemption of the Series F Preferred Stock. These statements are based upon the Company’s current beliefs and expectations and are subject to significant risks and uncertainties (some of which are beyond the Company’s control). Actual results may differ, possibly materially, from those expressed or implied as a result of these risks and uncertainties, including, but not limited to, the risk factors and other uncertainties set forth under “Risk Factors” beginning on page 21 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Item 9.01   Financial Statements and Exhibits.

			Exhibit Number						Description
(d)			Exhibit 99.1						Citizens Financial Group, Inc. earnings results for second quarter 2025
			Exhibit 99.2						Citizens Financial Group, Inc. financial supplement for second quarter 2025
			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.

 

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

Date:  July 22, 2025

Exhibit 99.1

						Key Financial Data						2Q25			1Q25			2Q24																		Second Quarter 2025 Highlights
Income Statement						($s in millions)																														■EPS of $0.92, up $0.15 QoQ –Strong revenue performance, disciplined expense management –Continued strong Private Bank progress, contributing $0.06 to EPS, up $0.02 QoQ ■PPNR of $718 million, up 16% QoQ –NII up 3.3%, reflects NIM up 5 bps to 2.95%, and interest-earning assets up 1% –Strong fee performance led by Card, Wealth and Mortgage; Capital Markets saw a modest increase driven by equity underwriting and loan syndications, partly offset by delayed M&A closings –Expenses broadly flat; positive operating leverage of ~5%; efficiency ratio improved to 64.8% ■Loans up 1% QoQ on a spot basis with growth across the Private Bank, Commercial and Consumer ■Net charge-offs of 48 bps, down slightly QoQ with favorable trends in NPAs, down 4% ■Strong ACL coverage of 1.59%, broadly stable QoQ; reflects improving loan mix ■Average deposits up 1% QoQ with growth in lower-cost categories, partially offset by a reduction in higher-cost Treasury brokered deposits ■Strong liquidity profile; spot LDR of 79.6%; pro forma LCR well exceeds Category I Bank requirement of 100% ■Strong CET1 ratio of 10.6% ■TBV/share of $35.23, up 4% QoQ
						Total revenue						$	2,037		$	1,935		$	1,963
						Pre-provision profit						718			621			662
						Underlying pre-provision profit						718			621			694
						Provision for credit losses						164			153			182
						Net income						436			373			392
						Underlying net income						436			373			408
Balance Sheet & Credit Quality						($s in billions)
						Period-end loans and leases						$	139.3		$	137.6		$	141.8
						Average loans and leases						138.8			139.7			143.1
						Period-end deposits						175.1			177.6			176.4
						Average deposits						174.1			172.7			173.7
						Period-end loan-to-deposit ratio						79.6		%	77.5		%	80.4		%
						NCO ratio						0.48		%	0.58		%	0.52		%
Financial Metrics						Diluted EPS						$	0.92		$	0.77		$	0.78
						Underlying Diluted EPS						0.92			0.77			0.82
						ROTCE						11.0		%	9.6		%	10.6		%
						Underlying ROTCE						11.0			9.6			11.1
						Net interest margin, FTE						2.95			2.90			2.87
						Efficiency ratio						64.8			67.9			66.3
						Underlying efficiency ratio						64.8			67.9			64.6
						CET1						10.6		%	10.6		%	10.7		%
						TBV/Share						$	35.23		$	33.97		$	30.61

Notable Items												2Q25									1Q25									2Q24
						($s in millions except per share data)						Pre-tax $			EPS						Pre-tax $			EPS						Pre-tax $			EPS
						Integration-related						$	—		$	—					$	—		$	—					$	(3)		$	(0.01)
						TOP/FDIC-related/Other						—			—						—			—						(29)			(0.03)
						Total						$	—		$	—					$	—		$	—					$	(32)		$	(0.04)

Citizens also announced that its board of directors declared a quarterly common stock dividend of $0.42 per share. The dividend is payable on August 14, 2025 to shareholders of record at the close of business on July 31, 2025.

*Results presented on an Underlying basis are non-GAAP Financial Measures. See page 15 for additional information on our use of Non-GAAP Financial Measures.

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Citizens Financial Group, Inc.

Earnings highlights(1):

						Quarterly Trends
																		2Q25 change from
($s in millions, except per share data)						2Q25			1Q25			2Q24						1Q25									2Q24
Earnings																		$/bps/%			%						$/bps/%			%
Net interest income						$	1,437		$	1,391		$	1,410					$	46		3		%				$	27		2		%
Noninterest income						600			544			553						56			10						47			8
Total revenue						2,037			1,935			1,963						102			5						74			4
Noninterest expense						1,319			1,314			1,301						5			—						18			1
Pre-provision profit						718			621			662						97			16						56			8
Provision for credit losses						164			153			182						11			7						(18)			(10)
Net income						436			373			392						63			17						44			11
Preferred dividends						34			33			35						1			3						(1)			(3)
Net income available to common stockholders						$	402		$	340		$	357					$	62		18		%				$	45		13		%
After-tax notable Items						—			—			16						—			—						(16)			(100)
Underlying net income						$	436		$	373		$	408					$	63		17		%				$	28		7		%
Underlying net income available to common stockholders						402			340			373						62			18						29			8
Average common shares outstanding
Basic (in millions)						433.6			438.3			454.1						(4.7)			(1)						(20.5)			(5)
Diluted (in millions)						436.5			442.2			456.6						(5.7)			(1)						(20.0)			(4)
Diluted earnings per share						$	0.92		$	0.77		$	0.78					$	0.15		19		%				$	0.14		18		%
Underlying diluted earnings per share						0.92			0.77			0.82						0.15			19						0.10			12
Performance metrics
Net interest margin						2.94		%	2.89		%	2.86		%				5		bps							8		bps
Net interest margin, FTE						2.95			2.90			2.87						5									8
Effective income tax rate						21.4			20.3			18.5						111									288
Efficiency ratio						64.8			67.9			66.3						(315)									(151)
Underlying efficiency ratio						64.8			67.9			64.6						(315)									17
Return on average tangible common equity						11.0			9.6			10.6						141									44
Underlying return on average tangible common equity						11.0			9.6			11.1						141									(4)
Return on average total tangible assets						0.83			0.73			0.75						10									8
Underlying return on average total tangible assets						0.83		%	0.73		%	0.78		%				10		bps							5		bps
Capital adequacy(2,3)
Common equity tier 1 capital ratio						10.6		%	10.6		%	10.7		%
Total capital ratio						13.8			13.9			14.0
Tier 1 leverage ratio						9.4			9.4			9.4
Tangible common equity ratio						7.2			7.0			6.5
Allowance for credit losses to loans and leases						1.59		%	1.61		%	1.63		%				(2)		bps							(4)		bps
Asset quality(3)
Nonaccrual loans and leases to loans and leases						1.09		%	1.15		%	1.08		%				(6)		bps							1		bp
Allowance for credit losses to nonaccrual loans and leases						145			140			151						5		%							(6)		%
Net charge-offs as a % of average loans and leases						0.48		%	0.58		%	0.52		%				(10)		bps							(4)		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
																		2Q25 change from
($s in millions, except per share data)						2Q25			1Q25			2Q24						1Q25									2Q24
																		$/bps			%						$/bps			%
Net interest income						$	1,437		$	1,391		$	1,410					$	46		3		%				$	27		2		%
Noninterest income						600			544			549						56			10						51			9
Total revenue						$	2,037		$	1,935		$	1,959					$	102		5		%				$	78		4		%
Noninterest expense						1,319			1,314			1,265						5			—						54			4
Provision for credit losses						164			153			182						11			7						(18)			(10)
Net income available to common stockholders						$	402		$	340		$	373					$	62		18		%				$	29		8		%
Performance metrics
EPS						$	0.92		$	0.77		$	0.82					$	0.15		19		%				$	0.10		12		%
Efficiency ratio						64.8		%	67.9		%	64.6		%				(315)		bps							17		bps
Return on average tangible common equity						11.0		%	9.6		%	11.1		%				141		bps							(4)		bps

Consolidated balance sheet summary(1):

																								2Q25 change from
($s in millions)						2Q25						1Q25						2Q24						1Q25									2Q24
																								$/bps			%						$/bps			%
Total assets						$	218,310					$	220,148					$	219,938					$	(1,838)		(1)		%				$	(1,628)		(1)		%
Total loans and leases						139,304						137,635						141,842						1,669			1						(2,538)			(2)
Total loans held for sale						2,093						2,820						683						(727)			(26)						1,410			206
Deposits						175,086						177,576						176,352						(2,490)			(1)						(1,266)			(1)
Stockholders' equity						25,234						24,866						23,869						368			1						1,365			6
Stockholders' common equity						23,121						22,753						21,757						368			2						1,364			6
Tangible common equity						$	15,246					$	14,867					$	13,866					$	379		3		%				$	1,380		10		%
Loan-to-deposit ratio (period-end)(2)						79.6		%				77.5		%				80.4		%				205		bps							(87)		bps
Loan-to-deposit ratio (average)(2)						79.7		%				80.9		%				82.4		%				(117)		bps							(266)		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:

There are no notable items in second quarter 2025 or first quarter 2025, as our intention going forward is to limit these to those items of greatest significance. Second quarter 2024 results reflect notable items primarily related to integration costs associated with recent acquisitions, as well as TOP revenue and efficiency initiatives and a notable item for an industry-wide FDIC special assessment. These notable items were excluded from reported results to better reflect Underlying operating results.

Notable items - Integration-related						2Q25															1Q25												2Q24
($s in millions, except per share data)						Pre-tax						After-tax												Pre-tax						After-tax									Pre-tax						After-tax
Salaries & benefits						$	—					$	—											$	—					$	—								$	(3)					$	(2)
Equipment and software						—						—												—						—									—						—
Outside services						—						—												—						—									—						—
Occupancy						—						—												—						—									—						—
Other expense						—						—												—						—									—						—
Noninterest expense						$	—					$	—											$	—					$	—								$	(3)					$	(2)
EPS Impact - Noninterest expense												$	—																	$	—														$	(0.01)
Total Integration-related						$	—					$	—											$	—					$	—								$	(3)					$	(2)
EPS Impact - Total Integration-related												$	—																	$	—														$	(0.01)
Other notable items - TOP & Other						2Q25															1Q25												2Q24
($s in millions, except per share data)						Pre-tax						After-tax												Pre-tax						After-tax									Pre-tax						After-tax
Tax notable items						$	—					$	—											$	—					$	—								$	—					$	7
Noninterest income						—						—												—						—									4						3
Salaries & benefits						—						—												—						—									(5)						(4)
Equipment and software						—						—												—						—									(4)						(3)
Outside services						—						—												—						—									(10)						(7)
Occupancy						—						—												—						—									(6)						(4)
FDIC special assessment(1)						—						—												—						—									(5)						(4)
Other expense						—						—												—						—									(3)						(2)
Noninterest expense						$	—					$	—											$	—					$	—								$	(33)					$	(24)
Total Other Notable Items						$	—					$	—											$	—					$	—								$	(29)					$	(14)
EPS Impact - Other Notable Items												$	—																	$	—														$	(0.03)
Total Notable Items						$	—					$	—											$	—					$	—								$	(32)					$	(16)
Total EPS Impact												$	—																	$	—														$	(0.04)
(1) The FDIC special assessment earnings per share impact is $(0.01) second quarter 2024.

4

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Citizens Financial Group, Inc.

Discussion of results:

Net interest income																								2Q25 change from
($s in millions)						2Q25						1Q25						2Q24						1Q25												2Q24
																								$/bps						%						$/bps						%
Interest income:
Interest and fees on loans and leases and loans held for sale						$	1,887					$	1,845					$	2,028					$	42					2		%				$	(141)					(7)		%
Investment securities						428						418						417						10						2						11						3
Interest-bearing deposits in banks						92						89						130						3						3						(38)						(29)
Total interest income						$	2,407					$	2,352					$	2,575					$	55					2		%				$	(168)					(7)		%
Interest expense:
Deposits						$	802					$	795					$	965					$	7					1		%				$	(163)					(17)		%
Short-term borrowed funds						9						8						4						1						13						5						125
Long-term borrowed funds						159						158						196						1						1						(37)						(19)
Total interest expense						$	970					$	961					$	1,165					$	9					1		%				$	(195)					(17)		%
Net interest income						$	1,437					$	1,391					$	1,410					$	46					3		%				$	27					2		%
Net interest margin, FTE						2.95		%				2.90		%				2.87		%				5		bps										8		bps

Second quarter 2025			vs.			first quarter 2025

Net interest income of $1.4 billion increased 3.3%, reflecting a higher net interest margin, as well as a 1% increase in average interest-earning assets.

•Net interest margin of 2.95% increased 5 basis points, given the time-based benefits of Non-Core runoff and lower terminated swap impact, lower deposit costs and favorable fixed-rate asset repricing.

•Interest-bearing deposit costs decreased 2 basis points; total deposit costs decreased 2 basis points, and total cost of funds decreased 2 basis points to 2.07%.

Second quarter 2025			vs.			second quarter 2024

Net interest income of $1.4 billion increased 2%, primarily reflecting a higher net interest margin, partially offset by a 1% decline in average interest-earning assets.

•Net interest margin of 2.95% increased 8 basis points, as the benefit of lower funding costs, Non-Core runoff and fixed-rate asset repricing were partially offset by the impact of variable-rate asset repricing, net of swaps.

5

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Citizens Financial Group, Inc.

Noninterest Income																								2Q25 change from
($s in millions)						2Q25						1Q25						2Q24						1Q25												2Q24
																								$						%						$						%
Service charges and fees						$	111					$	109					$	106					$	2					2		%				$	5					5		%
Capital markets fees						105						100						134						5						5						(29)						(22)
Card fees						90						83						92						7						8						(2)						(2)
Wealth fees						88						81						75						7						9						13						17
Mortgage banking fees						73						59						54						14						24						19						35
Foreign exchange and derivative products						41						39						39						2						5						2						5
Letter of credit and loan fees						45						44						43						1						2						2						5
Securities gains, net						5						7						—						(2)						(29)						5						100
Other income(1)						42						22						10						20						91						32						NM
Noninterest income						$	600					$	544					$	553					$	56					10		%				$	47					8		%
Underlying, as applicable
Card fees						$	90					$	83					$	88					$	7					8						$	2					2
Underlying noninterest income						$	600					$	544					$	549					$	56					10		%				$	51					9		%
(1) Includes bank-owned life insurance income and other miscellaneous income for all periods presented.

Second quarter 2025			vs.			first quarter 2025

Noninterest income of $600 million increased $56 million, or 10%.

•Capital markets fees increased $5 million, primarily reflecting higher equity underwriting and loan syndication fees. M&A fees were down slightly as several significant deals pushed into July given market uncertainty in the quarter.

•Card fees increased $7 million, reflecting seasonally higher purchase volumes.

•Wealth fees increased $7 million, given higher transactional revenue and an increase in advisory fees, primarily driven by net inflows.

•Mortgage banking fees increased $14 million, reflecting higher MSR valuation, net of hedge impact, as well as higher production fees.

•Foreign exchange and derivative products revenue increased $2 million, reflecting increased client hedging activity tied to heightened FX volatility, partially offset by lower commodities hedging.

•Other income increased $20 million, reflecting the benefit of various modest revenue items.

Second quarter 2025			vs.			second quarter 2024

Underlying noninterest income of $600 million increased $51 million, or 9%.

•Service charges and fees increased $5 million, primarily driven by higher overdraft and cash management fees.

•Capital markets fees decreased $29 million, reflecting lower M&A and bond underwriting fees, partially offset by higher equity underwriting fees.

•Wealth fees increased $13 million, reflecting growth in AUM, primarily from the Private Bank.

•Mortgage banking fees increased $19 million, primarily driven by higher MSR valuation, net of hedging.

•Foreign exchange and derivative products revenue increased $2 million, given increased client activity in foreign exchange hedging.

6

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Citizens Financial Group, Inc.

Noninterest Expense																								2Q25 change from
($s in millions)						2Q25						1Q25						2Q24						1Q25									2Q24
																								$			%						$			%
Salaries and employee benefits						$	681					$	696					$	645					$	(15)		(2)		%				$	36		6		%
Equipment and software						193						194						190						(1)			(1)						3			2
Outside services						169						155						165						14			9						4			2
Occupancy						108						112						113						(4)			(4)						(5)			(4)
Other operating expense						168						157						188						11			7						(20)			(11)
Noninterest expense						$	1,319					$	1,314					$	1,301					$	5		—		%				$	18		1		%
Notable items						$	—					$	—					$	36					$	—		—		%				$	(36)		(100)%
Underlying, as applicable
Salaries and employee benefits						$	681					$	696					$	637					$	(15)		(2)		%				$	44		7		%
Equipment and software						193						194						186						(1)			(1)						7			4
Outside services						169						155						155						14			9						14			9
Occupancy						108						112						107						(4)			(4)						1			1
Other operating expense						168						157						180						11			7						(12)			(7)
Underlying noninterest expense						$	1,319					$	1,314					$	1,265					$	5		—		%				$	54		4		%

Second quarter 2025			vs.			first quarter 2025

Noninterest expense of $1.3 billion increased 0.4%.

•Salaries and employee benefits decreased $15 million, reflecting lower payroll taxes and compensation-related costs given seasonality.

•Outside services increased $14 million, primarily driven by higher technology and vendor-related costs.

•Occupancy decreased $4 million, driven by lower branch maintenance and utilities given first-quarter seasonality.

•Other operating expense increased $11 million, primarily reflecting higher seasonal marketing-related and travel costs.

The effective tax rate was 21.4% in second quarter 2025, compared with 20.3% in first quarter 2025, primarily reflecting lower benefit from tax-advantaged investments given higher income.

Second quarter 2025			vs.			second quarter 2024

Underlying noninterest expense of $1.3 billion increased 4%.

•Salaries and employee benefits increased $44 million, reflecting hiring related to the Private Bank and Private Wealth build out, as well as a broader increase in salaries and benefits.

•Equipment and software increased $7 million, given technology investments.

•Outside services increased $14 million, largely driven by investments across the enterprise.

•Other operating expense decreased $12 million, reflecting lower fraud losses, FDIC insurance expense and marketing-related costs.

The effective tax rate was 21.4% in second quarter 2025 compared with 20.3% on an Underlying basis in second quarter 2024, primarily reflecting less benefit from tax-advantaged investments given higher income and higher state taxes.

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Citizens Financial Group, Inc.

Interest-earning assets															2Q25 change from
($s in millions)			2Q25			1Q25			2Q24						1Q25												2Q24
Period-end interest-earning assets															$						%						$						%
Investments			$	43,899		$	43,544		$	41,677					$	355					1		%				$	2,222					5		%
Interest-bearing deposits in banks			8,121			11,144			11,139						(3,023)						(27)						(3,018)						(27)
Commercial loans and leases			71,642			70,508			71,934						1,134						2						(292)						—
Retail loans			67,662			67,127			69,908						535						1						(2,246)						(3)
Total loans and leases			139,304			137,635			141,842						1,669						1						(2,538)						(2)
Loans held for sale			2,093			2,820			683						(727)						(26)						1,410						206
Total loans and leases and loans held for sale			141,397			140,455			142,525						942						1						(1,128)						(1)
Total period-end interest-earning assets			$	193,417		$	195,143		$	195,341					$	(1,726)					(1)		%				$	(1,924)					(1)		%
Average interest-earning assets(1)
Investments			$	46,538		$	46,069		$	44,692					$	469					1		%				$	1,846					4		%
Interest-bearing deposits in banks			8,217			8,092			9,650						125						2						(1,433)						(15)
Commercial loans and leases			71,423			70,612			72,955						811						1						(1,532)						(2)
Retail loans			67,386			69,098			70,112						(1,712)						(2)						(2,726)						(4)
Total loans and leases			138,809			139,710			143,067						(901)						(1)						(4,258)						(3)
Loans held for sale			2,754			1,187			1,056						1,567						132						1,698						161
Total loans and leases and loans held for sale			141,563			140,897			144,123						666						—						(2,560)						(2)
Total average interest-earning assets			$	196,318		$	195,058		$	198,465					$	1,260					1		%				$	(2,147)					(1)		%
(1) Total average interest-earning assets excludes the mark-to-market on investment securities and unsettled purchases or sales of loans and investments.

Second quarter 2025			vs.			first quarter 2025

Period-end interest-earning assets of $193.4 billion decreased 1%, reflecting a $3.0 billion decrease in cash held in interest-bearing deposits and $355 million increase in investments in securities. Total loans and leases increased $1.7 billion, as growth in the Private Bank, higher line utilization and net new business in Commercial, and growth in mortgage and home equity in Consumer, were partially offset by the runoff of Non-Core loans and commercial real estate paydowns.

Average interest-earning assets of $196.3 billion increased $1.3 billion, reflecting a $469 million increase in investments and $125 million increase in cash held in interest-bearing deposits. Average total loans and leases decreased $901 million, reflecting the reclassification of ~$1.9 billion of Non-Core education loans (“Non-Core transaction”) to loans held for sale near the end of the first quarter. Excluding this transaction, there was growth in the Private Bank and Commercial, as well as in mortgage and home equity, partially offset by continued run-off of Non-Core loans and commercial real estate paydowns.

The average effective duration of the securities portfolio was 3.7 years, compared with 3.6 years at March 31, 2025 and 3.7 years at June 30, 2024.

Second quarter 2025			vs.			second quarter 2024

Period-end interest-earning assets of $193.4 billion decreased 1%, reflecting a $3.0 billion decrease in investments in cash held in interest-bearing deposits and a $1.1 billion decrease in total loans and leases and loans held for sale, partially offset by a $2.2 billion increase in investments in securities. The decrease in loans and leases is driven by a $2.2 billion decrease in retail reflecting continued Non-Core portfolio runoff and the Non-Core transaction, partially offset by growth in home equity and mortgage, including in the Private Bank. Results also include a decrease in Commercial loans of $292 million reflecting paydowns in commercial real estate and C&I balance sheet optimization actions, partially offset by higher line utilization.

Average interest-earning assets of $196.3 billion decreased $2.1 billion, or 1%, reflecting a $2.6 billion decrease in total loans and leases and loans held for sale and a $1.4 billion decrease in cash held in interest-bearing deposits, partially offset by a $1.8 billion increase in investments in securities.

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Citizens Financial Group, Inc.

Deposits															2Q25 change from
($s in millions)			2Q25			1Q25			2Q24						1Q25												2Q24
Period-end deposits															$						%						$						%
Non-interest bearing demand			$	38,001		$	37,556		$	36,927					$	445					1		%				$	1,074					3		%
Checking with interest			34,918			34,456			34,421						462						1						497						1
Savings			25,400			25,765			27,240						(365)						(1)						(1,840)						(7)
Money market			55,638			55,996			52,599						(358)						(1)						3,039						6
Time			21,129			23,803			25,165						(2,674)						(11)						(4,036)						(16)
Total period-end deposits			$	175,086		$	177,576		$	176,352					$	(2,490)					(1)		%				$	(1,266)					(1)		%
Average deposits
Non-interest bearing demand			$	37,350		$	36,543		$	36,205					$	807					2		%				$	1,145					3		%
Checking with interest			33,847			32,693			33,659						1,154						4						188						1
Savings			25,536			25,760			27,560						(224)						(1)						(2,024)						(7)
Money market			54,716			54,432			51,570						284						1						3,146						6
Time			22,679			23,277			24,676						(598)						(3)						(1,997)						(8)
Total average deposits			$	174,128		$	172,705		$	173,670					$	1,423					1		%				$	458					—		%

Second quarter 2025			vs.			first quarter 2025

Total period-end deposits of $175.1 billion are down 1%, largely reflecting a $2.7 billion decline in higher-cost Treasury brokered and retail time deposits, partially offset by growth in Commercial non-interest bearing demand and checking with interest.

Average deposits of $174.1 billion increased 1%, driven by growth in retail and Private bank lower-cost categories, partially offset by a reduction in higher-cost Treasury brokered and retail time deposits.

Second quarter 2025			vs.			second quarter 2024

Total period-end deposits of $175.1 billion decreased 1%, as growth in the Private Bank of $4.7 billion and an increase in Consumer deposits was more than offset by a reduction in higher-cost Treasury brokered deposits and slightly lower Commercial balances.

Average deposits of $174.1 billion were up slightly.

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Citizens Financial Group, Inc.

Borrowed Funds															2Q25 change from
($s in millions)			2Q25			1Q25			2Q24						1Q25												2Q24
Period-end borrowed funds															$						%						$						%
Short-term borrowed funds			$	249		$	47		$	2					$	202					NM						$	247					NM
Long-term borrowed funds
FHLB advances			1,542			42			553						1,500						NM						989						179
Senior debt			6,821			7,568			6,512						(747)						(10)						309						5
Subordinated debt and other debt			1,752			1,772			1,827						(20)						(1)						(75)						(4)
Auto collateralized borrowings			2,411			2,885			4,190						(474)						(16)						(1,779)						(42)
Total borrowed funds			$	12,775		$	12,314		$	13,084					$	461					4		%				$	(309)					(2)		%
Average borrowed funds
Short-term borrowed funds			$	925		$	675		$	325					$	250					37 %						$	600					185		%
Long-term borrowed funds
FHLB advances			1,063			595			2,375						468						79 %						(1,312)						(55)
Senior debt			7,042			7,133			6,684						(91)						(1)						358						5
Subordinated debt and other debt			1,759			1,809			1,826						(50)						(3)						(67)						(4)
Auto collateralized borrowings			2,635			3,120			4,207						(485)						(16)						(1,572)						(37)
Total average borrowed funds			$	13,424		$	13,332		$	15,417					$	92					1		%				$	(1,993)					(13)		%

Second quarter 2025			vs.			first quarter 2025

Period-end borrowed funds increased $461 million, as a $1.5 billion increase in FHLB advances was largely offset by a decrease in senior debt of $747 million, reflecting a debt maturity and a decrease in collateralized borrowings on auto loans of $474 million given runoff of the associated portfolio.

Average borrowed funds increased $92 million, reflecting a $468 million increase in FHLB advances largely offset by a $485 million decrease in auto collateralized borrowings.

Second quarter 2025			vs.			second quarter 2024

Period-end borrowed funds decreased by $309 million, reflecting a decrease of $1.8 billion in auto collateralized borrowings, partially offset by an increase of $1.0 billion in FHLB advances and $309 million in senior debt given net issuances.

Average borrowed funds decreased by $2.0 billion, reflecting a $1.6 billion decrease in auto collateralized borrowings, given runoff of the associated portfolio, and a decrease of $1.3 billion in FHLB advances, partially offset by a $358 million increase in senior debt issuances.

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Citizens Financial Group, Inc.

Capital																					2Q25 change from
($s and shares in millions, except per share data)			2Q25						1Q25						2Q24						1Q25												2Q24
Period-end capital																					$						%						$						%
Stockholders' equity			$	25,234					$	24,866					$	23,869					$	368					1		%				$	1,365					6		%
Stockholders' common equity			23,121						22,753						21,757						368						2						1,364						6
Tangible common equity			15,246						14,867						13,866						379						3						1,380						10
Tangible book value per common share			$	35.23					$	33.97					$	30.61					$	1.26					4		%				$	4.62					15		%
Common shares - at end of period			432.8						437.7						453.0						(4.9)						(1)						(20.2)						(4)
Common shares - average (diluted)			436.5						442.2						456.6						(5.7)						(1)		%				(20.0)						(4)		%
Common equity tier 1 capital ratio(1)			10.6		%				10.6		%				10.7		%
Total capital ratio(1)			13.8						13.9						14.0
Tangible common equity ratio			7.2						7.0						6.5
Tier 1 leverage ratio(1)			9.4						9.4						9.4
(1) Current reporting-period regulatory capital ratios are preliminary.

Second quarter 2025

•The CET1 capital ratio of 10.6% as of June 30, 2025 compares with 10.6% at March 31, 2025 and 10.7% at June 30, 2024.

•Total capital ratio of 13.8% compares with 13.9% at March 31, 2025 and 14.0% as of June 30, 2024.

•Tangible common equity ratio of 7.2% compares with 7.0% at March 31, 2025 and 6.5% as of June 30, 2024.

•Tangible book value per common share of $35.23 increased 4% compared with first quarter 2025, reflecting higher net income and AOCI impact from lower long-term rates.

•Paid $185 million in common dividends to shareholders during second quarter 2025. This compares with $186 million in common dividends during first quarter 2025 and $193 million during second quarter 2024.

•Repurchased $200 million of common shares during second quarter 2025, compared with $200 million in first quarter 2025 and $200 million in second quarter 2024.

•The Board of Directors increased the capacity of the Company’s common share repurchase program to $1.5 billion on June 12, 2025.

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Citizens Financial Group, Inc.

Credit quality review																								2Q25 change from
($s in millions)						2Q25						1Q25						2Q24						1Q25												2Q24
																								$/bps/%						%						$/bps/%						%
Nonaccrual loans and leases(1)						$	1,524					$	1,582					$	1,527					$	(58)					(4)		%				$	(3)					—		%
90+ days past due and accruing(2)						194						155						228						39						25						(34)						(15)
Net charge-offs						167						200						184						(33)						(17)						(17)						(9)
Provision for credit losses						164						153						182						11						7						(18)						(10)
Allowance for credit losses						$	2,209					$	2,212					$	2,306					$	(3)					—		%				$	(97)					(4)		%
Nonaccrual loans and leases to loans and leases						1.09		%				1.15		%				1.08		%				(6)		bps										1		bps
Net charge-offs as a % of total loans and leases						0.48						0.58						0.52						(10)												(4)
Allowance for credit losses to loans and leases						1.59						1.61						1.63						(2)												(4)
Allowance for credit losses to nonaccrual loans and leases						145		%				140		%				151		%				5		%										(6)		%
(1) Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
(2) 90+ days past due and accruing includes $128 million, $137 million, and $168 million of loans fully or partially guaranteed by the FHA, VA, and USDA for June 30, 2025, March 31, 2025, and June 30, 2024, respectively.

Second quarter 2025			vs.			first quarter 2025

•Nonaccrual loans of $1.5 billion decreased $58 million, or 4%, primarily driven by a decline in C&I, other retail and continued runoff of the Non-Core auto portfolio. The nonaccrual loans to total loans ratio of 1.09% decreased from 1.15% at March 31, 2025.

•Net charge-offs of $167 million, or 48 basis points of average loans and leases, compares with 58 basis points in the prior quarter which included a $25 million, or 7 basis point impact from the Non-Core transaction (an agreement entered into in the first quarter to sell ~$1.9 billion of Non-Core education loans). Excluding the impact of this transaction, net charge-offs for first quarter 2025 were 51 basis points. Commercial net charge-offs are up modestly, given an increase in C&I. Retail net charge-offs declined by $44 million compared with first quarter 2025 which included the recognition of a $25 million charge-off associated with the Non-Core transaction.

•The second quarter 2025 provision for credit losses of $164 million compares with $153 million for first quarter 2025. The ratio of allowance for credit losses to total loans of 1.59% was down slightly compared with 1.61% as of March 31, 2025. The decrease is primarily driven by improving loan mix, reflecting the Non-Core portfolio reduction, declining commercial real estate, and originations in retail real estate secured and commercial categories that have a lower loss content profile.

•The allowance for credit losses to nonaccrual loans and leases ratio of 145% compares with 140% as of March 31, 2025.

Second quarter 2025			vs.			second quarter 2024

•Nonaccrual loans were broadly stable across commercial and retail. The nonaccrual loans to total loans ratio of 1.09% compares with 1.08% at June 30, 2024.

•Net charge-offs of $167 million, or 48 basis points of average loans and leases compares with 52 basis points for second quarter 2024. This reflects a $4 million decrease in commercial, and a $13 million decrease in retail primarily driven by a reduction in education tied to the Non-Core transaction.

•Provision for credit losses of $164 million decreased compared with a $182 million provision in second quarter 2024 reflecting the runoff of the Non-Core portfolio and improving loan mix.

•Allowance for credit losses of $2.2 billion decreased $97 million compared with June 30, 2024 given the benefit of Non-Core runoff, the Non-Core transaction and other improvements in loan mix. Allowance for credit losses ratio of 1.59% as of June 30, 2025, compares with 1.63% as of June 30, 2024.

•The allowance for credit losses to nonaccrual loans and leases ratio of 145% compares with 151% as of June 30, 2024.

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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 $218.3 billion in assets as of June 30, 2025. 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 3,000 ATMs and approximately 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, with those denoted as Underlying for any given reporting period excluding 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 those measures denoted as Underlying 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. See the following pages for reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.

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
																																				2Q25 Change
						2Q25						1Q25																		2Q24						1Q25												2Q24
																																				$						%						$						%
Noninterest income, Underlying:
Noninterest income (GAAP)						$600						$544																		$553						$56						10		%				$47						8		%
Less: Notable items						—						—																		4						—						—						(4)						(100)
Noninterest income, Underlying (non-GAAP)						$600						$544																		$549						$56						10		%				$51						9		%
Total revenue, Underlying:
Total revenue (GAAP)			A			$2,037						$1,935																		$1,963						$102						5		%				$74						4		%
Less: Notable items						—						—																		4						—						—						(4)						(100)
Total revenue, Underlying (non-GAAP)			B			$2,037						$1,935																		$1,959						$102						5		%				$78						4		%
Noninterest expense, Underlying:
Noninterest expense (GAAP)			C			$1,319						$1,314																		$1,301						$5						—		%				$18						1		%
Less: Notable items						—						—																		36						—						—						(36)						(100)
Noninterest expense, Underlying (non-GAAP)			D			$1,319						$1,314																		$1,265						$5						—		%				$54						4		%
Pre-provision profit:
Total revenue (GAAP)			A			$2,037						$1,935																		$1,963						$102						5		%				$74						4		%
Less: Noninterest expense (GAAP)			C			1,319						1,314																		1,301						5						—						18						1
Pre-provision profit (non-GAAP)						$718						$621																		$662						$97						16		%				$56						8		%
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)			B			$2,037						$1,935																		$1,959						$102						5		%				$78						4		%
Less: Noninterest expense, Underlying (non-GAAP)			D			1,319						1,314																		1,265						5						—						54						4
Pre-provision profit, Underlying (non-GAAP)						$718						$621																		$694						$97						16		%				$24						3		%
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)			E			$554						$468																		$480						$86						18		%				$74						15		%
Less: Income (expense) before income tax expense (benefit) related to notable items						—						—																		(32)						—						—						32						100
Income before income tax expense, Underlying (non-GAAP)			F			$554						$468																		$512						$86						18		%				$42						8		%
Income tax expense, Underlying:
Income tax expense (GAAP)			G			$118						$95																		$88						$23						24		%				$30						34		%
Less: Income tax expense (benefit) related to notable items						—						—																		(16)						—						—						16						100
Income tax expense, Underlying (non-GAAP)			H			$118						$95																		$104						$23						24		%				$14						13		%
Net income, Underlying:
Net income (GAAP)			I			$436						$373																		$392						$63						17		%				$44						11		%
Add: Notable items, net of income tax benefit						—						—																		16						—						—						(16)						(100)
Net income, Underlying (non-GAAP)			J			$436						$373																		$408						$63						17		%				$28						7		%
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)			K			$402						$340																		$357						$62						18		%				$45						13		%
Add: Notable items, net of income tax benefit						—						—																		16						—						—						(16)						(100)
Net income available to common stockholders, Underlying (non-GAAP)			L			$402						$340																		$373						$62						18		%				$29						8		%

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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
																																				2Q25 Change
						2Q25						1Q25																		2Q24						1Q25												2Q24
																																				$/bps						%						$/bps						%
Operating leverage:
Total revenue (GAAP)			A			$2,037						$1,935																		$1,963						$102						5.35		%				$74						3.78		%
Less: Noninterest expense (GAAP)			C			1,319						1,314																		1,301						5						0.47						18						1.42
Operating leverage																																										4.88		%										2.36		%
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)			B			$2,037						$1,935																		$1,959						$102						5.35		%				$78						4.02		%
Less: Noninterest expense, Underlying (non-GAAP)			D			1,319						1,314																		1,265						5						0.47						54						4.29
Operating leverage, Underlying (non-GAAP)																																										4.88		%										(0.27		%)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio			C/A			64.76		%				67.91		%																66.27		%				(315)		bps										(151)		bps
Efficiency ratio, Underlying (non-GAAP)			D/B			64.76						67.91																		64.59						(315)		bps										17		bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate			G/E			21.37		%				20.26		%																18.49		%				111		bps										288		bps
Effective income tax rate, Underlying (non-GAAP)			H/F			21.37						20.26																		20.33						111		bps										104		bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)			M			$22,494						$22,188																		$21,427						$306						1		%				$1,067						5		%
Return on average common equity			K/M			7.18		%				6.21		%																6.70		%				97		bps										48		bps
Return on average common equity, Underlying (non-GAAP)			L/M			7.18						6.21																		7.00						97		bps										18		bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)			M			$22,494						$22,188																		$21,427						$306						1		%				$1,067						5		%
Less: Average goodwill (GAAP)						8,187						8,187																		8,188						—						—						(1)						—
Less: Average other intangibles (GAAP)						134						142																		144						(8)						(6)						(10)						(7)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)						438						438																		432						—						—						6						1
Average tangible common equity (non-GAAP)			N			$14,611						$14,297																		$13,527						$314						2		%				$1,084						8		%
Return on average tangible common equity (non-GAAP)			K/N			11.05		%				9.64		%																10.61		%				141		bps										44		bps
Return on average tangible common equity, Underlying (non-GAAP)			L/N			11.05						9.64																		11.09						141		bps										(4)		bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)			O			$217,661						$216,309																		$219,222						$1,352						1		%				($1,561)						(1		%)
Return on average total assets			I/O			0.80		%				0.70		%																0.72		%				10		bps										8		bps
Return on average total assets, Underlying (non-GAAP)			J/O			0.80						0.70																		0.75						10		bps										5		bps
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)			O			$217,661						$216,309																		$219,222						$1,352						1		%				($1,561)						(1		%)
Less: Average goodwill (GAAP)						8,187						8,187																		8,188						—						—						(1)						—
Less: Average other intangibles (GAAP)						134						142																		144						(8)						(6)						(10)						(7)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)						438						438																		432						—						—						6						1
Average tangible assets (non-GAAP)			P			$209,778						$208,418																		$211,322						$1,360						1		%				($1,544)						(1		%)
Return on average total tangible assets (non-GAAP)			I/P			0.83		%				0.73		%																0.75		%				10		bps										8		bps
Return on average total tangible assets, Underlying (non-GAAP)			J/P			0.83						0.73																		0.78						10		bps										5		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
																																				2Q25 Change
						2Q25						1Q25																		2Q24						1Q25												2Q24
																																				$/bps						%						$/bps						%
Book value per common share and tangible book value per common share:
Common shares - at period-end (GAAP)			Q			432,768,811						437,668,127																		452,961,853						(4,899,316)						(1		%)				(20,193,042)						(4		%)
Common stockholders' equity (GAAP)			R			$23,121						$22,753																		$21,757						$368						2						$1,364						6
Less: Goodwill (GAAP)						8,187						8,187																		8,187						—						—						—						—
Less: Other intangible assets (GAAP)						128						137																		139						(9)						(7)						(11)						(8)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)						440						438																		435						2						—						5						1
Tangible common equity (non-GAAP)			S			$15,246						$14,867																		$13,866						$379						3		%				$1,380						10		%
Book value per common share			R/Q			$53.43						$51.99																		$48.03						$1.44						3		%				$5.40						11		%
Tangible book value per common share (non-GAAP)			S/Q			$35.23						$33.97																		$30.61						$1.26						4		%				$4.62						15		%
Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying:
Average common shares outstanding - basic (GAAP)			T			433,640,210						438,320,757																		454,142,489						(4,680,547)						(1		%)				(20,502,279)						(5		%)
Average common shares outstanding - diluted (GAAP)			U			436,539,774						442,200,180																		456,561,022						(5,660,406)						(1)						(20,021,248)						(4)
Net income per average common share - basic (GAAP)			K/T			$0.93						$0.78																		$0.79						$0.15						19						$0.14						18
Net income per average common share - diluted (GAAP)			K/U			0.92						0.77																		0.78						0.15						19						0.14						18
Net income per average common share - basic, Underlying (non-GAAP)			L/T			0.93						0.78																		0.82						0.15						19						0.11						13
Net income per average common share - diluted, Underlying (non-GAAP)			L/U			0.92						0.77																		0.82						0.15						19						0.10						12
Common equity ratio and tangible common equity ratio:
Total assets (GAAP)			V			$218,310						$220,148																		$219,938						(1,838)						(1)						($1,628)						(1		%)
Less: Goodwill (GAAP)						8,187						8,187																		8,187						—						—						—						—
Less: Other intangible assets (GAAP)						128						137																		139						(9)						(7)						(11)						(8)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)						440						438																		435						2						—						5						1
Tangible assets (non-GAAP)			W			$210,435						$212,262																		$212,047						($1,827)						(1		%)				($1,612)						(1		%)
Common equity ratio (GAAP)			R/V			10.6		%				10.3		%																9.9		%				25 bps												70 bps
Tangible common equity ratio (non-GAAP)			S/W			7.2						7.0																		6.5						24 bps												70 bps

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
																																				2Q25 Change
						2Q25						1Q25																		2Q24						1Q25												2Q24
																																				$/bps						%						$/bps						%
Net interest income and net interest margin on an FTE basis:
Net interest income (annualized) (GAAP)			X			$5,770						$5,637																		$5,674						$133						2		%				$96						2		%
Average interest-earning assets (GAAP)			Y			196,318						195,058																		198,465						1,260						1						(2,147)						(1)
Net interest margin (GAAP)			X/Y			2.94		%				2.89		%																2.86		%				5		bps										8		bps
Net interest income (GAAP)						$1,437						$1,391																		$1,410						$46						3		%				$27						2		%
FTE adjustment						4						4																		5						—						—						(1)						(20)
Net interest income on an FTE basis (non-GAAP)						1,441						1,395																		1,415						46						3						26						2
Net interest income on an FTE basis (annualized) (non-GAAP)			Z			5,786						5,653																		5,692						133						2						94						2
Net interest margin on an FTE basis (non-GAAP)			Z/Y			2.95		%				2.90		%																2.87		%				5		bps										8		bps
Card fees, Underlying:
Card fees (GAAP)						$90						$83																		$92						$7						8						($2)						(2%)
Less: Notable items						—						—																		4						—						—						(4)						(100)
Card fees, Underlying (non-GAAP)						$90						$83																		$88						$7						8						$2						2		%
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)						$681						$696																		$645						($15)						(2		%)				$36						6		%
Less: Notable items						—						—																		8						—						—						(8)						(100)
Salaries and employee benefits, Underlying (non-GAAP)						$681						$696																		$637						($15)						(2		%)				$44						7		%
Equipment and software, Underlying:
Equipment and software (GAAP)						$193						$194																		$190						($1)						(1		%)				$3						2		%
Less: Notable items						—						—																		4						—						—						(4)						(100)
Equipment and software, Underlying (non-GAAP)						$193						$194																		$186						($1)						(1		%)				$7						4		%
Outside services, Underlying:
Outside services (GAAP)						$169						$155																		$165						$14						9		%				$4						2		%
Less: Notable items						—						—																		10						—						—						(10)						(100)
Outside services, Underlying (non-GAAP)						$169						$155																		$155						$14						9		%				$14						9		%
Occupancy, Underlying:
Occupancy (GAAP)						$108						$112																		$113						($4)						(4		%)				($5)						(4		%)
Less: Notable items						—						—																		6						—						—						(6)						(100)
Occupancy, Underlying (non-GAAP)						$108						$112																		$107						($4)						(4		%)				$1						1		%
Other operating expense, Underlying:
Other operating expense (GAAP)						$168						$157																		$188						$11						7		%				($20)						(11		%)
Less: Notable items						—						—																		8						—						—						(8)						(100)
Other operating expense, Underlying (non-GAAP)						$168						$157																		$180						$11						7		%				($12)						(7		%)

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,” “outlook,” “guidance” or similar expressions or future conditional verbs such as “may,” “will,” “likely”, “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, tariffs, 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 execute on our strategic business initiatives and achieve our financial performance goals across our Consumer and Commercial businesses, including our Private Bank;

•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 comply with heightened supervisory requirements and expectations as well as new or amended regulations;

•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, 2024 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

Second Quarter 2025

1

---

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						10
Segment Financial Highlights						11
Credit-Related Information:
Nonaccrual loans and leases						15
Loans and Leases 90 Days or More Past Due and Accruing						16
Charge-offs, Recoveries, and Related Ratios						17
Summary of Changes in the Components of the Allowance for Credit Losses						19
Capital and Ratios						20
Non-GAAP Financial Measures and Reconciliations						21
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																																																						FOR THE SIX MONTHS ENDED JUNE 30,
																																				2Q25 Change																																				2025 Change
						2Q25						1Q25						4Q24						3Q24						2Q24						1Q25												2Q24												2025						2024						2024
																																				$/bps						%						$/bps						%																		$/bps						%
SELECTED OPERATING DATA
Total revenue						$2,037						$1,935						$1,986						$1,901						$1,963						$102						5		%				$74						4		%				$3,972						$3,922						$50						1		%
Noninterest expense						1,319						1,314						1,316						1,259						1,301						5						—						18						1						2,633						2,659						(26)						(1)
Pre-provision profit1						718						621						670						642						662						97						16						56						8						1,339						1,263						76						6
Provision (benefit) for credit losses						164						153						162						172						182						11						7						(18)						(10)						317						353						(36)						(10)
NET INCOME						436						373						401						382						392						63						17						44						11						809						726						83						11
Net income, Underlying1						436						373						412						392						408						63						17						28						7						809						803						6						1
Net income available to common stockholders						402						340						367						344						357						62						18						45						13						742						661						81						12
Net income available to common stockholders, Underlying1						402						340						378						354						373						62						18						29						8						742						738						4						1
PER COMMON SHARE DATA
Basic earnings						$0.93						$0.78						$0.83						$0.77						$0.79						$0.15						19		%				$0.14						18		%				$1.70						$1.44						$0.26						18		%
Diluted earnings						0.92						0.77						0.83						0.77						0.78						0.15						19						0.14						18						1.69						1.44						0.25						17
Basic earnings, Underlying1						0.93						0.78						0.86						0.79						0.82						0.15						19						0.11						13						1.70						1.61						0.09						6
Diluted earnings, Underlying1						0.92						0.77						0.85						0.79						0.82						0.15						19						0.10						12						1.69						1.60						0.09						6
Cash dividends declared and paid per common share						0.42						0.42						0.42						0.42						0.42						—						—						—						—						0.84						0.84						—						—
Book value per common share						53.43						51.99						50.26						51.25						48.03						1.44						3						5.40						11						53.43						48.03						5.40						11
Tangible book value per common share1						35.23						33.97						32.34						33.54						30.61						1.26						4						4.62						15						35.23						30.61						4.62						15
Dividend payout ratio						45		%				54		%				51		%				55		%				53		%				(869)		bps										(800)		bps										49		%				58		%				(892)		bps
Dividend payout ratio, Underlying1						45						54						49						53						51						(869)		bps										(584)		bps										49						52						(300)		bps
COMMON SHARES OUTSTANDING
Average: Basic						433,640,210						438,320,757						440,802,738						446,561,996						454,142,489						(4,680,547)						(1		%)				(20,502,279)						(5		%)				435,967,554						457,750,585						(21,783,031)						(5		%)
Diluted						436,539,774						442,200,180						444,836,786						449,913,467						456,561,022						(5,660,406)						(1)						(20,021,248)						(4)						439,342,703						460,009,546						(20,666,843)						(4)
Common shares at period-end						432,768,811						437,668,127						440,543,381						445,216,549						452,961,853						(4,899,316)						(1)						(20,193,042)						(4)						432,768,811						452,961,853						(20,193,042)						(4)

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																																																						FOR THE SIX MONTHS ENDED JUNE 30,
																																				2Q25 Change																																				2025 Change
						2Q25						1Q25						4Q24						3Q24						2Q24						1Q25												2Q24												2025						2024						2024
																																				$/bps						%						$/bps						%																		$/bps						%
FINANCIAL RATIOS
Net interest margin						2.94		%				2.89		%				2.86		%				2.76		%				2.86		%				5 bps												8 bps												2.91		%				2.88		%				3		bps
Net interest margin, FTE1,2						2.95						2.90						2.87						2.77						2.87						5												8												2.92						2.89						3
Return on average common equity						7.18						6.21						6.64						6.12						6.70						97												48												6.70						6.16						54
Return on average common equity, Underlying2						7.18						6.21						6.84						6.29						7.00						97												18												6.70						6.88						(18)
Return on average tangible common equity2						11.05						9.64						10.36						9.45						10.61						141												44												10.35						9.73						62
Return on average tangible common equity, Underlying2						11.05						9.64						10.66						9.71						11.09						141												(4)												10.35						10.87						(52)
Return on average total assets						0.80						0.70						0.73						0.70						0.72						10												8												0.75						0.66						9
Return on average total assets, Underlying2						0.80						0.70						0.75						0.71						0.75						10												5												0.75						0.73						2
Return on average total tangible assets2						0.83						0.73						0.76						0.72						0.75						10												8												0.78						0.69						9
Return on average total tangible assets, Underlying2						0.83						0.73						0.78						0.74						0.78						10												5												0.78						0.76						2
Effective income tax rate						21.37						20.26						21.04						18.56						18.49						111												288												20.86						20.28						58
Effective income tax rate, Underlying2						21.37						20.26						21.17						18.75						20.33						111												104												20.86						21.59						(73)
Efficiency ratio						64.76						67.91						66.27						66.23						66.27						(315)												(151)												66.29						67.79						(150)
Efficiency ratio, Underlying2						64.76						67.91						65.36						65.61						64.59						(315)												17												66.29						64.82						147
Noninterest income as a % of total revenue						29.41						28.14						28.90						27.95						28.16						127												125												28.79						27.29						150
Noninterest income as a % of total revenue, Underlying2						29.41						28.14						28.54						28.05						28.00						127												141												28.79						27.16						163
CAPITAL RATIOS - PERIOD-END (PRELIMINARY)
CET1 capital ratio						10.6		%				10.6		%				10.8		%				10.6		%				10.7		%
Tier 1 capital ratio						11.9						11.9						12.1						11.9						12.0
Total capital ratio						13.8						13.9						14.0						13.9						14.0
Tier 1 leverage ratio						9.4						9.4						9.4						9.4						9.4
Common equity ratio						10.6						10.3						10.2						10.4						9.9
Tangible common equity ratio2						7.2						7.0						6.8						7.0						6.5
SELECTED BALANCE SHEET DATA
Loan-to-deposit ratio (period-end balances)						79.56		%				77.51		%				79.65		%				80.85		%				80.43		%				205		bps										(87)		bps										79.56		%				80.43		%				(87)		bps
Loan-to-deposit ratio (average balances)						79.72						80.89						80.88						81.59						82.38						(117)		bps										(266)		bps										80.30						82.31						(201)		bps
Full-time equivalent colleagues (period-end)						17,677						17,315						17,287						17,329						17,510						362						2						167						1						17,677						17,510						167						1

1Net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21% to adjust for the tax-exempt status of income from certain assets held by the Company.

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																																																						FOR THE SIX MONTHS ENDED JUNE 30,
																																				2Q25 Change																																				2025 Change
						2Q25						1Q25						4Q24						3Q24						2Q24						1Q25												2Q24												2025						2024						2024
																																				$						%						$						%																		$						%
INTEREST INCOME
Interest and fees on loans and leases						$1,851						$1,829						$1,910						$1,976						$2,011						$22						1		%				($160)						(8		%)				$3,680						$4,062						($382)						(9		%)
Interest and fees on loans held for sale						36						16						21						19						17						20						125						19						112						52						37						15						41
Investment securities						428						418						419						423						417						10						2						11						3						846						816						30						4
Interest-bearing deposits in banks						92						89						112						121						130						3						3						(38)						(29)						181						270						(89)						(33)
Total interest income						2,407						2,352						2,462						2,539						2,575						55						2						(168)						(7)						4,759						5,185						(426)						(8)
INTEREST EXPENSE
Deposits						802						795						883						990						965						7						1						(163)						(17)						1,597						1,952						(355)						(18)
Short-term borrowed funds						9						8						1						3						4						1						13						5						125						17						11						6						55
Long-term borrowed funds						159						158						166						177						196						1						1						(37)						(19)						317						370						(53)						(14)
Total interest expense						970						961						1,050						1,170						1,165						9						1						(195)						(17)						1,931						2,333						(402)						(17)
Net interest income						1,437						1,391						1,412						1,369						1,410						46						3						27						2						2,828						2,852						(24)						(1)
NONINTEREST INCOME
Service charges and fees						111						109						109						109						106						2						2						5						5						220						202						18						9
Capital markets fees						105						100						121						94						134						5						5						(29)						(22)						205						252						(47)						(19)
Card fees						90						83						97						93						92						7						8						(2)						(2)						173						178						(5)						(3)
Wealth fees						88						81						75						76						75						7						9						13						17						169						143						26						18
Mortgage banking fees						73						59						60						46						54						14						24						19						35						132						103						29						28
Foreign exchange and derivative products						41						39						35						36						39						2						5						2						5						80						75						5						7
Letter of credit and loan fees						45						44						45						45						43						1						2						2						5						89						85						4						5
Securities gains, net						5						7						4						9						—						(2)						(29)						5						100						12						5						7						140
Other income						42						22						28						24						10						20						91						32						NM						64						27						37						137
Total noninterest income						600						544						574						532						553						56						10						47						8						1,144						1,070						74						7
TOTAL REVENUE						2,037						1,935						1,986						1,901						1,963						102						5						74						4						3,972						3,922						50						1
Provision (benefit) for credit losses						164						153						162						172						182						11						7						(18)						(10)						317						353						(36)						(10)
NONINTEREST EXPENSE
Salaries and employee benefits						681						696						674						647						645						(15)						(2)						36						6						1,377						1,336						41						3
Equipment and software						193						194						193						194						190						(1)						(1)						3						2						387						382						5						1
Outside services						169						155						170						146						165						14						9						4						2						324						323						1						—
Occupancy						108						112						112						108						113						(4)						(4)						(5)						(4)						220						227						(7)						(3)
Other operating expense						168						157						167						164						188						11						7						(20)						(11)						325						391						(66)						(17)
Total noninterest expense						1,319						1,314						1,316						1,259						1,301						5						—						18						1						2,633						2,659						(26)						(1)
Income before income tax expense						554						468						508						470						480						86						18						74						15						1,022						910						112						12
Income tax expense						118						95						107						88						88						23						24						30						34						213						184						29						16
Net income						$436						$373						$401						$382						$392						$63						17		%				$44						11		%				$809						$726						$83						11		%
Net income, Underlying1						$436						$373						$412						$392						$408						$63						17		%				$28						7		%				$809						$803						$6						1		%
Net income available to common stockholders						$402						$340						$367						$344						$357						$62						18		%				$45						13		%				$742						$661						$81						12		%
Net income available to common stockholders, Underlying1						$402						$340						$378						$354						$373						$62						18		%				$29						8		%				$742						$738						$4						1		%

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																														JUNE 30, 2025 CHANGE
						June 30, 2025						Mar 31, 2025						Dec 31, 2024						Sept 30, 2024						June 30, 2024						March 31, 2025												June 30, 2024
																																				$						%						$						%
ASSETS
Cash and due from banks						$1,107						$1,082						$1,409						$979						$1,191						$25						2		%				($84)						(7		%)
Interest-bearing cash and due from banks						7,441						10,459						9,192						9,936						10,580						(3,018)						(29)						(3,139)						(30)
Interest-bearing deposits in banks						680						685						635						648						559						(5)						(1)						121						22
Debt securities available for sale, at fair value						34,658						34,208						32,765						32,835						31,938						450						1						2,720						9
Debt securities held to maturity						8,293						8,469						8,599						8,738						8,895						(176)						(2)						(602)						(7)
Loans held for sale						2,093						2,820						858						663						683						(727)						(26)						1,410						206
Loans and leases						139,304						137,635						139,203						141,632						141,842						1,669						1						(2,538)						(2)
Less: Allowance for loan and lease losses						(2,008)						(2,014)						(2,061)						(2,079)						(2,125)						6						—						117						(6)
Net loans and leases						137,296						135,621						137,142						139,553						139,717						1,675						1						(2,421)						(2)
Derivative assets						832						760						408						586						367						72						9						465						127
Premises and equipment						855						855						875						862						863						—						—						(8)						(1)
Bank-owned life insurance						3,408						3,386						3,364						3,346						3,325						22						1						83						2
Goodwill						8,187						8,187						8,187						8,187						8,187						—						—						—						—
Other intangible assets						129						137						146						137						139						(8)						(6)						(10)						(7)
Other assets						13,331						13,479						13,941						13,236						13,494						(148)						(1)						(163)						(1)
TOTAL ASSETS						$218,310						$220,148						$217,521						$219,706						$219,938						($1,838)						(1		%)				($1,628)						(1		%)
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing						$38,001						$37,556						$36,920						$35,978						$36,927						$445						1		%				$1,074						3		%
Interest-bearing						137,085						140,020						137,856						139,210						139,425						(2,935)						(2)						(2,340)						(2)
Total deposits						175,086						177,576						174,776						175,188						176,352						(2,490)						(1)						(1,266)						(1)
Short-term borrowed funds						249						47						—						15						2						202						NM						247						NM
Long-term borrowed funds:
FHLB advances						1,542						42						53						553						553						1,500						NM						989						179
Senior debt						6,821						7,568						7,168						7,766						6,512						(747)						(10)						309						5
Subordinated debt and other debt						4,163						4,657						5,180						5,625						6,017						(494)						(11)						(1,854)						(31)
Total long-term borrowed funds						12,526						12,267						12,401						13,944						13,082						259						2						(556)						(4)
Derivative liabilities						766						883						1,220						1,012						1,547						(117)						(13)						(781)						(50)
Other liabilities						4,449						4,509						4,870						4,615						5,086						(60)						(1)						(637)						(13)
TOTAL LIABILITIES						193,076						195,282						193,267						194,774						196,069						(2,206)						(1)						(2,993)						(2)
STOCKHOLDERS' EQUITY
Preferred stock:
$25.00 par value, 100,000,000 shares authorized for each of the periods presented						2,113						2,113						2,113						2,112						2,112						—						—						1						—
Common stock:
$0.01 par value, 1,000,000,000 shares authorized for each of the periods presented						7						7						7						6						6						—						—						1						17
Additional paid-in capital						22,420						22,370						22,364						22,327						22,299						50						—						121						1
Retained earnings						10,783						10,566						10,412						10,233						10,079						217						2						704						7
Treasury stock, at cost						(7,450)						(7,249)						(7,047)						(6,820)						(6,492)						(201)						(3)						(958)						(15)
Accumulated other comprehensive income (loss)						(2,639)						(2,941)						(3,595)						(2,926)						(4,135)						302						10						1,496						36
TOTAL STOCKHOLDERS' EQUITY						25,234						24,866						24,254						24,932						23,869						368						1						1,365						6
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY						$218,310						$220,148						$217,521						$219,706						$219,938						($1,838)						(1		%)				($1,628)						(1		%)
Memo: Total tangible common equity1						$15,246						$14,867						$14,246						$14,931						$13,866						$379						3		%				$1,380						10		%

1 Represents a non-GAAP financial measure. For further information on this measure, refer to "Non-GAAP Financial Measures and Reconciliations."

6

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LOANS AND DEPOSITS

(dollars in millions)

PERIOD-END BALANCES						AS OF																														JUNE 30, 2025 CHANGE
						June 30, 2025						Mar 31, 2025						Dec 31, 2024						Sept 30, 2024						June 30, 2024						Mar 31, 2025												June 30, 2024
																																				$						%						$						%
LOANS AND LEASES
Commercial and industrial						$45,412						$43,781						$42,551						$43,825						$43,623						$1,631						4		%				$1,789						4		%
Commercial real estate						26,230						26,727						27,225						27,983						28,311						(497)						(2)						(2,081)						(7)
Total commercial						71,642						70,508						69,776						71,808						71,934						1,134						2						(292)						—
Residential mortgages						33,823						33,114						32,726						32,379						31,890						709						2						1,933						6
Home equity						17,711						16,853						16,495						15,992						15,534						858						5						2,177						14
Automobile						3,407						4,044						4,744						5,540						6,383						(637)						(16)						(2,976)						(47)
Education						8,550						8,779						10,812						11,118						11,265						(229)						(3)						(2,715)						(24)
Other retail						4,171						4,337						4,650						4,795						4,836						(166)						(4)						(665)						(14)
Total retail						67,662						67,127						69,427						69,824						69,908						535						1						(2,246)						(3)
Total loans and leases						$139,304						$137,635						$139,203						$141,632						$141,842						$1,669						1		%				($2,538)						(2		%)
Loans held for sale						2,093						2,820						858						663						683						(727)						(26)						1,410						206
Loans and leases and loans held for sale						$141,397						$140,455						$140,061						$142,295						$142,525						$942						1		%				($1,128)						(1		%)
DEPOSITS
Noninterest-bearing demand						$38,001						$37,556						$36,920						$35,978						$36,927						$445						1		%				$1,074						3		%
Checking with interest						34,918						34,456						33,246						33,680						34,421						462						1						497						1
Savings						25,400						25,765						25,976						26,489						27,240						(365)						(1)						(1,840)						(7)
Money market						55,638						55,996						55,321						54,654						52,599						(358)						(1)						3,039						6
Time						21,129						23,803						23,313						24,387						25,165						(2,674)						(11)						(4,036)						(16)
Total deposits						$175,086						$177,576						$174,776						$175,188						$176,352						($2,490)						(1		%)				($1,266)						(1		%)

7

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AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)
						QUARTERLY TRENDS																																																						2Q25 Change
						2Q25																		1Q25																		2Q24																		1Q25																		2Q24
						Average Balance						Interest						Rate						Average Balance						Interest						Rate						Average Balance						Interest						Rate						Average Balance						Interest						Rate						Average Balance						Interest						Rate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks						$8,217						$92						4.40		%				$8,092						$89						4.42		%				$9,650						$130						5.35		%				$125						$3						(2) bps						($1,433)						($38)						(95) bps
Taxable investment securities						46,537						428						3.69						46,068						418						3.63						44,691						417						3.73						469						10						6						1,846						11						(4)
Non-taxable investment securities						1						—						2.60						1						—						2.60						1						—						2.60						—						—						—						—						—						—
Total investment securities						46,538						428						3.69						46,069						418						3.63						44,692						417						3.73						469						10						6						1,846						11						(4)
Commercial and industrial						44,936						549						4.84						43,599						515						4.72						44,381						604						5.38						1,337						34						12						555						(55)						(54)
Commercial real estate						26,487						384						5.73						27,013						387						5.74						28,574						456						6.32						(526)						(3)						(1)						(2,087)						(72)						(59)
Total commercial						71,423						933						5.17						70,612						902						5.11						72,955						1,060						5.75						811						31						6						(1,532)						(127)						(58)
Residential mortgages						33,420						327						3.92						32,872						318						3.86						31,633						290						3.67						548						9						6						1,787						37						25
Home equity						17,324						308						7.14						16,647						293						7.13						15,343						305						7.99						677						15						1						1,981						3						(85)
Automobile						3,705						41						4.41						4,394						47						4.38						6,807						72						4.28						(689)						(6)						3						(3,102)						(31)						13
Education						8,660						128						5.94						10,690						148						5.61						11,447						154						5.40						(2,030)						(20)						33						(2,787)						(26)						54
Other retail						4,277						114						10.66						4,495						121						10.91						4,882						130						10.71						(218)						(7)						(25)						(605)						(16)						(5)
Total retail						67,386						918						5.46						69,098						927						5.41						70,112						951						5.45						(1,712)						(9)						5						(2,726)						(33)						1
Total loans and leases						138,809						1,851						5.31						139,710						1,829						5.26						143,067						2,011						5.60						(901)						22						5						(4,258)						(160)						(29)
Loans held for sale						2,754						36						5.29						1,187						16						5.34						1,056						17						6.66						1,567						20						(5)						1,698						19						(137)
Total interest-earning assets						196,318						2,407						4.89						195,058						2,352						4.84						198,465						2,575						5.17						1,260						55						5						(2,147)						(168)						(28)
Noninterest-earning assets						21,343																		21,251																		20,757																		92																		586
TOTAL ASSETS						$217,661																		$216,309																		$219,222																		$1,352																		($1,561)
INTEREST-BEARING LIABILITIES
Checking with interest						$33,847						$123						1.46		%				$32,693						$110						1.36		%				$33,659						$128						1.54		%				$1,154						$13						10						$188						($5)						(8)
Savings						25,536						85						1.34						25,760						89						1.39						27,560						120						1.75						(224)						(4)						(5)						(2,024)						(35)						(41)
Money market						54,716						376						2.75						54,432						357						2.66						51,570						431						3.36						284						19						9						3,146						(55)						(61)
Time						22,679						218						3.85						23,277						239						4.17						24,676						286						4.66						(598)						(21)						(32)						(1,997)						(68)						(81)
Total interest-bearing deposits						136,778						802						2.35						136,162						795						2.37						137,465						965						2.82						616						7						(2)						(687)						(163)						(47)
Short-term borrowed funds						925						9						3.96						675						8						4.53						325						4						5.62						250						1						(57)						600						5						(166)
FHLB advances						1,063						12						4.64						595						7						4.57						2,375						34						5.55						468						5						7						(1,312)						(22)						(91)
Senior debt						7,042						90						5.07						7,133						86						4.85						6,684						80						4.81						(91)						4						22						358						10						26
Subordinated debt and other debt						4,394						57						5.18						4,929						65						5.30						6,033						82						5.43						(535)						(8)						(12)						(1,639)						(25)						(25)
Total long-term borrowed funds						12,499						159						5.07						12,657						158						5.01						15,092						196						5.18						(158)						1						6						(2,593)						(37)						(11)
Total borrowed funds						13,424						168						5.00						13,332						166						4.99						15,417						200						5.18						92						2						1						(1,993)						(32)						(18)
Total interest-bearing liabilities						150,202						970						2.59						149,494						961						2.60						152,882						1,165						3.06						708						9						(1)						(2,680)						(195)						(47)
Noninterest-bearing demand deposits						37,350																		36,543																		36,205																		807																		1,145
Other noninterest-bearing liabilities						5,503																		5,971																		6,652																		(468)																		(1,149)
TOTAL LIABILITIES						193,055																		192,008																		195,739																		1,047																		(2,684)
STOCKHOLDERS' EQUITY						24,606																		24,301																		23,483																		305																		1,123
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY						$217,661																		$216,309																		$219,222																		$1,352																		($1,561)
INTEREST RATE SPREAD																		2.30		%																2.24		%																2.11		%																6																		19
NET INTEREST MARGIN AND NET INTEREST INCOME												$1,437						2.94		%										$1,391						2.89		%										$1,410						2.86		%										$46						5												$27						8
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE1												$1,441						2.95		%										$1,395						2.90		%										$1,415						2.87		%										$46						5												$26						8
Memo: Total deposits (interest-bearing and noninterest-bearing demand)						$174,128						$802						1.85		%				$172,705						$795						1.87		%				$173,670						$965						2.24		%				$1,423						$7						(2) bps						$458						($163)						(39) bps

1Net interest income and net interest margin are presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21% to adjust for the tax-exempt status of income from certain assets held by the Company and are considered non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

8

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AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)
						FOR THE SIX MONTHS ENDED JUNE 30,																																				2025 Change
						2025																		2024																		2024
						Average Balance						Interest						Rate						Average Balance						Interest						Rate						Average Balance						Interest						Rate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks						$8,155						$181						4.41		%				$9,959						$270						5.37		%				($1,804)						($89)						(96)		bps
Taxable investment securities						46,304						846						3.66						44,297						816						3.68						2,007						30						(2)
Non-taxable investment securities						1						—						2.60						1						—						2.60						—						—						—
Total investment securities						46,305						846						3.66						44,298						816						3.68						2,007						30						(2)
Commercial and industrial						44,271						1,064						4.78						44,479						1,239						5.51						(208)						(175)						(73)
Commercial real estate						26,749						771						5.73						28,920						924						6.32						(2,171)						(153)						(59)
Total commercial						71,020						1,835						5.14						73,399						2,163						5.83						(2,379)						(328)						(69)
Residential mortgages						33,147						645						3.89						31,508						573						3.64						1,639						72						25
Home equity						16,988						601						7.14						15,212						603						7.97						1,776						(2)						(83)
Automobile						4,047						88						4.40						7,282						154						4.26						(3,235)						(66)						14
Education						9,670						276						5.76						11,632						310						5.35						(1,962)						(34)						41
Other retail						4,385						235						10.79						4,912						259						10.62						(527)						(24)						17
Total retail						68,237						1,845						5.44						70,546						1,899						5.40						(2,309)						(54)						4
Total loans and leases						139,257						3,680						5.29						143,945						4,062						5.62						(4,688)						(382)						(33)
Loans held for sale						1,975						52						5.30						1,064						37						6.97						911						15						(167)
Total interest-earning assets						195,692						4,759						4.86						199,266						5,185						5.18						(3,574)						(426)						(32)
Noninterest-earning assets						21,297																		20,730																		567
TOTAL ASSETS						$216,989																		$219,996																		($3,007)
INTEREST-BEARING LIABILITIES
Checking with interest						$33,273						$233						1.41		%				$32,980						$237						1.45		%				$293						($4)						(4)
Savings						25,647						174						1.37						27,653						241						1.75						(2,006)						(67)						(38)
Money market						54,575						733						2.71						52,248						876						3.37						2,327						(143)						(66)
Time						22,977						457						4.01						25,562						598						4.70						(2,585)						(141)						(69)
Total interest-bearing deposits						136,472						1,597						2.36						138,443						1,952						2.84						(1,971)						(355)						(48)
Short-term borrowed funds						800						17						4.20						411						11						5.57						389						6						(137)
FHLB advances						831						19						4.62						2,323						66						5.58						(1,492)						(47)						(96)
Senior debt						7,087						176						4.96						6,399						150						4.69						688						26						27
Subordinated debt and other debt						4,660						122						5.24						5,656						154						5.44						(996)						(32)						(20)
Total long-term borrowed funds						12,578						317						5.04						14,378						370						5.13						(1,800)						(53)						(9)
Total borrowed funds						13,378						334						4.99						14,789						381						5.14						(1,411)						(47)						(15)
Total interest-bearing liabilities						149,850						1,931						2.59						153,232						2,333						3.06						(3,382)						(402)						(47)
Noninterest-bearing demand deposits						36,948																		36,444																		504
Other noninterest-bearing liabilities						5,736																		6,722																		(986)
TOTAL LIABILITIES						192,534																		196,398																		(3,864)
STOCKHOLDERS' EQUITY						24,455																		23,598																		857
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY						$216,989																		$219,996																		($3,007)
INTEREST RATE SPREAD																		2.27		%																2.12		%																15
NET INTEREST MARGIN AND NET INTEREST INCOME												$2,828						2.91		%										$2,852						2.88		%										($24)						3
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE1												$2,836						2.92		%										$2,861						2.89		%										($25)						3
Memo: Total deposits (interest-bearing and noninterest-bearing demand)						$173,420						$1,597						1.86		%				$174,887						$1,952						2.24		%				($1,467)						($355)						(38)		bps

1 Net interest income and net interest margin are presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21% to adjust for the tax-exempt status of income from certain assets held by the Company and are considered non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

9

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MORTGAGE BANKING FEES SUMMARY

(dollars in millions)

						QUARTERLY TRENDS																																																						FOR THE SIX MONTHS ENDED JUNE 30,
																																				2Q25 Change																																				2025 Change
						2Q25						1Q25						4Q24						3Q24						2Q24						1Q25												2Q24												2025						2024						2024
																																				$/bps						%						$/bps						%																		$/bps						%
MORTGAGE BANKING FEES
Production revenue						$19						$15						$14						$15						$14						$4						27		%				$5						36		%				$34						$29						$5						17		%
Mortgage servicing revenue						28						32						33						33						35						(4)						(13)						(7)						(20)						60						68						(8)						(12)
MSR valuation changes, net of hedge impact						26						12						13						(2)						5						14						117						21						NM						38						6						32						NM
Total mortgage banking fees						$73						$59						$60						$46						$54						$14						24		%				$19						35		%				$132						$103						$29						28		%
Pull-through adjusted locks						$2,458						$2,112						$1,543						$1,996						$1,930						$346						16		%				$528						27		%				$4,570						$3,334						$1,236						37		%
Production revenue as a percentage of Pull-through adjusted locks						0.78		%				0.71		%				0.90		%				0.76		%				0.74		%				7		bps										5		bps										0.75		%				0.87		%				(12)		bps
RESIDENTIAL REAL ESTATE ORIGINATIONS
Retail						$2,189						$1,444						$1,680						$1,749						$1,584						$745						52		%				$605						38		%				$3,633						$2,629						$1,004						38		%
Third Party						1,916						1,474						1,341						1,504						1,323						442						30						593						45						3,390						2,215						1,175						53
Total						$4,105						$2,918						$3,021						$3,253						$2,907						$1,187						41		%				$1,198						41		%				$7,023						$4,844						$2,179						45		%
Originated for sale						$2,486						$1,916						$1,948						$2,148						$1,872						$570						30		%				$614						33		%				$4,402						$3,168						$1,234						39		%
Originated for investment						1,619						1,002						1,073						1,105						1,035						617						62						584						56						2,621						1,676						945						56
Total						$4,105						$2,918						$3,021						$3,253						$2,907						$1,187						41		%				$1,198						41		%				$7,023						$4,844						$2,179						45		%
MORTGAGE SERVICING INFORMATION (UPB)
Loans serviced for others						$95,422						$95,203						$95,600						$96,120						$96,439						$219						—		%				($1,017)						(1		%)				$95,422						$96,439						($1,017)						(1		%)
Owned loans serviced						34,284						33,737						33,064						32,655						32,118						547						2						2,166						7						34,284						32,118						2,166						7
Total						$129,706						$128,940						$128,664						$128,775						$128,557						$766						1		%				$1,149						1		%				$129,706						$128,557						$1,149						1		%
MSR at fair value						$1,426						$1,397						$1,491						$1,501						$1,568						$29						2		%				($142)						(9		%)				$1,426						$1,568						($142)						(9		%)

    

10

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SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING

(dollars in millions)

						QUARTERLY TRENDS																																																						FOR THE SIX MONTHS ENDED JUNE 30,
CONSUMER BANKING																																				2Q25 Change																																				2025 Change
						2Q25						1Q25						4Q24						3Q24						2Q24						1Q25												2Q24												2025						2024						2024
																																				$/bps						%						$/bps						%																		$/bps						%
Net interest income						$1,218						$1,193						$1,196						$1,156						$1,120						$25						2		%				$98						9		%				$2,411						$2,213						$198						9		%
Noninterest income						329						297						311						285						277						32						11						52						19						626						535						91						17
Total revenue						1,547						1,490						1,507						1,441						1,397						57						4						150						11						3,037						2,748						289						11
Noninterest expense						963						954						944						916						915						9						1						48						5						1,917						1,818						99						5
Profit (loss) before credit losses						584						536						563						525						482						48						9						102						21						1,120						930						190						20
Net charge-offs						81						86						82						84						84						(5)						(6)						(3)						(4)						167						165						2						1
Income (loss) before income tax expense (benefit)						503						450						481						441						398						53						12						105						26						953						765						188						25
Income tax expense (benefit)						127						114						123						114						102						13						11						25						25						241						197						44						22
Net income (loss)						$376						$336						$358						$327						$296						$40						12		%				$80						27		%				$712						$568						$144						25		%
AVERAGE BALANCES
Total assets						$78,822						$77,534						$76,608						$75,392						$74,295						$1,288						2		%				$4,527						6		%				$78,182						$74,064						$4,118						6		%
Total loans and leases1						72,402						71,054						70,274						69,021						67,960						1,348						2						4,442						7						71,732						67,704						4,028						6
Deposits						127,271						125,728						124,552						121,899						120,478						1,543						1						6,793						6						126,504						120,248						6,256						5
Interest-earning assets						72,988						71,635						70,857						69,608						68,552						1,353						2						4,436						6						72,315						68,301						4,014						6
KEY METRICS
Net interest margin						6.69		%				6.76		%				6.72		%				6.60		%				6.57		%				(7)		bps										12		bps										6.72		%				6.51		%				21		bps
Efficiency ratio						62.24						64.06						62.60						63.53						65.49						(182)		bps										(325)		bps										63.13						66.17						(304)		bps
Loan-to-deposit ratio (period-end balances)						57.24						54.97						55.85						56.34						55.73						227		bps										151		bps										57.24						55.73						151		bps
Loan-to-deposit ratio (average balances)						56.26						56.04						55.88						56.05						55.97						22		bps										29		bps										56.15						55.88						27		bps

1 Includes loans held for sale.

11

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SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING

(dollars in millions)

						QUARTERLY TRENDS																																																						FOR THE SIX MONTHS ENDED JUNE 30,
COMMERCIAL BANKING																																				2Q25 Change																																				2025 Change
						2Q25						1Q25						4Q24						3Q24						2Q24						1Q25												2Q24												2025						2024						2024
																																				$/bps						%						$/bps						%																		$/bps						%
Net interest income						$439						$441						$464						$478						$494						($2)						—		%				($55)						(11		%)				$880						$1,008						($128)						(13		%)
Noninterest income						232						215						232						207						242						17						8						(10)						(4)						447						469						(22)						(5)
Total revenue						671						656						696						685						736						15						2						(65)						(9)						1,327						1,477						(150)						(10)
Noninterest expense						317						327						313						300						311						(10)						(3)						6						2						644						628						16						3
Profit (loss) before credit losses						354						329						383						385						425						25						8						(71)						(17)						683						849						(166)						(20)
Net charge-offs						84						77						91						91						90						7						9						(6)						(7)						161						171						(10)						(6)
Income (loss) before income tax expense (benefit)						270						252						292						294						335						18						7						(65)						(19)						522						678						(156)						(23)
Income tax expense (benefit)						64						56						68						63						76						8						14						(12)						(16)						120						160						(40)						(25)
Net income (loss)						$206						$196						$224						$231						$259						$10						5		%				($53)						(20		%)				$402						$518						($116)						(22		%)
AVERAGE BALANCES
Total assets						$66,284						$65,366						$66,787						$68,092						$68,958						$918						1		%				($2,674)						(4		%)				$65,827						$69,529						($3,702)						(5		%)
Total loans and leases1						63,057						62,437						63,789						64,974						65,997						620						1						(2,940)						(4)						62,749						66,592						(3,843)						(6)
Deposits						42,481						42,178						43,597						44,190						44,203						303						1						(1,722)						(4)						42,330						45,058						(2,728)						(6)
Interest-earning assets						63,710						63,018						64,419						65,550						66,447						692						1						(2,737)						(4)						63,366						66,991						(3,625)						(5)
KEY METRICS
Net interest margin						2.78		%				2.83		%				2.86		%				2.90		%				2.99		%				(5)		bps										(21)		bps										2.81		%				3.03		%				(22)		bps
Efficiency ratio						47.47						49.77						44.78						43.84						42.28						(230)		bps										519		bps										48.60						42.54						606		bps
Loan-to-deposit ratio (period-end balances)						139.59						142.21						139.43						140.42						141.41						(262)		bps										(182)		bps										139.59						141.41						(182)		bps
Loan-to-deposit ratio (average balances)						146.90						146.86						144.70						145.93						148.15						4		bps										(125)		bps										146.88						146.57						31		bps

1 Includes loans held for sale.

12

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SEGMENT FINANCIAL HIGHLIGHTS - NON-CORE

(dollars in millions)

						QUARTERLY TRENDS																																																						FOR THE SIX MONTHS ENDED JUNE 30,
NON-CORE																																				2Q25 Change																																				2025 Change
						2Q25						1Q25						4Q24						3Q24						2Q24						1Q25												2Q24												2025						2024						2024
																																				$/bps						%						$/bps						%																		$/bps						%
Net interest income						($5)						($15)						($21)						($28)						($31)						$10						67		%				$26						84		%				($20)						($68)						$48						71		%
Noninterest income						3						—						—						—						—						3						100						3						100						3						—						3						100
Total revenue						(2)						(15)						(21)						(28)						(31)						13						87						29						94						(17)						(68)						51						75
Noninterest expense						15						16						24						23						26						(1)						(6)						(11)						(42)						31						51						(20)						(39)
Profit (loss) before credit losses						(17)						(31)						(45)						(51)						(57)						14						45						40						70						(48)						(119)						71						60
Net charge offs						2						37						15						17						10						(35)						(95)						(8)						(80)						39						29						10						34
Income (loss) before income tax expense (benefit)						(19)						(68)						(60)						(68)						(67)						49						72						48						72						(87)						(148)						61						41
Income tax expense (benefit)						(5)						(17)						(15)						(17)						(17)						12						71						12						71						(22)						(38)						16						42
Net income (loss)						($14)						($51)						($45)						($51)						($50)						$37						73		%				$36						72		%				($65)						($110)						$45						41		%
AVERAGE BALANCES
Total assets						$5,216						$6,536						$7,428						$8,389						$9,418						($1,320)						(20		%)				($4,202)						(45		%)				$5,872						$9,986						($4,114)						(41		%)
Total loans and leases1						5,192						6,510						7,394						8,352						9,376						(1,318)						(20)						(4,184)						(45)						5,847						9,942						(4,095)						(41)
Interest-earning assets						5,192						6,510						7,394						8,352						9,376						(1,318)						(20)						(4,184)						(45)						5,847						9,942						(4,095)						(41)
KEY METRICS
Net interest margin						(0.43)		%				(0.90)		%				(1.12)		%				(1.30)		%				(1.36)		%				47		bps										93		bps										(0.69)		%				(1.38)		%				69		bps

1 Includes loans held for sale.

13

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SEGMENT FINANCIAL HIGHLIGHTS - OTHER

(dollars in millions)

						QUARTERLY TRENDS																																																						FOR THE SIX MONTHS ENDED JUNE 30,
OTHER1																																				2Q25 Change																																				2025 Change
						2Q25						1Q25						4Q24						3Q24						2Q24						1Q25												2Q24												2025						2024						2024
																																				$						%						$						%																		$						%
Net interest income						($215)						($228)						($227)						($237)						($173)						$13						6		%				($42)						(24		%)				($443)						($301)						($142)						(47		%)
Noninterest income						36						32						31						40						34						4						13						2						6						68						66						2						3
Total revenue						(179)						(196)						(196)						(197)						(139)						17						9						(40)						(29)						(375)						(235)						(140)						(60)
Noninterest expense						24						17						35						20						49						7						41						(25)						(51)						41						162						(121)						(75)
Profit (loss) before provision (benefit) for credit losses						(203)						(213)						(231)						(217)						(188)						10						5						(15)						(8)						(416)						(397)						(19)						(5)
Provision (benefit) for credit losses						(3)						(47)						(26)						(20)						(2)						44						94						(1)						(50)						(50)						(12)						(38)						NM
Income (loss) before income tax expense (benefit)						(200)						(166)						(205)						(197)						(186)						(34)						(20)						(14)						(8)						(366)						(385)						19						5
Income tax expense (benefit)						(68)						(58)						(69)						(72)						(73)						(10)						(17)						5						7						(126)						(135)						9						7
Net income (loss)						($132)						($108)						($136)						($125)						($113)						($24)						(22		%)				($19)						(17		%)				($240)						($250)						$10						4		%
AVERAGE BALANCES
Total assets						$67,339						$66,873						$66,725						$66,705						$66,551						$466						1		%				$788						1		%				$67,108						$66,417						$691						1		%
Total loans and leases2						912						896						874						837						789						16						2						123						16						904						771						133						17
Deposits						4,376						4,799						6,113						7,962						8,989						(423)						(9)						(4,613)						(51)						4,586						9,581						(4,995)						(52)
Interest-earning assets						54,428						53,896						53,944						53,654						54,089						532						1						339						1						54,164						54,033						131						—

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.

14

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CREDIT-RELATED INFORMATION

(dollars in millions)

						AS OF																														JUNE 30, 2025 CHANGE
						June 30, 2025						Mar 31, 2025						Dec 31, 2024						Sept 30, 2024						June 30, 2024						Mar 31, 2025												June 30, 2024
																																				$/bps/%						%						$/bps/%						%
NONACCRUAL LOANS AND LEASES
Commercial and industrial						$233						$283						$241						$219						$261						($50)						(18		%)				($28)						(11		%)
Commercial real estate						706						700						776						852						678						6						1						28						4
Total commercial						939						983						1,017						1,071						939						(44)						(4)						—						—
Residential mortgages1						198						198						192						169						153						—						—						45						29
Home equity						282						282						283						281						279						—						—						3						1
Automobile						34						39						48						46						44						(5)						(13)						(10)						(23)
Education						19						20						56						59						52						(1)						(5)						(33)						(63)
Other retail						52						60						68						61						60						(8)						(13)						(8)						(13)
Total retail						585						599						647						616						588						(14)						(2)						(3)						(1)
Total nonaccrual loans and leases						1,524						1,582						1,664						1,687						1,527						(58)						(4)						(3)						—
ASSET QUALITY RATIOS
Allowance for loan and lease losses to loans and leases						1.44		%				1.46		%				1.48		%				1.47		%				1.50		%				(2)		bps										(6)		bps
Allowance for credit losses to loans and leases						1.59						1.61						1.62						1.61						1.63						(2)		bps										(4)		bps
Allowance for loan and lease losses to nonaccrual loans and leases						132						127						124						123						139						5		%										(7		%)
Allowance for credit losses to nonaccrual loans and leases						145						140						136						136						151						5		%										(6		%)
Nonaccrual loans and leases to loans and leases						1.09						1.15						1.20						1.19						1.08						(6)		bps										1		bps

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

15

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CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)

						AS OF																														JUNE 30, 2025 CHANGE
						June 30, 2025						Mar 31, 2025						Dec 31, 2024						Sept 30, 2024						June 30, 2024						Mar 31, 2025												June 30, 2024
																																				$/bps						%						$/bps						%
LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Commercial and industrial						$3						$9						$8						$5						$7						($6)						(67		%)				($4)						(57		%)
Commercial real estate						60						4						6						15						36						56						NM						24						67
Total commercial						63						13						14						20						43						50						NM						20						47
Residential mortgages1						128						138						179						146						182						(10)						(7)						(54)						(30)
Home equity						—						—						—						—						—						—						—						—						—
Automobile						—						—						—						—						—						—						—						—						—
Education						2						3						2						2						2						(1)						(33)						—						—
Other retail						1						1						1						1						1						—						—						—						—
Total retail						131						142						182						149						185						(11)						(8)						(54)						(29)
Total loans and leases						$194						$155						$196						$169						$228						$39						25		%				($34)						(15		%)

1 90+ days past due and accruing includes $128 million, $137 million, $172 million, $145 million, and $168 million of loans fully or partially guaranteed by the FHA, VA, and USDA for June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively.

16

---

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)

						QUARTERLY TRENDS																																																						FOR THE SIX MONTHS ENDED JUNE 30,
																																				2Q25 Change																																				2025 Change
						2Q25						1Q25						4Q24						3Q24						2Q24						1Q25												2Q24												2025						2024						2024
																																				$						%						$						%																		$						%
CHARGE-OFFS, RECOVERIES AND RELATED RATIOS
GROSS CHARGE-OFFS
Commercial and industrial						$39						$34						$22						$57						$14						$5						15		%				$25						179		%				$73						$28						$45						161		%
Commercial real estate						54						51						89						49						86						3						6						(32)						(37)						105						174						(69)						(40)
Total commercial						93						85						111						106						100						8						9						(7)						(7)						178						202						(24)						(12)
Residential mortgages						—						1						—						1						1						(1)						(100)						(1)						(100)						1						3						(2)						(67)
Home equity						4						5						6						4						4						(1)						(20)						—						—						9						8						1						13
Automobile						14						20						22						25						19						(6)						(30)						(5)						(26)						34						47						(13)						(28)
Education						26						56						33						30						31						(30)						(54)						(5)						(16)						82						63						19						30
Other retail						64						67						66						65						68						(3)						(4)						(4)						(6)						131						131						—						—
Total retail						108						149						127						125						123						(41)						(28)						(15)						(12)						257						252						5						2
Total gross charge-offs						$201						$234						$238						$231						$223						($33)						(14		%)				($22)						(10		%)				$435						$454						($19)						(4		%)
GROSS RECOVERIES
Commercial and industrial						$—						$4						$7						$3						$4						($4)						(100		%)				($4)						(100		%)				$4						$21						($17)						(81		%)
Commercial real estate						1						—						7						5						—						1						100						1						100						1						—						1						100
Total commercial						1						4						14						8						4						(3)						(75)						(3)						(75)						5						21						(16)						(76)
Residential mortgages						—						1						1						1						1						(1)						(100)						(1)						(100)						1						2						(1)						(50)
Home equity						6						5						7						5						7						1						20						(1)						(14)						11						13						(2)						(15)
Automobile						11						12						12						12						15						(1)						(8)						(4)						(27)						23						29						(6)						(21)
Education						8						5						5						6						5						3						60						3						60						13						10						3						30
Other retail						8						7						10						7						7						1						14						1						14						15						14						1						7
Total retail						33						30						35						31						35						3						10						(2)						(6)						63						68						(5)						(7)
Total gross recoveries						$34						$34						$49						$39						$39						$—						—		%				($5)						(13		%)				$68						$89						($21)						(24		%)
NET CHARGE-OFFS (RECOVERIES)
Commercial and industrial						$39						$30						$15						$54						$10						$9						30		%				$29						NM						$69						$7						$62						NM
Commercial real estate						53						51						82						44						86						2						4						(33)						(38)						104						174						(70)						(40)
Total commercial						92						81						97						98						96						11						14						(4)						(4)						173						181						(8)						(4)
Residential mortgages						—						—						(1)						—						—						—						—						—						—						—						1						(1)						(100)
Home equity						(2)						—						(1)						(1)						(3)						(2)						(100)						1						33						(2)						(5)						3						60
Automobile						3						8						10						13						4						(5)						(63)						(1)						(25)						11						18						(7)						(39)
Education						18						51						28						24						26						(33)						(65)						(8)						(31)						69						53						16						30
Other retail						56						60						56						58						61						(4)						(7)						(5)						(8)						116						117						(1)						(1)
Total retail						75						119						92						94						88						(44)						(37)						(13)						(15)						194						184						10						5
Total net charge-offs						$167						$200						$189						$192						$184						($33)						(17		%)				($17)						(9		%)				$367						$365						$2						1		%

17

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CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)

						QUARTERLY TRENDS																																																						FOR THE SIX MONTHS ENDED JUNE 30,
																																				2Q25 Change																																				2025 Change
						2Q25						1Q25						4Q24						3Q24						2Q24						1Q25												2Q24												2025						2024						2024
																																				$/bps						%						$/bps						%																		$/bps						%
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES
Commercial and industrial						0.35		%				0.28		%				0.14		%				0.49		%				0.09		%				7		bps										26		bps										0.31		%				0.03		%				28		bps
Commercial real estate						0.80						0.77						1.17						0.62						1.20						3												(40)												0.79						1.21						(42)
Total commercial						0.51						0.47						0.54						0.54						0.53						4												(2)												0.49						0.50						(1)
Residential mortgages						—						0.01						—						—						—						(1)												—												—						—						—
Home equity						(0.05)						(0.01)						(0.01)						(0.03)						(0.07)						(4)												2												(0.03)						(0.06)						3
Automobile						0.36						0.73						0.83						0.81						0.27						(37)												9												0.56						0.52						4
Education						0.86						1.92						1.01						0.85						0.93						(106)												(7)												1.44						0.92						52
Other retail						5.23						5.46						4.54						4.93						4.98						(23)												25												5.35						4.77						58
Total retail						0.45						0.70						0.53						0.54						0.51						(25)												(6)												0.57						0.52						5
Total loans and leases						0.48		%				0.58		%				0.53		%				0.54		%				0.52		%				(10)		bps										(4)		bps										0.53		%				0.51		%				2		bps
Memo: Average loans
Commercial and industrial						$44,936						$43,599						$43,674						$44,071						$44,381						$1,337						3		%				$555						1		%				$44,271						$44,479						($208)						—		%
Commercial real estate						26,487						27,013						27,681						28,209						28,574						(526)						(2)						(2,087)						(7)						26,749						28,920						(2,171)						(8)
Total commercial						71,423						70,612						71,355						72,280						72,955						811						1						(1,532)						(2)						71,020						73,399						(2,379)						(3)
Residential mortgages						33,420						32,872						32,520						32,117						31,633						548						2						1,787						6						33,147						31,508						1,639						5
Home equity						17,324						16,647						16,246						15,733						15,343						677						4						1,981						13						16,988						15,212						1,776						12
Automobile						3,705						4,394						5,129						5,942						6,807						(689)						(16)						(3,102)						(46)						4,047						7,282						(3,235)						(44)
Education						8,660						10,690						10,949						11,155						11,447						(2,030)						(19)						(2,787)						(24)						9,670						11,632						(1,962)						(17)
Other retail						4,277						4,495						4,748						4,776						4,882						(218)						(5)						(605)						(12)						4,385						4,912						(527)						(11)
Total retail						67,386						69,098						69,592						69,723						70,112						(1,712)						(2)						(2,726)						(4)						68,237						70,546						(2,309)						(3)
Total loans and leases						$138,809						$139,710						$140,947						$142,003						$143,067						($901)						(1		%)				($4,258)						(3		%)				$139,257						$143,945						($4,688)						(3		%)

18

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CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)

						QUARTERLY TRENDS																																																						FOR THE SIX MONTHS ENDED JUNE 30,
																																				2Q25 Change																																				2025 Change
						2Q25						1Q25						4Q24						3Q24						2Q24						1Q25												2Q24												2025						2024						2024
																																				$						%						$						%																		$						%
SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES
Allowance for loan and lease losses - beginning						$2,014						$2,061						$2,079						$2,125						$2,086						($47)						(2		%)				($72)						(3		%)				$2,061						$2,098						($37)						(2		%)
Charge-offs:
Commercial						93						85						111						106						100						8						9						(7)						(7)						178						202						(24)						(12)
Retail						108						149						127						125						123						(41)						(28)						(15)						(12)						257						252						5						2
Total charge-offs						201						234						238						231						223						(33)						(14)						(22)						(10)						435						454						(19)						(4)
Recoveries:
Commercial						1						4						14						8						4						(3)						(75)						(3)						(75)						5						21						(16)						(76)
Retail						33						30						35						31						35						3						10						(2)						(6)						63						68						(5)						(7)
Total recoveries						34						34						49						39						39						—						—						(5)						(13)						68						89						(21)						(24)
Net charge-offs						167						200						189						192						184						(33)						(17)						(17)						(9)						367						365						2						1
Provision (benefit) for loan and lease losses:
Commercial						50						89						50						3						144						(39)						(44)						(94)						(65)						139						213						(74)						(35)
Retail						111						64						121						143						79						47						73						32						41						175						179						(4)						(2)
Total provision (benefit) for loan and lease losses						161						153						171						146						223						8						5						(62)						(28)						314						392						(78)						(20)
Allowance for loan and lease losses - ending						$2,008						$2,014						$2,061						$2,079						$2,125						($6)						—		%				($117)						(6		%)				$2,008						$2,125						($117)						(6		%)
Allowance for unfunded lending commitments - beginning						$198						$198						$207						$181						$222						$—						—		%				($24)						(11		%)				$198						$220						($22)						(10		%)
Provision (benefit) for unfunded lending commitments						3						—						(9)						26						(41)						3						100		%				44						NM						3						(39)						42						NM
Allowance for unfunded lending commitments - ending						$201						$198						$198						$207						$181						$3						2		%				$20						11		%				$201						$181						$20						11		%
Total allowance for credit losses - ending						$2,209						$2,212						$2,259						$2,286						$2,306						($3)						—		%				($97)						(4		%)				$2,209						$2,306						($97)						(4		%)
Memo: Total allowance for credit losses by product
Commercial						$1,269						$1,312						$1,295						$1,351						$1,429						($43)						(3		%)				($160)						(11		%)				$1,269						$1,429						($160)						(11		%)
Retail						940						900						964						935						877						40						4						63						7						940						877						63						7
Total allowance for credit losses						$2,209						$2,212						$2,259						$2,286						$2,306						($3)						—		%				($97)						(4		%)				$2,209						$2,306						($97)						(4		%)

19

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CAPITAL AND RATIOS

(dollars in millions)

						AS OF																																																						FOR THE SIX MONTHS ENDED JUNE 30,
																																				JUNE 30, 2025 CHANGE																																				2025 Change
						June 30, 2025						Mar 31, 2025						Dec 31, 2024						Sept 30, 2024						June 30, 2024						Mar 31, 2025												June 30, 2024												2025						2024						2024
																																				$						%						$						%																		$						%
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY)
CET1 capital						$17,812						$17,751						$17,900						$17,941						$18,086						$61						—		%				($274)						(2		%)
Tier 1 capital						19,925						19,864						20,013						20,053						20,198						61						—						(273)						(1)
Total capital						23,221						23,156						23,232						23,352						23,551						65						—						(330)						(1)
Risk-weighted assets						168,017						166,908						165,699						168,552						168,393						1,109						1						(376)						—
Adjusted average assets1						212,450						211,119						212,555						213,274						214,574						1,331						1						(2,124)						(1)
CET1 capital ratio						10.6		%				10.6		%				10.8		%				10.6		%				10.7		%
Tier 1 capital ratio						11.9						11.9						12.1						11.9						12.0
Total capital ratio						13.8						13.9						14.0						13.9						14.0
Tier 1 leverage ratio						9.4						9.4						9.4						9.4						9.4
TANGIBLE COMMON EQUITY (PERIOD-END)
Common stockholders' equity						$23,121						$22,753						$22,141						$22,820						$21,757						$368						2		%				$1,364						6		%				$23,121						$21,757						$1,364						6		%
Less: Goodwill						8,187						8,187						8,187						8,187						8,187						—						—						—						—						8,187						8,187						—						—
Less: Other intangible assets						128						137						146						137						139						(9)						(7)						(11)						(8)						128						139						(11)						(8)
Add: Deferred tax liabilities2						440						438						438						435						435						2						—						5						1						440						435						5						1
Total tangible common equity3						$15,246						$14,867						$14,246						$14,931						$13,866						$379						3		%				$1,380						10		%				$15,246						$13,866						$1,380						10		%
TANGIBLE COMMON EQUITY (AVERAGE)
Common stockholders' equity						$22,494						$22,188						$22,009						$22,380						$21,427						$306						1		%				$1,067						5		%				$22,342						$21,563						$779						4		%
Less: Goodwill						8,187						8,187						8,187						8,187						8,188						—						—						(1)						—						8,187						8,188						(1)						—
Less: Other intangible assets						134						142						136						140						144						(8)						(6)						(10)						(7)						138						149						(11)						(7)
Add: Deferred tax liabilities2						438						438						436						435						432						—						—						6						1						438						433						5						1
Total tangible common equity3						$14,611						$14,297						$14,122						$14,488						$13,527						$314						2		%				$1,084						8		%				$14,455						$13,659						$796						6		%
INTANGIBLE ASSETS (PERIOD-END)
Goodwill						$8,187						$8,187						$8,187						$8,187						$8,187						$—						—		%				$—						—		%				$8,187						$8,187						$—						—		%
Other intangible assets						128						137						146						137						139						(9)						(7)						(11)						(8)						128						139						(11)						(8)
Total intangible assets						$8,315						$8,324						$8,333						$8,324						$8,326						($9)						—		%				($11)						—		%				$8,315						$8,326						($11)						—		%

1 Adjusted 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.

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

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

20

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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, with those denoted as Underlying for any given reporting period excluding 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 those measures denoted as Underlying 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.

We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP.

21

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NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)

						QUARTERLY TRENDS																																																						FOR THE SIX MONTHS ENDED JUNE 30,
																																				2Q25 Change																																				2025 Change
						2Q25						1Q25						4Q24						3Q24						2Q24						1Q25												2Q24												2025						2024						2024
																																				$						%						$						%																		$						%
Noninterest income, Underlying:
Noninterest income (GAAP)			A			$600						$544						$574						$532						$553						$56						10		%				$47						8		%				$1,144						$1,070						$74						7		%
Less: Notable items						—						—						10						(2)						4						—						—						(4)						(100)						—						7						(7)						(100)
Noninterest income, Underlying (non-GAAP)			B			$600						$544						$564						$534						$549						$56						10		%				$51						9		%				$1,144						$1,063						$81						8		%
Total revenue, Underlying:
Total revenue (GAAP)			C			$2,037						$1,935						$1,986						$1,901						$1,963						$102						5		%				$74						4		%				$3,972						$3,922						$50						1		%
Less: Notable items						—						—						10						(2)						4						—						—						(4)						(100)						—						7						(7)						(100)
Total revenue, Underlying (non-GAAP)			D			$2,037						$1,935						$1,976						$1,903						$1,959						$102						5		%				$78						4		%				$3,972						$3,915						$57						1		%
Noninterest expense, Underlying:
Noninterest expense (GAAP)			E			$1,319						$1,314						$1,316						$1,259						$1,301						$5						—		%				$18						1		%				$2,633						$2,659						($26)						(1		%)
Less: Notable items						—						—						24						11						36						—						—						(36)						(100)						—						121						(121)						(100)
Noninterest expense, Underlying (non-GAAP)			F			$1,319						$1,314						$1,292						$1,248						$1,265						$5						—		%				$54						4		%				$2,633						$2,538						$95						4		%
Pre-provision profit:
Total revenue (GAAP)			C			$2,037						$1,935						$1,986						$1,901						$1,963						$102						5		%				$74						4		%				$3,972						$3,922						$50						1		%
Less: Noninterest expense (GAAP)			E			1,319						1,314						1,316						1,259						1,301						5						—						18						1						2,633						2,659						(26)						(1)
Pre-provision profit (non-GAAP)						$718						$621						$670						$642						$662						$97						16		%				$56						8		%				$1,339						$1,263						$76						6		%
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)			D			$2,037						$1,935						$1,976						$1,903						$1,959						$102						5		%				$78						4		%				$3,972						$3,915						$57						1		%
Less: Noninterest expense, Underlying (non-GAAP)			F			1,319						1,314						1,292						1,248						1,265						5						—						54						4						2,633						2,538						95						4
Pre-provision profit, Underlying (non-GAAP)						$718						$621						$684						$655						$694						$97						16		%				$24						3		%				$1,339						$1,377						($38)						(3		%)
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)			G			$554						$468						$508						$470						$480						$86						18		%				$74						15		%				$1,022						$910						$112						12		%
Less: Income (expense) before income tax expense (benefit) related to notable items						—						—						(14)						(13)						(32)						—						—						32						100						—						(114)						114						100
Income before income tax expense, Underlying (non-GAAP)			H			$554						$468						$522						$483						$512						$86						18		%				$42						8		%				$1,022						$1,024						($2)						—		%
Income tax expense, Underlying:
Income tax expense (GAAP)			I			$118						$95						$107						$88						$88						$23						24		%				$30						34		%				$213						$184						$29						16		%
Less: Income tax expense (benefit) related to notable items						—						—						(3)						(3)						(16)						—						—						16						100						—						(37)						37						100
Income tax expense, Underlying (non-GAAP)			J			$118						$95						$110						$91						$104						$23						24		%				$14						13		%				$213						$221						($8)						(4		%)
Net income, Underlying:
Net income (GAAP)			K			$436						$373						$401						$382						$392						$63						17		%				$44						11		%				$809						$726						$83						11		%
Add: Notable items, net of income tax benefit						—						—						11						10						16						—						—						(16)						(100)						—						77						(77)						(100)
Net income, Underlying (non-GAAP)			L			$436						$373						$412						$392						$408						$63						17		%				$28						7		%				$809						$803						$6						1		%
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)			M			$402						$340						$367						$344						$357						$62						18		%				$45						13		%				$742						$661						$81						12		%
Add: Notable items, net of income tax benefit						—						—						11						10						16						—						—						(16)						(100)						—						77						(77)						(100)
Net income available to common stockholders, Underlying (non-GAAP)			N			$402						$340						$378						$354						$373						$62						18		%				$29						8		%				$742						$738						$4						1		%

22

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NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)

						QUARTERLY TRENDS																																																						FOR THE SIX MONTHS ENDED JUNE 30,
																																				2Q25 Change																																				2025 Change
						2Q25						1Q25						4Q24						3Q24						2Q24						1Q25												2Q24												2025						2024						2024
																																				$/bps						%						$/bps						%																		$/bps						%
Operating leverage:
Total revenue (GAAP)			C			$2,037						$1,935						$1,986						$1,901						$1,963						$102						5.35		%				$74						3.78		%				$3,972						$3,922						$50						1.28		%
Less: Noninterest expense (GAAP)			E			1,319						1,314						1,316						1,259						1,301						5						0.47						18						1.42						2,633						2,659						(26)						(0.96)
Operating leverage																																										4.88		%										2.36		%																						2.24		%
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)			D			$2,037						$1,935						$1,976						$1,903						$1,959						$102						5.35		%				$78						4.02		%				$3,972						$3,915						$57						1.46		%
Less: Noninterest expense, Underlying (non-GAAP)			F			1,319						1,314						1,292						1,248						1,265						5						0.47						54						4.29						2,633						2,538						95						3.76
Operating leverage, Underlying (non-GAAP)																																										4.88		%										(0.27		%)																						(2.30		%)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio			E/C			64.76		%				67.91		%				66.27		%				66.23		%				66.27		%				(315)		bps										(151)		bps										66.29		%				67.79		%				(150)		bps
Efficiency ratio, Underlying (non-GAAP)			F/D			64.76						67.91						65.36						65.61						64.59						(315)		bps										17		bps										66.29						64.82						147		bps
Noninterest income as a % of total revenue, Underlying:
Noninterest income as a % of total revenue			A/C			29.41		%				28.14		%				28.90		%				27.95		%				28.16		%				127		bps										125		bps										28.79		%				27.29		%				150		bps
Noninterest income as a % of total revenue, Underlying (non-GAAP)			B/D			29.41						28.14						28.54						28.05						28.00						127		bps										141		bps										28.79						27.16						163		bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate			I/G			21.37		%				20.26		%				21.04		%				18.56		%				18.49		%				111		bps										288		bps										20.86		%				20.28		%				58		bps
Effective income tax rate, Underlying (non-GAAP)			J/H			21.37						20.26						21.17						18.75						20.33						111		bps										104		bps										20.86						21.59						(73)		bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)			O			$22,494						$22,188						$22,009						$22,380						$21,427						$306						1		%				$1,067						5		%				$22,342						$21,563						$779						4		%
Return on average common equity			M/O			7.18		%				6.21		%				6.64		%				6.12		%				6.70		%				97		bps										48		bps										6.70		%				6.16		%				54		bps
Return on average common equity, Underlying (non-GAAP)			N/O			7.18						6.21						6.84						6.29						7.00						97		bps										18		bps										6.70						6.88						(18)		bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)			O			$22,494						$22,188						$22,009						$22,380						$21,427						$306						1		%				$1,067						5		%				$22,342						$21,563						$779						4		%
Less: Average goodwill (GAAP)						8,187						8,187						8,187						8,187						8,188						—						—						(1)						—						8,187						8,188						(1)						—
Less: Average other intangibles (GAAP)						134						142						136						140						144						(8)						(6)						(10)						(7)						138						149						(11)						(7)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)						438						438						436						435						432						—						—						6						1						438						433						5						1
Average tangible common equity (non-GAAP)			P			$14,611						$14,297						$14,122						$14,488						$13,527						$314						2		%				$1,084						8		%				$14,455						$13,659						$796						6		%
Return on average tangible common equity (non-GAAP)			M/P			11.05		%				9.64		%				10.36		%				9.45		%				10.61		%				141		bps										44		bps										10.35		%				9.73		%				62		bps
Return on average tangible common equity, Underlying (non-GAAP)			N/P			11.05						9.64						10.66						9.71						11.09						141		bps										(4)		bps										10.35						10.87						(52)		bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)			Q			$217,661						$216,309						$217,548						$218,578						$219,222						$1,352						1		%				($1,561)						(1		%)				$216,989						$219,996						($3,007)						(1		%)
Return on average total assets			K/Q			0.80		%				0.70		%				0.73		%				0.70		%				0.72		%				10		bps										8		bps										0.75		%				0.66		%				9		bps
Return on average total assets, Underlying (non-GAAP)			L/Q			0.80						0.70						0.75						0.71						0.75						10		bps										5		bps										0.75						0.73						2		bps

23

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NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)

						QUARTERLY TRENDS																																																						FOR THE SIX MONTHS ENDED JUNE 30,
																																				2Q25 Change																																				2025 Change
						2Q25						1Q25						4Q24						3Q24						2Q24						1Q25												2Q24												2025						2024						2024
																																				$/bps						%						$/bps						%																		$/bps						%
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)			Q			$217,661						$216,309						$217,548						$218,578						$219,222						$1,352						1		%				($1,561)						(1		%)				$216,989						$219,996						($3,007)						(1		%)
Less: Average goodwill (GAAP)						8,187						8,187						8,187						8,187						8,188						—						—						(1)						—						8,187						8,188						(1)						—
Less: Average other intangibles (GAAP)						134						142						136						140						144						(8)						(6)						(10)						(7)						138						149						(11)						(7)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)						438						438						436						435						432						—						—						6						1						438						433						5						1
Average tangible assets (non-GAAP)			R			$209,778						$208,418						$209,661						$210,686						$211,322						$1,360						1		%				($1,544)						(1		%)				$209,102						$212,092						($2,990)						(1		%)
Return on average total tangible assets (non-GAAP)			K/R			0.83		%				0.73		%				0.76		%				0.72		%				0.75		%				10		bps										8		bps										0.78		%				0.69		%				9		bps
Return on average total tangible assets, Underlying (non-GAAP)			L/R			0.83						0.73						0.78						0.74						0.78						10		bps										5		bps										0.78						0.76						2		bps
Book value per common share and tangible book value per common share:
Common shares - at period-end (GAAP)			S			432,768,811						437,668,127						440,543,381						445,216,549						452,961,853						(4,899,316)						(1		%)				(20,193,042)						(4		%)				432,768,811						452,961,853						(20,193,042)						(4		%)
Common stockholders' equity (GAAP)			T			$23,121						$22,753						$22,141						$22,820						$21,757						$368						2						$1,364						6						$23,121						$21,757						$1,364						6
Less: Goodwill (GAAP)						8,187						8,187						8,187						8,187						8,187						—						—						—						—						8,187						8,187						—						—
Less: Other intangible assets (GAAP)						128						137						146						137						139						(9)						(7)						(11)						(8)						128						139						(11)						(8)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)						440						438						438						435						435						2						—						5						1						440						435						5						1
Tangible common equity (non-GAAP)			U			$15,246						$14,867						$14,246						$14,931						$13,866						$379						3		%				$1,380						10		%				$15,246						$13,866						$1,380						10		%
Book value per common share (GAAP)			T/S			$53.43						$51.99						$50.26						$51.25						$48.03						$1.44						3		%				$5.40						11		%				$53.43						$48.03						$5.40						11		%
Tangible book value per common share (non-GAAP)			U/S			35.23						33.97						32.34						33.54						30.61						1.26						4						4.62						15						35.23						30.61						4.62						15
Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying:
Average common shares outstanding - basic (GAAP)			V			433,640,210						438,320,757						440,802,738						446,561,996						454,142,489						(4,680,547)						(1		%)				(20,502,279)						(5		%)				435,967,554						457,750,585						(21,783,031)						(5		%)
Average common shares outstanding - diluted (GAAP)			W			436,539,774						442,200,180						444,836,786						449,913,467						456,561,022						(5,660,406)						(1)						(20,021,248)						(4)						439,342,703						460,009,546						(20,666,843)						(4)
Net income per average common share - basic (GAAP)			M/V			$0.93						$0.78						$0.83						$0.77						$0.79						$0.15						19						$0.14						18						$1.70						$1.44						$0.26						18
Net income per average common share - diluted (GAAP)			M/W			0.92						0.77						0.83						0.77						0.78						0.15						19						0.14						18						1.69						1.44						0.25						17
Net income per average common share - basic, Underlying (non-GAAP)			N/V			0.93						0.78						0.86						0.79						0.82						0.15						19						0.11						13						1.70						1.61						0.09						6
Net income per average common share - diluted, Underlying (non-GAAP)			N/W			0.92						0.77						0.85						0.79						0.82						0.15						19						0.10						12						1.69						1.60						0.09						6
Dividend payout ratio and dividend payout ratio, Underlying:
Cash dividends declared and paid per common share			X			$0.42						$0.42						$0.42						$0.42						$0.42						$—						—		%				$—						—		%				$0.84						$0.84						$—						—		%
Dividend payout ratio			X/(M/V)			45		%				54		%				51		%				55		%				53		%				(869) bps												(800) bps												49		%				58		%				(892) bps
Dividend payout ratio, Underlying (non-GAAP)			X/(N/V)			45						54						49						53						51						(869) bps												(584) bps												49						52						(300) bps

24

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NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)

						QUARTERLY TRENDS																																																						FOR THE SIX MONTHS ENDED JUNE 30,
																																				2Q25 Change																																				2025 Change
						2Q25						1Q25						4Q24						3Q24						2Q24						1Q25												2Q24												2025						2024						2024
																																				$/bps						%						$/bps						%																		$/bps						%
Common equity ratio and tangible common equity ratio:
Total assets (GAAP)			Y			$218,310						$220,148						$217,521						$219,706						$219,938						($1,838)						(1)		%				($1,628)						(1		%)				$218,310						$219,938						($1,628)						(1)
Less: Goodwill (GAAP)						8,187						8,187						8,187						8,187						8,187						—						—						—						—						8,187						8,187						—						—
Less: Other intangible assets (GAAP)						128						137						146						137						139						(9)						(7)						(11)						(8)						128						139						(11)						(8)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)						440						438						438						435						435						2						—						5						1						440						435						5						1
Tangible assets (non-GAAP)			Z			$210,435						$212,262						$209,626						$211,817						$212,047						($1,827)						(1		%)				($1,612)						(1		%)				$210,435						$212,047						($1,612)						(1		%)
Common equity ratio (GAAP)			T/Y			10.6		%				10.3		%				10.2		%				10.4		%				9.9		%				25 bps												70 bps												10.6		%				9.9		%				70 bps
Tangible common equity ratio (non-GAAP)			U/Z			7.2						7.0						6.8						7.0						6.5						24 bps												70 bps												7.2						6.5						70 bps
Net interest income and net interest margin on an FTE basis:
Net interest income (annualized) (GAAP)			AA			$5,770						$5,637						$5,620						$5,447						$5,674						$133						2		%				$96						2		%				$5,704						$5,735						($31)						(1		%)
Average interest-earning assets (GAAP)			BB			196,318						195,058						196,613						197,164						198,465						1,260						1						(2,147)						(1)						195,692						199,266						(3,574)						(2)
Net interest margin (GAAP)			AA/BB			2.94		%				2.89		%				2.86		%				2.76		%				2.86		%				5		bps										8		bps										2.91		%				2.88		%				3		bps
Net interest income (GAAP)						$1,437						$1,391						$1,412						$1,369						$1,410						$46						3		%				$27						2		%				$2,828						$2,852						($24)						(1		%)
FTE adjustment						4						4						4						4						5						—						—						(1)						(20)						8						9						(1)						(11)
Net interest income on an FTE basis (non-GAAP)						1,441						1,395						1,416						1,373						1,415						46						3						26						2						2,836						2,861						(25)						(1)
Net interest income on an FTE basis (annualized) (non-GAAP)			CC			5,786						5,653						5,637						5,465						5,692						133						2						94						2						5,720						5,753						(33)						(1)
Net interest margin on an FTE basis (non-GAAP)			CC/BB			2.95		%				2.90		%				2.87		%				2.77		%				2.87		%				5		bps										8		bps										2.92		%				2.89		%				3		bps
Card fees, Underlying:
Card fees (GAAP)						$90						$83						$97						$93						$92						$7						8		%				($2)						(2		%)				$173						$178						($5)						(3		%)
Less: Notable items						—						—						11						6						4						—						—						(4)						(100)						—						7						(7)						(100)
Card fees, Underlying (non-GAAP)						$90						$83						$86						$87						$88						$7						8		%				$2						2		%				$173						$171						$2						1		%
Other income, Underlying:
Other income (GAAP)						$42						$22						$28						$24						$10						$20						91		%				$32						NM						$64						$27						$37						137		%
Less: Notable items						—						—						(1)						(8)						—						—						—						—						—						—						—						—						—
Other income, Underlying (non-GAAP)						$42						$22						$29						$32						$10						$20						91		%				$32						NM						$64						$27						$37						137		%
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)						$681						$696						$674						$647						$645						($15)						(2		%)				$36						6		%				$1,377						$1,336						$41						3		%
Less: Notable items						—						—						17						4						8						—						—						(8)						(100)						—						25						(25)						(100)
Salaries and employee benefits, Underlying (non-GAAP)						$681						$696						$657						$643						$637						($15)						(2		%)				$44						7		%				$1,377						$1,311						$66						5		%
Equipment and software, Underlying:
Equipment and software (GAAP)						$193						$194						$193						$194						$190						($1)						(1		%)				$3						2		%				$387						$382						$5						1		%
Less: Notable items						—						—						3						2						4						—						—						(4)						(100)						—						12						(12)						(100)
Equipment and software, Underlying (non-GAAP)						$193						$194						$190						$192						$186						($1)						(1		%)				$7						4		%				$387						$370						$17						5		%
Outside services, Underlying:
Outside services (GAAP)						$169						$155						$170						$146						$165						$14						9		%				$4						2		%				$324						$323						$1						—		%
Less: Notable items						—						—						4						2						10						—						—						(10)						(100)						—						22						(22)						(100)
Outside services, Underlying (non-GAAP)						$169						$155						$166						$144						$155						$14						9		%				$14						9		%				$324						$301						$23						8		%

25

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NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)

						QUARTERLY TRENDS																																																						FOR THE SIX MONTHS ENDED JUNE 30,
																																				2Q25 Change																																				2025 Change
						2Q25						1Q25						4Q24						3Q24						2Q24						1Q25												2Q24												2025						2024						2024
																																				$/bps						%						$/bps						%																		$/bps						%
Occupancy, Underlying:
Occupancy (GAAP)						$108						$112						$112						$108						$113						($4)						(4		%)				($5)						(4		%)				$220						$227						($7)						(3		%)
Less: Notable items						—						—						5						1						6						—						—						(6)						(100)						—						13						(13)						(100)
Occupancy, Underlying (non-GAAP)						$108						$112						$107						$107						$107						($4)						(4		%)				$1						1		%				$220						$214						$6						3		%
Other operating expense, Underlying:
Other operating expense (GAAP)						$168						$157						$167						$164						$188						$11						7		%				($20)						(11		%)				$325						$391						($66)						(17		%)
Less: Notable items						—						—						(5)						2						8						—						—						(8)						(100)						—						49						(49)						(100)
Other operating expense, Underlying (non-GAAP)						$168						$157						$172						$162						$180						$11						7		%				($12)						(7		%)				$325						$342						($17)						(5		%)

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