cfg-20220119
CITIZENS FINANCIAL GROUP INC/RI0000759944false00007599442022-01-192022-01-190000759944us-gaap:CommonStockMember2022-01-192022-01-190000759944us-gaap:SeriesDPreferredStockMember2022-01-192022-01-190000759944us-gaap:SeriesEPreferredStockMember2022-01-192022-01-19


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

FORM 8-K

CURRENT REPORT

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

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

cfg-20220119_g1.jpg
 (Exact name of the registrant as specified in its charter)
Delaware001-3663605-0412693
(State or Other Jurisdiction of
Incorporation)		(Commission File Number)(I.R.S. Employer
Identification Number)
One Citizens Plaza
Providence,RI02903
(Address of principal executive offices)(Zip Code)
 

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

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

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

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

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

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

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

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

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



Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
   
Item 2.02   Results of Operations and Financial Condition.
On January 19, 2022, Citizens Financial Group, Inc. (the “Company”) issued a press release announcing its fourth quarter and full year 2021 earnings and posted on its website the press release and a financial supplement. Copies of the press release and financial supplement are being furnished as Exhibits 99.1 and 99.3, respectively.

Item 7.01 Regulation FD Disclosure.

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

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


SIGNATURES

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







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Citizens Financial Group, Inc. Reports Fourth Quarter 2021 Net Income of
$530 million and EPS of $1.17
Underlying Net Income of $569 million and EPS of $1.26*
2021 Net Income of $2.3 billion and EPS of $5.16, $5.34 on an Underlying basis

Key Financial Data4Q213Q214Q20
Fourth Quarter 2021 Highlights
Income
Statement		($s in millions)
■Underlying ROTCE of 14.6% and Underlying EPS of $1.26 reflects our diversified fee businesses and excellent credit results
■Underlying PPNR of $710 million reflects outstanding Capital Markets results
–Fee revenue of $594 million, up 16% QoQ
–NII reflects modestly lower margin, largely offset by loan growth
–QoQ operating leverage of 1.5%
■Credit provision benefit of $25 million; NCO ratio stable QoQ at 14 bps
■Period-end loans up 4%, up 5% excluding PPP impact; average loans up 2% QoQ, up 3% excluding PPP
■Period-end LDR of 83.0%
■Strong capital position with CET1 at 9.9%
■TBV/share of $34.61, up 6% YoY
Total revenue$1,720 $1,659 $1,707 
Pre-provision profit659 648 695 
Underlying pre-provision profit710 671 737 
Provision for credit losses(25)(33)124 
Net income530 530 456 
Underlying net income569 546 480 
Balance Sheet
&
Credit Quality		($s in billions)
Period-end loans and leases$128.2 $123.3 $123.1 
Average loans and leases125.2 122.6 123.5 
Period-end deposits154.4 152.2 147.2 
Average deposits153.0 151.9 145.3 
Period-end loans-to-deposit ratio83.0 %81.0 %83.6 %
NCO ratio0.14 %0.14 %0.61 %
Financial MetricsDiluted EPS$1.17 $1.18 $0.99 
Underlying EPS1.26 1.22 1.04 
ROTCE13.6 %13.7 %12.2 %
Underlying ROTCE14.6 14.2 12.9 
Net interest margin, FTE2.66 2.72 2.75 
Efficiency ratio62 61 59 
Underlying efficiency ratio59 60 57 
CET19.9 %10.3 %10.0 %
TBV/Share$34.61 $34.44 $32.72 
Comments from Chairman and CEO Bruce Van Saun
“We finished a successful 2021 with a strong fourth quarter, featuring record Capital Markets revenue, strong loan growth, good expense management and pristine credit,” said Chairman and CEO Bruce Van Saun. “Over the course of 2021 we continued to raise our game in terms of delivering for our stakeholders - customers, colleagues, communities and shareholders. I’d like to thank our colleague base for once again rising to the occasion and handling the many challenges presented by the environment. Continued successful execution of our strategic initiatives and acquisition integration will position us for superior growth in 2022 and beyond.”

Citizens also announced today that its board of directors declared a first quarter 2022 common stock dividend of $0.39 per share. The dividend is payable on February 11, 2022 to shareholders of record at the close of business on January 31, 2022.

*References in this release to "Underlying" and "excluding acquisitions" results exclude notable items and/or the impact of the acquisitions closed in 2021. These results are non-GAAP Financial Measures. For more details on non-GAAP Financial Measures see page 16 in this release. References in this release to balance sheet items are on an average basis and loans exclude loans held for sale (“LHFS”) unless otherwise noted. References to net interest margin are on a fully taxable equivalent (“FTE”) basis and all references to earnings per share represent fully diluted per common share.  References to consolidated and/or commercial loans, loan growth, nonaccrual loans and allowance for loan losses include leases. The "Company" refers to Citizens. Current reporting-period regulatory capital ratios are preliminary. Select totals may not sum due to rounding.
Citizens Financial Group, Inc.
Discussion of results:
Net interest income 4Q21 change from
($s in millions)4Q213Q214Q203Q214Q20
$/bps%$/bps%
Interest income:
Interest and fees on loans and leases and loans held for sale$1,079 $1,100 $1,125 $(21)(2) %$(46)(4) %
Investment securities119 116 121 3 3(2)(2)
Interest-bearing deposits in banks4 6 3 (2)(33)1 33
Total interest income$1,202 $1,222 $1,249 $(20)(2) %$(47)(4) %
Interest expense:
Deposits$33 $35 $69 $(2)(6) %$(36)(52) %
Short-term borrowed funds1 — 1 1 100— —
Long-term borrowed funds42 42 50 — —(8)(16)
Total interest expense$76 $77 $120 $(1)(1) %$(44)(37) %
Net interest income$1,126 $1,145 $1,129 $(19)(2) %$(3)— %
Net interest margin, FTE2.66  %2.72  %2.75  %(6) bps(9) bps
Fourth quarter 2021vs.third quarter 2021
Net interest income of $1.1 billion decreased 2% given modestly lower net interest margin, partially offset by loan growth.
•Net interest margin of 2.66% decreased 6 basis points reflecting lower earning-asset yields and a reduced benefit from PPP forgiveness. These were partially offset by the deployment of cash into loan growth, which happened relatively late in the quarter. Interest-bearing deposit costs were down 1 basis point to 13 basis points.
Fourth quarter 2021vs.fourth quarter 2020
Net interest income of $1.1 billion was stable reflecting 3% growth in interest-earning assets, largely offset by lower net interest margin.
•Net interest margin of 2.66% decreased 9 basis points reflecting the impact of lower asset yields, partially offset by improved funding mix and deposit pricing, as well as higher PPP benefit. Interest-bearing deposit costs decreased 14 basis points to 13 basis points.

2
Citizens Financial Group, Inc.

Noninterest Income 4Q21 change from
($s in millions)4Q213Q214Q203Q214Q20
$%$%
Capital markets fees$184 $72 $88 $112 156  %$96 109  %
Service charges and fees100 110 104 (10)(9)(4)(4)
Mortgage banking fees76 108 193 (32)(30)(117)(61)
Card fees65 66 56 (1)(2)9 16 
Trust and investment services fees60 61 52 (1)(2)8 15 
Letter of credit and loan fees41 39 38 2 5 3 8 
Foreign exchange and interest rate products35 29 35 6 21 — — 
Securities gains, net1 3 — (2)(67)1 100 
Other income(1)
32 26 12 6 23 20 167 
Noninterest income$594 $514 $578 $80 16  %$16 3  %
1) Includes bank-owned life insurance income and other miscellaneous income for all periods presented.
Fourth quarter 2021vs.third quarter 2021
Noninterest income of $594 million increased $80 million, or 16%, from $514 million. Fourth quarter 2021 includes $29 million of fees from acquisitions that closed in third and fourth quarter 2021.
•Record capital markets fees increased $112 million reflecting higher M&A advisory and loan syndication fees; fourth quarter includes $27 million of fees from acquisitions.
•Mortgage banking fees decreased $32 million, reflecting a decline in gain-on-sale margins and seasonally lower production volume, partially offset by improved mortgage servicing income.
•Service charges and fees decreased $10 million, primarily reflecting the impact on overdraft fees of the new customer-friendly deposit account feature, Citizens Peace of MindTM.
•Other income increased $6 million, primarily reflecting higher leasing income.
Fourth quarter 2021vs.fourth quarter 2020
Noninterest income of $594 million increased $16 million, or 3%, as record results in Capital Markets and improvements in card fees and wealth fees were partially offset by a decline in mortgage banking fees. Fourth quarter 2021 includes $29 million of fees from acquisitions that closed in third and fourth quarter 2021.
•Mortgage banking fees decreased $117 million, driven by lower gain-on-sale margins and production volumes.
•Record capital markets fees increased $96 million, driven by higher M&A advisory and loan syndication fees; fourth quarter 2021 includes $27 million of fees from acquisitions.
•Card fees increased $9 million, driven by higher debit and credit card volumes given economic recovery.
•Trust and investment services fees increased $8 million, reflecting an increase in assets under management from higher equity market levels and strong net inflows.
•Service charges and fees decreased $4 million, primarily reflecting the impact on overdraft fees of the new customer-friendly deposit account feature, Citizens Peace of MindTM.
•Other income increased $20 million, primarily reflecting higher leasing and investment income.
3
Citizens Financial Group, Inc.
Noninterest Expense 4Q21 change from
($s in millions)4Q213Q214Q203Q214Q20
$%$%
Salaries and employee benefits$551 $509 $537 $42 8 %$14 3 %
Equipment and software146 157 141 (11)(7)5 4 
Outside services175 144 148 31 22 27 18 
Occupancy86 77 84 9 12 2 2 
Other operating expense103 124 102 (21)(17)1 1 
Noninterest expense$1,061 $1,011 $1,012 $50 5 %$49 5 %
Notable items$51 $23 $42 $28 122 %$9 21 %
Underlying, as applicable
Salaries and employee benefits$546 $522 $519 $24 5 %$27 5 %
Equipment and software144 150 140 (6)(4)4 3 
Outside services138 132 131 6 5 7 5 
Occupancy81 76 78 5 7 3 4 
Other operating expense101 108 102 (7)(6)(1)(1)
Underlying noninterest expense$1,010 $988 $970 $22 2 %$40 4 %
Fourth quarter 2021vs.third quarter 2021
Noninterest expense was $1.1 billion, up 5%, or 2% on an Underlying basis. Excluding acquisitions that closed in third and fourth quarter 2021, Underlying noninterest expense of $989 million was broadly stable, and operating leverage in the quarter was 1.8%. The impact of higher incentive compensation tied to strong Capital Markets revenue and continued strategic investments was offset by strong expense discipline and the benefit of efficiency initiatives.
The effective tax rate of 22.4% was stable. On an Underlying basis, the effective tax rate of 22.6% compares with 22.5% for third quarter 2021.
Fourth quarter 2021vs.fourth quarter 2020
Noninterest expense of $1.1 billion remains well-controlled. On an Underlying basis and excluding acquisitions that closed in third and fourth quarter 2021, noninterest expense of $989 million increased by $19 million, or 2%. This reflects higher salaries and employee benefits given revenue-based compensation and merit increases, as well as higher outside services tied to growth initiatives, partially offset by the benefit of efficiency initiatives.
The effective tax rate of 22.4% increased from 20.2%. On an Underlying basis, the effective tax rate of 22.6% increased from 21.7%. This primarily reflects higher pre-tax income and the benefit of discrete items recognized in fourth quarter 2020.
4
Citizens Financial Group, Inc.
Interest-earning assets 4Q21 change from
($s in millions)4Q213Q214Q203Q214Q20
Period-end interest-earning assets$%$%
Investments$29,042 $28,107 $26,847 $935 3  %$2,195 8  %
Interest-bearing deposits in banks8,319 12,860 12,002 (4,541)(35)(3,683)(31)
Commercial loans and leases60,350 57,955 60,793 2,395 4 (443)(1)
Retail loans67,813 65,363 62,297 2,450 4 5,516 9 
Total loans and leases128,163 123,318 123,090 4,845 4 5,073 4 
Loans held for sale, at fair value2,733 3,177 3,564 (444)(14)(831)(23)
Other loans held for sale735 93 439 642 NM296 67 
Total loans and leases and loans held for sale131,631 126,588 127,093 5,043 4 4,538 4 
Total period-end interest-earning assets$168,992 $167,555 $165,942 $1,437 1  %$3,050 2  %
Average interest-earning assets
Investments$28,193 $27,468 $25,474 $725 3  %$2,719 11  %
Interest-bearing deposits in banks11,152 13,749 11,303 (2,597)(19)(151)(1)
Commercial loans and leases58,900 58,681 61,515 219 — (2,615)(4)
Retail loans66,309 63,960 61,946 2,349 4 4,363 7 
Total loans and leases125,209 122,641 123,461 2,568 2 1,748 1 
Loans held for sale, at fair value3,133 3,299 3,185 (166)(5)(52)(2)
Other loans held for sale321 112 110 209 187 211 192 
Total loans and leases and loans held for sale128,663 126,052 126,756 2,611 2 1,907 2 
Total average interest-earning assets$168,008 $167,269 $163,533 $739 —  %$4,475 3  %

Fourth quarter 2021vs.third quarter 2021
Period-end interest-earning assets of $169.0 billion were broadly stable, as a $4.8 billion increase in loans and leases and a $935 million increase in investments was offset by a $4.5 billion decrease in cash held in interest-bearing deposits reflecting the partial deployment of elevated liquidity. Loan growth of 4% was driven by growth in both retail (4%), with strength in mortgage and auto, and in commercial (4%), as strong underlying growth in C&I was partially offset by PPP forgiveness. Excluding PPP impact, commercial loan growth was 6% and total loan growth was 5%.
Average interest-earning assets of $168.0 billion were broadly stable, as a $2.6 billion increase in loans and a $725 million increase in investments was offset by a $2.6 billion decrease in cash held in interest-bearing deposits reflecting the partial deployment of elevated liquidity. Loan growth of 2% was driven by retail. Excluding PPP impact, average commercial loan growth was 3% and average total loan growth was 3%. The average effective duration of the securities portfolio was 4.3 years compared with 3.9 years at September 30, 2021 and 2.7 years at December 31, 2020.
Fourth quarter 2021vs.fourth quarter 2020
Period-end interest-earning assets of $169.0 billion increased $3.1 billion, or 2%, as a $5.1 billion increase in loans and a $2.2 billion increase in investments was partly offset by a $3.7 billion decrease in cash held in interest-bearing deposits reflecting the partial deployment of elevated liquidity. Loan growth of 4% was driven by a $5.5 billion increase in retail given strength in mortgage and auto, partially offset by planned run off of personal unsecured installment loans. Commercial loans decreased $443 million as underlying growth in C&I was more than offset by a $3.4 billion decrease in PPP loans. Excluding PPP impact, commercial loan growth was 5% and total loan growth was 7%.
Average interest-earning assets of $168.0 billion increased $4.5 billion, or 3%, as a $2.7 billion increase in investments and a $1.7 billion increase in loans was partly offset by a $151 million decrease in cash held in interest-bearing deposits reflecting the partial deployment of elevated liquidity. Loan growth of 1% was driven by a $4.4 billion increase in retail loans given strength in mortgage, auto and education, partially offset by planned run off of personal unsecured installment loans. This was partly offset by a $2.6 billion decrease in commercial loans as underlying growth in C&I was more than offset by a $3.2 billion decrease in PPP loans. Excluding PPP impact, average commercial loan growth was 1% and average total loan growth was 4%.
5
Citizens Financial Group, Inc.
    
Deposits 4Q21 change from
($s in millions)4Q213Q214Q203Q214Q20
Period-end deposits$%$%
Demand deposits$49,443 $48,184 $43,831 $1,259 3  %$5,612 13  %
Checking with interest30,409 27,985 27,204 2,424 9 3,205 12 
Savings22,030 21,166 18,044 864 4 3,986 22 
Money market accounts47,216 48,935 48,569 (1,719)(4)(1,353)(3)
Term deposits5,263 5,951 9,516 (688)(12)(4,253)(45)
Total period-end deposits$154,361 $152,221 $147,164 $2,140 1  %$7,197 5  %
Average deposits
Demand deposits$49,206 $47,873 $42,411 $1,333 3  %$6,795 16  %
Checking with interest28,075 27,965 26,432 110 — 1,643 6 
Savings21,575 20,803 17,566 772 4 4,009 23 
Money market accounts48,512 49,159 48,667 (647)(1)(155)— 
Term deposits5,636 6,071 10,191 (435)(7)(4,555)(45)
Total average deposits$153,004 $151,871 $145,267 $1,133 1  %$7,737 5  %
Fourth quarter 2021vs.third quarter 2021
Total period-end deposits of $154.4 billion were up 1%, reflecting growth in checking with interest, demand deposits and savings, offset by a decline in money market accounts and term deposits.
Average deposits of $153.0 billion were up 1%, as growth in demand deposits, savings and checking with interest was largely offset by a decrease in money market accounts and term deposits.
Fourth quarter 2021vs.fourth quarter 2020
Total period-end deposits of $154.4 billion increased $7.2 billion, or 5%, as a result of elevated liquidity tied to government stimulus associated with the COVID-19 disruption. Growth in demand deposits, savings and checking with interest was partially offset by a decrease in term deposits and money market accounts.
Average deposits of $153.0 billion increased $7.7 billion, or 5%, reflecting an increase in demand deposits, savings and checking with interest, partially offset by a decrease in term deposits.



6
Citizens Financial Group, Inc.
Borrowed Funds 4Q21 change from
($s in millions)4Q213Q214Q203Q214Q20
Period-end borrowed funds$%$%
Short-term borrowed funds$74 $8 $243 $66 NM$(169)(70) %
Long-term borrowed funds
FHLB advances19 20 19 (1)(5)— — 
Senior debt5,326 5,345 6,740 (19)— (1,414)(21)
Subordinated debt and other debt1,587 1,582 1,587 5 — — — 
Total borrowed funds$7,006 $6,955 $8,589 $51 1  %$(1,583)(18) %
Average borrowed funds
Short-term borrowed funds$24 $23 $232 $1 4  %$(208)(90) %
Long-term borrowed funds
FHLB advances18 19 19 (1)(5)(1)(5)
Senior debt5,338 5,356 6,845 (18)— (1,507)(22)
Subordinated debt and other debt1,587 1,581 1,586 6 — 1 — 
Total average borrowed funds$6,967 $6,979 $8,682 $(12)—  %$(1,715)(20) %
Fourth quarter 2021vs.third quarter 2021
•Period-end borrowed funds and average borrowed funds were broadly stable.
Fourth quarter 2021vs.fourth quarter 2020
•Period-end borrowed funds decreased $1.6 billion, or 18%, and average borrowed funds decreased $1.7 billion, or 20%, reflecting the pay down of senior debt and short-term borrowings given strong customer deposit inflows.

7
Citizens Financial Group, Inc.
Capital 4Q21 change from
($s and shares in millions, except per share data)4Q213Q214Q203Q214Q20
Period-end capital$%$%
Stockholders' equity$23,420$23,423 $22,673 $(3)—  %$747 3  %
Stockholders' common equity21,40621,409 20,708 (3)— 698 3 
Tangible common equity14,609 14,677 13,979 (68)— 630 5 
Tangible book value per common share$34.61 $34.44 $32.72 $0.17 —  %$1.89 6  %
Common shares - at end of period422.1 426.2 427.2 (4.1)(1)(5.1)(1)
Common shares - average (diluted)426.9 427.8 428.9 (1.0)—  %(2.0)—  %
Common equity tier 1 capital ratio(1)
9.9 %10.3 %10.0 %
Total capital ratio(1)
12.7 13.4 13.4 
Tier 1 leverage ratio(1)
9.7 %9.7 %9.4 %
1) Current reporting-period regulatory capital ratios are preliminary.
Fourth quarter 2021
•Our Basel III capital ratios remain strong, with a CET1 capital ratio of 9.9% as of December 31, 2021 compared with 10.3% at September 30, 2021 and 10.0% at December 31, 2020.
•The acquisition of JMP Group LLC closed in the quarter and had a 4 basis point impact on CET1.
•The acquisition of the HSBC East Coast branches and online deposits is targeted to close on February 18, 2022 and have an approximate 22 basis point impact on CET1. The acquisition of Investors Bancorp, Inc. is expected to close in early second quarter 2022 and be neutral to CET1.
•Total capital ratio of 12.7% compares with 13.4% at September 30, 2021 and 13.4% as of December 31, 2020.
•Tangible book value per common share of $34.61 was up slightly compared with third quarter 2021 and increased 6% from fourth quarter 2020.
•Citizens paid $168 million in common dividends to shareholders during fourth quarter 2021. This compares with $167 million in common dividends during third quarter 2021 and $168 million during fourth quarter 2020.
•Citizens resumed common stock repurchases in November 2021, repurchasing $200 million in common shares in fourth quarter 2021.
8
Citizens Financial Group, Inc.
Credit quality review 4Q21 change from
($s in millions)4Q213Q214Q203Q214Q20
$/bps%$/bps%
Nonaccrual loans and leases(1)
$702 $747 $1,019 $(45)(6) %$(317)(31) %
90+ days past due and accruing(2)
575 312 62 263 84513 NM
Net charge-offs45 44 190 1 2 (145)(76)
Provision for credit losses(25)(33)124 8 24 (149)NM
Allowance for credit losses $1,934 $2,004 $2,670 $(70)(3) %(736)(28) %
Nonaccrual loans and leases to loans and leases0.55  %0.61  %0.83  %(6) bps(28) bps
Net charge-offs as a % of total loans and leases0.14 0.14 0.61 — (47)
Allowance for credit losses to loans and leases1.51 1.63 2.17 (12)(66)
Allowance for credit losses to loans and leases (ex. PPP)1.52 1.65 2.24 (13)(72)
Allowance for credit losses to nonaccrual loans and leases275.7  %268.3  %262.0  %741  bps1,370  bps
1) Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
2) 90+ days past due and accruing includes $544 million, $289 million, and $21 million of loans fully or partially guaranteed by the FHA, VA, and USDA for December 31, 2021, September 30, 2021, and December 31, 2020, respectively.
Fourth quarter 2021vs.third quarter 2021
•Nonaccrual loans of $702 million decreased $45 million, or 6%, reflecting a decrease in commercial driven by commercial real estate, partially offset by an increase in retail driven by residential mortgage loans exiting forbearance.
•The nonaccrual loans to total loans ratio of 0.55% is down from 0.61% at September 30, 2021.
•Net charge-offs of $45 million, or 14 basis points of average loans and leases, were stable with prior quarter.
•Credit provision benefit of $25 million reflects strong credit performance across retail and commercial and improvement in the economy. Third quarter 2021 credit provision benefit was $33 million.
•Allowance for credit losses ratio of 1.51%, compares with 1.63% as of September 30, 2021. The reduction reflects a reserve release of $70 million. The January 1, 2020 day one CECL-based reserve was 1.47%.
•The allowance for credit losses to nonaccrual loans and leases ratio of 276% compares with 268% as of September 30, 2021.
Fourth quarter 2021vs.fourth quarter 2020
•Nonaccrual loans decreased $317 million, or 31%, primarily driven by a $275 million decrease in commercial given repayments, charge-offs and loan sale activity, as well as an overall improvement in credit.
•The nonaccrual loans to total loans ratio of 0.55% decreased from 0.83% at December 31, 2020.
•Net charge-offs of $45 million decreased $145 million reflecting a $135 million decrease in commercial given economic recovery, and a $10 million decrease in retail, as consumers continue to benefit from the economic recovery and strong mortgage and auto collateral values.
•Net charge-offs of 14 basis points of average loans and leases compares with 61 basis points in fourth quarter 2020.
•Credit provision benefit of $25 million compares with a $124 million provision in fourth quarter 2020, reflecting strong credit performance across the retail and commercial loan portfolios and improvement in the economy.
•Allowance for credit losses of $1.9 billion compares with $2.7 billion at December 31, 2020. Allowance for credit losses ratio of 1.51% as of December 31, 2021, compares with 2.17% as of December 31, 2020.
•The allowance for credit losses to nonaccrual loans and leases ratio of 276% compares with 262% as of December 31, 2020.
9
Citizens Financial Group, Inc.
Earnings highlights:
Quarterly TrendsFull Year
 4Q21 change from2021 change from 2020
($s in millions, except per share data)4Q213Q214Q203Q214Q2020212020
Earnings$/bps%$/bps%$$$/bps
Net interest income$1,126 $1,145 $1,129 $(19)(2) %$(3)— %$4,512 $4,586 $(74)
Noninterest income594 514 578 80 1616 32,135 2,319 (184)
Total revenue1,720 1,659 1,707 61 413 16,647 6,905 (258)
Noninterest expense1,061 1,011 1,012 50 549 54,081 3,991 90 
Pre-provision profit659 648 695 11 2(36)(5)2,566 2,914 (348)
Provision for credit losses(25)(33)124 8 24(149)NM(411)1,616 (2,027)
Net income530 530 456 — —74 162,319 1,057 1,262 
Preferred dividends32 26 32 6 23— —113 107 6 
Net income available to common stockholders$498 $504 $424 $(6)(1) %$74 17 %$2,206 $950 $1,256 
After-tax notable Items39 16 24 23 14415 6378 83 (5)
Underlying net income$569 $546 $480 $23 4 %$89 19 %$2,397 $1,140 $1,257 
Underlying net income available to common stockholders$537 $520 $448 $17 3 %$89 20 %$2,284 $1,033 $1,251 
Average common shares outstanding
Basic (in millions)424.7 426.1 427.1 (1.4)—(2.4)(1)425.7 427.1 (1.4)
Diluted (in millions)426.9 427.8 428.9 (1.0)—(2.0)—427.4 428.2 (0.7)
Diluted earnings per share$1.17 $1.18 $0.99 $(0.01)(1) %$0.18 18 %$5.16 $2.22 $2.94 
Underlying diluted earnings per share$1.26 $1.22 $1.04 $0.04 3 %$0.22 21 %$5.34 $2.41 $2.93 
Performance metrics
Net interest margin2.66 %2.72 %2.75 %(6) bps(9) bps2.71 %2.88 %(17) bps
Net interest margin, FTE2.66 2.72 2.75 (6)(9)2.72 2.89 (17)
Effective income tax rate22.4 22.4 20.2 5 224 22.1 18.5 356 
Efficiency ratio62 61 59 76 240 61 58 360 
Underlying efficiency ratio59 60 57 (84)188 60 56 383 
Return on average common equity9.3 9.4 8.2 (13)106 10.5 4.6 584 
Return on average tangible common equity13.6 13.7 12.2 (14)137 15.4 6.9 851 
Underlying return on average tangible common equity14.6 14.2 12.9 44 172 16.0 7.5 845 
Return on average total assets1.12 1.13 1.00 (1)12 1.25 0.60 65 
Return on average total tangible assets1.17 1.17 1.04 — 13 1.30 0.62 68 
Underlying return on average total tangible assets1.25 %1.21 %1.10 %4  bps15  bps1.34 %0.67 %67  bps
Capital adequacy(1,2)
Common equity tier 1 capital ratio9.9 %10.3 %10.0 %
Total capital ratio12.7 13.4 13.4 
Tier 1 leverage ratio9.7 9.7 9.4 
Allowance for credit losses to loans and leases1.51 %1.63 %2.17 %(12) bps(66) bps
Asset quality(2)
Nonaccrual loans and leases to loans and leases0.55 %0.61 %0.83 %(6) bps(28) bps
Allowance for credit losses to nonaccrual loans and leases276 268 262 741 1,370 
Net charge-offs as a % of average loans and leases0.14 %0.14 %0.61 %—  bps(47) bps0.26 %0.56 %(30) bps
1) Current reporting-period regulatory capital ratios are preliminary.
2) Capital adequacy and asset-quality ratios calculated on a period-end basis, except net charge-offs.

Highlights
2021
vs.2020
•Underlying net income of $2.4 billion, with EPS of $5.34
•Record Capital Markets up 71%, or 60% excluding acquisitions, record Wealth up 18%
•Underlying ROTCE of 16.0% compares with 7.5% for 2020
•Excellent credit results; NCOs of 26 basis points; NPLs to loans of 0.55%, down from 0.83% in 2020

10
Citizens Financial Group, Inc.

Consolidated balance sheet review(1):

 4Q21 change from
($s in millions)4Q213Q214Q203Q214Q20
$/bps%$/bps%
Total assets$188,409 $187,007 $183,349 $1,402 1  %$5,060 3  %
Total loans and leases128,163 123,318 123,090 4,845 4 5,073 4 
Total loans held for sale3,468 3,270 4,003 198 6 (535)(13)
Deposits154,361 152,221 147,164 2,140 1 7,197 5 
Stockholders' equity23,420 23,423 22,673 (3)— 747 3 
Stockholders' common equity21,406 21,409 20,708 (3)— 698 3 
Tangible common equity$14,609 $14,677 $13,979 $(68)—  %$630 5  %
Loans-to-deposit ratio (period-end)(2)
83.0 %81.0  %83.6  %202  bps(61) bps
Loans-to-deposit ratio (average)(2)
81.8 %80.8 %85.0 %108  bps(316) bps
1) Represents period end unless otherwise noted.
2) Excludes loans held for sale.

11
Citizens Financial Group, Inc.
The following table provides information on Underlying results which exclude the impact of notable items.

Underlying results:

Quarterly TrendsFull Year
 4Q21 change from2021 Change
($s in millions, except per share data)4Q213Q214Q203Q214Q2020212020from 2020
%%%
Net interest income$1,126 $1,145 $1,129 (2) %—  %$4,512 $4,586 (2) %
Noninterest income594 514 578 16 3 2,135 2,319 (8)
Total revenue$1,720 $1,659 $1,707 4  %1  %$6,647 $6,905 (4) %
Noninterest expense1,061 1,011 1,012 5 5 4,081 3,991 2 
Notable items51 23 42 122 21105 125 (16)
Underlying noninterest expense$1,010 $988 $970 2  %4  %$3,976 $3,866 3  %
Underlying pre-provision profit710 671 737 6 (4)2,671 3,039 (12)
Provision for credit losses(25)(33)124 24 NM(411)1,616 NM
Net income available to common stockholders498 504 424 (1)172,206 950 132 
Underlying net income available to common stockholders$537 $520 $448 3 %20 %$2,284 $1,033 121  %
Performance metrics
Diluted EPS$1.17 $1.18 $0.99 (1) %18  %$5.16 $2.22 132  %
Underlying EPS$1.26 $1.22 $1.04 3  %21  %$5.34 $2.41 122  %
Efficiency ratio62  %61  %59  %76  bps240  bps61  %58  %360  bps
Underlying efficiency ratio59 60 57 (84)188 60 56 383 
Return on average tangible common equity13.6 13.7 12.2 (14)13715.4 6.9 851 
Underlying return on average tangible common equity14.6  %14.2  %12.9  %44  bps172  bps16.0 %7.5 %845  bps
Operating leverage(1.3)%(4.1)%(6.0)%
Underlying operating leverage1.5  %(3.3) %(6.6) %




















12
Citizens Financial Group, Inc.
Notable items:
Quarterly results for 2021 and 2020 reflect notable items primarily related to TOP transformational and revenue and efficiency initiatives as well as integration costs associated with pending and closed acquisitions, primarily HSBC East Coast branches and online deposits, Investors Bancorp, Inc. and JMP Group LLC. Third quarter 2021 also includes a pension settlement charge recorded in other operating expense and a compensation-related tax credit. These notable items have been excluded from reported results to better reflect Underlying operating results.
Notable items - integration costs4Q213Q214Q20FY 2021FY 2020
($s in millions, except per share data)Pre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-tax
  Noninterest income$— $— $— $— $— $— $— $— $— $— 
Salaries & benefits$(3)$(2)$— $— $— $— $(3)$(2)$— $— 
Equipment and software(1)(1)— — — — (1)(1)(2)(2)
Outside services(22)(17)(4)(3)(2)(2)(28)(21)(8)(6)
Occupancy— — — — — — — — — — 
Other expense(3)(2)— — — — (3)(2)— — 
   Noninterest expense$(29)$(22)$(4)$(3)$(2)$(2)$(35)$(26)$(10)$(8)
Total Integration Costs$(29)$(22)$(4)$(3)$(2)$(2)$(35)$(26)$(10)$(8)
Other notable items - primarily tax and TOP4Q213Q214Q20FY 2021FY 2020
($s in millions, except per share data)Pre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-tax
Tax notable items$— $— $— $— $— $7 $— $— $— $11 
Other notable items- TOP & other actions
Salaries & benefits$(2)$(2)$13 $9 $(18)$(14)$11 $8 $(45)$(34)
Equipment and software(1)(1)(7)(5)(1)— (16)(12)(1)— 
Outside services(15)(11)(8)(6)(15)(11)(32)(24)(55)(42)
Occupancy(5)(4)(1)— (6)(4)(18)(13)(14)(10)
Other expense1 1 (16)(11)— — (15)(11)— — 
   Noninterest expense$(22)$(17)$(19)$(13)$(40)$(29)$(70)$(52)$(115)$(86)
Total Other Notable Items$(22)$(17)$(19)$(13)$(40)$(22)$(70)$(52)$(115)$(75)
Total Notable Items$(51)$(39)$(23)$(16)$(42)$(24)$(105)$(78)$(125)$(83)
EPS Impact$(0.09)$(0.04)$(0.05)$(0.18)$(0.19)


13
Citizens Financial Group, Inc.

Corresponding Financial Tables and Information
Investors are encouraged to review the foregoing summary and discussion of Citizens’ earnings and financial condition in conjunction with the detailed financial tables and other information available on the Investor Relations portion of the company’s website at www.citizensbank.com/about-us.
Media:    Peter Lucht - 781.655.2289
Investors: Kristin Silberberg - 203.900.6854
Conference Call
CFG management will host a live conference call today with details as follows:
Time:    8:00 am ET
Dial-in: (877) 336-4440, conference ID 6052001
Webcast/Presentation: The live webcast will be available at http://investor.citizensbank.com under Events & Presentations.
Replay Information: A replay of the conference call will be available beginning at 12:00 pm ET on January 19, 2022 through February 19, 2022. Please dial (866) 207-1041 and enter access code 6109255. The webcast replay will be available at http://investor.citizensbank.com under Events & Presentations.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $188.4 billion in assets as of December 31, 2021. 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 24/7 customer contact center and the convenience of approximately 3,000 ATMs and approximately 940 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.

14
Citizens Financial Group, Inc.

Non-GAAP Financial Measures and Reconciliations
Non-GAAP Financial Measures:
This document contains non-GAAP financial measures denoted as Underlying results and excluding acquisitions. Underlying results for any given reporting period exclude certain items that may occur in that period which Management does not consider indicative of the Company’s on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by our Management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe our Underlying results in any given reporting period reflect our on-going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. We further believe the presentation of Underlying results increases comparability of period-to-period results. The Appendix presents reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures. The following tables present reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.
Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP.
15
Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
4Q213Q214Q203Q214Q20202120202020
$%$%$%
Total revenue, Underlying:
Total revenue (GAAP)A$1,720 $1,659 $1,707 $61 4 %$13 1 %$6,647 $6,905 ($258)(4 %)
Less: Notable items— — — — — — — — — — — 
Total revenue, Underlying (non-GAAP)B$1,720 $1,659 $1,707 $61 4 %$13 1 %$6,647 $6,905 ($258)(4 %)
Noninterest expense, Underlying:
Noninterest expense (GAAP)C$1,061 $1,011 $1,012 $50 5 %$49 5 %$4,081 $3,991 $90 2 %
Less: Notable items51 23 42 28 122 9 21 105 125 (20)(16)
Noninterest expense, Underlying (non-GAAP)D$1,010 $988 $970 $22 2 %$40 4 %$3,976 $3,866 $110 3 %
Pre-provision profit:
Total revenue (GAAP)A$1,720 $1,659 $1,707 $61 4 %$13 1 %$6,647 $6,905 ($258)(4 %)
Less: Noninterest expense (GAAP)C1,061 1,011 1,012 50 5 49 5 4,081 3,991 90 2 
Pre-provision profit (GAAP)$659 $648 $695 $11 2 %($36)(5 %)$2,566 $2,914 ($348)(12 %)
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)B$1,720 $1,659 $1,707 $61 4 %$13 1 %$6,647 $6,905 ($258)(4 %)
Less: Noninterest expense, Underlying (non-GAAP)D1,010 988 970 22 2 40 4 3,976 3,866 110 3 
Pre-provision profit, Underlying (non-GAAP)$710 $671 $737 $39 6 %($27)(4 %)$2,671 $3,039 ($368)(12 %)
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)E$684 $681 $571 $3 — %$113 20 %$2,977 $1,298 $1,679 129 %
Less: Expense before income tax benefit related to notable items(51)(23)(42)(28)(122)(9)(21)(105)(125)20 16 
Income before income tax expense, Underlying (non-GAAP)F$735 $704 $613 $31 4 %$122 20 %$3,082 $1,423 $1,659 117 %
Income tax expense, Underlying:
Income tax expense (GAAP)G$154 $151 $115 $3 2 %$39 34 %$658 $241 $417 173 %
Less: Income tax benefit related to notable items(12)(7)(18)(5)(71)6 33 (27)(42)15 36 
Income tax expense, Underlying (non-GAAP)H$166 $158 $133 $8 5 %$33 25 %$685 $283 $402 142 %
Net income, Underlying:
Net income (GAAP)I$530 $530 $456 $— — %$74 16 %$2,319 $1,057 $1,262 119 %
Add: Notable items, net of income tax benefit39 16 24 23 144 15 63 78 83 (5)(6)
Net income, Underlying (non-GAAP)J$569 $546 $480 $23 4 %$89 19 %$2,397 $1,140 $1,257 110 %
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)K$498 $504 $424 ($6)(1 %)$74 17 %$2,206 $950 $1,256 132 %
Add: Notable items, net of income tax benefit39 16 24 23 144 15 63 78 83 (5)(6)
Net income available to common stockholders, Underlying (non-GAAP)L$537 $520 $448 $17 3 %$89 20 %$2,284 $1,033 $1,251 121 %
16
Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
4Q213Q214Q203Q214Q20202120202020
$/bps%$/bps%$/bps%
Operating leverage:
Total revenue (GAAP)A$1,720 $1,659 $1,707 $61 3.58 %$13 0.68 %$6,647 $6,905 ($258)(3.74 %)
Less: Noninterest expense (GAAP)C1,061 1,011 1,012 50 4.88 49 4.76 4,081 3,991 90 2.25 
Operating leverage(1.30 %)(4.08 %)(5.99 %)
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)B$1,720 $1,659 $1,707 $61 3.58 %$13 0.68 %$6,647 $6,905 ($258)(3.74 %)
Less: Noninterest expense, Underlying (non-GAAP)D1,010 988 970 22 2.12 40 4.01 3,976 3,866 110 2.85 
Operating leverage, Underlying (non-GAAP)1.46 %(3.33 %)(6.59 %)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio C/A61.68 %60.92 %59.28 %76  bps240  bps61.40 %57.80 %360  bps
Efficiency ratio, Underlying (non-GAAP)D/B58.71 59.55 56.83 (84) bps188  bps59.82 55.99 383  bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rateG/E22.40 %22.35 %20.16 %5  bps224  bps22.10 %18.54 %356  bps
Effective income tax rate, Underlying (non-GAAP)H/F22.61 22.45 21.70 16  bps91  bps22.21 19.92 229  bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)M$21,320 $21,326 $20,547 ($6)— %$773 4 %$21,025 $20,438 $587 3 %
Return on average common equityK/M9.26 %9.39 %8.20 %(13) bps106  bps10.49 %4.65 %584  bps
Return on average common equity, Underlying (non-GAAP)L/M9.97 9.70 8.66 27  bps131  bps10.86 5.05 581  bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)M$21,320 $21,326 $20,547 ($6)— %$773 4 %$21,025 $20,438 $587 3 %
Less: Average goodwill (GAAP)7,092 7,055 7,050 37 1 42 1 7,062 7,049 13 — 
Less: Average other intangibles (GAAP)56 52 60 4 8 (4)(7)54 64 (10)(16)
Add: Average deferred tax liabilities related to goodwill (GAAP)
383 383 377 — — 6 2 381 376 5 1 
Average tangible common equityN$14,555 $14,602 $13,814 ($47)— %$741 5 %$14,290 $13,701 $589 4 %
Return on average tangible common equity K/N13.57 %13.71 %12.20 %(14) bps137  bps15.44 %6.93 %851  bps
Return on average tangible common equity, Underlying (non-GAAP)L/N14.61 14.17 12.89 44  bps172  bps15.98 7.53 845  bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)O$187,228 $186,108 $181,061 $1,120 1 %$6,167 3 %$185,106 $176,442 $8,664 5 %
Return on average total assetsI/O1.12 %1.13 %1.00 %(1) bps12  bps1.25 %0.60 %65  bps
Return on average total assets, Underlying (non-GAAP)J/O1.20 1.16 1.05 4  bps15  bps1.30 0.65 65  bps
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)P$187,228 $186,108 $181,061 $1,120 1 %$6,167 3 %$185,106 $176,442 $8,664 5 %
Less: Average goodwill (GAAP)7,092 7,055 7,050 37 1 42 1 7,062 7,049 13 — 
Less: Average other intangibles (GAAP)56 52 60 4 8 (4)(7)54 64 (10)(16)
Add: Average deferred tax liabilities related to goodwill (GAAP)383 383 377 — — 6 2 381 376 5 1 
Average tangible assetsQ$180,463 $179,384 $174,328 $1,079 1 %$6,135 4 %$178,371 $169,705 $8,666 5 %
Return on average total tangible assets I/Q1.17 %1.17 %1.04 %—  bps13  bps1.30 %0.62 %68  bps
Return on average total tangible assets, Underlying (non-GAAP)J/Q1.25 1.21 1.10 4  bps15  bps1.34 0.67 67  bps
17
Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
4Q213Q214Q203Q214Q20202120202020
$/bps%$/bps%$/bps%
Tangible book value per common share:
Common shares - at period-end (GAAP)R422,137,197 426,199,576 427,209,831 (4,062,379)(1 %)(5,072,634)(1 %)422,137,197 427,209,831 (5,072,634)(1 %)
Common stockholders' equity (GAAP)$21,406 $21,409 $20,708 ($3)— $698 3 $21,406 $20,708 $698 3 
Less: Goodwill (GAAP)7,116 7,065 7,050 51 1 66 1 7,116 7,050 66 1 
Less: Other intangible assets (GAAP)64 51 58 13 25 6 10 64 58 6 10 
Add: Deferred tax liabilities related to goodwill (GAAP)383 384 379 (1)— 4 1 383 379 4 1 
Tangible common equityS$14,609 $14,677 $13,979 ($68)— %$630 5 %$14,609 $13,979 $630 5 %
Tangible book value per common shareS/R$34.61 $34.44 $32.72 $0.17 — %$1.89 6 %$34.61 $32.72 $1.89 6 %
Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying:
Average common shares outstanding - basic (GAAP)T424,697,880 426,086,717 427,074,822 (1,388,837)— %(2,376,942)(1 %)425,669,451 427,062,537 (1,393,086)— %
Average common shares outstanding - diluted (GAAP)U426,868,106 427,840,964 428,881,252 (972,858)— (2,013,146)— 427,435,818 428,157,780 (721,962)— 
Net income per average common share - basic (GAAP)K/T$1.17 $1.18 $0.99 ($0.01)(1)$0.18 18 $5.18 $2.22 $2.96 133 
Net income per average common share - diluted (GAAP)K/U1.17 1.18 0.99 (0.01)(1)0.18 18 5.16 2.22 2.94 132 
Net income per average common share - basic, Underlying (non-GAAP)L/T1.26 1.22 1.05 0.04 3 0.21 20 5.37 2.42 2.95 122 
Net income per average common share - diluted, Underlying (non-GAAP)L/U1.26 1.22 1.04 0.04 3 0.22 21 5.34 2.41 2.93 122 


18
Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
4Q21 Change
4Q213Q214Q203Q214Q20
$/bps%$/bps%
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)$551 $509 $537 $42 8 %$14 3 %
Less: Notable items5 (13)18 18 138 (13)(72)
Salaries and employee benefits, Underlying (non-GAAP)$546 $522 $519 $24 5 %$27 5 %
Equipment and software, Underlying:
Equipment and software (GAAP)
$146 $157 $141 ($11)(7 %)$5 4 %
Less: Notable items2 7 1 (5)(71)1 100 
Equipment and software, Underlying (non-GAAP)$144 $150 $140 ($6)(4 %)$4 3 %
Outside services, Underlying:
Outside services (GAAP)$175 $144 $148 $31 22 %$27 18 %
Less: Notable items37 12 17 25 208 20 118 
Outside services, Underlying (non-GAAP)$138 $132 $131 $6 5 %$7 5 %
Occupancy, Underlying:
Occupancy (GAAP)$86 $77 $84 $9 12 %$2 2 %
Less: Notable items5 1 6 4 NM(1)(17)
Occupancy, Underlying (non-GAAP)$81 $76 $78 $5 7 %$3 4 %
Other operating expense, Underlying:
Other operating expense (GAAP)$103 $124 $102 ($21)(17 %)$1 1 %
Less: Notable items2 16 — (14)(87)2 100 
Other operating expense, Underlying (non-GAAP)$101 $108 $102 ($7)(6 %)($1)(1 %)
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Citizens Financial Group, Inc.
Non-GAAP measures and reconciliations - Excluding the impact of PPP loans
(in millions, except ratio data)
QUARTERLY TRENDS
4Q21 Change
4Q213Q214Q203Q214Q20
$/bps%$/bps%
Total loans, excluding the impact of PPP loans:
Total loans (GAAP)A$128,163 $123,318 $123,090 $4,845 4 %$5,073 4 %
Less: PPP loans787 1,903 4,155 (1,116)(59)(3,368)(81)
Total loans, excluding the impact of PPP loans (non-GAAP)B$127,376 $121,415 $118,935 $5,961 5 %$8,441 7 %
Total commercial loans, excluding the impact of PPP loans:
Total commercial loans (GAAP)C$60,350 $57,955 $60,793 $2,395 4 %($443)(1 %)
Less: PPP loans787 1,903 4,155 (1,116)(59)(3,368)(81)
Total commercial loans, excluding the impact of PPP loans (non-GAAP)D$59,563 $56,052 $56,638 $3,511 6 %$2,925 5 %
Allowance for credit losses:
Allowance for credit losses (GAAP)E$1,934 $2,004 $2,670 ($70)(3 %)($736)(28 %)
Average loans, excluding the impact of PPP loans:
Average loans (GAAP)F$125,209 $122,641 $123,461 $2,568 2 %$1,748 1 %
Less: PPP loans1,317 2,770 4,540 (1,453)(52)(3,223)(71)
Average loans, excluding the impact of PPP loans (non-GAAP)G$123,892 $119,871 $118,921 $4,021 3 %$4,971 4 %
Average commercial loans, excluding the impact of PPP loans:
Average commercial loans (GAAP)H$58,900 $58,681 $61,515 $219 — %($2,615)(4 %)
Less: PPP loans1,317 2,770 4,540 (1,453)(52)(3,223)(71)
Average commercial loans, excluding the impact of PPP loans (non-GAAP)I$57,583 $55,911 $56,975 $1,672 3 %$608 1 %
Ratios:
Allowance for credit losses to total loans (GAAP)E / A1.51 %1.63 %2.17 %(12) bps(66) bps
Allowance for credit losses to total loans, excluding the impact of PPP loans (non-GAAP)E / B1.52 %1.65 %2.24 %(13) bps(72) bps

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Citizens Financial Group, Inc.
Non-GAAP measures and reconciliations - Excluding the impact of Acquisitions
(in millions, except ratio data)
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
4Q213Q214Q203Q214Q20202120202020
$/bps%$/bps%$/bps%
Noninterest income, Underlying excluding Acquisitions:
Noninterest income (GAAP)$594 $514 $578 $80 16 %$16 3 %$2,135 $2,319 ($184)(8 %)
Less: Acquisitions impact29 1 — 28 NM29 100 30 — 30 100 
Noninterest income, Underlying excluding Acquisitions (non-GAAP)$565 $513 $578 $52 10 %($13)(2 %)$2,105 $2,319 ($214)(9 %)
Total revenue, Underlying excluding Acquisitions:
Total revenue (GAAP)A$1,720 $1,659 $1,707 $61 4 %$13 1 %$6,647 $6,905 ($258)(4 %)
Less: Acquisitions impact29 1 — 28 NM29 100 30 — 30 100 
Total revenue, Underlying excluding Acquisitions (non-GAAP)B$1,691 $1,658 $1,707 $33 2 %($16)(1 %)$6,617 $6,905 ($288)(4 %)
Noninterest expense, Underlying excluding Acquisitions:
Noninterest expense (GAAP)C$1,061 $1,011 $1,012 $50 5 %$49 5 %$4,081 $3,991 $90 2 %
Less: Notable items51 23 42 28 122 9 21 105 125 (20)(16)
Less: Acquisitions impact21 1 — 20 NM21 100 22 — 22 100 
Noninterest expense, Underlying excluding Acquisitions (non-GAAP)D$989 $987 $970 $2 — %$19 2 %$3,954 $3,866 $88 2 %
Operating leverage:
Total revenue (GAAP)A$1,720 $1,659 $1,707 $61 3.58 %$13 0.68 %$6,647 $6,905 ($258)(3.74 %)
Less: Noninterest expense (GAAP)C1,061 1,011 1,012 50 4.88 49 4.76 4,081 3,991 90 2.25 
Operating leverage(1.30 %)(4.08 %)(5.99 %)
Operating leverage, Underlying excluding Acquisitions:
Total Revenue, Underlying excluding Acquisitions (non-GAAP)B$1,691 $1,658 $1,707 $33 1.92 %($16)(1.02 %)$6,617 $6,905 ($288)(4.19 %)
Less: Noninterest expense, Underlying excluding Acquisitions (non-GAAP)D$989 $987 $970 $2 0.15 %$19 1.89 %$3,954 $3,866 $88 2.28 %
Operating leverage, Underlying excluding Acquisitions (non-GAAP)1.77 %(2.91 %)(6.47 %)
Capital markets fees, Underlying excluding Acquisitions:
Capital markets fees (GAAP)$184 $72 $88 $112 156 %$96 109 %$428 $250 $178 71 %
Less: Acquisitions impact27 1 — 26 NM27 100 28 — 28 100 
Capital markets fees, Underlying excluding Acquisitions (non-GAAP)$157 $71 $88 $86 121 %$69 78 %$400 $250 $150 60 %
21
Citizens Financial Group, Inc.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements regarding potential future share repurchases and future dividends as well as the potential effects of the COVID-19 disruption on our business, operations, financial performance and prospects, are forward-looking statements. Also, any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook,” “guidance” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.”

Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation:
•Negative economic and political conditions that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits which may affect, among other things, the level of nonaccrual assets, charge-offs and provision expense;
•The rate of growth in the economy and employment levels, as well as general business and economic conditions, and changes in the competitive environment;
•Our ability to implement our business strategy, including the cost savings and efficiency components, and achieve our financial performance goals, including through the integration of Investors;
•The COVID-19 disruption and its effects on the economic and business environments in which we operate;
•Our ability to meet heightened supervisory requirements and expectations;
•Liabilities and business restrictions resulting from litigation and regulatory investigations;
•Our capital and liquidity requirements under regulatory capital standards and our ability to generate capital internally or raise capital on favorable terms;
•The effect of changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale;
•Changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources and affect the ability to originate and distribute financial products in the primary and secondary markets;
•The effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin;
•Financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses;
•A failure in or breach of our operational or security systems or infrastructure, or those of our third party vendors or other service providers, including as a result of cyber-attacks;
•An inability to complete the Investors acquisition, or changes in the current anticipated timeframe, terms or manner of the acquisition;
•Greater than expected costs or other difficulties related to the integration of our business and that of Investors;
•The inability to retain existing Investors clients and employees following the closing of the Investors acquisition;
•The occurrence of any event change or other circumstance that could give rise to the right of one or both parties to terminate the agreement to acquire Investors; and
•Management’s ability to identify and manage these and other risks.
In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, risk-weighted assets, capital impacts of strategic initiatives, market conditions and regulatory and accounting considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares from or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends. Further, statements about the effects of the COVID-19 disruption on our business, operations, financial performance and prospects may constitute forward-looking statements and are subject to the risk that the actual
22
Citizens Financial Group, Inc.
impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, third parties and us. Statements about Citizens’ agreement and plan of merger, dated July 28, 2021 (the “Investors acquisition agreement”), with Investors Bancorp, Inc. (“Investors”) and CBNA's agreement, dated May 26, 2021 (“HSBC branch acquisition agreement”) with HSBC Bank U.S.A., N.A. (“HSBC”) to acquire certain branches from HSBC also constitute forward-looking statements and are subject to the risk that actual results could be materially different from those expressed in those statements, including if either or both transactions are not consummated in a timely manner or at all, or if integration is more costly or difficult than expected.

More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found under “Risk Factors” in our 2020 Annual Report on Form 10-K as updated by our Quarterly Reports on Form 10-Q as filed with the United States Securities and Exchange Commission.
Note: Per share amounts and ratios presented in this document are calculated using whole dollars.
CFG-IR
23
4Q21 and 2021 Financial Results January 19, 2022

 
2 This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements regarding potential future share repurchases and future dividends as well as the potential effects of the COVID-19 disruption on our business, operations, financial performance and prospects, are forward-looking statements. Also, any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook,” “guidance” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation: • Negative economic and political conditions that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits which may affect, among other things, the level of nonaccrual assets, charge-offs and provision expense; • The rate of growth in the economy and employment levels, as well as general business and economic conditions, and changes in the competitive environment; • Our ability to implement our business strategy, including the cost savings and efficiency components, and achieve our financial performance goals, including through the integration of Investors; • The COVID-19 disruption and its effects on the economic and business environments in which we operate; • Our ability to meet heightened supervisory requirements and expectations; • Liabilities and business restrictions resulting from litigation and regulatory investigations; • Our capital and liquidity requirements under regulatory capital standards and our ability to generate capital internally or raise capital on favorable terms; • The effect of changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale; • Changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources and affect the ability to originate and distribute financial products in the primary and secondary markets; • The effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin; • Financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses; • A failure in or breach of our operational or security systems or infrastructure, or those of our third party vendors or other service providers, including as a result of cyber-attacks; • An inability to complete the Investors acquisition, or changes in the current anticipated timeframe, terms or manner of the acquisition; • Greater than expected costs or other difficulties related to the integration of our business and that of Investors; • The inability to retain existing Investors clients and employees following the closing of the Investors acquisition; • The occurrence of any event change or other circumstance that could give rise to the right of one or both parties to terminate the agreement to acquire Investors; and • Management’s ability to identify and manage these and other risks. In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, risk-weighted assets, capital impacts of strategic initiatives, market conditions and regulatory and accounting considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares from or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends. Further, statements about the effects of the COVID-19 disruption on our business, operations, financial performance and prospects may constitute forward-looking statements and are subject to the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, third parties and us. Statements about Citizens’ agreement and plan of merger, dated July 28, 2021 (the “Investors acquisition agreement”), with Investors Bancorp, Inc. (“Investors”) and CBNA's agreement, dated May 26, 2021 (“HSBC branch acquisition agreement”) with HSBC Bank U.S.A., N.A. (“HSBC”) to acquire certain branches from HSBC also constitute forward-looking statements and are subject to the risk that actual results could be materially different from those expressed in those statements, including if either or both transactions are not consummated in a timely manner or at all, or if integration is more costly or difficult than expected. More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found under “Risk Factors” in our 2020 Annual Report on Form 10-K as updated by our Quarterly Reports on Form 10-Q as filed with the United States Securities and Exchange Commission. Non-GAAP Financial Measures: This document contains non-GAAP financial measures denoted as Underlying results and excluding acquisitions. Underlying results for any given reporting period exclude certain items that may occur in that period which Management does not consider indicative of the Company’s on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by our Management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe our Underlying results in any given reporting period reflect our on-going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. We further believe the presentation of Underlying results increases comparability of period-to-period results. The Appendix presents reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures. Reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures are presented at the end of this presentation. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP. Forward-looking statements and use of non-GAAP financial measures

 
3 4Q21 and Full Year 2021 GAAP financial summary Full Year 4Q21 3Q21 4Q20 Q/Q Y/Y 2021 vs. 2020 $s in millions $/bps % $/bps % 2021 2020 $/bps % Net interest income $ 1,126 $ 1,145 $ 1,129 $ (19) (2) % $ (3) — % $ 4,512 $ 4,586 $ (74) (2) % Noninterest income 594 514 578 80 16 16 3 2,135 2,319 (184) (8) Total revenue 1,720 1,659 1,707 61 4 13 1 6,647 6,905 (258) (4) Noninterest Expense 1,061 1,011 1,012 50 5 49 5 4,081 3,991 90 2 Pre-provision profit 659 648 695 11 2 (36) (5) 2,566 2,914 (348) (12) Provision for credit losses (25) (33) 124 8 24 (149) NM (411) 1,616 (2,027) NM Income before income tax expense 684 681 571 3 — 113 20 2,977 1,298 1,679 129 Income tax expense 154 151 115 3 2 39 34 658 241 417 173 Net income $ 530 $ 530 $ 456 $ — — % $ 74 16 % $ 2,319 $ 1,057 $ 1,262 119 % Preferred dividends 32 26 32 6 23 — — 113 107 6 6 Net income available to common stockholders $ 498 $ 504 $ 424 $ (6) (1) % $ 74 17 % $ 2,206 $ 950 $ 1,256 132 % $s in billions Average interest-earning assets $ 168.0 $ 167.3 $ 163.5 $ 0.7 — % $ 4.5 3 % $ 166.5 $ 159.3 $ 7.2 5 % Average deposits $ 153.0 $ 151.9 $ 145.3 $ 1.1 1 % $ 7.7 5 % $ 150.5 $ 138.7 $ 11.7 8 % Performance metrics Net interest margin(1) 2.66 % 2.72 % 2.75 % (6) bps (9) bps 2.71 % 2.88 % (17) bps Net interest margin, FTE(1) 2.66 2.72 2.75 (6) (9) 2.72 2.89 (17) Loans-to-deposit ratio (period-end) 83.0 81.0 83.6 202 (61) 83.0 83.6 (61) ROACE 9.3 9.4 8.2 (13) 106 10.5 4.6 584 ROTCE 13.6 13.7 12.2 (14) 137 15.4 6.9 851 ROA 1.1 1.1 1.0 (1) 12 1.3 0.6 65 ROTA 1.2 1.2 1.0 — 13 1.3 0.6 68 Efficiency ratio 61.7 60.9 59.3 76 240 61.4 57.8 360 Noninterest income as a % of total revenue 35 % 31 % 34 % 400 bps 100 bps 32 % 34 % (200) bps FTEs(2) 17,463 17,366 17,584 97 1 % (121) (1) % 17,463 17,584 (121) (1) % Operating leverage (1.3) % (4.1) % (6.0) % Per common share Diluted earnings $ 1.17 $ 1.18 $ 0.99 $ (0.01) (1) % $ 0.18 18 % $ 5.16 $ 2.22 $ 2.94 132 % Tangible book value $ 34.61 $ 34.44 $ 32.72 $ 0.17 — % $ 1.89 6 % $ 34.61 $ 32.72 $ 1.89 6 % Average diluted shares outstanding (in millions) 426.9 427.8 428.9 (1.0) — % (2.0) — % 427.4 428.2 (0.7) — % See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31.

 
4 4Q21 and Full Year 2021 Underlying financial summary(1) Full Year Q/Q Y/Y 2021 2020 2021 vs. 2020 $s in millions 4Q21 3Q21 4Q20 $/bps % $/bps % $/bps % Net interest income $ 1,126 $ 1,145 $ 1,129 $ (19) (2) % $ (3) — % $ 4,512 $ 4,586 $ (74) (2) % Noninterest income 594 514 578 80 16 16 3 2,135 2,319 (184) (8) Total revenue 1,720 1,659 1,707 61 4 13 1 6,647 6,905 (258) (4) Noninterest expense 1,010 988 970 22 2 40 4 3,976 3,866 110 3 Pre-provision profit 710 671 737 39 6 (27) (4) 2,671 3,039 (368) (12) Provision for credit losses (25) (33) 124 8 24 (149) NM (411) 1,616 (2,027) NM Net income available to common stockholders $ 537 $ 520 $ 448 $ 17 3 % $ 89 20 % $ 2,284 $ 1,033 $ 1,251 121 % Performance metrics Noninterest income as a % of total revenue 35 % 31 % 34 % 400 bps 100 bps 32 % 34 % (200) bps Efficiency ratio 58.7 59.5 56.8 (84) 188 59.8 56.0 383 ROTCE 14.6 % 14.2 % 12.9 % 44 bps 172 bps 16.0 % 7.5 % 845 bps Diluted EPS $ 1.26 $ 1.22 $ 1.04 $ 0.04 3 % $ 0.22 21 % $ 5.34 $ 2.41 $ 2.93 122 % Tangible book value per share $ 34.61 $ 34.44 $ 32.72 $ 0.17 — % $ 1.89 6 % $ 34.61 $ 32.72 $ 1.89 6 % See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31.

 
5 Overview(1) See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31. 4Q21 results reflect our diversified business model Credit trends favorable Strong capital, liquidity and funding Strong full- year 2021 results ■ Underlying net income of $569 million and EPS of $1.26 reflect broad-based strength across our businesses and excellent credit results ■ Underlying PPNR of $710 million, up 6% from 3Q21 and down 4% from 4Q20 – Outstanding results in Capital Markets reflects build out of coverage model and capabilities – NII down slightly QoQ given modestly lower net interest margin, partially offset by loan growth – Interest-bearing deposit costs of 13 bps, down 1 bp QoQ – Expenses well-controlled; positive sequential operating leverage of 1.5%, or 1.8% excluding acquisitions ■ Period-end loans up 4% (up 5% excluding PPP impact); average loans up 2% QoQ (up 3% excluding PPP) ■ Credit provision benefit of $25 million reflects strong credit performance and macroeconomic improvement ■ Underlying ROTCE of 14.6% compares with 14.2% in 3Q21 and 12.9% in 4Q20 ■ TBV/share of $34.61, up 6% YoY and up slightly QoQ ■ Underlying net income of $2.4 billion, with EPS of $5.34 ■ Record Capital Markets up 71%, or 60% excluding acquisitions, record Wealth up 18% ■ Underlying ROTCE of 16.0% compares with 7.5% for 2020 ■ Excellent credit results; NCOs of 26 bps; NPLs to loans of 0.55%, down from 0.83% in 2020 ■ Credit trends remain highly favorable across retail and commercial; NCOs of 14 bps, stable with 3Q21, NPLs to loans of 0.55%, down from 0.61% at 3Q21 ■ Allowance for credit losses coverage ratio of 1.51% ■ Strong capital levels with a CET1 ratio of 9.9%(2); compares with 10.3% in 3Q21 and 10.0% in 4Q20 ■ Period-end LDR ratio of 83% vs. 84% a year ago; average DDA up 16% YoY and 3% QoQ, now 32% of total deposits ■ Total available liquidity of ~$71 billion at December 31, 2021

 
6 Fed Funds Target CFG +200 bps gradual rise in rates 1Q 15 4Q 15 3Q 16 2Q 17 1Q 18 4Q 18 3Q 19 2Q 20 1Q 21 4Q 21 —% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% —% 2% 4% 6% 8% 10% 12% 2.72% 2.66% 3Q21 Asset Yields PPP Lower Cash Funding Cost Other 4Q21 $163.5B $164.4B $166.3B $167.3B $168.0B $1,129 $1,117 $1,124 $1,145 $1,126 2.75% 2.76% 2.72% 2.72% 2.66% 4Q20 1Q21 2Q21 3Q21 4Q21 ■ NII down 2% given modestly lower net interest margin, partially offset by loan growth ■ NIM of 2.66%, down 6 bps reflecting lower earning-asset yields and a reduced benefit from PPP forgiveness, partially offset by the impact of deployment of cash into loan growth Net interest income $s in millions, except earning assets NII and NIM Average interest-earning assets Net interest income NIM, FTE Loan growth helping offset reduced PPP benefit ■ NII stable given interest-earning asset growth of 3%, largely offset by lower NIM ■ NIM of 2.66%, down 9 bps reflects impact of lower asset yields, partially offset by improved funding mix and deposit pricing, as well as higher PPP benefit NIM 3Q21 to 4Q21 Year-Over-Year Linked Quarter (0.07)% (0.04)% 0.05% 0.01% (0.01)% Citizens continues to be asset sensitive

 
7 $578 $542 $485 $514 $594 $385 $377 $400 $406 $518 $193 $165 $85 $108 $76 Mortgage fees All other fee income 4Q20 1Q21 2Q21 3Q21 4Q21 Noninterest income $s in millions ■ Noninterest income increased 16%; 10% ex acquisitions – 4Q21 includes $29 million of fees from acquisitions that closed in 3Q21 and 4Q21 – Record capital markets fees, up $112 million reflecting higher M&A advisory and loan syndication fees; 4Q21 includes $27 million of fees from acquisitions – Mortgage banking fees down $32 million, reflecting a decline in gain-on-sale margins and seasonally lower production volume – Service charges and fees down $10 million, primarily reflecting the impact on overdraft fees of the new customer-friendly deposit account feature, Citizens Peace of MindTM ■ Noninterest income up 3% – Mortgage banking fees down $117 million, driven by lower gain-on-sale margins and production volumes – Record capital markets fees up $96 million, driven by higher M&A advisory and loan syndication fees; 4Q21 includes $27 million of fees from acquisitions – Card fees up $9 million reflecting higher debit and credit card volumes given economic recovery – Wealth fees, up $8 million, reflects an increase in AUM from higher equity market levels and strong net inflows Outstanding Capital Markets results, up ~80% YoY excluding acquisitions(1) See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31. $s in millions 4Q21 3Q21 4Q20 $ Q/Q Y/Y Capital Markets fees $ 184 $ 72 $ 88 $ 112 $ 96 Service charges and fees 100 110 104 (10) (4) Mortgage banking fees 76 108 193 (32) (117) Card fees 65 66 56 (1) 9 Trust and investment services fees 60 61 52 (1) 8 Letter of credit and loan fees 41 39 38 2 3 FX and interest rate products 35 29 35 6 — Securities gains, net 1 3 — (2) 1 Other income(2) 32 26 12 6 20 Noninterest income $ 594 $ 514 $ 578 $ 80 $ 16 Linked Quarter Year-Over-YearNoninterest income

 
8 56.8% 60.2% 60.9% 59.5% 58.7% 4Q20 1Q21 2Q21 3Q21 4Q21 Underlying, as applicable 4Q21 3Q21 4Q20 $ $s in millions Q/Q Y/Y Salaries & employee benefits $ 546 $ 522 $ 519 $ 24 $ 27 Equipment & software 144 150 140 (6) 4 Outside services 138 132 131 6 7 Occupancy 81 76 78 5 3 Other operating expense 101 108 102 (7) (1) Noninterest expense $ 1,010 $ 988 $ 970 $ 22 $ 40 Full-time equivalents (FTEs) 17,463 17,366 17,584 97 (121) Noninterest expense(1) ■ Underlying noninterest expense was broadly stable excluding $21 million impact from acquisitions that closed in 3Q21 and 4Q21. Underlying operating leverage was 1.5% in the quarter, 1.8% excluding acquisitions – Reflects higher incentive compensation tied to strong Capital Markets revenue and strategic investments, offset by strong expense discipline and the benefit of efficiency initiatives ■ Underlying noninterest expense up 2% excluding acquisitions that closed in 3Q21 and 4Q21 – Reflects higher revenue-based compensation and the impact of strategic investments, partially offset by the benefit of efficiency initiatives See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31. Underlying efficiency ratio Continued expense discipline and focus on efficiency initiatives to fund strategic investments Linked Quarter Year-Over-Year

 
9 $123.5 $122.8 $123.5 $122.6 $125.2 $61.9 $62.0 $62.8 $64.0 $66.3 $61.5 $60.9 $60.7 $58.7 $58.9 Retail loans Commercial loans and leases 4Q20 1Q21 2Q21 3Q21 4Q21 Loans and leases $s in billions Period-end loans up 4% QoQ; 5% ex PPP, with commercial accelerating, up 6% ex PPP(1) ■ Average loans up $2.6 billion, or 2%; up 3% excluding PPP impact – Retail up $2.3 billion, or 4%, reflecting growth in mortgage and auto – Commercial up $0.2 billion, as C&I growth was largely offset by PPP forgiveness; up 3% excluding PPP ■ Period-end loans up $4.8 billion, or 4%; up 5% excluding PPP impact(1) – Reflects an increase of $2.5 billion, or 4%, in retail – Strong rebound in commercial, with growth of $2.4 billion; up 6% excluding PPP impact(1) ■ Average loans up $1.7 billion, or 1% – Retail up $4.4 billion, or 7%, driven by growth in mortgage, auto and education, partially offset by planned run off in personal unsecured – Commercial down $2.6 billion, or 4%, as underlying growth in C&I was more than offset by a $3.2 billion decrease in PPP loans ■ Period-end loans up $5.1 billion, or 4%, with commercial loans down 1%, largely offset by retail loans up 9% Average loans and leases(2) $123.1 $122.2 $122.6 $123.3 $128.2 $62.3 $61.8 $63.5 $65.4 $67.8 $60.8 $60.4 $59.1 $58.0 $60.4 Retail loans Commercial loans and leases 4Q20 1Q21 2Q21 3Q21 4Q21 $s in billions Period-end loans and leases(2) See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31. Linked Quarter Year-Over-Year

 
10 $145.3 $146.6 $150.3 $151.9 $153.0 4Q20 1Q21 2Q21 3Q21 4Q21 Average funding and cost of funds Significantly enhanced deposit franchise will improve beta performance in next rate cycle ■ Significant strides in improving quality of deposit base over time ■ Deposit betas expected to be meaningfully lower in the next rate cycle – Low cost deposit mix has greatly improved, with Consumer CD mix now below peer levels – Lower starting point with LDR and lower IBD costs – Expanded Commercial offerings and enhanced tools to drive higher operating deposits – Deposit gathering capabilities enhanced with Citizens Access® – Advanced data and analytics to optimize deposit base and pricing $s in billions Growing lower-cost deposits(1) See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31. 0.19% 0.14% 0.11% 0.09% 0.09% 0.27% 0.20% 0.16% 0.14% 0.13% Total deposit costs Interest-bearing deposit costs Demand deposits Other interest-bearing deposits Term deposits Period-end loans-to-deposit ratio 96.9% 95.0% 83.6% 83.0% 2015 2019 2020 2021 $102.5 $125.3 $147.2 $154.4 2015 2019 2020 2021 $s in billions Total deposit costs Improved deposit mix(2) 0.24% 0.94% 0.37% 0.11% Key messages Checking with interest, savings and demand deposits Money market accounts and term deposits

 
11 ■ NCOs of $45 million, or 14 bps of average loans and leases, stable with 3Q21 ■ Nonaccrual loans decreased 6 bps to 0.55% of total loans QoQ driven by commercial ■ Credit provision benefit of $25 million reflects strong credit performance and macroeconomic improvement ■ 4Q21 ACL ratio of 1.51% compares with 1.63% in 3Q21 and 2.17% in 4Q20 ■ ACL to nonaccrual loans and leases ratio of 276% compares with 268% as of 3Q21 and 262% as of 4Q20 $124 $(140) $(213) $(33) $(25) $190 $158 $78 $44 $45 0.61% 0.52% 0.25% 0.14% 0.14% Provision for credit losses Net charge-offs Net c/o ratio 4Q20 1Q21 2Q21 3Q21 4Q21 Highlights Credit quality(1) $s in millions $s in millions 0.83% 0.82% 0.64% Nonaccrual loans Nonaccrual loans to total loans 4Q20 1Q21 2Q21 3Q21 4Q21 See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31. $1,019 $1,008 $779 $747 $702 0.61% 0.55% Provision for credit losses, net charge-offs Nonaccrual loans $s in millions 2.17% 1.94% 1.70% 1.63% 1.51% Allowance for credit losses Allowance to loan coverage ratio 4Q20 1Q21 2Q21 3Q21 4Q21 Allowance for credit losses $2,670 $2,372 $2,081 $2,004 $1,934 (2)

 
12 HSBC** ■ 4Q21 CET1 ratio of 9.9%, compares with 10.3% in 3Q21 ■ Paid $168 million in common dividends to shareholders in 4Q21 ■ Repurchased $200 million in common shares in 4Q21 Capital remains strong $s in billions (period-end) 4Q20 1Q21 2Q21 3Q21 4Q21 Basel III basis(1)(2) Common equity tier 1 capital $ 14.6 $ 14.9 $ 15.3 $ 15.6 $ 15.7 Risk-weighted assets $ 146.8 $ 147.8 $ 148.6 $ 151.8 $ 158.8 Common equity tier 1 ratio 10.0 % 10.1 % 10.3 % 10.3 % 9.9 % Tier 1 capital ratio 11.3 % 11.4 % 11.6 % 11.6 % 11.1 % Total capital ratio 13.4 % 13.4 % 13.5 % 13.4 % 12.7 % See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31. Targeted close: February 18, 2022 CET1 Impact: ~22 bps Targeted close: Early 2Q22 CET1 Impact: Neutral given stock issuance Acquisition impacts* ISBC *Based on estimated impact on FY22 consensus at deal announcement (July 27, 2021) **HSBC East Coast Branches and Online Deposits 3Q21 10.3 % Net Income 0.34 Common and preferred dividends (0.13) RWA growth (0.46) JMP acquisition (0.04) Share repurchases (0.13) Other (0.01) 4Q21 9.9 % CET1 ratio remains strong(3) Combined Underlying impacts FY22 Fully phased in synergies EPS ~5% ~8.8% ROTCE ~65 bps ~120 bps Highlights

 
13 Today2015 $6.5 $22.6 36% since 2019 Low-cost deposit growth improving deposit mix 49% 63% 2.9 3.6 Dramatically remixed to low cost/lower beta Advisory capabilities Lending capabilities Serving customers Deposit base Dramatically repositioned Consumer Banking, poised for sustained growth See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31. Our Vision: To be our customers' trusted and primary financial partner supporting them along life's journey Key strategic principles driving momentum Digital-first model National expansion Deepening relationships ■ Regional ■ Static growth ■ Low digital adoption ■ Mortgage - undersized ■ Education - new entrant ■ POS - launched with Apple ■ Below-peer growth ■ Higher cost/high beta ■ Wealth - undersized, narrowly focused Developing scale; added ultra-high net worth capabilities with Clarfeld acquisition Leading national consumer lending business Above-industry growth with rapidly scaling digital capabilities Mortgage Banking Top-10 bank- owned(2) Education Lending Top-3 private student lender(4) Home equity #1 nationally in originations(3) Building momentum Regional National 2015 3Q21 2015 2021 3.4 6.4(in millions) 1.22 1.44 1.66 2019 2021 Mobile active users(5) (in millions) 2015 2021 Building scale in Assets Under Management(6) ($ in billions) Low cost mix Cost of funds ~75% since 2015 23% CAGR Growing customers(1) +18% +15% 2020

 
14 ■ 15-20+ new partners ■ Overhaul digital and marketing experience ■ Credit analytics enhancements Executing national digital strategy/ Citizens Access® Driving momentum in Wealth Building a leading NYC Metro / NJ bank Consumer strategic growth and profitability initiatives Growing Citizens PayTM 3 4 2 1 ■ Grow to $40B AUM; ~15%+ CAGR ■ 30%+ growth in advisors ■ $5-6B in portfolio size; ~20% CAGR ■ 100+ partners on the platform Significant incremental revenue opportunity over the next five years ■ Deposit and loan CAGR 2-3x existing markets ■ Significant market share improvement over deal model ■ Integration of Citizens Access®, mortgage, student refi and card ■ Launch new mobile app ■ Scale lending originations ■ World-class digital experience for young professionals ■ Full technology modernization of the Consumer Bank ■ Digital-first, integrated national platform ■ Launch and scale enhanced financial planning capabilities ■ Launch world-class training and development to improve productivity ■ Scale Clarfeld through Commercial partnership 2022 expected progressStrategic priorities Year five targets ■ Broad marketing introductory campaign ■ Branch productivity improvements focusing on checking and consumer lending ■ Scale Mortgage/Wealth teams

 
15 Commercial Banking - broadening capabilities and strengthening execution See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31. Expanding presence in high-growth markets Building solution sets and diverse fee capabilities Enhancing coverage model ■ Expanded to a national focus ■ Growing mid-corporate client base through geographic expansion into Southeast, Texas and California ■ Enhanced product offerings to serve full spectrum of clients ■ Significant investments in talent and capabilities since IPO ■ Strengthened corporate finance and M&A advisory capabilities through organic growth and targeted acquisitions ■ Enhanced capabilities in Treasury Solutions and Global Markets to deepen relationships ■ Focused on providing value to PE sponsors through advisory, subscription finance, LBOs, and accessing capital through public markets ■ Expanding Global Markets, added commodity hedging and built bond originations and trading capabilities ■ JMP acquisition adds equity underwriting and research in growth industries ■ Targeting key growth verticals; added technology, healthcare and financial services with JMP acquisition ■ Expanding leveraged finance opportunities across JMP’s middle-market and financial sponsor client base Delivering results Capital and Global Markets $289 $531 2018 2021 210 278 2018 2021 Syndication lead position growth(2) 32% 84% $s in millions Transformed the businessStrategic Priorities 3 2 1 ■ Diversifying revenue, fee income now 32% of revenue up from 27% in 2018 ■ Voted Best Treasury and Cash Management bank by Global Finance, 5th year in a row ■ Growing national presence, 24% of loan growth from expansion markets since 2018 Strong league table results(1) Middle-market bookrunner 4Q21 2021 Sponsor #1 #2 Overall #4 #6

 
16 Business highlights See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31. 12.6 million digital check deposits, up 9%, 31% of total deposits EuroMoney Awards for Excellence The 2021 Best U.S. Bank Improving Reputation* • Pulse score up 3 points Rising Consumer Net Promoter Scores* • Digital up 20 points • Relationship up 10 points High Commercial customer satisfaction • Barlow Research Overall Satisfaction Top-2 Box score 93%(1) Customer satisfaction and loyalty Increasing digital engagement En te rp ri se Strong execution on strategy to deliver long-term value as the trusted advisor for our clients • Enhanced coverage model while allocating capital with discipline; record originations in 2021 • Strengthened product capabilities to grow fees YoY, up 61%, with record Capital Markets, up 107% and record number of M&A transactions completed • Delivered new Treasury Solutions capabilities, including an integrated payables solution and receivables automation platform; enhanced the AccessESCROW portal • Advanced our strategy with acquisitions of Willamette and JMP Group, and announced DH Capital, expanding product capabilities and geographic reach Delivering across all three strategic pillars (digitization, national expansion, deepening) • Restored HELOC growth in 2H21 for the first time in over a decade; released Citizens Fastline, streamlining digital HELOC originations; #1 nationally in HELOC originations(2) • Made enhancements to the CheckUp experience to improve Wealth penetration; record Wealth up 17% vs. 2020 • Launched Citizens PayTM and announced ~30 new partnerships, including Microsoft Store • National digital storefront launched bringing together Citizens Access®, mortgage, and student loan refi, the first major milestone of going to market with an integrated, digital-led value proposition Shifting to offense, positioned for growth, delivering for stakeholders • Achieved TOP 6 pre-tax run-rate benefit of ~$425 million • Announced HSBC branch and Investors acquisitions giving us a Top 10 deposit position in the New York City Metro market • Deployed ~2,500 colleagues to our new modern agile operating model • Continued progress in attracting and retaining top talent across the organization • Advanced our ESG efforts and improved risk rating from Sustainalytics • Continued to carefully navigate COVID-19, prioritizing colleague health and well-being; hosted vaccination clinic at the Johnston, RI campus Co ns um er Co m m er ci al 1.66 million mobile active users, up 15% 10.2 million P2P Zelle transactions, up 38% 311 thousand digital booked sales, up 45% Note: Digital Metrics are full year 2021 within regional footprint *Year-over-year improvement

 
17 Revenue Efficiencies and tax 2014 TOP 1 2015 TOP 2 2016 TOP 3 2017 TOP 4 2018 TOP 5 '19-'21 TOP 6 2022 TOP 7 ~$200 TOP programs drive improving financial performance Transforming how we operate and deliver for customers and colleagues TOP program benefits TOP 6 achieved target pre-tax run-rate benefit of ~$425 million as of YE2021 Enterprise and business initiatives ■ Mature agile delivery model and strengthen end-to- end customer journeys and platforms ■ Further simplify organizational structure ■ Optimize procurement/vendor costs ■ Further optimize branch network ■ Continue multi-year journey of digital transformation across Consumer and Commercial Technology initiatives ■ Accelerate adoption of robotics, machine learning and AI ■ Continue journey to Cloud and application rationalization TOP 7 is targeting ~$100MM pre-tax run-rate benefit by YE2022 Launched new TOP 7 program $s in millions ~$140 ~$115 ~$115 ~$105 ~$425 ~$100

 
18 Citizens Corporate Responsibility - 2021 summary • Continued progress on our $10MM social equity commitment and our $500MM commitment to providing access to capital in minority communities: – On track to provide $1.46B in financing to help low-to-moderate income borrowers gain access to much needed capital – Contributed $250K to social equity organizations and $250K to local LISC centers for digital inclusion programs – Partnered with Goalsetter on One Stock, One Future program, gifting stock to Black and Brown teens to learn about investments • Creating exceptional experience through DE&I: – Launched internal diversity scorecards to increase transparency and accountability – Implemented compulsory inclusion training for all colleagues – Initiated diverse hiring commitment for Senior Leader roles • Colleagues volunteered 154,000+ hours Social • Adopted targets to reduce our Scope 1 and 2 GHG emissions 30% by 2025 and 50% by 2035, based on our 2016 baseline. These reductions align with the recommendations of the Paris Agreement, which aims to limit average global temperature increase to well-below 2º celsius compared to pre-industrial levels • ~$429MM invested in renewable energy projects as at 12/31/21 • Launched Green Deposits Program allowing corporate clients to direct their cash reserves toward companies and projects that are expected to create a positive environmental impact; ~$107MM deposits as at 12/31/21 Environmental Governance • Aligned annual corporate responsibility reporting to GRI and SASB frameworks • Refreshed Board and increased ethnic diversity with February 2021 appointments • Announced that two new directors, Kevin Cummings and Michele Siekerka, are expected to join the Board upon closing of the Investors Bancorp, Inc. acquisition Forbes's list of America's Best Employers for Diversity Adoption-Friendly Workplace Dave Thomas Foundation for AdoptionTM

 
19 FY2022 Outlook - Standalone See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31. Net interest income Noninterest expense, tax rate Credit Noninterest income 2021 Underlying(1) 2022 Underlying outlook - CFG standalone* ■ $4,512 million ■ Up 3-5%; up high single digits ex PPP ■ $2,135 million ■ Up 4-7% given strength in Capital Markets and Wealth, offsetting decline in mortgage fees ■ $3,976 million ■ 22.2% tax rate ■ Up 5-6%; less than 3% excluding impact from Commercial fee-based acquisitions in 2H21 ■ ~22% tax rate ■ 26 bps NCO ratio; 1.51% ending ACL ratio ■ Net charge-offs broadly stable/down slightly; expect provision expense less than net charge-offs Balance sheet ■ $123.6B average loans ■ $166.5B average interest-earning assets ■ Mid single digit average loan growth; up high single digits ex PPP ■ Average interest-earning assets up slightly Capital ■ 9.9% CET1 ratio(2) ■ Expect to maintain CET1 ratio within 9.75-10.0% targeted range ■ Full-year GDP growth of ~4% ■ 25 bps Fed rate hikes implied in April, July and December 2022 ■ Forward curve as of January 5, 2022 with 10-year Treasury rate ~1.90% by YE 2022 *CFG standalone includes recently closed acquisitions of Willamette Management Associates and JMP Group; excludes pending acquisitions of DH Capital, HSBC's East Coast Branches and Online deposits and Investors Bancorp **HSBC East Coast Branches and Online Deposits ***Based on estimated impact on FY22 consensus at deal announcement (July 27, 2021) ■ EPS accretion expected of ~5% in FY2022*** ■ Expect full-year 2022 pro forma impact on PPNR of ~$475 million ■ FY2022 operating leverage projected at ~2% with deal benefits offsetting PPP impacts; ~5% ex PPP Impacts from pending acquisitions of HSBC** and ISBC Key 2022 economic and rate assumptions

 
20 1Q22 outlook vs. 4Q21 - Standalone See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31. Net interest income Noninterest expense Credit Noninterest income 4Q21 Underlying(1) 1Q22 Underlying outlook - CFG standalone* ■ $1,126 million ■ Down ~1% reflecting ~$18 million impact from lower day count and ~$20 million less PPP benefit, partially offset by the benefit of loan growth; stable including impact from the HSBC acquisition ■ $594 million ■ Down 8-12% reflecting decline in capital markets fees from record levels, and seasonal impacts ■ $1,010 million ■ Up ~6% given seasonal compensation impacts and full quarter impact of JMP Group acquisition ■ 14 bps NCO ratio; 1.51% ending ACL ratio ■ Net charge-offs broadly stable; provision less than net charge-offs Balance sheet ■ $125.2B average loans; $168.0B average interest-earning assets ■ Average loans up 2-3%; average interest-earning assets broadly stable *CFG standalone includes recently closed acquisitions of Willamette Management Associates and JMP Group; excludes pending acquisitions of DH Capital, HSBC's East Coast Branches and Online deposits and Investors Bancorp **HSBC East Coast Branches and Online Deposits Pending acquisition of HSBC** ■ 4Q21 spot loan and deposit balances of ~$1.7 billion and ~$7.8 billion, respectively ■ On track to close-and-convert February 18, 2022 Capital ■ 9.9% CET1 ratio(2) ■ ~9.75% CET1 ratio including impact from the HSBC acquisition

 
21 Citizens positioned for superior growth 2 3 Transformed bank since IPO – Repositioned Consumer and Commercial Banking businesses, with focus on attractive customer segments and sustainable growth – Significantly modernized and strengthened technology capabilities; digital first approach/business model 1 4 Strong franchise, in attractive markets with diversified business model – Recent acquisitions provide strong growth prospects around NYC Metro opportunity and serving industry growth sectors in Commercial – Organic initiatives based on innovation, natural opportunities Citizens remains well capitalized and maintains ample liquidity – Transformed the balance sheet; significantly improved deposit base Intense focus on expense discipline and efficiency initiatives – TOP 6 achieved total target pre-tax run-rate benefit of ~$425 million as of YE2021 – TOP 7 targeting ~$100 million pre-tax run-rate benefit by YE2022 5 Entering 2022 with strong momentum 6 Strong and proven Board and leadership team: track record of execution Successfully executing on our key strategic priorities – Building a leading digital-first Consumer bank with differentiated capabilities, expanding nationally and deepening relationships – In Commercial, strengthening corporate finance and M&A advisory coverage with deep industry expertise across key verticals; enhancing capabilities in Treasury Solutions and Global Markets to deepen relationships

 
Appendix

 
23 Acquisition timeline Regulatory Approval Received Conversion Development and Preparation Dress Rehearsal #1 Dress Rehearsal #2 Dress Rehearsal #3 Target Transaction Close and Conversion Complete Deal Announced Mobilization and Planning Target close subject to regulatory approval HSBC* integration Phased Tech / Ops Integration 3Q 2021 4Q 2021 1Q 2022 2Q 2022 - 1Q 2023 Jul Aug Sep Oct Nov Dec Jan Feb Mar 2Q22 3Q22 4Q22 1Q23 Planning is complete for an early 2Q22 close with activities underway to meet this target pending regulatory approval. Post close conversion planning is in processInvestors integration 3Q 2021 4Q 2021 1Q 2022 2Q 2022 - 1Q 2023 Jul Aug Sep Oct Nov Dec Jan Feb Mar 2Q22 3Q22 4Q22 1Q23 The HSBC integration is on target for closure February 18, 2022; completed two dress rehearsals with the final dress rehearsal in mid-January Completed milestone In process / not startedLegend: *HSBC East Coast Branches and Online Deposits

 
24 2021 TOP/ Other efficiencies Strategic Investments Compensation/ Other Volume-driven expenses Acquisitions 2022* $3,866 $3,976 2020 TOP/ Transformation Strategic Investments Compensation/ Other Volume-driven expenses Acquisitions 2021 FY2022 Underlying expense outlook(1) $3.5 2 $3.5 6 See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31. $s in millions ~$(180) ~$118 ~$95 • Branch actions • E2E digitization • Organization simplification • Tech optimization • Vendor efficiencies • Engineering/Cyber/ Digital • Wealth • National expansion • Point-of-sale • Commercial expansion • Operations • Contact centers • Digital transactions $s in millions ~$(140)-$(150) ~$95-$110 ~$4.2 billion Noninterest expense 2020-2021 Noninterest expense outlook 2021-2022 ~$55 ~$22 ~$120-$130 ~$20-$30 • Branch actions • E2E digitization • Organization simplification • Tech optimization • Vendor efficiencies • Engineering/Cyber/ Digital • Wealth • National expansion • Point-of-sale • Commercial expansion • Mortgage • Operations • Contact centers • Marketing $3,976 *Includes recently closed acquisitions of Willamette Management Associates and JMP Group; excludes pending acquisitions of DH Capital, HSBC's East Coast Branches and Online deposits and Investors Bancorp ~$130-$140 • JMP Group • Willamette Management Associates

 
25 Allocation of allowance for credit losses by product type September 30, 2021 December 31, 2021 $s in millions Loans and Leases Allowance Coverage Coverage (ex-PPP)(3) Loans and Leases Allowance Coverage Coverage (ex-PPP)(3) Allowance for Loans and Lease Losses Commercial and industrial(1) $41,854 $592 1.41 % 1.48 % $44,500 $555 1.25 % 1.27 % Commercial real estate 14,508 212 1.46 14,264 220 1.54 Leases 1,593 63 3.92 1,586 46 2.92 Total commercial 57,955 867 1.50 1.55 60,350 821 1.36 1.38 Residential mortgages 21,513 141 0.65 22,822 144 0.63 Home equity 11,889 92 0.78 12,015 82 0.69 Automobile 13,492 165 1.22 14,549 154 1.05 Education 13,000 332 2.56 12,997 308 2.37 Other retail 5,469 258 4.72 5,430 249 4.59 Total retail loans 65,363 988 1.51 67,813 937 1.38 Total loans and leases $123,318 $1,855 1.50 % 1.53 % $128,163 $1,758 1.37 % 1.38 % Allowance for Unfunded Lending Commitments(2)* Commercial(1) $130 1.72 % 1.78 % $153 1.61 % 1.63 % Retail 19 1.54 23 1.42 Total allowance for unfunded lending commitments $149 $176 Allowance for credit losses(2) $123,318 $2,004 1.63 % 1.65 % $128,163 $1,934 1.51 % 1.52 % Coverage ex-PPP calculated to exclude PPP loans which are fully guaranteed and included in the commercial and industrial category. PPP loan balances were $1,903 million and $787 million as of September 30, 2021 and December 31, 2021, respectively. *Coverage ratios reflect total allowance for credit losses for the respective portfolio. See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31.

 
26 Reiterating medium-term financial targets(1) See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31. Medium-term financial targets ROTCE CET1 Dividend payout ratio Efficiency Ratio ~14-16% ~9.75-10.00% ~35-40% ~55% Key economic assumptions ■ Real GDP growth of ~4% for 2022; trending toward ~3% annually over the medium term ■ Unemployment rate of ~3.5% by YE2022; stable from there over the medium term ■ 25 bps Fed rate hikes implied in April, July and December 2022; further rate hikes expected over 2023 Expectation is to raise the return target once the range is achieved

 
27 Underlying FY2021 performance vs. guidance(1) See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31. Underlying FY2021 Guidance Underlying FY2021 Results excluding Acquisitions ■ Net interest income down slightly vs. FY20 ■ High single digit decrease in FY NIM ■ Down high single digits from record FY20 reflecting lower mortgage banking fees given decline in gain-on- sale margins ■ ~1.5-2% increase reflecting TOP benefits, partially offset by higher mortgage volume-related expenses and reinvestment in strategic initiatives ■ Tax rate of ~21% ■ Net charge-offs of ~50-65 bps; expect meaningful reserve release ■ Mid/high single digit spot loan growth with acceleration in 2H; ~2% average loan growth vs. FY20 ■ Average interest-earning assets up ~1.5%-2.0% ■ Expect to maintain CET1 ratio in the 9.75-10.0% range ■ YE2021: fed funds rate unchanged at 0.0-0.25% ■ Ending 10-year Treasury rate of ~1.25%-1.50% range ■ Full-year GDP growth in the ~4.5-5% range ■ Net interest income down 1.6% ■ NIM declined 17 bps to 2.72% ■ Noninterest income down 9.2%(1) ■ 4.1% spot loan growth ■ 0.8% lower average loan growth ■ 4.5% interest-earning asset growth ■ Net charge-offs of 26 bps ■ ACL ratio declined 66 bps to 1.51% ■ 9.9% CET1 ratio(2) ■ YE2021: fed funds rate unchanged at 0.0-0.25% ■ Ending 10-year Treasury rate of 1.51% ■ Full-year GDP growth of 4.9% at 3Q Results reflect good fee, expense and credit performance in a tough environment for loan growth and rates Net interest income, NIM Noninterest expense, tax rate Credit Noninterest income Balance sheet Capital Key economic assumptions ■ 2.3% expense growth(1) ■ 22.2 tax rate(1)

 
28 Net income available to common shareholders and EPS $s in millions, except per share data é6%$671 $710 3Q21 4Q21 Linked-quarter Underlying results(1) Return on average total tangible assets Return on average tangible common equity Average loans $s in billions Average deposits $s in billions é2% $3.5 2 $3.5 6 é3% $122.6 $125.2 3Q21 4Q21 $151.9 $153.0 3Q21 4Q21 1.21% 1.25% 3Q21 4Q21 14.2% 14.6% 3Q21 4Q21 $520 $537 $1.22 $1.26 3Q21 4Q21 é3% Pre-provision profit $s in millions See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31. é44 bps é4 bps é1%

 
29 $737 $710 4Q20 4Q21 Year-over-year Underlying results(1) Return on average total tangible assets ê4% Average loans $s in billions é1% Net income available to common shareholders and EPS $s in millions, except per share data Return on average tangible common equity Average deposits $s in billions $3.5 2 é15 bps $3.5 6 $123.5 $125.2 4Q20 4Q21 $145.3 $153.0 4Q20 4Q21 1.10% 1.25% 4Q20 4Q21 12.9% 14.6% 4Q20 4Q21 é5% Pre-provision profit $s in millions é172 bps $448 $537 $1.04 $1.26 4Q20 4Q21 See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31. é21% é20%

 
30 $3,039 $2,671 2020 2021 Full Year Underlying results(1) Return on average total tangible assets ê12% Average loans $s in billions ê1% Net income available to common shareholders and EPS $s in millions, except per share data Return on average tangible common equity Average deposits $s in billions $3.5 2 é67 bps $3.5 6 $124.5 $123.6 2020 2021 $138.7 $150.5 2020 2021 0.67% 1.34% 2020 2021 7.5% 16.0% 2020 2021 é8% Pre-provision profit $s in millions é845 bps $1,033 $2,284 $2.41 $5.34 2020 2021 See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31. é122% é121%

 
31 Notable Items(1) Quarterly results for 2021 and 2020 reflect notable items primarily related to TOP transformational and revenue and efficiency initiatives as well as integration costs associated with pending and closed acquisitions, primarily HSBC East Coast branches and online deposits, Investors Bancorp, Inc. and JMP Group LLC. Third quarter 2021 also includes a pension settlement charge recorded in other operating expense and a compensation-related tax credit. These notable items have been excluded from reported results to better reflect Underlying operating results. See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described above. Notable items - integration costs 4Q21 3Q21 4Q20 FY 2021 FY 2020 $s in millions Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Noninterest income $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Salaries & benefits $ (3) $ (2) $ — $ — $ — $ — $ (3) $ (2) $ — $ — Equipment and software (1) (1) — — — — (1) (1) (2) (2) Outside services (22) (17) (4) (3) (2) (2) (28) (21) (8) (6) Occupancy — — — — — — — — — — Other expense (3) (2) — — — — (3) (2) — — Noninterest expense $ (29) $ (22) $ (4) $ (3) $ (2) $ (2) $ (35) $ (26) $ (10) $ (8) Total Integration Costs $ (29) $ (22) $ (4) $ (3) $ (2) $ (2) $ (35) $ (26) $ (10) $ (8) Other notable items - primarily tax and TOP 4Q21 3Q21 4Q20 FY 2021 FY 2020 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Tax notable items $ — $ — $ — $ — $ — $ 7 $ — $ — $ — $ 11 Other notable items- TOP & other actions Salaries & benefits $ (2) $ (2) $ 13 $ 9 $ (18) $ (14) $ 11 $ 8 $ (45) $ (34) Equipment and software (1) (1) (7) (5) (1) — (16) (12) (1) — Outside services (15) (11) (8) (6) (15) (11) (32) (24) (55) (42) Occupancy (5) (4) (1) — (6) (4) (18) (13) (14) (10) Other expense 1 1 (16) (11) — — (15) (11) — — Noninterest expense $ (22) $ (17) $ (19) $ (13) $ (40) $ (29) $ (70) $ (52) $ (115) $ (86) Total Other Notable Items $ (22) $ (17) $ (19) $ (13) $ (40) $ (22) $ (70) $ (52) $ (115) $ (75) Total Notable Items $ (51) $ (39) $ (23) $ (16) $ (42) $ (24) $ (105) $ (78) $ (125) $ (83) EPS Impact $ (0.09) $ (0.04) $ (0.05) $ (0.18) $ (0.19)

 
32 Notes on Non-GAAP Financial Measures See important information on Non-GAAP Financial Measures, as applicable, at the beginning and end of this presentation for an explanation of our use of these metrics and non-GAAP financial measures and their reconciliations to GAAP financial measures. "Underlying" and "excluding acquisitions" results exclude notable items and/or the impact of the acquisitions closed in this reporting period. Where there is a reference to Underlying results in a paragraph or table, all measures that follow these references are on the same basis, when applicable. Allowance coverage ratios for loans and leases includes the allowance for funded loans and leases in the numerator and funded loans and leases in the denominator. Allowance coverage ratios for credit losses includes the allowance for funded loans and leases and allowance for unfunded lending commitments in the numerator and funded loans and leases in the denominator. Coverage ex-PPP calculated to exclude PPP loans which are fully guaranteed and included in the commercial and industrial category. PPP loan balances were $1,903 million and $787 million as of September 30, 2021 and December 31, 2021, respectively. See slide 25 for more details on the calculations. General Notes a. References to net interest margin are on a fully taxable equivalent ("FTE") basis. b. Throughout this presentation, references to consolidated and/or commercial loans and loan growth include leases. Loans held for sale are also referred to as LHFS. c. Select totals may not sum due to rounding. d. Based on Basel III standardized approach. Capital Ratios are preliminary. e. Throughout this presentation, reference to balance sheet items are on an average basis and loans exclude held for sale unless otherwise noted. f. NIM excluding elevated cash adjusts interest-earning assets to exclude the impact of cash above targeted operating levels. Notes Notes on slide 3 - 4Q21 and Full Year 2021 GAAP financial summary 1) See general note a). 2) Full-time equivalent employees. Notes on slide 4 - 4Q21 and Full Year 2021 Underlying financial summary 1) See note on non-GAAP financial measures. Notes on slide 5 - Overview 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 7 - Noninterest income 1) See note on non-GAAP financial measures. 2) Includes bank-owned life insurance income and other miscellaneous income for all periods presented. Notes on slide 8 - Noninterest expense 1) See above note on non-GAAP financial measures. Notes on slide 9 - Loans and leases 1) See note non-GAAP financial measures. 2) See general note c). Notes on slide 10 - Average funding and cost of funds 1) See general note e). 2) Represents period-end deposits. Notes on slide 11 - Credit quality 1) Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing. 2) Allowance for credit losses to nonperforming loans and leases. Notes on slide 12 - Capital remains strong 1) See general note d). 2) For regulatory capital purposes, in connection with the Federal Reserve’s final interim rule as of April 3, 2020, 100% of the $451 million Day-1 CECL impact recorded as of January 1, 2020 will be deferred over a two-year period ending January 1, 2022, at which time it will be phased in on a pro-rata basis over a three-year period ending January 1, 2025. Additionally, 25% of the cumulative reserve build of $923 million since January 1, 2020, or $231 million, will be phased in over the same time frame. 3) See general note c). Notes on slide 13 - Dramatically repositioned Consumer Banking, poised for sustained growth 1) References to the term “customers” refers to the # of households; data is as of period end. 2) Originator & servicer; Inside Mortgage Finance Publications, origination data for the nine months ended September 30, 2021; servicing share data as of 3Q21. 3) Source: Inside Mortgage Finance; based on nine months ended September 30, 2021. 4) Annual reports and quarterly earnings supplements across competitors. Federal Reserve total student loan debt reporting. 5) Digital Metrics are full year within regional footprint. 6) Represents period end balances.

 
33 Notes continued Notes on slide 15 - Commercial Banking - broadening capabilities and strengthening execution 1) Thomson Reuters LPC, Loan syndication league table ranking for the prior twelve months as of 4Q21 and full year 2021 based on deals for Overall U.S. Middle Market (defined as Borrower Revenues <$500 million and Deal Size <$500 million). 2) Lead left and Joint Lead Arranger Transactions. Notes on slide 16 - Business highlights 1) Barlow Associates Annual Voice of Client Survey for all Corporate Banking, 2021 Top-2 box score. 2) Source: Inside Mortgage Finance; based on nine months ended September 30, 2021. Notes on slide 19 - FY 2022 Outlook - Standalone 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 20 - 1Q22 outlook vs. 4Q21 - Standalone 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 24 - FY2022 Underlying expense outlook 1) See note on non-GAAP financial measures. Notes on slide 25 - Allocation of allowance for credit losses by product type 1) Coverage ratio includes total commercial allowance for unfunded lending commitments and total commercial allowance for loan and lease losses in the numerator and total commercial loans and leases in the denominator. 2) Coverage ratio includes total retail allowance for unfunded lending commitments and total retail allowance for loan losses in the numerator and total retail loans in the denominator. 3) See note on non-GAAP financial measures. Notes on slide 26 - Reiterating medium-term financial targets 1) See note on non-GAAP financial measures. Notes on slide 27 - Underlying FY2021 performance vs. guidance 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 28 - Linked-quarter Underlying results 1) See note on non-GAAP financial measures. Notes on slide 29 - Year-over-year Underlying results 1) See note on non-GAAP financial measures. Notes on slide 30 - Full Year Underlying results 1) See note on non-GAAP financial measures. Notes on slide 31 - Notable Items 1) See note on non-GAAP financial measures.

 
34 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS FULL YEAR 4Q21 Change 2021 Change 4Q21 3Q21 4Q20 3Q21 4Q20 2021 2020 2020 $ % $ % $ % Total revenue, Underlying: Total revenue (GAAP) A $1,720 $1,659 $1,707 $61 4% $13 1% $6,647 $6,905 ($258) (4%) Less: Notable items — — — — — — — — — — — Total revenue, Underlying (non-GAAP) B $1,720 $1,659 $1,707 $61 4% $13 1% $6,647 $6,905 ($258) (4%) Noninterest expense, Underlying: Noninterest expense (GAAP) C $1,061 $1,011 $1,012 $50 5% $49 5% $4,081 $3,991 $90 2% Less: Notable items 51 23 42 28 122 9 21 105 125 (20) (16) Noninterest expense, Underlying (non-GAAP) D $1,010 $988 $970 $22 2% $40 4% $3,976 $3,866 $110 3% Pre-provision profit: Total revenue (GAAP) A $1,720 $1,659 $1,707 $61 4% $13 1% $6,647 $6,905 ($258) (4%) Less: Noninterest expense (GAAP) C 1,061 1,011 1,012 50 5 49 5 4,081 3,991 90 2 Pre-provision profit (GAAP) $659 $648 $695 $11 2% ($36) (5%) $2,566 $2,914 ($348) (12%) Pre-provision profit, Underlying: Total revenue, Underlying (non-GAAP) B $1,720 $1,659 $1,707 $61 4% $13 1% $6,647 $6,905 ($258) (4%) Less: Noninterest expense, Underlying (non-GAAP) D 1,010 988 970 22 2 40 4 3,976 3,866 110 3 Pre-provision profit, Underlying (non-GAAP) $710 $671 $737 $39 6% ($27) (4%) $2,671 $3,039 ($368) (12%) Income before income tax expense, Underlying: Income before income tax expense (GAAP) E $684 $681 $571 $3 —% $113 20% $2,977 $1,298 $1,679 129% Less: Expense before income tax benefit related to notable items (51) (23) (42) (28) (122) (9) (21) (105) (125) 20 16 Income before income tax expense, Underlying (non-GAAP) F $735 $704 $613 $31 4% $122 20% $3,082 $1,423 $1,659 117% Income tax expense, Underlying: Income tax expense (GAAP) G $154 $151 $115 $3 2% $39 34% $658 $241 $417 173% Less: Income tax benefit related to notable items (12) (7) (18) (5) (71) 6 33 (27) (42) 15 36 Income tax expense, Underlying (non-GAAP) H $166 $158 $133 $8 5% $33 25% $685 $283 $402 142% Net income, Underlying: Net income (GAAP) I $530 $530 $456 $— —% $74 16% $2,319 $1,057 $1,262 119% Add: Notable items, net of income tax benefit 39 16 24 23 144 15 63 78 83 (5) (6) Net income, Underlying (non-GAAP) J $569 $546 $480 $23 4% $89 19% $2,397 $1,140 $1,257 110% Net income available to common stockholders, Underlying: Net income available to common stockholders (GAAP) K $498 $504 $424 ($6) (1%) $74 17% $2,206 $950 $1,256 132% Add: Notable items, net of income tax benefit 39 16 24 23 144 15 63 78 83 (5) (6) Net income available to common stockholders, Underlying (non-GAAP) L $537 $520 $448 $17 3% $89 20% $2,284 $1,033 $1,251 121%

 
35 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS FULL YEAR 4Q21 Change 2021 Change 4Q21 3Q21 4Q20 3Q21 4Q20 2021 2020 2020 $/bps % $/bps % $/bps % Operating leverage: Total revenue (GAAP) A $1,720 $1,659 $1,707 $61 3.58% $13 0.68% $6,647 $6,905 ($258) (3.74%) Less: Noninterest expense (GAAP) C 1,061 1,011 1,012 50 4.88 49 4.76 4,081 3,991 90 2.25 Operating leverage (1.30%) (4.08%) (5.99%) Operating leverage, Underlying: Total revenue, Underlying (non-GAAP) B $1,720 $1,659 $1,707 $61 3.58% $13 0.68% $6,647 $6,905 ($258) (3.74%) Less: Noninterest expense, Underlying (non-GAAP) D 1,010 988 970 22 2.12 40 4.01 3,976 3,866 110 2.85 Operating leverage, Underlying (non-GAAP) 1.46% (3.33%) (6.59%) Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio C/A 61.68 % 60.92% 59.28 % 76 bps 240 bps 61.40 % 57.80 % 360 bps Efficiency ratio, Underlying (non-GAAP) D/B 58.71 59.55 56.83 (84) bps 188 bps 59.82 55.99 383 bpsEffective income tax rate and effective income tax rate, Underlying: Effective income tax rate G/E 22.40% 22.35% 20.16 % 5 bps 224 bps 22.10 % 18.54 % 356 bps Effective income tax rate, Underlying (non-GAAP) H/F 22.61 22.45 21.70 16 bps 91 bps 22.21 19.92 229 bps Return on average common equity and return on average common equity, Underlying: Average common equity (GAAP) M $21,320 $21,326 $20,547 ($6) —% $773 4% $21,025 $20,438 $587 3% Return on average common equity K/M 9.26 % 9.39% 8.20 % (13) bps 106 bps 10.49 % 4.65 % 584 bps Return on average common equity, Underlying (non-GAAP) L/M 9.97 9.70 8.66 27 bps 131 bps 10.86 5.05 581 bps Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) M $21,320 $21,326 $20,547 ($6) —% $773 4% $21,025 $20,438 $587 3% Less: Average goodwill (GAAP) 7,092 7,055 7,050 37 1 42 1 7,062 7,049 13 — Less: Average other intangibles (GAAP) 56 52 60 4 8 (4) (7) 54 64 (10) (16) Add: Average deferred tax liabilities related to goodwill (GAAP) 383 383 377 — — 6 2 381 376 5 1 Average tangible common equity N $14,555 $14,602 $13,814 ($47) —% $741 5% $14,290 $13,701 $589 4% Return on average tangible common equity K/N 13.57 % 13.71% 12.20 % (14) bps 137 bps 15.44 % 6.93 % 851 bps Return on average tangible common equity, Underlying (non-GAAP) L/N 14.61 14.17 12.89 44 bps 172 bps 15.98 7.53 845 bpsReturn on average total assets and return on average total assets, Underlying: Average total assets (GAAP) O $187,228 $186,108 $181,061 $1,120 1% $6,167 3% $185,106 $176,442 $8,664 5% Return on average total assets I/O 1.12 % 1.13% 1.00 % (1) bps 12 bps 1.25 % 0.60 % 65 bps Return on average total assets, Underlying (non-GAAP) J/O 1.20 1.16 1.05 4 bps 15 bps 1.30 0.65 65 bps $s in millions, except share, per share and ratio data

 
36 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS FULL YEAR 4Q21 Change 2021 Change 4Q21 3Q21 4Q20 3Q21 4Q20 2021 2020 2020 $/bps % $/bps % $/bps % Return on average total tangible assets and return on average total tangible assets, Underlying: Average total assets (GAAP) P $187,228 $186,108 $181,061 $1,120 1% $6,167 3% $185,106 $176,442 $8,664 5% Less: Average goodwill (GAAP) 7,092 7,055 7,050 37 1 42 1 7,062 7,049 13 — Less: Average other intangibles (GAAP) 56 52 60 4 8 (4) (7) 54 64 (10) (16) Add: Average deferred tax liabilities related to goodwill (GAAP) 383 383 377 — — 6 2 381 376 5 1 Average tangible assets Q $180,463 $179,384 $174,328 $1,079 1% $6,135 4% $178,371 $169,705 $8,666 5% Return on average total tangible assets I/Q 1.17 % 1.17% 1.04 % — bps 13 bps 1.30 % 0.62 % 68 bps Return on average total tangible assets, Underlying (non-GAAP) J/Q 1.25 1.21 1.10 4 bps 15 bps 1.34 0.67 67 bps Tangible book value per common share: Common shares - at period-end (GAAP) R 422,137,197 426,199,576 427,209,831 (4,062,379) (1%) (5,072,634) (1%) 422,137,197 427,209,831 (5,072,634) (1%) Common stockholders' equity (GAAP) $21,406 $21,409 $20,708 ($3) — $698 3 $21,406 $20,708 $698 3 Less: Goodwill (GAAP) 7,116 7,065 7,050 51 1 66 1 7,116 7,050 66 1 Less: Other intangible assets (GAAP) 64 51 58 13 25 6 10 64 58 6 10 Add: Deferred tax liabilities related to goodwill (GAAP) 383 384 379 (1) — 4 1 383 379 4 1 Tangible common equity S $14,609 $14,677 $13,979 ($68) —% $630 5% $14,609 $13,979 $630 5% Tangible book value per common share S/R $34.61 $34.44 $32.72 $0.17 —% $1.89 6% $34.61 $32.72 $1.89 6% Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying: Average common shares outstanding - basic (GAAP) T 424,697,880 426,086,717 427,074,822 (1,388,837) —% (2,376,942) (1%) 425,669,451 427,062,537 (1,393,086) —% Average common shares outstanding - diluted (GAAP) U 426,868,106 427,840,964 428,881,252 (972,858) — (2,013,146) — 427,435,818 428,157,780 (721,962) — Net income per average common share - basic (GAAP) K/T $1.17 $1.18 $0.99 ($0.01) (1) $0.18 18 $5.18 $2.22 $2.96 133 Net income per average common share - diluted (GAAP) K/U 1.17 1.18 0.99 (0.01) (1) 0.18 18 5.16 2.22 2.94 132 Net income per average common share - basic, Underlying (non-GAAP) L/T 1.26 1.22 1.05 0.04 3 0.21 20 5.37 2.42 2.95 122 Net income per average common share - diluted, Underlying (non- GAAP) L/U 1.26 1.22 1.04 0.04 3 0.22 21 5.34 2.41 2.93 122 $s in millions, except share, per share and ratio data

 
37 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 4Q21 Change 4Q21 3Q21 4Q20 3Q21 4Q20 $/bps % $/bps % Salaries and employee benefits, Underlying: Salaries and employee benefits (GAAP) $551 $509 $537 $42 8% $14 3% Less: Notable items 5 (13) 18 18 138 (13) (72) Salaries and employee benefits, Underlying (non-GAAP) $546 $522 $519 $24 5% $27 5% Equipment and software, Underlying: Equipment and software (GAAP) $146 $157 $141 ($11) (7%) $5 4% Less: Notable items 2 7 1 (5) (71) 1 100 Equipment and software, Underlying (non-GAAP) $144 $150 $140 ($6) (4%) $4 3% Outside services, Underlying: Outside services (GAAP) $175 $144 $148 $31 22% $27 18% Less: Notable items 37 12 17 25 208 20 118 Outside services, Underlying (non-GAAP) $138 $132 $131 $6 5% $7 5% Occupancy, Underlying: Occupancy (GAAP) $86 $77 $84 $9 12% $2 2% Less: Notable items 5 1 6 4 NM (1) (17) Occupancy, Underlying (non-GAAP) $81 $76 $78 $5 7% $3 4% Other operating expense, Underlying: Other operating expense (GAAP) $103 $124 $102 ($21) (17%) $1 1% Less: Notable items 2 16 — (14) (87) 2 100 Other operating expense, Underlying (non-GAAP) $101 $108 $102 ($7) (6%) ($1) (1%) $s in millions, except share, per share and ratio data

 
38 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 2Q21 1Q21 Total revenue, Underlying: Total revenue (GAAP) A $1,609 $1,659 Less: Notable items — — Total revenue, Underlying (non-GAAP) B $1,609 $1,659 Noninterest expense, Underlying: Noninterest expense (GAAP) C $991 $1,018 Less: Notable items 11 20 Noninterest expense, Underlying (non-GAAP) D $980 $998 Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio C/A 61.63 % 61.35% Efficiency ratio, Underlying (non-GAAP) D/B 60.92 60.19

 
39 Non-GAAP financial measures and reconciliations - excluding the impact of PPP loans QUARTERLY TRENDS 4Q21 Change 4Q21 3Q21 4Q20 3Q21 4Q20 $/bps % $/bps % Total loans, excluding the impact of PPP loans: Total loans (GAAP) $128,163 $123,318 $123,090 $4,845 4% $5,073 4% Less: PPP loans 787 1,903 4,155 (1,116) (59) (3,368) (81) Total loans, excluding the impact of PPP loans (non-GAAP) $127,376 $121,415 $118,935 $5,961 5% $8,441 7% Total commercial loans, excluding the impact of PPP loans: Total commercial loans (GAAP) $60,350 $57,955 $60,793 $2,395 4% ($443) (1%) Less: PPP loans 787 1,903 4,155 (1,116) (59) (3,368) (81) Total commercial loans, excluding the impact of PPP loans (non-GAAP) $59,563 $56,052 $56,638 $3,511 6% $2,925 5% Average loans, excluding the impact of PPP loans: Average loans (GAAP) $125,209 $122,641 $123,461 $2,568 2% $1,748 1% Less: PPP loans 1,317 2,770 4,540 (1,453) (52) (3,223) (71) Average loans, excluding the impact of PPP loans (non-GAAP) $123,892 $119,871 $118,921 $4,021 3% $4,971 4% Average commercial loans, excluding the impact of PPP loans: Average commercial loans (GAAP) $58,900 $58,681 $61,515 $219 —% ($2,615) (4%) Less: PPP loans 1,317 2,770 4,540 (1,453) (52) (3,223) (71) Average commercial loans, excluding the impact of PPP loans (non-GAAP) $57,583 $55,911 $56,975 $1,672 3% $608 1% $s in millions

 
40 Non-GAAP financial measures and reconciliations - Underlying excluding Acquisitions QUARTERLY TRENDS FULL YEAR 4Q21 Change 2021 Change 4Q21 3Q21 4Q20 3Q21 4Q20 2021 2020 2020 $/bps % $/bps % $/bps % Noninterest income, Underlying excluding Acquisitions: Noninterest income (GAAP) $594 $514 $578 $80 16% $16 3% $2,135 $2,319 ($184) (8%) Less: Acquisitions impact 29 1 — 28 NM 29 100 30 — 30 100 Noninterest income, Underlying excluding Acquisitions (non-GAAP) $565 $513 $578 $52 10% ($13) (2%) $2,105 $2,319 ($214) (9%) Total revenue, Underlying excluding Acquisitions: Total revenue (GAAP) A $1,720 $1,659 $1,707 $61 4% $13 1% $6,647 $6,905 ($258) (4%) Less: Acquisitions impact 29 1 — 28 NM 29 100 30 — 30 100 Total revenue, Underlying excluding Acquisitions (non-GAAP) B $1,691 $1,658 $1,707 $33 2% ($16) (1%) $6,617 $6,905 ($288) (4%) Noninterest expense, Underlying excluding Acquisitions: Noninterest expense (GAAP) C $1,061 $1,011 $1,012 $50 5% $49 5% $4,081 $3,991 $90 2% Less: Notable items 51 23 42 28 122 9 21 105 125 (20) (16) Less: Acquisitions impact 21 1 — 20 NM 21 100 22 — 22 100 Noninterest expense, Underlying excluding Acquisitions (non-GAAP) D $989 $987 $970 $2 —% $19 2% $3,954 $3,866 $88 2% Income before income tax expense, Underlying excluding Acquisitions: Income before income tax expense (GAAP) E $684 $681 $571 $3 —% $113 20% $2,977 $1,298 $1,679 129% Less: Expense before income tax benefit related to notable items (51) (23) (42) (28) (122) (9) (21) (105) (125) 20 16 Less: Net of income and expense before income tax benefit related to Acquisitions impact 8 — — 8 NM 8 100 8 — 8 100 Income before income tax expense, Underlying excluding Acquisitions (non-GAAP) F $727 $704 $613 $23 3% $114 19% $3,074 $1,423 $1,651 116% Income tax expense, Underlying excluding Acquisitions: Income tax expense (GAAP) G $154 $151 $115 $3 2% $39 34% $658 $241 $417 173% Less: Income tax benefit related to notable items (12) (7) (18) (5) (71) 6 33 (27) (42) 15 36 Less: Income tax benefit related to Acquisitions impact 2 — — 2 NM 2 100 2 — 2 100 Income tax expense, Underlying excluding Acquisitions (non-GAAP) H $164 $158 $133 $6 4% $31 23% $683 $283 $400 141% $s in millions, except ratio data

 
41 Non-GAAP financial measures and reconciliations - Underlying excluding Acquisitions QUARTERLY TRENDS FULL YEAR 4Q21 Change 2021 Change 4Q21 3Q21 4Q20 3Q21 4Q20 2021 2020 2020 $/bps % $/bps % $/bps % Operating leverage: Total revenue (GAAP) A $1,720 $1,659 $1,707 $61 3.58% $13 0.68% $6,647 $6,905 ($258) (3.74%) Less: Noninterest expense (GAAP) C 1,061 1,011 1,012 50 4.88 49 4.76 4,081 3,991 90 2.25 Operating leverage (1.30%) (4.08%) (5.99%) Operating leverage, Underlying excluding Acquisitions: Total Revenue, Underlying excluding Acquisitions (non-GAAP) B $1,691 $1,658 $1,707 $33 1.92% ($16) (1.02%) $6,617 $6,905 ($288) (4.19%) Less: Noninterest expense, Underlying excluding Acquisitions (non- GAAP) D $989 $987 $970 $2 0.15% $19 1.89% $3,954 $3,866 $88 2.28% Operating leverage, Underlying excluding Acquisitions (non-GAAP) 1.77% (2.91%) (6.47%) Effective income tax rate and effective income tax rate, Underlying excluding Acquisitions: Effective income tax rate G/E 22.40% 22.35% 20.16 % 5 bps 224 bps 22.10 % 18.54 % 356 bps Effective income tax rate, Underlying excluding Acquisitions (non- GAAP) H/F 22.56 22.46 21.70 10 bps 86 bps 22.22 19.92 230 bps Capital markets fees, Underlying excluding Acquisitions: Capital markets fees (GAAP) $184 $72 $88 $112 156% $96 109% $428 $250 $178 71% Less: Acquisitions impact 27 1 — 26 NM 27 100 28 — 28 100 Capital markets fees, Underlying excluding Acquisitions (non-GAAP) $157 $71 $88 $86 121% $69 78% $400 $250 $150 60% $s in millions, except ratio data

 

 
















newcfglogomediuma01a21.jpg


Financial Supplement

Fourth Quarter and Full Year 2021





















1

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

2

CONSOLIDATED FINANCIAL HIGHLIGHTS
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
4Q213Q212Q211Q214Q203Q214Q20202120202020
$/bps%$/bps%$/bps%
SELECTED OPERATING DATA
Total revenue$1,720 $1,659 $1,609 $1,659 $1,707 $61 4 %$13 1 %$6,647 $6,905 ($258)(4 %)
Noninterest expense1,061 1,011 991 1,018 1,012 50 5 49 5 4,081 3,991 90 2 
Profit before provision for credit losses659 648 618 641 695 11 2 (36)(5)2,566 2,914 (348)(12)
Provision for credit losses(25)(33)(213)(140)124 8 24 (149)NM(411)1,616 (2,027)NM
NET INCOME530 530 648 611 456 — — 74 16 2,319 1,057 1,262 119 
Net income, Underlying1
569 546 656 626 480 23 4 89 19 2,397 1,140 1,257 110 
Net income available to common stockholders498 504 616 588 424 (6)(1)74 17 2,206 950 1,256 132 
Net income available to common stockholders, Underlying1
537 520 624 603 448 17 3 89 20 2,284 1,033 1,251 121 
PER COMMON SHARE DATA
Basic earnings$1.17 $1.18 $1.45 $1.38 $0.99 ($0.01)(1 %)$0.18 18 %$5.18 $2.22 $2.96 133 %
Diluted earnings1.17 1.18 1.44 1.37 0.99 (0.01)(1)0.18 18 5.16 2.22 2.94 132 
Basic earnings, Underlying1
1.26 1.22 1.47 1.41 1.05 0.04 3 0.21 20 5.37 2.42 2.95 122 
Diluted earnings, Underlying1
1.26 1.22 1.46 1.41 1.04 0.04 3 0.22 21 5.34 2.41 2.93 122 
Cash dividends declared and paid per common share 0.39 0.39 0.39 0.39 0.39 — — — — 1.56 1.56 — — 
Book value per common share50.71 50.23 49.72 48.57 48.47 0.48 1 2.24 5 50.71 48.47 2.24 5 
Tangible book value per common share34.61 34.44 33.95 32.79 32.72 0.17 — 1.89 6 34.61 32.72 1.89 6 
Dividend payout ratio33 %33 %27 %28 %39 %—  bps(600) bps30 %70 %(4,000) bps
Dividend payout ratio, Underlying1
31 32 27 28 37 (100) bps(600) bps29 65 (3,600) bps
COMMON SHARES OUTSTANDING
Average: Basic424,697,880 426,086,717 425,948,706 425,953,715.598333 427,074,822 (1,388,837)— %(2,376,942)(1 %)425,669,451 427,062,537 (1,393,086)— %
   Diluted426,868,106 427,840,964 427,561,572 427,880,529.598333 428,881,252 (972,858)— (2,013,146)— 427,435,818 428,157,780 (721,962)— 
Common shares at period-end422,137,197 426,199,576 426,083,143 425,930,159 427,209,831 (4,062,379)(1)(5,072,634)(1)422,137,197 427,209,831 (5,072,634)(1)
1 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

3

CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(in millions, except ratio and headcount data)
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
4Q213Q212Q211Q214Q203Q214Q20202120202020
$/bps%$/bps%$/bps%
FINANCIAL RATIOS
Net interest margin2.66 %2.72 %2.71 %2.75 %2.75 %(6) bps(9) bps2.71 %2.88 %(17) bps
Net interest margin, FTE1
2.66 2.72 2.72 2.76 2.75 (6)(9)2.72 2.89 (17) 
Return on average common equity9.26 9.39 11.85 11.57 8.20 (13)106 10.49 4.65 584  
Return on average common equity, Underlying2
9.97 9.70 12.02 11.85 8.66 27 131 10.86 5.05 581  
Return on average tangible common equity13.57 13.71 17.50 17.17 12.20 (14)137 15.44 6.93 851  
Return on average tangible common equity, Underlying2
14.61 14.17 17.74 17.59 12.89 44 172 15.98 7.53 845  
Return on average total assets1.12 1.13 1.41 1.36 1.00 (1)12 1.25 0.60 65  
Return on average total assets, Underlying2
1.20 1.16 1.43 1.39 1.05 4 15 1.30 0.65 65  
Return on average total tangible assets1.17 1.17 1.46 1.41 1.04 — 13 1.30 0.62 68  
Return on average total tangible assets, Underlying2
1.25 1.21 1.48 1.44 1.10 4 15 1.34 0.67 67  
Effective income tax rate22.40 22.35 21.96 21.76 20.16 5 224 22.10 18.54 356  
Effective income tax rate, Underlying2
22.61 22.45 22.01 21.85 21.70 16 91 22.21 19.92 229  
Efficiency ratio61.68 60.92 61.63 61.35 59.28 76 240 61.40 57.80 360  
Efficiency ratio, Underlying2
58.71 59.55 60.92 60.19 56.83 (84)188 59.82 55.99 383  
Noninterest income as a % of total revenue35 %31 %30 %33 %34 %400  bps100  bps32 %34 %(200) bps
CAPITAL RATIOS - PERIOD-END (PRELIMINARY)
CET1 capital ratio9.9 %10.3 %10.3 %10.1 %10.0 %
Tier 1 capital ratio11.1 11.6 11.6 11.4 11.3 
Total capital ratio12.7 13.4 13.5 13.4 13.4 
Tier 1 leverage ratio9.7 9.7 9.7 9.5 9.4 
Tangible common equity ratio8.1 8.1 8.1 7.7 7.9 
SELECTED BALANCE SHEET DATA
Loan-to-deposit ratio (period-end balances)83.03 %81.01 %81.38 %80.74 %83.64 %202  bps(61) bps83.03 %83.64 %(61) bps
Loan-to-deposit ratio (average balances)81.83 80.75 82.14 83.77 84.99 108  bps(316) bps82.10 89.77 (767) bps
Full-time equivalent colleagues17,463 17,366 17,472 17,405 17,584 97 1 (121)(1)17,463 17,584 (121)(1)
1Net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented.
2These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."




4

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(in millions)
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
4Q213Q212Q211Q214Q203Q214Q20202120202020
$%$%$%
INTEREST INCOME
Interest and fees on loans and leases$1,056 $1,078 $1,058 $1,061 $1,105 ($22)(2 %)($49)(4 %)$4,253 $4,719 ($466)(10 %)
Interest and fees on loans held for sale19 21 24 18 19 (2)(10)— — 82 75 7 9 
Interest and fees on other loans held for sale4 1 2 6 1 3 NM3 NM13 33 (20)(61)
Investment securities119 116 124 128 121 3 3 (2)(2)487 519 (32)(6)
Interest-bearing deposits in banks4 6 3 3 3 (2)(33)1 33 16 11 5 45 
Total interest income1,202 1,222 1,211 1,216 1,249 (20)(2)(47)(4)4,851 5,357 (506)(9)
INTEREST EXPENSE
Deposits33 35 42 50 69 (2)(6)(36)(52)160 509 (349)(69)
Short-term borrowed funds1 — — — 1 1 100 — — 1 2 (1)(50)
Long-term borrowed funds42 42 45 49 50 — — (8)(16)178 260 (82)(32)
Total interest expense76 77 87 99 120 (1)(1)(44)(37)339 771 (432)(56)
Net interest income1,126 1,145 1,124 1,117 1,129 (19)(2)(3)— 4,512 4,586 (74)(2)
NONINTEREST INCOME
Capital markets fees184 72 91 81 88 112 156 96 109 428 250 178 71 
Service charges and fees100 110 100 99 104 (10)(9)(4)(4)409 403 6 1 
Mortgage banking fees76 108 85 165 193 (32)(30)(117)(61)434 915 (481)(53)
Card fees65 66 64 55 56 (1)(2)9 16 250 217 33 15 
Trust and investment services fees60 61 60 58 52 (1)(2)8 15 239 203 36 18 
Letter of credit and loan fees41 39 38 38 38 2 5 3 8 156 140 16 11 
Foreign exchange and interest rate products35 29 28 28 35 6 21 — — 120 120 — — 
Securities gains, net1 3 3 3 — (2)(67)1 100 10 4 6 150 
Other income32 26 16 15 12 6 23 20 167 89 67 22 33 
Total noninterest income594 514 485 542 578 80 16 16 3 2,135 2,319 (184)(8)
TOTAL REVENUE1,720 1,659 1,609 1,659 1,707 61 4 13 1 6,647 6,905 (258)(4)
Provision for credit losses(25)(33)(213)(140)124 8 24 (149)NM(411)1,616 (2,027)NM
NONINTEREST EXPENSE
Salaries and employee benefits551 509 524 548 537 42 8 14 3 2,132 2,123 9 — 
Equipment and software 146 157 155 152 141 (11)(7)5 4 610 565 45 8 
Outside services175 144 137 139 148 31 22 27 18 595 553 42 8 
Occupancy86 77 82 88 84 9 12 2 2 333 331 2 1 
Other operating expense103 124 93 91 102 (21)(17)1 1 411 419 (8)(2)
Total noninterest expense1,061 1,011 991 1,018 1,012 50 5 49 5 4,081 3,991 90 2 
Income before income tax expense684 681 831 781 571 3 — 113 20 2,977 1,298 1,679 129 
Income tax expense154 151 183 170 115 3 2 39 34 658 241 417 173 
Net income$530 $530 $648 $611 $456 $— — %$74 16 %$2,319 $1,057 $1,262 119 %
Net income, Underlying1
$569 $546 $656 $626 $480 $23 4 %$89 19 %$2,397 $1,140 $1,257 110 %
Net income available to common stockholders$498 $504 $616 $588 $424 ($6)(1 %)$74 17 %$2,206 $950 $1,256 132 %
Net income available to common stockholders, Underlying1
$537 $520 $624 $603 $448 $17 3 %$89 20 %$2,284 $1,033 $1,251 121 %
1 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

5

CONSOLIDATED BALANCE SHEETS (unaudited)
(in millions)
PERIOD-END BALANCESAS OFDECEMBER 31, 2021 CHANGE
Dec 31, 2021Sept 30, 2021June 30, 2021Mar 31, 2021Dec 31, 2020September 30, 2021December 31, 2020
$%$%
ASSETS
Cash and due from banks$1,155 $1,145 $1,035 $1,117 $1,037 $10 1 %$118 11 %
Interest-bearing cash and due from banks8,003 12,571 11,606 13,543 11,696 (4,568)(36)(3,693)(32)
Interest-bearing deposits in banks316 289 401 308 306 27 9 10 3 
Debt securities available for sale, at fair value26,067 24,911 24,583 24,467 22,942 1,156 5 3,125 14 
Debt securities held to maturity2,242 2,492 2,711 2,995 3,235 (250)(10)(993)(31)
Loans held for sale, at fair value2,733 3,177 3,616 4,304 3,564 (444)(14)(831)(23)
Other loans held for sale735 93 82 75 439 642 NM296 67 
Loans and leases128,163 123,318 122,581 122,195 123,090 4,845 4 5,073 4 
Less: Allowance for loan and lease losses(1,758)(1,855)(1,947)(2,194)(2,443)97 (5)685 (28)
Net loans and leases126,405 121,463 120,634 120,001 120,647 4,942 4 5,758 5 
Derivative assets1,216 1,769 1,655 1,298 1,915 (553)(31)(699)(37)
Premises and equipment768 732 735 743 759 36 5 9 1 
Bank-owned life insurance2,843 2,428 2,268 2,135 1,756 415 17 1,087 62 
Goodwill7,116 7,065 7,050 7,050 7,050 51 1 66 1 
Other assets8,810 8,872 8,728 9,181 8,003 (62)(1)807 10 
TOTAL ASSETS$188,409 $187,007 $185,104 $187,217 $183,349 $1,402 1 %$5,060 3 %
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing$49,443 $48,184 $47,480 $46,067 $43,831 $1,259 3 %$5,612 13 %
Interest-bearing104,918 104,037 103,156 105,282 103,333 881 1 1,585 2 
Total deposits154,361 152,221 150,636 151,349 147,164 2,140 1 7,197 5 
Short-term borrowed funds74 8 62 70 243 66 NM(169)(70)
Derivative liabilities197 187 144 111 128 10 5 69 54 
Deferred taxes, net— 689 720 593 629 (689)(100)(629)(100)
Long-term borrowed funds:
FHLB advances19 20 18 19 19 (1)(5)— — 
Senior debt5,326 5,345 5,357 6,714 6,740 (19)— (1,414)(21)
Subordinated debt and other debt1,587 1,582 1,582 1,583 1,587 5 — — — 
Total long-term borrowed funds6,932 6,947 6,957 8,316 8,346 (15)— (1,414)(17)
Other liabilities3,425 3,532 3,386 4,125 4,166 (107)(3)(741)(18)
TOTAL LIABILITIES164,989 163,584 161,905 164,564 160,676 1,405 1 4,313 3 
STOCKHOLDERS' EQUITY
Preferred stock:
$25.00 par value, 100,000,000 shares authorized for each of the periods presented2,014 2,014 2,014 1,965 1,965 — — 49 2 
Common stock:
$0.01 par value, 1,000,000,000 shares authorized for each of the periods presented6 6 6 6 6 — — — — 
Additional paid-in capital19,005 18,981 18,964 18,945 18,940 24 — 65 — 
Retained earnings7,978 7,648 7,314 6,866 6,445 330 4 1,533 24 
Treasury stock, at cost(4,918)(4,718)(4,718)(4,718)(4,623)(200)(4)(295)(6)
Accumulated other comprehensive income (loss)(665)(508)(381)(411)(60)(157)(31)(605)NM
TOTAL STOCKHOLDERS' EQUITY23,420 23,423 23,199 22,653 22,673 (3)— 747 3 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$188,409 $187,007 $185,104 $187,217 $183,349 $1,402 1 %$5,060 3 %
Memo: Total tangible common equity$14,609 $14,677 $14,466 $13,964 $13,979 ($68)— %$630 5 %



6

LOANS AND DEPOSITS
(in millions)
PERIOD-END BALANCESAS OFDECEMBER 31, 2021 CHANGE
Dec 31, 2021Sept 30, 2021June 30, 2021Mar 31, 2021Dec 31, 2020Sept 30, 2021December 31, 2020
$%$%
LOANS AND LEASES
Commercial and industrial$44,500 $41,854 $42,842 $44,058 $44,173 $2,646 6 %$327 1 %
Commercial real estate14,264 14,508 14,412 14,553 14,652 (244)(2)(388)(3)
Leases1,586 1,593 1,829 1,802 1,968 (7)— (382)(19)
Total commercial60,350 57,955 59,083 60,413 60,793 2,395 4 (443)(1)
Residential mortgages22,822 21,513 20,538 19,202 19,539 1,309 6 3,283 17 
Home equity12,015 11,889 11,841 11,854 12,149 126 1 (134)(1)
Automobile14,549 13,492 12,780 12,344 12,153 1,057 8 2,396 20 
Education12,997 13,000 12,800 12,691 12,308 (3)— 689 6 
Other retail5,430 5,469 5,539 5,691 6,148 (39)(1)(718)(12)
Total retail67,813 65,363 63,498 61,782 62,297 2,450 4 5,516 9 
Total loans and leases$128,163 $123,318$122,581$122,195$123,090$4,845 4 %$5,073 4 %
Loans held for sale, at fair value2,733 3,177 3,616 4,304 3,564 (444)(14)(831)(23)
Other loans held for sale735 93 82 75 439 642 NM296 67 
Loans and leases and loans held for sale$131,631 $126,588 $126,279 $126,574 $127,093 $5,043 4 %$4,538 4 %
DEPOSITS
Demand$49,443 $48,184 $47,480 $46,067 $43,831 $1,259 3 %$5,612 13 %
Checking with interest30,409 27,985 28,074 26,883 27,204 2,424 9 3,205 12 
Regular savings22,030 21,166 20,382 19,634 18,044 864 4 3,986 22 
Money market accounts47,216 48,935 48,150 51,074 48,569 (1,719)(4)(1,353)(3)
Term deposits5,263 5,951 6,550 7,691 9,516 (688)(12)(4,253)(45)
Total deposits$154,361 $152,221 $150,636 $151,349 $147,164 $2,140 1 %$7,197 5 %


7

AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(in millions, except rates)
QUARTERLY TRENDS4Q21 Change
4Q213Q214Q203Q214Q20
Average BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks$11,152 $4 0.15 %$13,749 $6 0.16 %$11,303 $3 0.10 %($2,597)($2)(1) bps($151)$1 5 bps
Taxable investment securities28,191 119 1.68 27,466 116 1.69 25,471 121 1.89 725 3 (1)2,720 (2)(21)
Non-taxable investment securities2 — 2.60 2 — 2.60 3 — 2.60 — — —(1)— —
Total investment securities28,193 119 1.68 27,468 116 1.69 25,474 121 1.89 725 3 (1)2,719 (2)(21)
Commercial and industrial43,070 345 3.12 42,330 362 3.36 44,594 370 3.25 740 (17)(24)(1,524)(25)(13)
Commercial real estate14,261 95 2.61 14,656 96 2.56 14,745 97 2.58 (395)(1)5(484)(2)3
Leases1,569 12 3.00 1,695 12 2.72 2,176 14 2.58 (126)— 28(607)(2)42
Total commercial58,900 452 2.99 58,681 470 3.14 61,515 481 3.07 219 (18)(15)(2,615)(29)(8)
Residential mortgages22,047 154 2.81 20,834 157 3.01 19,543 151 3.08 1,213 (3)(20)2,504 3 (27)
Home equity11,948 91 3.02 11,829 92 3.08 12,239 98 3.18 119 (1)(6)(291)(7)(16)
Automobile13,976 130 3.67 13,136 126 3.83 12,066 129 4.26 840 4 (16)1,910 1 (59)
Education12,885 133 4.09 12,707 134 4.19 11,931 136 4.55 178 (1)(10)954 (3)(46)
Other retail5,453 96 7.07 5,454 99 7.15 6,167 110 7.10 (1)(3)(8)(714)(14)(3)
Total retail66,309 604 3.63 63,960 608 3.78 61,946 624 4.01 2,349 (4)(15)4,363 (20)(38)
Total loans and leases125,209 1,056 3.33 122,641 1,078 3.47 123,461 1,105 3.54 2,568 (22)(14)1,748 (49)(21)
Loans held for sale, at fair value3,133 19 2.44 3,299 21 2.51 3,185 19 2.41 (166)(2)(7)(52)— 3
Other loans held for sale321 4 4.85 112 1 3.98 110 1 3.14 209 3 87211 3 171
Total interest-earning assets168,008 1,202 2.83 167,269 1,222 2.89 163,533 1,249 3.02 739 (20)(6)4,475 (47)(19)
Noninterest-earning assets19,220 18,839 17,528 381 1,692 
TOTAL ASSETS$187,228 $186,108 $181,061 $1,120 $6,167 
INTEREST-BEARING LIABILITIES
Checking with interest$28,075 6 0.09 $27,965 7 0.09 $26,432 8 0.11 $110 ($1)—$1,643 ($2)(2)
Money market accounts48,512 17 0.14 49,159 18 0.14 48,667 27 0.22 (647)(1)—(155)(10)(8)
Regular savings21,575 4 0.09 20,803 5 0.09 17,566 7 0.15 772 (1)—4,009 (3)(6)
Term deposits5,636 6 0.33 6,071 5 0.43 10,191 27 1.09 (435)1 (10)(4,555)(21)(76)
Total interest-bearing deposits103,798 33 0.13 103,998 35 0.14 102,856 69 0.27 (200)(2)(1)942 (36)(14)
Short-term borrowed funds24 1 5.15 23 — 2.06 232 1 0.44 1 1 309(208)— 471
FHLB advances18 — 0.85 19 — 0.88 19 — 0.93 (1)— (3)(1)— (8)
Senior debt5,338 25 1.87 5,356 25 1.84 6,845 33 1.93 (18)— 3(1,507)(8)(6)
Subordinated debt and other debt1,587 17 4.35 1,581 17 4.25 1,586 17 4.35 6 — 101 — —
Total long-term borrowed funds6,943 42 2.43 6,956 42 2.38 8,450 50 2.38 (13)— 5(1,507)(8)5
Total borrowed funds6,967 43 2.44 6,979 42 2.38 8,682 51 2.33 (12)1 6(1,715)(8)11
Total interest-bearing liabilities110,765 76 0.27 110,977 77 0.28 111,538 120 0.43 (212)(1)(1)(773)(44)(16)
Demand deposits49,206 47,873 42,411 1,333 6,795 
Other liabilities3,924 3,904 4,600 20 (676)
TOTAL LIABILITIES163,895 162,754 158,549 1,141 5,346 
STOCKHOLDERS' EQUITY23,333 23,354 22,512 (21)821 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$187,228 $186,108 $181,061 $1,120 $6,167 
INTEREST RATE SPREAD2.56 %2.61 %2.60 %(5)(4)
NET INTEREST MARGIN AND NET INTEREST INCOME$1,126 2.66 %$1,145 2.72 %$1,129 2.75 %($19)(6)($3)(9)
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE1
$1,128 2.66 %$1,147 2.72 %$1,132 2.75 %($19)(6)($4)(9)
Memo: Total deposits (interest-bearing and demand)$153,004 $33 0.09 %$151,871 $35 0.09 %$145,267 $69 0.19 %$1,133 — bps$7,737 ($36)(10) bps
1Net interest income and net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented.
8

AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(in millions, except rates)
FULL YEAR2021 Change
202120202020
Average BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks$11,762 $16 0.13 %$6,175 $11 0.18 %$5,587 $5 (5) bps
Taxable investment securities27,574 487 1.76 25,160 519 2.06 2,414 (32)(30)
Non-taxable investment securities3 — 2.60 4 — 2.60 (1)— — 
Total investment securities27,577 487 1.76 25,164 519 2.06 2,413 (32)(30)
Commercial and industrial43,512 1,399 3.17 46,255 1,582 3.36 (2,743)(183)(19)
Commercial real estate14,515 380 2.58 14,452 438 2.98 63 (58)(40)
Leases1,742 49 2.79 2,365 64 2.71 (623)(15)8 
Total commercial59,769 1,828 3.02 63,072 2,084 3.25 (3,303)(256)(23)
Residential mortgages20,636 613 2.97 19,178 618 3.22 1,458 (5)(25)
Home equity11,901 370 3.11 12,607 461 3.66 (706)(91)(55)
Automobile12,972 506 3.90 12,064 517 4.29 908 (11)(39)
Education12,666 536 4.23 11,165 560 5.02 1,501 (24)(79)
Other retail5,607 400 7.15 6,458 479 7.41 (851)(79)(26)
Total retail63,782 2,425 3.80 61,472 2,635 4.29 2,310 (210)(49)
Total loans and leases123,551 4,253 3.42 124,544 4,719 3.76 (993)(466)(34)
Loans held for sale, at fair value3,359 82 2.45 2,772 75 2.72 587 7 (27)
Other loans held for sale262 13 4.87 620 33 5.22 (358)(20)(35)
Total interest-earning assets166,511 4,851 2.90 159,275 5,357 3.35 7,236 (506)(45)
Noninterest-earning assets18,595 17,167 1,428 
TOTAL ASSETS$185,106 $176,442 $8,664 
INTEREST-BEARING LIABILITIES
Checking with interest$27,365 24 0.09 $26,002 64 0.24 $1,363 (40)(15)
Money market accounts49,148 78 0.16 44,732 192 0.43 4,416 (114)(27)
Regular savings20,276 19 0.10 16,144 50 0.31 4,132 (31)(21)
Term deposits6,802 39 0.58 14,309 203 1.42 (7,507)(164)(84)
Total interest-bearing deposits103,591 160 0.15 101,187 509 0.50 2,404 (349)(35)
Short-term borrowed funds66 1 1.13 334 2 0.52 (268)(1)61 
FHLB advances18 — 0.89 1,929 30 1.53 (1,911)(30)(64)
Senior debt5,810 110 1.89 7,280 159 2.18 (1,470)(49)(29)
Subordinated debt and other debt1,584 68 4.27 1,644 71 4.34 (60)(3)(7)
Total long-term borrowed funds7,412 178 2.39 10,853 260 2.39 (3,441)(82)— 
Total borrowed funds7,478 179 2.38 11,187 262 2.33 (3,709)(83)5 
Total interest-bearing liabilities111,069 339 0.30 112,374 771 0.69 (1,305)(432)(39)
Demand deposits46,898 37,553 9,345 
Other liabilities4,105 4,280 (175)
TOTAL LIABILITIES162,072 154,207 7,865 
STOCKHOLDERS' EQUITY23,034 22,235 799 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$185,106 $176,442 $8,664 
INTEREST RATE SPREAD2.60 %2.66 %(6)
NET INTEREST MARGIN AND NET INTEREST INCOME$4,512 2.71 %$4,586 2.88 %($74)(17)
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE1
$4,521 2.72 %$4,599 2.89 %($78)(17)
Memo: Total deposits (interest-bearing and demand)$150,489 $160 0.11 %$138,740 $509 0.37 %$11,749 ($349)(26) bps
1Net interest income and net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented.
9

MORTGAGE BANKING FEES SUMMARY
(in millions, except ratio data)
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
4Q213Q212Q211Q214Q203Q214Q20202120202020
$/bps%$/bps%$/bps%
MORTGAGE BANKING FEES1
Production revenue$60 $98 $86 $140 $193 ($38)(39 %)($133)(69 %)$384 $875 ($491)(56 %)
Mortgage servicing revenue14 9 13 — 4 556 10250 36 32 4 13 
MSR valuation changes, net of hedge impact2 1 (14)25 (4)1100 6NM14 8 6 75 
Total mortgage banking fees$76 $108 $85 $165 $193 ($32)(30 %)($117)(61 %)$434 $915 ($481)(53 %)
Pull-through adjusted locks$5,785 $7,359 $8,154 $8,762 $9,262 ($1,574)(21 %)($3,477)(38 %)$30,060 $37,204 ($7,144)(19 %)
Production revenue as a percentage of Pull-through adjusted locks1.05 %1.32 %1.05 %1.59 %2.09 %(27) bps(104) bps1.27 %2.35 %(108) bps
RESIDENTIAL REAL ESTATE ORIGINATIONS
Retail$3,794 $3,560 $3,956 $3,744 $4,096 $2347 %($302)(7 %)$15,054 $14,801 $2532 %
Third Party6,084 6,749 7,443 7,398 6,762 (665)(10)(678)(10)27,674 25,774 1,9007 
Total$9,878 $10,309 $11,399 $11,142 $10,858 ($431)(4 %)(980)(9 %)$42,728 $40,575 $2,1535 %
Originated for sale$7,814 $8,457 $9,592 $9,716 $9,215 ($643)(8 %)($1,401)(15 %)$35,579 $33,549 $2,0306 %
Originated for investment2,064 1,852 1,807 1,426 1,643 21211 42126 7,149 7,026 1232 
Total$9,878 $10,309 $11,399 $11,142 $10,858 ($431)(4 %)($980)(9 %)$42,728 $40,575 $2,1535 %
MORTGAGE SERVICING INFORMATION (UPB)
Loans serviced for others$90,189 $87,350 $84,596 $81,805 $81,240 $2,8393 %$8,94911 %$90,189 $81,240 $8,94911 %
Owned loans serviced24,855 23,988 23,329 22,762 22,582 8674 2,27310 24,855 22,582 2,27310 
Total$115,044 $111,338 $107,925 $104,567 $103,822 $3,7063 %$11,22211 %$115,044 $103,822 $11,22211 %
MSR at fair value$1,029 $978 $902 $893 $658 $515 %$37156 %$1,029 $658 $371 56 %
    
1Beginning in the second quarter of 2021, mortgage banking fees are presented on a consolidated basis. Prior periods have been adjusted to conform with the current period presentation.

10

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

QUARTERLY TRENDSFULL YEAR
CONSUMER BANKING4Q21 Change2021 Change
4Q213Q212Q211Q214Q203Q214Q20202120202020
$/bps%$/bps%$/bps%
Net interest income$883 $919 $897 $863 $859 ($36)(4 %)$24 3 %$3,562 $3,311 $251 8 %
Noninterest income274 315 283 351 375 (41)(13)(101)(27)1,223 1,655 (432)(26)
Total revenue1,157 1,234 1,180 1,214 1,234 (77)(6)(77)(6)4,785 4,966 (181)(4)
Noninterest expense737 749 751 750 749 (12)(2)(12)(2)2,987 2,964 23 1 
Profit before provision for credit losses420 485 429 464 485 (65)(13)(65)(13)1,798 2,002 (204)(10)
Net charge-offs46 35 45 59 56 11 31 (10)(18)185 288 (103)(36)
Income before income tax expense374 450 384 405 429 (76)(17)(55)(13)1,613 1,714 (101)(6)
Income tax expense95 114 98 103 107 (19)(17)(12)(11)410 429 (19)(4)
Net income$279 $336 $286 $302 $322 ($57)(17 %)($43)(13 %)$1,203 $1,285 ($82)(6 %)
AVERAGE BALANCES
Total assets$76,077 $75,070 $75,600 $75,283 $74,392 $1,007 1 %$1,685 2 %$75,509 $72,022 $3,487 5 %
Total loans and leases1
71,925 70,984 71,389 70,188 69,650 941 1 2,275 3 71,126 68,237 2,889 4 
Deposits101,642 100,968 100,933 97,180 95,007 674 1 6,635 7 100,195 91,541 8,654 9 
Interest-earning assets72,796 71,879 72,308 71,135 70,529 917 1 2,267 3 72,034 68,535 3,499 5 
KEY METRICS
Net interest margin4.82 %5.07 %4.97 %4.93 %4.85 %(25) bps(3) bps4.95 %4.83 %12  bps
Efficiency ratio63.68 60.73 63.62 61.79 60.75 295  bps293  bps62.42 56.69 573  bps
Loan-to-deposit ratio (period-end balances)68.32 68.15 67.72 66.44 69.38 17  bps(106) bps68.32 69.38 (106) bps
Loan-to-deposit ratio (average balances)67.97 67.25 67.21 68.99 70.12 72  bps(215) bps67.84 71.34 (350) bps
Return on average total tangible assets1.46 1.78 1.52 1.63 1.72 (32) bps(26) bps1.60 1.79 (19) bps
1Includes loans held for sale.
















11

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

QUARTERLY TRENDSFULL YEAR
COMMERCIAL BANKING4Q21 Change2021 Change
4Q213Q212Q211Q214Q203Q214Q20202120202020
$/bps%$/bps%$/bps%
Net interest income$438 $428 $419 $421 $438 $10 2 %$— — %$1,706 $1,643 $63 4 %
Noninterest income293 168 178 170 182 125 74 111 61 809 595 214 36 
Total revenue731 596 597 591 620 135 23 111 18 2,515 2,238 277 12 
Noninterest expense294 226 226 227 216 68 30 78 36 973 860 113 13 
Profit before provision for credit losses437 370 371 364 404 67 18 33 8 1,542 1,378 164 12 
Net charge-offs6 15 34 101 124 (9)(60)(118)(95)156 398 (242)(61)
Income before income tax expense431 355 337 263 280 76 21 151 54 1,386 980 406 41 
Income tax expense95 81 72 52 59 14 17 36 61 300 206 94 46 
Net income$336 $274 $265 $211 $221 $62 23 %$115 52 %$1,086 $774 $312 40 %
AVERAGE BALANCES
Total assets$58,501 $56,702 $57,527 $57,738 $58,212 $1,799 3 %$289 — %$57,617 $60,839 ($3,222)(5 %)
Total loans and leases1
55,550 53,815 54,758 54,813 55,407 1,735 3 143 — 54,734 57,935 (3,201)(6)
Deposits45,475 45,465 44,049 43,974 44,920 10 — 555 1 44,747 40,417 4,330 11 
Interest-earning assets55,891 54,177 55,143 55,175 55,752 1,714 3 139 — 55,096 58,334 (3,238)(6)
KEY METRICS
Net interest margin3.11 %3.14 %3.05 %3.09 %3.12 %(3) bps(1) bps3.10 %2.82 %28  bps
Efficiency ratio40.16 38.02 37.86 38.33 34.94 214  bps522  bps38.68 38.43 25  bps
Loan-to-deposit ratio (period-end balances)125.31 116.54 118.72 120.66 121.09 877  bps422  bps125.31 121.09 422  bps
Loan-to-deposit ratio (average balances)120.81 117.65 123.32 123.53 122.75 316  bps(194) bps121.28 142.20 (2,092) bps
Return on average total tangible assets2.28 1.92 1.85 1.48 1.51 36  bps77  bps1.89 1.27 62  bps
1Includes loans held for sale.



12

SEGMENT FINANCIAL HIGHLIGHTS - OTHER
(in millions)

QUARTERLY TRENDSFULL YEAR
OTHER1
4Q21 Change2021 Change
4Q213Q212Q211Q214Q203Q214Q20202120202020
$%$%$%
Net interest income($195)($202)($192)($167)($168)$7 3 %($27)(16 %)($756)($368)($388)(105 %)
Noninterest income27 31 24 21 21 (4)(13)6 29 103 69 34 49 
Total revenue(168)(171)(168)(146)(147)3 2 (21)(14)(653)(299)(354)(118)
Noninterest expense30 36 14 41 47 (6)(17)(17)(36)121 167 (46)(28)
Loss before provision for credit losses(198)(207)(182)(187)(194)9 4 (4)(2)(774)(466)(308)(66)
Provision for credit losses(77)(83)(292)(300)(56)6 7 (21)(38)(752)930 (1,682)NM
(Loss) income before income tax (benefit) expense(121)(124)110 113 (138)3 2 17 12 (22)(1,396)1,374 98 
Income tax (benefit) expense(36)(44)13 15 (51)8 18 15 29 (52)(394)342 87 
Net (loss) income($85)($80)$97 $98 ($87)($5)(6 %)$2 2 $30 ($1,002)$1,032 NM
AVERAGE BALANCES
Total assets$52,650 $54,336 $51,329 $49,548 $48,457 ($1,686)(3 %)$4,193 9 %$51,980 $43,581 $8,399 19 %
Total loans and leases2
1,188 1,254 1,327 1,485 1,699 (66)(5)(511)(30)1,312 1,764 (452)(26)
Deposits5,887 5,438 5,367 5,495 5,340 449 8 547 10 5,547 6,782 (1,235)(18)
Interest-earning assets39,322 41,214 38,882 38,071 37,252 (1,892)(5)2,070 6 39,381 32,406 6,975 22 
1Includes assets, liabilities, capital, revenues, provision for credit losses, expenses and income tax expense not attributed to our Consumer or Commercial Banking segments as well as treasury and community development.
2Includes loans held for sale.
13

CREDIT-RELATED INFORMATION
(in millions, except ratio data)
AS OFDECEMBER 31, 2021 CHANGE
Dec 31, 2021Sept 30, 2021June 30, 2021Mar 31, 2021Dec 31, 2020Sept 30, 2021December 31, 2020
$/bps%$/bps%
NONACCRUAL LOANS AND LEASES
Commercial and industrial$171 $170 $163 $281 $280 $1 1 %($109)(39 %)
Commercial real estate11 98 102 100 176 (87)(89)(165)(94)
Leases1 1 1 1 2 — — (1)(50)
Total commercial183 269 266 382 458 (86)(32)(275)(60)
Residential mortgages1
201 164 174 237 167 37 23 34 20 
Home equity220 216 234 269 276 4 2 (56)(20)
Automobile55 55 62 70 72 — — (17)(24)
Education23 23 21 22 18 — — 5 28 
Other retail20 20 22 28 28 — — (8)(29)
Total retail519 478 513 626 561 41 9 (42)(7)
Nonaccrual loans and leases702 747 779 1,008 1,019 (45)(6)(317)(31)
Repossessed assets22 21 22 18 19 1 5 3 16 
Nonaccrual loans and leases and repossessed assets$724 $768 $801 $1,026 $1,038 ($44)(6 %)($314)(30 %)
NONACCRUAL LOANS AND LEASES BY PRODUCT2
Commercial$183 $269 $266 $382 $458 ($86)(32 %)($275)(60 %)
Retail541 499 535 644 580 42 8 (39)(7)
Total nonaccrual loans and leases$724 $768 $801 $1,026 $1,038 ($44)(6 %)($314)(30 %)
ASSET QUALITY RATIOS
Allowance for loan and lease losses to loans and leases1.37 %1.50 %1.59 %1.80 %1.98 %(13) bps(61) bps
Allowance for credit losses to loans and leases1.51 1.63 1.70 1.94 2.17 (12)(66)
Allowance for loan and lease losses to nonaccrual loans and leases250.63 248.33 249.83 217.74 239.72 230 1,091 
Allowance for credit losses to nonaccrual loans and leases275.72 268.30 266.98 235.42 262.02 741 1,370 
Nonaccrual loans and leases to loans and leases0.55 0.61 0.64 0.82 0.83 (6)(28)
1Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
2Nonaccrual loans and leases by product includes repossessed assets.



14

CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except ratio data)
AS OFDECEMBER 31, 2021 CHANGE
Dec 31, 2021Sept 30, 2021June 30, 2021Mar 31, 2021Dec 31, 2020Sept 30, 2021December 31, 2020
$/bps%$/bps%
LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Commercial and industrial$9 $4 $— $3 $20 $5 125 %($11)(55 %)
Commercial real estate— — — 9 — — — — — 
Leases— — 1 — 1 — — (1)(100)
Total commercial9 4 1 12 21 5 125 (12)(57)
Residential mortgages1
549 293 270 23 30 256 87 519 NM
Education1 1 2 2 2 — — (1)(50)
Other retail16 14 7 9 9 2 14 7 78 
Total retail566 308 279 34 41 258 84 525 NM
Total loans and leases$575 $312 $280 $46 $62 $263 84 %$513 NM
1 90+ days past due and accruing includes $544 million, $289 million, $266 million, $20 million, and $21 million of loans fully or partially guaranteed by the FHA, VA, and USDA for December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021 and December 31, 2020, respectively.
15

CREDIT-RELATED INFORMATION, CONTINUED
(in millions)
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
4Q213Q212Q211Q214Q203Q214Q20202120202020
$%$%$%
CHARGE-OFFS, RECOVERIES AND RELATED RATIOS
GROSS CHARGE-OFFS
Commercial and industrial$14 $12 $32 $80 $51 $2 17 %($37)(73)$138 $247 ($109)(44 %)
Commercial real estate— 5 — 53 70 (5)(100)(70)(100)58 112 (54)(48)
Leases8 — 13 1 24 8 100 (16)(67)22 78 (56)(72)
Total commercial22 17 45 134 145 5 29 (123)(85)218 437 (219)(50)
Residential mortgages1 2 1 — 2 (1)(50)(1)(50)4 7 (3)(43)
Home equity— 3 3 4 5 (3)(100)(5)(100)10 25 (15)(60)
Automobile18 14 15 25 22 4 29 (4)(18)72 114 (42)(37)
Education21 18 18 13 10 3 17 11 110 70 51 19 37 
Other retail38 33 43 51 48 5 15 (10)(21)165 209 (44)(21)
Total retail78 70 80 93 87 8 11 (9)(10)321 406 (85)(21)
Total gross charge-offs$100 $87 $125 $227 $232 $13 15 %($132)(57 %)$539 $843 ($304)(36 %)
GROSS RECOVERIES
Commercial and industrial$5 $2 $4 $3 $4 $3 150 %$1 25 %$14 $11 $3 27 %
Commercial real estate9 — — 27 1 9 100 8 NM36 1 35 NM
Leases3 1 — — — 2 200 3 100 4 — 4 100 
Total commercial17 3 4 30 5 14 NM12 240 54 12 42 NM
Residential mortgages2 2 2 1 2 — — — — 7 6 1 17 
Home equity13 15 13 11 11 (2)(13)2 18 52 38 14 37 
Automobile13 12 17 14 13 1 8 — — 56 51 5 10 
Education4 5 5 6 4 (1)(20)— — 20 16 4 25 
Other retail6 6 6 7 7 — — (1)(14)25 27 (2)(7)
Total retail38 40 43 39 37 (2)(5)1 3 160 138 22 16 
Total gross recoveries$55 $43 $47 $69 $42 $12 28 %$13 31 %$214 $150 $64 43 %
NET CHARGE-OFFS (RECOVERIES)
Commercial and industrial$9 $10 $28 $77 $47 ($1)(10 %)($38)(81)$124 $236 ($112)(47)
Commercial real estate(9)5 — 26 69 (14)NM(78)NM22 111 (89)(80)
Leases5 (1)13 1 24 6 NM(19)(79)18 78 (60)(77)
Total commercial5 14 41 104 140 (9)(64)(135)(96)164 425 (261)(61)
Residential mortgages(1)— (1)(1)— (1)(100)(1)(100)(3)1 (4)NM
Home equity(13)(12)(10)(7)(6)(1)(8)(7)(117)(42)(13)(29)(223)
Automobile5 2 (2)11 9 3 150 (4)(44)16 63 (47)(75)
Education17 13 13 7 6 4 31 11 183 50 35 15 43 
Other retail32 27 37 44 41 5 19 (9)(22)140 182 (42)(23)
Total retail40 30 37 54 50 10 33 (10)(20)161 268 (107)(40)
Total net charge-offs$45 $44 $78 $158 $190 $1 2 %($145)(76 %)$325 $693 ($368)(53 %)

16

CREDIT-RELATED INFORMATION, CONTINUED
(in millions, except rates)
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
4Q213Q212Q211Q214Q203Q214Q20202120202020
$/bps%$/bps%$/bps%
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES
Commercial and industrial0.08 %0.09 %0.25 %0.70 %0.41 %(1) bps(33) bps0.28 %0.51 %(23) bps
Commercial real estate(0.24)0.12 — 0.73 1.88 (36) bps(212) bps0.15 0.77 (62) bps
Leases1.22 (0.22)2.97 0.26 4.44 144  bps(322) bps1.06 3.32 (226) bps
Total commercial0.03 0.09 0.27 0.69 0.91 (6) bps(88) bps0.27 0.67 (40) bps
Residential mortgages(0.01)— (0.03)(0.01)— (1) bps(1) bps(0.01)0.01 (2) bps
Home equity(0.41)(0.42)(0.33)(0.25)(0.19)1  bps(22) bps(0.35)(0.11)(24) bps
Automobile0.13 0.06 (0.04)0.35 0.29 7  bps(16) bps0.12 0.52 (40) bps
Education0.51 0.41 0.40 0.24 0.18 10  bps33  bps0.39 0.31 8  bps
Other retail2.30 1.99 2.63 3.00 2.62 31  bps(32) bps2.49 2.82 (33) bps
Total retail0.24 0.19 0.24 0.35 0.32 5  bps(8) bps0.25 0.44 (19) bps
Total loans and leases0.14 %0.14 %0.25 %0.52 %0.61 %—  bps(47) bps0.26 %0.56 %(30) bps
Memo: Average loans
Commercial and industrial$43,070 $42,330 $44,388 $44,287 $44,594 $740 2 %($1,524)(3 %)$43,512 $46,255 ($2,743)(6 %)
Commercial real estate14,261 14,656 14,473 14,675 14,745 (395)(3)(484)(3)14,515 14,452 63 — 
Leases1,569 1,695 1,792 1,915 2,176 (126)(7)(607)(28)1,742 2,365 (623)(26)
Total commercial58,900 58,681 60,653 60,877 61,515 219 — (2,615)(4)59,769 63,072 (3,303)(5)
Residential mortgages22,047 20,834 20,242 19,388 19,543 1,213 6 2,504 13 20,636 19,178 1,458 8 
Home equity11,948 11,829 11,825 12,001 12,239 119 1 (291)(2)11,901 12,607 (706)(6)
Automobile13,976 13,136 12,526 12,229 12,066 840 6 1,910 16 12,972 12,064 908 8 
Education12,885 12,707 12,632 12,436 11,931 178 1 954 8 12,666 11,165 1,501 13 
Other retail5,453 5,454 5,612 5,916 6,167 (1)— (714)(12)5,607 6,458 (851)(13)
Total retail66,309 63,960 62,837 61,970 61,946 2,349 4 4,363 7 63,782 61,472 2,310 4 
Total loans and leases$125,209 $122,641 $123,490 $122,847 $123,461 $2,568 2 %$1,748 1 %$123,551 $124,544 ($993)(1 %)



17

CREDIT-RELATED INFORMATION, CONTINUED
(in millions)
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
4Q213Q212Q211Q214Q203Q214Q20202120202020
$%$%$%
SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES
Allowance for loan and lease losses - beginning$1,855 $1,947 $2,194 $2,443 $2,542 ($92)(5 %)($687)(27 %)$2,443 $1,252 $1,191 95 %
Cumulative effect of change in accounting principle:
Commercial— — — — — — — — — — (176)176 (100)
Retail— — — — — — — — — — 629 (629)(100)
Total cumulative effect of change in accounting principle— — — — — — — — — — 453 (453)(100)
Allowance for loan and lease losses - beginning, adjusted1,855 1,947 2,194 2,443 2,542 (92)(5)(687)(27)2,443 1,705 738 43 
Charge-offs:
Commercial22 17 45 134 145 5 29 (123)(85)218 437 (219)(50)
Retail 78 70 80 93 87 8 11 (9)(10)321 406 (85)(21)
Total charge-offs100 87 125 227 232 13 15 (132)(57)539 843 (304)(36)
Recoveries:
Commercial17 3 4 30 5 14 NM12 240 54 12 42 NM
Retail 38 40 43 39 37 (2)(5)1 3 160 138 22 16 
Total recoveries55 43 47 69 42 12 28 13 31 214 150 64 43 
Net charge-offs45 44 78 158 190 1 2 (145)(76)325 693 (368)(53)
Provision for loan and lease losses:
Commercial(41)(72)(152)17 84 31 43 (125)NM(248)1,160 (1,408)NM
Retail(11)24 (17)(108)7 (35)NM(18)NM(112)271 (383)NM
Total provision for loan and lease losses(52)(48)(169)(91)91 (4)(8)(143)NM(360)1,431 (1,791)NM
Allowance for loan and lease losses - ending$1,758 $1,855 $1,947 $2,194 $2,443 ($97)(5 %)($685)(28 %)$1,758 $2,443 ($685)(28 %)
Allowance for unfunded lending commitments - beginning$149 $134 $178 $227 $194 $15 11 %($45)(23 %)$227 $44 $183 NM
Cumulative effect of change in accounting principle— — — — — — — — — — (2)2 100 
Provision for unfunded lending commitments27 15 (44)(49)33 12 80 (6)(19)(51)185 (236)NM
Allowance for unfunded lending commitments - ending$176 $149 $134 $178 $227 $27 18 %($51)(22)$176 $227 ($51)(22)
Total allowance for credit losses - ending$1,934 $2,004 $2,081 $2,372 $2,670 ($70)(3 %)($736)(28 %)$1,934 $2,670 ($736)(28 %)
Memo: Total allowance for credit losses by product
Commercial $974 $997 $1,074 $1,311 $1,419 ($23)(2 %)($445)(31 %)$974 $1,419 ($445)(31 %)
Retail 960 1,007 1,007 1,061 1,251 (47)(5)(291)(23)960 1,251 (291)(23)
Total allowance for credit losses$1,934 $2,004 $2,081 $2,372 $2,670 ($70)(3 %)($736)(28 %)$1,934 $2,670 ($736)(28 %)
18

CAPITAL AND RATIOS
(in millions, except ratio data)
AS OFFULL YEAR
DECEMBER 31, 2021 CHANGE2021 Change
Dec 31, 2021Sept 30, 2021June 30, 2021Mar 31, 2021Dec 31, 2020Sept 30, 2021December 31, 2020202120202020
$%$%$%
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY)
CET1 capital$15,656 $15,584 $15,266 $14,867 $14,607 $72 — %$1,049 7 %
Tier 1 capital17,670 17,598 17,280 16,832 16,572 72 — 1,098 7 
Total capital20,244 20,295 20,111 19,879 19,602 (51)— 642 3 
Risk-weighted assets158,831 151,796 148,563 147,817 146,781 7,035 5 12,050 8 
Adjusted average assets1
181,800 180,528 178,929 176,890 175,370 1,272 1 6,430 4 
CET1 capital ratio9.9 %10.3 %10.3 %10.1 %10.0 %
Tier 1 capital ratio11.1 11.6 11.6 11.4 11.3 
Total capital ratio12.7 13.4 13.5 13.4 13.4 
Tier 1 leverage ratio9.7 9.7 9.7 9.5 9.4 
TANGIBLE COMMON EQUITY (PERIOD-END)
Common stockholders' equity$21,406 $21,409 $21,185 $20,688 $20,708 ($3)— %$698 3 %$21,406 $20,708 $698 3 %
Less: Goodwill7,116 7,065 7,050 7,050 7,050 51 1 66 1 7,116 7,050 66 1 
Less: Other intangible assets64 51 52 54 58 13 25 6 10 64 58 6 10 
Add: Deferred tax liabilities2
383 384 383 380 379 (1)— 4 1 383 379 4 1 
Total tangible common equity$14,609 $14,677 $14,466 $13,964 $13,979 ($68)— %$630 5 %$14,609 $13,979 $630 5 %
TANGIBLE COMMON EQUITY (AVERAGE)
Common stockholders' equity$21,320 $21,326 $20,833 $20,611 $20,547 ($6)— %$773 4 %$21,025 $20,438 $587 3 %
Less: Goodwill7,092 7,055 7,050 7,050 7,050 37 1 42 1 7,062 7,049 13 — 
Less: Other intangible assets56 52 53 57 60 4 8 (4)(7)54 64 (10)(16)
Add: Deferred tax liabilities2
383 383 381 379 377 — — 6 2 381 376 5 1 
Total tangible common equity$14,555 $14,602 $14,111 $13,883 $13,814 ($47)— %$741 5 %$14,290 $13,701 $589 4 %
INTANGIBLE ASSETS (PERIOD-END)
Goodwill$7,116 $7,065 $7,050 $7,050 $7,050 $51 1 %$66 1 %$7,116 $7,050 $66 1 %
Other intangible assets64 51 52 54 58 13 25 6 10 64 58 6 10 
Total intangible assets$7,180 $7,116 $7,102 $7,104 $7,108 $64 1 %$72 1 %$7,180 $7,108 $72 1 %
1Adjusted average assets include quarterly average assets, less deductions for disallowed goodwill and other intangible assets, net of deferred tax liabilities related to tax deductible goodwill, and the accumulated other comprehensive
income impact related to the adoption of post-retirement benefit plan guidance under GAAP.
2Deferred tax liabilities relate to tax-deductible goodwill, which is netted against goodwill when calculating tangible common equity.




19


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

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

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










20

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
4Q213Q212Q211Q214Q203Q214Q20202120202020
$%$%$%
Total revenue, Underlying:
Total revenue (GAAP)A$1,720 $1,659 $1,609 $1,659 $1,707 $61 4 %$13 1 %$6,647 $6,905 ($258)(4 %)
Less: Notable items— — — — — — — — — — — — — 
Total revenue, Underlying (non-GAAP)B$1,720 $1,659 $1,609 $1,659 $1,707 $61 4 %$13 1 %$6,647 $6,905 ($258)(4 %)
Noninterest expense, Underlying:
Noninterest expense (GAAP)C$1,061 $1,011 $991 $1,018 $1,012 $50 5 %$49 5 %$4,081 $3,991 $90 2 %
Less: Notable items51 23 11 20 42 28 122 9 21 105 125 (20)(16)
Noninterest expense, Underlying (non-GAAP)D$1,010 $988 $980 $998 $970 $22 2 %$40 4 %$3,976 $3,866 $110 3 %
Pre-provision profit:
Total revenue (GAAP)A$1,720 $1,659 $1,609 $1,659 $1,707 $61 4 %$13 1 %$6,647 $6,905 ($258)(4 %)
Less: Noninterest expense (GAAP)C1,061 1,011 991 1,018 1,012 50 5 49 5 4,081 3,991 90 2 
Pre-provision profit (GAAP)$659 $648 $618 $641 $695 $11 2 %($36)(5 %)$2,566 $2,914 ($348)(12 %)
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)B$1,720 $1,659 $1,609 $1,659 $1,707 $61 4 %$13 1 %$6,647 $6,905 ($258)(4 %)
Less: Noninterest expense, Underlying (non-GAAP)D1,010 988 980 998 970 22 2 40 4 3,976 3,866 110 3 
Pre-provision profit, Underlying (non-GAAP)$710 $671 $629 $661 $737 $39 6 %($27)(4 %)$2,671 $3,039 ($368)(12 %)
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)E$684 $681 $831 $781 $571 $3 — %$113 20 %$2,977 $1,298 $1,679 129 %
Less: Expense before income tax benefit related to notable items(51)(23)(11)(20)(42)(28)(122)(9)(21)(105)(125)20 16 
Income before income tax expense, Underlying (non-GAAP)F$735 $704 $842 $801 $613 $31 4 %$122 20 %$3,082 $1,423 $1,659 117 %
Income tax expense, Underlying:
Income tax expense (GAAP)G$154 $151 $183 $170 $115 $3 2 %$39 34 %$658 $241 $417 173 %
Less: Income tax benefit related to notable items(12)(7)(3)(5)(18)(5)(71)6 33 (27)(42)15 36 
Income tax expense, Underlying (non-GAAP)H$166 $158 $186 $175 $133 $8 5 %$33 25 %$685 $283 $402 142 %
Net income, Underlying:
Net income (GAAP)I$530 $530 $648 $611 $456 $— — %$74 16 %$2,319 $1,057 $1,262 119 %
Add: Notable items, net of income tax benefit39 16 8 15 24 23 144 15 63 78 83 (5)(6)
Net income, Underlying (non-GAAP)J$569 $546 $656 $626 $480 $23 4 %$89 19 %$2,397 $1,140 $1,257 110 %
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)K$498 $504 $616 $588 $424 ($6)(1 %)$74 17 %$2,206 $950 $1,256 132 %
Add: Notable items, net of income tax benefit39 16 8 15 24 23 144 15 63 78 83 (5)(6)
Net income available to common stockholders, Underlying (non-GAAP)L$537 $520 $624 $603 $448 $17 3 %$89 20 %$2,284 $1,033 $1,251 121 %











21

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
4Q213Q212Q211Q214Q203Q214Q20202120202020
$/bps%$/bps%$/bps%
Operating leverage:
Total revenue (GAAP)A$1,720 $1,659 $1,609 $1,659 $1,707 $61 3.58 %$13 0.68 %$6,647 $6,905 ($258)(3.74 %)
Less: Noninterest expense (GAAP)C1,061 1,011 991 1,018 1,012 50 4.88 49 4.76 4,081 3,991 90 2.25 
Operating leverage(1.30 %)(4.08 %)(5.99 %)
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)B$1,720 $1,659 $1,609 $1,659 $1,707 $61 3.58 %$13 0.68 %$6,647 $6,905 ($258)(3.74 %)
Less: Noninterest expense, Underlying (non-GAAP)D1,010 988 980 998 970 22 2.12 40 4.01 3,976 3,866 110 2.85 
Operating leverage, Underlying (non-GAAP)1.46 %(3.33 %)(6.59 %)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio C/A61.68 %60.92 %61.63 %61.35 %59.28 %76  bps240  bps61.40 %57.80 %360  bps
Efficiency ratio, Underlying (non-GAAP)D/B58.71 59.55 60.92 60.19 56.83 (84) bps188  bps59.82 55.99 383  bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rateG/E22.40 %22.35 %21.96 %21.76 %20.16 %5  bps224  bps22.10 %18.54 %356  bps
Effective income tax rate, Underlying (non-GAAP)H/F22.61 22.45 22.01 21.85 21.70 16  bps91  bps22.21 19.92 229  bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)M$21,320 $21,326 $20,833 $20,611 $20,547 ($6)— %$773 4 %$21,025 $20,438 $587 3 %
Return on average common equityK/M9.26 %9.39 %11.85 %11.57 %8.20 %(13) bps106  bps10.49 %4.65 %584  bps
Return on average common equity, Underlying (non-GAAP)L/M9.97 9.70 12.02 11.85 8.66 27  bps131  bps10.86 5.05 581  bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)M$21,320 $21,326 $20,833 $20,611 $20,547 ($6)— %$773 4 %$21,025 $20,438 $587 3 %
Less: Average goodwill (GAAP)7,092 7,055 7,050 7,050 7,050 37 1 42 1 7,062 7,049 13 — 
Less: Average other intangibles (GAAP)56 52 53 57 60 4 8 (4)(7)54 64 (10)(16)
Add: Average deferred tax liabilities related to goodwill (GAAP)
383 383 381 379 377 — — 6 2 381 376 5 1 
Average tangible common equityN$14,555 $14,602 $14,111 $13,883 $13,814 ($47)— %$741 5 %$14,290 $13,701 $589 4 %
Return on average tangible common equity K/N13.57 %13.71 %17.50 %17.17 %12.20 %(14) bps137  bps15.44 %6.93 %851  bps
Return on average tangible common equity, Underlying (non-GAAP)L/N14.61 14.17 17.74 17.59 12.89 44  bps172  bps15.98 7.53 845  bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)O$187,228 $186,108 $184,456 $182,569 $181,061 $1,120 1 %$6,167 3 %$185,106 $176,442 $8,664 5 %
Return on average total assetsI/O1.12 %1.13 %1.41 %1.36 %1.00 %(1) bps12  bps1.25 %0.60 %65  bps
Return on average total assets, Underlying (non-GAAP)J/O1.20 1.16 1.43 1.39 1.05 4  bps15  bps1.30 0.65 65  bps
22

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
4Q213Q212Q211Q214Q203Q214Q20202120202020
$/bps%$/bps%$/bps%
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)P$187,228 $186,108 $184,456 $182,569 $181,061 $1,120 1 %$6,167 3 %$185,106 $176,442 $8,664 5 %
Less: Average goodwill (GAAP)7,092 7,055 7,050 7,050 7,050 37 1 42 1 7,062 7,049 13 — 
Less: Average other intangibles (GAAP)56 52 53 57 60 4 8 (4)(7)54 64 (10)(16)
Add: Average deferred tax liabilities related to goodwill (GAAP)383 383 381 379 377 — — 6 2 381 376 5 1 
Average tangible assetsQ$180,463 $179,384 $177,734 $175,841 $174,328 $1,079 1 %$6,135 4 %$178,371 $169,705 $8,666 5 %
Return on average total tangible assets I/Q1.17 %1.17 %1.46 %1.41 %1.04 %—  bps13  bps1.30 %0.62 %68  bps
Return on average total tangible assets, Underlying (non-GAAP)J/Q1.25 1.21 1.48 1.44 1.10 4  bps15  bps1.34 0.67 67  bps
Tangible book value per common share:
Common shares - at period-end (GAAP)R422,137,197 426,199,576 426,083,143 425,930,159 427,209,831 (4,062,379)(1 %)(5,072,634)(1 %)422,137,197 427,209,831 (5,072,634)(1 %)
Common stockholders' equity (GAAP)$21,406 $21,409 $21,185 $20,688 $20,708 ($3)— $698 3 $21,406 $20,708 $698 3 
Less: Goodwill (GAAP)7,116 7,065 7,050 7,050 7,050 51 1 66 1 7,116 7,050 66 1 
Less: Other intangible assets (GAAP)64 51 52 54 58 13 25 6 10 64 58 6 10 
Add: Deferred tax liabilities related to goodwill (GAAP)383 384 383 380 379 (1)— 4 1 383 379 4 1 
Tangible common equityS$14,609 $14,677 $14,466 $13,964 $13,979 ($68)— %$630 5 %$14,609 $13,979 $630 5 %
Tangible book value per common shareS/R$34.61 $34.44 $33.95 $32.79 $32.72 $0.17 — %$1.89 6 %$34.61 $32.72 $1.89 6 %
Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying:
Average common shares outstanding - basic (GAAP)T424,697,880 426,086,717 425,948,706 425,953,716 427,074,822 (1,388,837)— %(2,376,942)(1 %)425,669,451 427,062,537 (1,393,086)— %
Average common shares outstanding - diluted (GAAP)U426,868,106 427,840,964 427,561,572 427,880,530 428,881,252 (972,858)— (2,013,146)— 427,435,818 428,157,780 (721,962)— 
Net income per average common share - basic (GAAP)K/T$1.17 $1.18 $1.45 $1.38 $0.99 ($0.01)(1)$0.18 18 $5.18 $2.22 $2.96 133 
Net income per average common share - diluted (GAAP)K/U1.17 1.18 1.44 1.37 0.99 (0.01)(1)0.18 18 5.16 2.22 2.94 132 
Net income per average common share - basic, Underlying (non-GAAP)L/T1.26 1.22 1.47 1.41 1.05 0.04 3 0.21 20 5.37 2.42 2.95 122 
Net income per average common share - diluted, Underlying (non-GAAP)L/U1.26 1.22 1.46 1.41 1.04 0.04 3 0.22 21 5.34 2.41 2.93 122 
Dividend payout ratio and dividend payout ratio, Underlying:
Cash dividends declared and paid per common shareV$0.39 $0.39 $0.39 $0.39 $0.39 $— — %$— — %$1.56 $1.56 $— — %
Dividend payout ratioV/(K/T)33 %33 %27 %28 %39 %— bps(600) bps30 %70 %(4,000) bps
Dividend payout ratio, Underlying (non-GAAP)V/(L/T)31 32 27 28 37 (100) bps(600) bps29 65 (3,600) bps
23

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDSFULL YEAR
4Q21 Change2021 Change
4Q213Q212Q211Q214Q203Q214Q20202120202020
$%$%$/bps%
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)$551 $509 $524 $548 $537 $42 8 %$14 3 %$2,132 $2,123 $9 — %
Less: Notable items5 (13)— — 18 18 138 (13)(72)(8)45 (53)(118)
Salaries and employee benefits, Underlying (non-GAAP)$546 $522 $524 $548 $519 $24 5 %$27 5 %$2,140 $2,078 $62 3 %
Equipment and software, Underlying:
Equipment and software (GAAP)
$146 $157 $155 $152 $141 ($11)(7 %)$5 4 %$610 $565 $45 8 %
Less: Notable items2 7 4 4 1 (5)(71)1 100 17 3 14 NM
Equipment and software, Underlying (non-GAAP)$144 $150 $151 $148 $140 ($6)(4 %)$4 3 %$593 $562 $31 6 %
Outside services, Underlying:
Outside services (GAAP)$175 $144 $137 $139 $148 $31 22 %$27 18 %$595 $553 $42 8 %
Less: Notable items37 12 4 7 17 25 208 20 118 60 63 (3)(5)
Outside services, Underlying (non-GAAP)$138 $132 $133 $132 $131 $6 5 %$7 5 %$535 $490 $45 9 %
Occupancy, Underlying:
Occupancy (GAAP)$86 $77 $82 $88 $84 $9 12 %$2 2 %$333 $331 $2 1 %
Less: Notable items5 1 3 9 6 4 NM(1)(17)18 14 4 29 
Occupancy, Underlying (non-GAAP)$81 $76 $79 $79 $78 $5 7 %$3 4 %$315 $317 ($2)(1 %)
Other operating expense, Underlying:
Other operating expense (GAAP)$103 $124 $93 $91 $102 ($21)(17 %)$1 1 %$411 $419 ($8)(2 %)
Less: Notable items2 16 — — — (14)(87)2 100 18 — 18 100 
Other operating expense, Underlying (non-GAAP)$101 $108 $93 $91 $102 ($7)(6 %)($1)(1 %)$393 $419 ($26)(6 %)

24



NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS
(in millions, except ratio data)
FOURTH QUARTER 2021THIRD QUARTER 2021SECOND QUARTER 2021
Consumer BankingCommercial BankingOtherConsolidatedConsumer BankingCommercial BankingOtherConsolidatedConsumer BankingCommercial BankingOtherConsolidated
Net income (loss) available to common stockholders:
Net income (loss)A$279 $336 ($85)$530 $336 $274 ($80)$530 $286 $265 $97 $648 
Less: Preferred stock dividends— — 32 32 — — 26 26 — — 32 32 
Net income (loss) available to common stockholdersB$279 $336 ($117)$498 $336 $274 ($106)$504 $286 $265 $65 $616 
Return on average total tangible assets:
Average total assets (GAAP)$76,077 $58,501 $52,650 $187,228 $75,070 $56,702 $54,336 $186,108 $75,600 $57,527 $51,329 $184,456 
 Less: Average goodwill (GAAP)122 94 6,876 7,092 122 57 6,876 7,055 122 52 6,876 7,050 
          Average other intangibles (GAAP)32 11 13 56 34 5 13 52 35 4 14 53 
 Add: Average deferred tax liabilities related to goodwill (GAAP)4 1 378 383 4 2 377 383 4 1 376 381 
Average tangible assetsC$75,927 $58,397 $46,139 $180,463 $74,918 $56,642 $47,824 $179,384 $75,447 $57,472 $44,815 $177,734 
Return on average total tangible assets A/C1.46 %2.28 %NM1.17 %1.78 %1.92 %NM1.17 %1.52 %1.85 %NM1.46 %
Efficiency ratio:
Noninterest expense (GAAP)D$737 $294 $30 $1,061 $749 $226 $36 $1,011 $751 $226 $14 $991 
Net interest income (GAAP)883 438 (195)1,126 919 428 (202)1,145 897 419 (192)1,124 
Noninterest income (GAAP)274 293 27 594 315 168 31 514 283 178 24 485 
Total revenue (GAAP)E$1,157 $731 ($168)$1,720 $1,234 $596 ($171)$1,659 $1,180 $597 ($168)$1,609 
Efficiency ratio D/E63.68 %40.16 %NM61.68 %60.73 %38.02 %NM60.92 %63.62 %37.86 %NM61.63 %
FIRST QUARTER 2021FOURTH QUARTER 2020
Consumer BankingCommercial BankingOtherConsolidatedConsumer BankingCommercial BankingOtherConsolidated
Net income (loss) available to common stockholders:
Net income (loss)A$302 $211 $98 $611 $322 $221 ($87)$456 
Less: Preferred stock dividends
— — 23 23 — — 32 32 
Net income (loss) available to common stockholdersB$302 $211 $75 $588 $322 $221 ($119)$424 
Return on average total tangible assets:
Average total assets (GAAP)$75,283 $57,738 $49,548 $182,569 $74,392 $58,212 $48,457 $181,061 
 Less: Average goodwill (GAAP)122 52 6,876 7,050 122 52 6,876 7,050 
          Average other intangibles (GAAP)37 5 15 57 39 5 16 60 
 Add: Average deferred tax liabilities related to goodwill (GAAP)3 1 375 379 3 1 373 377 
Average tangible assetsC$75,127 $57,682 $43,032 $175,841 $74,234 $58,156 $41,938 $174,328 
Return on average total tangible assets A/C1.63 %1.48 %NM1.41 %1.72 %1.51 %NM1.04 %
Efficiency ratio:
Noninterest expense (GAAP)D$750 $227 $41 $1,018 $749 $216 $47 $1,012 
Net interest income (GAAP)863 421 (167)1,117 859 438 (168)1,129 
Noninterest income (GAAP)351 170 21 542 375 182 21 578 
Total revenue (GAAP)E$1,214 $591 ($146)$1,659 $1,234 $620 ($147)$1,707 
Efficiency ratio D/E61.79 %38.33 %NM61.35 %60.75 %34.94 %NM59.28 %

25

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS (CONTINUED)
(in millions, except ratio data)

FULL YEAR
20212020
Consumer BankingCommercial BankingOtherConsolidatedConsumer BankingCommercial BankingOtherConsolidated
Net income (loss) available to common stockholders:
Net income (loss)A$1,203 $1,086 $30 $2,319 $1,285 $774 ($1,002)$1,057 
Less: Preferred stock dividends— — 113 113 — — 107 107 
Net income (loss) available to common stockholdersB$1,203 $1,086 ($83)$2,206 $1,285 $774 ($1,109)$950 
Return on average total tangible assets:
Average total assets (GAAP)$75,509 $57,617 $51,980 $185,106 $72,022 $60,839 $43,581 $176,442 
 Less: Average goodwill (GAAP)122 64 6,876 7,062 122 51 6,876 7,049 
         Average other intangibles (GAAP)35 6 13 54 41 6 17 64 
 Add: Average deferred tax liabilities related to goodwill (GAAP)4 1 376 381 2 1 373 376 
Average tangible assetsC$75,356 $57,548 $45,467 $178,371 $71,861 $60,783 $37,061 $169,705 
Return on average total tangible assets A/C1.60 %1.89 %NM1.30 %1.79 %1.27 %NM0.62 %
Efficiency ratio:
Noninterest expense (GAAP)D$2,987 $973 $121 $4,081 $2,964 $860 $167 $3,991 
Net interest income (GAAP)3,562 1,706 (756)4,512 3,311 1,643 (368)4,586 
Noninterest income (GAAP)1,223 809 103 2,135 1,655 595 69 2,319 
Total revenue (GAAP)E$4,785 $2,515 ($653)$6,647 $4,966 $2,238 ($299)$6,905 
Efficiency ratio D/E62.42 %38.68 %NM61.40 %56.69 %38.43 %NM57.80 %

26