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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 22, 2026

citizenslogoa05.jpg
 (Exact name of the registrant as specified in its charter)
Delaware001-3663605-0412693
(State or Other Jurisdiction of
Incorporation)		(Commission File Number)(I.R.S. Employer
Identification Number)
One Citizens Plaza
Providence,RI02903
(Address of principal executive offices)(Zip Code)
 

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

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

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

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

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

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

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

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, $0.01 par value per shareCFGNew York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series ECFG PrENew York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 7.375% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series HCFG PrHNew York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 6.500% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series ICFG PrINew 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 8.01   Other Events.

On January 21, 2026, Citizens Financial Group, Inc. (the “Company”) announced its fourth quarter and full year 2025 earnings. The Company’s earnings results and financial supplement are being filed as Exhibits 99.1 and 99.2, respectively.

Item 9.01   Financial Statements and Exhibits.
 Exhibit NumberDescription
(d)Exhibit 99.1  
Exhibit 99.2  
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/ Aunoy Banerjee
 Aunoy Banerjee
 Executive Vice President and Chief Financial Officer
Date:  January 22, 2026




Exhibit 99.1


Key Financial Data*
4Q253Q254Q24
Fourth Quarter 2025 Highlights
Income
Statement		($s in millions)
■EPS of $1.13, up 8% QoQ; ROTCE of 12.2%
–Continued strong Private Bank progress, contributing $0.10 to EPS, up $0.02 QoQ
■PPNR of $814 million, up 4% QoQ, 19% YoY
–NII up 3.3% QoQ as NIM continues to expand, up 7 bps to 3.07%
–Strong fee performance led by Wealth, up 5% QoQ and 31% YoY, and Capital Markets, up 16% YoY
–Positive operating leverage of 1.3% QoQ; 5.2% YoY
–Efficiency ratio improved 79 bps to 62.2%
■Loans up 1% QoQ on a spot and average basis with growth led by Private Bank and Commercial
–Lower Non-Core runoff and balance sheet optimization impacts
■Continuing favorable credit trends; net charge-offs of 43 bps, down 3 bps QoQ
■Strong ACL coverage of 1.53%, down slightly QoQ, reflecting improved loan mix
■Average deposits up 2% QoQ driven by growth in Private Bank and Commercial
–Private Bank spot deposits of $14.5 billion
–Interest-bearing deposit costs down 15 bps QoQ
■Strong liquidity profile; spot LDR of 77.8%
■Strong CET1 ratio of 10.6%; 9.5% adjusted for AOCI opt-out removal
■TBV/share of $38.07, up 4% QoQ
Total revenue$2,157 $2,118 $1,986 
Pre-provision profit814 783 670 
Underlying pre-provision profit814 783 684 
Provision for credit losses137 154 162 
Net income528 494 401 
Underlying net income528 494 412 
Balance Sheet
&
Credit Quality		($s in billions)
Period-end loans and leases$142.7 $140.9 $139.2 
Average loans and leases141.8 140.0 140.9 
Period-end deposits183.3 180.0 174.8 
Average deposits179.9 176.0 174.3 
Period-end loan-to-deposit ratio77.8 %78.3 %79.6 %
NCO ratio0.43 %0.46 %0.53 %
Financial MetricsDiluted EPS$1.13 $1.05 $0.83 
Underlying Diluted EPS1.13 1.05 0.85 
ROTCE12.2 %11.7 %10.4 %
Underlying ROTCE12.2 11.7 10.7 
Net interest margin, FTE3.07 3.00 2.87 
Efficiency ratio62.2 63.0 66.3 
Underlying efficiency ratio62.2 63.0 65.4 
CET110.6 %10.7 %10.8 %
TBV/Share$38.07 $36.73 $32.34 

Notable Items4Q253Q254Q24
($s in millions except per share data)Pre-tax $EPSPre-tax $EPSPre-tax $EPS
Integration-related
$— $— $— $— $(2)$— 
TOP/Other
— — — — (12)(0.02)
Total
$— $— $— $— $(14)$(0.02)
Citizens also announced that its board of directors declared a quarterly common stock dividend of $0.46 per share. The dividend is payable on February 18, 2026 to shareholders of record at the close of business on February 4, 2026.




*Results presented on an Underlying basis are non-GAAP Financial Measures. See page 15 for additional information on our use of Non-GAAP Financial Measures.
Citizens Financial Group, Inc.
Earnings highlights(1):
Quarterly TrendsFull Year
 4Q25 change from2025 change from 2024
($s in millions, except per share data)4Q253Q254Q243Q254Q2420252024
Earnings$/bps/%%$/bps/%%$/bps
Net interest income$1,537 $1,488 $1,412 $49 3  %$125 9  %$5,853 $5,633 $220 
Noninterest income620 630 574 (10)(2)46 8 2,394 2,176 218 
Total revenue2,157 2,118 1,986 39 2 171 9 8,247 7,809 438 
Noninterest expense1,343 1,335 1,316 8 1 27 2 5,311 5,234 77 
Pre-provision profit814 783 670 31 4 144 21 2,936 2,575 361 
Provision for credit losses137 154 162 (17)(11)(25)(15)608 687 (79)
Net income528 494 401 34 7 127 32 1,831 1,509 322 
Preferred dividends/other(2)
39 37 34 2 5 5 15 143 137 6 
Net income available to common stockholders$489 $457 $367 $32 7  %$122 33  %$1,688 $1,372 $316 
After-tax notable Items— — 11 — —(11)(100)— 98 (98)
Underlying net income$528 $494 $412 $34 7  %$116 28  %$1,831 $1,607 $224 
Underlying net income available to common stockholders489 457 378 32 7111 291,688 1,470 218 
Average common shares outstanding
Basic (in millions)429.5 431.4 440.8 (1.9)— (11.3)(3)433.2 450.7 (17.5)
Diluted (in millions)434.1 435.5 444.8 (1.4)— (10.8)(2)436.9 453.5 (16.6)
Diluted earnings per share$1.13 $1.05 $0.83 $0.08 8  %$0.30 36  %$3.86 $3.03 $0.83 
Underlying diluted earnings per share1.13 1.05 0.85 0.08 80.28 33 3.86 3.24 $0.62 
Performance metrics
Net interest margin3.06 %2.99 %2.86 %7  bps20  bps2.97 %2.84 %13  bps
Net interest margin, FTE3.07 3.00 2.87 7 20 2.98 2.85 13 
Effective income tax rate22.0 21.4 21.0 65 99 21.3 20.1 128 
Efficiency ratio62.2 63.0 66.3 (79)(403)64.4 67.0 (263)
Underlying efficiency ratio62.2 63.0 65.4 (79)(312)64.4 65.2 (75)
Return on average tangible common equity12.2 11.7 10.4 43 182 11.2 9.8 139 
Underlying return on average tangible common equity12.2 11.7 10.7 43 152 11.2 10.5 69 
Return on average total tangible assets0.98 0.93 0.76 5 22 0.87 0.71 16 
Underlying return on average total tangible assets0.98 %0.93 %0.78 %5  bps20  bps0.87 %0.76 %11  bps
Capital adequacy(3,4)
Common equity tier 1 capital ratio10.6 %10.7 %10.8 %
Total capital ratio13.8 13.9 14.0 
Tier 1 leverage ratio9.4 9.4 9.4 
Tangible common equity ratio7.5 7.4 6.8 
Allowance for credit losses to loans and leases1.53 %1.56 %1.62 %(3) bps(9) bps
Asset quality(4)
Nonaccrual loans and leases to loans and leases1.05 %1.08 %1.20 %(3) bp(15) bps
Allowance for credit losses to nonaccrual loans and leases145 145 136 — %9 %
Net charge-offs as a % of average loans and leases0.43 %0.46 %0.53 %(3) bps(10) bps0.49 %0.52 %(3) bps

(1) Unless otherwise noted, references to balance sheet items are on an average basis, loans exclude loans held for sale, earnings per share
represent fully diluted per common share and references to NIM are on a FTE basis.
(2) 3Q25 includes preferred stock early redemption costs of $5 million.
(3) Current reporting-period regulatory capital ratios are preliminary.
(4) Capital adequacy and asset-quality ratios calculated on a period-end basis, except net charge-offs.



2
Citizens Financial Group, Inc.

The following table provides information on Underlying results which exclude the impact of notable items, recorded in 2024.

Underlying results:

Quarterly TrendsFull Year
 4Q25 change from2025 Change
($s in millions, except per share data)4Q253Q254Q243Q254Q2420252024from 2024
$/bps%$/bps%%
Net interest income$1,537 $1,488 $1,412 $49 3  %$125 9  %$5,853 $5,633 4  %
Noninterest income620 630 564 (10)(2)56 10 2,394 2,161 11 
Total revenue$2,157 $2,118 $1,976 $39 2  %$181 9  %$8,247 $7,794 6  %
Noninterest expense1,343 1,335 1,292 8 1 51 4 5,311 5,078 5 
Provision for credit losses137 154 162 (17)(11)(25)(15)608 687 (11)
Net income available to common stockholders$489 $457 $378 $32 7 %$111 29 %$1,688 $1,470 15  %
Performance metrics
EPS$1.13 $1.05 $0.85 $0.08 8  %$0.28 33  %$3.86 $3.24 19  %
Efficiency ratio62.2  %63.0  %65.4  %(79) bps(312) bps64.4  %65.2  %(75)
Return on average tangible common equity12.2  %11.7  %10.7  %43  bps152  bps11.2  %10.5  %69  bps




Consolidated balance sheet summary(1):

 4Q25 change from
($s in millions)4Q253Q254Q243Q254Q24
$/bps%$/bps%
Total assets$226,351 $222,747 $217,521 $3,604 2  %$8,830 4  %
Total loans and leases142,692 140,870 139,203 1,822 1 3,489 3 
Total loans held for sale1,198 1,334 858 (136)(10)340 40 
Deposits183,313 180,011 174,776 3,302 2 8,537 5 
Stockholders' equity26,317 25,829 24,254 488 2 2,063 9 
Stockholders' common equity24,206 23,718 22,141 488 2 2,065 9 
Tangible common equity$16,341 $15,848 $14,246 $493 3  %$2,095 15  %
Loan-to-deposit ratio (period-end)(2)
77.8 %78.3  %79.6  %(42) bps(181) bps
Loan-to-deposit ratio (average)(2)
78.8 %79.6 %80.9 %(75) bps(206) bps
(1) Represents period-end unless otherwise noted.
(2) Excludes loans held for sale.

3
Citizens Financial Group, Inc.
Notable items:
There are no notable items in 2025, as our intention going forward is to limit these to those items of greatest significance. Fourth quarter 2024 and full year 2024 results reflect notable items primarily related to integration costs associated with recent acquisitions, as well as TOP revenue and efficiency initiatives. These notable items were excluded from reported results to better reflect Underlying operating results.
Notable items - Integration-related4Q253Q254Q24FY 2025FY 2024
($s in millions, except per share data)Pre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-tax
Salaries & benefits$— $— $— $— $(2)$(1)$— $— $(9)$(6)
Equipment and software— — — — — — — — — — 
Outside services— — — — — — — — (1)(1)
Occupancy— — — — — — — — — — 
Other expense— — — — — — — — — — 
   Noninterest expense$— $— $— $— $(2)$(1)$— $— $(10)$(7)
EPS Impact - Noninterest expense $— $— $— $— $(0.02)
Total Integration-related
$— $— $— $— $(2)$(1)$— $— $(10)$(7)
EPS Impact - Total Integration-related$— $— $— $— $(0.02)
Other notable items - TOP & Other4Q253Q254Q24FY 2025FY 2024
($s in millions, except per share data)Pre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-tax
Tax notable items$— $— $— $— $— $— $— $— $— $7 
  Noninterest income— — — — 10 8 — — 15 11 
Salaries & benefits— — — — (15)(12)— — (37)(27)
Equipment and software— — — — (3)(2)— — (17)(13)
Outside services— — — — (4)(3)— — (27)(21)
Occupancy— — — — (5)(4)— — (19)(14)
FDIC special assessment(1)
— — — — 9 6 — — (31)(24)
Other expense— — — — (4)(3)— — (15)(10)
   Noninterest expense$— $— $— $— $(22)$(18)$— $— $(146)$(109)
Total Other Notable Items$— $— $— $— $(12)$(10)$— $— $(131)$(91)
EPS Impact - Other Notable Items $— $— $(0.02)$— $(0.19)
Total Notable Items$— $— $— $— $(14)$(11)$— $— $(141)$(98)
Total EPS Impact$— $— $(0.02)$— $(0.21)
(1) The FDIC special assessment earnings per share impact is $0.01 and $(0.05) for fourth quarter 2024 and full year 2024 respectively.
















4
Citizens Financial Group, Inc.


Discussion of results:
Net interest income 4Q25 change from
($s in millions)4Q253Q254Q243Q254Q24
$/bps%$/bps%
Interest income:
Interest and fees on loans and leases and loans held for sale$1,923 $1,928 $1,931 $(5)—  %$(8)—  %
Investment securities434 433 419 1 — 15 4 
Interest-bearing deposits in banks89 97 112 (8)(8)(23)(21)
Total interest income$2,446 $2,458 $2,462 $(12)—  %$(16)(1) %
Interest expense:
Deposits$781 $816 $883 $(35)(4) %$(102)(12) %
Short-term borrowed funds— 5 1 (5)(100)(1)(100)
Long-term borrowed funds128 149 166 (21)(14)(38)(23)
Total interest expense$909 $970 $1,050 $(61)(6) %$(141)(13) %
Net interest income$1,537 $1,488 $1,412 $49 3  %$125 9  %
Net interest margin, FTE3.07  %3.00  %2.87  %7  bps20  bps
Fourth quarter 2025vs.third quarter 2025
Net interest income of $1.5 billion increased 3.3%, reflecting a higher net interest margin along with a 1% increase in average interest-earning assets.
•Net interest margin of 3.07% increased 7 basis points, reflecting the benefit of Non-Core runoff and lower terminated swap impacts, fixed-rate asset repricing and improved funding costs, partially offset by lower asset yields.
•Interest-bearing deposit costs decreased 15 basis points to 2.20%; total deposit costs decreased 12 basis points to 1.72%; total cost of funds decreased 15 basis points to 1.90%.
Fourth quarter 2025vs.fourth quarter 2024
Net interest income of $1.5 billion increased 9%, primarily reflecting a higher net interest margin.
•Net interest margin of 3.07% increased 20 basis points, largely driven by the benefit of Non-Core runoff and terminated swap impacts, as well as fixed-rate asset repricing benefits, partially offset by lower asset yields.



5
Citizens Financial Group, Inc.
Noninterest Income 4Q25 change from
($s in millions)4Q253Q254Q243Q254Q24
$%$%
Service charges and fees$112 $112 $109 $— —  %$3 3  %
Capital markets fees140 166 121 (26)(16)19 16 
Wealth fees98 93 75 5 5 23 31 
Card fees86 87 97 (1)(1)(11)(11)
Mortgage banking fees52 49 60 3 6 (8)(13)
Foreign exchange and derivative products34 42 35 (8)(19)(1)(3)
Letter of credit and loan fees49 48 45 1 2 4 9 
Securities gains, net
7 2 4 5 2503 75
Other income(1)
42 31 28 11 3514 50
Noninterest income$620 $630 $574 $(10)(2) %$46 8  %
Underlying, as applicable
Card fees$86 $87 $86 $(1)(1)$— — 
Other income(1)
$42 $31 $29 $11 35 $13 45 
Underlying noninterest income$620 $630 $564 $(10)(2) %$56 10  %
(1) Includes bank-owned life insurance income and other miscellaneous income for all periods presented.
Fourth quarter 2025vs.third quarter 2025
Noninterest income of $620 million decreased $10 million, or 2%.
•Capital markets fees were strong, though decreased by $26 million relative to an exceptional third quarter. Several M&A and equity deals pushed into 2026 given impacts associated with the government shutdown in the quarter, with roughly $20 million in fees pushing into 1Q26. Loan syndication fees were higher in the quarter.
•Wealth fees increased $5 million to an all-time high, given an increase in advisory fees, primarily driven by net inflows and market appreciation.
•Mortgage banking fees increased $3 million, as higher MSR valuation results, net of hedge impact, were largely offset by lower servicing.
•FX and derivative products decreased $8 million primarily reflecting lower client interest rate hedging activity in anticipation of lower rates.
•Other income increased $11 million, reflecting favorable performance across several small revenue items.
Fourth quarter 2025vs.fourth quarter 2024
Underlying noninterest income of $620 million increased $56 million, or 10%.
•Capital markets fees increased $19 million, driven by higher debt and equity underwriting and loan syndication fees, partially offset by lower M&A fees.
•Wealth fees increased $23 million, primarily reflecting growth in AUM, mainly driven by net inflows.
•Other income increased $13 million, reflecting favorable performance across several small revenue items.
6
Citizens Financial Group, Inc.
Noninterest Expense 4Q25 change from
($s in millions)4Q253Q254Q243Q254Q24
$%$%
Salaries and employee benefits$716 $705 $674 $11 2 %$42 6 %
Equipment and software199 197 193 2 1 6 3 
Outside services148 161 170 (13)(8)(22)(13)
Occupancy109 106 112 3 3 (3)(3)
Other operating expense171 166 167 5 3 4 2 
Noninterest expense$1,343 $1,335 $1,316 $8 1 %$27 2 %
Notable items$— $— $24 $— — %$(24)(100)%
Underlying, as applicable
Salaries and employee benefits$716 $705 $657 $11 2 %$59 9 %
Equipment and software199 197 190 2 1 9 5 
Outside services148 161 166 (13)(8)(18)(11)
Occupancy109 106 107 3 3 2 2 
Other operating expense171 166 172 5 3 (1)(1)
Underlying noninterest expense$1,343 $1,335 $1,292 $8 1 %$51 4 %
Fourth quarter 2025vs.third quarter 2025
Noninterest expense of $1.3 billion increased 0.6%.
•Salaries and employee benefits increased $11 million, reflecting hiring related to the Private Bank and Private Wealth buildout, higher incentive compensation and medical benefit costs.
•Outside services decreased $13 million, primarily driven by lower technology costs.
•Other operating expense increased $5 million, reflecting seasonal factors.
The effective tax rate was 22.0% in fourth quarter 2025 compared with 21.4% in third quarter 2025.
Fourth quarter 2025vs.fourth quarter 2024
Underlying noninterest expense of $1.3 billion increased 4%.
•Salaries and employee benefits increased $59 million, reflecting hiring related to the Private Bank and Private Wealth buildout, strong Capital Markets fee performance, and increased medical benefit costs.
•Equipment and software increased $9 million, reflecting technology investments.
•Outside services decreased $18 million, largely driven by lower vendor-related costs.
The effective tax rate was 22.0% in fourth quarter 2025 compared with 21.2% on an Underlying basis in fourth quarter 2024, primarily reflecting less benefit from tax-advantaged investments given higher income and higher state taxes.
7
Citizens Financial Group, Inc.
Interest-earning assets 4Q25 change from
($s in millions)4Q253Q254Q243Q254Q24
Period-end interest-earning assets$%$%
Investments$44,650 $44,456 $42,217 $194 —  %$2,433 6  %
Interest-bearing deposits in banks12,224 11,090 9,827 1,134 10 2,397 24 
Commercial loans and leases73,812 72,493 69,776 1,319 2 4,036 6 
Retail loans68,880 68,377 69,427 503 1 (547)(1)
Total loans and leases142,692 140,870 139,203 1,822 1 3,489 3 
Loans held for sale
1,198 1,334 858 (136)(10)340 40 
Total loans and leases and loans held for sale143,890 142,204 140,061 1,686 1 3,829 3 
Total period-end interest-earning assets$200,764 $197,750 $192,105 $3,014 2  %$8,659 5  %
Average interest-earning assets(1)
Investments
$46,731 $46,453 $44,823 $278 1  %$1,908 4  %
Interest-bearing deposits in banks9,156 9,015 9,459 141 2 (303)(3)
Commercial loans and leases73,151 72,150 71,355 1,001 1 1,796 3 
Retail loans68,606 67,861 69,592 745 1 (986)(1)
Total loans and leases141,757 140,011 140,947 1,746 1 810 1 
Loans held for sale
1,523 2,119 1,384 (596)(28)139 10 
Total loans and leases and loans held for sale143,280 142,130 142,331 1,150 1 949 1 
Total average interest-earning assets$199,167 $197,598 $196,613 $1,569 1  %$2,554 1  %
(1) Total average interest-earning assets excludes the mark-to-market on investment securities and unsettled purchases or sales of loans and investments.
Fourth quarter 2025vs.third quarter 2025
Period-end interest-earning assets of $200.8 billion increased $3.0 billion, or 2%, reflecting a $1.1 billion increase in cash held in interest-bearing deposits and a $194 million increase in investments in securities. Total loans and leases increased $1.8 billion, as growth in the Private Bank, net new money originations in corporate banking and higher commercial line utilization, as well as growth in home equity and mortgage, were partially offset by commercial real estate paydowns and the runoff of Non-Core loans.
Average interest-earning assets of $199.2 billion increased $1.6 billion, or 1%, reflecting a $1.7 billion increase in total loans and leases and a $141 million increase in cash held in interest-bearing deposits, partially offset by a $596 million decrease in loans held for sale related to the final settlement of the Non-Core education loans sold.
The average effective duration of the securities portfolio was 3.8 years, compared with 3.6 years at September 30, 2025 and 3.7 years at December 31, 2024.
Fourth quarter 2025vs.fourth quarter 2024
Period-end interest-earning assets of $200.8 billion increased $8.7 billion, or 5%, reflecting a $2.4 billion increase in investments in securities, a $2.4 billion increase in cash held in interest-bearing deposits and a $3.8 billion increase in total loans and leases and loans held for sale. The increase in total loans and leases and loans held for sale was driven by $4.0 billion growth in commercial given net new money originations in corporate banking and higher commercial line utilization, as well as growth in the Private Bank, partially offset by commercial real estate paydowns. This was partially offset by a decline in retail of $547 million, as $4.9 billion of growth in home equity and mortgage was more than offset by Non-Core portfolio runoff.
Average interest-earning assets of $199.2 billion increased $2.6 billion, primarily reflecting a $1.9 billion increase in investments in securities and a $949 million increase in total loans and leases and loans held for sale.
8
Citizens Financial Group, Inc.
Deposits 4Q25 change from
($s in millions)4Q253Q254Q243Q254Q24
Period-end deposits$%$%
Non-interest bearing demand$40,417 $39,472 $36,920 $945 2  %$3,497 9  %
Checking with interest37,428 35,219 33,246 2,209 64,182 13
Savings24,353 24,759 25,976 (406)(2)(1,623)(6)
Money market60,062 59,709 55,321 353 14,741 9
Time21,053 20,852 23,313 201 1(2,260)(10)
Total period-end deposits$183,313 $180,011 $174,776 $3,302 2  %$8,537 5  %
Average deposits
Non-interest bearing demand$38,993 $38,070 $36,704 $923 2  %$2,289 6  %
Checking with interest36,257 34,748 32,720 1,509 43,537 11
Savings24,477 25,001 26,237 (524)(2)(1,760)(7)
Money market58,904 57,783 54,548 1,121 24,356 8
Time21,226 20,355 24,053 871 4(2,827)(12)
Total average deposits$179,857 $175,957 $174,262 $3,900 2  %$5,595 3  %
Fourth quarter 2025vs.third quarter 2025
Total period-end deposits of $183.3 billion are up 2%, driven by growth in Private Bank, commercial, and retail, primarily across checking with interest, demand deposits and money market, partially offset by lower savings. Private Bank deposits reached $14.5 billion at year end.
Average deposits of $179.9 billion increased 2%, reflecting the same factors.
Fourth quarter 2025vs.fourth quarter 2024
Total period-end deposits of $183.3 billion increased 5%, primarily reflecting growth in Private Bank of $7.5 billion, and $3.5 billion in Commercial, partially offset by a $2.3 billion reduction in higher-cost Treasury brokered deposits.
Average deposits of $179.9 billion were up 3%.
9
Citizens Financial Group, Inc.
Borrowed Funds 4Q25 change from
($s in millions)4Q253Q254Q243Q254Q24
Period-end borrowed funds$%$%
Short-term borrowed funds$58 $214 $— $(156)(73) %$58 100  %
Long-term borrowed funds
FHLB advances2,014 14 53 2,000 NM1,961 NM
Senior debt6,328 6,825 7,168 (497)(7)(840)(12)
Subordinated debt and other debt1,284 1,620 1,805 (336)(21)(521)(29)
Auto collateralized borrowings1,598 1,982 3,375 (384)(19)(1,777)(53)
Total borrowed funds$11,282 $10,655 $12,401 $627 6  %$(1,119)(9) %
Average borrowed funds
Short-term borrowed funds$221 $589 $41 $(368)(62) %$180 NM
Long-term borrowed funds
FHLB advances35 1,009 172 (974)(97) %(137)(80)
Senior debt6,642 6,823 7,316 (181)(3)(674)(9)
Subordinated debt and other debt1,405 1,622 1,808 (217)(13)(403)(22)
Auto collateralized borrowings1,774 2,189 3,593 (415)(19)(1,819)(51)
Total average borrowed funds$10,077 $12,232 $12,930 $(2,155)(18) %$(2,853)(22) %
Fourth quarter 2025vs.third quarter 2025
Period-end borrowed funds increased $627 million, reflecting a $2.0 billion increase in FHLB advances largely offset by decreases in senior debt and subordinated debt of $497 million and $336 million, respectively, given redemptions, as well as a $384 million decrease in collateralized borrowings on auto loans as the associated portfolio runs down.
Average borrowed funds decreased $2.2 billion, driven by decreases in FHLB advances and short-term borrowed funds of $974 million and $368 million, respectively, a $415 million decrease in auto collateralized borrowings, as well as decreases in senior and subordinated debt of $181 million and $217 million, respectively, given the impact of redemptions.
Fourth quarter 2025vs.fourth quarter 2024
Period-end borrowed funds decreased by $1.1 billion, reflecting decreases of $1.8 billion in auto collateralized borrowings, given runoff of the associated portfolio, $840 million in senior and $521 million in subordinated debt given the impact of redemptions, partially offset by $2.0 billion in FHLB advances.
Average borrowed funds decreased by $2.9 billion, given a $1.8 billion decrease in auto collateralized borrowings, and decreases in senior and subordinated debt of $674 million and $403 million respectively, given the impact of redemptions.

10
Citizens Financial Group, Inc.
Capital 4Q25 change from
($s and shares in millions, except per share data)4Q253Q254Q243Q254Q24
Period-end capital$%$%
Stockholders' equity$26,317 $25,829 $24,254 $488 2  %$2,063 9  %
Stockholders' common equity24,206 23,718 22,141 488 22,065 9
Tangible common equity16,341 15,848 14,246 493 32,095 15
Tangible book value per common share$38.07 $36.73 $32.34 $1.34 4  %$5.73 18  %
Common shares - at end of period429.2 431.5 440.5 (2.2)(1)(11.3)(3)
Common shares - average (diluted)434.1 435.5 444.8 (1.4)—  %(10.8)(2) %
Common equity tier 1 capital ratio(1)
10.6 %10.7 %10.8 %
Total capital ratio(1)
13.8 13.9 14.0 
Tangible common equity ratio7.5 7.4 6.8 
Tier 1 leverage ratio(1)
9.4 9.4 9.4 
(1) Current reporting-period regulatory capital ratios are preliminary.
Fourth quarter 2025
•The CET1 capital ratio of 10.6% as of December 31, 2025 compares with 10.7% at September 30, 2025 and 10.8% at December 31, 2024.
•Total capital ratio of 13.8% compares with 13.9% at September 30, 2025 and 14.0% as of December 31, 2024.
•Tangible common equity ratio of 7.5% compares with 7.4% at September 30, 2025 and 6.8% as of December 31, 2024.
•Tangible book value per common share of $38.07 increased 4% compared with third quarter 2025, reflecting higher net income and AOCI benefit from lower long-term rates.
•Paid $201 million in common dividends to shareholders during fourth quarter 2025. This compares with $184 million in common dividends during third quarter 2025 and $188 million during fourth quarter 2024, given the fourth quarter 2025 increase in the quarterly dividend per share of $0.04 to $0.46.
•Repurchased $125 million of common shares during fourth quarter 2025, compared with $75 million in third quarter 2025 and $225 million in fourth quarter 2024.
11
Citizens Financial Group, Inc.
Credit quality review 4Q25 change from
($s in millions)4Q253Q254Q243Q254Q24
$/bps/%%$/bps/%%
Nonaccrual loans and leases(1)
$1,504 $1,518 $1,664 $(14)(1) %$(160)(10) %
90+ days past due and accruing(2)
169 162 196 7 4 (27)(14)
Net charge-offs155 162 189 (7)(4)(34)(18)
Provision for credit losses137 154 162 (17)(11)(25)(15)
Allowance for credit losses $2,183 $2,201 $2,259 $(18)(1) %$(76)(3) %
Nonaccrual loans and leases to loans and leases1.05  %1.08  %1.20  %(3) bps(15) bps
Net charge-offs as a % of total loans and leases0.43 0.46 0.53 (3)(10)
Allowance for credit losses to loans and leases1.53 1.56 1.62 (3)(9)
Allowance for credit losses to nonaccrual loans and leases145  %145  %136  %— %9 %
(1) Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
(2) 90+ days past due and accruing includes $141 million, $114 million, and $172 million of loans fully or partially guaranteed by the FHA, VA, and USDA for December 31, 2025, September 30, 2025, and December 31, 2024, respectively.
Fourth quarter 2025vs.third quarter 2025
•Nonaccrual loans of $1.5 billion decreased 1% reflecting a decrease in commercial real estate, partially offset by an increase in C&I and residential real estate secured. The nonaccrual loans to total loans ratio of 1.05% compares with 1.08% at September 30, 2025.
•Net charge-offs of $155 million, or 43 basis points of average loans and leases, compares with 46 basis points in the prior quarter, with the decrease driven primarily by commercial real estate.
•The fourth quarter 2025 provision for credit losses of $137 million compares with $154 million for third quarter 2025.
•The ratio of allowance for credit losses to total loans of 1.53% was down slightly compared with 1.56% as of September 30, 2025 reflecting improved loan mix given the continued reduction in the Non-Core portfolio and a decrease in commercial real estate balances, with originations primarily in C&I and retail real estate secured that have a lower loss content profile.
•The allowance for credit losses to nonaccrual loans and leases ratio of 145% is stable with September 30, 2025.
Fourth quarter 2025vs.fourth quarter 2024
•Nonaccrual loans decreased 10% given a 20% decrease in commercial real estate and a 6% decrease in retail, reflecting decreases in education, other retail and auto, partially offset by increases in residential real estate secured categories. The nonaccrual loans to total loans ratio of 1.05% compares with 1.20% at December 31, 2024.
•Net charge-offs of $155 million, or 43 basis points of average loans and leases compares with 53 basis points for fourth quarter 2024. This reflects a decrease in commercial real estate and a decrease in retail, driven by reductions in education, auto and other retail, partially offset by an increase in C&I.
•Provision for credit losses of $137 million decreased compared with a $162 million provision in fourth quarter 2024 reflecting the runoff of the Non-Core portfolio and improving loan mix.
•Allowance for credit losses of $2.2 billion decreased $76 million compared with December 31, 2024 given the benefit of the sale of Non-Core education loans, continued Non-Core runoff and other improvements in loan mix. Allowance for credit losses ratio of 1.53% as of December 31, 2025 compares with 1.62% as of December 31, 2024.
•The allowance for credit losses to nonaccrual loans and leases ratio of 145% compares with 136% as of December 31, 2024.
12
Citizens Financial Group, Inc.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $226.4 billion in assets as of December 31, 2025. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail, private banking, wealth management and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,100 ATMs and approximately 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. Consumer Banking includes Citizens Private Bank and Private Wealth, which integrate banking services and wealth management solutions to serve high- and ultra-high-net-worth individuals and families, as well as investors, entrepreneurs and businesses. 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.

13
Citizens Financial Group, Inc.

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

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

14
Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDSFULL YEAR
4Q25 Change2025 Change
4Q253Q254Q243Q254Q24202520242024
$%$%$%
Noninterest income, Underlying:
Noninterest income (GAAP)$620 $630 $574 ($10)(2%)$46 8%$2,394 $2,176 $218 10%
Less: Notable items— — 10 — — (10)(100)— 15 (15)(100)
Noninterest income, Underlying (non-GAAP)$620 $630 $564 ($10)(2%)$56 10%$2,394 $2,161 $233 11%
Total revenue, Underlying:
Total revenue (GAAP)A$2,157 $2,118 $1,986 $39 2%$171 9%$8,247 $7,809 $438 6%
Less: Notable items— — 10 — — (10)(100)— 15 (15)(100)
Total revenue, Underlying (non-GAAP)B$2,157 $2,118 $1,976 $39 2%$181 9%$8,247 $7,794 $453 6%
Noninterest expense, Underlying:
Noninterest expense (GAAP)C$1,343 $1,335 $1,316 $8 1%$27 2%$5,311 $5,234 $77 1%
Less: Notable items— — 24 — — (24)(100)— 156 (156)(100)
Noninterest expense, Underlying (non-GAAP)D$1,343 $1,335 $1,292 $8 1%$51 4%$5,311 $5,078 $233 5%
Pre-provision profit:
Total revenue (GAAP)A$2,157 $2,118 $1,986 $39 2%$171 9%$8,247 $7,809 $438 6%
Less: Noninterest expense (GAAP)C1,343 1,335 1,316 8 1 27 2 5,311 5,234 77 1 
Pre-provision profit (non-GAAP)$814 $783 $670 $31 4%$144 21%$2,936 $2,575 $361 14%
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)B$2,157 $2,118 $1,976 $39 2%$181 9%$8,247 $7,794 $453 6%
Less: Noninterest expense, Underlying (non-GAAP)D1,343 1,335 1,292 8 1 51 4 5,311 5,078 233 5 
Pre-provision profit, Underlying (non-GAAP)$814 $783 $684 $31 4%$130 19%$2,936 $2,716 $220 8%
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)E$677 $629 $508 $48 8%$169 33%$2,328 $1,888 $440 23%
Less: Income (expense) before income tax expense (benefit) related to notable items— — (14)— —14 100— (141)141 100 
Income before income tax expense, Underlying (non-GAAP)F$677 $629 $522 $48 8%$155 30%$2,328 $2,029 $299 15%
Income tax expense, Underlying:
Income tax expense (GAAP)G$149 $135 $107 $14 10%$42 39%$497 $379 $118 31%
Less: Income tax expense (benefit) related to notable items— — (3)— —3 100— (43)43 100 
Income tax expense, Underlying (non-GAAP)H$149 $135 $110 $14 10%$39 35%$497 $422 $75 18%
Net income, Underlying:
Net income (GAAP)I$528 $494 $401 $34 7%$127 32%$1,831 $1,509 $322 21%
Add: Notable items, net of income tax benefit— — 11 — —(11)(100)— 98 (98)(100)
Net income, Underlying (non-GAAP)J$528 $494 $412 $34 7%$116 28%$1,831 $1,607 $224 14%
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)K$489 $457 $367 $32 7%$122 33%$1,688 $1,372 $316 23%
Add: Notable items, net of income tax benefit— — 11 — —(11)(100)— 98 (98)(100)
Net income available to common stockholders, Underlying (non-GAAP)L$489 $457 $378 $32 7%$111 29%$1,688 $1,470 $218 15%
15
Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDSFULL YEAR
4Q25 Change2025 Change
4Q253Q254Q243Q254Q24202520242024
$/bps%$/bps%$/bps%
Operating leverage:
Total revenue (GAAP)A$2,157 $2,118 $1,986 $39 1.86%$171 8.57%$8,247 $7,809 $438 5.60%
Less: Noninterest expense (GAAP)C1,343 1,335 1,316 8 0.58 27 1.97 5,311 5,234 77 1.46 
Operating leverage1.28%6.60%4.14%
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)B$2,157 $2,118 $1,976 $39 1.86%$181 9.11%$8,247 $7,794 $453 5.80%
Less: Noninterest expense, Underlying (non-GAAP)D1,343 1,335 1,292 8 0.58 51 3.90 5,311 5,078 233 4.57 
Operating leverage, Underlying (non-GAAP)1.28%5.21%1.23%
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio C/A62.24%63.03%66.27%(79) bps(403) bps64.40 %67.03 %(263) bps
Efficiency ratio, Underlying (non-GAAP)D/B62.24 63.03 65.36 (79) bps(312) bps64.40 65.15 (75) bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rateG/E22.03%21.38%21.04%65  bps99  bps21.34%20.06 %128  bps
Effective income tax rate, Underlying (non-GAAP)H/F22.03 21.38 21.17 65  bps86  bps21.34 20.80 54  bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)M$23,823 $23,288 $22,009 $535 2%$1,814 8%$22,954 $21,881 $1,073 5%
Return on average common equityK/M8.16 %7.77%6.64%39  bps152  bps7.36 %6.27 %109  bps
Return on average common equity, Underlying (non-GAAP)L/M8.16 7.77 6.84 39  bps132  bps7.36 6.72 64  bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)M$23,823 $23,288 $22,009 $535 2%$1,814 8%$22,954 $21,881 $1,073 5%
Less: Average goodwill (GAAP)8,187 8,187 8,187 — — — — 8,187 8,187 — — 
Less: Average other intangibles (GAAP)120 126 136 (6)(5)(16)(12)131 143 (12)(8)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)440 440 436 — — 4 1439 433 6 1 
Average tangible common equity (non-GAAP)N$15,956 $15,415 $14,122 $541 4%$1,834 13%$15,075 $13,984 $1,091 8%
Return on average tangible common equity (non-GAAP)K/N12.18 %11.75%10.36%43  bps182  bps11.20 %9.81 %139  bps
Return on average tangible common equity, Underlying (non-GAAP)L/N12.18 11.75 10.66 43  bps152  bps11.20 10.51 69  bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)O$221,242 $219,117 $217,548 $2,125 1%$3,694 2%$218,597 $219,024 ($427)—%
Return on average total assetsI/O0.95 %0.90%0.73%5  bps22  bps0.84 %0.69 %15  bps
Return on average total assets, Underlying (non-GAAP)J/O0.95 0.90 0.75 5  bps20  bps0.84 0.73 11  bps
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)O$221,242 $219,117 $217,548 $2,1251%$3,6942%$218,597 $219,024 ($427)—%
Less: Average goodwill (GAAP)8,187 8,187 8,187 — — — — 8,187 8,187 — — 
Less: Average other intangibles (GAAP)120 126 136 (6)(5)(16)(12)131 143 (12)(8)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)440 440 436 — — 4 1 439 433 6 1 
Average tangible assets (non-GAAP)P$213,375 $211,244 $209,661 $2,131 1%$3,714 2%$210,718 $211,127 ($409)—%
Return on average total tangible assets (non-GAAP)I/P0.98 %0.93%0.76%5  bps22  bps0.87 %0.71 %16  bps
Return on average total tangible assets, Underlying (non-GAAP)J/P0.98 0.93 0.78 5  bps20  bps0.87 0.76 11  bps
16
Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDSFULL YEAR
4Q25 Change2025 Change
4Q253Q254Q243Q254Q24202520242024
$/bps%$/bps%$/bps%
Book value per common share and tangible book value per common share:
Common shares - at period-end (GAAP)Q429,242,174 431,453,142 440,543,381 (2,210,968)(1%)(11,301,207)(3%)429,242,174 440,543,381 (11,301,207)(3%)
Common stockholders' equity (GAAP)R$24,206 $23,718 $22,141 $488 2 $2,065 9 $24,206 $22,141 $2,065 9 
Less: Goodwill (GAAP)8,187 8,187 8,187 — — — — 8,187 8,187 — — 
Less: Other intangible assets (GAAP)115 123 146 (8)(7)(31)(21)115 146 (31)(21)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)437 440 438 (3)(1)(1)— 437 438 (1)— 
Tangible common equity (non-GAAP)S$16,341 $15,848 $14,246 $493 3%$2,095 15%$16,341 $14,246 $2,095 15%
Book value per common shareR/Q$56.39 $54.97 $50.26 $1.42 3%$6.13 12%$56.39 $50.26 $6.13 12%
Tangible book value per common share (non-GAAP)S/Q$38.07 $36.73 $32.34 $1.34 4%$5.73 18%$38.07 $32.34 $5.73 18%
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)T429,483,110 431,365,552 440,802,738 (1,882,442)—%(11,319,628)(3%)433,173,162 450,678,038 (17,504,876)(4%)
Average common shares outstanding - diluted (GAAP)U434,077,960 435,472,350 444,836,786 (1,394,390)— (10,758,826)(2)436,890,731 453,510,245 (16,619,514)(4)
Net income per average common share - basic (GAAP)K/T$1.14 $1.06 $0.83 $0.08 8 $0.31 37 $3.90 $3.05 $0.85 28 
Net income per average common share - diluted (GAAP)K/U1.13 1.05 0.83 0.08 8 0.30 36 3.86 3.03 0.83 27 
Net income per average common share - basic, Underlying (non-GAAP)L/T1.14 1.06 0.86 0.08 8 0.28 33 3.90 3.26 0.64 20 
Net income per average common share - diluted, Underlying (non-GAAP)L/U1.13 1.05 0.85 0.08 8 0.28 33 3.86 3.24 0.62 19 
Common equity ratio and tangible common equity ratio:
Total assets (GAAP)V$226,351 $222,747 $217,521 3,6042 $8,8304%$226,351 $217,521 $8,8304%
Less: Goodwill (GAAP)8,187 8,187 8,187 —— —— 8,187 8,187 —— 
Less: Other intangible assets (GAAP)115 123 146 (8)(7)(31)(21)115 146 (31)(21)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)437 440 438 (3)(1)(1)— 437 438 (1)— 
Tangible assets (non-GAAP)W$218,486 $214,877 $209,626 $3,6092%$8,8604%$218,486 $209,626 $8,8604%
Common equity ratio (GAAP)R/V10.7 %10.6 %10.2 %4 bps51 bps10.7 %10.2 %51 bps
Tangible common equity ratio (non-GAAP)S/W7.5 7.4 6.8 10 bps70 bps7.5 6.8 70 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
4Q25 Change2025 Change
4Q253Q254Q243Q254Q24202520242024
$/bps%$/bps%$/bps%
Net interest income and net interest margin on an FTE basis:
Net interest income (annualized) (GAAP)X$6,098 $5,902 $5,620 $196 3%$478 9%$5,853 $5,633 $220 4%
Average interest-earning assets (GAAP)Y199,167 197,598 196,613 1,569 1 2,554 1 197,048 198,072 (1,024)(1)
Net interest margin (GAAP)X/Y3.06 %2.99%2.86%7  bps20  bps2.97%2.84%13  bps
Net interest income (GAAP)$1,537 $1,488 $1,412 $49 3%$125 9%$5,853 $5,633 $220 4%
FTE adjustment4 4 4 — — — — 16 17 (1)(6)
Net interest income on an FTE basis (non-GAAP)1,541 1,492 1,416 49 3 125 9 5,869 5,650 219 4 
Net interest income on an FTE basis (annualized) (non-GAAP)Z6,112 5,919 5,637 194 3 475 8 5,869 5,650 219 4 
Net interest margin on an FTE basis (non-GAAP)Z/Y3.07 %3.00%2.87%7  bps20  bps2.98%2.85%13  bps
Card fees, Underlying:
Card fees (GAAP)$86 $87 $97 ($1)(1)($11)(11%)$346 $368 ($22)(6%)
Less: Notable items— — 11 — — (11)(100)— 24 (24)(100)
Card fees, Underlying (non-GAAP)$86 $87 $86 ($1)(1)$— —%$346 $344 $2 1%
Other income, Underlying:
Other income (GAAP)$42 $31 $28 $11 35$14 50%$136 $79 $57 72%
Less: Notable items— — (1)— — 1 100 — (9)9 100 
Other income, Underlying (non-GAAP)$42 $31 $29 $11 35$13 45%$136 $88 $48 55%
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)$716 $705 $674 $11 2%$42 6%$2,798 $2,657 $141 — 5%
Less: Notable items— — 17 — —(17)(100)— 46 (46)(100)
Salaries and employee benefits, Underlying (non-GAAP)$716 $705 $657 $11 2%$59 9%$2,798 $2,611 $187 7%
Equipment and software, Underlying:
Equipment and software (GAAP)$199 $197 $193 $2 1%$6 3%$783 $769 $14 2%
Less: Notable items— — 3 — — (3)(100)— 17 (17)(100)
Equipment and software, Underlying (non-GAAP)$199 $197 $190 $2 1%$9 5%$783 $752 $31 4%
Outside services, Underlying:
Outside services (GAAP)$148 $161 $170 ($13)(8%)($22)(13%)$633 $639 ($6)— (1%)
Less: Notable items— — 4 — — (4)(100)— 28 (28)(100)
Outside services, Underlying (non-GAAP)$148 $161 $166 ($13)(8%)($18)(11%)$633 $611 $22 4%
Occupancy, Underlying:
Occupancy (GAAP)$109 $106 $112 $3 3%($3)(3%)$435 $447 ($12)(3%)
Less: Notable items— — 5 — — (5)(100)— 19 (19)(100)
Occupancy, Underlying (non-GAAP)$109 $106 $107 $3 3%$2 2%$435 $428 $7 2%
Other operating expense, Underlying:
Other operating expense (GAAP)$171 $166 $167 $5 3%$4 2%$662 $722 ($60)— (8%)
Less: Notable items— — (5)— — 5 100— 46 (46)(100)
Other operating expense, Underlying (non-GAAP)$171 $166 $172 $5 3%($1)(1%)$662 $676 ($14)(2%)









18
Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)



4Q25
CET1 Ratio adjusted for AOCI opt-out removal
CET1 capital$18,240 
Less: AFS securities - AOCI922 
        HTM securities - AOCI(1)
681 
DTA for AFS/HTM securities33 
Pension249 
DTA for Pension4 
CET 1 capital adjusted for AOCI opt-out removalA$16,351 
Risk-weighted assets171,493 
Less: HTM securities - AOCI117 
AFS securities - AOCI149 
DTA for AFS/HTM securities(1,276)
Pension249 
DTA for Pension(215)
Risk-weighted assets adjusted for AOCI opt-out removalB$172,469 
CET1 Ratio adjusted for AOCI opt-out removal
A/B9.5 %
(1) HTM securities - AOCI refers to unrealized losses recognized on securities before transfer to HTM

























19
Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)

2025
Net income available to common stockholders:
Private Bank Net income available to common stockholders, (GAAP)A$122 
Regulatory Capital:
Private Bank Average Risk Weighted Assets (1)
B$4,889 
CFG Capital Allocation Rate (2)
C10.0 %
Private Bank Regulatory CapitalD=B*C$489 
Private Bank Return on Regulatory CapitalA/D25 %
(1) RWA is based on the Basel III standardized approach.
(2) Capital allocation rate is management-defined for internal performance evaluation. It is not based on GAAP.




20
Citizens Financial Group, Inc.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words "believes," "expects," "anticipates," "estimates," "intends," "plans," "goals," "targets," "initiatives," "potentially," "probably," "projects," "outlook," "guidance" or similar expressions or future conditional verbs such as "may," "will," "likely," "should," "would," and "could."

Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation:
•Negative economic, business and political conditions, including as a result of the interest rate environment, supply chain disruptions, tariffs, inflationary pressures, and labor shortages that adversely affect the general economy, housing prices, the job market, consumer confidence, and spending habits;
•The general state of the economy and employment, as well as general business and economic conditions, and changes in the competitive environment;
•Our capital and liquidity requirements under regulatory standards and our ability to generate capital and liquidity on favorable terms;
•The effect of changes in our credit ratings on our cost of funding, access to capital markets, ability to market our securities, and overall liquidity position;
•The effect of changes in the level of commercial and consumer deposits on our funding costs and net interest margin;
•Our ability to execute on our strategic business initiatives and achieve our financial performance goals across our Consumer and Commercial businesses, including our Private Bank;
•The effects of geopolitical instability, including the wars in Ukraine and the Middle East, on economic and market conditions, inflationary pressures and the interest rate environment, commodity price and foreign exchange rate volatility, and heightened cybersecurity risks;
•Our ability to comply with heightened supervisory requirements and expectations as well as new or amended regulations;
•Liabilities and business restrictions resulting from litigation and regulatory investigations;
•The effect of changes in interest rates on our net interest income, net interest margin, mortgage originations, mortgage servicing rights, and mortgages held for sale;
•Changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources, and affect the ability to originate and distribute financial products in the primary and secondary markets;
•Financial services reform and other current, pending, or future legislation or regulation that could have a negative effect on our revenue and businesses;
•Environmental risks, such as physical or transition risks associated with climate change, and social and governance risks that could adversely affect our reputation, operations, business, and customers;
•A failure in, or breach of, our compliance with laws, as well as operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyberattacks; 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, balance sheet growth, market conditions, and regulatory considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares from, or pay any dividends to, holders of our common stock, or as to the amount of any such repurchases or dividends.

More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 as filed with the Securities and Exchange Commission.
Note: Per share amounts and ratios presented in this document are calculated using whole dollars.
21
Exhibit 99.2















newcfglogomediuma01a21a.jpg


Financial Supplement

Fourth Quarter and Full Year 2025





















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.

Please note that items in this document may not sum due to rounding.
2

CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in millions, except per share data)
QUARTERLY TRENDSFULL YEAR
4Q25 Change2025 Change
4Q253Q252Q251Q254Q243Q254Q24202520242024
$/bps%$/bps%$/bps%
SELECTED OPERATING DATA
Total revenue$2,157 $2,118 $2,037 $1,935 $1,986 $39 2%$171 9%$8,247 $7,809 $438 6%
Noninterest expense1,343 1,335 1,319 1,314 1,316 8 1 27 2 5,311 5,234 77 1 
Pre-provision profit1
814 783 718 621 670 31 4 144 21 2,936 2,575 361 14 
Provision (benefit) for credit losses137 154 164 153 162 (17)(11)(25)(15)608 687 (79)(11)
NET INCOME528 494 436 373 401 34 7 127 32 1,831 1,509 322 21 
Net income, Underlying1
528 494 436 373 412 34 7 116 28 1,831 1,607 224 14 
Net income available to common stockholders489 457 402 340 367 32 7 122 33 1,688 1,372 316 23 
Net income available to common stockholders, Underlying1
489 457 402 340 378 32 7 111 29 1,688 1,470 218 15 
PER COMMON SHARE DATA
Basic earnings$1.14 $1.06 $0.93 $0.78 $0.83 $0.08 8%$0.31 37%$3.90 $3.05 $0.85 28%
Diluted earnings1.13 1.05 0.92 0.77 0.83 0.08 8 0.30 36 3.86 3.03 0.83 27 
Basic earnings, Underlying1
1.14 1.06 0.93 0.78 0.86 0.08 8 0.28 33 3.90 3.26 0.64 20 
Diluted earnings, Underlying1
1.13 1.05 0.92 0.77 0.85 0.08 8 0.28 33 3.86 3.24 0.62 19 
Cash dividends declared and paid per common share 0.46 0.42 0.42 0.42 0.42 0.04 10 0.04 10 1.72 1.68 0.04 2 
Book value per common share56.39 54.97 53.43 51.99 50.26 1.42 3 6.13 12 56.39 50.26 6.13 12 
Tangible book value per common share1
38.07 36.73 35.23 33.97 32.34 1.34 4 5.73 18 38.07 32.34 5.73 18 
Dividend payout ratio40 %40 %45 %54 %51 %73  bps(1,025) bps44 %55%(1,098) bps
Dividend payout ratio, Underlying1
40 40 45 54 49 73  bps(865) bps44 52(800) bps
COMMON SHARES OUTSTANDING
Average: Basic429,483,110 431,365,552 433,640,210 438,320,757 440,802,738 (1,882,442)—%(11,319,628)(3%)433,173,162 450,678,038 (17,504,876)(4%)
   Diluted434,077,960 435,472,350 436,539,774 442,200,180 444,836,786 (1,394,390)— (10,758,826)(2)436,890,731 453,510,245 (16,619,514)(4)
Common shares at period-end429,242,174 431,453,142 432,768,811 437,668,127 440,543,381 (2,210,968)(1)(11,301,207)(3)429,242,174 440,543,381 (11,301,207)(3)
1 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

3

CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDSFULL YEAR
4Q25 Change2025 Change
4Q253Q252Q251Q254Q243Q254Q24202520242024
$/bps%$/bps%$/bps%
FINANCIAL RATIOS
Net interest margin3.06 %2.99 %2.94 %2.89 %2.86 %7 bps20 bps2.97 %2.84 %13  bps
Net interest margin, FTE1,2
3.07 3.00 2.95 2.90 2.87 7202.98 2.85 13  
Return on average common equity8.16 7.77 7.18 6.21 6.64 39 152 7.36 6.27 109  
Return on average common equity, Underlying2
8.16 7.77 7.18 6.21 6.84 39 132 7.36 6.72 64  
Return on average tangible common equity2
12.18 11.75 11.05 9.64 10.36 43 182 11.20 9.81 139  
Return on average tangible common equity, Underlying2
12.18 11.75 11.05 9.64 10.66 43 152 11.20 10.51 69  
Return on average total assets0.95 0.90 0.80 0.70 0.73 5 22 0.84 0.69 15  
Return on average total assets, Underlying2
0.95 0.90 0.80 0.70 0.75 5 20 0.84 0.73 11  
Return on average total tangible assets2
0.98 0.93 0.83 0.73 0.76 5 22 0.87 0.71 16  
Return on average total tangible assets, Underlying2
0.98 0.93 0.83 0.73 0.78 5 20 0.87 0.76 11  
Effective income tax rate22.03 21.38 21.37 20.26 21.04 65 99 21.34 20.06 128  
Effective income tax rate, Underlying2
22.03 21.38 21.37 20.26 21.17 65 86 21.34 20.80 54  
Efficiency ratio62.24 63.03 64.76 67.91 66.27 (79)(403)64.40 67.03 (263) 
Efficiency ratio, Underlying2
62.24 63.03 64.76 67.91 65.36 (79)(312)64.40 65.15 (75) 
Noninterest income as a % of total revenue28.75 29.75 29.41 28.14 28.90 (100)(15)29.03 27.86 117 
Noninterest income as a % of total revenue, Underlying2
28.75 29.75 29.41 28.14 28.54 (100)21 29.03 27.73 130  
CAPITAL RATIOS - PERIOD-END (PRELIMINARY)
CET1 capital ratio10.6 %10.7 %10.6 %10.6 %10.8 %
Tier 1 capital ratio11.9 11.9 11.9 11.9 12.1 
Total capital ratio13.8 13.9 13.8 13.9 14.0 
Tier 1 leverage ratio9.4 9.4 9.4 9.4 9.4 
Common equity ratio
10.7 10.6 10.6 10.3 10.2 
Tangible common equity ratio2
7.5 7.4 7.2 7.0 6.8 
SELECTED BALANCE SHEET DATA
Loan-to-deposit ratio (period-end balances)77.84 %78.26 %79.56 %77.51 %79.65 %(42) bps(181) bps77.84 %79.65 %(181) bps
Loan-to-deposit ratio (average balances)78.82 79.57 79.72 80.89 80.88 (75) bps(206) bps79.73 81.77 (204) bps
Full-time equivalent colleagues (period-end)17,398 17,496 17,677 17,315 17,287 (98)(1)111 1 17,398 17,287 111 1 
1Net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21% to adjust for the tax-exempt status of income from certain assets held by the Company.
2These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."




4

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(dollars in millions)
QUARTERLY TRENDSFULL YEAR
4Q25 Change2025 Change
4Q253Q252Q251Q254Q243Q254Q24202520242024
$%$%$%
INTEREST INCOME
Interest and fees on loans and leases$1,901 $1,897 $1,851 $1,829 $1,910 $4 —%($9)—%$7,478 $7,948 ($470)(6%)
Interest and fees on loans held for sale22 31 36 16 21 (9)(29)1 5 105 77 28 36 
Investment securities434 433 428 418 419 1 — 15 4 1,713 1,658 55 3 
Interest-bearing deposits in banks89 97 92 89 112 (8)(8)(23)(21)367 503 (136)(27)
Total interest income2,446 2,458 2,407 2,352 2,462 (12)— (16)(1)9,663 10,186 (523)(5)
INTEREST EXPENSE
Deposits781 816 802 795 883 (35)(4)(102)(12)3,194 3,825 (631)(16)
Short-term borrowed funds— 5 9 8 1 (5)(100)(1)(100)22 15 7 47 
Long-term borrowed funds128 149 159 158 166 (21)(14)(38)(23)594 713 (119)(17)
Total interest expense909 970 970 961 1,050 (61)(6)(141)(13)3,810 4,553 (743)(16)
Net interest income1,537 1,488 1,437 1,391 1,412 49 3 125 9 5,853 5,633 220 4 
NONINTEREST INCOME
Service charges and fees112 112 111 109 109 — — 3 3 444 420 24 6 
Capital markets fees140 166 105 100 121 (26)(16)19 16 511 467 44 9 
Wealth fees
98 93 88 81 75 5 5 23 31 360 294 66 22 
Card fees86 87 90 83 97 (1)(1)(11)(11)346 368 (22)(6)
Mortgage banking fees52 49 73 59 60 3 6 (8)(13)233 209 24 11 
Foreign exchange and derivative products34 42 41 39 35 (8)(19)(1)(3)156 146 10 7 
Letter of credit and loan fees49 48 45 44 45 1 2 4 9 186 175 11 6 
Securities gains, net7 2 5 7 4 5 250 3 75 22 18 4 22 
Other income42 31 42 22 28 11 35 14 50 136 79 57 72 
Total noninterest income620 630 600 544 574 (10)(2)46 8 2,394 2,176 218 10 
TOTAL REVENUE2,157 2,118 2,037 1,935 1,986 39 2 171 9 8,247 7,809 438 6 
Provision (benefit) for credit losses137 154 164 153 162 (17)(11)(25)(15)608 687 (79)(11)
NONINTEREST EXPENSE
Salaries and employee benefits716 705 681 696 674 11 2 42 6 2,798 2,657 141 5 
Equipment and software199 197 193 194 193 2 1 6 3 783 769 14 2 
Outside services148 161 169 155 170 (13)(8)(22)(13)633 639 (6)(1)
Occupancy109 106 108 112 112 3 3 (3)(3)435 447 (12)(3)
Other operating expense171 166 168 157 167 5 3 4 2 662 722 (60)(8)
Total noninterest expense1,343 1,335 1,319 1,314 1,316 8 1 27 2 5,311 5,234 77 1 
Income before income tax expense677 629 554 468 508 48 8 169 33 2,328 1,888 440 23 
Income tax expense149 135 118 95 107 14 10 42 39 497 379 118 31 
Net income$528 $494 $436 $373 $401 $34 7%$127 32%$1,831 $1,509 $322 21%
Net income, Underlying1
$528 $494 $436 $373 $412 $34 7%$116 28%$1,831 $1,607 $224 14%
Net income available to common stockholders$489 $457 $402 $340 $367 $32 7%$122 33%$1,688 $1,372 $316 23%
Net income available to common stockholders, Underlying1
$489 $457 $402 $340 $378 $32 7%$111 29%$1,688 $1,470 $218 15%
1 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

5

CONSOLIDATED BALANCE SHEETS (unaudited)
(dollars in millions, except par value)
PERIOD-END BALANCESAS OFDECEMBER 31, 2025 CHANGE
Dec 31, 2025Sept 30, 2025June 30, 2025Mar 31, 2025Dec 31, 2024September 30, 2025December 31, 2024
$%$%
ASSETS
Cash and due from banks$1,464 $1,254 $1,107 $1,082 $1,409 $210 17%$55 4%
Interest-bearing cash and due from banks11,263 10,396 7,441 10,459 9,192 867 8 2,071 23 
Interest-bearing deposits in banks961 694 680 685 635 267 38 326 51 
Debt securities available for sale, at fair value35,697 35,419 34,658 34,208 32,765 278 1 2,932 9 
Debt securities held to maturity7,933 8,124 8,293 8,469 8,599 (191)(2)(666)(8)
Loans held for sale
1,198 1,334 2,093 2,820 858 (136)(10)340 40 
Loans and leases142,692 140,870 139,304 137,635 139,203 1,822 1 3,489 3 
Less: Allowance for loan and lease losses(1,943)(1,972)(2,008)(2,014)(2,061)29 (1)118 (6)
Net loans and leases140,749 138,898 137,296 135,621 137,142 1,851 1 3,607 3 
Premises and equipment915 857 855 855 875 58 7 40 5 
Bank-owned life insurance3,441 3,422 3,408 3,386 3,364 19 1 77 2 
Goodwill8,187 8,187 8,187 8,187 8,187 — — — — 
Other intangible assets115 123 129 137 146 (8)(7)(31)(21)
Other assets1
14,428 14,039 14,163 14,239 14,349 389 3 79 1 
TOTAL ASSETS$226,351 $222,747 $218,310 $220,148 $217,521 $3,604 2%$8,830 4%
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing$40,417 $39,472 $38,001 $37,556 $36,920 $945 2%$3,497 9%
Interest-bearing142,896 140,539 137,085 140,020 137,856 2,357 2 5,040 4 
Total deposits183,313 180,011 175,086 177,576 174,776 3,302 2 8,537 5 
Short-term borrowed funds58 214 249 47 — (156)(73)58 100 
Long-term borrowed funds:
FHLB advances2,014 14 1,542 42 53 2,000 NM1,961 NM
Senior debt6,328 6,825 6,821 7,568 7,168 (497)(7)(840)(12)
Subordinated debt and other debt2,882 3,602 4,163 4,657 5,180 (720)(20)(2,298)(44)
Total long-term borrowed funds11,224 10,441 12,526 12,267 12,401 783 7 (1,177)(9)
Other liabilities1
5,439 6,252 5,215 5,392 6,090 (813)(13)(651)(11)
TOTAL LIABILITIES200,034 196,918 193,076 195,282 193,267 3,116 2 6,767 4 
STOCKHOLDERS' EQUITY
Preferred stock:
$25.00 par value, 100,000,000 shares authorized for each of the periods presented2,111 2,111 2,113 2,113 2,113 — — (2)— 
Common stock:
$0.01 par value, 1,000,000,000 shares authorized for each of the periods presented7 7 7 7 7 — — — — 
Additional paid-in capital22,476 22,448 22,420 22,370 22,364 28 — 112 1 
Retained earnings11,345 11,056 10,783 10,566 10,412 289 3 933 9 
Treasury stock, at cost(7,652)(7,526)(7,450)(7,249)(7,047)(126)(2)(605)(9)
Accumulated other comprehensive income (loss)(1,970)(2,267)(2,639)(2,941)(3,595)297 13 1,625 45 
TOTAL STOCKHOLDERS' EQUITY26,317 25,829 25,234 24,866 24,254 488 2 2,063 9 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$226,351 $222,747 $218,310 $220,148 $217,521 $3,604 2%$8,830 4%
Memo: Total tangible common equity2
$16,341 $15,848 $15,246 $14,867 $14,246 $493 3%$2,095 15%
1 Effective for the fourth quarter of 2025, the Company modified the presentation of its Consolidated Balance Sheets to include Derivative assets and Derivative liabilities in Other assets and Other liabilities, respectively. Prior period results have been revised to conform to the new presentation.
2 Represents a non-GAAP financial measure. For further information on this measure, refer to "Non-GAAP Financial Measures and Reconciliations."
6

LOANS AND DEPOSITS
(dollars in millions)
PERIOD-END BALANCESAS OFDECEMBER 31, 2025 CHANGE
Dec 31, 2025Sept 30, 2025June 30, 2025Mar 31, 2025Dec 31, 2024Sept 30, 2025December 31, 2024
$%$%
LOANS AND LEASES
Commercial and industrial
$49,232 $46,953 $45,412 $43,781 $42,551 $2,279 5%$6,681 16%
Commercial real estate24,580 25,540 26,230 26,727 27,225 (960)(4)(2,645)(10)
Total commercial73,812 72,493 71,642 70,508 69,776 1,319 2 4,036 6 
Residential mortgages35,024 34,477 33,823 33,114 32,726 547 2 2,298 7 
Home equity19,069 18,415 17,711 16,853 16,495 654 4 2,574 16 
Automobile2,310 2,816 3,407 4,044 4,744 (506)(18)(2,434)(51)
Education8,416 8,556 8,550 8,779 10,812 (140)(2)(2,396)(22)
Other retail4,061 4,113 4,171 4,337 4,650 (52)(1)(589)(13)
Total retail68,880 68,377 67,662 67,127 69,427 503 1 (547)(1)
Total loans and leases$142,692 $140,870$139,304$137,635$139,203$1,822 1%$3,489 3%
Loans held for sale
1,198 1,334 2,093 2,820 858 (136)(10)340 40
Loans and leases and loans held for sale$143,890 $142,204 $141,397 $140,455 $140,061 $1,686 1%$3,829 3%
DEPOSITS
Noninterest-bearing demand
$40,417 $39,472 $38,001 $37,556 $36,920 $945 2%$3,497 9%
Checking with interest37,428 35,219 34,918 34,456 33,246 2,209 6 4,182 13 
Savings24,353 24,759 25,400 25,765 25,976 (406)(2)(1,623)(6)
Money market60,062 59,709 55,638 55,996 55,321 353 1 4,741 9 
Time
21,053 20,852 21,129 23,803 23,313 201 1 (2,260)(10)
Total deposits$183,313 $180,011 $175,086 $177,576 $174,776 $3,302 2%$8,537 5%


7

AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)
QUARTERLY TRENDS4Q25 Change
4Q253Q254Q243Q254Q24
Average Balance
InterestRate
Average Balance
InterestRate
Average Balance
InterestRate
Average Balance
InterestRate
Average Balance
InterestRate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks$9,156 $89 3.80%$9,015 $97 4.24%$9,459 $112 4.65%$141 ($8)(44) bps($303)($23)(85) bps
Taxable investment securities46,730 434 3.71 46,452 433 3.71 44,822 419 3.73 278 1 —1,908 15 (2)
Non-taxable investment securities1 — 2.60 1 — 2.60 1 — 2.60 — — —— — —
Total investment securities46,731 434 3.71 46,453 433 3.71 44,823 419 3.73 278 1 —1,908 15 (2)
Commercial and industrial
48,108 605 4.92 46,351 581 4.91 43,674 538 4.82 1,757 24 14,434 67 10
Commercial real estate25,043 358 5.59 25,799 380 5.76 27,681 419 5.93 (756)(22)(17)(2,638)(61)(34)
Total commercial73,151 963 5.15 72,150 961 5.21 71,355 957 5.25 1,001 2 (6)1,796 6 (10)
Residential mortgages34,752 350 4.03 34,134 339 3.98 32,520 310 3.81 618 11 52,232 40 22
Home equity18,754 323 6.84 18,027 322 7.07 16,246 311 7.61 727 1 (23)2,508 12 (77)
Automobile2,557 30 4.60 3,096 35 4.44 5,129 56 4.29 (539)(5)16(2,572)(26)31
Education8,469 128 6.00 8,513 129 5.98 10,949 150 5.48 (44)(1)2(2,480)(22)52
Other retail4,074 107 10.34 4,091 111 10.92 4,748 126 10.60 (17)(4)(58)(674)(19)(26)
Total retail68,606 938 5.44 67,861 936 5.49 69,592 953 5.46 745 2 (5)(986)(15)(2)
Total loans and leases141,757 1,901 5.29 140,011 1,897 5.35 140,947 1,910 5.35 1,746 4 (6)810 (9)(6)
Loans held for sale
1,523 22 5.95 2,119 31 5.73 1,384 21 6.04 (596)(9)22139 1 (9)
Total interest-earning assets199,167 2,446 4.86 197,598 2,458 4.92 196,613 2,462 4.96 1,569 (12)(6)2,554 (16)(10)
Noninterest-earning assets22,075 21,519 20,935 556 1,140 
TOTAL ASSETS$221,242 $219,117 $217,548 $2,125 $3,694 
INTEREST-BEARING LIABILITIES
Checking with interest$36,257 $135 1.48%$34,748 $134 1.54%$32,720 $123 1.49%$1,509 $1 (6)$3,537 $12 (1)
Savings
24,477 77 1.26 25,001 86 1.36 26,237 107 1.63 (524)(9)(10)(1,760)(30)(37)
Money market58,904 377 2.54 57,783 411 2.82 54,548 385 2.81 1,121 (34)(28)4,356 (8)(27)
Time
21,226 192 3.57 20,355 185 3.61 24,053 268 4.42 871 7 (4)(2,827)(76)(85)
Total interest-bearing deposits140,864 781 2.20 137,887 816 2.35 137,558 883 2.55 2,977 (35)(15)3,306 (102)(35)
Short-term borrowed funds221 — 1.34 589 5 2.91 41 1 7.88 (368)(5)(157)180 (1)(654)
FHLB advances35 1 3.31 1,009 12 4.64 172 2 4.55 (974)(11)(133)(137)(1)(124)
Senior debt6,642 84 5.11 6,823 88 5.16 7,316 90 4.92 (181)(4)(5)(674)(6)19
Subordinated debt and other debt3,179 43 5.32 3,811 49 5.16 5,401 74 5.49 (632)(6)16(2,222)(31)(17)
Total long-term borrowed funds9,856 128 5.17 11,643 149 5.11 12,889 166 5.16 (1,787)(21)6(3,033)(38)1
Total borrowed funds10,077 128 5.09 12,232 154 5.01 12,930 167 5.17 (2,155)(26)8(2,853)(39)(8)
Total interest-bearing liabilities150,941 909 2.39 150,119 970 2.56 150,488 1,050 2.78 822 (61)(17)453 (141)(39)
Noninterest-bearing demand deposits
38,993 38,070 36,704 923 2,289 
Other noninterest-bearing liabilities5,374 5,387 6,235 (13)(861)
TOTAL LIABILITIES195,308 193,576 193,427 1,732 1,881 
STOCKHOLDERS' EQUITY25,934 25,541 24,121 393 1,813 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$221,242 $219,117 $217,548 $2,125 $3,694 
INTEREST RATE SPREAD2.47 %2.36 %2.18 %1129
NET INTEREST INCOME AND NET INTEREST MARGIN
$1,537 3.06 %$1,488 2.99 %$1,412 2.86 %$49 7$125 20
NET INTEREST INCOME AND NET INTEREST MARGIN, FTE1
$1,541 3.07 %$1,492 3.00 %$1,416 2.87 %$49 7$125 20
Memo: Total deposits (interest-bearing and noninterest-bearing demand)
$179,857 $781 1.72 %$175,957 $816 1.84 %$174,262 $883 2.02 %$3,900 ($35)(12) bps$5,595 ($102)(30) bps

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

8

AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)
FULL YEAR2025 Change
202520242024
Average Balance
InterestRate
Average Balance
InterestRate
Average Balance
InterestRate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks$8,624 $367 4.20%$9,566 $503 5.17%($942)($136)(97) bps
Taxable investment securities46,449 1,713 3.69 44,627 1,658 3.71 1,822 55 (2)
Non-taxable investment securities1 — 2.60 1 — 2.60 — — —
Total investment securities46,450 1,713 3.69 44,628 1,658 3.71 1,822 55 (2)
Commercial and industrial
45,763 2,250 4.85 44,174 2,333 5.20 1,589 (83)(35)
Commercial real estate26,079 1,509 5.71 28,430 1,795 6.21 (2,351)(286)(50)
Total commercial71,842 3,759 5.16 72,604 4,128 5.60 (762)(369)(44)
Residential mortgages33,800 1,334 3.95 31,916 1,184 3.71 1,884 150 24
Home equity17,695 1,246 7.04 15,603 1,231 7.89 2,092 15 (85)
Automobile3,432 153 4.44 6,404 274 4.27 (2,972)(121)17
Education9,075 533 5.87 11,340 613 5.41 (2,265)(80)46
Other retail4,233 453 10.71 4,837 518 10.72 (604)(65)(1)
Total retail68,235 3,719 5.45 70,100 3,820 5.45 (1,865)(101)—
Total loans and leases140,077 7,478 5.30 142,704 7,948 5.52 (2,627)(470)(22)
Loans held for sale
1,897 105 5.55 1,174 77 6.51 723 28 (96)
Total interest-earning assets197,048 9,663 4.88 198,072 10,186 5.10 (1,024)(523)(22)
Noninterest-earning assets21,549 20,952 597 
TOTAL ASSETS$218,597 $219,024 ($427)
INTEREST-BEARING LIABILITIES
Checking with interest$34,397 $502 1.46%$32,943 $491 1.49%$1,454 $11 (3)
Savings
25,189 337 1.34 27,100 476 1.76 (1,911)(139)(42)
Money market56,475 1,521 2.69 53,053 1,705 3.21 3,422 (184)(52)
Time
21,875 834 3.81 24,967 1,153 4.62 (3,092)(319)(81)
Total interest-bearing deposits137,936 3,194 2.32 138,063 3,825 2.77 (127)(631)(45)
Short-term borrowed funds601 22 3.62 252 15 5.73 349 7 (211)
FHLB advances675 32 4.61 1,319 74 5.52 (644)(42)(91)
Senior debt6,908 348 5.05 6,896 333 4.84 12 15 21
Subordinated debt and other debt4,073 214 5.24 5,616 306 5.45 (1,543)(92)(21)
Total long-term borrowed funds11,656 594 5.09 13,831 713 5.15 (2,175)(119)(6)
Total borrowed funds12,257 616 5.02 14,083 728 5.16 (1,826)(112)(14)
Total interest-bearing liabilities150,193 3,810 2.54 152,146 4,553 2.99 (1,953)(743)(45)
Noninterest-bearing demand deposits
37,746 36,457 1,289 
Other noninterest-bearing liabilities5,557 6,466 (909)
TOTAL LIABILITIES193,496 195,069 (1,573)
STOCKHOLDERS' EQUITY25,101 23,955 1,146 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$218,597 $219,024 ($427)
INTEREST RATE SPREAD2.34 %2.11 %23
NET INTEREST INCOME AND NET INTEREST MARGIN
$5,853 2.97 %$5,633 2.84 %$220 13
NET INTEREST INCOME AND NET INTEREST MARGIN, FTE1
$5,869 2.98 %$5,650 2.85 %$219 13
Memo: Total deposits (interest-bearing and noninterest-bearing demand)
$175,682 $3,194 1.82 %$174,520 $3,825 2.19 %$1,162 ($631)(37) bps
1 Net interest income and net interest margin are presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21% to adjust for the tax-exempt status of income from certain assets held by the Company and are considered non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

9

MORTGAGE BANKING FEES SUMMARY
(dollars in millions)
QUARTERLY TRENDSFULL YEAR
4Q25 Change2025 Change
4Q253Q252Q251Q254Q243Q254Q24202520242024
$/bps%$/bps%$/bps%
MORTGAGE BANKING FEES
Production revenue$19 $18 $19 $15 $14 $16%$536%$71 $58 $13 22%
Mortgage servicing revenue21 29 28 32 33 (8)(28)(12)(36)110 134 (24)(18)
MSR valuation changes, net of hedge impact12 2 26 12 13 10NM(1)(8)52 17 35 206 
Total mortgage banking fees$52 $49 $73 $59 $60 $36%($8)(13%)$233 $209 $24 11%
Pull-through adjusted locks$2,486 $2,150 $2,458 $2,112 $1,543 $33616%$94361%$9,206 $6,873 $2,33334%
Production revenue as a percentage of Pull-through adjusted locks0.78 %0.81 %0.78 %0.71 %0.90 %(3) bps(12) bps0.77%0.85%(7) bps
RESIDENTIAL REAL ESTATE ORIGINATIONS
Retail$2,175 $2,019 $2,189 $1,444 $1,680 $1568%$49529%$7,827 $6,058 $1,76929%
Third Party2,179 1,837 1,916 1,474 1,341 34219 83862 7,406 5,060 2,34646 
Total$4,354 $3,856 $4,105 $2,918 $3,021 $49813%$1,33344%$15,233 $11,118 $4,11537%
Originated for sale$2,748 $2,379 $2,486 $1,916 $1,948 $36916%$80041%$9,529 $7,264 $2,26531%
Originated for investment1,606 1,477 1,619 1,002 1,073 1299 53350 5,704 3,854 1,85048 
Total$4,354 $3,856 $4,105 $2,918 $3,021 $49813%$1,33344%$15,233 $11,118 $4,11537%
MORTGAGE SERVICING INFORMATION (UPB)
Loans serviced for others$94,877 $95,244 $95,422 $95,203 $95,600 ($367)—%($723)(1%)$94,877 $95,600 ($723)(1%)
Owned loans serviced35,599 34,760 34,284 33,737 33,064 8392 2,5358 35,599 33,064 2,5358 
Total$130,476 $130,004 $129,706 $128,940 $128,664 $472—%$1,8121%$130,476 $128,664 $1,8121%
MSR at fair value$1,455 $1,430 $1,426 $1,397 $1,491 $252%($36)(2%)$1,455 $1,491 ($36)(2%)
    

10

SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING
(dollars in millions)

QUARTERLY TRENDSFULL YEAR
CONSUMER BANKING1
4Q25 Change2025 Change
4Q253Q252Q251Q254Q243Q254Q24202520242024
$/bps%$/bps%$/bps%
Net interest income$1,299 $1,262 $1,218 $1,193 $1,195 $37 3%$104 9%$4,972 $4,564 $408 9%
Noninterest income315 311 329 297 311 4 1 4 1 1,252 1,131 121 11 
Total revenue1,614 1,573 1,547 1,490 1,506 41 3 108 7 6,224 5,695 529 9 
Noninterest expense984 979 963 954 943 5 1 41 4 3,880 3,677 203 6 
Profit (loss) before credit losses630 594 584 536 563 36 6 67 12 2,344 2,018 326 16 
Net charge-offs80 81 81 86 82 (1)(1)(2)(2)328 331 (3)(1)
Income (loss) before income tax expense (benefit)550 513 503 450 481 37 7 69 14 2,016 1,687 329 20 
Income tax expense (benefit)139 130 127 114 123 9 7 16 13 510 434 76 18 
Net income (loss)$411 $383 $376 $336 $358 $28 7%$53 15%$1,506 $1,253 $253 20%
AVERAGE BALANCES
Total assets$82,552 $80,729 $78,822 $77,534 $76,637 $1,823 2%$5,915 8%$79,925 $75,064 $4,861 6%
Total loans and leases2
75,980 74,274 72,402 71,054 70,274 1,706 2 5,706 8 73,443 68,681 4,762 7 
Deposits131,488 128,547 127,271 125,728 124,552 2,941 2 6,936 6 128,275 121,745 6,530 5 
Interest-earning assets76,583 74,870 72,988 71,635 70,857 1,713 2 5,726 8 74,035 69,272 4,763 7 
KEY METRICS
Net interest margin6.73 %6.69 %6.69 %6.76 %6.72 %4  bps1  bps6.72 %6.59 %13  bps
Efficiency ratio60.98 62.22 62.24 64.06 62.59 (124) bps(161) bps62.35 64.55 (220) bps
Loan-to-deposit ratio (period-end balances)57.28 57.40 57.24 54.97 55.85 (12) bps143  bps57.28 55.85 143  bps
Loan-to-deposit ratio (average balances)57.19 57.16 56.26 56.04 55.88 3  bps131  bps56.67 55.92 75  bps
1 During the fourth quarter of 2025, the Company’s Non-Core operating segment no longer met the criteria to be considered a reportable segment and, therefore, it is now reported as part of the Company’s Other non-segment operations. In addition, certain activities within Other non-segment operations were transferred to the Consumer and Commercial Banking segments due to organizational changes. Prior period results were recast to conform to the new segment presentation.
2 Includes loans held for sale.















11

SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING
(dollars in millions)

QUARTERLY TRENDSFULL YEAR
COMMERCIAL BANKING1
4Q25 Change2025 Change
4Q253Q252Q251Q254Q243Q254Q24202520242024
$/bps%$/bps%$/bps%
Net interest income$450 $448 $439 $441 $464 $2 —%($14)(3%)$1,778 $1,950 ($172)(9%)
Noninterest income262 286 232 215 232 (24)(8)30 13 995 908 87 10 
Total revenue712 734 671 656 696 (22)(3)16 2 2,773 2,858 (85)(3)
Noninterest expense357 333 317 327 313 24 7 44 14 1,334 1,241 93 7 
Profit (loss) before credit losses355 401 354 329 383 (46)(11)(28)(7)1,439 1,617 (178)(11)
Net charge-offs70 78 84 77 91 (8)(10)(21)(23)309 353 (44)(12)
Income (loss) before income tax expense (benefit)285 323 270 252 292 (38)(12)(7)(2)1,130 1,264 (134)(11)
Income tax expense (benefit)70 75 64 56 68 (5)(7)2 3 265 291 (26)(9)
Net income (loss)$215 $248 $206 $196 $224 ($33)(13%)($9)(4%)$865 $973 ($108)(11%)
AVERAGE BALANCES
Total assets$66,750 $66,134 $66,284 $65,366 $66,787 $616 1%($37)—%$66,137 $68,478 ($2,341)(3%)
Total loans and leases2
63,356 62,905 63,057 62,437 63,789 451 1 (433)(1)62,941 65,481 (2,540)(4)
Deposits45,443 44,482 42,481 42,178 43,597 961 2 1,846 4 43,657 44,472 (815)(2)
Interest-earning assets64,248 63,719 63,710 63,018 64,419 529 1 (171)— 63,677 65,982 (2,305)(3)
KEY METRICS
Net interest margin2.78 %2.78 %2.78 %2.83 %2.86 %—  bps(8) bps2.79 %2.96 %(17) bps
Efficiency ratio50.09 45.15 47.47 49.77 44.78 494  bps531  bps48.07 43.40 467  bps
Loan-to-deposit ratio (period-end balances)132.96 132.70 139.59 142.21 139.43 26  bps(647) bps132.96 139.43 (647) bps
Loan-to-deposit ratio (average balances)138.26 140.06 146.90 146.86 144.70 (180) bps(644) bps142.87 145.95 (308) bps
1 During the fourth quarter of 2025, the Company’s Non-Core operating segment no longer met the criteria to be considered a reportable segment and, therefore, it is now reported as part of the Company’s Other non-segment operations. In addition, certain activities within Other non-segment operations were transferred to the Consumer and Commercial Banking segments due to organizational changes. Prior period results were recast to conform to the new segment presentation.
2 Includes loans held for sale.















12

SEGMENT FINANCIAL HIGHLIGHTS - OTHER
(dollars in millions)

QUARTERLY TRENDSFULL YEAR
OTHER1,2
4Q25 Change2025 Change
4Q253Q252Q251Q254Q243Q254Q24202520242024
$%$%$%
Net interest income($212)($222)($220)($243)($247)$10 5%$35 14%($897)($881)($16)(2%)
Noninterest income43 33 39 32 31 10 30 12 39 147 137 10 7 
Total revenue(169)(189)(181)(211)(216)20 11 47 22 (750)(744)(6)(1)
Noninterest expense2 23 39 33 60 (21)(91)(58)(97)97 316 (219)(69)
Profit (loss) before provision (benefit) for credit losses(171)(212)(220)(244)(276)41 19 105 38 (847)(1,060)213 20 
Provision (benefit) for credit losses(13)(5)(1)(10)(11)(8)(160)(2)(18)(29)3 (32)NM
Income (loss) before income tax expense (benefit)(158)(207)(219)(234)(265)49 24 107 40 (818)(1,063)245 23 
Income tax expense (benefit)(60)(70)(73)(75)(84)10 14 24 29 (278)(346)68 20 
Net income (loss)($98)($137)($146)($159)($181)$39 28%$83 46%($540)($717)$177 25%
AVERAGE BALANCES
Total assets$71,940 $72,254 $72,555 $73,409 $74,124 ($314)—%($2,184)(3%)$72,535 $75,482 ($2,947)(4%)
Total loans and leases3
3,944 4,950 6,104 7,406 8,268 (1,006)(20)(4,324)(52)5,590 9,715 (4,125)(42)
Deposits2,926 2,928 4,376 4,799 6,113 (2)— (3,187)(52)3,750 8,303 (4,553)(55)
Interest-earning assets58,336 59,009 59,620 60,406 61,338 (673)(1)(3,002)(5)59,336 62,817 (3,481)(6)
1 During the fourth quarter of 2025, the Company’s Non-Core operating segment no longer met the criteria to be considered a reportable segment and, therefore, it is now reported as part of the Company’s Other non-segment operations. In addition, certain activities within Other non-segment operations were transferred to the Consumer and Commercial Banking segments due to organizational changes. Prior period results were recast to conform to the new segment presentation.
2 Consists primarily of treasury and community development, and includes assets, liabilities, capital, revenues, provision (benefit) for credit losses, expenses, and income tax expense (benefit) not attributed to our Consumer Banking or Commercial Banking segments.
3 Includes loans held for sale.
13

CREDIT-RELATED INFORMATION
(dollars in millions)
AS OFDECEMBER 31, 2025 CHANGE
Dec 31, 2025Sept 30, 2025June 30, 2025Mar 31, 2025Dec 31, 2024Sept 30, 2025December 31, 2024
$/bps/%%$/bps/%%
NONACCRUAL LOANS AND LEASES
Commercial and industrial
$277 $230 $233 $283 $241 $47 20%$36 15%
Commercial real estate618 703 706 700 776 (85)(12)(158)(20)
Total commercial895 933 939 983 1,017 (38)(4)(122)(12)
Residential mortgages1
196 188 198 198 192 8 4 4 2 
Home equity319 297 282 282 283 22 7 36 13 
Automobile28 31 34 39 48 (3)(10)(20)(42)
Education20 20 19 20 56 — — (36)(64)
Other retail46 49 52 60 68 (3)(6)(22)(32)
Total retail609 585 585 599 647 24 4 (38)(6)
Total nonaccrual loans and leases1,504 1,518 1,524 1,582 1,664 (14)(1)(160)(10)
ASSET QUALITY RATIOS
Allowance for loan and lease losses to loans and leases1.36%1.40%1.44%1.46%1.48%(4) bps(12) bps
Allowance for credit losses to loans and leases1.53 1.56 1.59 1.61 1.62 (3) bps(9) bps
Allowance for loan and lease losses to nonaccrual loans and leases129130132127124(1%)5%
Allowance for credit losses to nonaccrual loans and leases145 145 145 140 136 —%9%
Nonaccrual loans and leases to loans and leases1.05 1.08 1.09 1.15 1.20 (3) bps(15) bps
1 Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.




14

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
AS OFDECEMBER 31, 2025 CHANGE
Dec 31, 2025Sept 30, 2025June 30, 2025Mar 31, 2025Dec 31, 2024Sept 30, 2025December 31, 2024
$/bps%$/bps%
LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Commercial and industrial
$5 $39 $3 $9 $8 ($34)(87%)($3)(38%)
Commercial real estate20 7 60 4 6 13 186 14 233 
Total commercial25 46 63 13 14 (21)(46)11 79 
Residential mortgages1
141 114 128 138 179 27 24 (38)(21)
Home equity1 — — — — 1 100 1 100 
Automobile— — — — — — — — — 
Education2 2 2 3 2 — — — — 
Other retail— — 1 1 1 — — (1)(100)
Total retail144 116 131 142 182 28 24 (38)(21)
Total loans and leases$169 $162 $194 $155 $196 $7 4%($27)(14%)
1 90+ days past due and accruing includes $141 million, $114 million, $128 million, $137 million, and $172 million of loans fully or partially guaranteed by the FHA, VA, and USDA for December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively.

15

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDSFULL YEAR
4Q25 Change2025 Change
4Q253Q252Q251Q254Q243Q254Q24202520242024
$%$%$%
CHARGE-OFFS, RECOVERIES AND RELATED RATIOS
GROSS CHARGE-OFFS
Commercial and industrial
$40 $33 $39 $34 $22 $7 21%$18 82%$146 $107 $39 36%
Commercial real estate42 58 54 51 89 (16)(28)(47)(53)205 312 (107)(34)
Total commercial82 91 93 85 111 (9)(10)(29)(26)351 419 (68)(16)
Residential mortgages5 1 — 1 — 4 NM5 100 7 4 3 75 
Home equity5 3 4 5 6 2 67 (1)(17)17 18 (1)(6)
Automobile12 13 14 20 22 (1)(8)(10)(45)59 94 (35)(37)
Education26 25 26 56 33 1 4 (7)(21)133 126 7 6 
Other retail57 62 64 67 66 (5)(8)(9)(14)250 262 (12)(5)
Total retail105 104 108 149 127 1 1 (22)(17)466 504 (38)(8)
Total gross charge-offs$187 $195 $201 $234 $238 ($8)(4%)($51)(21%)$817 $923 ($106)(11%)
GROSS RECOVERIES
Commercial and industrial
$6 $3 $— $4 $7 $3 100%($1)(14%)$13 $31 ($18)(58%)
Commercial real estate1 3 1 — 7 (2)(67)(6)(86)5 12 (7)(58)
Total commercial7 6 1 4 14 1 17 (7)(50)18 43 (25)(58)
Residential mortgages— 1 — 1 1 (1)(100)(1)(100)2 4 (2)(50)
Home equity5 6 6 5 7 (1)(17)(2)(29)22 25 (3)(12)
Automobile9 9 11 12 12 — — (3)(25)41 53 (12)(23)
Education6 5 8 5 5 1 20 1 20 24 21 3 14 
Other retail5 6 8 7 10 (1)(17)(5)(50)26 31 (5)(16)
Total retail25 27 33 30 35 (2)(7)(10)(29)115 134 (19)(14)
Total gross recoveries$32 $33 $34 $34 $49 ($1)(3%)($17)(35%)$133 $177 ($44)(25%)
NET CHARGE-OFFS (RECOVERIES)
Commercial and industrial
$34 $30 $39 $30 $15 $4 13%$19 127%$133 $76 $57 75%
Commercial real estate41 55 53 51 82 (14)(25)(41)(50)200 300 (100)(33)
Total commercial75 85 92 81 97 (10)(12)(22)(23)333 376 (43)(11)
Residential mortgages5 — — — (1)5 100 6 NM5 — 5 100 
Home equity— (3)(2)— (1)3 100 1 100 (5)(7)2 29 
Automobile3 4 3 8 10 (1)(25)(7)(70)18 41 (23)(56)
Education20 20 18 51 28 — — (8)(29)109 105 4 4 
Other retail52 56 56 60 56 (4)(7)(4)(7)224 231 (7)(3)
Total retail80 77 75 119 92 3 4 (12)(13)351 370 (19)(5)
Total net charge-offs$155 $162 $167 $200 $189 ($7)(4%)($34)(18%)$684 $746 ($62)(8%)

16

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDSFULL YEAR
4Q25 Change2025 Change
4Q253Q252Q251Q254Q243Q254Q24202520242024
$/bps%$/bps%$/bps%
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES
Commercial and industrial
0.28%0.26%0.35%0.28%0.14%2  bps14  bps0.29%0.17%12  bps
Commercial real estate0.64 0.85 0.80 0.77 1.17 (21)(53)0.77 1.05 (28)
Total commercial0.40 0.47 0.51 0.47 0.54 (7)(14)0.46 0.52 (6)
Residential mortgages0.05 — — 0.01 — 5 5 0.01 — 1 
Home equity— (0.06)(0.05)(0.01)(0.01)6 1 (0.03)(0.04)1 
Automobile0.60 0.43 0.36 0.73 0.83 17 (23)0.54 0.65 (11)
Education0.94 0.92 0.86 1.92 1.01 2 (7)1.20 0.93 27 
Other retail5.02 5.45 5.23 5.46 4.54 (43)48 5.29 4.75 54 
Total retail0.46 0.45 0.45 0.70 0.53 1 (7)0.51 0.53 (2)
Total loans and leases0.43%0.46%0.48%0.58%0.53%(3) bps(10) bps0.49%0.52%(3) bps
Memo: Average loans
Commercial and industrial
$48,108 $46,351 $44,936 $43,599 $43,674 $1,757 4%$4,434 10%$45,763 $44,174 $1,589 4%
Commercial real estate25,043 25,799 26,487 27,013 27,681 (756)(3)(2,638)(10)26,079 28,430 (2,351)(8)
Total commercial73,151 72,150 71,423 70,612 71,355 1,001 1 1,796 3 71,842 72,604 (762)(1)
Residential mortgages34,752 34,134 33,420 32,872 32,520 618 2 2,232 7 33,800 31,916 1,884 6 
Home equity18,754 18,027 17,324 16,647 16,246 727 4 2,508 15 17,695 15,603 2,092 13 
Automobile2,557 3,096 3,705 4,394 5,129 (539)(17)(2,572)(50)3,432 6,404 (2,972)(46)
Education8,469 8,513 8,660 10,690 10,949 (44)(1)(2,480)(23)9,075 11,340 (2,265)(20)
Other retail4,074 4,091 4,277 4,495 4,748 (17)— (674)(14)4,233 4,837 (604)(12)
Total retail68,606 67,861 67,386 69,098 69,592 745 1 (986)(1)68,235 70,100 (1,865)(3)
Total loans and leases$141,757 $140,011 $138,809 $139,710 $140,947 $1,746 1%$810 1%$140,077 $142,704 ($2,627)(2%)



17

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDSFULL YEAR
4Q25 Change2025 Change
4Q253Q252Q251Q254Q243Q254Q24202520242024
$%$%$%
SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES
Allowance for loan and lease losses - beginning$1,972 $2,008 $2,014 $2,061 $2,079 ($36)(2%)($107)(5%)$2,061 $2,098 ($37)(2%)
Charge-offs:
Commercial82 91 93 85 111 (9)(10)(29)(26)351 419 (68)(16)
Retail 105 104 108 149 127 1 1 (22)(17)466 504 (38)(8)
Total charge-offs187 195 201 234 238 (8)(4)(51)(21)817 923 (106)(11)
Recoveries:
Commercial7 6 1 4 14 1 17 (7)(50)18 43 (25)(58)
Retail 25 27 33 30 35 (2)(7)(10)(29)115 134 (19)(14)
Total recoveries32 33 34 34 49 (1)(3)(17)(35)133 177 (44)(25)
Net charge-offs155 162 167 200 189 (7)(4)(34)(18)684 746 (62)(8)
Provision (benefit) for loan and lease losses:
Commercial50 62 50 89 50 (12)(19)— — 251 266 (15)(6)
Retail76 64 111 64 121 12 19 (45)(37)315 443 (128)(29)
Total provision (benefit) for loan and lease losses126 126 161 153 171 — — (45)(26)566 709 (143)(20)
Allowance for loan and lease losses - ending$1,943 $1,972 $2,008 $2,014 $2,061 ($29)(1%)($118)(6%)$1,943 $2,061 ($118)(6%)
Allowance for unfunded lending commitments - beginning$229 $201 $198 $198 $207 $28 14%$22 11%$198 $220 ($22)(10%)
Provision (benefit) for unfunded lending commitments11 28 3 — (9)(17)(61%)20 NM42 (22)64 NM
Allowance for unfunded lending commitments - ending$240 $229 $201 $198 $198 $11 5%$42 21%$240 $198 $42 21%
Total allowance for credit losses - ending$2,183 $2,201 $2,209 $2,212 $2,259 ($18)(1%)($76)(3%)$2,183 $2,259 ($76)(3%)
Memo: Total allowance for credit losses by product
Commercial $1,252 $1,265 $1,269 $1,312 $1,295 ($13)(1%)($43)(3%)$1,252 $1,295 ($43)(3%)
Retail 931 936 940 900 964 (5)(1)(33)(3)931 964 (33)(3)
Total allowance for credit losses$2,183 $2,201 $2,209 $2,212 $2,259 ($18)(1%)($76)(3%)$2,183 $2,259 ($76)(3%)
18

CAPITAL AND RATIOS
(dollars in millions)
AS OFFULL YEAR
DECEMBER 31, 2025 CHANGE2025 Change
Dec 31, 2025Sept 30, 2025June 30, 2025Mar 31, 2025Dec 31, 2024Sept 30, 2025December 31, 2024202520242024
$%$%$%
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY)
CET1 capital$18,240 $18,046 $17,812 $17,751 $17,900 $194 1%$340 2%
Tier 1 capital20,351 20,157 19,925 19,864 20,013 194 1 338 2 
Total capital23,654 23,455 23,221 23,156 23,232 199 1 422 2 
Risk-weighted assets171,493 168,932 168,017 166,908 165,699 2,561 2 5,794 3 
Adjusted average assets1
215,390 213,536 212,450 211,119 212,555 1,854 1 2,835 1 
CET1 capital ratio10.6 %10.7 %10.6 %10.6 %10.8 %
Tier 1 capital ratio11.9 11.9 11.9 11.9 12.1 
Total capital ratio13.8 13.9 13.8 13.9 14.0 
Tier 1 leverage ratio9.4 9.4 9.4 9.4 9.4 
TANGIBLE COMMON EQUITY (PERIOD-END)
Common stockholders' equity$24,206 $23,718 $23,121 $22,753 $22,141 $488 2%$2,065 9%$24,206 $22,141 $2,065 9%
Less: Goodwill8,187 8,187 8,187 8,187 8,187 — — — — 8,187 8,187 — — 
Less: Other intangible assets115 123 128 137 146 (8)(7)(31)(21)115 146 (31)(21)
Add: Deferred tax liabilities2
437 440 440 438 438 (3)(1)(1)— 437 438 (1)— 
Total tangible common equity3
$16,341 $15,848 $15,246 $14,867 $14,246 $493 3%$2,095 15%$16,341 $14,246 $2,095 15%
TANGIBLE COMMON EQUITY (AVERAGE)
Common stockholders' equity$23,823 $23,288 $22,494 $22,188 $22,009 $535 2%$1,814 8%$22,954 $21,881 $1,073 5%
Less: Goodwill8,187 8,187 8,187 8,187 8,187 — — — — 8,187 8,187 — — 
Less: Other intangible assets120 126 134 142 136 (6)(5)(16)(12)131 143 (12)(8)
Add: Deferred tax liabilities2
440 440 438 438 436 — — 4 1 439 433 6 1 
Total tangible common equity3
$15,956 $15,415 $14,611 $14,297 $14,122 $541 4%$1,834 13%$15,075 $13,984 $1,091 8%
INTANGIBLE ASSETS (PERIOD-END)
Goodwill$8,187 $8,187 $8,187 $8,187 $8,187 $— —%$— —%$8,187 $8,187 $— —%
Other intangible assets115 123 128 137 146 (8)(7)(31)(21)115 146 (31)(21)
Total intangible assets$8,302 $8,310 $8,315 $8,324 $8,333 ($8)—%($31)—%$8,302 $8,333 ($31)—%
1 Adjusted average assets include quarterly average assets, less deductions for disallowed goodwill and other intangible assets, net of deferred taxes, and the accumulated other comprehensive
income impact related to the adoption of post-retirement benefit plan guidance under GAAP.
2 Deferred tax liabilities relate to tax-deductible goodwill and other intangible assets.
3 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."



19


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

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

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

20

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDSFULL YEAR
4Q25 Change2025 Change
4Q253Q252Q251Q254Q243Q254Q24202520242024
$%$%$%
Noninterest income, Underlying:
Noninterest income (GAAP)A$620 $630 $600 $544 $574 ($10)(2%)$46 8%$2,394 $2,176 $218 10%
Less: Notable items— — — — 10 — — (10)(100)— 15 (15)(100)
Noninterest income, Underlying (non-GAAP)B$620 $630 $600 $544 $564 ($10)(2%)$56 10%$2,394 $2,161 $233 11%
Total revenue, Underlying:
Total revenue (GAAP)C$2,157 $2,118 $2,037 $1,935 $1,986 $39 2%$171 9%$8,247 $7,809 $438 6%
Less: Notable items— — — — 10 — — (10)(100)— 15 (15)(100)
Total revenue, Underlying (non-GAAP)D$2,157 $2,118 $2,037 $1,935 $1,976 $39 2%$181 9%$8,247 $7,794 $453 6%
Noninterest expense, Underlying:
Noninterest expense (GAAP)E$1,343 $1,335 $1,319 $1,314 $1,316 $8 1%$27 2%$5,311 $5,234 $77 1%
Less: Notable items— — — — 24 — — (24)(100)— 156 (156)(100)
Noninterest expense, Underlying (non-GAAP)F$1,343 $1,335 $1,319 $1,314 $1,292 $8 1%$51 4%$5,311 $5,078 $233 5%
Pre-provision profit:
Total revenue (GAAP)C$2,157 $2,118 $2,037 $1,935 $1,986 $39 2%$171 9%$8,247 $7,809 $438 6%
Less: Noninterest expense (GAAP)E1,343 1,335 1,319 1,314 1,316 8 1 27 2 5,311 5,234 77 1 
Pre-provision profit (non-GAAP)
$814 $783 $718 $621 $670 $31 4%$144 21%$2,936 $2,575 $361 14%
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)D$2,157 $2,118 $2,037 $1,935 $1,976 $39 2%$181 9%$8,247 $7,794 $453 6%
Less: Noninterest expense, Underlying (non-GAAP)F1,343 1,335 1,319 1,314 1,292 8 1 51 4 5,311 5,078 233 5 
Pre-provision profit, Underlying (non-GAAP)$814 $783 $718 $621 $684 $31 4%$130 19%$2,936 $2,716 $220 8%
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)G$677 $629 $554 $468 $508 $48 8%$169 33%$2,328 $1,888 $440 23%
Less: Income (expense) before income tax expense (benefit) related to notable items— — — — (14)— — 14 100 — (141)141 100 
Income before income tax expense, Underlying (non-GAAP)H$677 $629 $554 $468 $522 $48 8%$155 30%$2,328 $2,029 $299 15%
Income tax expense, Underlying:
Income tax expense (GAAP)I$149 $135 $118 $95 $107 $14 10%$42 39%$497 $379 $118 31%
Less: Income tax expense (benefit) related to notable items— — — — (3)— — 3 100 — (43)43 100 
Income tax expense, Underlying (non-GAAP)J$149 $135 $118 $95 $110 $14 10%$39 35%$497 $422 $75 18%
Net income, Underlying:
Net income (GAAP)K$528 $494 $436 $373 $401 $34 7%$127 32%$1,831 $1,509 $322 21%
Add: Notable items, net of income tax benefit— — — — 11 — — (11)(100)— 98 (98)(100)
Net income, Underlying (non-GAAP)L$528 $494 $436 $373 $412 $34 7%$116 28%$1,831 $1,607 $224 14%
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)M$489 $457 $402 $340 $367 $32 7%$122 33%$1,688 $1,372 $316 23%
Add: Notable items, net of income tax benefit— — — — 11 — — (11)(100)— 98 (98)(100)
Net income available to common stockholders, Underlying (non-GAAP)N$489 $457 $402 $340 $378 $32 7%$111 29%$1,688 $1,470 $218 15%
21

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

QUARTERLY TRENDSFULL YEAR
4Q25 Change2025 Change
4Q253Q252Q251Q254Q243Q254Q24202520242024
$/bps%$/bps%$/bps%
Operating leverage:
Total revenue (GAAP)C$2,157 $2,118 $2,037 $1,935 $1,986 $39 1.86%$171 8.57%$8,247 $7,809 $438 5.60%
Less: Noninterest expense (GAAP)E1,343 1,335 1,319 1,314 1,316 8 0.58 27 1.97 5,311 5,234 77 1.46 
Operating leverage1.28%6.60%4.14%
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)D$2,157 $2,118 $2,037 $1,935 $1,976 $39 1.86%$181 9.11%$8,247 $7,794 $453 5.80%
Less: Noninterest expense, Underlying (non-GAAP)F1,343 1,335 1,319 1,314 1,292 8 0.58 51 3.90 5,311 5,078 233 4.57 
Operating leverage, Underlying (non-GAAP)1.28%5.21%1.23%
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio E/C62.24%63.03%64.76%67.91%66.27%(79) bps(403) bps64.40 %67.03 %(263) bps
Efficiency ratio, Underlying (non-GAAP)F/D62.24 63.03 64.76 67.91 65.36 (79) bps(312) bps64.40 65.15 (75) bps
Noninterest income as a % of total revenue, Underlying:
Noninterest income as a % of total revenueA/C28.75 %29.75%29.41%28.14%28.90%(100) bps(15) bps29.03 %27.86 %117  bps
Noninterest income as a % of total revenue, Underlying (non-GAAP)
B/D28.75 29.75 29.41 28.14 28.54 (100) bps21  bps29.03 27.73 130  bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rateI/G22.03%21.38%21.37%20.26%21.04%65  bps99  bps21.34 %20.06 %128  bps
Effective income tax rate, Underlying (non-GAAP)J/H22.03 21.38 21.37 20.26 21.17 65  bps86  bps21.34 20.80 54  bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)O$23,823 $23,288 $22,494 $22,188 $22,009 $535 2%$1,814 8%$22,954 $21,881 $1,073 5%
Return on average common equityM/O8.16%7.77%7.18%6.21%6.64%39  bps152  bps7.36 %6.27 %109  bps
Return on average common equity, Underlying (non-GAAP)N/O8.16 7.77 7.18 6.21 6.84 39  bps132  bps7.36 6.72 64  bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)O$23,823 $23,288 $22,494 $22,188 $22,009 $535 2%$1,814 8%$22,954 $21,881 $1,073 5%
Less: Average goodwill (GAAP)8,187 8,187 8,187 8,187 8,187 — — — — 8,187 8,187 — — 
Less: Average other intangibles (GAAP)120 126 134 142 136 (6)(5)(16)(12)131 143 (12)(8)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)440 440 438 438 436 — — 4 1439 433 6 1 
Average tangible common equity (non-GAAP)
P$15,956 $15,415 $14,611 $14,297 $14,122 $541 4%$1,834 13%$15,075 $13,984 $1,091 8%
Return on average tangible common equity (non-GAAP)
M/P12.18%11.75%11.05%9.64%10.36%43  bps182  bps11.20 %9.81 %139  bps
Return on average tangible common equity, Underlying (non-GAAP)N/P12.18 11.75 11.05 9.64 10.66 43  bps152  bps11.20 10.51 69  bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)Q$221,242 $219,117 $217,661 $216,309 $217,548 $2,1251%$3,6942%$218,597 $219,024 ($427)—%
Return on average total assetsK/Q0.95%0.90%0.80%0.70%0.73%5  bps22  bps0.84 %0.69 %15  bps
Return on average total assets, Underlying (non-GAAP)L/Q0.95 0.90 0.80 0.70 0.75 5  bps20  bps0.84 0.73 11  bps
22

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDSFULL YEAR
4Q25 Change2025 Change
4Q253Q252Q251Q254Q243Q254Q24202520242024
$/bps%$/bps%$/bps%
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)Q$221,242 $219,117 $217,661 $216,309 $217,548 $2,1251%$3,6942%$218,597 $219,024 ($427)—%
Less: Average goodwill (GAAP)8,187 8,187 8,187 8,187 8,187 —— —— 8,187 8,187 —— 
Less: Average other intangibles (GAAP)120 126 134 142 136 (6)(5)(16)(12)131 143 (12)(8)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)440 440 438 438 436 —— 41 439 433 61 
Average tangible assets (non-GAAP)
R$213,375 $211,244 $209,778 $208,418 $209,661 $2,1311%$3,7142%$210,718 $211,127 ($409)—%
Return on average total tangible assets (non-GAAP)
K/R0.98 %0.93%0.83%0.73%0.76%5  bps22  bps0.87 %0.71 %16  bps
Return on average total tangible assets, Underlying (non-GAAP)L/R0.98 0.93 0.83 0.73 0.78 5  bps20  bps0.87 0.76 11  bps
Book value per common share and tangible book value per common share:
Common shares - at period-end (GAAP)S429,242,174 431,453,142 432,768,811 437,668,127 440,543,381 (2,210,968)(1%)(11,301,207)(3%)429,242,174 440,543,381 (11,301,207)(3%)
Common stockholders' equity (GAAP)
T
$24,206 $23,718 $23,121 $22,753 $22,141 $4882 $2,0659 $24,206 $22,141 $2,0659 
Less: Goodwill (GAAP)8,187 8,187 8,187 8,187 8,187 —— —— 8,187 8,187 —— 
Less: Other intangible assets (GAAP)115 123 128 137 146 (8)(7)(31)(21)115 146 (31)(21)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)437 440 440 438 438 (3)(1)(1)— 437 438 (1)— 
Tangible common equity (non-GAAP)
U
$16,341 $15,848 $15,246 $14,867 $14,246 $4933%$2,09515%$16,341 $14,246 $2,09515%
Book value per common share (GAAP)
T/S$56.39 $54.97 $53.43 $51.99 $50.26 $1.42 3%$6.13 12%$56.39 $50.26 $6.13 12%
Tangible book value per common share (non-GAAP)
U/S
38.07 36.73 35.23 33.97 32.34 1.34 4 5.73 18 38.07 32.34 5.73 18 
Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying:
Average common shares outstanding - basic (GAAP)
V
429,483,110 431,365,552 433,640,210 438,320,757 440,802,738 (1,882,442)—%(11,319,628)(3%)433,173,162 450,678,038 (17,504,876)(4%)
Average common shares outstanding - diluted (GAAP)
W
434,077,960 435,472,350 436,539,774 442,200,180 444,836,786 (1,394,390)— (10,758,826)(2)436,890,731 453,510,245 (16,619,514)(4)
Net income per average common share - basic (GAAP)
M/V
$1.14 $1.06 $0.93 $0.78 $0.83 $0.08 8 $0.31 37 $3.90 $3.05 $0.85 28 
Net income per average common share - diluted (GAAP)
M/W
1.13 1.05 0.92 0.77 0.83 0.08 8 0.30 36 3.86 3.03 0.83 27 
Net income per average common share - basic, Underlying (non-GAAP)
N/V
1.14 1.06 0.93 0.78 0.86 0.08 8 0.28 33 3.90 3.26 0.64 20 
Net income per average common share - diluted, Underlying (non-GAAP)
N/W
1.13 1.05 0.92 0.77 0.85 0.08 8 0.28 33 3.86 3.24 0.62 19 
Dividend payout ratio and dividend payout ratio, Underlying:
Cash dividends declared and paid per common share
X
$0.46 $0.42 $0.42 $0.42 $0.42 $0.04 10%$0.04 10%$1.72 $1.68 $0.04 2%
Dividend payout ratio
X/(M/V)
40 %40 %45 %54 %51 %73 bps(1,025) bps44 %55 %(1,098) bps
Dividend payout ratio, Underlying (non-GAAP)
X/(N/V)
40 40 45 54 49 73 bps(865) bps44 52 (800) bps
23

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDSFULL YEAR
4Q25 Change2025 Change
4Q253Q252Q251Q254Q243Q254Q24202520242024
$/bps
%
$/bps
%$/bps%
Common equity ratio and tangible common equity ratio:
Total assets (GAAP)
Y
$226,351 $222,747 $218,310 $220,148 $217,521 $3,6042 %$8,8304%$226,351 $217,521 $8,8304 
Less: Goodwill (GAAP)8,187 8,187 8,187 8,187 8,187 —— —— 8,187 8,187 —— 
Less: Other intangible assets (GAAP)115 123 128 137 146 (8)(7)(31)(21)115 146 (31)(21)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)437 440 440 438 438 (3)(1)(1)— 437 438 (1)— 
Tangible assets (non-GAAP)
Z
$218,486 $214,877 $210,435 $212,262 $209,626 $3,6092%$8,8604%$218,486 $209,626 $8,8604%
Common equity ratio (GAAP)
T/Y
10.7 %10.6 %10.6 %10.3 %10.2 %4 bps51 bps10.7 %10.2 %51 bps
Tangible common equity ratio (non-GAAP)
U/Z
7.5 7.4 7.2 7.0 6.8 10 bps70 bps7.5 6.8 70 bps
Net interest income and net interest margin on an FTE basis:
Net interest income (annualized) (GAAP)AA$6,098 $5,902 $5,770 $5,637 $5,620 $196 3%$478 9%$5,853 $5,633 $220 4%
Average interest-earning assets (GAAP)BB199,167 197,598 196,318 195,058 196,613 1,569 1 2,554 1 197,048 198,072 (1,024)(1)
Net interest margin (GAAP)AA/BB3.06 %2.99%2.94%2.89%2.86%7  bps20  bps2.97 %2.84 %13  bps
Net interest income (GAAP)$1,537 $1,488 $1,437 $1,391 $1,412 $49 3%$125 9%$5,853 $5,633 $220 4%
FTE adjustment4 4 4 4 4 — — — — 16 17 (1)(6)
Net interest income on an FTE basis (non-GAAP)1,541 1,492 1,441 1,395 1,416 49 3 125 9 5,869 5,650 219 4
Net interest income on an FTE basis (annualized) (non-GAAP)CC6,112 5,919 5,786 5,653 5,637 194 3 475 8 5,869 5,650 219 4
Net interest margin on an FTE basis (non-GAAP)CC/BB3.07 %3.00%2.95%2.90%2.87%7  bps20  bps2.98 %2.85 %13  bps
Card fees, Underlying:
Card fees (GAAP)
$86 $87 $90 $83 $97 ($1)(1%)($11)(11%)$346 $368 ($22)(6%)
Less: Notable items— — — — 11 — — (11)(100)— 24 (24)(100)
Card fees, Underlying (non-GAAP)
$86 $87 $90 $83 $86 ($1)(1%)$— —%$346 $344 $2 1%
Other income, Underlying:
Other income (GAAP)$42 $31 $42 $22 $28 $11 35%$14 50%$136 $79 $57 72%
Less: Notable items— — — — (1)— — 1 100 — (9)9 100
Other income, Underlying (non-GAAP)$42 $31 $42 $22 $29 $11 35%$13 45%$136 $88 $48 55%
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)$716 $705 $681 $696 $674 $11 2%$42 6%$2,798 $2,657 $141 5%
Less: Notable items— — — — 17 — — (17)(100)— 46 (46)(100)
Salaries and employee benefits, Underlying (non-GAAP)$716 $705 $681 $696 $657 $11 2%$59 9%$2,798 $2,611 $187 7%
Equipment and software, Underlying:
Equipment and software (GAAP)
$199 $197 $193 $194 $193 $2 1%$6 3%$783 $769 $14 2%
Less: Notable items— — — — 3 — — (3)(100)— 17 (17)(100)
Equipment and software, Underlying (non-GAAP)$199 $197 $193 $194 $190 $2 1%$9 5%$783 $752 $31 4%
Outside services, Underlying:
Outside services (GAAP)$148 $161 $169 $155 $170 ($13)(8%)($22)(13%)$633 $639 ($6)(1%)
Less: Notable items— — — — 4 — — (4)(100)— 28 (28)(100)
Outside services, Underlying (non-GAAP)$148 $161 $169 $155 $166 ($13)(8%)($18)(11%)$633 $611 $22 4%
24

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDSFULL YEAR
4Q25 Change2025 Change
4Q253Q252Q251Q254Q243Q254Q24202520242024
$/bps
%
$/bps
%$/bps%
Occupancy, Underlying:
Occupancy (GAAP)$109 $106 $108 $112 $112 $3 3%($3)(3%)$435 $447 ($12)(3%)
Less: Notable items— — — — 5 — — (5)(100)— 19 (19)(100)
Occupancy, Underlying (non-GAAP)$109 $106 $108 $112 $107 $3 3%$2 2%$435 $428 $7 2%
Other operating expense, Underlying:
Other operating expense (GAAP)$171 $166 $168 $157 $167 $5 3%$4 2%$662 $722 ($60)(8%)
Less: Notable items— — — — (5)— — 5 100 — 46 (46)(100)
Other operating expense, Underlying (non-GAAP)$171 $166 $168 $157 $172 $5 3%($1)(1%)$662 $676 ($14)(2%)

25