First Citizens BancShares, Inc. Fourth Quarter 2025 Earnings Conference Call January 23, 2026
2 Table of Contents Pages Section I – Fourth Quarter Overview & Strategic Priorities 4 – 6 Section II – Fourth Quarter 2025 Financial Results 7 – 26 Financial Highlights 8 – 9 Earnings Highlights 10 Net interest income, margin and betas 11 – 13 Noninterest income and expense 14 – 15 Balance Sheet Highlights 16 Loans and Leases 17 – 18 Deposits 19 – 20 SVB Commercial Funding Trends 21 Funding Mix 22 Credit Quality Trends and Allowance 23 – 24 Capital & Share Repurchase Plan Update 25 – 26 Section III – Financial Outlook 27 – 28 Section IV – Appendix 29 – 40 Section V – Non-GAAP Reconciliations 41 – 50
3 Forward Looking Statements This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans, asset quality, future performance, and other strategic goals of BancShares. Words such as “anticipates,” “believes,” “estimates,” “expects,” “predicts,” “forecasts,” “intends,” “plans,” “projects,” “targets,” “designed,” “could,” “may,” “should,” “will,” “potential,” “continue,” “aims” or other similar words and expressions are intended to identify these forward-looking statements. These forward-looking statements are based on BancShares’ current expectations and assumptions regarding BancShares’ business, the economy, and other future conditions. Because forward-looking statements relate to future results and occurrences, they are subject to inherent risks, uncertainties, changes in circumstances and other factors that are difficult to predict. Many possible events or factors could affect BancShares’ future financial results and performance and could cause actual results, performance or achievements of BancShares to differ materially from any anticipated results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, general competitive, economic (including the imposition of tariffs, retaliatory tariff measures, or trade barriers on trading partners), political (including impacts of any U.S. government shutdown), geopolitical events (including conflicts or developments in Ukraine, the Middle East and Latin America), natural disasters and market conditions, including changes in competitive pressures among financial institutions and the impacts related to or resulting from previous bank failures, the risks and impacts of future bank failures and other volatility in the banking industry, public perceptions of our business practices, including our deposit pricing and acquisition activity, the financial success or changing conditions or strategies of BancShares’ vendors or customers, including changes in demand for deposits, loans and other financial services, fluctuations in interest rates, changes in the quality or composition of BancShares’ loan or investment portfolio, actions of government regulators, including interest rate decisions by the Board of Governors of the Federal Reserve Board (the “Federal Reserve”), changes to estimates of future costs and benefits of actions taken by BancShares, BancShares’ ability to maintain adequate sources of funding and liquidity, the potential impact of decisions by the Federal Reserve on BancShares’ capital plans, adverse developments with respect to U.S. or global economic conditions, including significant turbulence in the capital or financial markets, the impact of any sustained or elevated inflationary environment, the impact of any cyberattack, information or security breach, the impact of implementation and compliance with current or proposed laws, regulations and regulatory interpretations, including potential increased regulatory requirements, limitations, and costs, such as FDIC special assessments, increases to FDIC deposit insurance premiums, changes in regulatory capital requirements, or limitations on credit card interest rates, along with the risk that such laws, regulations and regulatory interpretations may change, the availability of capital and personnel, and the risks associated with BancShares’ previously completed acquisition transactions, the pending BMO Branch Acquisition, or any future transactions. BancShares’ 2025 Share Repurchase Plan announced in July 2025 (“2025 SRP”) allows BancShares to repurchase shares of its Class A common stock through 2026. BancShares is not obligated under the 2025 SRP to repurchase any minimum or particular number of shares, and repurchases may be suspended or discontinued at any time (subject to the terms of any Rule 10b5-1 plan in effect) without prior notice. The authorization to repurchase Class A common stock will be utilized at management’s discretion. The actual timing and amount of Class A common stock that may be repurchased under the 2025 SRP will depend on a number of factors, including the terms of any Rule 10b5-1 plan then in effect, price, general business and market conditions, regulatory requirements, and alternative investment opportunities or capital needs. Except to the extent required by applicable laws or regulations, BancShares disclaims any obligation to update forward-looking statements or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. Additional factors which could affect the forward-looking statements can be found in BancShares’ Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and its other filings with the SEC. Non-GAAP Measures Certain measures in this presentation, including those referenced as “adjusted” or “excluding PAA,” are “non-GAAP,” meaning they are numerical measures of BancShares’ financial performance, financial position or cash flows that are not presented in accordance with generally accepted accounting principles in the U.S. (“GAAP”) because they exclude or include amounts or are adjusted in some way so as to be different than the most direct comparable measures calculated and presented in accordance with GAAP in BancShares’ statements of income, balance sheets or statements of cash flows and also are not codified in U.S. banking regulations currently applicable to BancShares. BancShares management believes that non-GAAP financial measures, when reviewed in conjunction with GAAP financial information, can provide transparency about or an alternative means of assessing its operating results, financial position or cash flows to its investors, analysts and management. These non-GAAP measures should be considered in addition to, and not superior to or a substitute for, GAAP measures. Each non-GAAP measure is reconciled to the most comparable GAAP measure in the non-GAAP reconciliation in Section V of this presentation. Certain financial results referenced as “Adjusted” in this presentation exclude notable items. The Adjusted financial measures are non-GAAP. Refer to Section V of this presentation for a reconciliation of Non-GAAP financial measures to the most directly comparable GAAP measure. Reclassifications See Section IV entitled Appendix for information on reclassifications. Important Notices
Fourth Quarter Overview & Strategic Priorities Section I
5 Fourth Quarter 2025 Snapshot Key Highlights: ■ EPS, ROE and ROA results exceeded our expectations. ■ Strategic balance sheet management: • Total loans were up 2.2% over the linked quarter led by Global Fund Banking loan growth. • Period end deposits decreased by $1.6 billion from the linked quarter due to expected seasonal outflows and continued migration to OBS client funds which increased $2.6 billion. Additionally, average deposits were up $2.6 billion from the linked quarter. • Repaid $2.5 billion of the FDIC Purchase Money Note in December 2025. ■ Prudent capital management: • Issued $500 million of preferred stock in November. • Repurchased $900 million in Class A common shares in the fourth quarter. Since inception in July 2024, we have repurchased $4.9 billion or 18.30% of Class A common shares. (3) Financial Results: Adjusted EPS (1) $51.27 Adjusted ROE / ROA (1) 11.93% / 1.10% NIM 3.20% Adjusted Efficiency Ratio (1) 60.79% Loan / Deposit Change (2) 2.2% / (1.0)% CET1 Ratio (4) 11.15% (1) Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations. (2) Loan and deposit growth percentages are current quarter compared to the linked quarter using period end balances. (3) Total repurchases include those since inception of the plan in July 2024 through January 20, 2026. Refer to Share Repurchase Plan Update page for additional details. (4) The CET1 ratio represents a BancShares ratio and is preliminary pending completion of quarterly regulatory filings.
6 Strategic Priorities • Expand and grow our capabilities and products while harnessing the scale of the enterprise and maintaining a client- first focus. Client Focus • Attract, retain and develop associates who align with our long-term direction and culture while scaling for continued growth. Talent & Culture • Optimize processes and systems to reduce organizational complexity and maximize productivity. Operational Efficiency • Manage our balance sheet prudently to optimize our funding and liquidity profile while driving core deposit growth and enhancing returns. Balance Sheet Optimization Risk Management
Fourth Quarter 2025 Financial Results Section II
8 4Q25 Financial Results - Takeaways While EPS, ROE and ROA results exceeded our expectations, NII and NIM declined during the quarter aligned with our expectations. 1 Liquidity remained robust and we repaid $2.5 billion of the FDIC Purchase Money Note in the fourth quarter. 7 Credit quality improved and net charge-offs were in line with our expectations.6 Delivered strong noninterest income performance driven by consistent growth in our fee income lines of business. 2 Noninterest expense was higher driven primarily by increases in personnel expenses, increased technology costs and higher Direct Bank marketing expenses. 3 Deposits declined by $1.6 billion or by 1.0% from the linked quarter driven by expected outflows in Global Fund Banking and the Branch Network, offset by growth in Technology & Healthcare banking. 5 Loans grew $3.2 billion or by 2.2% over the linked quarter led by Global Fund Banking loan growth. 4 (1) Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations. Continued to return capital to shareholders through the repurchase of 479,470 shares of Class A common stock totaling $900 million in the fourth quarter while maintaining a strong CET1 ratio. 8
9 4Q25 3Q25 4Q24 EPS (basic and diluted) $ 45.81 $ 51.27 $ 43.08 $ 44.62 $ 49.21 $ 45.10 ROE 10.66 % 11.93 % 10.26 % 10.62 % 12.56 % 11.51 % ROTCE (non-GAAP) 10.94 12.25 10.53 10.91 12.92 11.84 ROA 0.99 1.10 0.98 1.01 1.25 1.14 PPNR ROA (non-GAAP) 1.47 1.50 1.62 1.67 1.58 1.70 NIM 3.20 3.20 3.26 3.26 3.32 3.32 NIM, ex PAA (non-GAAP) 3.11 3.11 3.15 3.15 3.16 3.16 NCO ratio 0.39 0.39 0.65 0.65 0.46 0.46 Efficiency ratio 64.53 60.79 61.27 56.78 63.01 56.98 Reported Adjusted (Non-GAAP) Reported Adjusted (Non-GAAP) Reported Adjusted (Non-GAAP) Financial Highlights Note – Adjusted columns, ROTCE, PPNR ROA and NIM, ex PAA represent non-GAAP measures: see Section V entitled Non-GAAP Reconciliations.
10 Reported Increase (decrease) 4Q25 vs 3Q25 (1) 4Q25 vs 4Q24 (1) 4Q25 3Q25 4Q24 $ % $ % Net interest income $ 1,722 $ 1,734 $ 1,709 $ (12) (0.6) % $ 13 0.8 % Noninterest income 715 699 699 16 2.3 16 2.2 Net revenue 2,437 2,433 2,408 4 0.2 29 1.2 Noninterest expense 1,572 1,491 1,517 81 5.5 55 3.6 Pre-provision net revenue (2) 865 942 891 (77) (8.2) (26) (3.0) Provision for credit losses 54 191 155 (137) (71.7) (101) (65.1) Income before income taxes 811 751 736 60 7.8 75 10.1 Income tax expense 231 183 36 48 25.3 195 540.9 Net income 580 568 700 12 2.2 (120) (17.1) Preferred stock dividends 14 14 15 — (1.6) (1) (5.0) Net income available to common stockholders $ 566 $ 554 $ 685 $ 12 2.3 % $ (119) (17.4) % Adjustments for notable items 4Q25 3Q25 4Q24 Noninterest income $ (186) $ (181) $ (183) Noninterest expense (204) (212) (249) Income tax expense (50) 12 123 Adjusted (Non-GAAP) (2) Increase (decrease) 4Q25 vs 3Q25 (1) 4Q25 vs 4Q24 (1) 4Q25 3Q25 4Q24 $ % $ % Net interest income $ 1,722 $ 1,734 $ 1,709 $ (12) (0.6) % $ 13 0.8 % Noninterest income 529 518 516 11 2.4 13 2.6 Net revenue 2,251 2,252 2,225 (1) 0.0 26 1.2 Noninterest expense 1,368 1,279 1,268 89 7.1 100 8.0 Pre-provision net revenue (2) 883 973 957 (90) (9.2) (74) (7.8) Provision for credit losses 54 191 155 (137) (71.7) (101) (65.1) Income before income taxes 829 782 802 47 6.0 27 3.3 Income tax expense 181 195 159 (14) (7.0) 22 13.5 Net income 648 587 643 61 10.3 5 0.8 Preferred stock dividends 14 14 15 — (1.6) (1) (5.0) Net income available to common stockholders $ 634 $ 573 $ 628 $ 61 10.6 % $ 6 0.9 % Quarterly Earnings Highlights ($ in millions) (1) Percent change is calculated using unrounded numbers. (2) Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations.
11 $1,627 $1,588 $1,629 $1,673 $1,673 3.16% 3.12% 3.14% 3.15% 3.11% NII, ex PAA (Non-GAAP) NIM, ex PAA (Non-GAAP) 4Q24 1Q25 2Q25 3Q25 4Q25 $1,709 $1,663 $1,695 $1,734 $1,722 3.32% 3.26% 3.26% 3.26% 3.20% NII NIM 4Q24 1Q25 2Q25 3Q25 4Q25 $(12) million & (-6 bps) Net interest income and margin ($ in millions) Unchanged & (-4 bps) (1) (1) Change vs 4Q25 3Q25 4Q24 3Q25 4Q24 Avg Balance Income / Expense Yield / Rate Avg Balance Income / Expense Yield / Rate Avg Balance Income / Expense Yield / Rate Avg Balance Income / Expense Yield / Rate Avg Balance Income / Expense Yield / Rate Loans and leases (2) (3) $ 145,689 $ 2,290 6.24 % $ 141,785 $ 2,300 6.44 % $ 138,186 $ 2,322 6.69 % $ 3,904 $ (10) (0.20) % $ 7,503 $ (32) (0.45) % Investment securities and reverse repos 44,591 424 3.80 45,111 433 3.83 41,045 377 3.67 (520) (9) (0.03) 3,546 47 0.13 Interest-earning deposits at banks 23,014 226 3.90 24,146 265 4.36 25,548 302 4.70 (1,132) (39) (0.46) (2,534) (76) (0.80) Total interest-earning assets (3) $ 213,294 $ 2,940 5.48 % $ 211,042 $ 2,998 5.64 % $ 204,779 $ 3,001 5.83 % $ 2,252 $ (58) (0.16) % $ 8,515 $ (61) (0.35) % Interest-bearing deposits $ 121,433 $ 861 2.81 % $ 120,575 $ 911 3.00 % $ 114,565 $ 957 3.32 % $ 858 $ (50) (0.19) % $ 6,868 $ (96) (0.51) % Total borrowings 38,196 357 3.74 38,258 353 3.70 37,092 335 3.61 (62) 4 0.04 1,104 22 0.13 Total interest-bearing liabilities $ 159,629 $ 1,218 3.03 % $ 158,833 $ 1,264 3.16 % $ 151,657 $ 1,292 3.39 % $ 796 $ (46) (0.13) % $ 7,972 $ (74) (0.36) % Net interest income $ 1,722 $ 1,734 $ 1,709 $ (12) $ 13 Net interest spread (3) 2.45 % 2.48 % 2.44 % (0.03) % 0.01 % Net interest margin (3) 3.20 % 3.26 % 3.32 % (0.06) % (0.12) % Note – Certain items above do not precisely recalculate as presented due to rounding. (1) Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations. (2) Loans and leases include nonaccrual loans and loans held for sale. Interest income on loans and leases includes loan PAA income and loan fees. (3) The average balances and yields for loans and leases are calculated net of average credit balances of factoring clients to appropriately reflect the interest-earning portion of factoring receivables.
12 3.32% 0.29% 0.06% 0.05% (0.24)% (0.17)% (0.06)% (0.03)% (0.02)% 3.20% 4Q24 Deposit rate Investment yield / volume Loan volume Loan yield FFS yield / volume PAA Deposit volume Debt rate / volume 4Q25 4Q24 to 4Q25 (-12 bps) NIM Rollforward 3.26% 0.10% 0.07% (0.11)% (0.05)% (0.03)% (0.02)% (0.02)% 3.20% 3Q25 Deposit rate Loan volume Loan yield Yield on FFS FFS volume Investment volume PAA 4Q25 3Q25 to 4Q25 (-6 bps)
13 Deposit Betas Highlights • Our total cumulative deposit beta peaked in August prior to the September rate cuts. • Deposit betas are currently modeled to have a portfolio average of approximately 35%-40% over the twelve-month forecast horizon, including 50%-55% for interest-bearing non-maturity deposits. • Mid/higher beta categories: ◦ > 30% beta on Direct Bank and SVB Commercial money market, savings and time deposit accounts. ◦ 20 to 30% beta on Branch Network commercial money market accounts and Community Association Banking checking with interest and money market accounts. • Lower beta categories: ◦ 0 to 20% beta on total noninterest bearing deposits and Branch Network consumer money market accounts, checking with interest and savings accounts. 23% 30% 37% 42% 45% 46% 47% 12% 20% 34% 39% 39% 38% 31% 46% 53% 58% 61% 63% 64% 16% 26% 49% 56% 56% 52% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 - Jul/Aug 3Q24 - Sep 4Q24 1Q25 2Q25 3Q25 4Q25 Tightening Cycle Easing Cycle Terminal beta 42% 42% 42% 43% 42% 58% 58% 58% 57% 58% Mid/higher beta categories Lower beta categories 4Q24 1Q25 2Q25 3Q25 4Q25 Total Deposits Actual cumulative beta Actual cumulative beta IBD
14 $699 $635 $678 $699 $715 $516 $479 $513 $518 $529 $183 $156 $165 $181 $186 4Q24 1Q25 2Q25 3Q25 4Q25 Noninterest income ($ in millions) Adjusted (Non-GAAP) (1) Notable items (2) (1) Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations. (2) Refer to Section V for notable item details. Noninterest income Increase (decrease) 4Q25 vs 3Q25 4Q25 vs 4Q24 4Q25 3Q25 2Q25 1Q25 4Q24 $ % $ % Total reported noninterest income $ 715 $ 699 $ 678 $ 635 $ 699 $ 16 2.3 % $ 16 2.2 % Notable items (2) 186 181 165 156 183 5 2.8 3 1.6 Total adjusted noninterest income (1) $ 529 $ 518 $ 513 $ 479 $ 516 $ 11 2.4 % $ 13 2.6 % Adjusted rental income on operating lease equipment $ 115 $ 108 $ 117 $ 114 $ 120 $ 7 6.5 % $ (5) (4.4) % Lending-related fees 64 67 69 66 68 (3) (5.9) (4) (6.5) Deposit fees and service charges 63 61 59 58 58 2 2.7 5 8.8 Client investment fees 54 58 52 53 54 (4) (6.4) — (0.7) Wealth management services 61 57 55 56 54 4 7.4 7 12.8 International fees 37 34 33 32 33 3 8.3 4 11.8 Factoring commissions 20 18 18 17 20 2 12.5 — — Cardholder services, net 37 39 41 41 41 (2) (2.0) (4) (7.3) Merchant services, net 13 12 13 14 13 1 12.5 — (3.0) Insurance commissions 12 13 14 14 13 (1) (6.0) (1) (5.1) Other noninterest income 53 51 42 14 42 2 4.1 11 27.6
15 $1,517 $1,493 $1,500 $1,491 $1,572 $1,268 $1,277 $1,279 $1,279 $1,368 $249 $216 $221 $212 $204 4Q24 1Q25 2Q25 3Q25 4Q25 Noninterest expense ($ in millions) (1) Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations. (2) Refer to Section V for notable item details. Adjusted (Non-GAAP) (1) Notable items (2) Noninterest expense Increase (decrease) 4Q25 vs 3Q25 4Q25 vs 4Q24 4Q25 3Q25 2Q25 1Q25 4Q24 $ % $ % Total reported noninterest expense $ 1,572 $ 1,491 $ 1,500 $ 1,493 $ 1,517 $ 81 5.5 % $ 55 3.6 % Notable items 204 212 221 216 249 (8) (3.8) (45) (18.1) Total adjusted noninterest expense (1) $ 1,368 $ 1,279 $ 1,279 $ 1,277 $ 1,268 $ 89 7.1 % $ 100 8.0 % Personnel cost $ 849 $ 811 $ 810 $ 818 $ 801 $ 38 4.7 % $ 48 6.0 % Net occupancy expense 61 58 61 58 60 3 6.3 1 2.3 Equipment expense 151 137 131 136 136 14 11.1 15 11.0 Professional fees 34 26 30 25 30 8 28.7 4 12.2 Third-party processing fees 75 67 63 63 57 8 10.8 18 30.7 FDIC insurance expense 39 38 38 38 33 1 — 6 17.7 Marketing expense 45 33 32 32 24 12 38.7 21 85.7 Other noninterest expense 114 109 114 107 127 5 6.1 (13) (8.9)
16 Increase (decrease) 4Q25 vs 3Q25 4Q25 vs 4Q24 SELECT PERIOD END BALANCES 4Q25 3Q25 4Q24 $ % $ % Interest-earning deposits at banks $ 19,801 $ 24,798 $ 21,364 $ (4,997) (79.9) % $ (1,563) (7.3) % Investment securities 41,564 45,124 44,090 (3,560) (31.3) (2,526) (5.7) Loans and leases 147,930 144,758 140,221 3,172 8.7 7,709 5.5 Operating lease equipment, net (2) 9,621 9,446 9,323 175 7.3 298 3.2 Deposits 161,578 163,190 155,229 (1,612) (3.9) 6,349 4.1 Noninterest-bearing deposits 40,653 42,752 38,633 (2,099) (19.5) 2,020 5.2 Borrowings 36,008 38,675 37,051 (2,667) (27.4) (1,043) (2.8) Tangible common equity (non-GAAP) (3) 20,322 20,551 20,752 (229) (4.4) (430) (2.1) Common equity 20,863 21,105 21,347 (242) (4.5) (484) (2.3) Stockholders' equity 22,238 21,986 22,228 252 4.5 10 — Off-balance sheet client funds 69,703 67,056 62,399 2,647 15.7 7,304 11.7 Increase (decrease) KEY METRICS 4Q25 3Q25 4Q24 4Q25 vs 3Q25 4Q25 vs 4Q24 CET1 ratio (4) 11.15 % 11.65 % 12.99 % (0.50) % (1.84) % Book value per common share $ 1,718.71 $ 1,672.54 $ 1,556.16 $ 46.17 $ 162.55 Tangible book value per common share (non-GAAP) (3) 1,674.11 1,628.64 1,512.77 45.47 161.34 Tangible capital to tangible assets (non-GAAP) (3) 8.87 % 8.82 % 9.30 % 0.05 % (0.43) % Loan to deposit ratio 91.55 88.71 90.33 2.84 1.22 ALLL to total loans and leases 1.06 1.14 1.20 (0.08) (0.14) Noninterest-bearing deposits to total deposits 25.16 26.20 24.89 (1.04) 0.27 Uninsured deposits 38 % 37 % 38 % 1 % — % Total liquid assets (available cash + HQLS) $ 56,006 $ 61,924 $ 59,339 $ (5,918) $ (3,333) Total liquidity (liquid assets & contingent sources) 86,743 93,274 86,628 (6,531) 115 Total liquidity / uninsured deposits 140 % 156 % 146 % (16.00) % (6.00) % Balance Sheet Highlights ($ in millions, except per share data) (1) (1) (1) Percent change is calculated using unrounded numbers and the linked quarter is annualized. (2) Operating lease equipment, net includes $8.9 billion of rail assets as of 4Q25. (3) Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations. (4) The SLA was terminated in early 2Q25 and therefore does not benefit risk-based capital ratios for subsequent period ends. Risk-based capital ratios prior to 2Q25 include the benefit of the SLA.
17 $140,221 $141,358 $141,269 $144,758 $147,930 $75,334 $76,511 $76,282 $79,533 $82,972 $64,887 $64,847 $64,987 $65,225 $64,958 Commercial Bank General Bank 4Q24 1Q25 2Q25 3Q25 4Q25 Note – Commercial Bank includes a small amount of Rail loans (less than $100 million in all periods). Rail operating lease assets are not included in the loan totals. $144,758 $3,439 $(267) $147,930 3Q25 Commercial Bank General Bank 4Q25 $142,857 $3,822 $265 $146,944 3Q25 Commercial Bank General Bank 4Q25 Average RollforwardPeriod End Rollforward Average LoansPeriod End Loans $139,641 $140,780 $141,791 $142,857 $146,944 $74,164 $75,890 $76,842 $77,798 $81,620 $65,477 $64,890 $64,949 $65,059 $65,324 Commercial Bank General Bank Yield on loans 4Q24 1Q25 2Q25 3Q25 4Q25 6.49% 6.47% 6.44% 6.24%6.69% Loans and Leases ($ in millions) $3.2 billion & 2.2% $4.1 billion & 2.9%
18 30% 8% 6%30% 22% 4% Branch Network & Other ($44.3) Wealth & Private Banking ($11.1) Mortgage ($9.6) SVB Commercial ($44.1) Commercial Finance & Middle Market Banking ($32.9) Equipment Finance ($5.9) Loans and Leases Composition Period End Balances ($ in millions) Increase (decrease) 4Q25 vs 3Q25 4Q25 vs 4Q24 4Q25 3Q25 4Q24 $ % $ % Branch Network & Other $ 44,274 $ 43,975 $ 44,000 $ 299 2.7 % $ 274 0.6 % Wealth & Private Banking 11,081 10,956 10,638 125 4.5 443 4.2 Mortgage (2) 9,603 10,294 10,249 (691) (26.6) (646) (6.3) General Bank Segment (2) 64,958 65,225 64,887 (267) (1.6) 71 0.1 SVB Commercial 44,147 40,629 37,375 3,518 34.4 6,772 18.1 Commercial Finance & Middle Market Banking 32,897 32,931 32,137 (34) (0.4) 760 2.4 Equipment Finance 5,928 5,973 5,822 (45) (3.0) 106 1.8 Commercial Bank Segment (3) 82,972 79,533 75,334 3,439 17.2 7,638 10.1 Total Loans $ 147,930 $ 144,758 $ 140,221 $ 3,172 8.7 % $ 7,709 5.5 % Note – Totals may not foot due to rounding. (1) Percent change is calculated using unrounded numbers and the linked quarter is annualized. (2) Fourth quarter 2025 includes the impact of a transfer of loans to held for sale from the Mortgage portfolio, reducing period end balances by $694 million. (3) Commercial Bank includes a small amount of Rail loans (less than $100 million in all periods). Rail operating lease assets are not included in the loan totals. Segment / Business ($ in billions) Commercial Bank: (2) General Bank: Class ($ in billions) 30% 21%17% 16% 12% 2%2% Commercial and industrial ($44.7) Capital call lines ($31.8) Residential and revolving mortgage ($24.7) Commercial real estate ($23.8) Owner occupied commercial mortgage ($17.7) Investor dependent ($2.8) Auto and other consumer ($2.5) (1) (1)
19 $155,229 $159,325 $159,935 $163,190 $161,578 $116,596 $118,558 $119,056 $120,438 $120,925 $38,633 $40,767 $40,879 $42,752 $40,653 Interest-bearing Noninterest-bearing 4Q24 1Q25 2Q25 3Q25 4Q25 Deposits ($ in millions) $154,534 $156,378 $157,664 $160,624 $163,191 $114,565 $117,224 $118,582 $120,575 $121,433 $39,969 $39,154 $39,082 $40,049 $41,758 Interest-bearing Noninterest-bearing Cost of deposits 4Q24 1Q25 2Q25 3Q25 4Q25 $163,190 $487 $(2,099) $161,578 3Q25 Interest- bearing Noninterest- bearing 4Q25 $160,624 $858 $1,709 $163,191 3Q25 Interest- bearing Noninterest- bearing 4Q25 2.32% 2.27% 2.25% 2.09%2.46% Period End Deposits Average Deposits Period End Rollforward Average Rollforward $(1.6) billion & (-1.0%) $2.6 billion & 1.6%
20 39% 5% 2%24% 2% 27% 1% Branch Network & Other ($63.2) Community Association Banking ($7.7) Wealth & Private Banking ($3.9) SVB Commercial ($38.4) Other ($3.1) Direct Bank ($44.8) Other ($0.4) Segment / Business ($ in billions)Type ($ in billions) 53% 25% 15% 7% Money market & savings ($85.3) Noninterest-bearing demand ($40.7) Checking with interest ($24.4) Time deposits ($11.2) Commercial Bank: (2) General Bank: Corporate: Period End Balances ($ in millions) Increase (decrease) 4Q25 vs 3Q25 4Q25 vs 4Q24 4Q25 3Q25 4Q24 $ % $ % Branch Network & Other $ 63,190 $ 63,112 $ 61,611 $ 78 0.5 % $ 1,579 2.6 % Community Association Banking 7,739 7,787 7,486 (48) (2.4) 253 3.4 Wealth & Private Banking 3,867 3,697 3,859 170 18.2 8 0.2 General Bank Segment 74,796 74,596 72,956 200 1.1 1,840 2.5 SVB Commercial 38,437 39,891 36,524 (1,454) (14.5) 1,913 5.2 Other 3,097 2,980 3,520 117 15.6 (423) (12.0) Commercial Bank Segment (2) 41,534 42,871 40,044 (1,337) (12.4) 1,490 3.7 Direct Bank 44,802 45,146 41,093 (344) (3.0) 3,709 9.0 Other 446 577 1,136 (131) (90.1) (690) (60.7) Corporate 45,248 45,723 42,229 (475) (4.1) 3,019 7.1 Total Deposits $ 161,578 $ 163,190 $ 155,229 $ (1,612) (3.9) % $ 6,349 4.1 % Deposit Composition Note – Totals may not foot due to rounding. (1) Percent change is calculated using unrounded numbers and the linked quarter is annualized. (2) Commercial Bank includes a small amount of Rail deposits (less than $50 million in all periods). (1) (1)
21 US VC investment (2) Total client funds (Avg)Total client funds (EOP) SVB Commercial Funding Trends ($ in billions) $98.8 $99.4 $101.7 $106.9 $108.1 $62.3 $62.4 $63.9 $67.0 $69.7 $36.5 $37.0 $37.8 $39.9 $38.4 Off-balance sheet client funds Deposits 4Q24 1Q25 2Q25 3Q25 4Q25 $97.3 $99.4 $97.3 $103.1 $107.7 $60.7 $63.8 $61.8 $65.4 $68.5 $36.7 $35.6 $35.5 $37.7 $39.2 Off-balance sheet client funds Deposits 4Q24 1Q25 2Q25 3Q25 4Q25 40 39 49 48 80 87 91 101 81 71 45 39 56 37 36 40 38 51 43 81 92 77 79 92 Deal Value ($B) 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 $1.2 billion or 1.1% $4.6 billion or 4.5% (1) The change in deposits between 4Q24 and 1Q25 includes the impact of the strategic decision to shift $2.4 billion in select cash sweep deposits to off-balance sheet client funds in 1Q25. (2) US VC investment data is sourced using PitchBook Data, Inc. and subject to prior period revisions. (1) (1)
22 3.39% 3.22% 3.19% 3.16% 3.03% 3.32% 3.09% 3.02% 3.00% 2.81% 2.46% 2.32% 2.27% 2.25% 2.09% Cost of interest-bearing liabilities Cost of interest-bearing deposits Cost of deposits 4Q24 1Q25 2Q25 3Q25 4Q25 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% Cost of funds Period End Balances Increase (decrease) 4Q25 3Q25 2Q25 1Q25 4Q24 4Q25 vs 3Q25 4Q25 vs 4Q24 Total deposits $ 161,578 81.8 % $ 163,190 80.8 % $ 159,935 80.8 % $ 159,325 80.6 % $ 155,229 80.7 % $ (1,612) $ 6,349 Securities sold under customer repurchase agreements 224 0.1 423 0.2 471 0.2 450 0.2 367 0.2 (199) (143) Purchase money note 33,385 16.9 35,854 17.8 35,841 18.1 35,829 18.1 35,816 18.6 (2,469) (2,431) FHLB borrowings — — — — — — — — — — — — Subordinated debt 1,772 0.9 1,775 0.9 1,182 0.6 1,536 0.8 795 0.4 (3) 977 Senior unsecured borrowings 555 0.3 555 0.3 555 0.3 555 0.3 58 — — 497 Other borrowings 72 — 68 — 63 — 36 — 15 — 4 57 Total deposits and borrowed funds $ 197,586 100 % $ 201,865 100 % $ 198,047 100 % $ 197,731 100 % $ 192,280 100 % $ (4,279) $ 5,306 Funding Mix ($ in millions) Highlights 4Q25 vs 3Q25 • Repaid $2.5 billion of the FDIC Purchase Money Note in December 2025. • Given reduction in total borrowings, funding mix improved slightly to approximately 82% of our funding provided by deposits. • Total cost of deposits and cost of interest-bearing deposits decreased by 16 and 19 basis points, respectively. Note – Funding mix percentages may not foot due to rounding.
23 $155 $154 $115 $191 $54 Provision for credit losses 4Q24 1Q25 2Q25 3Q25 4Q25 Credit Quality Trends and Allowance ($ in millions) Net charge-offs & NCO ratio Provision for credit losses $160 $144 $119 $234 $143 0.46% 0.41% 0.33% 0.65% 0.39% NCO $ QTD NCO ratio YTD NCO ratio 4Q24 1Q25 2Q25 3Q25 4Q25 Nonaccrual loans / total loans & leases Allowance & ALLL ratio $1,676 $1,680 $1,672 $1,652 $1,566 1.20% 1.19% 1.18% 1.14% 1.06% ALLL ALLL ratio 4Q24 1Q25 2Q25 3Q25 4Q25 0.45%0.39% 0.41% 0.37% 0.47% $1,184 $1,206 $1,319 $1,406 $1,307 0.84% 0.85% 0.93% 0.97% 0.88% Nonaccrual loans Nonaccrual loans to total loans 4Q24 1Q25 2Q25 3Q25 4Q25 (1) 3Q25 includes an $82 million individual client charge-off in the Commercial Services business within the Commercial Bank segment. This loss contributed 23 bps to the 3Q25 NCO ratio and impacted the quarterly provision for credit losses by $82 million. (2) The $82 million individual client charge-off in 3Q25, contributed 6 bps to the 2025 YTD NCO ratio. (1) (1)(2)
24 $1,652 $(43) $(25) $(21) $(11) $14 $1,566 3Q25 Specific reserves Portfolio changes Economic outlook Credit quality Loan volume 4Q25 Highlights 4Q25 vs 3Q25 • ALLL decreased $86 million from the linked quarter. • The decrease compared to the linked quarter was driven by lower specific reserves, growth in higher credit quality loan portfolios, including Global Fund Banking, and improvements in the macroeconomic outlook. • The ALLL covered annualized net charge-offs 2.7 times. The increase in coverage compared to the linked quarter was driven by an $82 million Commercial Bank segment net charge-off in the linked quarter. The ALLL provided 1.2 times coverage of nonaccrual loans. ALLL Coverage 2.6x 2.9x 3.5x 1.7x 2.7x 1.4x 1.4x 1.3x 1.2x 1.2x ALLL ratio / NCO ratio ALLL / Nonaccrual loans 4Q24 1Q25 2Q25 3Q25 4Q25 3Q25 to 4Q25 Allowance for loan and lease losses ($ in millions)
25 Reported capital ratios (1) Capital ratio rollforward Adjusted risk-based capital ratios (1) Tangible book value per share (2) Capital Risk-Based Capital (1) Tier 1 Leverage Total Tier 1 CET1 December 31, 2024 15.04 % 13.53 % 12.99 % 9.90 % September 30, 2025 14.05 % 12.15 % 11.65 % 9.34 % Preferred issuance 0.28 % 0.28 % 0.00 % 0.21 % Net income 0.33 % 0.33 % 0.33 % 0.25 % Change in risk-weighted/average assets -0.37 % -0.32 % -0.30 % -0.11 % Share repurchases -0.51 % -0.51 % -0.51 % -0.39 % Common dividends -0.01 % -0.01 % -0.01 % -0.01 % Preferred dividends -0.01 % -0.01 % -0.01 % -0.01 % Other -0.05 % 0.00 % 0.00 % 0.01 % December 31, 2025 13.71 % 11.91 % 11.15 % 9.29 % Change since September 30, 2025 -0.34 % -0.24 % -0.50 % -0.05 % 12.99% 12.81% 12.12% 11.65% 11.15% 13.53% 13.35% 12.63% 12.15% 11.91% 15.04% 15.23% 14.25% 14.05% 13.71% 4Q24 1Q25 2Q25 3Q25 4Q25 $1,512.77 $181.03 $43.47 ($55.21) ($7.95) $1,674.11 4Q24 Retained earnings AOCI Share repurchases Common dividends 4Q25 Note – The above capital ratios represent BancShares ratios and are preliminary pending completion of quarterly regulatory filings. (1) The SLA was terminated in early 2Q25 and therefore does not benefit risk-based capital ratios for subsequent period ends. Reported risk-based capital ratios prior to 2Q25 include the benefit of the SLA while the adjusted capital ratios prior to 2Q25 exclude the SLA benefit. (2) Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations. 9.90% 9.75% 9.62% 9.34% 9.29% Tier 1 Lev 12.33% 12.19% 12.12% 11.65% 11.15% 12.84% 12.70% 12.63% 12.15% 11.91% 14.27% 14.49% 14.25% 14.05% 13.71% CET1 Tier 1 Total 4Q24 1Q25 2Q25 3Q25 4Q25 CET1 (1) Tier 1 Total
26 Share Repurchase Plan Update • Since announcing a share repurchase plan in July 2024, we have repurchased 18.30% of Class A common shares and 17.03% of total common shares that were outstanding (1) as of June 30, 2024. • During the third quarter of 2025 we fully utilized the $3.5 billion share repurchase plan announced in July 2024 and subsequently began repurchasing shares under the $4.0 billion share repurchase plan announced in July 2025. • As of December 31, 2025 we had used 30% of the $4.0 billion share repurchase plan announced in July 2025 and had $2.8 billion of remaining repurchase capacity from that plan. Highlights Class A Common Shares Outstanding Repurchase Summary (through 1/20/26) Period Shares Average Price Total Cost ($ in millions) 2024 814,641 $ 2,041.35 $ 1,662.97 1Q25 302,683 2,025.31 613.03 2Q25 338,959 1,808.46 612.99 3Q25 457,350 1,967.87 900.01 4Q25 479,470 1,877.07 900.00 01/01/26 to 01/20/26 81,485 2,170.53 176.87 Total 2,474,588 $ 1,966.33 $ 4,865.86 13,524,550 (814,641) (1,578,462) (81,485) 11,049,962 6/30/2024 Repurchased 2024 Repurchased 2025 Repurchased 2026 YTD 1/20/2026 (1) Total common shares outstanding includes 1,005,185 of Class B common shares outstanding as of June 30, 2024 and January 20, 2026.
Financial Outlook Section III
28 Metric 4Q25 1Q26 - Projected FY26 - Projected Loans and leases - EOP $147.9 billion $148 billion - $151 billion $153 billion - $157 billion Deposits - EOP $161.6 billion $164 billion - $167 billion $181 billion - $186 billion Interest rates Zero to one 25 bps cut in 1Q26 Zero to four 25 bps cuts in 2026; Fed funds ending between 2.50% - 3.75% Net interest income $1.7 billion $1.6 billion - $1.7 billion $6.5 billion - $6.9 billion Net charge-off ratio (annualized where applicable) 39 bps 35 bps - 45 bps 35 bps - 45 bps Adjusted noninterest income $529 million (1) $500 million - $530 million $2.1 billion - $2.2 billion Adjusted noninterest expense $1.37 billion (1) $1.34 billion - $1.38 billion $5.37 billion - $5.46 billion Effective tax rate 28.4% 24.5% - 25.5% 24.5% - 25.5% Key Earnings Estimate Assumptions (1) Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations. Note - Management does not provide a reconciliation for forward-looking non-GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of BancShares’ control, or cannot be reasonably predicted. For the same reasons, management is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. Changes in the operating environment could introduce select risks to these assumptions. Please see important notices on forward looking statements found on page 3 for additional detail on inherent risks, uncertainties, changes in circumstances and other factors that are difficult to predict.
Appendix Section IV
30 Reclassifications In certain instances, amounts reported for prior periods in this investor presentation have been reclassified to conform to the current financial statement presentation. Such reclassifications had no effect on previously reported stockholders’ equity or net income. Segment Reclassifications BancShares modified its segment reporting during the first quarter of 2025 as we transferred certain components from the SVB Commercial and General Bank segments to the Commercial Bank segment and modified our segment expense allocation methodology. The segment reporting updates did not result in the addition or removal of any of our existing segments at December 31, 2024, and the global fund banking and investor dependent loan portfolios, as well as a substantial portion of the innovation commercial and industrial (“innovation C&I”) and cash flow dependent loan portfolios, remained in the SVB Commercial segment. Segment disclosures for 2024 periods included in this presentation were recast to conform with the above described segment reporting changes. During the fourth quarter of 2025, BancShares changed the composition of the Commercial Bank segment to include SVB Commercial, which was previously a separate segment, and prior period segment financial information was recast accordingly. The methodologies that we use to allocate items among our segments are dynamic and may be updated periodically to reflect enhanced expense base allocation drivers, changes in the risk profile of a segment or changes in our organizational structure. Accordingly, financial results may be revised periodically to reflect these enhancements. Class Reclassifications During the second quarter of 2025, the loan classes which were reported in the SVB portfolio in the 2024 Form 10-K, were recast to the Commercial portfolio (the “2025 Loan Class Changes”) as summarized below. • Global fund banking remained a separate loan class, but is reported as a component of the Commercial portfolio. • Investor dependent–early stage and investor dependent–growth stage were combined into a single investor dependent loan class, which is reported as a component of the Commercial portfolio. • Cash flow dependent and innovation C&I was combined with the commercial and industrial loan class, which is reported as a component of the Commercial portfolio. Loan and leases for all periods presented in this presentation were recast to reflect the 2025 Loan Class Changes. The segment information in this presentation was not recast as a result of the 2025 Loan Class Changes because the composition of reportable segments is separate and distinct from the identification of loan classes. During the fourth quarter of 2025, we updated our loan classes as summarized below (“4Q25 Loan Class Changes”): • Commercial real estate is a separate loan class. Prior to the 4Q25 Loan Class Changes, commercial real estate loans were primarily included in the non-owner occupied commercial mortgage and commercial construction loan classes. Additionally, commercial and industrial loans for the purpose of acquiring, constructing or developing real estate were previously included in the commercial and industrial loan class, and residential construction loans were previously included in the residential mortgage loan class. • Capital call lines is a separate loan class. Prior to the 4Q25 Loan Class Changes, global fund banking (which included capital call lines and certain other commercial and industrial loans in the Global Fund Banking line of business) was a separate loan class. • Commercial and industrial remained a separate loan class, but the composition was updated to: (i) include certain other commercial and industrial loans that were previously included in the global fund banking loan class prior to the 4Q25 Loan Class Changes, (ii) include leases, which was previously a separate loan class, and (iii) exclude commercial real estate loans that were previously included in the commercial and industrial loan class. • Residential mortgage loans remained a separate loan class, but the composition was updated to exclude residential construction loans which are included in the commercial real estate loan class after the 4Q25 Loan Class Changes. During the second quarter of 2025, the loan classes which were reported in the SVB portfolio in the 2024 Form 10-K, were recast to the Commercial portfolio (the “2Q25 Loan Class Changes”). Loan and lease disclosures for all periods presented in this Investor Presentation were recast to reflect the 2Q25 Loan Class Changes and 4Q25 Loan Class Changes. Reclassifications
31 Glossary of Abbreviations and Acronyms The following is a list of certain abbreviations and acronyms used throughout this document. AFS – Available for Sale ALLL – Allowance for Loan and Lease Losses AOCI – Accumulated Other Comprehensive Income bps – Basis point(s); 1 bp = 0.01% C&I – Commercial and Industrial CET1 – Common Equity Tier 1 EOP – End of Period EPS – Earnings Per Share FDIC – Federal Deposit Insurance Corporation FFS – Fed Funds Sold FHLB – Federal Home Loan Bank FY – Full Year GAAP – United States Generally Accepted Accounting Principles HQLS – High-Quality Liquid Securities HTM – Held to Maturity IBD – Interest-Bearing Deposits NCO – Net Charge-Off NII – Net Interest Income NIM – Net Interest Margin NM – Not Meaningful OBS – Off-balance sheet PAA – Purchase Accounting Accretion or Amortization PPNR – Pre-Provision Net Revenue ROA – Return on Average Assets ROE – Return on Average Common Stockholders’ Equity ROTCE – Return on Average Tangible Common Stockholders’ Equity SLA – Shared Loss Agreement with the FDIC VC – Venture Capital YTD – Year-to-date
32 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 ASSETS Cash and due from banks $ 801 $ 874 $ 889 $ 812 $ 814 Interest-earning deposits at banks 19,801 24,798 26,184 24,692 21,364 Securities purchased under agreements to resell 232 83 300 345 158 Investment in marketable equity securities 127 110 97 95 101 Investment securities available for sale 31,790 34,963 33,060 33,900 33,750 Investment securities held to maturity 9,647 10,051 10,189 10,324 10,239 Assets held for sale 804 112 125 185 85 Loans and leases 147,930 144,758 141,269 141,358 140,221 Allowance for loan and lease losses (1,566) (1,652) (1,672) (1,680) (1,676) Loans and leases, net of allowance for loan and lease losses 146,364 143,106 139,597 139,678 138,545 Operating lease equipment, net 9,621 9,446 9,466 9,371 9,323 Premises and equipment, net 2,447 2,283 2,115 2,044 2,006 Goodwill 346 346 346 346 346 Other intangible assets, net 195 208 221 234 249 Other assets 7,523 7,108 7,064 6,796 6,740 Total assets $ 229,698 $ 233,488 $ 229,653 $ 228,822 $ 223,720 LIABILITIES Deposits: Noninterest-bearing $ 40,653 $ 42,752 $ 40,879 $ 40,767 $ 38,633 Interest-bearing 120,925 120,438 119,056 118,558 116,596 Total deposits 161,578 163,190 159,935 159,325 155,229 Credit balances of factoring clients 1,148 1,326 1,077 1,145 1,016 Short-term borrowings 224 423 471 450 367 Long-term borrowings 35,784 38,252 37,641 37,956 36,684 Total borrowings 36,008 38,675 38,112 38,406 37,051 Other liabilities 8,726 8,311 8,233 7,651 8,196 Total liabilities 207,460 211,502 207,357 206,527 201,492 STOCKHOLDERS’ EQUITY Preferred stock 1,375 881 881 881 881 Common stock 12 13 13 13 14 Additional paid in capital — 270 1,179 1,798 2,417 Retained earnings 20,768 20,866 20,337 19,802 19,361 Accumulated other comprehensive loss 83 (44) (114) (199) (445) Total stockholders’ equity 22,238 21,986 22,296 22,295 22,228 Total liabilities and stockholders’ equity $ 229,698 $ 233,488 $ 229,653 $ 228,822 $ 223,720 BancShares Balance Sheets (unaudited) ($ in millions)
33 4Q25 3Q25 2Q25 1Q25 4Q24 INTEREST INCOME Interest and fees on loans $ 2,290 $ 2,300 $ 2,270 $ 2,236 $ 2,322 Interest on investment securities 424 433 419 414 377 Interest on deposits at banks 226 265 256 245 302 Total interest income 2,940 2,998 2,945 2,895 3,001 INTEREST EXPENSE Deposits 861 911 894 893 957 Borrowings 357 353 356 339 335 Total interest expense 1,218 1,264 1,250 1,232 1,292 Net interest income 1,722 1,734 1,695 1,663 1,709 Provision for credit losses 54 191 115 154 155 Net interest income after provision for credit losses 1,668 1,543 1,580 1,509 1,554 NONINTEREST INCOME Rental income on operating lease equipment 281 273 272 270 272 Lending-related fees 64 67 69 66 68 Deposit fees and service charges 63 61 59 58 58 Client investment fees 54 58 52 53 54 Wealth management services 61 57 55 56 54 International fees 37 34 33 32 33 Factoring commissions 20 18 18 17 20 Cardholder services, net 37 39 41 41 41 Merchant services, net 13 12 13 14 13 Insurance commissions 12 13 14 14 13 Realized gain on sale of investment securities, net 3 — — — 2 Fair value adjustment on marketable equity securities, net 12 13 2 (5) 10 Gain on sale of leasing equipment, net 14 3 8 5 11 Loss on extinguishment of debt (9) — — — — Other noninterest income 53 51 42 14 50 Total noninterest income 715 699 678 635 699 NONINTEREST EXPENSE Depreciation on operating lease equipment 102 98 100 98 101 Maintenance and other operating lease expenses 64 67 55 58 55 Personnel cost 849 817 810 818 801 Net occupancy expense 61 58 61 58 60 Equipment expense 151 137 131 136 136 Professional fees 34 26 30 25 30 Third-party processing fees 75 67 63 63 57 FDIC insurance expense 27 38 38 38 33 Marketing expense 45 33 32 32 24 Acquisition-related expenses 33 28 38 42 62 Intangible asset amortization 13 13 13 15 16 Other noninterest expense 118 109 129 110 142 Total noninterest expense 1,572 1,491 1,500 1,493 1,517 Income before income taxes 811 751 758 651 736 Income tax expense 231 183 183 168 36 Net income $ 580 $ 568 $ 575 $ 483 $ 700 Preferred stock dividends $ 14 $ 14 $ 14 $ 15 $ 15 Net income available to common stockholders $ 566 $ 554 $ 561 $ 468 $ 685 BancShares Income Statements (unaudited) ($ in millions)
34 Average Deposit Account Size and Insured by Segment ($ in billions, except average account size, period end balances) Total deposits Average size Insured % General Bank $ 74.8 $ 37,103 63 % Corporate 45.2 57,918 88 Commercial Bank 41.5 547,487 31 Total $ 161.6 $ 56,240 62 % Note – Commercial Bank includes a small amount of Rail deposits.Totals may not foot due to rounding.
35 (1) 4Q25 (1) Carrying value (2) % of Portfolio Yield (3) Duration in years AFS Portfolio U.S. Treasury $ 10,673 26 % 4.20 % 1.1 Government agency 43 — 1.98 0.3 Residential mortgage-backed securities 17,623 43 4.24 3.1 Commercial mortgage-backed securities 3,299 8 4.07 2.1 Corporate bonds 140 — 7.89 0.9 Municipal bonds 12 — 5.71 16.6 Total AFS portfolio $ 31,790 77 % 4.23 % 2.3 HTM portfolio U.S. Treasury $ 388 1 % 1.42 % 1.8 Government agency 1,225 3 1.58 2.3 Residential mortgage-backed securities 4,450 10 2.65 5.4 Commercial mortgage-backed securities 3,337 8 2.26 3.2 Other investments 247 1 1.62 3.9 Total HTM portfolio $ 9,647 23 % 2.30 % 4.1 Grand total $ 41,437 100 % 3.80 % 2.7 Debt Securities Overview ($ in millions, period end balances) (1) Includes the debt securities portfolio; excludes marketable equity securities. (2) Carrying value represents fair value for AFS and amortized cost for HTM portfolios. (3) Yield represents actual accounting yield recognized during the quarter.
36 General Bank Segment ($ in millions) (1) Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations. (2) Percent changes are calculated using unrounded numbers and the linked quarter is annualized. Increase (decrease) 4Q25 vs 3Q25 4Q25 vs 4Q24 Earnings Summary 4Q25 3Q25 2Q25 1Q25 4Q24 $ % $ % Net interest income $ 841 $ 846 $ 824 $ 788 $ 777 $ (5) (0.5) % $ 64 8.3 % Total noninterest income 170 166 164 164 166 4 3.1 4 2.7 Total revenue 1,011 1,012 988 952 943 (1) (0.1) 68 7.3 Total noninterest expense 604 582 580 565 543 22 4.0 61 11.3 Pre-provision net revenue (1) 407 430 408 387 400 (23) (5.2) 7 1.9 Provision for credit losses 17 1 13 46 22 16 NM (5) (24.1) Income before income taxes 390 429 395 341 378 (39) (8.8) 12 3.4 Income tax expense 82 109 101 88 92 (27) (24.4) (10) (10.2) Net income $ 308 $ 320 $ 294 $ 253 $ 286 $ (12) (3.5) % $ 22 7.8 % Period end Balances (2) Loans and leases $ 64,958 $ 65,225 $ 64,987 $ 64,847 $ 64,887 $ (267) (1.6) % $ 71 0.1 % Deposits 74,796 74,596 73,499 74,309 72,956 200 1.1 1,840 2.5 Other Key Metrics Number of branches 521 520 526 536 539 1 0.2 % (18) (3.3) % Wealth management assets under management ($B) $ 61.2 $ 59.9 $ 57.1 $ 54.5 $ 55.5 $ 1.3 2.2 $ 5.7 10.3 Card volume 4,713 4,621 4,629 4,339 4,561 92 2.0 152 3.3 Merchant volume 1,799 1,827 1,882 1,761 1,759 (28) (1.5) 40 2.3
37 Increase (decrease) 4Q25 vs 3Q25 4Q25 vs 4Q24 Earnings Summary 4Q25 3Q25 2Q25 1Q25 4Q24 $ % $ % Net interest income $ 834 $ 796 $ 789 $ 786 $ 851 $ 38 4.8 % $ (17) (2.0) % Rental income on operating lease equipment 55 54 54 56 55 1 0.9 — — Less: depreciation on operating lease equipment 44 43 44 44 44 1 1.0 — — Adjusted rental income on operating lease equipment (1) 11 11 10 12 11 — — — — All other noninterest income 241 236 228 201 238 5 2.4 3 1.8 Noninterest income, net (1) 252 247 238 213 249 5 2.0 3 1.2 Revenue 1,086 1,043 1,027 999 1,100 43 4.1 (14) (1.3) Noninterest expense, net (1) 612 596 605 610 618 16 2.7 (6) (1.0) Pre-provision net revenue (1) 474 447 422 389 482 27 5.8 (8) (1.8) Provision for credit losses 37 190 102 108 133 (153) (80.4) (96) (72.1) Income before income taxes 437 257 320 281 349 180 69.1 88 24.9 Income tax expense 102 64 82 72 80 38 54.8 22 26.0 Net income $ 335 $ 193 $ 238 $ 209 $ 269 $ 142 73.9 % $ 66 24.6 % Period end Balances (2) Loans and leases $ 82,910 $ 79,470 $ 76,220 $ 76,449 $ 75,272 $ 3,440 17.2 % $ 7,638 10.2 % Operating lease equipment, net 739 737 750 731 750 2 1.5 (11) (1.4) Deposits 41,532 42,869 40,697 40,014 40,026 (1,337) (12.4) 1,506 3.8 Off-balance sheet client funds 69,681 67,035 63,879 62,380 62,317 2,646 15.7 7,364 11.8 Other Key Metrics Factoring volume $ 6,547 $ 6,315 $ 5,481 $ 5,404 $ 6,124 $ 232 3.7 % $ 423 6.9 % Commercial Bank Segment ($ in millions) Note – Commercial segment results do not include the accretion impact of SVB loans or the impact of overnight investments and debt that was added at the acquisition date (the aforementioned items are contained within Corporate). During 4Q25, the Commercial Bank segment was updated to include SVB Commercial, which was previously a separate segment, and prior period segment financial information was recast accordingly. (1) Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations. (2) Percent changes are calculated using unrounded numbers and the linked quarter is annualized.
38 Increase (decrease) 4Q25 vs 3Q25 4Q25 vs 4Q24 Earnings Summary 4Q25 3Q25 2Q25 1Q25 4Q24 $ % $ % Net interest expense $ 53 $ 55 $ 53 $ 52 $ 50 $ (2) (3.6) % $ 3 5.1 % Rental income on operating lease equipment 226 219 218 214 217 7 2.9 9 4.0 Less: depreciation on operating lease equipment 58 55 56 54 57 3 3.8 1 1.5 Less: maintenance and other operating lease expenses 64 67 55 58 55 (3) (4.0) 9 17.0 Adjusted rental income on operating lease equipment (1) 104 97 107 102 105 7 7.2 (1) (1.0) All other noninterest income 9 2 3 2 6 7 706.1 3 46.0 Noninterest income, net (1) 113 99 110 104 111 14 14.1 2 1.8 Revenue 60 44 57 52 61 16 36.4 (1) (1.6) Noninterest expense, net (1) 22 22 32 22 21 — — 1 4.8 Pre-provision net revenue (1) 38 22 25 30 40 16 72.4 (2) (6.7) Provision for credit losses — — — — — — — — — Income before income taxes 38 22 25 30 40 16 73.0 (2) (6.7) Income tax expense 9 5 6 8 9 4 54.1 — — Net income $ 29 $ 17 $ 19 $ 22 $ 31 $ 12 79.4 % $ (2) (5.1) % Period end Balances (2) Operating lease equipment, net $ 8,882 $ 8,709 $ 8,716 $ 8,640 $ 8,573 $ 173 7.8 % $ 309 3.6 % Other Key Metrics Railcars and locomotives (3) 128,400 127,600 127,300 126,600 126,000 800 0.6 % 2,400 1.9 % Utilization 96.2 % 96.8 % 96.9 % 97.0 % 97.6 % NM (0.6) NM (1.4) Renewal rate to previous rate 117 118 132 126 128 NM (1.0) NM (11.0) Rail Segment ($ in millions) (1) Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations. (2) Percent changes are calculated using unrounded numbers and the linked quarter is annualized. (3) Railcars and locomotives number is rounded.
39 Corporate ($ in millions) (1) Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations. (2) Percent changes are calculated using unrounded numbers and the linked quarter is annualized. Increase (decrease) 4Q25 vs 3Q25 4Q25 vs 4Q24 Earnings Summary 4Q25 3Q25 2Q25 1Q25 4Q24 $ % $ % Net interest income $ 100 $ 147 $ 135 $ 141 $ 131 $ (47) (32.1) % $ (31) (23.7) % Total noninterest income 14 22 11 (2) 17 (8) (40.4) (3) (22.1) Total revenue 114 169 146 139 148 (55) (33.2) (34) (23.5) Total noninterest expense 168 126 128 140 179 42 32.2 (11) (6.8) Pre-provision net revenue (1) (54) 43 18 (1) (31) (97) (227.8) (23) (71.3) Provision for credit losses — — — — — — — — — Income (loss) before income taxes (54) 43 18 (1) (31) (97) (226.9) (23) (71.8) Income tax (benefit) expense 38 5 (6) — (145) 33 750.0 183 127.0 Net income (loss) $ (92) $ 38 $ 24 $ (1) $ 114 $ (130) (344.0) % $ (206) (182.8) % Period end Balance Sheet (2) Investment securities $ 41,564 $ 45,124 $ 43,346 $ 44,319 $ 44,090 $ (3,560) (31.3) % $ (2,526) (5.7) % Direct Bank Deposits 44,802 45,146 45,111 44,170 41,093 (344) (3.0) 3,709 9.0
40 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025 December 31, 2024 Loans and leases (including off-balance sheet exposure) (1) Beginning balance - unamortized fair value mark $ (1,411) $ (1,483) $ (1,561) $ (1,644) $ (1,746) Other 1 1 3 — 12 Accretion 59 71 75 83 90 Ending balance $ (1,351) $ (1,411) $ (1,483) $ (1,561) $ (1,644) Core deposits and other intangibles Beginning balance $ 208 $ 221 $ 234 $ 249 $ 264 Amortization (13) (13) (13) (15) (15) Ending balance $ 195 $ 208 $ 221 $ 234 $ 249 Deposits (2) Beginning balance - unamortized fair value mark $ — $ — $ — $ (1) $ (2) Amortization — — — 1 1 Ending balance $ — $ — $ — $ — $ (1) Borrowings (2) Beginning balance - unamortized fair value mark $ 97 $ 107 $ 116 $ 126 $ 135 Amortization (10) (10) (9) (10) (9) Loss on extinguishment of debt (9) — — — — Ending balance $ 78 $ 97 $ 107 $ 116 $ 126 Purchase accounting marks ($ in millions) Note – The summary only includes select information and is not intended to represent all purchase accounting adjustments. (1) Purchase accounting marks on loans and leases is comprised of credit, interest and liquidity components, and are generally recognized using the level-yield or straight-line method over the remaining life of the receivable or in full in the event of prepayment. (2) Purchase accounting marks on deposits and borrowings represent interest rate marks and are recognized using the level-yield method over the remaining term of the liability.
Non-GAAP Reconciliations Section V
42 Notable Items (1) ($ in millions, except per share data) 4Q25 3Q25 2Q25 1Q25 4Q24 Rental income on operating lease equipment (2) (7) $ (166) $ (165) $ (155) $ (156) $ (152) Realized gain on sale of investment securities, net (3) — — — (2) Fair value adjustment on marketable equity securities, net (12) (13) (2) 5 (10) Gain on sale of leasing equipment, net (14) (3) (8) (5) (11) Loss on extinguishment of debt 9 — — — — Other noninterest income (3) — — — — (8) Impact of notable items on adjusted noninterest income $ (186) $ (181) $ (165) $ (156) $ (183) Depreciation on operating lease equipment (2) (7) $ (102) $ (98) $ (100) $ (98) $ (101) Maintenance and other operating lease expenses (2) (64) (67) (55) (58) (55) Personnel cost (4) — (6) — — — FDIC insurance special assessment 12 — — — — Acquisition-related expenses (33) (28) (38) (42) (62) Intangible asset amortization (13) (13) (13) (15) (16) Other noninterest expense (5) (4) — (15) (3) (15) Impact of notable items on adjusted noninterest expense $ (204) $ (212) $ (221) $ (216) $ (249) Impact of notable items on adjusted pre-tax income $ 18 $ 31 $ 56 $ 60 $ 66 Income tax impact (6) (50) 12 24 15 123 Impact of notable items on adjusted net income $ 68 $ 19 $ 32 $ 45 $ (57) Impact of notable items on adjusted diluted EPS $ 5.46 $ 1.54 $ 2.42 $ 3.32 $ (4.11) (1) Notable items include income and expense for infrequent transactions and certain recurring items (typically noncash) that management believes should be excluded from adjusted measures (non- GAAP) to enhance understanding of operations and comparability to historical periods. Management utilizes both GAAP and adjusted measures (non-GAAP) to analyze BancShares’ performance. Refer to subsequent pages of this presentation for a reconciliation of non-GAAP measures to the most directly comparable GAAP measures. (2) Depreciation and maintenance and other operating lease expenses are deducted from rental income on operating lease equipment to calculate adjusted rental income on operating lease equipment (non-GAAP). There is no net impact to earnings for this non-GAAP item because adjusted noninterest income and expense are reduced by the same amount. Management believes adjusted rental income on operating lease equipment (non-GAAP) is meaningful because it helps management monitor the performance and profitability of the operating leases after deducting direct expenses. Refer to subsequent pages of this presentation for a reconciliation of non-GAAP measures to the most directly comparable GAAP measures. (3) Other noninterest income includes a gain on sale of portfolio residential mortgages in 4Q24. (4) Personnel cost includes impairment of internal use software under development in 3Q25. (5) Other noninterest expense includes a technology fee in 4Q25, an accrual resulting from a vendor dispute and an increase in litigation reserve in 2Q25, and an impairment of capitalized software and related projects in 1Q25 and 4Q24. (6) For the periods presented, the income tax impact may include tax discrete items and changes in the estimated annualized effective tax rate. 4Q24 includes the impact of a change in our estimated state income tax rates after filing our first income tax returns that included the acquisition of certain assets and liabilities of Silicon Valley Bridge Bank, N.A. (“SVBB Acquisition”). (7) Depreciation on operating lease equipment includes impairment of $4 million in 4Q24. The $4 million impairment is a notable item and is excluded from adjusted rental income on operating lease equipment (non-GAAP).
43 Non-GAAP Reconciliations 4Q25 3Q25 2Q25 1Q25 4Q24 Net income and EPS Net income (GAAP) a $ 580 568 575 483 700 Preferred stock dividends 14 14 14 15 15 Net income available to common stockholders (GAAP) b 566 554 561 468 685 Total notable items, after income tax c 68 19 32 45 (57) Adjusted net income (non-GAAP) d = (a+c) 648 587 607 528 643 Adjusted net income available to common stockholders (non-GAAP) e = (b+c) $ 634 573 593 513 628 Weighted average common shares outstanding Basic f 12,363,028 12,849,339 13,237,226 13,575,231 13,927,887 Diluted g 12,363,028 12,849,339 13,237,226 13,575,231 13,927,887 EPS (GAAP) Basic b/f $ 45.81 43.08 42.36 34.47 49.21 Diluted b/g 45.81 43.08 42.36 34.47 49.21 Adjusted EPS (non-GAAP) Basic e/f $ 51.27 44.62 44.78 37.79 45.10 Diluted e/g 51.27 44.62 44.78 37.79 45.10 Noninterest income and expense Noninterest income (GAAP) h $ 715 699 678 635 699 Impact of notable items, before income tax (186) (181) (165) (156) (183) Adjusted noninterest income (non-GAAP) i $ 529 518 513 479 516 Noninterest expense (GAAP) j $ 1,572 1,491 1,500 1,493 1,517 Impact of notable items, before income tax (204) (212) (221) (216) (249) Adjusted noninterest expense (non-GAAP) k $ 1,368 1,279 1,279 1,277 1,268 Note: Certain items above do not precisely recalculate as presented due to rounding. Non-GAAP Reconciliations ($ in millions, except share and per share data)
44 Non-GAAP Reconciliations ($ in millions) Non-GAAP Reconciliations 4Q25 3Q25 4Q24 PPNR Net income (GAAP) a $ 580 568 700 Plus: provision for credit losses 54 191 155 Plus: income tax expense 231 183 36 PPNR (non-GAAP) l $ 865 942 891 Impact of notable items 18 31 66 Adjusted PPNR (non-GAAP) m $ 883 973 957 ROA Net income (GAAP) a $ 580 568 700 Annualized net income n = a annualized 2,303 2,254 2,786 Adjusted net income (non-GAAP) d 648 587 643 Annualized adjusted net income p = d annualized 2,571 2,332 2,558 Average assets o 233,432 230,529 223,706 ROA n/o 0.99 % 0.98 % 1.25 % Adjusted ROA (non-GAAP) p/o 1.10 1.01 1.14 PPNR ROA PPNR (non-GAAP) l $ 865 942 891 Annualized PPNR q = l annualized 3,430 3,738 3,545 Adjusted PPNR (non-GAAP) m 883 973 957 Annualized adjusted PPNR r = m annualized 3,504 3,860 3,809 PPNR ROA (non-GAAP) q/o 1.47 % 1.62 % 1.58 % Adjusted PPNR ROA (non-GAAP) r/o 1.50 1.67 1.70 Note: Certain items above do not precisely recalculate as presented due to rounding.
45 Non-GAAP Reconciliations ($ in millions) Non-GAAP Reconciliations 4Q25 3Q25 4Q24 ROE and ROTCE Annualized net income available to common stockholders s = b annualized $ 2,247 2,196 2,727 Annualized adjusted net income available to common stockholders t = e annualized $ 2,515 2,275 2,499 Average stockholders' equity (GAAP) $ 22,197 22,291 22,598 Less: average preferred stock 1,117 881 881 Average common stockholders' equity u $ 21,080 21,410 21,717 Less: average goodwill 346 346 346 Less: average other intangible assets 204 216 259 Average tangible common equity (non-GAAP) v $ 20,530 20,848 21,112 ROE s/u 10.66 % 10.26 % 12.56 % Adjusted ROE (non-GAAP) t/u 11.93 10.62 11.51 ROTCE (non-GAAP) s/v 10.94 10.53 12.92 Adjusted ROTCE (non-GAAP) t/v 12.25 10.91 11.84 Tangible common equity to tangible assets Stockholders' equity (GAAP) w $ 22,238 21,986 22,228 Less: preferred stock 1,375 881 881 Common equity x $ 20,863 21,105 21,347 Less: goodwill 346 346 346 Less: other intangible assets 195 208 249 Tangible common equity (non-GAAP) y $ 20,322 20,551 20,752 Total assets (GAAP) z $ 229,698 233,488 223,720 Tangible assets (non-GAAP) aa 229,157 232,934 223,125 Total equity to total assets (GAAP) w/z 9.68 % 9.42 % 9.94 % Tangible common equity to tangible assets (non-GAAP) y/aa 8.87 8.82 9.30 Note: Certain items above do not precisely recalculate as presented due to rounding.
46 Non-GAAP Reconciliations ($ in millions, except share and per share data) Non-GAAP Reconciliations 4Q25 3Q25 2Q25 1Q25 4Q24 Book value and tangible book value per common share Common shares outstanding at period end bb 12,139,159 12,618,629 13,075,979 13,414,938 13,717,621 Book value per share x/bb $ 1,718.71 1,672.54 1,637.72 1,596.30 1,556.16 Tangible book value per common share (non-GAAP) y/bb 1,674.11 1,628.64 1,594.38 1,553.06 1,512.77 Efficiency ratio Net interest income cc $ 1,722 1,734 1,695 1,663 1,709 Efficiency ratio (GAAP) j / (h + cc) 64.53 % 61.27 % 63.22 % 64.97 % 63.01 % Adjusted efficiency ratio (non-GAAP) k / (i + cc) 60.79 56.78 57.92 59.62 56.98 Rental income on operating lease equipment Rental income on operating lease equipment (GAAP) $ 281 273 272 270 272 Less: depreciation on operating lease equipment 102 98 100 98 101 Less: maintenance and other operating lease expenses 64 67 55 58 55 Plus: accelerated depreciation on impaired operating lease equipment — — — — 4 Adjusted rental income on operating lease equipment (non-GAAP) $ 115 108 117 114 120 Rental income on operating lease equipment: Commercial Bank Segment Rental income on operating lease equipment (GAAP) $ 55 54 54 56 55 Less: depreciation on operating lease equipment 44 43 44 44 44 Less: maintenance and other operating lease expenses — — — — — Adjusted rental income on operating lease equipment (non-GAAP) $ 11 11 10 12 11 Rental income on operating lease equipment: Rail Segment Rental income on operating lease equipment (GAAP) $ 226 219 218 214 217 Less: depreciation on operating lease equipment 58 55 56 54 57 Less: maintenance and other operating lease expenses 64 67 55 58 55 Adjusted rental income on operating lease equipment (non-GAAP) $ 104 97 107 102 105 Note: Certain items above do not precisely recalculate as presented due to rounding.
47 Non-GAAP Reconciliations ($ in millions, except share and per share data) Non-GAAP Reconciliations 4Q25 3Q25 2Q25 1Q25 4Q24 Noninterest Income and Noninterest Expense: Commercial Bank Segment Noninterest income (GAAP) $ 296 290 282 257 293 Less: depreciation on operating lease equipment 44 43 44 44 44 Noninterest income, net (non-GAAP) $ 252 247 238 213 249 Noninterest expense (GAAP) $ 656 639 649 654 662 Less: depreciation on operating lease equipment 44 43 44 44 44 Noninterest expense, net (non-GAAP) $ 612 596 605 610 618 Noninterest Income and Noninterest Expense: Rail Segment Noninterest income (GAAP) $ 235 221 221 216 223 Less: depreciation on operating lease equipment 58 55 56 54 57 Less: maintenance and other operating lease expenses 64 67 55 58 55 Noninterest income, net (non-GAAP) $ 113 99 110 104 111 Noninterest expense (GAAP) $ 144 144 143 134 133 Less: depreciation on operating lease equipment 58 55 56 54 57 Less: maintenance and other operating lease expenses 64 67 55 58 55 Noninterest expense, net (non-GAAP) $ 22 22 32 22 21 Note: Certain items above do not precisely recalculate as presented due to rounding.
48 Non-GAAP Reconciliations ($ in millions) Non-GAAP Reconciliations 4Q25 3Q25 2Q25 1Q25 4Q24 PPNR: General Bank Segment Segment net income (GAAP) $ 308 320 294 253 286 Plus: provision for credit losses 17 1 13 46 22 Plus: income tax expense 82 109 101 88 92 PPNR (non-GAAP) $ 407 430 408 387 400 PPNR: Commercial Bank Segment Segment net income (GAAP) $ 335 193 238 209 269 Plus: provision for credit losses 37 190 102 108 133 Plus: income tax expense 102 64 82 72 80 PPNR (non-GAAP) $ 474 447 422 389 482 PPNR: Rail Segment Segment net income (GAAP) $ 29 17 19 22 31 Plus: income tax expense 9 5 6 8 9 PPNR (non-GAAP) $ 38 22 25 30 40 PPNR: Corporate Net income (GAAP) $ (92) 38 24 (1) 114 Plus: income tax expense (benefit) 38 5 (6) — (145) PPNR (non-GAAP) $ (54) 43 18 (1) (31)
49 Non-GAAP Reconciliations ($ in millions) Non-GAAP Reconciliations 4Q25 3Q25 2Q25 1Q25 4Q24 Total Risk Based Capital Ratio Total risk based capital ratio (GAAP) 13.71 % 14.05 % 14.25 % 15.23 % 15.04 % Less: impact of FDIC Shared-Loss Agreement — — — 0.74 0.77 Adjusted total risk based capital ratio (non-GAAP) 13.71 % 14.05 % 14.25 % 14.49 % 14.27 % CET1 Capital Ratio CET1 capital ratio (GAAP) 11.15 % 11.65 % 12.12 % 12.81 % 12.99 % Less: impact of FDIC Shared-Loss Agreement — — — 0.62 0.66 Adjusted CET1 capital ratio (non-GAAP) 11.15 % 11.65 % 12.12 % 12.19 % 12.33 % Tier 1 Capital Ratio Tier 1 capital ratio (GAAP) 11.91 % 12.15 % 12.63 % 13.35 % 13.53 % Less: impact of FDIC Shared-Loss Agreement — — — 0.65 0.69 Adjusted Tier 1 capital ratio (non-GAAP) 11.91 % 12.15 % 12.63 % 12.70 % 12.84 % Net interest income & Net interest margin Net interest income (GAAP) cc $ 1,722 1,734 1,695 1,663 1,709 Loan PAA dd 59 71 75 84 90 Other PAA ee (10) (10) (9) (9) (8) PAA ff = (dd + ee) $ 49 61 66 75 82 Net interest income, excluding PAA (non-GAAP) gg = (cc - ff) $ 1,673 1,673 1,629 1,588 1,627 Annualized net interest income hh = cc annualized $ 6,834 6,878 6,800 6,744 6,798 Annualized net interest income, excluding PAA ii = gg annualized 6,640 6,637 6,533 6,439 6,472 Average interest-earning assets jj 213,294 211,042 208,175 206,028 204,779 NIM (GAAP) hh/jj 3.20 % 3.26 % 3.26 % 3.26 % 3.32 % NIM, excluding PAA (non-GAAP) ii/jj 3.11 3.15 3.14 3.12 3.16 Interest income on loans (GAAP) $ 2,290 2,300 2,270 2,236 2,322 Less: loan PAA 59 71 75 84 90 Interest income on loans, excluding loan PAA (non-GAAP) $ 2,231 2,229 2,195 2,152 2,232 Note: Certain items above do not precisely recalculate as presented due to rounding.
50 Non-GAAP Reconciliations ($ in millions) Non-GAAP Reconciliations 4Q25 3Q25 2Q25 1Q25 4Q24 Income tax expense Income tax expense (GAAP) $ 231 183 183 168 36 Impact of notable items (1) (50) 12 24 15 123 Adjusted income tax expense (non-GAAP) $ 181 195 207 183 159 Note: Certain items above do not precisely recalculate as presented due to rounding. (1) 4Q24 includes the impact of a change in our estimated state income tax rates after filing our first income tax returns that included the SVBB Acquisition.
NEWS RELEASE