シチズンズファイナンシャルGの適時開示・決算・その他

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 17, 2023

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


Delaware		001-36636	05-0412693
(State or Other Jurisdiction of Incorporation)		(Commission File Number)	(I.R.S. Employer Identification Number)

One Citizens Plaza
Providence,	RI		02903
(Address of principal executive offices)			(Zip Code)

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

Not Applicable

(Former name or former address, if changed since last report.)

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

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

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

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

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

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common stock, $0.01 par value per share	CFG	New York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 6.350% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D	CFG PrD	New York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E	CFG PrE	New York Stock Exchange

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On January 17, 2023, Citizens Financial Group, Inc. (the “Company”) issued a press release announcing its fourth quarter and full year 2022 earnings and posted on its website the press release and a financial supplement. Copies of the press release and financial supplement are being furnished as Exhibits 99.1 and 99.3, respectively.

Item 7.01 Regulation FD Disclosure.

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

The information in this Form 8-K and Exhibits attached hereto are being furnished pursuant to Items 2.02 and 7.01, respectively, and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall this information be deemed incorporated by reference into any filings under the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits.


	Exhibit Number	Description

(d)	Exhibit 99.1	Citizens Financial Group, Inc. press release dated January 17, 2023

	Exhibit 99.2	Citizens Financial Group, Inc. earnings release presentation issued January 17, 2023

	Exhibit 99.3	Citizens Financial Group, Inc. financial supplement for fourth quarter and full year 2022

	Exhibit 104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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


CITIZENS FINANCIAL GROUP, INC.

By:						/s/ John F. Woods
						John F. Woods
						Vice Chairman and Chief Financial Officer

Date: January 17, 2023

EX-99.1 2 a4q22earningsrelease.htm EX-99.1 Document

Citizens Financial Group, Inc. Reports Fourth Quarter 2022 Net Income of

$653 million and EPS of $1.25

Underlying Net Income of $685 million and EPS of $1.32*

2022 Net Income of $2.1 billion and EPS of $4.10, $4.84 on an Underlying basis


	Key Financial Data	4Q22			3Q22			4Q21			Fourth Quarter 2022 Highlights

Income Statement	($s in millions)										■Underlying EPS of $1.32 and ROTCE of 19.4% ■Underlying PPNR of $1.0 billion, up 2% QoQ –NII up 2% QoQ given improved net interest margin, up 5 bps –Fees down 1% QoQ with lower mortgage fees and FX and derivative products, partly offset by improvement in capital markets fees –Expenses well controlled, stable QoQ ■Positive underlying operating leverage of 1% QoQ –Underlying efficiency ratio improved to 54.4% ■Continued strong credit performance with NCO ratio of 22 bps ■Period-end and average loans broadly stable QoQ, up 1% ex-auto run off –Loan yield up 58 bps QoQ ■Period-end and average deposits up 1% QoQ; deposit costs up 49 bps ■Period-end LDR of 87%; liquidity position remains strong ■Strong CET1 ratio at upper end of target range at 10.0% ■TBV/share of $27.88, up 5% QoQ
	Total revenue	$	2,200		$	2,177		$	1,720
	Pre-provision profit	960			936			659
	Underlying pre-provision profit	1,003			982			710
	Provision (benefit) for credit losses	132			123			(25)

	Net income	653			636			530

	Underlying net income	685			669			569




Balance Sheet & Credit Quality	($s in billions)
	Period-end loans and leases	$	156.7		$	156.1		$	128.2
	Average loans and leases	157.1			156.9			125.2
	Period-end deposits	180.7			178.6			154.4
	Average deposits	179.0			177.6			153.0
	Period-end loans-to-deposit ratio	86.7		%	87.4		%	83.0		%

	NCO ratio	0.22		%	0.19		%	0.14		%

Financial Metrics	Diluted EPS	$	1.25		$	1.23		$	1.17
	Underlying EPS	1.32			1.30			1.26
	ROTCE	18.5		%	17.0		%	13.6		%
	Underlying ROTCE	19.4			17.9			14.6
	Net interest margin, FTE	3.30			3.25			2.66
	Efficiency ratio	56.4			57.0			61.7
	Underlying efficiency ratio	54.4			54.9			58.7
	CET1	10.0		%	9.8		%	9.9		%
	TBV/Share	$	27.88		$	26.62		$	34.61


Notable Items		4Q22				FY2022
	($s in millions except per share data)	Pre-tax $		EPS		Pre-tax $		EPS
	Integration related	$	(35)	$	(0.06)	$	(413)	$	(0.66)


	TOP revenue and efficiency initiatives	(8)		(0.01)		(49)		(0.08)
	Total:	$	(43)	$	(0.07)	$	(462)	$	(0.74)


Comments from Chairman and CEO Bruce Van Saun

“We are pleased to deliver another solid quarterly performance, with ROTCE of 19.4% and an efficiency ratio of 54.4%, which caps a strong year overall for Citizens,“ said Chairman and CEO Bruce Van Saun. “We continue to focus on managing the balance sheet and interest rate position well given the macro environment, and we ended the year with a strong credit and capital position. We continue to up our game and deliver better and better for our stakeholders, which includes raising our

*Results presented on an Underlying basis are non-GAAP Financial Measures. See page 16 for additional information on our use of Non-GAAP Financial Measures.

Citizens Financial Group, Inc.

medium-term ROTCE target range to 16 to 18%. I’d like to thank our colleagues for their tremendous effort during 2022. We look forward to continuing our momentum in 2023, we are well prepared for the challenging and uncertain economic environment.”

Citizens also announced today that its board of directors declared a quarterly common stock dividend of $0.42 per share. The dividend is payable on February 14, 2023 to shareholders of record at the close of business on January 31, 2023.

Citizens Financial Group, Inc.

Earnings highlights(1):


	Quarterly Trends																			Full Year
										4Q22 change from																2022 change from 2021
($s in millions, except per share data)	4Q22			3Q22			4Q21			3Q22					4Q21					2022			2021
Earnings										$/bps			%		$/bps			%		$			$			$/bps
Net interest income	$	1,695		$	1,665		$	1,126		$	30		2	%	$	569		51	%	$	6,012		$	4,512		$	1,500
Noninterest income	505			512			594			(7)			(1)		(89)			(15)		2,009			2,135			(126)
Total revenue	2,200			2,177			1,720			23			1		480			28		8,021			6,647			1,374
Noninterest expense	1,240			1,241			1,061			(1)			—		179			17		4,892			4,081			811
Pre-provision profit	960			936			659			24			3		301			46		3,129			2,566			563
Provision (benefit) for credit losses	132			123			(25)			9			7		157			NM		474			(411)			885

Net income	653			636			530			17			3		123			23		2,073			2,319			(246)
Preferred dividends	32			25			32			7			28		—			—		113			113			—
Net income available to common stockholders	$	621		$	611		$	498		$	10		2	%	$	123		25	%	$	1,960		$	2,206		$	(246)
After-tax notable Items	32			33			39			(1)			(3)		(7)			(18)		352			78			274
Underlying net income	$	685		$	669		$	569		$	16		2	%	$	116		20	%	$	2,425		$	2,397		$	28
Underlying net income available to common stockholders	653			644			537			9			1		116			22		$	2,312		$	2,284		$	28
Average common shares outstanding
Basic (in millions)	493.3			495.7			424.7			(2.4)			—		68.6			16		476.0			425.7			50.3
Diluted (in millions)	495.5			497.5			426.9			(2.0)			—		68.6			16		477.8			427.4			50.4
Diluted earnings per share	$	1.25		$	1.23		$	1.17		$	0.02		2	%	$	0.08		7	%	$	4.10		$	5.16		$	(1.06)
Underlying diluted earnings per share	1.32			1.30			1.26			0.02			2		0.06			5		$	4.84		$	5.34		$	(0.50)
Performance metrics
Net interest margin	3.29		%	3.24		%	2.66		%	5		bps			63		bps			3.10		%	2.71		%	39		bps
Net interest margin, FTE	3.30			3.25			2.66			5					64					3.10			2.72			38
Effective income tax rate	21.2			21.8			22.4			(64)					(124)					21.9			22.1			(17)

Efficiency ratio	56.4			57.0			61.7			(66)					(532)					61.0			61.4			(41)
Underlying efficiency ratio	54.4			54.9			58.7			(48)					(429)					57.5			59.8			(231)

Return on average common equity	11.6			10.9			9.3			65					230					9.0			10.5			(147)
Return on average tangible common equity	18.5			17.0			13.6			150					489					13.9			15.4			(153)
Underlying return on average tangible common equity	19.4			17.9			14.6			149					479					16.4			16.0			43
Return on average total assets	1.15			1.12			1.12			3					3					0.96			1.25			(29)
Return on average total tangible assets	1.19			1.16			1.17			3					2					1.00			1.30			(30)
Underlying return on average total tangible assets	1.25		%	1.22		%	1.25		%	3		bps			—		bps			1.17		%	1.34		%	(17)		bps
Capital adequacy(2,3)
Common equity tier 1 capital ratio	10.0		%	9.8		%	9.9		%
Total capital ratio	12.8			12.6			12.7
Tier 1 leverage ratio	9.3			9.2			9.7
Allowance for credit losses to loans and leases	1.43		%	1.41		%	1.51		%	2		bps			(8)		bps
Asset quality(3)
Nonaccrual loans and leases to loans and leases	0.60		%	0.55		%	0.55		%	5		bps			5		bps
Allowance for credit losses to nonaccrual loans and leases	237			258			276			(2,033)					(3,840)
Net charge-offs as a % of average loans and leases	0.22		%	0.19		%	0.14		%	3		bps			8		bps			0.18		%	0.26		%	(8)		bps

1) Unless otherwise noted, references to balance sheet items are on an average basis, loans exclude loans held for sale, earnings per share

represent fully diluted per common share and references to NIM are on a FTE basis.

2) Current reporting-period regulatory capital ratios are preliminary.

3) Capital adequacy and asset-quality ratios calculated on a period-end basis, except net charge-offs.

Citizens Financial Group, Inc.

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

Underlying results:


	Quarterly Trends																			Full Year
										4Q22 change from																2022 Change
($s in millions, except per share data)	4Q22			3Q22			4Q21			3Q22					4Q21					2022			2021			from 2021
										$/bps			%		$/bps			%								%
Net interest income	$	1,695		$	1,665		$	1,126		$	30		2	%	$	569		51	%	$	6,012		$	4,512		33	%
Noninterest income	505			512			594			(7)			(1)		(89)			(15)		2,040			2,135			(4)


Total revenue	$	2,200		$	2,177		$	1,720		$	23		1	%	$	480		28	%	$	8,052		$	6,647		21	%





Noninterest expense	$	1,197		$	1,195		$	1,010		$	2		—	%	$	187		19	%	$	4,630		$	3,976		16	%






Provision (benefit) for credit losses	132			123			(25)			9			7		157			NM		305			(411)			NM

Net income available to common stockholders	$	653		$	644		$	537		$	9		1	%	$	116		22	%	$	2,312		$	2,284		1	%
Performance metrics

EPS	$	1.32		$	1.30		$	1.26		$	0.02		2	%	$	0.06		5	%	$	4.84		$	5.34		(9)	%

Efficiency ratio	54.4		%	54.9		%	58.7		%	(48)		bps			(429)		bps			57.5			59.8			(231)

Return on average tangible common equity	19.4		%	17.9		%	14.6		%	149		bps			479		bps			16.4		%	16.0		%	43	bps


Operating leverage													0.9	%				9.4	%							4.7	%

Consolidated balance sheet review(1):


										4Q22 change from
($s in millions)	4Q22			3Q22			4Q21			3Q22					4Q21
										$/bps			%		$/bps			%
Total assets	$	226,733		$	224,684		$	188,409		$	2,049		1	%	$	38,324		20	%
Total loans and leases	156,662			156,140			128,163			522			—		28,499			22
Total loans held for sale	982			1,962			3,468			(980)			(50)		(2,486)			(72)
Deposits	180,724			178,566			154,361			2,158			1		26,363			17

Stockholders' equity	23,690			23,146			23,420			544			2		270			1
Stockholders' common equity	21,676			21,132			21,406			544			3		270			1
Tangible common equity	$	13,728		$	13,197		$	14,609		$	531		4	%	$	(881)		(6)	%
Loans-to-deposit ratio (period-end)(2)	86.7		%	87.4		%	83.0		%	(75)		bps			366		bps
Loans-to-deposit ratio (average)(2)	87.7		%	88.3		%	81.8		%	(58)		bps			591		bps


1) Represents period end unless otherwise noted.
2) Excludes loans held for sale.

Citizens Financial Group, Inc.

Notable items:

Quarterly results for third and fourth quarter 2022 and fourth quarter 2021 reflect notable items primarily related to integration costs associated with the acquisitions of HSBC, ISBC and JMP Group LLC, as well as TOP revenue and efficiency initiatives. In addition, full year 2022 results include notable items representing the day-one CECL provision expense ("double count") related to the HSBC and ISBC transactions. These notable items have been excluded from reported results to better reflect Underlying operating results.


Notable items - integration related	4Q22				3Q22			4Q21		FY 2022				FY 2021
($s in millions, except per share data)	Pre-tax		After-tax			Pre-tax		After-tax		Pre-tax		After-tax		Pre-tax		After-tax		Pre-tax		After-tax

Noninterest income	$	—	$	—		$	—	$	—	$	—	$	—	$	(31)	$	(23)	$	—	$	—

EPS Impact - Noninterest income			$	—				$	—			$	—			$	(0.05)			$	—

Salaries & benefits	$	(13)	$	(9)		$	(17)	$	(12)	$	(3)	$	(2)	$	(98)	$	(72)	$	(3)	$	(2)
Outside services	(15)		(12)			(11)		(8)		(22)		(17)		(89)		(67)		(28)		(21)
Equipment and software	(1)		(1)			—		—		(1)		(1)		(1)		(1)		(1)		(1)
Occupancy	—		—			(2)		(1)		—		—		(2)		(1)		—		—
Other expense	(6)		(4)			(7)		(5)		(3)		(2)		(23)		(16)		(3)		(2)
Noninterest expense	$	(35)	$	(26)		$	(37)	$	(26)	$	(29)	$	(22)	$	(213)	$	(157)	$	(35)	$	(26)

EPS Impact - Noninterest expense			$	(0.06)				$	(0.06)			$	(0.05)			$	(0.34)			$	(0.06)

ISBC/HSBC Day 1 CECL provision expense (“double count”)	$	—	$	—		$	—	$	—	$	—	$	—	$	(169)	$	(126)	$	—	$	—




EPS Impact - Provision for credit losses			$	—				$	—			$	—			$	(0.26)			$	—

Tax integration cost	$	—	$	—		$	—	$	—	$	—	$	—	$	—	$	(6)	$	—	$	—

EPS Impact - Tax integration cost			$	—				$	—			$	—			$	(0.01)			$	—

Total integration related	$	(35)	$	(26)		$	(37)	$	(26)	$	(29)	$	(22)	$	(413)	$	(312)	$	(35)	$	(26)

EPS Impact - Total integration related			$	(0.06)				$	(0.06)			$	(0.05)			$	(0.66)			$	(0.06)

Other notable items - TOP related	4Q22				3Q22			4Q21		FY 2022				FY 2021
($s in millions, except per share data)	Pre-tax		After-tax			Pre-tax		After-tax		Pre-tax		After-tax		Pre-tax		After-tax		Pre-tax		After-tax



Other notable items- TOP & other actions

Tax notable items	$	—	$	—		$	—	$	—	$	—	$	—	$	—	$	(3)	$	—	$	—

Salaries & benefits	(2)		(2)			—		—		(2)		(2)		(12)		(9)		11		8
Outside services	(2)		(1)			(9)		(7)		(15)		(11)		(24)		(18)		(32)		(24)
Equipment and software	(1)		—			—		—		(1)		(1)		(9)		(6)		(16)		(12)
Occupancy	(2)		(2)			—		—		(5)		(4)		(3)		(3)		(18)		(13)
Other expense	(1)		(1)			—		—		1		1		(1)		(1)		(15)		(11)
Noninterest expense	$	(8)	$	(6)		$	(9)	$	(7)	$	(22)	$	(17)	$	(49)	$	(37)	$	(70)	$	(52)

Total Other Notable Items	$	(8)	$	(6)		$	(9)	$	(7)	$	(22)	$	(17)	$	(49)	$	(40)	$	(70)	$	(52)

EPS Impact - Other Notable Items			$	(0.01)				$	(0.01)			$	(0.04)			$	(0.08)			$	(0.12)

Total Notable Items	$	(43)	$	(32)		$	(46)	$	(33)	$	(51)	$	(39)	$	(462)	$	(352)	$	(105)	$	(78)

Total EPS Impact			$	(0.07)				$	(0.07)			$	(0.09)			$	(0.74)			$	(0.18)

Citizens Financial Group, Inc.

Discussion of results:


Net interest income										4Q22 change from
($s in millions)	4Q22			3Q22			4Q21			3Q22					4Q21
										$/bps			%		$/bps			%
Interest income:
Interest and fees on loans and leases and loans held for sale	$	1,919		$	1,690		$	1,079		$	229		14	%	$	840		78	%
Investment securities	258			243			119			15			6		139			117
Interest-bearing deposits in banks	75			36			4			39			108		71			NM
Total interest income	$	2,252		$	1,969		$	1,202		$	283		14	%	$	1,050		87	%
Interest expense:
Deposits	$	396		$	176		$	33		$	220		125	%	$	363		NM


Short-term borrowed funds	2			11			1			(9)			(82)		1			100
Long-term borrowed funds	159			117			42			42			36		117			NM
Total interest expense	$	557		$	304		$	76		$	253		83	%	$	481		NM
Net interest income	$	1,695		$	1,665		$	1,126		$	30		2	%	$	569		51	%

Net interest margin, FTE	3.30		%	3.25		%	2.66		%	5		bps			64		bps


Fourth quarter 2022			vs.			third quarter 2022

Net interest income of $1.7 billion increased 2%, reflecting higher net interest margin. The company continues to benefit from the transformation of its deposit base and careful management of deposit betas.

•Net interest margin of 3.30% increased 5 basis points, reflecting higher earning-asset yields given higher market interest rates, partially offset by increased funding costs.


Fourth quarter 2022			vs.			fourth quarter 2021

Net interest income of $1.7 billion increased 51%, reflecting a higher net interest margin and 22% growth in average interest-earning assets, including the impact of the HSBC and ISBC transactions.

•Net interest margin of 3.30% increased 64 basis points, reflecting higher earning-asset yields given higher market interest rates and loan growth, partially offset by increased funding costs.

Citizens Financial Group, Inc.


Noninterest Income							4Q22 change from
($s in millions)	4Q22		3Q22		4Q21		3Q22				4Q21
							$		%		$		%

Service charges and fees	$	105	$	109	$	100	$	(4)	(4)	%	$	5	5	%
Capital markets fees	98		89		184		9		10		(86)		(47)
Card fees	71		71		65		—		—		6		9
Mortgage banking fees	54		66		76		(12)		(18)		(22)		(29)
Trust and investment services fees	61		61		60		—		—		1		2
Foreign exchange and derivative products	35		42		35		(7)		(17)		—		—
Letter of credit and loan fees	41		40		41		1		3		—		—
Securities gains, net	4		—		1		4		100		3		NM
Other income(1)	36		34		32		2		6		4		13
Noninterest income	$	505	$	512	$	594	$	(7)	(1)	%	$	(89)	(15)	%


Fourth quarter 2022			vs.			third quarter 2022

Underlying noninterest income of $505 million decreased $7 million, or 1%.

•Service charges and fees decreased $4 million, primarily reflecting the impact of the elimination of non-sufficient funds fees.

•Capital markets fees increased $9 million, given increased underwriting and M&A advisory fees.

•Mortgage banking fees decreased $12 million, driven mainly by lower production volume given higher interest rates.

•Foreign exchange and derivative products revenue decreased $7 million, reflecting a net $5 million negative CVA/DVA impact, while business results were relatively stable.


Fourth quarter 2022			vs.			fourth quarter 2021

Underlying noninterest income of $505 million decreased $89 million, or 15%, reflecting lower capital markets and mortgage banking fees.

•Service charges and fees increased $5 million, reflecting the benefit of acquisitions.

•Capital markets fees decreased $86 million, reflecting lower syndications and M&A advisory fees given challenging market conditions.

•Mortgage banking fees decreased $22 million, driven by lower production volumes and lower gain-on-sale margins, partially offset by higher servicing revenue.

•Card fees increased $6 million, given higher transaction volumes.

Citizens Financial Group, Inc.


Noninterest Expense							4Q22 change from
($s in millions)	4Q22		3Q22		4Q21		3Q22				4Q21
							$		%		$		%
Salaries and employee benefits	$	633	$	639	$	551	$	(6)	(1)	%	$	82	15	%
Outside services	170		172		175		(2)		(1)		(5)		(3)
Equipment and software	170		159		146		11		7		24		16
Occupancy	110		106		86		4		4		24		28
Other operating expense	157		165		103		(8)		(5)		54		52
Noninterest expense	$	1,240	$	1,241	$	1,061	$	(1)	—	%	$	179	17	%

Notable items	$	43	$	46	$	51	$	(3)	(7)	%	$	(8)	(16)%

Underlying, as applicable
Salaries and employee benefits	$	618	$	622	$	546	$	(4)	(1)	%	$	72	13	%
Outside services	153		152		138		1		1		15		11
Equipment and software	168		159		144		9		6		24		17
Occupancy	108		104		81		4		4		27		33
Other operating expense	150		158		101		(8)		(5)		49		49
Underlying noninterest expense	$	1,197	$	1,195	$	1,010	$	2	—	%	$	187	19	%


Fourth quarter 2022			vs.			third quarter 2022

Underlying noninterest expense of $1.2 billion is broadly stable, reflecting modest increases in equipment and software and occupancy, largely offset by lower salaries and employee benefits and lower FDIC insurance. Results reflect strong expense discipline and the benefit of efficiency initiatives.

The effective tax rate was 21.2%, down from 21.8%.


Fourth quarter 2022			vs.			fourth quarter 2021

Underlying noninterest expense of $1.2 billion, increased 4% excluding the HSBC and ISBC transactions, and the Commercial fee-based acquisitions that closed after second quarter 2021, reflecting increased equipment and software expense, as well as higher other operating expenses, primarily advertising, FDIC insurance and travel costs, partially offset by the benefit of efficiency initiatives.

The effective tax rate of 21.2% was down from 22.4% in fourth quarter 2021.

Citizens Financial Group, Inc.


Interest-earning assets							4Q22 change from
($s in millions)	4Q22		3Q22		4Q21		3Q22				4Q21
Period-end interest-earning assets							$		%		$		%
Investments	$	35,052	$	34,813	$	29,042	$	239	1	%	$	6,010	21	%
Interest-bearing deposits in banks	9,361		7,186		8,319		2,175		30		1,042		13
Commercial loans and leases	82,180		81,114		60,350		1,066		1		21,830		36
Retail loans	74,482		75,026		67,813		(544)		(1)		6,669		10
Total loans and leases	156,662		156,140		128,163		522		—		28,499		22
Loans held for sale, at fair value	774		1,048		2,733		(274)		(26)		(1,959)		(72)
Other loans held for sale	208		914		735		(706)		(77)		(527)		(72)
Total loans and leases and loans held for sale	157,644		158,102		131,631		(458)		—		26,013		20
Total period-end interest-earning assets	$	202,057	$	200,101	$	168,992	$	1,956	1	%	$	33,065	20	%
Average interest-earning assets
Investments	$	38,772	$	38,510	$	28,193	$	262	1	%	$	10,579	38	%
Interest-bearing deposits in banks	6,915		5,203		11,152		1,712		33		(4,237)		(38)
Commercial loans and leases	82,468		82,047		58,900		421		1		23,568		40
Retail loans	74,631		74,832		66,309		(201)		—		8,322		13
Total loans and leases	157,099		156,879		125,209		220		—		31,890		25
Loans held for sale, at fair value	1,179		1,600		3,133		(421)		(26)		(1,954)		(62)
Other loans held for sale	557		1,385		321		(828)		(60)		236		74
Total loans and leases and loans held for sale	158,835		159,864		128,663		(1,029)		(1)		30,172		23
Total average interest-earning assets	$	204,522	$	203,577	$	168,008	$	945	—	%	$	36,514	22	%


Fourth quarter 2022			vs.			third quarter 2022

Period-end interest-earning assets of $202.1 billion increased $2.0 billion, or 1%, driven by a $2.2 billion increase in cash held in interest-bearing deposits, as well as a $522 million increase in total loans and leases and a $239 million increase in investments. The increase in loans and leases reflects a $1.1 billion, or 1%, increase in commercial loans and leases, given growth in C&I and in commercial real estate, primarily reflecting line draws and slower paydowns. This was partially offset by a $544 million decrease in retail, given planned run off in auto, partially offset by growth in home equity and mortgage. Excluding the auto run off, period-end total loan growth is 1% and retail loan growth is 1%.

Average interest-earning assets of $204.5 billion increased $945 million driven by a $1.7 billion increase in cash held in interest-bearing deposits and a $220 million increase in loans and leases, partly offset by a $1.2 billion decrease in loans held for sale. Loan growth was driven by commercial, reflecting modest growth in both C&I and in commercial real estate. Excluding the auto run off, average total loan growth is 1% and retail loan growth is 1%.

The average effective duration of the securities portfolio was 5.8 years compared with 5.9 years at September 30, 2022 and 4.3 years at December 31, 2021.


Fourth quarter 2022			vs.			fourth quarter 2021

Period-end interest-earning assets of $202.1 billion increased $33.1 billion, or 20%, as a $28.5 billion increase in loans, a $6.0 billion increase in investments and a $1.0 billion increase in cash held in interest-bearing deposits was partly offset by a $2.5 billion decrease in loans held for sale. Excluding the impact of the HSBC and ISBC transactions, loan growth was 6% with 11% growth in commercial led by C&I, and 2% growth in retail given strength in mortgage and home equity, partially offset by planned run off in auto and personal unsecured installment loans. Excluding the auto run off, period-end total loan growth is 9% and retail loan growth is 7%.

Average interest-earning assets of $204.5 billion increased $36.5 billion, or 22%, as a $31.9 billion increase in loans and a $10.6 billion increase in investments were partly offset by a $4.2 billion decrease in cash held in interest-bearing deposits reflecting the deployment of elevated liquidity. Results also reflect a $1.7 billion decrease in loans held for sale. Excluding the impact of the HSBC and ISBC transactions, loan growth was 9%, with 14% growth in commercial, primarily reflecting growth in C&I.

Citizens Financial Group, Inc.

Retail loans increased 5%, driven by mortgage and home equity, partially offset by planned run off of auto and personal unsecured installment loans. Excluding the auto run off, average total loan growth is 11% and retail loan growth is 8%.

Citizens Financial Group, Inc.


Deposits							4Q22 change from
($s in millions)	4Q22		3Q22		4Q21		3Q22				4Q21
Period-end deposits							$		%		$		%
Demand	$	49,283	$	51,888	$	49,443	$	(2,605)	(5)	%	$	(160)	—	%
Money market	49,905		49,081		47,216		824		2		2,689		6
Checking with interest	39,721		38,040		30,409		1,681		4		9,312		31
Savings	29,805		29,882		22,030		(77)		—		7,775		35
Term	12,010		9,675		5,263		2,335		24		6,747		128
Total period-end deposits	$	180,724	$	178,566	$	154,361	$	2,158	1	%	$	26,363	17	%
Average deposits
Demand	$	50,706	$	53,293	$	49,206	$	(2,587)	(5)	%	$	1,500	3	%
Money market	50,228		47,374		48,512		2,854		6		1,716		4
Checking with interest	36,952		38,297		28,075		(1,345)		(4)		8,877		32
Savings	29,780		28,741		21,575		1,039		4		8,205		38
Term	11,378		9,913		5,636		1,465		15		5,742		102
Total average deposits	$	179,044	$	177,618	$	153,004	$	1,426	1	%	$	26,040	17	%


Fourth quarter 2022			vs.			third quarter 2022

Total period-end deposits of $180.7 billion were up 1%, given increases in term, checking with interest and money market accounts, partially offset by a decrease in demand deposits.

Average deposits of $179.0 billion were up 1%, driven by growth in money market accounts, term and savings, partially offset by a decrease in demand deposits and checking with interest.


Fourth quarter 2022			vs.			fourth quarter 2021

Total period-end deposits of $180.7 billion increased $26.4 billion, or 17%, driven by the $25.4 billion impact of the HSBC and ISBC transactions. Excluding these transactions, deposits are up 1% with growth in term, savings and checking with interest, partially offset by a decrease in demand deposits and money market accounts.

Average deposits of $179.0 billion increased $26.0 billion, or 17%, including the $25.5 billion impact of the HSBC and ISBC transactions. Excluding these transactions, deposits were broadly stable, driven largely by growth in term, savings and checking with interest, partly offset by decreases in demand deposits and money market accounts.

Citizens Financial Group, Inc.


Borrowed Funds							4Q22 change from
($s in millions)	4Q22		3Q22		4Q21		3Q22				4Q21
Period-end borrowed funds							$		%		$		%
Short-term borrowed funds	$	3	$	263	$	74	$	(260)	(99) %		$	(71)	(96) %
Long-term borrowed funds
FHLB advances	8,519		9,519		19		(1,000)		(11)		8,500		NM
Senior debt	5,555		4,954		5,326		601		12		229		4
Subordinated debt and other debt	1,813		1,813		1,587		—		—		226		14
Total borrowed funds	$	15,890	$	16,549	$	7,006	$	(659)	(4)	%	$	8,884	127	%
Average borrowed funds
Short-term borrowed funds	$	262	$	2,043	$	24	$	(1,781)	(87) %		$	238	NM
Long-term borrowed funds
FHLB advances	8,818		9,226		18		(408)		(4)		8,800		NM
Senior debt	5,397		4,633		5,338		764		16		59		1
Subordinated debt and other debt	1,812		1,988		1,587		(176)		(9)		225		14
Total average borrowed funds	$	16,289	$	17,890	$	6,967	$	(1,601)	(9)	%	$	9,322	134	%


Fourth quarter 2022			vs.			third quarter 2022

Period-end borrowed funds decreased by $659 million, primarily due to a reduction in FHLB advances, partially offset by an increase in senior debt. Short-term FHLB advances decreased $260 million, while long-term FHLB advances decreased $1.0 billion, for a total reduction in FHLB advances of $1.3 billion.

Average borrowed funds decreased by $1.6 billion, due to a reduction in FHLB advances, partially offset by an increase in senior debt. Short-term FHLB advances decreased $1.8 billion, while long-term FHLB advances decreased $408 million, for a total reduction in FHLB advances of $2.2 billion.


Fourth quarter 2022			vs.			fourth quarter 2021

Period-end borrowed funds increased by $8.9 billion, given an increase in long-term FHLB advances primarily related to the ISBC acquisition balance sheet.

Average borrowed funds increased by $9.3 billion given an increase in long-term FHLB advances primarily related to the ISBC acquisition balance sheet.

Citizens Financial Group, Inc.


Capital										4Q22 change from
($s and shares in millions, except per share data)	4Q22			3Q22			4Q21			3Q22				4Q21
Period-end capital										$		%		$		%
Stockholders' equity	$	23,690		$	23,146		$	23,420		$	544	2	%	$	270	1	%
Stockholders' common equity	21,676			21,132			21,406			544		3		270		1
Tangible common equity	13,728			13,197			14,609			531		4		(881)		(6)
Tangible book value per common share	$	27.88		$	26.62		$	34.61		$	1.26	5	%	$	(6.73)	(19)	%
Common shares - at end of period	492.3			495.8			422.1			(3.6)		(1)		70.1		17
Common shares - average (diluted)	495.5			497.5			426.9			(2.0)		—	%	68.6		16	%
Common equity tier 1 capital ratio(1)	10.0		%	9.8		%	9.9		%
Total capital ratio(1)	12.8			12.6			12.7
Tier 1 leverage ratio(1)	9.3		%	9.2		%	9.7		%
1) Current reporting-period regulatory capital ratios are preliminary.


Fourth quarter 2022

•The CET1 capital ratio was 10.0% as of December 31, 2022 compared with 9.8% at September 30, 2022 and 9.9% at December 31, 2021.

•Total capital ratio of 12.8% compares with 12.6% at September 30, 2022 and 12.7% as of December 31, 2021.

•Tangible book value per common share of $27.88 increased 4.7% compared with third quarter 2022.

•Citizens paid $208 million in common dividends to shareholders during fourth quarter 2022. This compares with $210 million in common dividends during third quarter 2022 and $168 million during fourth quarter 2021.

•Citizens resumed common stock repurchases during fourth quarter 2022, repurchasing $150 million in common stock.

Citizens Financial Group, Inc.


Credit quality review										4Q22 change from
($s in millions)	4Q22			3Q22			4Q21			3Q22					4Q21
										$/bps			%		$/bps			%
Nonaccrual loans and leases(1)	$	944		$	852		$	702		$	92		11	%	$	242		34	%
90+ days past due and accruing(2)	367			462			575			(95)			(21)		(208)			(36)
Net charge-offs	88			74			45			14			19		43			96
Provision (benefit) for credit losses	132			123			(25)			9			7		157			NM

Allowance for credit losses	$	2,240		$	2,196		$	1,934		$	44		2	%	$	306		16	%
Nonaccrual loans and leases to loans and leases	0.60		%	0.55		%	0.55		%	5		bps			5
Net charge-offs as a % of total loans and leases	0.22			0.19			0.14			3					8

Allowance for credit losses to loans and leases	1.43			1.41			1.51			2					(8)

Allowance for credit losses to nonaccrual loans and leases	237.3		%	257.7		%	275.7		%	(2,033)		bps			(3,840)		bps
1) Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
2) 90+ days past due and accruing includes $316 million, $425 million, and $544 million of loans fully or partially guaranteed by the FHA, VA, and USDA for December 31, 2022, September 30, 2022, and December 31, 2021, respectively.


Fourth quarter 2022			vs.			third quarter 2022

•The nonaccrual loans to total loans ratio of 0.60% compares with 0.55% at September 30, 2022.

•Nonaccrual loans of $944 million increased $92 million, or 11%, reflecting an $81 million increase in commercial, primarily related to commercial real estate, and an $11 million increase in retail.

•Net charge-offs of $88 million, or 22 basis points of average loans and leases, were up 3 basis points from the prior quarter. The increase in net charge-offs of $14 million reflects a $13 million increase in retail driven by seasonality in education.

•The fourth quarter 2022 provision for credit losses of $132 million compares with $123 million for third quarter 2022. The reserve build of $44 million increased the allowance for credit losses ratio to 1.43%, up from 1.41% as of September 30, 2022.

•The allowance for credit losses to nonaccrual loans and leases ratio of 237% compares with 258% as of September 30, 2022.


Fourth quarter 2022			vs.			fourth quarter 2021

•The nonaccrual loans to total loans ratio of 0.60% increased from 0.55% at December 31, 2021.

•Nonaccrual loans increased $242 million, or 34%, reflecting the incorporation of ISBC and an increase in commercial, primarily related to commercial real estate.

•Net charge-offs of 22 basis points of average loans and leases compares with 14 basis points in fourth quarter 2021.

•Net charge-offs of $88 million increased $43 million reflecting a $32 million increase in retail, primarily other retail, home equity and auto, and a $11 million increase in commercial.

•Provision for credit losses of $132 million compares with a $25 million benefit in fourth quarter 2021.

•Allowance for credit losses of $2.2 billion was up $306 million compared with with December 31, 2021, primarily reflecting the additions of the ISBC and HSBC portfolios. Allowance for credit losses ratio of 1.43% as of December 31, 2022, compares with 1.51% as of December 31, 2021.

•The allowance for credit losses to nonaccrual loans and leases ratio of 237% compares with 276% as of December 31, 2021.

Citizens Financial Group, Inc.

Corresponding Financial Tables and Information

Investors are encouraged to review the foregoing summary and discussion of Citizens’ earnings and financial condition in conjunction with the detailed financial tables and other information available on the Investor Relations portion of the company’s website at www.citizensbank.com/about-us.

Media: Peter Lucht - (781) 655-2289

Investors: Kristin Silberberg - (203) 900-6854

Conference Call

CFG management will host a live conference call today with details as follows:

Time: 9:00 am ET

Dial-in: (877) 336-4440, conference ID 6086305

Webcast/Presentation: The live webcast will be available at http://investor.citizensbank.com under Events & Presentations.

Replay Information: A replay of the conference call will be available beginning at 12:00 pm ET on January 17, 2023 through February 17, 2023. Please dial (866) 207-1041 and enter access code 6496917. The webcast replay will be available at http://investor.citizensbank.com under Events & Presentations.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $226.7 billion in assets as of December 31, 2022. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,400 ATMs and more than 1,100 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.

Citizens Financial Group, Inc.

Non-GAAP Financial Measures and Reconciliations

Non-GAAP Financial Measures:

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

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

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations

(in millions, except share, per-share and ratio data)


		QUARTERLY TRENDS						FULL YEAR
					4Q22 Change								2022 Change
		4Q22	3Q22	4Q21	3Q22			4Q21			2022	2021	2021
					$	%		$	%				$	%
Noninterest income, Underlying:
Noninterest income (GAAP)		$505	$512	$594	($7)	(1	%)	($89)	(15	%)	$2,009	$2,135	($126)	(6	%)
Less: Notable items		—	—	—	—	—		—	—		(31)	—	(31)	(100)
Noninterest income, Underlying (non-GAAP)		$505	$512	$594	($7)	(1	%)	($89)	(15	%)	$2,040	$2,135	($95)	(4	%)
Total revenue, Underlying:
Total revenue (GAAP)	A	$2,200	$2,177	$1,720	$23	1	%	$480	28	%	$8,021	$6,647	$1,374	21	%
Less: Notable items		—	—	—	—	—		—	—		(31)	—	(31)	(100)
Total revenue, Underlying (non-GAAP)	B	$2,200	$2,177	$1,720	$23	1	%	$480	28	%	$8,052	$6,647	$1,405	21	%
Noninterest expense, Underlying:
Noninterest expense (GAAP)	C	$1,240	$1,241	$1,061	($1)	—	%	$179	17	%	$4,892	$4,081	$811	20	%
Less: Notable items		43	46	51	(3)	(7)		(8)	(16)		262	105	157	150
Noninterest expense, Underlying (non-GAAP)	D	$1,197	$1,195	$1,010	$2	—	%	$187	19	%	$4,630	$3,976	$654	16	%
Pre-provision profit:
Total revenue (GAAP)	A	$2,200	$2,177	$1,720	$23	1	%	$480	28	%	$8,021	$6,647	$1,374	21	%
Less: Noninterest expense (GAAP)	C	1,240	1,241	1,061	(1)	—		179	17		4,892	4,081	811	20
Pre-provision profit (GAAP)		$960	$936	$659	$24	3	%	$301	46	%	$3,129	$2,566	$563	22	%
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)	B	$2,200	$2,177	$1,720	$23	1	%	$480	28	%	$8,052	$6,647	$1,405	21	%
Less: Noninterest expense, Underlying (non-GAAP)	D	1,197	1,195	1,010	2	—		187	19		4,630	3,976	654	16
Pre-provision profit, Underlying (non-GAAP)		$1,003	$982	$710	$21	2	%	$293	41	%	$3,422	$2,671	$751	28	%
Provision (benefit) for credit losses, Underlying:
Provision (benefit) for credit losses (GAAP)		$132	$123	($25)	$9	7%		$157	NM		$474	($411)	$885	NM
Less: Notable items		—	—	—	—	—		—	—		169	—	169	100
Provision (benefit) for credit losses, Underlying (non-GAAP)		$132	$123	($25)	$9	7%		$157	NM		$305	($411)	$716	NM




Income before income tax expense, Underlying:
Income before income tax expense (GAAP)	E	$828	$813	$684	$15	2	%	$144	21	%	$2,655	$2,977	($322)	(11	%)
Less: Expense before income tax benefit related to notable items		(43)	(46)	(51)	3	7		8	16		(462)	(105)	(357)	NM
Income before income tax expense, Underlying (non-GAAP)	F	$871	$859	$735	$12	1	%	$136	19	%	$3,117	$3,082	$35	1	%
Income tax expense, Underlying:
Income tax expense (GAAP)	G	$175	$177	$154	($2)	(1	%)	$21	14	%	$582	$658	($76)	(12	%)
Less: Income tax benefit related to notable items		(11)	(13)	(12)	2	15		1	8		(110)	(27)	(83)	NM
Income tax expense, Underlying (non-GAAP)	H	$186	$190	$166	($4)	(2	%)	$20	12	%	$692	$685	$7	1	%
Net income, Underlying:
Net income (GAAP)	I	$653	$636	$530	$17	3	%	$123	23	%	$2,073	$2,319	($246)	(11	%)
Add: Notable items, net of income tax benefit		32	33	39	(1)	(3)		(7)	(18)		352	78	274	NM
Net income, Underlying (non-GAAP)	J	$685	$669	$569	$16	2	%	$116	20	%	$2,425	$2,397	$28	1	%
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)	K	$621	$611	$498	$10	2	%	$123	25	%	$1,960	$2,206	($246)	(11	%)
Add: Notable items, net of income tax benefit		32	33	39	(1)	(3)		(7)	(18)		352	78	274	NM
Net income available to common stockholders, Underlying (non-GAAP)	L	$653	$644	$537	$9	1	%	$116	22	%	$2,312	$2,284	$28	1	%

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)

(in millions, except share, per-share and ratio data)


		QUARTERLY TRENDS										FULL YEAR
								4Q22 Change												2022 Change
		4Q22		3Q22		4Q21		3Q22				4Q21				2022		2021		2021
								$/bps		%		$/bps		%						$/bps		%
Operating leverage:
Total revenue (GAAP)	A	$2,200		$2,177		$1,720		$23		1.05	%	$480		27.98	%	$8,021		$6,647		$1,374		20.68	%
Less: Noninterest expense (GAAP)	C	1,240		1,241		1,061		(1)		(0.12)		179		16.93		4,892		4,081		811		19.88
Operating leverage										1.17	%			11.05	%							0.80	%
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)	B	$2,200		$2,177		$1,720		$23		1.05	%	$480		27.98	%	$8,052		$6,647		$1,405		21.15	%
Less: Noninterest expense, Underlying (non-GAAP)	D	1,197		1,195		1,010		2		0.16		187		18.63		4,630		3,976		654		16.46
Operating leverage, Underlying (non-GAAP)										0.89	%			9.35	%							4.69	%
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio	C/A	56.36	%	57.02	%	61.68	%	(66)	bps			(532)	bps			60.99	%	61.40	%	(41)	bps
Efficiency ratio, Underlying (non-GAAP)	D/B	54.42		54.90		58.71		(48)	bps			(429)	bps			57.51		59.82		(231)	bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate	G/E	21.16	%	21.80	%	22.40	%	(64)	bps			(124)	bps			21.93	%	22.10	%	(17)	bps
Effective income tax rate, Underlying (non-GAAP)	H/F	21.37		22.00		22.61		(63)	bps			(124)	bps			22.19		22.21		(2)	bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)	M	$21,276		$22,246		$21,320		($970)		(4	%)	($44)		—	%	$21,724		$21,025		$699		3	%
Return on average common equity	K/M	11.56	%	10.91	%	9.26	%	65	bps			230	bps			9.02	%	10.49	%	(147)	bps
Return on average common equity, Underlying (non-GAAP)	L/M	12.15		11.52		9.97		63	bps			218	bps			10.64		10.86		(22)	bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)	M	$21,276		$22,246		$21,320		($970)		(4	%)	($44)		—	%	$21,724		$21,025		$699		3	%
Less: Average goodwill (GAAP)		8,171		8,131		7,092		40		—		1,079		15		7,872		7,062		810		11
Less: Average other intangibles (GAAP)		199		228		56		(29)		(13)		143		NM		181		54		127		235
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		424		424		383		—		—		41		11		413		381		32		8
Average tangible common equity	N	$13,330		$14,311		$14,555		($981)		(7	%)	($1,225)		(8	%)	$14,084		$14,290		($206)		(1	%)
Return on average tangible common equity	K/N	18.46	%	16.96	%	13.57	%	150	bps			489	bps			13.91	%	15.44	%	(153)	bps
Return on average tangible common equity, Underlying (non-GAAP)	L/N	19.40		17.91		14.61		149	bps			479	bps			16.41		15.98		43	bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)	O	$224,970		$225,473		$187,228		($503)		—	%	$37,742		20	%	$215,061		$185,106		$29,955		16	%
Return on average total assets	I/O	1.15	%	1.12	%	1.12	%	3	bps			3	bps			0.96	%	1.25	%	(29)	bps
Return on average total assets, Underlying (non-GAAP)	J/O	1.21		1.18		1.20		3	bps			1	bps			1.13		1.30		(17)	bps
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)	P	$224,970		$225,473		$187,228		($503)		—	%	$37,742		20	%	$215,061		$185,106		$29,955		16	%
Less: Average goodwill (GAAP)		8,171		8,131		7,092		40		—		1,079		15		7,872		7,062		810		11
Less: Average other intangibles (GAAP)		199		228		56		(29)		(13)		143		NM		181		54		127		235
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		424		424		383		—		—		41		11		413		381		32		8
Average tangible assets	Q	$217,024		$217,538		$180,463		($514)		—	%	$36,561		20	%	$207,421		$178,371		$29,050		16	%
Return on average total tangible assets	I/Q	1.19	%	1.16	%	1.17	%	3	bps			2	bps			1.00	%	1.30	%	(30)	bps
Return on average total tangible assets, Underlying (non-GAAP)	J/Q	1.25		1.22		1.25		3	bps			—	bps			1.17		1.34		(17)	bps

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)

(in millions, except share, per-share and ratio data)


		QUARTERLY TRENDS						FULL YEAR
					4Q22 Change								2022 Change
		4Q22	3Q22	4Q21	3Q22			4Q21			2022	2021	2021
					$/bps	%		$/bps	%				$/bps	%
Tangible book value per common share:
Common shares - at period-end (GAAP)	R	492,282,158	495,843,793	422,137,197	(3,561,635)	(1	%)	70,144,961	17	%	492,282,158	422,137,197	70,144,961	17	%
Common stockholders' equity (GAAP)		$21,676	$21,132	$21,406	$544	3		$270	1		$21,676	$21,406	$270	1
Less: Goodwill (GAAP)		8,173	8,160	7,116	13	—		1,057	15		8,173	7,116	1,057	15
Less: Other intangible assets (GAAP)		197	199	64	(2)	(1)		133	208		197	64	133	208
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)		422	424	383	(2)	—		39	10		422	383	39	10
Tangible common equity	S	$13,728	$13,197	$14,609	$531	4	%	($881)	(6	%)	$13,728	$14,609	($881)	(6	%)
Tangible book value per common share	S/R	$27.88	$26.62	$34.61	$1.26	5	%	($6.73)	(19	%)	$27.88	$34.61	($6.73)	(19	%)
Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying:
Average common shares outstanding - basic (GAAP)	T	493,293,981	495,651,083	424,697,880	(2,357,102)	—	%	68,596,101	16	%	475,959,815	425,669,451	50,290,365	12	%
Average common shares outstanding - diluted (GAAP)	U	495,478,398	497,477,501	426,868,106	(1,999,103)	—		68,610,292	16		477,803,142	427,435,818	50,367,325	12
Net income per average common share - basic (GAAP)	K/T	$1.26	$1.23	$1.17	$0.03	2		$0.09	8		$4.12	$5.18	($1.06)	(20)
Net income per average common share - diluted (GAAP)	K/U	1.25	1.23	1.17	0.02	2		0.08	7		4.10	5.16	(1.06)	(21)
Net income per average common share - basic, Underlying (non-GAAP)	L/T	1.32	1.30	1.26	0.02	2		0.06	5		4.86	5.37	(0.51)	(9)
Net income per average common share - diluted, Underlying (non-GAAP)	L/U	1.32	1.30	1.26	0.02	2		0.06	5		4.84	5.34	(0.50)	(9)

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)

(in millions, except share, per-share and ratio data)


	QUARTERLY TRENDS						FULL YEAR
				4Q22 Change								2022 Change
	4Q22	3Q22	4Q21	3Q22			4Q21			2022	2021	2021
				$/bps	%		$/bps	%				$/bps		%




Other income, Underlying:
Other income (GAAP)	$36	$34	$32	$2	6		$4	13%		$82	$89	($7)		(8	%)
Less: Notable items	—	—	—	—	—		—	—		(31)	—	(31)		(100)
Other income, Underlying (non-GAAP)	$36	$34	$32	$2	6		$4	13	%	$113	$89	$24		27	%
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)	$633	$639	$551	($6)	(1	%)	$82	15	%	$2,549	$2,132	$417	—	20	%
Less: Notable items	15	17	5	(2)	(12)		10	200		110	(8)	118		NM
Salaries and employee benefits, Underlying (non-GAAP)	$618	$622	$546	($4)	(1	%)	$72	13	%	$2,439	$2,140	$299		14	%
Outside services, Underlying:
Outside services (GAAP)	$170	$172	$175	($2)	(1	%)	($5)	(3	%)	$700	$595	$105	—	18	%
Less: Notable items	17	20	37	(3)	(15)		(20)	(54)		113	60	53		88
Outside services, Underlying (non-GAAP)	$153	$152	$138	$1	1	%	$15	11	%	$587	$535	$52		10	%
Equipment and software, Underlying:
Equipment and software (GAAP)	$170	$159	$146	$11	7	%	$24	16	%	$648	$610	$38		6	%
Less: Notable items	2	—	2	2	100		—	—		10	17	(7)		(41)
Equipment and software, Underlying (non-GAAP)	$168	$159	$144	$9	6	%	$24	17	%	$638	$593	$45		8	%
Occupancy, Underlying:
Occupancy (GAAP)	$110	$106	$86	$4	4	%	$24	28	%	$410	$333	$77		23	%
Less: Notable items	2	2	5	—	—		(3)	(60)		5	18	(13)		(72)
Occupancy, Underlying (non-GAAP)	$108	$104	$81	$4	4	%	$27	33	%	$405	$315	$90		29	%
Other operating expense, Underlying:
Other operating expense (GAAP)	$157	$165	$103	($8)	(5	%)	$54	52	%	$585	$411	$174	—	42	%
Less: Notable items	7	7	2	—	—		5	250		24	18	6		33
Other operating expense, Underlying (non-GAAP)	$150	$158	$101	($8)	(5	%)	$49	49	%	$561	$393	$168		43	%

Citizens Financial Group, Inc.

Non-GAAP measures and reconciliations - excluding the impact of HSBC, ISBC, and Commercial fee-based acquisitions closed after 2Q21

(in millions, except ratio data)


		QUARTERLY TRENDS
					4Q22 Change
		4Q22	3Q22	4Q21	3Q22			4Q21
					$/bps	%		$/bps	%
Noninterest expense, Underlying excluding HSBC, ISBC, and Commercial fee based acquisition expenses closed after 2Q21:
Noninterest expense (GAAP)	A	$1,240	$1,241	$1,061	($1)	—	%	$179	17	%
Less: Notable items		43	46	51	(3)	(7)		(8)	(16)
Less: HSBC & ISBC Acquisition Impact		129	130	—	(1)	(1)		129	100
Less: Commercial fee based acquisition expenses closed after 2Q21		37	37	20	—	—		17	85
Total Noninterest expense, Underlying excluding HSBC, ISBC, and Commercial fee based acquisition expenses closed after 2Q21 (non-GAAP)	B	$1,031	$1,028	$990	$3	—	%	$41	4	%

Citizens Financial Group, Inc.

Non-GAAP measures and reconciliations - excluding the impact of HSBC & ISBC Acquisitions

(in millions, except ratio data)


		QUARTERLY TRENDS
					4Q22 Change
		4Q22	3Q22	4Q21	3Q22			4Q21
					$/bps	%		$/bps	%












Total Loans, excluding HSBC & ISBC
Total Loans (GAAP)	E	$156,662	$156,140	128,163	522	—	%	28,499	22
Less: HSBC & ISBC Acquisition Impact		20,420	21,171	—	(751)	(4)		20,420	100
Total Loans, excluding HSBC & ISBC (non-GAAP)	F	$136,242	$134,969	$128,163	$1,273	1	%	$8,079	6	%
Total Commercial Loans, excluding HSBC & ISBC
Total Commercial Loans (GAAP)	G	$82,180	$81,114	$60,350	$1,066	1	%	$21,830	36	%
Less: HSBC & ISBC Acquisition Impact		15,093	15,749	—	(656)	(4)		15,093	100
Total Commercial Loans, excluding HSBC & ISBC (non-GAAP)	H	$67,087	$65,365	$60,350	$1,722	3	%	$6,737	11	%
Total Retail Loans, excluding HSBC & ISBC
Total Retail Loans (GAAP)	I	$74,482	$75,026	$67,813	($544)	(1	%)	$6,669	10	%
Less: HSBC & ISBC Acquisition Impact		5,327	5,422	—	(95)	(2)		5,327	100
Total Retail Loans, excluding HSBC & ISBC (non-GAAP)	J	$69,155	$69,604	$67,813	($449)	(1	%)	$1,342	2	%
Total Average Loans, excluding HSBC & ISBC
Average Loans (GAAP)	K	$157,099	$156,879	$125,209	$220	—	%	$31,890	25	%
Less: HSBC & ISBC Acquisition Impact		20,804	21,417	—	(613)	(3)		20,804	100
Total Average Loans, excluding HSBC & ISBC (non-GAAP)	L	$136,295	$135,462	$125,209	$833	1	%	$11,086	9	%
Average Commercial Loans, excluding HSBC & ISBC
Average Commercial Loans (GAAP)	M	$82,468	$82,047	$58,900	$421	1	%	$23,568	40	%
Less: HSBC & ISBC Acquisition Impact		15,518	15,925	—	(407)	(3)		15,518	100
Average Commercial Loans, excluding HSBC & ISBC (non-GAAP)	N	$66,950	$66,122	$58,900	$828	1	%	$8,050	14	%
Average Retail Loans, excluding HSBC & ISBC
Average Retail Loans (GAAP)	O	$74,631	$74,832	$66,309	($201)	—	%	$8,322	13	%
Less: HSBC & ISBC Acquisition Impact		5,286	5,492	—	(206)	(4)		5,286	100
Average Retail Loans, excluding HSBC & ISBC (non-GAAP)	P	$69,345	$69,340	$66,309	$5	—	%	$3,036	5	%

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,” “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 supply chain disruptions, inflationary pressures and labor shortages, that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits which may affect, among other things, the level of nonaccrual assets, charge-offs and provision expense;

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

•Our ability to implement our business strategy, including the cost savings and efficiency components, and achieve our financial performance goals, including through the integration of Investors and the HSBC branches;

•The effects of geopolitical instability, including as a result of Russia’s invasion of Ukraine and the imposition of sanctions on Russia and other actions in response, on economic and market conditions, inflationary pressures and the interest rate environment, commodity price and foreign exchange rate volatility, and heightened cybersecurity risks;

•Our ability to meet heightened supervisory requirements and expectations;

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

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

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

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

•The effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin;

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

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

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

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

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

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 II, Item 1A of our Quarterly Report on Form 10-Q for the period ended March 31, 2022 and Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 as filed with the Securities and Exchange Commission.

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

Citizens Financial Group, Inc.

CFG-IR

EX-99.2 3 a4q22earningspresentatio.htm EX-99.2 a4q22earningspresentatio

4Q22 and 2022 Financial Results January 17, 2023

2 Forward-looking statements and use of non-GAAP financial measures 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,” “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 supply chain disruptions, inflationary pressures and labor shortages, that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits which may affect, among other things, the level of nonaccrual assets, charge-offs and provision expense; • The rate of growth in the economy and employment levels, as well as general business and economic conditions, and changes in the competitive environment; • Our ability to implement our business strategy, including the cost savings and efficiency components, and achieve our financial performance goals, including through the integration of Investors and the HSBC branches; • The effects of geopolitical instability, including as a result of Russia’s invasion of Ukraine and the imposition of sanctions on Russia and other actions in response, on economic and market conditions, inflationary pressures and the interest rate environment, commodity price and foreign exchange rate volatility, and heightened cybersecurity risks; • Our ability to meet heightened supervisory requirements and expectations; • Liabilities and business restrictions resulting from litigation and regulatory investigations; • Our capital and liquidity requirements under regulatory capital standards and our ability to generate capital internally or raise capital on favorable terms; • The effect of changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale; • Changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources and affect the ability to originate and distribute financial products in the primary and secondary markets; • The effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin; • Financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses; • Environmental, social and governance risks, such as physical or transitional risks associated with climate change, that could adversely affect our reputation, operations, business, and customers. • A failure in or breach of our operational or security systems or infrastructure, or those of our third party vendors or other service providers, including as a result of cyber-attacks; and • Management’s ability to identify and manage these and other risks. In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, risk-weighted assets, capital impacts of strategic initiatives, market conditions, receipt of required regulatory approvals and other regulatory and accounting considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares from or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends. 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 II, Item 1A of our Quarterly Report on Form 10-Q for the period ended March 31, 2022 and Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 as filed with the Securities and Exchange Commission. Non-GAAP Financial Measures: This document contains non-GAAP financial measures denoted as Underlying results, excluding HSBC and ISBC, excluding acquisitions and excluding PPP. Underlying results for any given reporting period exclude certain items that may occur in that period which Management does not consider indicative of the Company’s on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by our Management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe our Underlying results in any given reporting period reflect our on-going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. We further believe the presentation of Underlying results increases comparability of period-to-period results. The Appendix presents reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP.

3 4Q22 and Full Year 2022 GAAP financial summary Full Year 4Q22 3Q22 4Q21 Q/Q Y/Y 2022 vs. 2021 $s in millions $/bps % $/bps % 2022 2021 $/bps % Net interest income $ 1,695 $ 1,665 $ 1,126 $ 30 2 % $ 569 51 % $ 6,012 $ 4,512 $ 1,500 33 % Noninterest income 505 512 594 (7) (1) (89) (15) 2,009 2,135 (126) (6) Total revenue 2,200 2,177 1,720 23 1 480 28 8,021 6,647 1,374 21 Noninterest Expense 1,240 1,241 1,061 (1) — 179 17 4,892 4,081 811 20 Pre-provision profit 960 936 659 24 3 301 46 3,129 2,566 563 22 Provision (benefit) for credit losses 132 123 (25) 9 7 157 NM 474 (411) 885 NM Income before income tax expense 828 813 684 15 2 144 21 2,655 2,977 (322) (11) Income tax expense 175 177 154 (2) (1) 21 14 582 658 (76) (12) Net income $ 653 $ 636 $ 530 $ 17 3 % $ 123 23 % $ 2,073 $ 2,319 $ (246) (11) % Preferred dividends 32 25 32 7 28 — — 113 113 — — Net income available to common stockholders $ 621 $ 611 $ 498 $ 10 2 % $ 123 25 % $ 1,960 $ 2,206 $ (246) (11) % $s in billions Average interest-earning assets $ 204.5 $ 203.6 $ 168.0 $ 0.9 — % $ 36.5 22 % $ 194.1 $ 166.5 $ 27.6 17 % Average deposits $ 179.0 $ 177.6 $ 153.0 $ 1.4 1 % $ 26.0 17 % $ 172.1 $ 150.5 $ 21.6 14 % Performance metrics Net interest margin(1) 3.29 % 3.24 % 2.66 % 5 bps 63 bps 3.10 % 2.71 % 39 bps Net interest margin, FTE(1) 3.30 3.25 2.66 5 64 3.10 2.72 38 Loans-to-deposit ratio (period-end) 86.7 87.4 83.0 (75) 366 86.7 83.0 366 ROACE 11.6 10.9 9.3 65 230 9.0 10.5 (147) ROTCE 18.5 17.0 13.6 150 489 13.9 15.4 (153) ROA 1.2 1.1 1.1 3 3 1.0 1.3 (29) ROTA 1.2 1.2 1.2 3 2 1.0 1.3 (30) Efficiency ratio 56.4 57.0 61.7 (66) (532) 61.0 61.4 (41) Noninterest income as a % of total revenue 23 % 24 % 35 % (62) bps (1,158) bps 25 % 32 % (707) bps FTEs(2) 18,889 19,235 17,463 (346) (2) % 1,426 8 % 18,889 17,463 1,426 8 % Operating leverage 1.2 % 11.1 % 0.8 % Per common share Diluted earnings $ 1.25 $ 1.23 $ 1.17 $ 0.02 2 % $ 0.08 7 % $ 4.10 $ 5.16 $ (1.06) (21) % Tangible book value $ 27.88 $ 26.62 $ 34.61 $ 1.26 4.7 % $ (6.73) (19) % $ 27.88 $ 34.61 $ (6.73) (19) % Average diluted shares outstanding (in millions) 495.5 497.5 426.9 (2.0) — % 68.6 16 % 477.8 427.4 50.4 12 % See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36.

4 4Q22 and Full Year 2022 Underlying financial summary(1) Full Year Q/Q Y/Y 2022 2021 2022 vs. 2021 $s in millions 4Q22 $/bps % $/bps % $/bps % Net interest income $ 1,695 $ 30 2% $ 569 51% $ 6,012 $ 4,512 $ 1,500 33% Noninterest income 505 (7) (1) (89) (15) 2,040 2,135 (95) (4) Total revenue 2,200 23 1 480 28 8,052 6,647 1,405 21 Noninterest expense 1,197 2 — 187 19 4,630 3,976 654 16 Pre-provision profit 1,003 21 2 293 41 3,422 2,671 751 28 Provision (benefit) for credit losses 132 9 7 157 NM 305 (411) 716 NM Net income available to common stockholders $ 653 $ 9 1% $ 116 22% $ 2,312 $ 2,284 $ 28 1% Performance metrics Diluted EPS $ 1.32 $ 0.02 2% $0.06 5% $ 4.84 $ 5.34 $ (0.50) (9)% Efficiency ratio 54.4 (48) bps (429) bps 57.5 59.8 (231) bps Noninterest income as a % of total revenue 23 % (62) bps (1158) bps 25 % 32 % (678) bps ROTCE 19.4 % 149 bps 479 bps 16.4 % 16.0 % 43 bps Tangible book value per share $ 27.88 $ 1.26 5 $(6.73) (19) $ 27.88 $ 34.61 $ (6.73) (19) Operating leverage 1% 9% 5% See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36. 4Q22 FY2022 Notable Items Impacts Pre-tax EPS Pre-tax EPS ($s in millions except per share data) Integration related $ (35) $ (0.06) $ (413) $ (0.66) TOP revenue and efficiency initiatives (8) (0.01) (49) (0.08) Total: $ (43) $ (0.07) $ (462) $ (0.74)

5 Overview(1) See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36. 4Q: Navigating well in a dynamic environment – Underlying EPS of $1.32 and ROTCE of 19.4% – Underlying PPNR of $1.0 billion, up 2% QoQ ▪ NII up 2% QoQ given improved net interest margin, up 5 bps ▪ Fees down 1% QoQ with lower mortgage fees and FX and derivative products, partly offset by improvement in capital markets fees ▪ Expenses well controlled, stable QoQ – Positive Underlying operating leverage QoQ of 1%; Underlying efficiency ratio improves to 54.4% – Period-end and average loans broadly stable, up 1% ex-auto run off; loan yields up 58 bps QoQ – Period-end and average deposits up 1% QoQ; total deposit costs up 49 bps – Provision for credit losses of $132 million and reserve build of $44 million Strong full-year 2022 results – Underlying net income of $2.4 billion, with EPS of $4.84 – Underlying PPNR of $3.4 billion, up 28% – Strong positive operating leverage of 5%; Underlying efficiency ratio improved 231 bps to 57.5% – Underlying ROTCE of 16.4% compares with 16.0% for 2021 Continued strong credit metrics – Prudent risk appetite across retail and commercial; NCOs of 22 bps up 3 bps QoQ; NPLs to loans of 0.60% vs. 0.55% at 3Q22 – Allowance for credit losses coverage ratio of 1.43% up 2 bps QoQ; compares with proforma day-1 CECL reserve of ~1.30% Strong capital, liquidity and funding – Strong CET1 ratio at upper end of target range at 10.0%(2) – Period-end LDR ratio of 87% – Asset sensitivity of 2.7% compares with 3.3% in 3Q22 – TBV/share of $27.88, up 5% QoQ

6 3.25% 0.57% (0.49)% (0.03)% 3.30% 3Q22 Asset Yields Funding Costs Cash 4Q22 $168.0B $169.3B $198.7B $203.6B $204.5B $1,126 $1,147 $1,505 $1,665 $1,695 2.66% 2.75% 3.04% 3.25% 3.30% 4Q21 1Q22 2Q22 3Q22 4Q22 ■ NII up 2% given higher net interest margin – NIM of 3.30% increased 5 bps reflecting higher earning-asset yields given higher market interest rates, partly offset by increased funding costs – Interest-earning asset yields increased 53 bps to 4.35% – Interest-bearing deposit costs up 67 bps to 123 bps; well-controlled cumulative beta of 29% Net interest income $s in millions, except earning assets NII and NIM Average interest-earning assets Net interest income NIM, FTE NII and NIM continue to benefit from rising rates and well-controlled deposit betas ■ NII up 51%, reflecting higher NIM and 22% growth in average interest-earning assets, including the impact of the HSBC and ISBC transactions – NIM of 3.30%, up 64 bps, reflects higher earning- asset yields given higher market interest rates and loan growth, partially offset by increased funding costs – Interest-earning asset yields increased 152 bps – Interest-bearing deposit costs up 110 bps NIM 3Q22 to 4Q22 Year-Over-Year Linked Quarter (1) (1) Represents the impact of higher cash balance 3Q22 to 4Q22

7 ■ Underlying noninterest income decreased 15% – Service charges and fees increased $5 million, reflecting the benefit of acquisitions – Capital markets fees decreased $86 million, reflecting lower syndications and M&A advisory fees given challenging market conditions – Mortgage banking fees decreased $22 million, driven by lower production volumes and lower gain-on-sale margins, partially offset by higher servicing revenue – Card fees increased $6 million, given higher transaction volumes $594 $498 $525 $512 $505 4Q21 1Q22 2Q22 3Q22 4Q22 Noninterest income(1) $s in millions ■ Underlying noninterest income decreased 1% – Service charges and fees decreased $4 million, primarily reflecting the impact of the elimination of non-sufficient funds fees – Capital markets fees increased $9 million given increased underwriting and M&A advisory fees – Mortgage banking fees decreased $12 million driven mainly by lower production volume given higher interest rates – FX and derivative products revenue decreased $7 million reflecting a net $5 million negative CVA/DVA impact, while business results were relatively stable Stable fee income performance in a challenging market environment See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36. Underlying, as applicable $s in millions 4Q22 3Q22 4Q21 $ Q/Q Y/Y Service charges and fees $ 105 $ 109 $ 100 $ (4) $ 5 Capital markets fees 98 89 184 9 (86) Card fees 71 71 65 — 6 Mortgage banking fees 54 66 76 (12) (22) Trust and investment services fees 61 61 60 — 1 FX and derivative products 35 42 35 (7) — Letter of credit and loan fees 41 40 41 1 — Securities gains, net 4 — 1 4 3 Other income(2) 36 34 32 2 4 Noninterest income $ 505 $ 512 $ 594 $ (7) $ (89) Linked Quarter Year-Over-YearNoninterest income

8 58.7% 64.3% 58.2% 54.9% 54.4% 4Q21 1Q22 2Q22 3Q22 4Q22 Underlying, as applicable 4Q22 3Q22 4Q21 $ $s in millions Q/Q Y/Y Salaries & employee benefits $ 618 $ 622 $ 546 $ (4) $ 72 Outside services 153 152 138 1 15 Equipment & software 168 159 144 9 24 Occupancy 108 104 81 4 27 Other operating expense 150 158 101 (8) 49 Noninterest expense $ 1,197 $ 1,195 $ 1,010 $ 2 $ 187 Full-time equivalents (FTEs) 18,889 19,235 17,463 (346) 1,426 Noninterest expense(1) ■ Underlying noninterest expense broadly stable – Reflects modest increases in equipment and software and occupancy, largely offset by lower salaries and employee benefits and lower FDIC insurance – Results reflect strong expense discipline and the benefit of efficiency initiatives ■ Underlying noninterest expense increased 4% excluding HSBC/ISBC and the Commercial fee-based acquisitions that closed after 2Q21 – Reflects increased equipment and software expense, as well as higher other operating expenses, primarily advertising, FDIC insurance and travel costs, partially offset by the benefit of efficiency initiatives See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36. Underlying efficiency ratio Well-controlled expenses drive 1% positive operating leverage and a 54.4% efficiency ratio Linked Quarter Year-Over-Year

9 ■ Average loans broadly stable; up 1% ex-auto run off – Commercial up 1%, reflecting growth in C&I and in CRE primarily reflecting line draws and slower paydowns – Retail down slightly given planned run off in auto, partly offset by growth in home equity and mortgage; up 1% ex- auto run off ■ Period-end loans broadly stable; up 1% ex-auto run off – Commercial up 1% given growth in C&I and in CRE primarily reflecting line draws and slower paydowns – Retail down 1% with growth in home equity and mortgage more than offset by planned run off in auto; up 1% ex-auto run off $125.2 $156.9 $157.1 $129.2 $153.8 $125.2 $128.5 $132.0 $156.9 $157.1 $0.7 $21.8 CFG standalone HSBC/ISBC 4Q21 1Q22 2Q22 3Q22 4Q22 Loans and leases(1) $s in billions Loans up slightly QoQ led by Commercial ■ Average loans up $31.9 billion, or 25%; excluding HSBC/ISBC, up 9% (11% ex-auto run off) – Commercial up 14% primarily reflecting growth in C&I – Retail up 5% with growth in mortgage and home equity, partially offset by planned run off of auto and personal unsecured installment loans; up 8% ex-auto run off ■ Period-end loans up $28.5 billion, or 22%; excluding HSBC/ ISBC, up 6% (9% ex-auto run off) – Commercial up 11% primarily driven by growth in C&I – Retail up 2% driven by mortgage and home equity, partly offset by planned run off in auto and personal unsecured installment loans; up 7% ex-auto run off Average loans and leases(2) $128.2 $156.1 $156.7 $131.3 $156.2 $128.2 $129.9 $134.5 $156.1 $156.7 $1.4 $21.7 CFG standalone HSBC/ISBC 4Q21 1Q22 2Q22 3Q22 4Q22 $s in billions Period-end loans and leases(2) See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36. Linked Quarter Year-Over-Year

10 $153.0 $155.1 $176.4 $177.6 $179.0 4Q21 1Q22 2Q22 3Q22 4Q22 Average funding and cost of funds(1) Period-end and average deposits up 1% QoQ $s in billions 4Q22 Average deposits See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36. 0.09% 0.07% 0.12% 0.39% 0.88%0.13% 0.10% 0.18% 0.56% 1.23% Total deposit costs Interest-bearing deposit costs Commercial Consumer Other ■ Average deposits up $1.4 billion, or 1%, with growth in money market accounts, term and savings, partly offset by decreases in demand deposits and checking with interest. ■ Period-end deposits up 1%, with growth in term, checking with interest and money market accounts, partly offset by lower demand deposits ■ Citizens Access™ 4Q22 average balance of $7.1 billion; period-end balance of $7.8 billion ■ Total deposit costs remain well controlled, up 49 bps ■ Total cost of funds of 113 bps, up 51 bps ■ Period-end FHLB advances of $8.5 billion, down $1.3 billion ■ Period-end deposit growth of $26.4 billion, or 17%, including $25.4 billion related to HSBC/ISBC – Deposits up 1% excluding HSBC/ISBC ■ Average deposits up $26.0 billion, or 17%, including $25.5 billion related to HSBC/ISBC – Deposits broadly stable excluding HSBC/ISBC ■ Total deposit costs up 79 bps and interest-bearing deposit costs up 110 bps ■ Total cost of funds up 94 bps 83% 87% 87% 4Q21 3Q22 4Q22 Linked Quarter Period-end LDR Year-Over-Year4Q22 Average deposit mix 28% 28% 21% 4% 13% 6% Demand Checking with interest Citizens Access Savings Savings Money Market Term

11 ■ NCOs of $88 million, or 22 bps of average loans and leases, up 3 bps QoQ ■ Nonaccrual loans increased 5 bps QoQ to 60 bps of total loans driven by commercial, primarily related to commercial real estate ■ Provision for credit losses of $132 million, with a reserve build of $44 million ■ ACL to nonaccrual loans and leases ratio of 237% compares with 258% as of 3Q22 and 276% as of 4Q21 $(25) $(21) $71 $123 $132 $45 $59 $49 $74 $88 0.14% 0.19% 0.13% 0.19% 0.22% 4Q21 1Q22 2Q22 3Q22 4Q22 Highlights Credit quality overview $s in millions $s in millions See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36. Credit provision expense (benefit); net charge-offs Nonaccrual loans $s in millions Allowance for credit losses (2) Underlying provision expense (benefit) for credit losses Net charge-offs Net charge-off ratio (1) $702 $789 $852 $944 $839 $753 $86 0.55% 0.60% 0.54% 0.55% 0.60% Nonaccrual loans Nonaccrual loans - ISBC Nonaccrual loans to total loans 4Q21 1Q22 2Q22 3Q22 4Q22 $1,934 $1,878 $2,196 $2,240$2,147 $1,900 $247 1.51% 1.43% 1.37% 1.41% 1.43% Allowance for credit losses Allowance for credit losses - ISBC Allowance to loan coverage ratio 4Q21 1Q22 2Q22 3Q22 4Q22

12 3Q22 4Q22 Retail 1.33% 1.31% Commercial 1.48% 1.54% C&I 1.36% 1.36% CRE 1.69% 1.86% Leasing 1.86% 1.59% Total 1.41% 1.43% $2,196 $(19) $63 $2,240 3Q22 Portfolio changes Economic and qualitative factors 4Q22 Allowance for credit losses ■ The increase in the ACL reserve coverage to 1.43% primarily reflects higher reserves against CRE exposures ■ The key macroeconomic assumptions reflect a moderate recession over the two-year reasonable and supportable period: – Peak unemployment of ~6% and peak-to-trough GDP decline of ~1.5% – Collateral value peak-to-trough declines: ▪ Home price index ~13% ▪ Used cars and trucks ~16% ■ Additionally, qualitative factors are incorporated in the allowance framework to account for other considerations ■ Additional detail on the CRE portfolio is provided in the appendix on page 32 Note: Portfolio Changes represent run off, changes in credit quality, aging of existing portfolio and utilization changes. Economic/Qualitative changes represent changes to macroeconomic variables and qualitative factors, including management overlays. $s in millions CommentaryAllowance for credit losses ACL coverage ratio

13 ■ 4Q22 CET1 ratio of 10.0% compares with 9.8% in 3Q22 ■ TBV/share of $27.88, up 4.7% QoQ; tangible common equity ratio of 6.3%, up 20 bps QoQ – HTM securities designation of ~30% at quarter end ■ Paid $208 million in common dividends to shareholders in 4Q22 ■ Repurchased $150 million of common stock in 4Q22 – Remaining Board authorized capacity of $850 million at December 31, 2022 Capital remains strong $s in billions (period-end) 4Q21 1Q22 2Q22 3Q22 4Q22 Basel III basis(1)(2) Common equity tier 1 capital $ 15.7 $ 15.6 $ 17.9 $ 18.3 $ 18.6 Risk-weighted assets $ 158.8 $ 161.9 $ 187.7 $ 187.2 $ 185.2 Common equity tier 1 ratio 9.9 % 9.7 % 9.6 % 9.8 % 10.0 % Tier 1 capital ratio 11.1 % 10.9 % 10.6 % 10.9 % 11.1 % Total capital ratio 12.7 % 12.5 % 12.3 % 12.6 % 12.8 % Tangible common equity ratio 8.1 % 7.1 % 6.6 % 6.1 % 6.3 % See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36. TBV/share CET1 $ % 3Q22 9.8 % $26.62 Net Income 0.35 1.33 5.0 % Common and preferred dividends (0.12) (0.50) (1.9) % RWA decrease 0.10 Treasury stock (0.08) (0.10) (0.4) % Goodwill and intangibles (0.01) (0.03) (0.1) % AOCI — 0.53 2.0 % Other 0.01 0.03 0.1 % Total change 0.25 1.26 4.7 % 4Q22 10.0 % $27.88 CET1 ratio remains strong(3) Highlights

14 Legacy CFG Boston/ Philadelphia metro HSBC Branches ISBC Consumer Banking - differentiated growth opportunities NYC/NJ Potential for outsized retail customer growth across HSBC/ISBC branches (Avg. # of households per branch) 1 ~4K ~1K ~3K Encouraged by early success with HSBC branches; repositioning retail model across ISBC franchise in Spring 2023 Retail deposit growth in HSBC branches since Feb 2022, over 3x CFG legacy 8% ~1.5x Customer acquisition rate within acquired HSBC branches relative to CFG legacy markets #6-ranked 25+ points NPS improvement March to December 2022 across acquired HSBC branches Branch network(1) in NY Metro based on ~200 total branches Strong momentum in Wealth reflecting a reorientation towards financial planning-led advice Significant fee opportunity within our attractive footprint Wealth2 CFG ~2.2% share of investable assets (vs.~3% industry avg.)(3) 4% Wealth fees YoY growth in FY22 despite challenging market conditions 6% Wealth sales YoY increase in FY22 to a new all-time high 200+ Private client team Launched during 4Q22; expect to hire 200+ new Advisors and Relationship managers in 2023 to drive penetration and investable asset wallet share ~19% % of customers with a financial plan(2) Up ~2x YoY As of 12/31/2022 $21B AUM See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36.

15 Consumer Banking - differentiated growth opportunities Citizens Pay/HELOCNational digital expansion 2018 2022 2023 2025+ Converge legacy core with Citizens Access to create single integrated platform Launched Citizens Access™ Migrated Citizens Access™ to cloud-based platform 3 4 Added education and mortgage Roadmap for national digital platform Introduce checking and credit card Enhance digital platform capabilities Development of our modern cloud-based digital platform creates unique opportunities Launched mobile app Retail households outside regional footprint ~2.2 million(1) +74% Citizens AccessTM deposit growth in 2022 Innovation is driving distinctive ways to grow customers Prudently finding ways to selectively grow super prime loans Introduced Citizens FastlineTM Industry-leading HELOC journey enabled by advanced analytics and digital innovation Ranked #1 nationally(2) 17% ~82 ~17 days HELOC growth in balances since 12/31/21; 4Q22 originations: ~780 avg. FICO, 67% combined LTV NPS in 4Q22, up 20+ points since 2020 Median cycle time from application to close in 4Q22, 8 days faster than a non-Fastline app. Modernize tech Deepen Grow nationally Citizens PayTM delivering solid results while maintaining portfolio quality Significant momentum in FY2022 Strong origination levels with new partners Added ~150 new partners Late-stage deal pipeline largest since business inception Delinquencies and charge-off rates trending better than prime credit card Weighted average FICO of ~740 for FY2022 originations Awarded Banking Tech Awards USA ‘Best Innovation’ category Launched Citizens PayTM mobile app and BestBuy Upgrade program Plan to launch direct-to-consumer merchant solution in 1H2023 Continuing to innovate Portfolio quality reflects prudent growth See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36.

16 Commercial Banking acquisitions add capabilities and drive strong performance Commercial acquisitions fully integrated and delivering results 2Q19 - Atlanta M&A advisory firm (Services focus) 1Q20 - Los Angeles M&A advisory firm (Franchise focus) 3Q21 - Chicago, Atlanta, Portland (Valuation services) 4Q21 - San Francisco investment bank (Tech, healthcare, fintech focus) 2Q22 - New York M&A advisory firm (Technology infrastructure focus) ■ Full debt and equity underwriting capabilities ■ High-touch M&A execution ■ Deep expertise in attractive verticals ■ Strong financial sponsor relationships ■ National coverage with seven offices Built a leading capital markets and advisory platform 104 136 194 179 216 250 428 368 Acquisitions Legacy CFG 2015 2016 2017 2018 2019 2020 2021 2022 ~20% CAGR Capital Markets fees 2Q17 - Cleveland M&A advisory firm (Industrial focus) See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36.

17 Citizens Commercial Banking delivers a full-service suite of capabilities ■ Delivering Debt Capital Markets platform to advisory clients ■ Focusing on private equity sponsors through advisory, subscription finance, LBOs, public market capital ■ Deepening relationships with enhanced Treasury Solutions, Global Markets capabilities ■ Growing mid-corporate client base through geographic expansion into NY Metro, Southeast, Texas, California Financial Services Aerospace, Defense and Government Services Industrials Business Services HealthcareConsumer Food & Restaurants Gaming, Lodging and Leisure Transportation and Logistics Expertise in attractive verticals Broad capabilities and strong execution Technology Multiple avenues for revenue synergies

18 Enterprise and business initiatives ■ Mature agile delivery model and strengthen end-to- end customer journeys and platforms ■ Streamline product originations and reduce fulfillment costs ■ Vendor cost management ■ Continue to optimize branch network ■ Organization simplification Technology initiatives ■ Implementation of overall infrastructure strategy, including data center closures, migration to the cloud, network transformation, and organization rationalization ■ Continue to rationalize applications and standardize technology platforms ■ Begin initiative to converge fragmented legacy platforms to an integrated modern banking platform TOP 7 achieved pre-tax run-rate benefit of ~$115 million as of YE2022 Revenue Efficiencies and tax 2014 TOP 1 2015 TOP 2 2016 TOP 3 2017 TOP 4 2018 TOP 5 2019- 2021 TOP 6 2022 TOP 7 2023 TOP 8 ~$200 TOP programs drive improving financial performance Transforming how we operate and deliver for customers and colleagues TOP program benefits TOP 8 program targeting ~$100MM pre-tax run-rate benefit by YE2023 Launched new TOP 8 program $s in millions ~$140 ~$115 ~$115 ~$105 ~$425 ~$115 ~$100 Select examples

19 FY2023 Outlook vs. 2022 See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36. 2022 Underlying(1) 2023 Underlying outlook Net interest income $6,012MM Up 11-14% NIM 3.10% Gradual rise from 3.30% in 4Q22 towards ~3.40% by 4Q23 Loans $149.3B average loans $156.7B spot loans Up 4-5% Target Auto run-off of ~$3B spot; spot growth of ~2% ex-auto run off Earning assets $194.1B average earning assets Up 3-4% Noninterest income $2,040MM Up 7-9% Noninterest expense $4,630MM Up ~7%; up 3.5-4% ex HSBC/ISBC full-year acquisition impact and FDIC premium increase FY2023 efficiency ratio 200 basis points lower Net charge-off ratio 18 bps Low to mid 30's basis points CET1 ratio(2) 10.0% Upper-end of 9.50-10% target range Expect capital return to shareholders to approach 100% Tax rate 22.2% ~22% ■ FY2023 average real GDP of ~1%, CPI of ~3.5% and YE2023 unemployment rate of ~4% ■ 25 basis point hike in February and March; first 25 basis point rate cut in 4Q23 ■ Forward curve as of December-end with 10-year Treasury rate ~3.50% by YE2023 ■ FY2023 ROTCE in the high-teens ■ Focusing on balance sheet optimization, deepening customer relationships ■ Expect 400 to 500 basis points of positive operating leverage ■ Cumulative deposit beta at YE2023 of high 30s, with 2023 deposit growth of ~3% average, decline of ~2-3% spot ■ ACL ratio in the 1.45-1.50% range, dependent on macro environment Full-year 2023 outlook commentary Key 2023 economic and rate assumptions

20 1Q23 outlook vs.4Q22 See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36. 4Q22 Underlying(1) 1Q23 Underlying outlook Net interest income $1,695MM Down ~2% reflecting day count impact NIM 3.30% Up low to mid single digits Loans $157.1B average loans Stable; up ~1% ex-auto run off Noninterest income $505MM Down 2-4% reflecting seasonality Noninterest expense $1,197MM Up 3-4% given seasonally higher comp expense and FDIC insurance premium increase CET1 ratio(2) 10.0% Upper end of 9.5-10% target range Tax rate 21.4% ~22%

21 Medium-term financial targets(1) See pages 32-33 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 31. ROTCE CET1 Dividend payout ratio Efficiency Ratio ~16-18% ~9.50-10.00% ~35-40% <55% Commentary ■ Committed to generating strong and stable returns, positive operating leverage and prudent capital management – Expect to see a recovery in loan and deposit growth over the medium term – NII downside protected versus falling rates; Fees expected to grow meaningfully – Expense discipline and BSO will continue – Credit projected to be stable as the economy strengthens – Meaningful return of capital to shareholders ■ Key economic assumptions: – Real GDP growth of ~1% for 2023; trending towards ~3% annually over the medium term – Unemployment rate of ~4% by YE2023; stable from there over the medium term – Further rate cuts expected over 2024 to settle in the 2.5 to 3% range over the medium term

22 – Multi-year investments in fee-generation capabilities, including strategic acquisitions – New York market entry provides significant revenue growth potential – Capital Markets well positioned to benefit when market volatility eases – Driving momentum in Wealth with launch of Citizens Private Client in 4Q22; hiring 200+ Financial Advisors and Relationship Managers Positive outlook for Citizens Building a formidable balance sheet with strong capital, liquidity and funding, and a prudent risk appetite – Tightened risk appetite and selective in growing loans, emphasizing attractive relationship-oriented commercial loan growth – Prudent hedging to manage a more predictable and stable outlook for NII as we benefit from the higher rate environment – Improved deposit franchise supports NIM expansion and drives improved beta performance expectations this cycle – Focused on delivering strong returns and positive Underlying operating leverage – Significantly strengthened technology, digital and data capabilities Disciplined offense to drive strong performance over the medium term Managing prudently while playing offense, executing on strategic initiatives Executing on strategic initiatives and TOP efficiency programs – Continuing to invest in strategic initiatives that will deliver superior revenue growth in the medium term – Integration of ISBC progressing well, conversion on track for 1Q23; expect to deliver planned expense synergies – TOP 7 achieved ~$115 million pre-tax run-rate benefit by YE2022; Launched TOP 8 targeting ~$100 million pre-tax run-rate benefit by YE2023 Strong defense to manage the risks of a dynamic environment – Interest-bearing deposit costs remain well-controlled with a cumulative beta of 29%; YE2023 cumulative beta in the upper 30s – Period-end LDR ratio of 87%; strong liquidity and funding position – CET1 ratio increased to 10.0%, at top end of target range; positioned for meaningful share repurchases in 2023 Positive outlook and momentum

Appendix

24 Underlying FY2022 performance vs. guidance(1) See pages 26-27 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 25. Underlying FY22 guidance (April 2022) Underlying FY22 results Total CFG Total CFG Net interest income Up 27-30% or ~$5.7-$5.9B Up 33.2% or $6.0B Balance sheet Avg. Loans Up 20-22% 20.9% Avg. Earning Assets Up 14-16% 16.6% Noninterest income Up 3-7% or ~$2.2-$2.3B (4.0)% or $2.0B Noninterest expense Up 16-18% or ~$4.6-$4.7B 16.0% or $4.6B Net charge-off ratio Broadly stable/down slightly Down 8 bps CET1 ratio(2) ~9.75% 10.0% Tax rate ~22-23% 22.2%

25 Net income available to common shareholders and EPS $s in millions, except per share data é2% $982 $1,003 3Q22 4Q22 Linked-quarter Underlying results(1) Return on average total tangible assets Return on average tangible common equity Average loans $s in billions Average deposits $s in billions é0.1% $3.5 2 $3.5 6 é2% $156.9 $157.1 3Q22 4Q22 $177.6 $179.0 3Q22 4Q22 1.22% 1.25% 3Q22 4Q22 17.9% 19.4% 3Q22 4Q22 $644 $653 $1.30 $1.32 3Q22 4Q22 é1% Pre-provision profit $s in millions See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36. é149 bps é3 bps é1%

26 $710 $1,003 4Q21 4Q22 Year-over-year Underlying results(1) Return on average total tangible assets é41% Average loans $s in billions é25% Net income available to common shareholders and EPS $s in millions, except per share data Return on average tangible common equity Average deposits $s in billions $3.5 2 — bps $3.5 6 $125.2 $157.1 4Q21 4Q22 $153.0 $179.0 4Q21 4Q22 1.25% 1.25% 4Q21 4Q22 14.6% 19.4% 4Q21 4Q22 é17% Pre-provision profit $s in millions é479 bps $537 $653 $1.26 $1.32 4Q21 4Q22 See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36. é5% é22%

27 $2,671 $3,422 FY2021 FY2022 Full year underlying results(1) Return on average total tangible assets é28% Average loans $s in billions é21% Net income available to common shareholders and EPS $s in millions, except per share data Return on average tangible common equity Average deposits $s in billions $3.5 2 ê17 bp $3.5 6 $123.6 $149.3 FY2021 FY2022 $150.5 $172.1 FY2021 FY2022 1.34% 1.17% FY2021 FY2022 16.0% 16.4% FY2021 FY2022 é14% Pre-provision profit $s in millions é43 bps $2,284 $2,312 $5.34 $4.84 FY2021 FY2022 See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36. ê9% é1%

28 Investors integration update On track to achieve $130 million targeted pre-tax run-rate net expense synergies (~30% of Investors' 2021 expense base), by mid-2023. ~70% achieved through year-end 2022 Investors conversion ■ Transition of accounts and services to Citizens’ systems and branch conversion on target for mid-February ■ Confident in successful integration given rigorous planning, coordination, testing and practice runs – Completed two data conversion tests and two full- simulation dress rehearsals with positive results – Conducting extensive one-on-one coordination with Commercial clients – Augmenting branches with experienced CFG managers through Ambassador Program leveraged successfully during HSBC conversion – Adding help-line resources to assist clients over and following the conversion weekend – Comprehensive conversion weekend preparation including ▪ Central and sub-unit command center structures ▪ Minute-by-minute conversion plans ▪ Key performance indicators and reporting ▪ Scenario analysis and issue resolution protocols in place 4Q22 1Q23 Completed two full-simulation conversion dress rehearsals Completed 2nd data conversion test Feb 17 - 20: Full branch and systems conversion Mailed customer welcome packages Commentary Rigorous coordination across businesses, operations and technology to drive smooth conversion Completed early conversion of mortgage portfolio Commercial client outreach and training Launch branch Ambassador Program and prepare for call center surge staffing Commence legacy Investors systems decommissioning

29 New York Metro go-to-market strategy Building significant momentum with a focus on taking market share in NY Metro ■ Broad-based marketing initiated in September 2022 – Engaging in multi-channel marketing to build our brand with local businesses and consumers, focused on mass affluent/young professionals – Leveraging national/regional marketing in a local way ■ Deploy Citizens’ diverse consumer lending and Wealth capabilities across expanded footprint ■ Improve household growth and retention with enhanced branch tools and capabilities ■ Migrate to advice-based model; enhance sales coverage for Wealth, Mortgage and Business Banking ■ Leverage advanced data analytics capabilities for efficient marketing and personalized offers Introducing Citizens brand to New York Metro ■ Deploy Citizens' middle market coverage model to build local scale ■ Deliver lending, client hedging, and advisory services ■ Extend market-leading capital markets and treasury solutions across the client base – M&A and valuation services – Real-time payments, receivables automation, integrated payables, commercial card, and trade finance Consumer Banking Commercial Banking

30 Stabilizing and protecting NII and NIM $19.1 $0.6 $30.2 $27.0 $16.3 $5.6 $7.1 $7.1 $7.1 $4.1 $12.0 $19.2 $15.4 $10.2 $5.5 $3.9 $4.5 $2.0 $0.1 2023 2024 2025 2026 2027 2028 Cash flow hedges are the primary tool to manage interest rate exposure Receive fixed cash flow swaps - average notional balances $ billions at 12/31/22 ALM hedging activity update ■ ALM hedge actions taken in 4Q22 reflect a transfer of $3 billion of 'down-rate' protection from 2023 to 2024 and beyond ■ Current and planned hedge position should maintain a 4Q24 NIM floor of ~3.20% in a down 200 basis points scenario(2) Pre-2022 executions 1Q22-3Q22 executions (1) Expressed on a 1-month Libor equivalent basis (2) Represents an accelerated gradual 200 bps decrease in interest rates from January 1, 2024 to June 30, 2024 compared with a base case where market forward rates are realized W.A. receive fixed rate at 12/31/22(1) 2.3% 2.4% 2.4% 3.0% 3.2% 4Q22 executions 2.0%

31 $82.2B Commercial credit portfolio See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36. Commercial portfolio risk ratings(3) $s in billions 58% 64% 64% 25% 19% 18% 14% 14% 14% 3% 3% 4% 4Q19 3Q22 4Q22 B- and lower B+ to B BB+ to BB- AAA+ to BBB- $57.5 $82.2 Highlights $81.1($ in billions) Outstanding balance % of total CFG C&I Finance and Insurance Capital call facilities $ 6.8 4 % Other Finance and Insurance 5.3 3 Other Manufacturing 4.5 3 Technology 4.4 3 Accommodation and Food Services 3.6 2 Health, Pharma, Social Assistance 3.1 2 Professional, Scientific, and Technical Services 3.1 2 Wholesale Trade 3.0 2 Retail Trade 2.4 2 Other Services 2.7 2 Energy & Related 2.3 1 Rental and Leasing 1.5 1 Consumer Products Manufacturing 1.5 1 Administrative and Waste Management Services 1.7 1 Arts, Entertainment, and Recreation 1.6 1 Automotive 1.3 1 Other (1) 3.1 2 Total C&I $ 51.7 33 % CRE Multi-family $ 8.7 6 % Office 6.3 4 Retail 3.3 2 Industrial 3.2 2 Co-op 1.8 1 Hospitality 0.6 — Other (1) 4.9 3 Total CRE $ 28.9 18 % Total Commercial loans & leases (2) $ 82.1 52 % Total CFG $ 156.7 100 % Diverse and granular portfolio ■ Disciplined capital allocation and risk appetite – Highly experienced leadership team – Focused client selection ■ C&I portfolio has focused growth on larger, mid-corporate customers, thereby improving overall asset quality ■ Leveraged loans ~1.7% of total CFG loans, granular hold positions with an average outstanding of ~$11 million ■ CRE portfolio is well diversified across asset type, geography, and borrowers with the emphasis on strong sponsor selection

32 2% 69% 3% 8% 2% 16% Commercial Real Estate by Property Type Income producing REIT corporate facilities Construction Unsecured (excl. REITs) Land Other $28.9B CRE portfolio ■ Migrated CRE portfolio toward larger, well-capitalized institutional and upper- middle market borrowers ■ Strong client selection including institutional and private developers with long-term Citizens relationships ■ CRE portfolio is ~87% project-secured, ~70% income producing and ~16% construction ■ Construction is focused on multi-family, industrial, life science and credit tenant office ■ 2022 originations focused on multi-family, industrial, including data centers, life science and credit tenant leased projects ■ The Office portfolio of $6.3 billion includes ~$2.2 billion, or ~35%, of credit tenant and life sciences which continue to be viewed favorably – The remaining is general office which is seeing some property-specific pressure related to lease rates and occupancy – ~95% of general office is income producing, with over two-thirds located in suburban areas ■ Multi-family is ~75% term financing of income producing properties, predominantly in the NYC and NJ markets with the rest largely Class A construction across diverse MSAs ■ Retail is well diversified across tenancy and geography. This sector is generally stable as the pandemic has abated 53% 7% 36% 4% by Geography Mid-Atlantic Midwest New England $ billions ACL % Multi-family $ 8.7 0.95 % Office* 6.3 3.40 % All other 13.9 1.75 % Total CRE $ 28.9 1.86 % *General office of $4.0 billion has an ACL coverage ratio of 4.92% CRE ACL coverage ratio Other CA 7 % TX 6 % VA 3 % FL 3 % NC 2 % WA 2 % GA 2 % Other 11 %

33 38% 39% 41% 33% 34% 33% 18% 17% 17% 5% 5% 5%6% 5% 4% 4Q19 3Q22 4Q22 40% 19% 17% 4% 13% 7% $74.5B Retail credit portfolio See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36. 800+ 740-799 680-739 640-679 <640 $61.6 $74.5 $s in billions Retail portfolio FICOs(2) $75.0 Home equity Retail loans(1) Residential mortgages Auto Education - in school Education - refinance Other retail ~94% of retail portfolio > 680 Super-prime/prime* ~75% of retail portfolio Secured ■ Mortgage – FICO ~785 – Weighted-average LTV of ~54% ■ Home equity – FICO ~765 – ~45% secured by 1st lien – ~98% CLTV less than 80% – ~90% CLTV less than 70% ■ Auto – FICO ~740 – Weighted-average LTV of ~85% ■ Education – FICO ~785 ■ Other retail: – Credit card – FICO ~740 – Citizens PayTM – FICO ~730; incorporates loss sharing High quality, diverse portfolio '* Super-prime/prime defined as FICO of 680 or above at origination

34 Delinquency by product type See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36. September 30, 2022 (%) December 31, 2022 (%) Days Past Due and Accruing Days Past Due and Accruing Current 30-59 60-89 90+ Nonaccrual Current 30-59 60-89 90+ Nonaccrual Commercial and industrial 99.30 % 0.14 % 0.07 % 0.03 % 0.46 % 99.14 % 0.29 % 0.05 % 0.04 % 0.48 % Commercial real estate 99.31 % 0.47 % 0.08 % 0.01 % 0.13 % 99.30 % 0.18 % 0.16 % — % 0.36 % Leases 99.93 % 0.07 % — % — % — % 99.73 % 0.27 % — % — % — % Total commercial 99.32 % 0.26 % 0.07 % 0.02 % 0.33 % 99.20 % 0.25 % 0.09 % 0.03 % 0.43 % Residential mortgages(1) 97.40 % 0.22 % 0.14 % 1.44 % 0.80 % 97.68 % 0.32 % 0.15 % 1.07 % 0.78 % Home equity 97.87 % 0.30 % 0.11 % — % 1.72 % 97.68 % 0.46 % 0.14 % — % 1.72 % Automobile 98.31 % 1.00 % 0.29 % — % 0.40 % 97.93 % 1.24 % 0.37 % — % 0.46 % Education 99.33 % 0.24 % 0.15 % 0.03 % 0.25 % 99.30 % 0.28 % 0.13 % 0.03 % 0.26 % Other retail 98.04 % 0.70 % 0.49 % 0.32 % 0.45 % 97.71 % 0.81 % 0.55 % 0.41 % 0.52 % Total retail 98.03 % 0.41 % 0.19 % 0.60 % 0.77 % 98.02 % 0.52 % 0.21 % 0.46 % 0.79 % Total 98.69 % 0.33 % 0.13 % 0.30 % 0.55 % 98.65 % 0.38 % 0.14 % 0.23 % 0.60 %

35 Allocation of allowance for credit losses by product type September 30, 2022 December 31, 2022 $s in millions Loans and Leases Allowance Coverage Loans and Leases Allowance Coverage Allowance for Loans and Lease Losses Commercial and industrial(1) $50,989 $582 1.14 % $51,836 $581 1.12 % Commercial real estate 28,681 421 1.47 28,865 456 1.58 Leases 1,444 27 1.86 1,479 23 1.59 Total commercial 81,114 1,030 1.27 82,180 1,060 1.29 Residential mortgages 29,548 197 0.67 29,921 207 0.69 Home equity 13,684 68 0.50 14,043 89 0.63 Automobile 13,155 137 1.04 12,292 131 1.07 Education 13,094 307 2.35 12,808 268 2.09 Other retail 5,545 241 4.33 5,418 228 4.21 Total retail loans 75,026 950 1.27 74,482 923 1.24 Total loans and leases $156,140 $1,980 1.27 % $156,662 $1,983 1.27 % Allowance for Unfunded Lending Commitments(2)* Commercial(1) $172 1.48 % $207 1.54 % Retail 44 1.33 50 1.31 Total allowance for unfunded lending commitments $216 $257 Allowance for credit losses(2) $156,140 $2,196 1.41 % $156,662 $2,240 1.43 % *Coverage ratios reflect total allowance for credit losses for the respective portfolio. See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 36.

36 Notable items(1) Quarterly results for third and fourth quarter 2022 and fourth quarter 2021 reflect notable items primarily related to integration costs associated with the acquisitions of HSBC, ISBC and JMP Group LLC, as well as TOP revenue and efficiency initiatives. In addition, full year 2022 results include notable items representing the day-one CECL provision expense ("double count") related to the HSBC and ISBC transactions. These notable items have been excluded from reported results to better reflect Underlying operating results. See pages 37-38 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described above. Notable items - integration related 4Q22 3Q22 4Q21 FY 2022 FY 2021 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Noninterest income $ — $ — $ — $ — $ — $ — $ (31) $ (23) $ — $ — EPS Impact -Noninterest income $ — $ — $ — $ (0.05) $ — Salaries & benefits $ (13) $ (9) $ (17) $ (12) $ (3) $ (2) $ (98) $ (72) $ (3) $ (2) Outside services (15) (12) (11) (8) (22) (17) (89) (67) (28) (21) Equipment and software (1) (1) — — (1) (1) (1) (1) (1) (1) Occupancy — — (2) (1) — — (2) (1) — — Other expense (6) (4) (7) (5) (3) (2) (23) (16) (3) (2) Noninterest expense $ (35) $ (26) $ (37) $ (26) $ (29) $ (22) $ (213) $ (157) $ (35) $ (26) EPS Impact - Noninterest expense $ (0.06) $ (0.06) $ (0.05) $ (0.34) $ (0.06) ISBC/HSBC Day 1 CECL provision expense (“double count”) $ — $ — $ — $ — $ — $ — $ (169) $ (126) $ — $ — EPS Impact - Provision for credit losses $ — $ — $ — $ (0.26) $ — Tax integration cost — — — — — — — (6) — — EPS Impact - Tax integration cost $ — $ — $ — $ (0.01) $ — Total Integration Costs $ (35) $ (26) $ (37) $ (26) $ (29) $ (22) $ (413) $ (312) $ (35) $ (26) EPS Impact - Total integration related $ (0.06) $ (0.06) $ (0.05) $ (0.66) $ (0.06) Other notable items - primarily tax and TOP 4Q22 3Q22 4Q21 FY 2022 FY 2021 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Tax notable items $ — $ — $ — $ — $ — $ — $ — $ (3) $ — $ — Other notable items- TOP & other actions Salaries & benefits $ (2) $ (2) $ — $ — $ (2) $ (2) $ (12) $ (9) $ 11 $ 8 Outside services (2) (1) (9) (7) (15) (11) (24) (18) (32) (24) Equipment and software (1) — — — (1) (1) (9) (6) (16) (12) Occupancy (2) (2) — — (5) (4) (3) (3) (18) (13) Other expense (1) (1) — — 1 1 (1) (1) (15) (11) Noninterest expense $ (8) $ (6) $ (9) $ (7) $ (22) $ (17) $ (49) $ (37) $ (70) $ (52) Total Other Notable Items $ (8) $ (6) $ (9) $ (7) $ (22) $ (17) $ (49) $ (40) $ (70) $ (52) EPS Impact - Other Notable Items $ (0.01) $ (0.01) $ (0.04) $ (0.08) $ (0.12) Total Notable Items $ (43) $ (32) $ (46) $ (33) $ (51) $ (39) $ (462) $ (352) $ (105) $ (78) Total EPS Impact $ (0.07) $ (0.07) $ (0.09) $ (0.74) $ (0.18)

37 Notes on Non-GAAP Financial Measures See important information on our use of Non-GAAP Financial Measures at the beginning this presentation and reconciliations to GAAP financial measures at the end of this presentation. Non-GAAP measures are herein defined as Underlying results, excluding HSBC and ISBC, excluding acquisitions and excluding PPP. Where there is a reference to Underlying results in a paragraph or table, all measures that follow these references are on the same basis, when applicable. Allowance coverage ratios for loans and leases includes the allowance for funded loans and leases in the numerator and funded loans and leases in the denominator. Allowance coverage ratios for credit losses includes the allowance for funded loans and leases and allowance for unfunded lending commitments in the numerator and funded loans and leases in the denominator. PPP loan balances were $165 million and $121 million as of September 30, 2022 and December 31, 2022, respectively. General Notes a. References to net interest margin are on a fully taxable equivalent ("FTE") basis. b. Throughout this presentation, references to consolidated and/or commercial loans and loan growth include leases. Loans held for sale are also referred to as LHFS. c. Select totals may not sum due to rounding. d. Based on Basel III standardized approach. Capital Ratios are preliminary. e. Throughout this presentation, reference to balance sheet items are on an average basis and loans exclude held for sale unless otherwise noted. f. NIM excluding elevated cash adjusts interest-earning assets to exclude the impact of cash above targeted operating levels. Notes Notes on slide 3 - 4Q22 and Full Year 2022 GAAP financial summary 1) See general note a). 2) Full-time equivalent employees. Notes on slide 4 - 4Q22 and Full Year 2022 Underlying financial summary 1) See note on non-GAAP financial measures. Notes on slide 5 - Overview 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 7 - Noninterest income 1) See note on non-GAAP financial measures. 2) Includes bank-owned life insurance income and other miscellaneous income for all periods presented. Notes on slide 8 - Noninterest expense 1) See above note on non-GAAP financial measures. Notes on slide 9 - Loans and leases 1) See above note on non-GAAP financial measures. 2) See general note c). Notes on slide 10 - Average funding and cost of funds 1) See note on non-GAAP financial measures. Notes on slide 11 - Credit quality overview 1) See note on non-GAAP financial measures. 2) Allowance for credit losses to nonperforming loans and leases. Notes on slide 13 - Capital remains strong 1) See general note d). 2) For regulatory capital purposes, in connection with the Federal Reserve’s final interim rule as of April 3, 2020, 100% of the $451 million Day-1 CECL impact recorded as of January 1, 2020 will be deferred over a two-year period ending January 1, 2022, at which time it will be phased in on a pro-rata basis over a three-year period ending January 1, 2025. Additionally, 25% of the cumulative reserve build of $923 million since January 1, 2020, or $231 million, will be phased in over the same time frame. 3) See general note c). Notes on slide 14 - Consumer Banking - differentiated growth opportunities 1) Weighted average branch share assuming in-store counted as 0.33 and based on 6/30/22 FDIC data. 2) Household data as of November 2022. 3) McKinsey/Finalta 2018 study. Notes on slide 15 - Consumer Banking - differentiated growth opportunities 1) Based on September 2022 data. 2) Ranked #1 nationally in new HELOC commitments for the nine months ending September 2022 according to Inside Mortgage Finance.

38 Notes continued Notes on slide 19 - FY2023 Outlook vs. 2022 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 20 - 1Q23 outlook vs.4Q22 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 21 - Medium-term financial targets 1) See note on non-GAAP financial measures. Notes on slide 24 - Underlying FY2022 performance vs. guidance 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 25 - Linked-quarter Underlying results 1) See note on non-GAAP financial measures. Notes on slide 26 - Year-over-year Underlying results 1) See note on non-GAAP financial measures. Notes on slide 27 - Full year underlying results 1) See note on non-GAAP financial measures. Notes on slide 31 - Commercial credit portfolio 1) Includes deferred fees and costs. 2) Excludes PPP loans of $121 million as of December 31, 2022. 3) Reflects period end balances. Notes on slide 33 - Retail credit portfolio 1) See general note c). 2) Reflects period-end loan balances. Notes on slide 34 - Delinquency by product 1) 90+ days past due and accruing includes $316 million and $425 million of loans fully or partially guaranteed by the FHA, VA, and USDA at December 31, 2022 and September 30, 2022, respectively. Notes on slide 35 - Allocation of allowance for credit losses by product type 1) Coverage ratio includes total commercial allowance for unfunded lending commitments and total commercial allowance for loan and lease losses in the numerator and total commercial loans and leases in the denominator. 2) Coverage ratio includes total retail allowance for unfunded lending commitments and total retail allowance for loan losses in the numerator and total retail loans in the denominator. Notes on slide 36 - Notable items 1) See note on non-GAAP financial measures.

39 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS FULL YEAR 4Q22 Change 2022 Change 4Q22 3Q22 4Q21 3Q22 4Q21 2022 2021 2021 $ % $ % $ % Noninterest income, Underlying: Noninterest income (GAAP) A $505 $512 $594 ($7) (1%) ($89) (15%) $2,009 $2,135 ($126) (6%) Less: Notable items — — — — — — — (31) — (31) (100) Noninterest income, Underlying (non-GAAP) B $505 $512 $594 ($7) (1%) ($89) (15%) $2,040 $2,135 ($95) (4%) Total revenue, Underlying: Total revenue (GAAP) C $2,200 $2,177 $1,720 $23 1% $480 28% $8,021 $6,647 $1,374 21% Less: Notable items — — — — — — — (31) — (31) (100) Total revenue, Underlying (non-GAAP) D $2,200 $2,177 $1,720 $23 1% $480 28% $8,052 $6,647 $1,405 21% Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,240 $1,241 $1,061 ($1) —% $179 17% $4,892 $4,081 $811 20% Less: Notable items 43 46 51 (3) (7) (8) (16) 262 105 157 150 Noninterest expense, Underlying (non-GAAP) F $1,197 $1,195 $1,010 $2 —% $187 19% $4,630 $3,976 $654 16% Pre-provision profit: Total revenue (GAAP) C $2,200 $2,177 $1,720 $23 1% $480 28% $8,021 $6,647 $1,374 21% Less: Noninterest expense (GAAP) E 1,240 1,241 1,061 (1) — 179 17 4,892 4,081 811 20 Pre-provision profit (GAAP) $960 $936 $659 $24 3% $301 46% $3,129 $2,566 $563 22% Pre-provision profit, Underlying: Total revenue, Underlying (non-GAAP) D $2,200 $2,177 $1,720 $23 1% $480 28% $8,052 $6,647 $1,405 21% Less: Noninterest expense, Underlying (non-GAAP) F 1,197 1,195 1,010 2 — 187 19 4,630 3,976 654 16 Pre-provision profit, Underlying (non-GAAP) $1,003 $982 $710 $21 2% $293 41% $3,422 $2,671 $751 28% Provision (benefit) for credit losses, Underlying: Provision (benefit) for credit losses (GAAP) $132 $123 ($25) $9 7% $157 NM $474 ($411) $885 NM Less: Notable items — — — — — — — 169 — 169 100 Provision (benefit) for credit losses, Underlying (non-GAAP) $132 $123 ($25) $9 7% $157 NM $305 ($411) $716 NM Income before income tax expense, Underlying: Income before income tax expense (GAAP) G $828 $813 $684 $15 2% $144 21% $2,655 $2,977 ($322) (11%) Less: Expense before income tax benefit related to notable items (43) (46) (51) 3 7 8 16 (462) (105) (357) NM Income before income tax expense, Underlying (non-GAAP) H $871 $859 $735 $12 1% $136 19% $3,117 $3,082 $35 1% Income tax expense, Underlying: Income tax expense (GAAP) I $175 $177 $154 ($2) (1%) $21 14% $582 $658 ($76) (12%) Less: Income tax benefit related to notable items (11) (13) (12) 2 15 1 8 (110) (27) (83) NM Income tax expense, Underlying (non-GAAP) J $186 $190 $166 ($4) (2%) $20 12% $692 $685 $7 1% Net income, Underlying: Net income (GAAP) K $653 $636 $530 $17 3% $123 23% $2,073 $2,319 ($246) (11%) Add: Notable items, net of income tax benefit 32 33 39 (1) (3) (7) (18) 352 78 274 NM Net income, Underlying (non-GAAP) L $685 $669 $569 $16 2% $116 20% $2,425 $2,397 $28 1% Net income available to common stockholders, Underlying: Net income available to common stockholders (GAAP) M $621 $611 $498 $10 2% $123 25% $1,960 $2,206 ($246) (11%) Add: Notable items, net of income tax benefit 32 33 39 (1) (3) (7) (18) 352 78 274 NM GAAP) N $653 $644 $537 $9 1% $116 22% $2,312 $2,284 $28 1%

40 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS FULL YEAR 4Q22 Change 2022 Change 4Q22 3Q22 4Q21 3Q22 4Q21 2022 2021 2021 $/bps % $/bps % $/bps % Operating leverage: Total revenue (GAAP) C $2,200 $2,177 $1,720 $23 1.05% $480 27.98% $8,021 $6,647 $1,374 20.68% Less: Noninterest expense (GAAP) E 1,240 1,241 1,061 (1) (0.12) 179 16.93 4,892 4,081 811 19.88 Operating leverage 1.17% 11.05% 0.80% Operating leverage, Underlying: Total revenue, Underlying (non-GAAP) D $2,200 $2,177 $1,720 $23 1.05% $480 27.98% $8,052 $6,647 $1,405 21.15% Less: Noninterest expense, Underlying (non-GAAP) F 1,197 1,195 1,010 2 0.16 187 18.63 4,630 3,976 654 16.46 Operating leverage, Underlying (non-GAAP) 0.89% 9.35% 4.69% Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 56.36 % 57.02% 61.68 % (66) bps (532) bps 60.99 % 61.40 % (41) bps Efficiency ratio, Underlying (non-GAAP) F/D 54.42 54.90 58.71 (48) bps (429) bps 57.51 59.82 (231) bps Noninterest income as a % of total revenue, Underlying: Noninterest income as a % of total revenue A/C 23 % 24% 35 % (62) bps (1,158) bps 25 % 32 % (707) bps Noninterest income as a % of total revenue, Underlying B/D 23 24 35 (62) bps (1,158) bps 25 32 (678) bpsEffective income tax rate and effective income tax rate, Underlying: Effective income tax rate I/G 21.16% 21.80% 22.40 % (64) bps (124) bps 21.93 % 22.10 % (17) bps Effective income tax rate, Underlying (non-GAAP) J/H 21.37 22.00 22.61 (63) bps (124) bps 22.19 22.21 (2) bps Return on average common equity and return on average common equity, Underlying: Average common equity (GAAP) O $21,276 $22,246 $21,320 ($970) (4%) ($44) —% $21,724 $21,025 $699 3% Return on average common equity M/O 11.56 % 10.91% 9.26 % 65 bps 230 bps 9.02 % 10.49 % (147) bps Return on average common equity, Underlying (non-GAAP) N/O 12.15 11.52 9.97 63 bps 218 bps 10.64 10.86 (22) bps Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) O $21,276 $22,246 $21,320 ($970) (4%) ($44) —% $21,724 $21,025 $699 3% Less: Average goodwill (GAAP) 8,171 8,131 7,092 40 — 1,079 15 7,872 7,062 810 11 Less: Average other intangibles (GAAP) 199 228 56 (29) (13) 143 NM 181 54 127 235 Add: Average deferred tax liabilities related to goodwill (GAAP) 424 424 383 — — 41 11 413 381 32 8 Average tangible common equity P $13,330 $14,311 $14,555 ($981) (7%) ($1,225) (8%) $14,084 $14,290 ($206) (1%) Return on average tangible common equity M/P 18.46 % 16.96% 13.57 % 150 bps 489 bps 13.91 % 15.44 % (153) bps Return on average tangible common equity, Underlying (non-GAAP) N/P 19.40 17.91 14.61 149 bps 479 bps 16.41 15.98 43 bps Return on average total assets and return on average total assets, Underlying: Average total assets (GAAP) Q $224,970 $225,473 $187,228 ($503) —% $37,742 20% $215,061 $185,106 $29,955 16% Return on average total assets K/Q 1.15 % 1.12% 1.12 % 3 bps 3 bps 0.96 % 1.25 % (29) bps Return on average total assets, Underlying (non-GAAP) L/Q 1.21 1.18 1.20 3 bps 1 bps 1.13 1.30 (17) bps $s in millions, except share, per share and ratio data

41 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS FULL YEAR 4Q22 Change 2022 Change 4Q22 3Q22 4Q21 3Q22 4Q21 2022 2021 2021 $/bps % $/bps % $/bps % Return on average total tangible assets and return on average total tangible assets, Underlying: Average total assets (GAAP) Q $224,970 $225,473 $187,228 ($503) —% $37,742 20% $215,061 $185,106 $29,955 16% Less: Average goodwill (GAAP) 8,171 8,131 7,092 40 — 1,079 15 7,872 7,062 810 11 Less: Average other intangibles (GAAP) 199 228 56 (29) (13) 143 NM 181 54 127 235 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 424 424 383 — — 41 11 413 381 32 8 Average tangible assets R $217,024 $217,538 $180,463 ($514) —% $36,561 20% $207,421 $178,371 $29,050 16% Return on average total tangible assets K/R 1.19 % 1.16% 1.17 % 3 bps 2 bps 1.00 % 1.30 % (30) bps Return on average total tangible assets, Underlying (non-GAAP) L/R 1.25 1.22 1.25 3 bps — bps 1.17 1.34 (17) bps Tangible book value per common share: Common shares - at period-end (GAAP) S 492,282,158 495,843,793 422,137,197 (3,561,635) (1%) 70,144,961 17% 492,282,158 422,137,197 70,144,961 17% Common stockholders' equity (GAAP) $21,676 $21,132 $21,406 $544 3 $270 1 $21,676 $21,406 $270 1 Less: Goodwill (GAAP) 8,173 8,160 7,116 13 — 1,057 15 8,173 7,116 1,057 15 Less: Other intangible assets (GAAP) 197 199 64 (2) (1) 133 208 197 64 133 208 Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 422 424 383 (2) — 39 10 422 383 39 10 Tangible common equity T $13,728 $13,197 $14,609 $531 4% ($881) (6%) $13,728 $14,609 ($881) (6%) Tangible book value per common share T/S $27.88 $26.62 $34.61 $1.26 5% ($6.73) (19%) $27.88 $34.61 ($6.73) (19%) Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying: Average common shares outstanding - basic (GAAP) U 493,293,981 495,651,083 424,697,880 (2,357,102) —% 68,596,101 16% 475,959,815 425,669,451 50,290,365 12% Average common shares outstanding - diluted (GAAP) V 495,478,398 497,477,501 426,868,106 (1,999,103) — 68,610,292 16 477,803,142 427,435,818 50,367,325 12 Net income per average common share - basic (GAAP) M/U $1.26 $1.23 $1.17 $0.03 2 $0.09 8 $4.12 $5.18 ($1.06) (20) Net income per average common share - diluted (GAAP) M/V 1.25 1.23 1.17 0.02 2 0.08 7 4.10 5.16 (1.06) (21) Net income per average common share - basic, Underlying (non-GAAP) N/U 1.32 1.30 1.26 0.02 2 0.06 5 4.86 5.37 (0.51) (9) Net income per average common share - diluted, Underlying (non-GAAP) N/V 1.32 1.30 1.26 0.02 2 0.06 5 4.84 5.34 (0.50) (9) $s in millions, except share, per share and ratio data

42 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS FULL YEAR 4Q22 Change 2022 Change 4Q22 3Q22 4Q21 3Q22 4Q21 2022 2021 2021 $/bps % $/bps % $/bps % Other income, Underlying Other income (GAAP) $36 $34 $32 $2 6% $4 13% $82 $89 ($7) (8%) Less: Notable items — — — — — — — (31) — (31) (100) Other income, Underlying (non-GAAP) $36 $34 $32 $2 6% $4 13% $113 $89 $24 27% Salaries and employee benefits, Underlying: Salaries and employee benefits (GAAP) $633 $639 $551 ($6) (1%) $82 15% $2,549 $2,132 $417 20% Less: Notable items 15 17 5 (2) (12) 10 200 110 (8) 118 NM Salaries and employee benefits, Underlying (non-GAAP) $618 $622 $546 ($4) (1%) $72 13% $2,439 $2,140 $299 14% Outside services, Underlying: Outside services (GAAP) $170 $172 $175 ($2) (1%) ($5) (3%) $700 $595 $105 18% Less: Notable items 17 20 37 (3) (15) (20) (54) 113 60 53 88 Outside services, Underlying (non-GAAP) $153 $152 $138 $1 1% $15 11% $587 $535 $52 10% Equipment and software, Underlying: Equipment and software (GAAP) $170 $159 $146 $11 7% $24 16% $648 $610 $38 6% Less: Notable items 2 — 2 2 100 — — 10 17 (7) (41) Equipment and software, Underlying (non-GAAP) $168 $159 $144 $9 6% $24 17% $638 $593 $45 8% Occupancy, Underlying: Occupancy (GAAP) $110 $106 $86 $4 4% $24 28% $410 $333 $77 23% Less: Notable items 2 2 5 — — (3) (60) 5 18 (13) (72) Occupancy, Underlying (non-GAAP) $108 $104 $81 $4 4% $27 33% $405 $315 $90 29% Other operating expense, Underlying: Other operating expense (GAAP) $157 $165 $103 ($8) (5%) $54 52% $585 $411 $174 42% Less: Notable items 7 7 2 — — 5 250 24 18 6 33 Other operating expense, Underlying (non-GAAP) $150 $158 $101 ($8) (5%) $49 49% $561 $393 $168 43% $s in millions, except share, per share and ratio data

43 Non-GAAP financial measures and reconciliations - excluding the impact of HSBC, ISBC, and Commercial fee-based acquisitions closed after 2Q21 QUARTERLY TRENDS 4Q22 Change 4Q22 3Q22 4Q21 3Q22 4Q21 $/bps % $/bps % Noninterest expense, Underlying excluding HSBC, ISBC, and Commercial fee based acquisition expenses closed after 2Q21: Noninterest expense (GAAP) A $1,240 $1,241 $1,061 ($1) —% $179 17% Less: Notable items 43 46 51 (3) (7) (8) (16) Less: HSBC & ISBC Acquisition Impact 129 130 — (1) (1) 129 100 Less: Commercial fee based acquisition expenses closed after 2Q21 37 37 20 — — 17 85 Total Noninterest expense, Underlying excluding HSBC, ISBC, and Commercial fee based acquisition expenses closed after 2Q21 (non-GAAP) B $1,031 $1,028 $990 $3 —% $41 4% $s in millions, except ratio data

44 Non-GAAP financial measures and reconciliations - excluding the impact of HSBC & ISBC Acquisitions QUARTERLY TRENDS 4Q22 Change 4Q22 3Q22 4Q21 3Q22 4Q21 Total Loans, excluding HSBC & ISBC Total Loans (GAAP) C $156,662 $156,140 $128,163 $522 —% $28,499 22% Less: HSBC & ISBC Acquisition Impact 20,420 21,171 — (751) (4) 20,420 100 Total Loans, excluding HSBC & ISBC (non-GAAP) D $136,242 $134,969 $128,163 $1,273 1% $8,079 6% Total Commercial Loans, excluding HSBC & ISBC Total Commercial Loans (GAAP) E $82,180 $81,114 $60,350 $1,066 1% $21,830 36% Less: HSBC & ISBC Acquisition Impact 15,093 15,749 — (656) (4) 15,093 100 Total Commercial Loans, excluding HSBC & ISBC (non-GAAP) F $67,087 $65,365 $60,350 $1,722 3% $6,737 11% Total Retail Loans, excluding HSBC & ISBC Total Retail Loans (GAAP) G $74,482 $75,026 $67,813 ($544) (1%) $6,669 10% Less: HSBC & ISBC Acquisition Impact 5,327 5,422 — (95) (2) 5,327 100 Total Retail Loans, excluding HSBC & ISBC (non-GAAP) H $69,155 $69,604 $67,813 ($449) (1%) $1,342 2% Total Average Loans, excluding HSBC & ISBC Average Loans (GAAP) I $157,099 $156,879 $125,209 $220 —% $31,890 25% Less: HSBC & ISBC Acquisition Impact 20,804 21,417 — (613) (3) 20,804 100 Total Average Loans, excluding HSBC & ISBC (non-GAAP) J $136,295 $135,462 $125,209 $833 1% $11,086 9% Average Commercial Loans, excluding HSBC & ISBC Average Commercial Loans (GAAP) K $82,468 $82,047 $58,900 $421 1% $23,568 40% Less: HSBC & ISBC Acquisition Impact 15,518 15,925 — (407) (3) 15,518 100 Average Commercial Loans, excluding HSBC & ISBC (non-GAAP) L $66,950 $66,122 $58,900 $828 1% $8,050 14% Average Retail Loans, excluding HSBC & ISBC Average Retail Loans (GAAP) M $74,631 $74,832 $66,309 ($201) —% $8,322 13% Less: HSBC & ISBC Acquisition Impact 5,286 5,492 — (206) (4) 5,286 100 Average Retail Loans, excluding HSBC & ISBC (non-GAAP) N $69,345 $69,340 $66,309 $5 —% $3,036 5% $s in millions, except ratio data

EX-99.3 4 q422financialsupplement.htm EX-99.3 Document

Financial Supplement

Fourth Quarter and Full Year 2022


Table of Contents						Page

Consolidated Financial Highlights						3

Consolidated Statements of Operations (unaudited)						5

Consolidated Balance Sheets (unaudited)						6

Loans and Deposits						7

Average Balance Sheets, Annualized Yields and Rates						8

Mortgage Banking Fees						10

Segment Financial Highlights						11

Credit-Related Information:
Nonaccrual loans and leases						14
Loans and Leases 90 Days or More Past Due and Accruing						15
Charge-offs, Recoveries, and Related Ratios						16
Summary of Changes in the Components of the Allowance for Credit Losses						18

Capital and Ratios						19

Non-GAAP Financial Measures and Reconciliations						20
The information in this Financial Supplement is preliminary and based on company data available at the time of the earnings presentation. It speaks only as of the particular date or dates included in the accompanying pages. The Company does not undertake an obligation to, and disclaims any duty to, update any of the information provided. Any forward-looking statements in this Financial Supplement are subject to the forward-looking statements language contained in the Company’s reports filed with the SEC pursuant to the Securities Exchange Act of 1934, which can be found on the SEC’s website (www.sec.gov) or on the Company’s website (www.citizensbank.com). The Company’s future financial performance is subject to the risks and uncertainties described in its SEC filings.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(in millions, except share, per-share and ratio data)


	QUARTERLY TRENDS																		FULL YEAR
											4Q22 Change												2022 Change
	4Q22		3Q22		2Q22		1Q22		4Q21		3Q22				4Q21				2022		2021		2021
											$/bps		%		$/bps		%						$/bps		%
SELECTED OPERATING DATA
Total revenue	$2,200		$2,177		$1,999		$1,645		$1,720		$23		1	%	$480		28	%	$8,021		$6,647		$1,374		21	%
Noninterest expense	1,240		1,241		1,305		1,106		1,061		(1)		—		179		17		4,892		4,081		811		20
Profit before provision (benefit) for credit losses	960		936		694		539		659		24		3		301		46		3,129		2,566		563		22
Provision (benefit) for credit losses	132		123		216		3		(25)		9		7		157		NM		474		(411)		885		NM
NET INCOME	653		636		364		420		530		17		3		123		23		2,073		2,319		(246)		(11)
Net income, Underlying1	685		669		595		476		569		16		2		116		20		2,425		2,397		28		1
Net income available to common stockholders	621		611		332		396		498		10		2		123		25		1,960		2,206		(246)		(11)
Net income available to common stockholders, Underlying1	653		644		563		452		537		9		1		116		22		2,312		2,284		28		1
PER COMMON SHARE DATA
Basic earnings	$1.26		$1.23		$0.68		$0.94		$1.17		$0.03		2	%	$0.09		8	%	$4.12		$5.18		($1.06)		(20	%)
Diluted earnings	1.25		1.23		0.67		0.93		1.17		0.02		2		0.08		7		4.10		5.16		(1.06)		(21)
Basic earnings, Underlying1	1.32		1.30		1.14		1.07		1.26		0.02		2		0.06		5		4.86		5.37		(0.51)		(9)
Diluted earnings, Underlying1	1.32		1.30		1.14		1.07		1.26		0.02		2		0.06		5		4.84		5.34		(0.50)		(9)
Cash dividends declared and paid per common share	0.42		0.42		0.39		0.39		0.39		—		—		0.03		8		1.62		1.56		0.06		4
Book value per common share	44.03		42.62		45.02		47.42		50.71		1.41		3		(6.68)		(13)		44.03		50.71		(6.68)		(13)
Tangible book value per common share	27.88		26.62		29.14		30.97		34.61		1.26		5		(6.73)		(19)		27.88		34.61		(6.73)		(19)
Dividend payout ratio	33	%	34	%	57	%	41	%	33	%	(100)	bps			—	bps			39	%	30	%	900	bps
Dividend payout ratio, Underlying1	32		32		34		36		31		—	bps			100	bps			33		29		400	bps
COMMON SHARES OUTSTANDING
Average: Basic	493,293,981		495,651,083		491,497,026		422,401,747		424,697,880		(2,357,102)		—	%	68,596,101		16	%	475,959,815		425,669,451		50,290,365		12	%
Diluted	495,478,398		497,477,501		493,296,114		424,670,871		426,868,106		(1,999,103)		—		68,610,292		16		477,803,142		427,435,818		50,367,325		12
Common shares at period-end	492,282,158		495,843,793		495,650,259		423,031,985		422,137,197		(3,561,635)		(1)		70,144,961		17		492,282,158		422,137,197		70,144,961		17

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

CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED

(in millions, except ratio and headcount data)


	QUARTERLY TRENDS																FULL YEAR
											4Q22 Change										2022 Change
	4Q22		3Q22		2Q22		1Q22		4Q21		3Q22			4Q21			2022		2021		2021
											$/bps		%	$/bps		%					$/bps		%
FINANCIAL RATIOS
Net interest margin	3.29	%	3.24	%	3.04	%	2.75	%	2.66	%	5	bps		63	bps		3.10	%	2.71	%	39	bps
Net interest margin, FTE1	3.30		3.25		3.04		2.75		2.66		5			64			3.10		2.72		38
Return on average common equity	11.56		10.91		5.95		7.65		9.26		65			230			9.02		10.49		(147)
Return on average common equity, Underlying2	12.15		11.52		10.06		8.75		9.97		63			218			10.64		10.86		(22)
Return on average tangible common equity	18.46		16.96		9.13		11.36		13.57		150			489			13.91		15.44		(153)
Return on average tangible common equity, Underlying2	19.40		17.91		15.45		12.99		14.61		149			479			16.41		15.98		43
Return on average total assets	1.15		1.12		0.66		0.90		1.12		3			3			0.96		1.25		(29)
Return on average total assets, Underlying2	1.21		1.18		1.08		1.03		1.20		3			1			1.13		1.30		(17)
Return on average total tangible assets	1.19		1.16		0.69		0.94		1.17		3			2			1.00		1.30		(30)
Return on average total tangible assets, Underlying2	1.25		1.22		1.12		1.06		1.25		3			—			1.17		1.34		(17)
Effective income tax rate	21.16		21.80		23.77		21.70		22.40		(64)			(124)			21.93		22.10		(17)
Effective income tax rate, Underlying2	21.37		22.00		23.69		21.70		22.61		(63)			(124)			22.19		22.21		(2)
Efficiency ratio	56.36		57.02		65.27		67.23		61.68		(66)			(532)			60.99		61.40		(41)
Efficiency ratio, Underlying2	54.42		54.90		58.16		64.28		58.71		(48)			(429)			57.51		59.82		(231)
Noninterest income as a % of total revenue	22.92		23.54		24.72		30.26		34.50		(62)			(1,158)			25.04		32.11		(707)
Noninterest income as a % of total revenue, Underlying2	22.92		23.54		25.88		30.26		34.50		(62)			(1,158)			25.33		32.11		(678)
CAPITAL RATIOS - PERIOD-END (PRELIMINARY)
CET1 capital ratio	10.0	%	9.8	%	9.6	%	9.7	%	9.9	%
Tier 1 capital ratio	11.1		10.9		10.6		10.9		11.1
Total capital ratio	12.8		12.6		12.3		12.5		12.7
Tier 1 leverage ratio	9.3		9.2		9.3		9.6		9.7
Tangible common equity ratio	6.3		6.1		6.6		7.1		8.1
SELECTED BALANCE SHEET DATA
Loan-to-deposit ratio (period-end balances)	86.69	%	87.44	%	87.28	%	82.70	%	83.03	%	(75)	bps		366	bps		86.69	%	83.03	%	366	bps
Loan-to-deposit ratio (average balances)	87.74		88.32		87.24		83.28		81.83		(58)	bps		591	bps		86.77		82.10		467	bps
Full-time equivalent colleagues (period-end)	18,889		19,235		19,583		17,843		17,463		(346)		(2)	1,426		8	18,889		17,463		1,426		8

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

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

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in millions)


	QUARTERLY TRENDS											FULL YEAR
						4Q22 Change								2022 Change
	4Q22	3Q22	2Q22	1Q22	4Q21	3Q22			4Q21			2022	2021	2021
						$	%		$	%				$	%
INTEREST INCOME
Interest and fees on loans and leases	$1,893	$1,657	$1,370	$1,048	$1,056	$236	14	%	$837	79	%	$5,968	$4,253	$1,715	40	%
Interest and fees on loans held for sale	16	18	17	16	19	(2)	(11)		(3)	(16)		67	82	(15)	(18)
Interest and fees on other loans held for sale	10	15	25	7	4	(5)	(33)		6	150		57	13	44	NM
Investment securities	258	243	201	138	119	15	6		139	117		840	487	353	72
Interest-bearing deposits in banks	75	36	13	4	4	39	108		71	NM		128	16	112	NM
Total interest income	2,252	1,969	1,626	1,213	1,202	283	14		1,050	87		7,060	4,851	2,209	46
INTEREST EXPENSE
Deposits	396	176	54	25	33	220	125		363	NM		651	160	491	NM
Short-term borrowed funds	2	11	10	—	1	(9)	(82)		1	100		23	1	22	NM
Long-term borrowed funds	159	117	57	41	42	42	36		117	NM		374	178	196	110
Total interest expense	557	304	121	66	76	253	83		481	NM		1,048	339	709	209
Net interest income	1,695	1,665	1,505	1,147	1,126	30	2		569	51		6,012	4,512	1,500	33
NONINTEREST INCOME
Service charges and fees	105	109	108	98	100	(4)	(4)		5	5		420	409	11	3
Capital markets fees	98	89	88	93	184	9	10		(86)	(47)		368	428	(60)	(14)
Card fees	71	71	71	60	65	—	—		6	9		273	250	23	9
Mortgage banking fees	54	66	72	69	76	(12)	(18)		(22)	(29)		261	434	(173)	(40)
Trust and investment services fees	61	61	66	61	60	—	—		1	2		249	239	10	4
Foreign exchange and derivative products	35	42	60	51	35	(7)	(17)		—	—		188	120	68	57
Letter of credit and loan fees	41	40	40	38	41	1	3		—	—		159	156	3	2
Securities gains, net	4	—	1	4	1	4	100		3	NM		9	10	(1)	(10)
Other income	36	34	(12)	24	32	2	6		4	13		82	89	(7)	(8)
Total noninterest income	505	512	494	498	594	(7)	(1)		(89)	(15)		2,009	2,135	(126)	(6)
TOTAL REVENUE	2,200	2,177	1,999	1,645	1,720	23	1		480	28		8,021	6,647	1,374	21
Provision (benefit) for credit losses	132	123	216	3	(25)	9	7		157	NM		474	(411)	885	NM
NONINTEREST EXPENSE
Salaries and employee benefits	633	639	683	594	551	(6)	(1)		82	15		2,549	2,132	417	20
Outside services	170	172	189	169	175	(2)	(1)		(5)	(3)		700	595	105	18
Equipment and software	170	159	169	150	146	11	7		24	16		648	610	38	6
Occupancy	110	106	111	83	86	4	4		24	28		410	333	77	23
Other operating expense	157	165	153	110	103	(8)	(5)		54	52		585	411	174	42
Total noninterest expense	1,240	1,241	1,305	1,106	1,061	(1)	—		179	17		4,892	4,081	811	20
Income before income tax expense	828	813	478	536	684	15	2		144	21		2,655	2,977	(322)	(11)
Income tax expense	175	177	114	116	154	(2)	(1)		21	14		582	658	(76)	(12)
Net income	$653	$636	$364	$420	$530	$17	3	%	$123	23	%	$2,073	$2,319	($246)	(11	%)
Net income, Underlying1	$685	$669	$595	$476	$569	$16	2	%	$116	20	%	$2,425	$2,397	$28	1	%
Net income available to common stockholders	$621	$611	$332	$396	$498	$10	2	%	$123	25	%	$1,960	$2,206	($246)	(11	%)
Net income available to common stockholders, Underlying1	$653	$644	$563	$452	$537	$9	1	%	$116	22	%	$2,312	$2,284	$28	1	%

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

CONSOLIDATED BALANCE SHEETS (unaudited)

(in millions)


PERIOD-END BALANCES	AS OF					DECEMBER 31, 2022 CHANGE
	Dec 31, 2022	Sept 30, 2022	June 30, 2022	Mar 31, 2022	Dec 31, 2021	September 30, 2022			December 31, 2021
						$	%		$	%
ASSETS
Cash and due from banks	$1,489	$1,235	$1,456	$1,223	$1,155	$254	21	%	$334	29	%
Interest-bearing cash and due from banks	9,058	6,925	5,058	8,713	8,003	2,133	31		1,055	13
Interest-bearing deposits in banks	303	261	469	685	316	42	16		(13)	(4)
Debt securities available for sale, at fair value	24,007	23,478	24,961	25,319	26,067	529	2		(2,060)	(8)
Debt securities held to maturity	9,834	10,071	9,567	2,056	2,242	(237)	(2)		7,592	NM
Loans held for sale, at fair value	774	1,048	1,377	1,717	2,733	(274)	(26)		(1,959)	(72)
Other loans held for sale	208	914	2,078	99	735	(706)	(77)		(527)	(72)
Loans and leases	156,662	156,140	156,172	131,305	128,163	522	—		28,499	22
Less: Allowance for loan and lease losses	(1,983)	(1,980)	(1,964)	(1,720)	(1,758)	(3)	—		(225)	13
Net loans and leases	154,679	154,160	154,208	129,585	126,405	519	—		28,274	22
Derivative assets	842	1,352	1,669	1,675	1,216	(510)	(38)		(374)	(31)
Premises and equipment	844	827	885	793	768	17	2		76	10
Bank-owned life insurance	3,236	3,222	3,207	2,960	2,843	14	—		393	14
Goodwill	8,173	8,160	8,081	7,232	7,116	13	—		1,057	15
Other intangible assets	197	199	211	115	64	(2)	(1)		133	208
Other assets	13,089	12,832	13,485	9,925	8,746	257	2		4,343	50
TOTAL ASSETS	$226,733	$224,684	$226,712	$192,097	$188,409	$2,049	1	%	$38,324	20	%
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing	$49,283	$51,888	$54,169	$50,113	$49,443	($2,605)	(5	%)	($160)	—	%
Interest-bearing	131,441	126,678	124,756	108,663	104,918	4,763	4		26,523	25
Total deposits	180,724	178,566	178,925	158,776	154,361	2,158	1		26,363	17
Short-term borrowed funds	3	263	3,763	25	74	(260)	(99)		(71)	(96)
Derivative liabilities	1,909	2,227	1,004	635	197	(318)	(14)		1,712	NM
Long-term borrowed funds:
FHLB advances	8,519	9,519	8,269	20	19	(1,000)	(11)		8,500	NM
Senior debt	5,555	4,954	4,176	4,290	5,326	601	12		229	4
Subordinated debt and other debt	1,813	1,813	1,995	1,584	1,587	—	—		226	14
Total long-term borrowed funds	15,887	16,286	14,440	5,894	6,932	(399)	(2)		8,955	129
Other liabilities	4,520	4,196	4,252	4,693	3,425	324	8		1,095	32
TOTAL LIABILITIES	203,043	201,538	202,384	170,023	164,989	1,505	1		38,054	23
STOCKHOLDERS' EQUITY
Preferred stock:
$25.00 par value, 100,000,000 shares authorized for each of the periods presented	2,014	2,014	2,014	2,014	2,014	—	—		—	—
Common stock:
$0.01 par value, 1,000,000,000 shares authorized for each of the periods presented	6	6	6	6	6	—	—		—	—
Additional paid-in capital	22,142	22,121	22,100	19,021	19,005	21	—		3,137	17
Retained earnings	9,159	8,748	8,346	8,209	7,978	411	5		1,181	15
Treasury stock, at cost	(5,071)	(4,920)	(4,920)	(4,918)	(4,918)	(151)	(3)		(153)	(3)
Accumulated other comprehensive income (loss)	(4,560)	(4,823)	(3,218)	(2,258)	(665)	263	5		(3,895)	NM
TOTAL STOCKHOLDERS' EQUITY	23,690	23,146	24,328	22,074	23,420	544	2		270	1
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$226,733	$224,684	$226,712	$192,097	$188,409	$2,049	1	%	$38,324	20	%
Memo: Total tangible common equity	$13,728	$13,197	$14,444	$13,100	$14,609	$531	4	%	($881)	(6	%)

LOANS AND DEPOSITS

(in millions)


PERIOD-END BALANCES	AS OF					DECEMBER 31, 2022 CHANGE
	Dec 31, 2022	Sept 30, 2022	June 30, 2022	Mar 31, 2022	Dec 31, 2021	Sept 30, 2022			December 31, 2021
						$	%		$	%
LOANS AND LEASES
Commercial and industrial	$51,836	$50,989	$51,801	$45,724	$44,500	$847	2	%	$7,336	16	%
Commercial real estate	28,865	28,681	28,070	14,268	14,264	184	1		14,601	102
Leases	1,479	1,444	1,574	1,529	1,586	35	2		(107)	(7)
Total commercial	82,180	81,114	81,445	61,521	60,350	1,066	1		21,830	36
Residential mortgages	29,921	29,548	29,088	24,211	22,822	373	1		7,099	31




Home equity	14,043	13,684	13,122	12,264	12,015	359	3		2,028	17
Automobile	12,292	13,155	13,868	14,439	14,549	(863)	(7)		(2,257)	(16)
Education	12,808	13,094	13,141	13,306	12,997	(286)	(2)		(189)	(1)


Other retail	5,418	5,545	5,508	5,564	5,430	(127)	(2)		(12)	—
Total retail	74,482	75,026	74,727	69,784	67,813	(544)	(1)		6,669	10
Total loans and leases	$156,662	$156,140	$156,172	$131,305	$128,163	$522	—	%	$28,499	22	%
Loans held for sale, at fair value	774	1,048	1,377	1,717	2,733	(274)	(26)		(1,959)	(72)
Other loans held for sale	208	914	2,078	99	735	(706)	(77)		(527)	(72)
Loans and leases and loans held for sale	$157,644	$158,102	$159,627	$133,121	$131,631	($458)	—	%	$26,013	20	%

DEPOSITS
Demand	$49,283	$51,888	$54,169	$50,113	$49,443	($2,605)	(5	%)	($160)	—	%
Money market	49,905	49,081	48,063	45,342	47,216	824	2		2,689	6
Checking with interest	39,721	38,040	39,611	32,417	30,409	1,681	4		9,312	31
Regular savings	29,805	29,882	27,959	26,104	22,030	(77)	—		7,775	35
Term	12,010	9,675	9,123	4,800	5,263	2,335	24		6,747	128
Total deposits	$180,724	$178,566	$178,925	$158,776	$154,361	$2,158	1	%	$26,363	17	%


AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(in millions, except rates)

	QUARTERLY TRENDS												4Q22 Change
	4Q22				3Q22				4Q21				3Q22			4Q21
	Average Balances	Interest	Rate		Average Balances	Interest	Rate		Average Balances	Interest	Rate		Average Balances	Interest	Rate	Average Balances	Interest	Rate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks	$6,915	$75	4.22	%	$5,203	$36	2.78	%	$11,152	$4	0.15	%	$1,712	$39	144 bps	($4,237)	$71	407 bps
Taxable investment securities	38,770	258	2.66		38,507	243	2.50		28,191	119	1.68		263	15	16	10,579	139	98
Non-taxable investment securities	2	—	2.39		3	—	1.88		2	—	2.60		(1)	—	51	—	—	(21)
Total investment securities	38,772	258	2.66		38,510	243	2.50		28,193	119	1.68		262	15	16	10,579	139	98

Commercial and industrial	52,311	652	4.89		52,130	544	4.08		43,070	345	3.12		181	108	81	9,241	307	177
Commercial real estate	28,735	382	5.19		28,388	311	4.29		14,261	95	2.61		347	71	90	14,474	287	258
Leases	1,422	12	3.25		1,529	13	3.35		1,569	12	3.00		(107)	(1)	(10)	(147)	—	25
Total commercial	82,468	1,046	4.97		82,047	868	4.14		58,900	452	2.99		421	178	83	23,568	594	198
Residential mortgages	29,677	246	3.32		29,327	240	3.27		22,047	154	2.81		350	6	5	7,630	92	51
Home equity	13,869	204	5.84		13,400	156	4.62		11,948	91	3.02		469	48	122	1,921	113	282
Automobile	12,692	125	3.90		13,540	128	3.74		13,976	130	3.67		(848)	(3)	16	(1,284)	(5)	23
Education	12,929	148	4.54		13,081	144	4.37		12,885	133	4.09		(152)	4	17	44	15	45
Other retail	5,464	124	9.02		5,484	121	8.71		5,453	96	7.07		(20)	3	31	11	28	195
Total retail	74,631	847	4.52		74,832	789	4.19		66,309	604	3.63		(201)	58	33	8,322	243	89
Total loans and leases	157,099	1,893	4.75		156,879	1,657	4.17		125,209	1,056	3.33		220	236	58	31,890	837	142
Loans held for sale, at fair value	1,179	16	5.32		1,600	18	4.37		3,133	19	2.44		(421)	(2)	95	(1,954)	(3)	288
Other loans held for sale	557	10	6.70		1,385	15	4.36		321	4	4.85		(828)	(5)	234	236	6	185
Total interest-earning assets	204,522	2,252	4.35		203,577	1,969	3.82		168,008	1,202	2.83		945	283	53	36,514	1,050	152


Noninterest-earning assets	20,448				21,896				19,220				(1,448)			1,228
TOTAL ASSETS	$224,970				$225,473				$187,228				($503)			$37,742
INTEREST-BEARING LIABILITIES
Checking with interest	$36,952	77	0.82		$38,297	45	0.46		$28,075	6	0.09		($1,345)	32	36	$8,877	$71	73
Money market	50,228	208	1.65		47,374	77	0.64		48,512	17	0.14		2,854	131	101	1,716	191	151
Regular savings	29,780	58	0.78		28,741	28	0.38		21,575	4	0.09		1,039	30	40	8,205	54	69
Term	11,378	53	1.83		9,913	26	1.10		5,636	6	0.33		1,465	27	73	5,742	47	150
Total interest-bearing deposits	128,338	396	1.23		124,325	176	0.56		103,798	33	0.13		4,013	220	67	24,540	363	110
Short-term borrowed funds	262	2	3.83		2,043	11	2.09		24	1	5.15		(1,781)	(9)	174	238	1	(132)
FHLB advances	8,818	82	3.67		9,226	55	2.33		18	—	0.85		(408)	27	134	8,800	82	282
Senior debt	5,397	55	4.05		4,633	39	3.37		5,338	25	1.87		764	16	68	59	30	218
Subordinated debt and other debt	1,812	22	4.59		1,988	23	4.52		1,587	17	4.35		(176)	(1)	7	225	5	24
Total long-term borrowed funds	16,027	159	3.91		15,847	117	2.91		6,943	42	2.43		180	42	100	9,084	117	148
Total borrowed funds	16,289	161	3.90		17,890	128	2.81		6,967	43	2.44		(1,601)	33	109	9,322	118	146
Total interest-bearing liabilities	144,627	557	1.53		142,215	304	0.85		110,765	76	0.27		2,412	253	68	33,862	481	126
Demand deposits	50,706				53,293				49,206				(2,587)			1,500
Other noninterest-bearing liabilities	6,347				5,705				3,924				642			2,423
TOTAL LIABILITIES	201,680				201,213				163,895				467			37,785
STOCKHOLDERS' EQUITY	23,290				24,260				23,333				(970)			(43)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$224,970				$225,473				$187,228				($503)			$37,742
INTEREST RATE SPREAD			2.82	%			2.97	%			2.56	%			(15)			26
NET INTEREST MARGIN AND NET INTEREST INCOME		$1,695	3.29	%		$1,665	3.24	%		$1,126	2.66	%		$30	5		$569	63
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE1		$1,699	3.30	%		$1,668	3.25	%		$1,128	2.66	%		$31	5		$571	64
Memo: Total deposits (interest-bearing and demand)	$179,044	$396	0.88	%	$177,618	$176	0.39	%	$153,004	$33	0.09	%	$1,426	$220	49 bps	$26,040	$363	79 bps

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


AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(in millions, except rates)

	FULL YEAR								2022 Change
	2022				2021				2021
	Average Balances	Interest	Rate		Average Balances	Interest	Rate		Average Balances	Interest	Rate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks	$6,195	$128	2.04	%	$11,762	$16	0.13	%	($5,567)	$112	191	bps
Taxable investment securities	35,639	840	2.35		27,574	487	1.76		8,065	353	59
Non-taxable investment securities	3	—	2.33		3	—	2.60		—	—	(27)
Total investment securities	35,642	840	2.35		27,577	487	1.76		8,065	353	59
Commercial and industrial	50,002	1,942	3.83		43,512	1,399	3.17		6,490	543	66
Commercial real estate	24,746	1,026	4.09		14,515	380	2.58		10,231	646	151
Leases	1,521	46	3.00		1,742	49	2.79		(221)	(3)	21
Total commercial	76,269	3,014	3.90		59,769	1,828	3.02		16,500	1,186	88
Residential mortgages	27,759	876	3.16		20,636	613	2.97		7,123	263	19
Home equity	13,057	555	4.25		11,901	370	3.11		1,156	185	114
Automobile	13,729	507	3.69		12,972	506	3.90		757	1	(21)
Education	13,047	560	4.29		12,666	536	4.23		381	24	6
Other retail	5,483	456	8.31		5,607	400	7.15		(124)	56	116
Total retail	73,075	2,954	4.04		63,782	2,425	3.80		9,293	529	24
Total loans and leases	149,344	5,968	3.97		123,551	4,253	3.42		25,793	1,715	55
Loans held for sale, at fair value	1,767	67	3.77		3,359	82	2.45		(1,592)	(15)	132
Other loans held for sale	1,188	57	4.71		262	13	4.87		926	44	(16)
Total interest-earning assets	194,136	7,060	3.61		166,511	4,851	2.90		27,625	2,209	71
Noninterest-earning assets	20,925				18,595				2,330
TOTAL ASSETS	$215,061				$185,106				$29,955
INTEREST-BEARING LIABILITIES
Checking with interest	$36,127	142	0.39		$27,365	24	0.09		$8,762	118	30
Money market	48,410	320	0.66		49,148	78	0.16		(738)	242	50
Regular savings	27,524	100	0.37		20,276	19	0.10		7,248	81	27
Term	8,330	89	1.07		6,802	39	0.58		1,528	50	49
Total interest-bearing deposits	120,391	651	0.54		103,591	160	0.15		16,800	491	39
Short-term borrowed funds	1,584	23	1.47		66	1	1.13		1,518	22	34
FHLB advances	5,659	149	2.60		18	—	0.89		5,641	149	171
Senior debt	4,631	144	3.11		5,810	110	1.89		(1,179)	34	122
Subordinated debt and other debt	1,788	81	4.44		1,584	68	4.27		204	13	17
Total long-term borrowed funds	12,078	374	3.07		7,412	178	2.39		4,666	196	68
Total borrowed funds	13,662	397	2.88		7,478	179	2.38		6,184	218	50
Total interest-bearing liabilities	134,053	1,048	0.78		111,069	339	0.30		22,984	709	48
Demand deposits	51,717				46,898				4,819
Other noninterest-bearing liabilities	5,553				4,105				1,448
TOTAL LIABILITIES	191,323				162,072				29,251
STOCKHOLDERS' EQUITY	23,738				23,034				704
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$215,061				$185,106				$29,955
INTEREST RATE SPREAD			2.83	%			2.60	%			23
NET INTEREST MARGIN AND NET INTEREST INCOME		$6,012	3.10	%		$4,512	2.71	%		$1,500	39
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE1		$6,023	3.10	%		$4,521	2.72	%		$1,502	38
Memo: Total deposits (interest-bearing and demand)	$172,108	$651	0.38	%	$150,489	$160	0.11	%	$21,619	$491	27	bps

MORTGAGE BANKING FEES SUMMARY

(in millions, except ratio data)


	QUARTERLY TRENDS																		FULL YEAR
											4Q22 Change												2022 Change
	4Q22		3Q22		2Q22		1Q22		4Q21		3Q22				4Q21				2022		2021		2021
											$/bps		%		$/bps		%						$/bps		%
MORTGAGE BANKING FEES
Production revenue	$12		$19		$22		$31		$60		($7)		(37	%)	($48)		(80	%)	$84		$384		($300)		(78	%)
Mortgage servicing revenue	40		40		39		28		14		—		—		26		186		147		36		111		NM
MSR valuation changes, net of hedge impact	2		7		11		10		2		(5)		(71)		—		—		30		14		16		114
Total mortgage banking fees	$54		$66		$72		$69		$76		($12)		(18	%)	($22)		(29	%)	$261		$434		($173)		(40	%)

Pull-through adjusted locks	$1,665		$2,979		$3,833		$4,936		$5,785		($1,314)		(44	%)	($4,120)		(71	%)	$13,413		$30,060		($16,647)		(55	%)

Production revenue as a percentage of Pull-through adjusted locks	0.72	%	0.64	%	0.57	%	0.63	%	1.05	%	8	bps			(33)	bps			0.63	%	1.27	%	(64)	bps



RESIDENTIAL REAL ESTATE ORIGINATIONS
Retail	$1,103		$1,799		$2,774		$3,275		$3,794		($696)		(39	%)	($2,691)		(71	%)	$8,951		$15,054		($6,103)		(41	%)
Third Party	1,652		2,642		3,624		4,101		6,084		(990)		(37)		(4,432)		(73)		12,019		27,674		(15,655)		(57)
Total	$2,755		$4,441		$6,398		$7,376		$9,878		($1,686)		(38	%)	(7,123)		(72	%)	$20,970		$42,728		($21,758)		(51	%)

Originated for sale	$2,044		$3,212		$4,296		$5,521		$7,814		($1,168)		(36	%)	($5,770)		(74	%)	$15,073		$35,579		($20,506)		(58	%)
Originated for investment	711		1,229		2,102		1,855		2,064		(518)		(42)		(1,353)		(66)		5,897		7,149		(1,252)		(18)
Total	$2,755		$4,441		$6,398		$7,376		$9,878		($1,686)		(38	%)	($7,123)		(72	%)	$20,970		$42,728		($21,758)		(51	%)

MORTGAGE SERVICING INFORMATION (UPB)
Loans serviced for others	$96,698		$96,415		$95,489		$92,804		$90,189		$283		—	%	$6,509		7	%	$96,698		$90,189		$6,509		7	%
Owned loans serviced	30,135		30,081		29,893		25,283		24,855		54		—		5,280		21		30,135		24,855		5,280		21
Total	$126,833		$126,496		$125,382		$118,087		$115,044		$337		—	%	$11,789		10	%	$126,833		$115,044		$11,789		10	%

MSR at fair value	$1,530		$1,524		$1,411		$1,241		$1,029		$6		—	%	$501		49	%	$1,530		$1,029		$501		49	%

SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING

(in millions, except ratio data)


	QUARTERLY TRENDS																		FULL YEAR
CONSUMER BANKING											4Q22 Change												2022 Change
	4Q22		3Q22		2Q22		1Q22		4Q21		3Q22				4Q21				2022		2021		2021
											$/bps		%		$/bps		%						$/bps		%
Net interest income1	$1,106		$1,085		$995		$857		$883		$21		2	%	$223		25	%	$4,043		$3,562		$481		14	%
Noninterest income	256		270		280		257		274		(14)		(5)		(18)		(7)		1,063		1,223		(160)		(13)
Total revenue	1,362		1,355		1,275		1,114		1,157		7		1		205		18		5,106		4,785		321		7
Noninterest expense	863		863		881		784		737		—		—		126		17		3,391		2,987		404		14
Profit before provision (benefit) for credit losses	499		492		394		330		420		7		1		79		19		1,715		1,798		(83)		(5)
Net charge-offs	76		62		39		49		46		14		23		30		65		226		185		41		22
Income before income tax expense	423		430		355		281		374		(7)		(2)		49		13		1,489		1,613		(124)		(8)
Income tax expense	108		111		90		72		95		(3)		(3)		13		14		381		410		(29)		(7)
Net income	$315		$319		$265		$209		$279		($4)		(1	%)	$36		13	%	$1,108		$1,203		($95)		(8	%)
AVERAGE BALANCES
Total assets	$88,440		$89,560		$88,881		$77,551		$76,077		($1,120)		(1	%)	$12,363		16	%	$86,147		$75,509		$10,638		14	%
Total loans and leases2	82,302		83,373		83,248		73,233		71,925		(1,071)		(1)		10,377		14		80,572		71,126		9,446		13
Deposits	117,164		117,448		118,482		104,663		101,642		(284)		—		15,522		15		114,482		100,195		14,287		14
Interest-earning assets	83,021		84,122		84,026		74,052		72,796		(1,101)		(1)		10,225		14		81,338		72,034		9,304		13
KEY METRICS
Net interest margin	5.28	%	5.12	%	4.75	%	4.69	%	4.82	%	16	bps			46	bps			4.97	%	4.95	%	2	bps
Efficiency ratio	63.38		63.76		69.06		70.38		63.68		(38)	bps			(30)	bps			66.42		62.42		400	bps
Loan-to-deposit ratio (period-end balances)	68.55		67.38		69.04		66.23		68.32		117	bps			23	bps			68.55		68.32		23	bps
Loan-to-deposit ratio (average balances)	69.38		69.63		68.60		68.04		67.97		(25)	bps			141	bps			68.94		67.84		110	bps
Return on average total tangible assets	1.42		1.43		1.20		1.10		1.46		(1)	bps			(4)	bps			1.29		1.60		(31)	bps

1Effective January 1, 2022, the Company refined its FTP credit methodology for deposits provided by each business segment.

2Includes loans held for sale.

SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING

(in millions, except ratio data)


	QUARTERLY TRENDS																		FULL YEAR
COMMERCIAL BANKING											4Q22 Change												2022 Change
	4Q22		3Q22		2Q22		1Q22		4Q21		3Q22				4Q21				2022		2021		2021
											$/bps		%		$/bps		%						$/bps		%
Net interest income1	$594		$559		$534		$416		$438		$35		6	%	$156		36	%	$2,103		$1,706		$397		23	%
Noninterest income	198		213		221		213		293		(15)		(7)		(95)		(32)		845		809		36		4
Total revenue	792		772		755		629		731		20		3		61		8		2,948		2,515		433		17
Noninterest expense	318		325		308		272		294		(7)		(2)		24		8		1,223		973		250		26
Profit before provision (benefit) for credit losses	474		447		447		357		437		27		6		37		8		1,725		1,542		183		12
Net charge-offs	12		12		10		12		6		—		—		6		100		46		156		(110)		(71)
Income before income tax expense	462		435		437		345		431		27		6		31		7		1,679		1,386		293		21
Income tax expense	104		101		96		74		95		3		3		9		9		375		300		75		25
Net income	$358		$334		$341		$271		$336		$24		7	%	$22		7	%	$1,304		$1,086		$218		20	%
AVERAGE BALANCES
Total assets	$79,591		$80,067		$78,638		$61,118		$58,501		($476)		(1	%)	$21,090		36	%	$74,919		$57,617		$17,302		30	%
Total loans and leases2	75,773		75,767		74,172		58,007		55,550		6		—		20,223		36		70,992		54,734		16,258		30
Deposits	52,303		51,095		51,575		44,520		45,475		1,208		2		6,828		15		49,898		44,747		5,151		12
Interest-earning assets	76,097		76,025		74,422		58,312		55,891		72		—		20,206		36		71,276		55,096		16,180		29
KEY METRICS
Net interest margin	3.10	%	2.91	%	2.88	%	2.89	%	3.11	%	19	bps			(1)	bps			2.95	%	3.10	%	(15)	bps
Efficiency ratio	40.18		42.04		40.78		43.32		40.16		(186)	bps			2	bps			41.50		38.68		282	bps
Loan-to-deposit ratio (period-end balances)	141.44		142.25		142.31		132.70		125.31		(81)	bps			1,613	bps			141.44		125.31		1,613	bps
Loan-to-deposit ratio (average balances)	143.49		145.57		139.31		128.49		120.81		(208)	bps			2,268	bps			139.65		121.28		1,837	bps
Return on average total tangible assets	1.80		1.68		1.75		1.81		2.28		12	bps			(48)	bps			1.76		1.89		(13)	bps

1Effective January 1, 2022, the Company refined its FTP credit methodology for deposits provided by each business segment.

2Includes loans held for sale.

SEGMENT FINANCIAL HIGHLIGHTS - OTHER

(in millions)


	QUARTERLY TRENDS											FULL YEAR
OTHER1						4Q22 Change								2022 Change
	4Q22	3Q22	2Q22	1Q22	4Q21	3Q22			4Q21			2022	2021	2021
						$	%		$	%				$	%
Net interest income2	($5)	$21	($24)	($126)	($195)	($26)	NM		$190	97	%	($134)	($756)	$622	82	%
Noninterest income	51	29	(7)	28	27	22	76		24	89		101	103	(2)	(2)
Total revenue	46	50	(31)	(98)	(168)	(4)	(8)		214	NM		(33)	(653)	620	95
Noninterest expense	59	53	116	50	30	6	11		29	97		278	121	157	130
Loss before provision (benefit) for credit losses	(13)	(3)	(147)	(148)	(198)	(10)	NM		185	93		(311)	(774)	463	60
Provision (benefit) for credit losses	44	49	167	(58)	(77)	(5)	(10)		121	NM		202	(752)	954	NM
Loss before income tax benefit	(57)	(52)	(314)	(90)	(121)	(5)	(10)		64	53		(513)	(22)	(491)	NM
Income tax benefit	(37)	(35)	(72)	(30)	(36)	(2)	(6)		(1)	(3)		(174)	(52)	(122)	(235)
Net (loss) income	($20)	($17)	($242)	($60)	($85)	($3)	(18	%)	$65	76		($339)	$30	($369)	NM
AVERAGE BALANCES
Total assets	$56,939	$55,846	$53,448	$49,648	$52,650	$1,093	2	%	$4,289	8	%	$54,028	$51,980	$2,048	4	%
Total loans and leases3	760	724	724	735	1,188	36	5		(428)	(36)		735	1,312	(577)	(44)
Deposits	9,577	9,075	6,305	5,900	5,887	502	6		3,690	63		7,728	5,547	2,181	39
Interest-earning assets	45,405	43,428	40,228	36,913	39,322	1,977	5		6,083	15		41,521	39,381	2,140	5

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

2Effective January 1, 2022, the Company refined its FTP credit methodology for deposits provided by each business segment.

3Includes loans held for sale.

CREDIT-RELATED INFORMATION

(in millions, except ratio data)


	AS OF										DECEMBER 31, 2022 CHANGE
	Dec 31, 2022		Sept 30, 2022		June 30, 2022		Mar 31, 2022		Dec 31, 2021		Sept 30, 2022				December 31, 2021
											$/bps		%		$/bps		%
NONACCRUAL LOANS AND LEASES
Commercial and industrial	$249		$234		$202		$200		$171		$15		6	%	$78		46	%
Commercial real estate	103		37		37		11		11		66		178		92		NM
Leases	—		—		—		1		1		—		—		(1)		(100)
Total commercial	352		271		239		212		183		81		30		169		92
Residential mortgages1	234		236		253		243		201		(2)		(1)		33		16
Home equity	241		235		240		239		220		6		3		21		10
Automobile	56		52		50		52		55		4		8		1		2
Education	33		33		31		23		23		—		—		10		43
Other retail	28		25		26		20		20		3		12		8		40
Total retail	592		581		600		577		519		11		2		73		14
Nonaccrual loans and leases	944		852		839		789		702		92		11		242		34
Repossessed assets	16		16		15		15		22		—		—		(6)		(27)
Nonaccrual loans and leases and repossessed assets	$960		$868		$854		$804		$724		$92		11	%	$236		33	%
NONACCRUAL LOANS AND LEASES BY PRODUCT2
Commercial	$352		$271		$239		$212		$183		$81		30	%	$169		92	%
Retail	608		597		615		592		541		11		2		67		12
Total nonaccrual loans and leases	$960		$868		$854		$804		$724		$92		11	%	$236		33	%
ASSET QUALITY RATIOS
Allowance for loan and lease losses to loans and leases	1.27	%	1.27	%	1.26	%	1.31	%	1.37	%	—	bps			(10)	bps
Allowance for credit losses to loans and leases	1.43		1.41		1.37		1.43		1.51		2				(8)
Allowance for loan and lease losses to nonaccrual loans and leases	210.07		232.28		234.19		217.99		250.63		(2,221)				(4,056)
Allowance for credit losses to nonaccrual loans and leases	237.32		257.65		256.04		238.03		275.72		(2,033)				(3,840)
Nonaccrual loans and leases to loans and leases	0.60		0.55		0.54		0.60		0.55		5				5

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

2Nonaccrual loans and leases by product includes repossessed assets.

CREDIT-RELATED INFORMATION, CONTINUED

(in millions, except ratio data)


	AS OF					DECEMBER 31, 2022 CHANGE
	Dec 31, 2022	Sept 30, 2022	June 30, 2022	Mar 31, 2022	Dec 31, 2021	Sept 30, 2022			December 31, 2021
						$/bps	%		$/bps	%
LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Commercial and industrial	$21	$13	$39	$13	$9	$8	62	%	$12	133	%
Commercial real estate	1	2	33	—	—	(1)	(50)		1	100
Leases	—	—	—	5	—	—	—		—	—
Total commercial	22	15	72	18	9	7	47		13	144
Residential mortgages1	319	425	623	792	549	(106)	(25)		(230)	(42)






Education	4	4	3	2	1	—	—		3	NM


Other retail	22	18	14	14	16	4	22		6	38
Total retail	345	447	640	808	566	(102)	(23)		(221)	(39)
Total loans and leases	$367	$462	$712	$826	$575	($95)	(21	%)	($208)	(36	%)

1 90+ days past due and accruing includes $316 million, $425 million, $623 million, $792 million, and $544 million of loans fully or partially guaranteed by the FHA, VA, and USDA for December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, respectively.

CREDIT-RELATED INFORMATION, CONTINUED

(in millions)


	QUARTERLY TRENDS											FULL YEAR
						4Q22 Change								2022 Change
	4Q22	3Q22	2Q22	1Q22	4Q21	3Q22			4Q21			2022	2021	2021
						$	%		$	%				$	%
CHARGE-OFFS, RECOVERIES AND RELATED RATIOS
GROSS CHARGE-OFFS
Commercial and industrial	$21	$20	$13	$14	$14	$1	5	%	$7	50		$68	$138	($70)	(51	%)
Commercial real estate	—	2	—	—	—	(2)	(100)		—	—		2	58	(56)	(97)
Leases	—	—	—	—	8	—	—		(8)	(100)		—	22	(22)	(100)
Total commercial	21	22	13	14	22	(1)	(5)		(1)	(5)		70	218	(148)	(68)
Residential mortgages	1	1	1	2	1	—	—		—	—		5	4	1	25
Home equity	2	3	2	2	—	(1)	(33)		2	100		9	10	(1)	(10)
Automobile	27	24	21	21	18	3	13		9	50		93	72	21	29
Education	24	18	16	20	21	6	33		3	14		78	70	8	11
Other retail	51	48	38	42	38	3	6		13	34		179	165	14	8
Total retail	105	94	78	87	78	11	12		27	35		364	321	43	13
Total gross charge-offs	$126	$116	$91	$101	$100	$10	9	%	$26	26	%	$434	$539	($105)	(19	%)
GROSS RECOVERIES
Commercial and industrial	$5	$6	$3	$3	$5	($1)	(17	%)	$—	—	%	$17	$14	$3	21	%
Commercial real estate	—	1	—	—	9	(1)	(100)		(9)	(100)		1	36	(35)	(97)
Leases	—	—	—	—	3	—	—		(3)	(100)		—	4	(4)	(100)
Total commercial	5	7	3	3	17	(2)	(29)		(12)	(71)		18	54	(36)	(67)
Residential mortgages	1	1	2	2	2	—	—		(1)	(50)		6	7	(1)	(14)
Home equity	6	9	11	11	13	(3)	(33)		(7)	(54)		37	52	(15)	(29)
Automobile	14	13	15	15	13	1	8		1	8		57	56	1	2
Education	5	5	5	4	4	—	—		1	25		19	20	(1)	(5)
Other retail	7	7	6	7	6	—	—		1	17		27	25	2	8
Total retail	33	35	39	39	38	(2)	(6)		(5)	(13)		146	160	(14)	(9)
Total gross recoveries	$38	$42	$42	$42	$55	($4)	(10	%)	($17)	(31	%)	$164	$214	($50)	(23	%)
NET CHARGE-OFFS (RECOVERIES)
Commercial and industrial	$16	$14	$10	$11	$9	$2	14	%	$7	78		$51	$124	($73)	(59)
Commercial real estate	—	1	—	—	(9)	(1)	(100)		9	100		1	22	(21)	(95)
Leases	—	—	—	—	5	—	—		(5)	(100)		—	18	(18)	(100)
Total commercial	16	15	10	11	5	1	7		11	220		52	164	(112)	(68)
Residential mortgages	—	—	(1)	—	(1)	—	—		1	100		(1)	(3)	2	67
Home equity	(4)	(6)	(9)	(9)	(13)	2	33		9	69		(28)	(42)	14	33
Automobile	13	11	6	6	5	2	18		8	160		36	16	20	125
Education	19	13	11	16	17	6	46		2	12		59	50	9	18
Other retail	44	41	32	35	32	3	7		12	38		152	140	12	9
Total retail	72	59	39	48	40	13	22		32	80		218	161	57	35
Total net charge-offs	$88	$74	$49	$59	$45	$14	19	%	$43	96	%	$270	$325	($55)	(17	%)

CREDIT-RELATED INFORMATION, CONTINUED

(in millions, except rates)


	QUARTERLY TRENDS																		FULL YEAR
											4Q22 Change												2022 Change
	4Q22		3Q22		2Q22		1Q22		4Q21		3Q22				4Q21				2022		2021		2021
											$/bps		%		$/bps		%						$/bps		%
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES
Commercial and industrial	0.12	%	0.11	%	0.08	%	0.10	%	0.08	%	1	bps			4	bps			0.10	%	0.28	%	(18)	bps
Commercial real estate	—		0.01		—		—		(0.24)		(1)				24				—		0.15		(15)	bps
Leases	(0.06)		(0.11)		(0.05)		0.10		1.22		5				(128)				(0.03)		1.06		(109)	bps
Total commercial	0.07		0.07		0.05		0.08		0.03		—				4				0.07		0.27		(20)	bps
Residential mortgages	—		0.01		(0.01)		—		(0.01)		(1)				1				—		(0.01)		1	bps
Home equity	(0.12)		(0.17)		(0.27)		(0.32)		(0.41)		5				29				(0.22)		(0.35)		13	bps
Automobile	0.42		0.31		0.16		0.18		0.13		11				29				0.26		0.12		14	bps
Education	0.59		0.38		0.34		0.49		0.51		21				8				0.45		0.39		6	bps
Other retail	3.21		3.02		2.25		2.61		2.30		19				91				2.77		2.49		28	bps
Total retail	0.39		0.32		0.21		0.28		0.24		7				15				0.30		0.25		5	bps
Total loans and leases	0.22	%	0.19	%	0.13	%	0.19	%	0.14	%	3	bps			8	bps			0.18	%	0.26	%	(8)	bps
Memo: Average loans
Commercial and industrial	$52,311		$52,130		$50,517		$44,947		$43,070		$181		—	%	$9,241		21	%	$50,002		$43,512		$6,490		15	%
Commercial real estate	28,735		28,388		27,592		14,066		14,261		347		1		14,474		101		24,746		14,515		10,231		70
Leases	1,422		1,529		1,575		1,560		1,569		(107)		(7)		(147)		(9)		1,521		1,742		(221)		(13)
Total commercial	82,468		82,047		79,684		60,573		58,900		421		1		23,568		40		76,269		59,769		16,500		28
Residential mortgages	29,677		29,327		28,486		23,461		22,047		350		1		7,630		35		27,759		20,636		7,123		35
Home equity	13,869		13,400		12,811		12,124		11,948		469		4		1,921		16		13,057		11,901		1,156		10
Automobile	12,692		13,540		14,172		14,534		13,976		(848)		(6)		(1,284)		(9)		13,729		12,972		757		6
Education	12,929		13,081		13,144		13,034		12,885		(152)		(1)		44		—		13,047		12,666		381		3
Other retail	5,464		5,484		5,557		5,428		5,453		(20)		—		11		—		5,483		5,607		(124)		(2)
Total retail	74,631		74,832		74,170		68,581		66,309		(201)		—		8,322		13		73,075		63,782		9,293		15
Total loans and leases	$157,099		$156,879		$153,854		$129,154		$125,209		$220		—	%	$31,890		25	%	$149,344		$123,551		$25,793		21	%

CREDIT-RELATED INFORMATION, CONTINUED

(in millions)


	QUARTERLY TRENDS											FULL YEAR
						4Q22 Change								2022 Change
	4Q22	3Q22	2Q22	1Q22	4Q21	3Q22			4Q21			2022	2021	2021
						$	%		$	%				$	%
SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES
Allowance for loan and lease losses - beginning	$1,980	$1,964	$1,720	$1,758	$1,855	$16	1	%	$125	7	%	$1,758	$2,443	($685)	(28	%)





Allowance on PCD loans and leases at acquisition:
Commercial	—	—	99	—	—	—	—		—	—		99	—	99	100
Retail	—	—	2	—	—	—	—		—	—		2	—	2	100
Total Allowance on PCD loans and leases at acquisition	—	—	101	—	—	—	—		—	—		101	—	101	100
Charge-offs:
Commercial	21	22	13	14	22	(1)	(5)		(1)	(5)		70	218	(148)	(68)
Retail	105	94	78	87	78	11	12		27	35		364	321	43	13
Total charge-offs	126	116	91	101	100	10	9		26	26		434	539	(105)	(19)
Recoveries:
Commercial	5	7	3	3	17	(2)	(29)		(12)	(71)		18	54	(36)	(67)
Retail	33	35	39	39	38	(2)	(6)		(5)	(13)		146	160	(14)	(9)
Total recoveries	38	42	42	42	55	(4)	(10)		(17)	(31)		164	214	(50)	(23)
Net charge-offs	88	74	49	59	45	14	19		43	96		270	325	(55)	(17)
Provision (benefit) for loan and lease losses:
Commercial	46	58	120	(32)	(41)	(12)	(21)		87	NM		192	(248)	440	NM
Retail	45	32	72	53	(11)	13	41		56	NM		202	(112)	314	NM
Total provision (benefit) for loan and lease losses	91	90	192	21	(52)	1	1		143	NM		394	(360)	754	NM
Allowance for loan and lease losses - ending	$1,983	$1,980	$1,964	$1,720	$1,758	$3	—	%	$225	13	%	$1,983	$1,758	$225	13	%

Allowance for unfunded lending commitments - beginning	$216	$183	$158	$176	$149	$33	18	%	$67	45	%	$176	$227	($51)	(22	%)

Allowance on PCD unfunded lending commitments at acquisition	—	—	1	—	—	—	—	%	—	—		1	—	1	100
Provision (benefit) for unfunded lending commitments	41	33	24	(18)	27	8	24	%	14	52		80	(51)	131	NM
Allowance for unfunded lending commitments - ending	$257	$216	$183	$158	$176	$41	19	%	$81	46		$257	$176	$81	46
Total allowance for credit losses - ending	$2,240	$2,196	$2,147	$1,878	$1,934	$44	2	%	$306	16	%	$2,240	$1,934	$306	16	%

Memo: Total allowance for credit losses by product
Commercial	$1,267	$1,202	$1,153	$925	$974	$65	5	%	$293	30	%	$1,267	$974	$293	30	%
Retail	973	994	994	953	960	(21)	(2)		13	1		973	960	13	1
Total allowance for credit losses	$2,240	$2,196	$2,147	$1,878	$1,934	$44	2	%	$306	16	%	$2,240	$1,934	$306	16	%

CAPITAL AND RATIOS

(in millions, except ratio data)


	AS OF																FULL YEAR
											DECEMBER 31, 2022 CHANGE								2022 Change
	Dec 31, 2022		Sept 30, 2022		June 30, 2022		Mar 31, 2022		Dec 31, 2021		Sept 30, 2022			December 31, 2021			2022	2021	2021
											$	%		$	%				$	%
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY)
CET1 capital	$18,574		$18,304		$17,946		$15,643		$15,656		$270	1	%	$2,918	19	%
Tier 1 capital	20,588		20,318		19,960		17,657		17,670		270	1		2,918	17
Total capital	23,755		23,516		23,184		20,301		20,244		239	1		3,511	17
Risk-weighted assets	185,224		187,201		187,727		161,859		158,831		(1,977)	(1)		26,393	17
Adjusted average assets1	220,779		220,076		215,727		183,089		181,800		703	—		38,979	21
CET1 capital ratio	10.0	%	9.8	%	9.6	%	9.7	%	9.9	%
Tier 1 capital ratio	11.1		10.9		10.6		10.9		11.1
Total capital ratio	12.8		12.6		12.3		12.5		12.7
Tier 1 leverage ratio	9.3		9.2		9.3		9.6		9.7
TANGIBLE COMMON EQUITY (PERIOD-END)
Common stockholders' equity	$21,676		$21,132		$22,314		$20,060		$21,406		$544	3	%	$270	1	%	$21,676	$21,406	$270	1	%
Less: Goodwill	8,173		8,160		8,081		7,232		7,116		13	—		1,057	15		8,173	7,116	1,057	15
Less: Other intangible assets	197		199		211		115		64		(2)	(1)		133	208		197	64	133	208
Add: Deferred tax liabilities2	422		424		422		387		383		(2)	—		39	10		422	383	39	10
Total tangible common equity	$13,728		$13,197		$14,444		$13,100		$14,609		$531	4	%	($881)	(6	%)	$13,728	$14,609	($881)	(6	%)
TANGIBLE COMMON EQUITY (AVERAGE)
Common stockholders' equity	$21,276		$22,246		$22,383		$20,981		$21,320		($970)	(4	%)	($44)	—	%	$21,724	$21,025	$699	3	%
Less: Goodwill	8,171		8,131		8,015		7,156		7,092		40	—		1,079	15		7,872	7,062	810	11
Less: Other intangible assets	199		228		213		80		56		(29)	(13)		143	NM		181	54	127	235
Add: Deferred tax liabilities2	424		424		416		383		383		—	—		41	11		413	381	32	8
Total tangible common equity	$13,330		$14,311		$14,571		$14,128		$14,555		($981)	(7	%)	($1,225)	(8	%)	$14,084	$14,290	($206)	(1	%)
INTANGIBLE ASSETS (PERIOD-END)
Goodwill	$8,173		$8,160		$8,081		$7,232		$7,116		$13	—	%	$1,057	15	%	$8,173	$7,116	$1,057	15	%
Other intangible assets	197		199		211		115		64		(2)	(1)		133	208		197	64	133	208
Total intangible assets	$8,370		$8,359		$8,292		$7,347		$7,180		$11	—	%	$1,190	17	%	$8,370	$7,180	$1,190	17	%

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

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

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

(in millions, except share, per-share and ratio data)

Non-GAAP Financial Measures

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

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(in millions, except share, per-share and ratio data)


		QUARTERLY TRENDS											FULL YEAR
							4Q22 Change								2022 Change
		4Q22	3Q22	2Q22	1Q22	4Q21	3Q22			4Q21			2022	2021	2021
							$	%		$	%				$	%
Noninterest income, Underlying:
Noninterest income (GAAP)	A	$505	$512	$494	$498	$594	($7)	(1	%)	($89)	(15	%)	$2,009	$2,135	($126)	(6	%)
Less: Notable items		—	—	(31)	—	—	—	—		—	—		(31)	—	(31)	(100)
Noninterest income, Underlying (non-GAAP)	B	$505	$512	$525	$498	$594	($7)	(1	%)	($89)	(15	%)	$2,040	$2,135	($95)	(4	%)
Total revenue, Underlying:
Total revenue (GAAP)	C	$2,200	$2,177	$1,999	$1,645	$1,720	$23	1	%	$480	28	%	$8,021	$6,647	$1,374	21	%
Less: Notable items		—	—	(31)	—	—	—	—		—	—		(31)	—	(31)	(100)
Total revenue, Underlying (non-GAAP)	D	$2,200	$2,177	$2,030	$1,645	$1,720	$23	1	%	$480	28	%	$8,052	$6,647	$1,405	21	%
Noninterest expense, Underlying:
Noninterest expense (GAAP)	E	$1,240	$1,241	$1,305	$1,106	$1,061	($1)	—	%	$179	17	%	$4,892	$4,081	$811	20	%
Less: Notable items		43	46	125	48	51	(3)	(7)		(8)	(16)		262	105	157	150
Noninterest expense, Underlying (non-GAAP)	F	$1,197	$1,195	$1,180	$1,058	$1,010	$2	—	%	$187	19	%	$4,630	$3,976	$654	16	%
Pre-provision profit:
Total revenue (GAAP)	C	$2,200	$2,177	$1,999	$1,645	$1,720	$23	1	%	$480	28	%	$8,021	$6,647	$1,374	21	%
Less: Noninterest expense (GAAP)	E	1,240	1,241	1,305	1,106	1,061	(1)	—		179	17		4,892	4,081	811	20
Pre-provision profit (GAAP)		$960	$936	$694	$539	$659	$24	3	%	$301	46	%	$3,129	$2,566	$563	22	%
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)	D	$2,200	$2,177	$2,030	$1,645	$1,720	$23	1	%	$480	28	%	$8,052	$6,647	$1,405	21	%
Less: Noninterest expense, Underlying (non-GAAP)	F	1,197	1,195	1,180	1,058	1,010	2	—		187	19		4,630	3,976	654	16
Pre-provision profit, Underlying (non-GAAP)		$1,003	$982	$850	$587	$710	$21	2	%	$293	41	%	$3,422	$2,671	$751	28	%
Provision (benefit) for credit losses, Underlying:
Provision (benefit) for credit losses (GAAP)		$132	$123	$216	$3	($25)	$9	7	%	$157	NM		$474	($411)	$885	NM
Less: Notable items		—	—	145	24	—	—	—		—	—		169	—	169	100
Provision (benefit) for credit losses, Underlying (non-GAAP)		$132	$123	$71	($21)	($25)	$9	7	%	$157	NM		$305	($411)	$716	NM
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)	G	$828	$813	$478	$536	$684	$15	2	%	$144	21	%	$2,655	$2,977	($322)	(11	%)
Less: Expense before income tax benefit related to notable items		(43)	(46)	(301)	(72)	(51)	3	7		8	16		(462)	(105)	(357)	NM
Income before income tax expense, Underlying (non-GAAP)	H	$871	$859	$779	$608	$735	$12	1	%	$136	19	%	$3,117	$3,082	$35	1	%
Income tax expense, Underlying:
Income tax expense (GAAP)	I	$175	$177	$114	$116	$154	($2)	(1	%)	$21	14	%	$582	$658	($76)	(12	%)
Less: Income tax benefit related to notable items		(11)	(13)	(70)	(16)	(12)	2	15		1	8		(110)	(27)	(83)	NM
Income tax expense, Underlying (non-GAAP)	J	$186	$190	$184	$132	$166	($4)	(2	%)	$20	12	%	$692	$685	$7	1	%
Net income, Underlying:
Net income (GAAP)	K	$653	$636	$364	$420	$530	$17	3	%	$123	23	%	$2,073	$2,319	($246)	(11	%)
Add: Notable items, net of income tax benefit		32	33	231	56	39	(1)	(3)		(7)	(18)		352	78	274	NM
Net income, Underlying (non-GAAP)	L	$685	$669	$595	$476	$569	$16	2	%	$116	20	%	$2,425	$2,397	$28	1	%
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)	M	$621	$611	$332	$396	$498	$10	2	%	$123	25	%	$1,960	$2,206	($246)	(11	%)
Add: Notable items, net of income tax benefit		32	33	231	56	39	(1)	(3)		(7)	(18)		352	78	274	NM
Net income available to common stockholders, Underlying (non-GAAP)	N	$653	$644	$563	$452	$537	$9	1	%	$116	22	%	$2,312	$2,284	$28	1	%

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(in millions, except share, per-share and ratio data)


		QUARTERLY TRENDS																		FULL YEAR
												4Q22 Change												2022 Change
		4Q22		3Q22		2Q22		1Q22		4Q21		3Q22				4Q21				2022		2021		2021
												$/bps		%		$/bps		%						$/bps		%
Operating leverage:
Total revenue (GAAP)	C	$2,200		$2,177		$1,999		$1,645		$1,720		$23		1.05	%	$480		27.98	%	$8,021		$6,647		$1,374		20.68	%
Less: Noninterest expense (GAAP)	E	1,240		1,241		1,305		1,106		1,061		(1)		(0.12)		179		16.93		4,892		4,081		811		19.88
Operating leverage														1.17	%			11.05	%							0.80	%
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)	D	$2,200		$2,177		$2,030		$1,645		$1,720		$23		1.05	%	$480		27.98	%	$8,052		$6,647		$1,405		21.15	%
Less: Noninterest expense, Underlying (non-GAAP)	F	1,197		1,195		1,180		1,058		1,010		2		0.16		187		18.63		4,630		3,976		654		16.46
Operating leverage, Underlying (non-GAAP)														0.89	%			9.35	%							4.69	%
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio	E/C	56.36	%	57.02	%	65.27	%	67.23	%	61.68	%	(66)	bps			(532)	bps			60.99	%	61.40	%	(41)	bps
Efficiency ratio, Underlying (non-GAAP)	F/D	54.42		54.90		58.16		64.28		58.71		(48)	bps			(429)	bps			57.51		59.82		(231)	bps
Noninterest income as a % of total revenue, Underlying:
Noninterest income as a % of total revenue	A/C	22.92	%	23.54	%	24.72	%	30.26	%	34.50	%	(62)	bps			(1,158)	bps			25.04	%	32.11	%	(707)	bps
Noninterest income as a % of total revenue, Underlying	B/D	22.92		23.54		25.88		30.26		34.50		(62)	bps			(1,158)	bps			25.33		32.11		(678)	bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate	I/G	21.16	%	21.80	%	23.77	%	21.70	%	22.40	%	(64)	bps			(124)	bps			21.93	%	22.10	%	(17)	bps
Effective income tax rate, Underlying (non-GAAP)	J/H	21.37		22.00		23.69		21.70		22.61		(63)	bps			(124)	bps			22.19		22.21		(2)	bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)	O	$21,276		$22,246		$22,383		$20,981		$21,320		($970)		(4	%)	($44)		—	%	$21,724		$21,025		$699		3	%
Return on average common equity	M/O	11.56	%	10.91	%	5.95	%	7.65	%	9.26	%	65	bps			230	bps			9.02	%	10.49	%	(147)	bps
Return on average common equity, Underlying (non-GAAP)	N/O	12.15		11.52		10.06		8.75		9.97		63	bps			218	bps			10.64		10.86		(22)	bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)	O	$21,276		$22,246		$22,383		$20,981		$21,320		($970)		(4	%)	($44)		—	%	$21,724		$21,025		$699		3	%
Less: Average goodwill (GAAP)		8,171		8,131		8,015		7,156		7,092		40		—		1,079		15		7,872		7,062		810		11
Less: Average other intangibles (GAAP)		199		228		213		80		56		(29)		(13)		143		NM		181		54		127		235
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		424		424		416		383		383		—		—		41		11		413		381		32		8
Average tangible common equity	P	$13,330		$14,311		$14,571		$14,128		$14,555		($981)		(7	%)	($1,225)		(8	%)	$14,084		$14,290		($206)		(1	%)
Return on average tangible common equity	M/P	18.46	%	16.96	%	9.13	%	11.36	%	13.57	%	150	bps			489	bps			13.91	%	15.44	%	(153)	bps
Return on average tangible common equity, Underlying (non-GAAP)	N/P	19.40		17.91		15.45		12.99		14.61		149	bps			479	bps			16.41		15.98		43	bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)	Q	$224,970		$225,473		$220,967		$188,317		$187,228		($503)		—	%	$37,742		20	%	$215,061		$185,106		$29,955		16	%
Return on average total assets	K/Q	1.15	%	1.12	%	0.66	%	0.90	%	1.12	%	3	bps			3	bps			0.96	%	1.25	%	(29)	bps
Return on average total assets, Underlying (non-GAAP)	L/Q	1.21		1.18		1.08		1.03		1.20		3	bps			1	bps			1.13		1.30		(17)	bps

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(in millions, except share, per-share and ratio data)


		QUARTERLY TRENDS																		FULL YEAR
												4Q22 Change												2022 Change
		4Q22		3Q22		2Q22		1Q22		4Q21		3Q22				4Q21				2022		2021		2021
												$/bps		%		$/bps		%						$/bps		%
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)	Q	$224,970		$225,473		$220,967		$188,317		$187,228		($503)		—	%	$37,742		20	%	$215,061		$185,106		$29,955		16	%
Less: Average goodwill (GAAP)		8,171		8,131		8,015		7,156		7,092		40		—		1,079		15		7,872		7,062		810		11
Less: Average other intangibles (GAAP)		199		228		213		80		56		(29)		(13)		143		NM		181		54		127		235
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		424		424		416		383		383		—		—		41		11		413		381		32		8
Average tangible assets	R	$217,024		$217,538		$213,155		$181,464		$180,463		($514)		—	%	$36,561		20	%	$207,421		$178,371		$29,050		16	%
Return on average total tangible assets	K/R	1.19	%	1.16	%	0.69	%	0.94	%	1.17	%	3	bps			2	bps			1.00	%	1.30	%	(30)	bps
Return on average total tangible assets, Underlying (non-GAAP)	L/R	1.25		1.22		1.12		1.06		1.25		3	bps			—	bps			1.17		1.34		(17)	bps
Tangible book value per common share:
Common shares - at period-end (GAAP)	S	492,282,158		495,843,793		495,650,259		423,031,985		422,137,197		(3,561,635)		(1	%)	70,144,961		17	%	492,282,158		422,137,197		70,144,961		17	%
Common stockholders' equity (GAAP)		$21,676		$21,132		$22,314		$20,060		$21,406		$544		3		$270		1		$21,676		$21,406		$270		1
Less: Goodwill (GAAP)		8,173		8,160		8,081		7,232		7,116		13		—		1,057		15		8,173		7,116		1,057		15
Less: Other intangible assets (GAAP)		197		199		211		115		64		(2)		(1)		133		208		197		64		133		208
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)		422		424		422		387		383		(2)		—		39		10		422		383		39		10
Tangible common equity	T	$13,728		$13,197		$14,444		$13,100		$14,609		$531		4	%	($881)		(6	%)	$13,728		$14,609		($881)		(6	%)
Tangible book value per common share	T/S	$27.88		$26.62		$29.14		$30.97		$34.61		$1.26		5	%	($6.73)		(19	%)	$27.88		$34.61		($6.73)		(19	%)
Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying:
Average common shares outstanding - basic (GAAP)	U	493,293,981		495,651,083		491,497,026		422,401,747		424,697,880		(2,357,102)		—	%	68,596,101		16	%	475,959,815		425,669,451		50,290,365		12	%
Average common shares outstanding - diluted (GAAP)	V	495,478,398		497,477,501		493,296,114		424,670,871		426,868,106		(1,999,103)		—		68,610,292		16		477,803,142		427,435,818		50,367,325		12
Net income per average common share - basic (GAAP)	M/U	$1.26		$1.23		$0.68		$0.94		$1.17		$0.03		2		$0.09		8		$4.12		$5.18		($1.06)		(20)
Net income per average common share - diluted (GAAP)	M/V	1.25		1.23		0.67		0.93		1.17		0.02		2		0.08		7		4.10		5.16		(1.06)		(21)
Net income per average common share - basic, Underlying (non-GAAP)	N/U	1.32		1.30		1.14		1.07		1.26		0.02		2		0.06		5		4.86		5.37		(0.51)		(9)
Net income per average common share - diluted, Underlying (non-GAAP)	N/V	1.32		1.30		1.14		1.07		1.26		0.02		2		0.06		5		4.84		5.34		(0.50)		(9)
Dividend payout ratio and dividend payout ratio, Underlying:
Cash dividends declared and paid per common share	W	$0.42		$0.42		$0.39		$0.39		$0.39		$—		—	%	$0.03		8	%	$1.62		$1.56		$0.06		4	%
Dividend payout ratio	W/(M/U)	33	%	34	%	57	%	41	%	33	%	(100) bps				— bps				39	%	30	%	900 bps
Dividend payout ratio, Underlying (non-GAAP)	W/(N/U)	32		32		34		36		31		— bps				100 bps				33		29		400 bps

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(in millions, except share, per-share and ratio data)


	QUARTERLY TRENDS											FULL YEAR
						4Q22 Change								2022 Change
	4Q22	3Q22	2Q22	1Q22	4Q21	3Q22			4Q21			2022	2021	2021
						$	%		$	%				$/bps	%




Other income, Underlying:
Other income (GAAP)	$36	$34	($12)	$24	$32	$2	6		$4	13	%	$82	$89	($7)	(8	%)
Less: Notable items	—	—	(31)	—	—	—	—		—	—		(31)	—	(31)	(100)
Other income, Underlying (non-GAAP)	$36	$34	$19	$24	$32	$2	6		$4	13	%	$113	$89	$24	27	%
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)	$633	$639	$683	$594	$551	($6)	(1	%)	$82	15	%	$2,549	$2,132	$417	20	%
Less: Notable items	15	17	72	6	5	(2)	(12)		10	200		110	(8)	118	NM
Salaries and employee benefits, Underlying (non-GAAP)	$618	$622	$611	$588	$546	($4)	(1	%)	$72	13	%	$2,439	$2,140	$299	14	%
Equipment and software, Underlying:
Equipment and software (GAAP)	$170	$159	$169	$150	$146	$11	7	%	$24	16	%	$648	$610	$38	6	%
Less: Notable items	2	—	6	2	2	2	100		—	—		10	17	(7)	(41)
Equipment and software, Underlying (non-GAAP)	$168	$159	$163	$148	$144	$9	6	%	$24	17	%	$638	$593	$45	8	%
Outside services, Underlying:
Outside services (GAAP)	$170	$172	$189	$169	$175	($2)	(1	%)	($5)	(3	%)	$700	$595	$105	18	%
Less: Notable items	17	20	41	35	37	(3)	(15)		(20)	(54)		113	60	53	88
Outside services, Underlying (non-GAAP)	$153	$152	$148	$134	$138	$1	1	%	$15	11	%	$587	$535	$52	10	%
Occupancy, Underlying:
Occupancy (GAAP)	$110	$106	$111	$83	$86	$4	4	%	$24	28	%	$410	$333	$77	23	%
Less: Notable items	2	2	1	—	5	—	—		(3)	(60)		5	18	(13)	(72)
Occupancy, Underlying (non-GAAP)	$108	$104	$110	$83	$81	$4	4	%	$27	33	%	$405	$315	$90	29	%

Other operating expense, Underlying:
Other operating expense (GAAP)	$157	$165	$153	$110	$103	($8)	(5	%)	$54	52	%	$585	$411	$174	42	%
Less: Notable items	7	7	5	5	2	—	—		5	250		24	18	6	33
Other operating expense, Underlying (non-GAAP)	$150	$158	$148	$105	$101	($8)	(5	%)	$49	49	%	$561	$393	$168	43	%

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS

(in millions, except ratio data)


		FOURTH QUARTER 2022							THIRD QUARTER 2022							SECOND QUARTER 2022

		Consumer Banking		Commercial Banking		Other	Consolidated		Consumer Banking		Commercial Banking		Other	Consolidated		Consumer Banking		Commercial Banking		Other	Consolidated
Net income (loss) available to common stockholders:
Net income (loss)	A	$315		$358		($20)	$653		$319		$334		($17)	$636		$265		$341		($242)	$364
Less: Preferred stock dividends		—		—		32	32		—		—		25	25		—		—		32	32
Net income (loss) available to common stockholders	B	$315		$358		($52)	$621		$319		$334		($42)	$611		$265		$341		($274)	$332
Return on average total tangible assets:
Average total assets (GAAP)		$88,440		$79,591		$56,939	$224,970		$89,560		$80,067		$55,846	$225,473		$88,881		$78,638		$53,448	$220,967
Less: Average goodwill (GAAP)		491		804		6,876	8,171		454		801		6,876	8,131		445		731		6,839	8,015
Average other intangibles (GAAP)		121		46		32	199		106		38		84	228		74		16		123	213
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		7		4		413	424		6		3		415	424		6		1		409	416
Average tangible assets	C	$87,835		$78,745		$50,444	$217,024		$89,006		$79,231		$49,301	$217,538		$88,368		$77,892		$46,895	$213,155
Return on average total tangible assets	A/C	1.42	%	1.80	%	NM	1.19	%	1.43	%	1.68	%	NM	1.16	%	1.20	%	1.75	%	NM	0.69	%
Efficiency ratio:
Noninterest expense (GAAP)	D	$863		$318		$59	$1,240		$863		$325		$53	$1,241		$881		$308		$116	$1,305
Net interest income (GAAP)		1,106		594		(5)	1,695		1,085		559		21	1,665		995		534		(24)	1,505
Noninterest income (GAAP)		256		198		51	505		270		213		29	512		280		221		(7)	494
Total revenue (GAAP)	E	$1,362		$792		$46	$2,200		$1,355		$772		$50	$2,177		$1,275		$755		($31)	$1,999
Efficiency ratio	D/E	63.38	%	40.18	%	NM	56.36	%	63.76	%	42.04	%	NM	57.02	%	69.06	%	40.78	%	NM	65.27	%


		FIRST QUARTER 2022							FOURTH QUARTER 2021

		Consumer Banking		Commercial Banking		Other	Consolidated		Consumer Banking		Commercial Banking		Other	Consolidated
Net income (loss) available to common stockholders:
Net income (loss)	A	$209		$271		($60)	$420		$279		$336		($85)	$530
Less: Preferred stock dividends		—		—		24	24		—		—		32	32
Net income (loss) available to common stockholders	B	$209		$271		($84)	$396		$279		$336		($117)	$498
Return on average total tangible assets:
Average total assets (GAAP)		$77,551		$61,118		$49,648	$188,317		$76,077		$58,501		$52,650	$187,228
Less: Average goodwill (GAAP)		160		120		6,876	7,156		122		94		6,876	7,092
Average other intangibles (GAAP)		51		18		11	80		32		11		13	56
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		5		1		377	383		4		1		378	383
Average tangible assets	C	$77,345		$60,981		$43,138	$181,464		$75,927		$58,397		$46,139	$180,463
Return on average total tangible assets	A/C	1.10	%	1.81	%	NM	0.94	%	1.46	%	2.28	%	NM	1.17	%
Efficiency ratio:
Noninterest expense (GAAP)	D	$784		$272		$50	$1,106		$737		$294		$30	$1,061
Net interest income (GAAP)		857		416		(126)	1,147		883		438		(195)	1,126
Noninterest income (GAAP)		257		213		28	498		274		293		27	594
Total revenue (GAAP)	E	$1,114		$629		($98)	$1,645		$1,157		$731		($168)	$1,720
Efficiency ratio	D/E	70.38	%	43.32	%	NM	67.23	%	63.68	%	40.16	%	NM	61.68	%

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS (CONTINUED)

(in millions, except ratio data)


		FULL YEAR
		2022							2021
		Consumer Banking		Commercial Banking		Other	Consolidated		Consumer Banking		Commercial Banking		Other	Consolidated
Net income (loss) available to common stockholders:
Net income (loss)	A	$1,108		$1,304		($339)	$2,073		$1,203		$1,086		$30	$2,319
Less: Preferred stock dividends		—		—		113	113		—		—		113	113
Net income (loss) available to common stockholders	B	$1,108		$1,304		($452)	$1,960		$1,203		$1,086		($83)	$2,206
Return on average total tangible assets:
Average total assets (GAAP)		$86,147		$74,919		$53,995	$215,061		$75,509		$57,617		$51,980	$185,106
Less: Average goodwill (GAAP)		388		616		6,868	7,872		122		64		6,876	7,062
Average other intangibles (GAAP)		88		30		63	181		35		6		13	54
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		6		2		405	413		4		1		376	381
Average tangible assets	C	$85,677		$74,275		$47,469	$207,421		$75,356		$57,548		$45,467	$178,371
Return on average total tangible assets	A/C	1.29	%	1.76	%	NM	1.00	%	1.60	%	1.89	%	NM	1.30	%
Efficiency ratio:
Noninterest expense (GAAP)	D	$3,391		$1,223		$278	$4,892		$2,987		$973		$121	$4,081
Net interest income (GAAP)		4,043		2,103		(134)	6,012		3,562		1,706		(756)	4,512
Noninterest income (GAAP)		1,063		845		101	2,009		1,223		809		103	2,135
Total revenue (GAAP)	E	$5,106		$2,948		($33)	$8,021		$4,785		$2,515		($653)	$6,647
Efficiency ratio	D/E	66.42	%	41.50	%	NM	60.99	%	62.42	%	38.68	%	NM	61.40	%