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CITIZENS FINANCIAL GROUP INC/RI0000759944false00007599442024-01-172024-01-170000759944us-gaap:CommonStockMember2024-01-172024-01-170000759944us-gaap:SeriesDPreferredStockMember2024-01-172024-01-170000759944us-gaap:SeriesEPreferredStockMember2024-01-172024-01-17


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, 2024

citizenslogoa05.jpg
 (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, 2024, Citizens Financial Group, Inc. (the “Company”) issued a press release announcing its fourth quarter and full year 2023 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   
Exhibit 99.2   
Exhibit 99.3   
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 Chair and Chief Financial Officer
Date:  January 17, 2024



EX-99.1 2 a4q23earningsrelease.htm EX-99.1 Document


citizenslogoa05a.jpg

Citizens Financial Group, Inc. Reports Fourth Quarter 2023 Net Income of
$189 million and EPS of $0.34
Underlying Net Income of $426 million and EPS of $0.85*
CET1 ratio of 10.6%
2023 Net Income of $1.6 billion and EPS of $3.13; Underlying EPS of $3.88

Key Financial Data 4Q23 3Q23 4Q22
Fourth Quarter 2023 Highlights
 
Income
Statement		 ($s in millions)
■Underlying EPS of $0.85 and ROTCE of 11.8%
■Underlying PPNR of $721 million
–NII down 2% QoQ given lower NIM, partly offset by a modest increase in interest-earning assets
–Fees up 2% QoQ with improved Capital Markets and Wealth, partly offset by lower Mortgage Banking
–Expenses stable QoQ including the Private Bank start-up investment
■Underlying efficiency ratio of 63.8%, or 61.9% excluding Private Bank start-up investment
■Provision for credit losses of $171 million; ACL/loans ratio up 4 bps QoQ to 1.59%
■Period-end loans down 3% and average loans down 2% QoQ given balance sheet optimization, including Non-Core portfolio run off
■Period-end and average deposits broadly stable
–Total deposit costs up 16 bps QoQ
■Period-end LDR improved to 82%
■Strong CET1 ratio of 10.6%; TCE ratio of 6.7%
■TBV/share of $30.91, up 11% QoQ
Total revenue $ 1,988  $ 2,014  $ 2,200 
Pre-provision profit 376  721  960 
Underlying pre-provision profit 721  743  1,003 
Provision for credit losses 171  172  132 
Net income 189  430  653 
Underlying net income 426  448  685 
Balance Sheet
&
Credit Quality		 ($s in billions)
Period-end loans and leases $ 146.0  $ 149.7  $ 156.7 
Average loans and leases 148.0  150.8  157.1 
Period-end deposits 177.3  178.2  180.7 
Average deposits 177.1  176.5  179.0 
Period-end loan-to-deposit ratio
 82.3  % 84.0  % 86.7  %
NCO ratio 0.46  % 0.40  % 0.22  %
Financial Metrics Diluted EPS $ 0.34  $ 0.85  $ 1.25 
Underlying EPS 0.85  0.89  1.32 
ROTCE 4.7  % 12.0  % 18.5  %
Underlying ROTCE 11.8  12.5  19.4 
Net interest margin, FTE 2.91  3.03  3.30 
Efficiency ratio 81.1  64.2  56.4 
Underlying efficiency ratio 63.8  63.1  54.4 
CET1 10.6  % 10.4  % 10.0  %
TBV/Share $ 30.91  $ 27.73  $ 27.88 

Notable Items 4Q23
($s in millions except per share data) Pre-tax $ EPS
Integration related $ (5) $ (0.01)
TOP and Other items (115) (0.15)
FDIC special assessment
 (225) (0.35)
Total: $ (345) $ (0.51)
Comments from Chairman and CEO Bruce Van Saun
“We continue to execute well and posted solid performance in Q4“ said Chairman and CEO Bruce Van Saun. “Our balance sheet is very strong, as we bolstered CET1 to 10.6%, lowered our LDR to 82%, enhanced our liquidity profile, which now exceeds
*Results presented on an Underlying basis are non-GAAP Financial Measures. See page 15 for additional information on our use of Non-GAAP Financial Measures.
Citizens Financial Group, Inc.
Category 1 bank LCR requirements, and reduced FHLB advances to $3.8 billion. We are seeing less pressure on deposit costs and NIM, fees are beginning to rebound, expenses remain well controlled, and credit costs are as expected. Key strategic initiatives like the Private Bank, NYC Metro, TOP 9 and Non-Core are all on track, positioning us well for medium-term growth and enhanced returns. I would like to thank our colleague base for their hard work and dedication in serving our customers well and building a great bank.”
Citizens also announced today that its board of directors declared a quarterly common stock dividend of $0.42 per share. The dividend is payable on February 14, 2024 to shareholders of record at the close of business on January 31, 2024. There were no share repurchases during the quarter, given the decision to pause to cover the impact of the industry-wide FDIC special assessment.
2
Citizens Financial Group, Inc.
Earnings highlights(1):
Quarterly Trends Full Year
  4Q23 change from 2023 change from 2022
($s in millions, except per share data) 4Q23 3Q23 4Q22 3Q23 4Q22 2023 2022
Earnings $/bps % $/bps % $ $ $/bps
Net interest income $ 1,488  $ 1,522  $ 1,695  $ (34) (2)  % $ (207) (12)  % $ 6,241  $ 6,012  $ 229 
Noninterest income 500  492  505  8  2  (5) (1) 1,983  2,009  (26)
Total revenue 1,988  2,014  2,200  (26) (1) (212) (10) 8,224  8,021  203 
Noninterest expense 1,612  1,293  1,240  319  25  372  30  5,507  4,892  615 
Pre-provision profit 376  721  960  (345) (48) (584) (61) 2,717  3,129  (412)
Provision for credit losses 171  172  132  (1) (1) 39  30 687  474  213 
Net income 189  430  653  (241) (56) (464) (71) 1,608  2,073  (465)
Preferred dividends 30  30  32  —  —  (2) (6) 117  113  4 
Net income available to common stockholders $ 159  $ 400  $ 621  $ (241) (60)  % $ (462) (74)  % $ 1,491  $ 1,960  $ (469)
After-tax notable Items 237  18  32  219  NM 205  NM 357  352  5 
Underlying net income $ 426  $ 448  $ 685  $ (22) (5)  % $ (259) (38)  % $ 1,965  $ 2,425  $ (460)
Underlying net income available to common stockholders 396  418  653  (22) (5) (257) (39) $ 1,848  $ 2,312  $ (464)
Average common shares outstanding
Basic (in millions) 466.2  469.5  493.3  (3.2) (1) (27.1) (5) 475.1  476.0  (0.9)
Diluted (in millions) 468.2  471.2  495.5  (3.0) (1) (27.3) (6) 476.7  477.8  (1.1)
Diluted earnings per share $ 0.34  $ 0.85  $ 1.25  $ (0.51) (60)  % $ (0.91) (73)  % $ 3.13  $ 4.10  $ (0.97)
Underlying diluted earnings per share 0.85  0.89  1.32  (0.04) (4) (0.47) (36) $ 3.88  $ 4.84  $ (0.96)
Performance metrics
Net interest margin 2.90  % 3.03  % 3.29  % (13)  bps (39)  bps 3.09  % 3.10  % (1)  bps
Net interest margin, FTE 2.91  3.03  3.30  (12) (39) 3.10  3.10  — 
Effective income tax rate 7.6  21.5  21.2  (1,392) (1,357) 20.8  21.9  (117)
Efficiency ratio 81.1  64.2  56.4  1,692  2,477  67.0  61.0  598 
Underlying efficiency ratio 63.8  63.1  54.4  69  935  60.8  57.5  330 
Return on average tangible common equity 4.7  12.0  18.5  (728) (1,374) 10.9  13.9  (299)
Underlying return on average tangible common equity 11.8  12.5  19.4  (67) (756) 13.5  16.4  (288)
Return on average total tangible assets 0.35  0.81  1.19  (46) (84) 0.75  1.00  (25)
Underlying return on average total tangible assets 0.78  % 0.84  % 1.25  % (6)  bps (47)  bps 0.92  % 1.17  % (25)  bps
Capital adequacy(2,3)
Common equity tier 1 capital ratio 10.6  % 10.4  % 10.0  %
Total capital ratio 13.7  13.4  12.8 
Tier 1 leverage ratio 9.3  9.4  9.3 
Tangible common equity ratio 6.7  5.9  6.3 
Allowance for credit losses to loans and leases 1.59  % 1.55  % 1.43  % 4   bps 16   bps
Asset quality(3)
Nonaccrual loans and leases to loans and leases 0.93  % 0.87  % 0.60  % 6   bps 33   bps
Allowance for credit losses to nonaccrual loans and leases 170  179  237  (9) (67)
Net charge-offs as a % of average loans and leases 0.46  % 0.40  % 0.22  % 6   bps 24   bps 0.40  % 0.18  % 22   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.




3
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
  4Q23 change from 2023 Change
($s in millions, except per share data) 4Q23 3Q23 4Q22 3Q23 4Q22 2023 2022 from 2022
$/bps % $/bps % %
Net interest income $ 1,488  $ 1,522  $ 1,695  $ (34) (2)  % $ (207) (12)  % $ 6,241  $ 6,012  4   %
Noninterest income 500  492  505  8  2  (5) (1) 1,983  2,040  (3)
Total revenue $ 1,988  $ 2,014  $ 2,200  $ (26) (1)  % $ (212) (10)  % $ 8,224  $ 8,052  2   %
Noninterest expense $ 1,267  $ 1,271  $ 1,197  $ (4) —   % $ 70  6   % $ 5,001  $ 4,630  8   %
Provision for credit losses 171  172  132  (1) (1) 39  30  687  305  125 
Net income available to common stockholders $ 396  $ 418  $ 653  $ (22) (5) % $ (257) (39) % $ 1,848  $ 2,312  (20)  %
Performance metrics
EPS $ 0.85  $ 0.89  $ 1.32  $ (0.04) (4)  % $ (0.47) (36)  % $ 3.88  $ 4.84  (20)  %
Efficiency ratio 63.8   % 63.1   % 54.4   % 69   bps 935   bps 60.8  57.5  330 
Return on average tangible common equity 11.8   % 12.5   % 19.4   % (67)  bps (756)  bps 13.5  % 16.4  % (288)  bps




Consolidated balance sheet summary(1):

  4Q23 change from
($s in millions) 4Q23 3Q23 4Q22 3Q23 4Q22
$/bps % $/bps %
Total assets $ 221,964  $ 225,270  $ 226,733  $ (3,306) (1)  % $ (4,769) (2)  %
Total loans and leases 145,959  149,746  156,662  (3,787) (3) (10,703) (7)
Total loans held for sale 779  848  982  (69) (8) (203) (21)
Deposits 177,342  178,197  180,724  (855) —  (3,382) (2)
Stockholders' equity 24,342  22,878  23,690  1,464  6  652  3 
Stockholders' common equity 22,329  20,864  21,676  1,465  7  653  3 
Tangible common equity $ 14,417  $ 12,930  $ 13,728  $ 1,487  12   % $ 689  5   %
Loan-to-deposit ratio (period-end)(2)
 82.3  % 84.0   % 86.7   % (173)  bps (439)  bps
Loan-to-deposit ratio (average)(2)
 83.5  % 85.5  % 87.7  % (192)  bps (420)  bps
1) Represents period-end unless otherwise noted.
2) Excludes loans held for sale.

4
Citizens Financial Group, Inc.
Notable items:
Quarterly and full-year results reflect notable items primarily related to integration costs associated with recent acquisitions, as well as TOP revenue and efficiency initiatives and other expense reduction actions. In addition, fourth quarter 2023 includes a notable item for an industry-wide FDIC special assessment. 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
 4Q23 3Q23 4Q22 FY 2023 FY 2022
($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 $ (2) $ (1) $ (4) $ (3) $ (13) $ (9) $ (15) $ (11) $ (98) $ (72)
Equipment and software —  —  —  —  (1) (1) (4) (3) (1) (1)
Outside services (3) (2) (4) (3) (15) (12) (43) (31) (89) (67)
Occupancy —  —  —  —  —  —  (41) (30) (2) (1)
Other expense —  —  —  —  (6) (4) (1) (1) (23) (16)
   Noninterest expense $ (5) $ (3) $ (8) $ (6) $ (35) $ (26) $ (104) $ (76) $ (213) $ (157)
EPS Impact - Noninterest expense $ (0.01) $ (0.02) $ (0.06) $ (0.16) $ (0.34)
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 $ (5) $ (3) $ (8) $ (6) $ (35) $ (26) $ (104) $ (76) $ (413) $ (312)
EPS Impact - Total Integration-related
 $ (0.01) $ (0.02) $ (0.06) $ (0.16) $ (0.66)
Other notable items - TOP & Other
 4Q23 3Q23 4Q22 FY 2023 FY 2022
($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 $ —  $ 17  $ —  $ —  $ —  $ —  $ —  $ 17  $ —  $ (3)
Salaries & benefits (30) (22) (1) —  (2) (2) (52) (38) (12) (9)
Equipment and software (37) (27) (6) (5) (1) —  (47) (35) (9) (6)
Outside services (10) (7) (3) (3) (2) (1) (25) (19) (24) (18)
Occupancy (20) (15) (2) (2) (2) (2) (29) (22) (3) (3)
FDIC special assessment(1)
 (225) (167) —  —  —  —  (225) (167) —  — 
Other expense (18) (13) (2) (2) (1) (1) (24) (17) (1) (1)
   Noninterest expense $ (340) $ (251) $ (14) $ (12) $ (8) $ (6) $ (402) $ (298) $ (49) $ (37)
Total Other Notable Items $ (340) $ (234) $ (14) $ (12) $ (8) $ (6) $ (402) $ (281) $ (49) $ (40)
EPS Impact - Other Notable Items $ (0.50) $ (0.02) $ (0.01) $ (0.59) $ (0.08)
Total Notable Items $ (345) $ (237) $ (22) $ (18) $ (43) $ (32) $ (506) $ (357) $ (462) $ (352)
Total EPS Impact $ (0.51) $ (0.04) $ (0.07) $ (0.75) $ (0.74)
(1) The FDIC special assessment earnings per share impact is $(0.35) for fourth quarter 2023 and full year 2023.









5
Citizens Financial Group, Inc.


Discussion of results:
Net interest income   4Q23 change from
($s in millions) 4Q23 3Q23 4Q22 3Q23 4Q22
$/bps % $/bps %
Interest income:
Interest and fees on loans and leases and loans held for sale $ 2,166  $ 2,194  $ 1,919  $ (28) (1)  % $ 247  13   %
Investment securities 339  290  258  49  17  81  31 
Interest-bearing deposits in banks 171  111  75  60  54  96  128
Total interest income $ 2,676  $ 2,595  $ 2,252  $ 81  3   % $ 424  19   %
Interest expense:
Deposits $ 974  $ 898  $ 396  $ 76  8   % $ 578  146   %
Short-term borrowed funds 7  8  2  (1) (13) 5  250 
Long-term borrowed funds 207  167  159  40  24  48  30 
Total interest expense $ 1,188  $ 1,073  $ 557  $ 115  11   % $ 631  113   %
Net interest income $ 1,488  $ 1,522  $ 1,695  $ (34) (2)  % $ (207) (12)  %
Net interest margin, FTE 2.91   % 3.03   % 3.30   % (12)  bps (39)  bps
Fourth quarter 2023 vs. third quarter 2023
Net interest income of $1.5 billion decreased 2%, reflecting lower net interest margin, partially offset by a 2% increase in average interest-earning assets. Higher cash and securities were partially offset by lower loans.
•Net interest margin of 2.91% decreased 12 basis points reflecting the impact of an increase in liquidity (cash and securities - 9 basis points) and higher funding costs (6 basis points), partially offset by the benefit of Non-Core run off (3 basis points). The targeted build in liquidity was achieved in the quarter.
Fourth quarter 2023 vs. fourth quarter 2022
Net interest income of $1.5 billion decreased 12%, reflecting lower net interest margin and a 1% decline in average interest-earning assets.
•Net interest margin of 2.91% decreased 39 basis points, as higher funding costs and the impact of building liquidity were partly offset by higher interest-earning-asset yields and the benefit of Non-Core run off.





6
Citizens Financial Group, Inc.
Noninterest Income   4Q23 change from
($s in millions) 4Q23 3Q23 4Q22 3Q23 4Q22
$ % $ %
Service charges and fees $ 104  $ 105  $ 105  $ (1) (1)  % $ (1) (1)  %
Capital markets fees 87  67  98  20  30  (11) (11)
Card fees 70  74  71  (4) (5) (1) (1)
Trust and investment services fees 68  63  61  5  8  7  11 
Mortgage banking fees 57  69  54  (12) (17) 3  6 
Foreign exchange and derivative products 43  48  35  (5) (10) 8  23 
Letter of credit and loan fees 42  43  41  (1) (2) 1  2 
Securities gains, net 9  5  4  4  80 5  125
Other income(1)
 20  18  36  2  11 (16) (44)
Noninterest income $ 500  $ 492  $ 505  $ 8  2   % $ (5) (1)  %
1) Includes bank-owned life insurance income and other miscellaneous income for all periods presented.
Fourth quarter 2023 vs. third quarter 2023
Noninterest income of $500 million increased $8 million, or 2%.
•Capital markets fees increased $20 million, given increased bond and equity underwriting and M&A advisory fees.
•Card fees decreased $4 million, primarily reflecting lower interchange and higher rewards expense.
•Trust and investment services fees increased $5 million, reflecting increased sales activity.
•Mortgage banking fees decreased $12 million, driven by lower production fees and MSR valuation, net of hedging, partially offset by higher servicing fees.
•Foreign exchange and derivative products revenue decreased $5 million, primarily reflecting lower client activity in interest rate hedging.
Fourth quarter 2023 vs. fourth quarter 2022
Noninterest income of $500 million decreased $5 million, or 1%.
•Capital markets fees decreased $11 million, primarily given lower M&A advisory fees.
•Trust and investment services fees increased $7 million, reflecting increased sales activity and asset management fees.
•Mortgage banking fees increased $3 million, driven by higher MSR valuation, net of hedging, partially offset by lower servicing and production fees.
•FX and derivative products revenue increased $8 million, primarily reflecting increased client activity in commodities hedging.

7
Citizens Financial Group, Inc.
Noninterest Expense   4Q23 change from
($s in millions) 4Q23 3Q23 4Q22 3Q23 4Q22
$ % $ %
Salaries and employee benefits $ 667  $ 659  $ 633  $ 8  1  % $ 34  5  %
Equipment and software 215  191  170  24  13  45  26 
Outside services 174  160  170  14  9  4  2 
Occupancy 125  107  110  18  17  15  14 
Other operating expense 431  176  157  255  145  274  175 
Noninterest expense $ 1,612  $ 1,293  $ 1,240  $ 319  25  % $ 372  30  %
Notable items $ 345  $ 22  $ 43  $ 323  NM $ 302  NM
Underlying, as applicable
Salaries and employee benefits $ 635  $ 654  $ 618  $ (19) (3) % $ 17  3  %
Equipment and software 178  185  168  (7) (4) 10  6 
Outside services 161  153  153  8  5  8  5 
Occupancy 105  105  108  —  —  (3) (3)
Other operating expense 188  174  150  14  8  38  25 
Underlying noninterest expense $ 1,267  $ 1,271  $ 1,197  $ (4) —  % $ 70  6  %
Fourth quarter 2023 vs. third quarter 2023
Underlying noninterest expense of $1.27 billion was down slightly including the Private Bank start-up investment.
•Salaries and benefits decreased primarily reflecting headcount reduction initiatives.
•Equipment and software decreased given lower vendor costs.
•Outside services increased related to the execution of strategic initiatives.
•Other operating expense increased primarily due to higher fraud, deposit insurance and travel expenses, partially offset by lower advertising costs.
Reported noninterest expense of $1.61 billion increased $319 million, reflecting notable items of $323 million, namely the industry-wide FDIC special assessment of $225 million, and costs associated with the reduction of approximately 650 headcount, or 3.5%, the exit of the Wholesale Mortgage and Auto businesses, and facilities rationalization.
The effective tax rate was 7.6% in fourth quarter 2023. On an underlying basis, the effective tax rate of 22.3% increased modestly compared to 21.7% in third quarter 2023.
Fourth quarter 2023 vs. fourth quarter 2022
Underlying noninterest expense of $1.27 billion increased 6%; up 2% excluding $41 million in expenses related to the Private Bank start-up investment.
•Salaries and benefits increased reflecting the Private Bank start-up investment, partly offset by lower headcount.
•Equipment and software increased, reflecting higher software maintenance and amortization costs.
•Other operating expenses increased primarily driven by increased deposit insurance, pension costs and fraud expense.
The effective tax rate was 7.6% in fourth quarter 2023. On an underlying basis, the effective tax rate of 22.3% increased compared to 21.4% in fourth quarter 2022.

8
Citizens Financial Group, Inc.
Interest-earning assets   4Q23 change from
($s in millions) 4Q23 3Q23 4Q22 3Q23 4Q22
Period-end interest-earning assets $ % $ %
Investments $ 40,003  $ 35,547  $ 35,052  $ 4,456  13   % $ 4,951  14   %
Interest-bearing deposits in banks 10,239  14,329  9,361  (4,090) (29) 878  9 
Commercial loans and leases 74,445  77,457  82,180  (3,012) (4) (7,735) (9)
Retail loans 71,514  72,289  74,482  (775) (1) (2,968) (4)
Total loans and leases 145,959  149,746  156,662  (3,787) (3) (10,703) (7)
Loans held for sale, at fair value 676  749  774  (73) (10) (98) (13)
Other loans held for sale 103  99  208  4  4 (105) (50)
Total loans and leases and loans held for sale 146,738  150,594  157,644  (3,856) (3) (10,906) (7)
Total period-end interest-earning assets $ 196,980  $ 200,470  $ 202,057  $ (3,490) (2)  % $ (5,077) (3)  %
Average interest-earning assets
Investments $ 41,499  $ 39,273  $ 38,772  $ 2,226  6   % $ 2,727  7   %
Interest-bearing deposits in banks 12,387  8,005  6,915  4,382  55  5,472  79 
Commercial loans and leases 76,078  78,261  82,468  (2,183) (3) (6,390) (8)
Retail loans 71,891  72,530  74,631  (639) (1) (2,740) (4)
Total loans and leases 147,969  150,791  157,099  (2,822) (2) (9,130) (6)
Loans held for sale, at fair value 1,047  1,204  1,179  (157) (13) (132) (11)
Other loans held for sale 219  321  557  (102) (32) (338) (61)
Total loans and leases and loans held for sale 149,235  152,316  158,835  (3,081) (2) (9,600) (6)
Total average interest-earning assets $ 203,121  $ 199,594  $ 204,522  $ 3,527  2   % $ (1,401) (1)  %

Fourth quarter 2023 vs. third quarter 2023
Period-end interest-earning assets of $197.0 billion decreased $3.5 billion, or 2%, reflecting a $4.1 billion decrease in cash held in interest-bearing deposits and a $3.9 billion decrease in total loans and leases and loans held for sale, partly offset by a $4.5 billion increase in investments in securities. The decrease in loans and leases reflects a $3.0 billion decrease in commercial given balance sheet optimization actions and market conditions driving lower client demand. Results also reflect a $775 million decrease in retail, given planned Non-Core portfolio run off.
Average interest-earning assets of $203.1 billion increased $3.5 billion, or 2%, reflecting a $4.4 billion increase in cash held in interest-bearing deposits and a $2.2 billion increase in investments, partly offset by a $2.8 billion decrease in total loans and leases. The decrease in loans and leases reflects a $2.2 billion decrease in commercial given balance sheet optimization actions and market conditions driving lower client demand, as well as a $639 million decrease in retail driven by the Non-Core portfolio run off.
The average effective duration of the securities portfolio was 3.9 years, compared with 5.2 years at September 30, 2023 and 5.8 years at December 31, 2022.
Fourth quarter 2023 vs. fourth quarter 2022
Period-end interest-earning assets of $197.0 billion decreased $5.1 billion, or 3%, reflecting a $10.9 billion decrease in total loans and leases and loans held for sale, partly offset by a $878 million increase in cash held in interest-bearing deposits and a $5.0 billion increase in investments in securities. The decrease in loans and leases reflects a $7.7 billion decrease in commercial given balance sheet optimization actions and lower client demand, and a $3.0 billion decrease in retail driven by the Non-Core portfolio run off and lower education largely offset by growth in mortgage and home equity.
Average interest-earning assets of $203.1 billion decreased $1.4 billion, or 1%, reflecting a $9.6 billion decrease in total loans and leases and loans held for sale, partially offset by a $5.5 billion increase in cash held in interest-bearing deposits and a $2.7 billion increase in investments in securities.
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Citizens Financial Group, Inc.
    
Deposits   4Q23 change from
($s in millions) 4Q23 3Q23 4Q22 3Q23 4Q22
Period-end deposits $ % $ %
Demand
 $ 37,107  $ 38,561  $ 49,283  $ (1,454) (4)  % $ (12,176) (25)  %
Money market 53,812  53,517  49,905  295  1  3,907  8 
Checking with interest 31,876  33,355  39,721  (1,479) (4) (7,845) (20)
Savings 27,983  29,139  29,805  (1,156) (4) (1,822) (6)
Term 26,564  23,625  12,010  2,939  12  14,554  121 
Total period-end deposits $ 177,342  $ 178,197  $ 180,724  $ (855) —   % $ (3,382) (2)  %
Average deposits
Demand
 $ 38,390  $ 39,728  $ 50,706  $ (1,338) (3)  % $ (12,316) (24)  %
Money market 53,003  52,057  50,228  946  2  2,775  6 
Checking with interest 31,788  33,545  36,952  (1,757) (5) (5,164) (14)
Savings 28,455  29,516  29,780  (1,061) (4) (1,325) (4)
Term 25,492  21,604  11,378  3,888  18  14,114  124 
Total average deposits $ 177,128  $ 176,450  $ 179,044  $ 678  —   % $ (1,916) (1)  %
Fourth quarter 2023 vs. third quarter 2023
Total period-end deposits of $177.3 billion and average deposits of $177.1 billion were broadly stable. The spot decreases in demand of 4% and checking with interest of 4% reflect continued migration to higher rate alternatives, with increases in term, up 12%, and money market, up 1%. Efforts to optimize the liquidity value of deposits continue, with $3.5 billion in deposits from financial institutions and municipalities run off during the quarter.
Fourth quarter 2023 vs. fourth quarter 2022
Total period-end deposits of $177.3 billion decreased 2% while average deposits of $177.1 billion decreased 1%, primarily due to rate-related outflows. Higher interest rates drove migration of deposits from demand and checking with interest to term and money market accounts.
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Citizens Financial Group, Inc.
Borrowed Funds   4Q23 change from
($s in millions) 4Q23 3Q23 4Q22 3Q23 4Q22
Period-end borrowed funds $ % $ %
Short-term borrowed funds $ 505  $ 232  $ 3  $ 273  118 % $ 502  NM
Long-term borrowed funds
FHLB advances 3,786  7,036  8,519  (3,250) (46) (4,733) (56)
Senior debt 5,170  5,258  5,555  (88) (2) (385) (7)
Subordinated debt and other debt 1,819  1,815  1,813  4  —  6  — 
Auto collateralized borrowings 2,692  3,245  —  (553) (17) 2,692  100 
Total borrowed funds $ 13,972  $ 17,586  $ 15,890  $ (3,614) (21)  % $ (1,918) (12)  %
Average borrowed funds
Short-term borrowed funds $ 491  $ 506  $ 262  $ (15) (3) % $ 229  87   %
Long-term borrowed funds
FHLB advances 5,751  4,023  8,818  1,728  43  (3,067) (35)
Senior debt 5,217  5,259  5,397  (42) (1) (180) (3)
Subordinated debt and other debt 1,816  1,814  1,812  2  —  4  — 
Auto collateralized borrowings 2,904  2,106  —  798  38 2,904  100 
Total average borrowed funds $ 16,179  $ 13,708  $ 16,289  $ 2,471  18   % $ (110) (1)  %
Fourth quarter 2023 vs. third quarter 2023
Period-end borrowed funds decreased by $3.6 billion, primarily due to a decrease in FHLB advances of $3.3 billion and a decrease of $553 million in collateralized borrowings on auto loans, partly offset by a $273 million increase in short-term borrowings.
Average borrowed funds increased $2.5 billion, with an increase in FHLB advances of $1.7 billion, and an increase in collateralized borrowings on auto loans of $798 million.
Fourth quarter 2023 vs. fourth quarter 2022
Period-end borrowed funds decreased by $1.9 billion, primarily due to a decrease in FHLB advances of $4.7 billion and a decrease of $385 million in senior debt, partly offset by a $2.7 billion increase in collateralized borrowings on auto loans and a $502 million increase in short-term borrowed funds.
Average borrowed funds decreased by $110 million, reflecting a $3.1 billion decrease in FHLB advances, largely offset by a $2.9 billion increase in collateralized borrowings on auto loans.
11
Citizens Financial Group, Inc.
Capital   4Q23 change from
($s and shares in millions, except per share data) 4Q23 3Q23 4Q22 3Q23 4Q22
Period-end capital $ % $ %
Stockholders' equity $ 24,342  $ 22,878  $ 23,690  $ 1,464  6   % $ 652  3   %
Stockholders' common equity 22,329  20,864  21,676  1,465  7  653  3 
Tangible common equity 14,417  12,930  13,728  1,487  12  689  5 
Tangible book value per common share $ 30.91  $ 27.73  $ 27.88  $ 3.18  11   % $ 3.03  11   %
Common shares - at end of period 466.4  466.2  492.3  0.2  —  (25.9) (5)
Common shares - average (diluted) 468.2  471.2  495.5  (3.0) (1)  % (27.3) (6)  %
Common equity tier 1 capital ratio(1)
 10.6  % 10.4  % 10.0  %
Total capital ratio(1)
 13.7  13.4  12.8 
Tangible common equity ratio 6.7  5.9  6.3 
Tier 1 leverage ratio(1)
 9.3  9.4  9.3 
1) Current reporting-period regulatory capital ratios are preliminary.
Fourth quarter 2023
•The CET1 capital ratio is 10.6% as of December 31, 2023 compared with 10.4% at September 30, 2023 and 10.0% at December 31, 2022.
•Total capital ratio of 13.7% compares with 13.4% at September 30, 2023 and 12.8% as of December 31, 2022.
•Tangible common equity ratio of 6.7% compares with 5.9% at September 30, 2023 and 6.3% as of December 31, 2022.
•Tangible book value per common share of $30.91 increased 11% compared with third quarter 2023 primarily due to AOCI impacts.
•Citizens paid $198 million in common dividends to shareholders during fourth quarter 2023. This compares with $200 million in common dividends during third quarter 2023 and $208 million during fourth quarter 2022.
•Citizens did not repurchase common shares during fourth quarter 2023, compared with $250 million repurchased in third quarter 2023 and $150 million in fourth quarter 2022.
12
Citizens Financial Group, Inc.
Credit quality review   4Q23 change from
($s in millions) 4Q23 3Q23 4Q22 3Q23 4Q22
$/bps % $/bps %
Nonaccrual loans and leases(1)
 $ 1,364  $ 1,296  $ 944  $ 68  5   % $ 420  44   %
90+ days past due and accruing(2)
 333  248  367  85  34  (34) (9)
Net charge-offs 171  153  88  18  12  83  94 
Provision for credit losses 171  172  132  (1) (1) 39  30
Allowance for credit losses $ 2,318  $ 2,318  $ 2,240  $ —  —   % $ 78  3   %
Nonaccrual loans and leases to loans and leases 0.93   % 0.87   % 0.60   % 6   bps 33 
Net charge-offs as a % of total loans and leases 0.46  0.40  0.22  6  24 
Allowance for credit losses to loans and leases 1.59  1.55  1.43  4  16 
Allowance for credit losses to nonaccrual loans and leases 170   % 179   % 237   % (9)  bps (67)  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 $243 million, $216 million, and $316 million of loans fully or partially guaranteed by the FHA, VA, and USDA for December 31, 2023, September 30, 2023, and December 31, 2022, respectively.
Fourth quarter 2023 vs. third quarter 2023
•The nonaccrual loans to total loans ratio of 0.93% compares with 0.87% at September 30, 2023. Nonaccrual loans of $1.4 billion increased $68 million, or 5%, reflecting a $59 million increase in Commercial, primarily driven by an increase in C&I and a modest increase in the General Office segment of commercial real estate.
•Trends in credit quality such as criticized loans appear to be broadly stabilizing.
•Net charge-offs of $171 million, or 46 basis points of average loans and leases, increased 6 basis points compared with the prior quarter given a $1 million decrease in commercial and a $19 million increase in retail, driven by seasonal impacts and the continued normalization of credit losses.
•The fourth quarter 2023 provision for credit losses of $171 million compares with $172 million for third quarter 2023. The allowance for credit losses remained stable as the ratio to total loans of 1.59% increased from 1.55% as of September 30, 2023, reflecting continued runoff of the Non-Core portfolio and balance sheet optimization actions in commercial.
•The allowance for credit losses to nonaccrual loans and leases ratio of 170% compares with 179% as of September 30, 2023.
Fourth quarter 2023 vs. fourth quarter 2022
•The nonaccrual loans to total loans ratio of 0.93% increased from 0.60% at December 31, 2022.
•Nonaccrual loans increased $420 million, or 44%, primarily reflecting an increase in the General Office segment of commercial real estate.
•Net charge-offs of 46 basis points of average loans and leases compares with 22 basis points in fourth quarter 2022.
•Net charge-offs of $171 million increased $83 million reflecting a $30 million increase in retail, primarily in education and other retail, and a $53 million increase in commercial driven by the General Office segment of commercial real estate.
•Provision for credit losses of $171 million compares with a $132 million provision in fourth quarter 2022.
•Allowance for credit losses of $2.3 billion increased $78 million compared with December 31, 2022. Allowance for credit losses ratio of 1.59% as of December 31, 2023, compares with 1.43% as of December 31, 2022.
•The allowance for credit losses to nonaccrual loans and leases ratio of 170% compares with 237% as of December 31, 2022.
13
Citizens Financial Group, Inc.

Corresponding Financial Tables and Information
Investors are encouraged to review the foregoing summary and discussion of Citizens’ earnings and financial condition in conjunction with the detailed financial tables and other information available on the Investor Relations portion of the company’s website at www.citizensbank.com/about-us.
Media:    Peter Lucht - (781) 655-2289
Investors: Kristin Silberberg - (203) 900-6854
Conference Call
CFG management will host a live conference call today with details as follows:
Time:    9:00 am ET
Dial-in: (877) 226-8189, 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, 2024 through February 17, 2024. Please dial (866) 207-1041 and enter access code 9913757. 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 $222.0 billion in assets as of December 31, 2023. 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 3,200 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 X (formerly Twitter), LinkedIn or Facebook.

14
Citizens Financial Group, Inc.

Non-GAAP Financial Measures and Reconciliations
Non-GAAP Financial Measures:
This document contains non-GAAP financial measures denoted as Underlying. 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.
15
Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS FULL YEAR
4Q23 Change 2023 Change
4Q23 3Q23 4Q22 3Q23 4Q22 2023 2022 2022
$ % $ % $ %
Noninterest income, Underlying:
Noninterest income (GAAP) $500  $492  $505  $8  2  % ($5) (1  %) $1,983  $2,009  ($26) (1  %)
Less: Notable items —  —  —  —  —  —  —  —  (31) 31  100 
Noninterest income, Underlying (non-GAAP) $500  $492  $505  $8  2  % ($5) (1  %) $1,983  $2,040  ($57) (3  %)
Total revenue, Underlying:
Total revenue (GAAP) A $1,988  $2,014  $2,200  ($26) (1  %) ($212) (10  %) $8,224  $8,021  $203  3  %
Less: Notable items —  —  —  —  —  —  —  —  (31) 31  100 
Total revenue, Underlying (non-GAAP) B $1,988  $2,014  $2,200  ($26) (1  %) ($212) (10  %) $8,224  $8,052  $172  2  %
Noninterest expense, Underlying:
Noninterest expense (GAAP) C $1,612  $1,293  $1,240  $319  25  % $372  30  % $5,507  $4,892  $615  13  %
Less: Notable items 345  22  43  323  NM 302  NM 506  262  244  93 
Noninterest expense, Underlying (non-GAAP) D $1,267  $1,271  $1,197  ($4) —  % $70  6  % $5,001  $4,630  $371  8  %
Pre-provision profit:
Total revenue (GAAP) A $1,988  $2,014  $2,200  ($26) (1  %) ($212) (10  %) $8,224  $8,021  $203  3  %
Less: Noninterest expense (GAAP) C 1,612  1,293  1,240  319  25  372  30  5,507  4,892  615  13 
Pre-provision profit (GAAP) $376  $721  $960  ($345) (48  %) ($584) (61  %) $2,717  $3,129  ($412) (13  %)
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP) B $1,988  $2,014  $2,200  ($26) (1  %) ($212) (10  %) $8,224  $8,052  $172  2  %
Less: Noninterest expense, Underlying (non-GAAP) D 1,267  1,271  1,197  (4) —  70  6  5,001  4,630  371  8 
Pre-provision profit, Underlying (non-GAAP) $721  $743  $1,003  ($22) (3  %) ($282) (28  %) $3,223  $3,422  ($199) (6  %)
Provision for credit losses, Underlying:
Provision for credit losses (GAAP) $171  $172  $132  ($1) (1%) $39  30% $687  $474  $213  45  %
Less: Notable items —  —  —  —  — —  —  —  169  (169) (100)
Provision for credit losses, Underlying (non-GAAP) $171  $172  $132  ($1) (1%) $39  30  % $687  $305  $382  125  %
Income before income tax expense, Underlying:
Income before income tax expense (GAAP) E $205  $549  $828  ($344) (63  %) ($623) (75  %) $2,030  $2,655  ($625) (24  %)
Less: Income (expense) before income tax expense (benefit) related to notable items (345) (22) (43) (323) NM (302) NM (506) (462) (44) (10)
Income before income tax expense, Underlying (non-GAAP) F $550  $571  $871  ($21) (4  %) ($321) (37  %) $2,536  $3,117  ($581) (19  %)
Income tax expense, Underlying:
Income tax expense (GAAP) G $16  $119  $175  ($103) (87  %) ($159) (91  %) $422  $582  ($160) (27  %)
Less: Income tax expense (benefit) related to notable items (108) (4) (11) (104) NM (97) NM (149) (110) (39) (35)
Income tax expense, Underlying (non-GAAP) H $124  $123  $186  $1  1  % ($62) (33  %) $571  $692  ($121) (17  %)
Net income, Underlying:
Net income (GAAP) I $189  $430  $653  ($241) (56  %) ($464) (71  %) $1,608  $2,073  ($465) (22  %)
Add: Notable items, net of income tax benefit 237  18  32  219  NM 205  NM 357  352  5  1 
Net income, Underlying (non-GAAP) J $426  $448  $685  ($22) (5  %) ($259) (38  %) $1,965  $2,425  ($460) (19  %)
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP) K $159  $400  $621  ($241) (60  %) ($462) (74  %) $1,491  $1,960  ($469) (24  %)
Add: Notable items, net of income tax benefit 237  18  32  219  NM 205  NM 357  352  5  1 
Net income available to common stockholders, Underlying (non-GAAP) L $396  $418  $653  ($22) (5  %) ($257) (39  %) $1,848  $2,312  ($464) (20  %)
16
Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS FULL YEAR
4Q23 Change 2023 Change
4Q23 3Q23 4Q22 3Q23 4Q22 2023 2022 2022
$/bps % $/bps % $/bps %
Operating leverage:
Total revenue (GAAP) A $1,988  $2,014  $2,200  ($26) (1.39  %) ($212) (9.70  %) $8,224  $8,021  $203  2.53  %
Less: Noninterest expense (GAAP) C 1,612  1,293  1,240  319  24.60  372  30.00  5,507  4,892  615  12.58 
Operating leverage (25.99  %) (39.70  %) (10.05  %)
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP) B $1,988  $2,014  $2,200  ($26) (1.39  %) ($212) (9.70  %) $8,224  $8,052  $172  2.13  %
Less: Noninterest expense, Underlying (non-GAAP) D 1,267  1,271  1,197  (4) (0.30) 70  5.82  5,001  4,630  371  8.00 
Operating leverage, Underlying (non-GAAP) (1.09  %) (15.52  %) (5.87  %)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio C/A 81.13  % 64.21  % 56.36  % 1,692   bps 2,477   bps 66.97  % 60.99  % 598   bps
Efficiency ratio, Underlying (non-GAAP) D/B 63.77  63.08  54.42  69   bps 935   bps 60.81  57.51  330   bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate G/E 7.59  % 21.51  % 21.16  % (1,392)  bps (1,357)  bps 20.76  % 21.93  % (117)  bps
Effective income tax rate, Underlying (non-GAAP) H/F 22.25  21.69  21.37  56   bps 88   bps 22.48  22.19  29   bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP) M $21,209  $21,177  $21,276  $32  —  % ($67) —  % $21,592  $21,724  ($132) (1  %)
Less: Average goodwill (GAAP) 8,188  8,188  8,171  —  —  17  —  8,184  7,872  312  4 
Less: Average other intangibles (GAAP) 163  173  199  (10) (6) (36) (18) 177  181  (4) (2)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 421  422  424  (1) —  (3) (1) 422  413  9  2 
Average tangible common equity N $13,279  $13,238  $13,330  $41  —  % ($51) —  % $13,653  $14,084  ($431) (3  %)
Return on average tangible common equity K/N 4.72  % 12.00  % 18.46  % (728)  bps (1,374)  bps 10.92  % 13.91  % (299)  bps
Return on average tangible common equity, Underlying (non-GAAP) L/N 11.84  12.51  19.40  (67)  bps (756)  bps 13.53  16.41  (288)  bps
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP) O $223,653  $220,162  $224,970  $3,491 2  % ($1,317) (1  %) $222,221  $215,061  $7,160  3  %
Less: Average goodwill (GAAP) 8,188  8,188  8,171  —  —  17  —  8,184  7,872  312  4 
Less: Average other intangibles (GAAP) 163  173  199  (10) (6) (36) (18) 177  181  (4) (2)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 421  422  424  (1) —  (3) (1) 422  413  9  2 
Average tangible assets P $215,723  $212,223  $217,024  $3,500  2  % ($1,301) (1  %) $214,282  $207,421  $6,861  3  %
Return on average total tangible assets I/P 0.35  % 0.81  % 1.19  % (46)  bps (84)  bps 0.75  % 1.00  % (25)  bps
Return on average total tangible assets, Underlying (non-GAAP) J/P 0.78  0.84  1.25  (6)  bps (47)  bps 0.92  1.17  (25)  bps












17
Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS FULL YEAR
4Q23 Change 2023 Change
4Q23 3Q23 4Q22 3Q23 4Q22 2023 2022 2022
$/bps % $/bps % $/bps %
Tangible book value per common share:
Common shares - at period-end (GAAP) Q 466,418,055  466,221,795  492,282,158  196,260  —  % (25,864,103) (5  %) 466,418,055  492,282,158  (25,864,103) (5  %)
Common stockholders' equity (GAAP) $22,329  $20,864  $21,676  $1,465  7  $653  3  $22,329  $21,676  $653  3 
Less: Goodwill (GAAP) 8,188  8,188  8,173  —  —  15  —  8,188  8,173  15  — 
Less: Other intangible assets (GAAP) 157  167  197  (10) (6) (40) (20) 157  197  (40) (20)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 433  421  422  12  3  11  3  433  422  11  3 
Tangible common equity R $14,417  $12,930  $13,728  $1,487  12  % $689  5  % $14,417  $13,728  $689  5  %
Tangible book value per common share R/Q $30.91  $27.73  $27.88  $3.18  11  % $3.03  11  % $30.91  $27.88  $3.03  11  %
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) S 466,234,324  469,481,085  493,293,981  (3,246,761) (1  %) (27,059,657) (5  %) 475,089,384  475,959,815  (870,431) —  %
Average common shares outstanding - diluted (GAAP) T 468,159,167  471,183,719  495,478,398  (3,024,552) (1) (27,319,231) (6) 476,693,148  477,803,142  (1,109,994) — 
Net income per average common share - basic (GAAP) K/S $0.34  $0.85  $1.26  ($0.51) (60) ($0.92) (73) $3.14  $4.12  ($0.98) (24)
Net income per average common share - diluted (GAAP) K/T 0.34  0.85  1.25  (0.51) (60) (0.91) (73) 3.13  4.10  (0.97) (24)
Net income per average common share - basic, Underlying (non-GAAP) L/S 0.85  0.89  1.32  (0.04) (4) (0.47) (36) 3.89  4.86  (0.97) (20)
Net income per average common share - diluted, Underlying (non-GAAP) L/T 0.85  0.89  1.32  (0.04) (4) (0.47) (36) 3.88  4.84  (0.96) (20)


18
Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS FULL YEAR
4Q23 Change 2023 Change
4Q23 3Q23 4Q22 3Q23 4Q22 2023 2022 2022
$/bps % $/bps % $/bps %
Other income, Underlying:
Other income (GAAP) $20  $18  $36  $2  11 ($16) (44%) $78  $82  ($4) (5  %)
Less: Notable items —  —  —  —  —  —  —  —  (31) 31  100 
Other income, Underlying (non-GAAP) $20  $18  $36  $2  11  ($16) (44  %) $78  $113  ($35) (31  %)
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP) $667  $659  $633  $8  1  % $34  5  % $2,599  $2,549  $50  —  2  %
Less: Notable items 32  5  15  27  NM 17  113  67  110  (43) (39)
Salaries and employee benefits, Underlying (non-GAAP) $635  $654  $618  ($19) (3  %) $17  3  % $2,532  $2,439  $93  4  %
Equipment and software, Underlying:
Equipment and software (GAAP)
 $215  $191  $170  $24  13  % $45  26  % $756  $648  $108  17  %
Less: Notable items 37  6  2  31  NM 35  NM 51  10  41  NM
Equipment and software, Underlying (non-GAAP) $178  $185  $168  ($7) (4  %) $10  6  % $705  $638  $67  11  %
Outside services, Underlying:
Outside services (GAAP) $174  $160  $170  $14  9  % $4  2  % $687  $700  ($13) —  (2  %)
Less: Notable items 13  7  17  6  86  (4) (24) 68  113  (45) (40)
Outside services, Underlying (non-GAAP) $161  $153  $153  $8  5  % $8  5  % $619  $587  $32  5  %
Occupancy, Underlying:
Occupancy (GAAP) $125  $107  $110  $18  17  % $15  14  % $492  $410  $82  20  %
Less: Notable items 20  2  2  18  NM 18  NM 70  5  65  NM
Occupancy, Underlying (non-GAAP) $105  $105  $108  $—  —  % ($3) (3  %) $422  $405  $17  4  %
Other operating expense, Underlying:
Other operating expense (GAAP) $431  $176  $157  $255  145  % $274  175  % $973  $585  $388  —  66  %
Less: Notable items 243  2  7  241  NM 236  NM 250  24  226  NM
Other operating expense, Underlying (non-GAAP) $188  $174  $150  $14  8  % $38  25  % $723  $561  $162  29  %




























19
Citizens Financial Group, Inc.
Non-GAAP measures and reconciliations - excluding the impact of Private Bank
(in millions, except ratio data)

4Q23
Total revenue, Underlying excluding Private Bank:
Total revenue (GAAP) $1,988 
Less: Notable items — 
Less: Private Bank Total revenue (GAAP) 5 
Total revenue, Underlying excluding Private Bank (non-GAAP) A $1,983 
Noninterest expense, Underlying excluding Private Bank:
Noninterest expense (GAAP) $1,612 
Less: Notable items 345 
Noninterest expense, Underlying (non-GAAP) B $1,267 
Private Bank Noninterest expense (GAAP) $42 
Less: Private Bank Notable Items 2 
Noninterest expense, Underlying Private Bank (non-GAAP) C $40 
Noninterest expense, Underlying excluding Private Bank (non-GAAP) B-C $1,227 
Efficiency ratio, Underlying excluding Private Bank:
Efficiency ratio, excluding Private Bank (non-GAAP) (B-C)/A 61.9  %
20
Citizens Financial Group, Inc.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook,” “guidance” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.”

Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation:
•Negative economic, business and political conditions, including as a result of the interest rate environment, supply chain disruptions, inflationary pressures and labor shortages, that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits;
•The general state of the economy and employment, as well as general business and economic conditions, and changes in the competitive environment;
•Our capital and liquidity requirements under regulatory standards and our ability to generate capital and liquidity on favorable terms;
•The effect of changes in our credit ratings on our cost of funding, access to capital markets, ability to market our securities, and overall liquidity position;
•The effect of changes in the level of commercial and consumer deposits on our funding costs and net interest margin;
•Our ability to implement our business strategy, including the cost savings and efficiency components, and achieve our financial performance goals, including the anticipated benefits of the Investors acquisition and HSBC transaction;
•The effects of geopolitical instability, including the wars in Ukraine and Israel, 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;
•The effect of changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale;
•Changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources and affect the ability to originate and distribute financial products in the primary and secondary markets;
•Financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses;
•Environmental risks, such as physical or transition risks associated with climate change, and social and governance risks, that could adversely affect our reputation, operations, business, and customers;
•A failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; and
•Management’s ability to identify and manage these and other risks.
In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares from or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends.

More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 as filed with the Securities and Exchange Commission.
Note: Per share amounts and ratios presented in this document are calculated using whole dollars.
21
Citizens Financial Group, Inc.
CFG-IR
22
EX-99.2 3 a4q23earningspresentatio.htm EX-99.2 a4q23earningspresentatio
4Q23 and 2023 Financial Results January 17, 2024

 
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 the interest rate environment, supply chain disruptions, inflationary pressures and labor shortages, that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits; • The general state of the economy and employment, as well as general business and economic conditions, and changes in the competitive environment; • Our capital and liquidity requirements under regulatory standards and our ability to generate capital and liquidity on favorable terms; • The effect of changes in our credit ratings on our cost of funding, access to capital markets, ability to market our securities, and overall liquidity position; • The effect of changes in the level of commercial and consumer deposits on our funding costs and net interest margin; • Our ability to implement our business strategy, including the cost savings and efficiency components, and achieve our financial performance goals, including the anticipated benefits of the Investors acquisition and HSBC transaction; • The effects of geopolitical instability, including the wars in Ukraine and Israel, 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; • The effect of changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale; • Changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources and affect the ability to originate and distribute financial products in the primary and secondary markets; • Financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses; • Environmental risks, such as physical or transition risks associated with climate change, and social and governance risks, that could adversely affect our reputation, operations, business, and customers; • A failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; and • Management’s ability to identify and manage these and other risks. In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares from or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends. More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 as filed with the Securities and Exchange Commission. 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 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 4Q23 and FY2023 GAAP summary Full Year 4Q23 3Q23 4Q22 Q/Q Y/Y 2023 vs. 2022 $s in millions $/bps % $/bps % 2023 2022 $/bps % Net interest income $ 1,488 $ 1,522 $ 1,695 $ (34) (2) % $ (207) (12) % $ 6,241 $ 6,012 $ 229 4 % Noninterest income 500 492 505 8 2 (5) (1) 1,983 2,009 (26) (1) Total revenue 1,988 2,014 2,200 (26) (1) (212) (10) 8,224 8,021 203 3 Noninterest Expense 1,612 1,293 1,240 319 25 372 30 5,507 4,892 615 13 Pre-provision profit 376 721 960 (345) (48) (584) (61) 2,717 3,129 (412) (13) Provision for credit losses 171 172 132 (1) (1) 39 30 687 474 213 45 Income before income tax expense 205 549 828 (344) (63) (623) (75) 2,030 2,655 (625) (24) Income tax expense 16 119 175 (103) (87) (159) (91) 422 582 (160) (27) Net income $ 189 $ 430 $ 653 $ (241) (56) % $ (464) (71) % $ 1,608 $ 2,073 $ (465) (22) % Preferred dividends 30 30 32 — — (2) (6) 117 113 4 4 Net income available to common stockholders $ 159 $ 400 $ 621 $ (241) (60) % $ (462) (74) % $ 1,491 $ 1,960 $ (469) (24) % $s in billions Average interest-earning assets $ 203.1 $ 199.6 $ 204.5 $ 3.5 2 % $ (1.4) (1) % $ 201.7 $ 194.1 $ 7.6 4 % Average deposits $ 177.1 $ 176.5 $ 179.0 $ 0.7 — % $ (1.9) (1) % $ 175.3 $ 172.1 $ 3.2 2 % Performance metrics Net interest margin(1) 2.90 % 3.03 % 3.29 % (13) bps (39) bps 3.09 % 3.10 % (1) bps Net interest margin, FTE(1) 2.91 3.03 3.30 (12) (39) 3.10 3.10 — Loan-to-deposit ratio (period-end) 82.3 84.0 86.7 (173) (439) 82.3 86.7 (439) ROTCE 4.7 12.0 18.5 (728) (1,374) 10.9 13.9 (299) Efficiency ratio 81.1 64.2 56.4 1,692 2,477 67.0 61.0 598 Noninterest income as a % of total revenue 25 % 24 % 23 % 72 bps 224 bps 24 % 25 % (92) bps Full-time equivalent colleagues 17,570 18,214 18,889 (644) (4) (1,319) (7) 17,570 18,889 (1,319) (7) % Operating leverage (26.0) % (39.7) % (10.1) % Per common share Diluted earnings $ 0.34 $ 0.85 $ 1.25 $ (0.51) (60) % $ (0.91) (73) % $ 3.13 $ 4.10 $ (0.97) (24) % Tangible book value $ 30.91 $ 27.73 $ 27.88 $ 3.18 11 % $ 3.03 11 % $ 30.91 $ 27.88 $ 3.03 11 % Average diluted shares outstanding (in millions) 468.2 471.2 495.5 (3.0) (1) % (27.3) (6) % 476.7 477.8 (1.1) — % See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

 
4 4Q23 and FY23 Underlying financial summary(1) Full Year Q/Q Y/Y 2023 2022 2023 vs. 2022 $s in millions 4Q23 $/bps % $/bps % $/bps % Net interest income $ 1,488 $ (34) (2) % $ (207) (12) % $ 6,241 $ 6,012 $ 229 4% Noninterest income 500 8 2 (5) (1) 1,983 2,040 (57) (3) Total revenue 1,988 (26) (1) (212) (10) 8,224 8,052 172 2 Noninterest expense 1,267 (4) — 70 6 5,001 4,630 371 8 Pre-provision profit 721 (22) (3) (282) (28) 3,223 3,422 (199) (6) Provision for credit losses 171 (1) (1) 39 30 687 305 382 125 Net income available to common stockholders $ 396 $ (22) (5) % $ (257) (39) % $ 1,848 $ 2,312 $ (464) (20)% Performance metrics Diluted EPS $ 0.85 $ (0.04) (4) % $ (0.47) (36) % $ 3.88 $ 4.84 $ (0.96) (20)% Efficiency ratio 63.8 69 bps 935 bps 60.8 57.5 330 bps Noninterest income as a % of total revenue 25 % 72 bps 224 bps 24 % 25 % (121) bps ROTCE 11.8 % (67) bps (756) bps 13.5 % 16.4 % (288) bps Tangible book value per share $ 30.91 $ 3.18 11 % $ 3.03 11 % $ 30.91 $ 27.88 $ 3.03 11% 4Q23 FY2023 Notable Items Impacts Pre-tax EPS Pre-tax EPS ($s in millions except per share data) Integration related $ (5) $ (0.01) $ (104) $ (0.16) TOP and Other items (115) (0.15) (177) (0.24) FDIC special assessment (225) (0.35) (225) (0.35) Total: $ (345) $ (0.51) $ (506) $ (0.75) See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

 
5 ■ CFG performance reflects solid Legacy Core results, investment in Private Bank and impact from Non-Core ■ Private Bank expected to reach breakeven in 2H2024 ■ Non-Core has run down $2.6 billion in 2H2023 4Q23 Underlying financial performance detail(1) (A) (B) (C) = (A) + (B) (D) (E) = (C) + (D) $s in millions Legacy Core(2) Private Bank Core Non-Core(3) Total CFG Net interest income $1,528 $4.8 $1,533 $(45) $1,488 Noninterest income 500 0.4 500 — 500 Total revenue 2,028 5.2 2,033 (45) 1,988 Noninterest Expense 1,199 40.6 1,239 28 1,267 Pre-provision profit 829 (35.3) 794 (73) 721 Provision for credit losses 147 — 147 24 171 Income before income tax expense 682 (35.3) 647 (97) 550 Income tax expense 158 (9.2) 149 (25) 124 Net income 524 (26.1) 498 (72) 426 Preferred dividends 30 — 30 — 30 Net income available to common stockholders $494 $(26.1) $468 $(72) $396 Contribution to total CFG Diluted EPS $1.06 $(0.06) $1.00 $(0.15) $0.85 $s in billions Interest-earning assets (spot) $186 $0.3 $186 $11.1 $197 Loans (spot) 135 0.3 135 11.1 146 Deposits (spot) 176 1.2 177 — 177 Risk-weighted assets (spot) 161 0.3 161 11.2 173 Performance metrics: Net interest margin, FTE(4) 3.18% NM 3.19% (1.54)% 2.91% Loan-to-deposit ratio (spot) 76.4 20.9 76.0 NM 82.3 CET1 capital ratio(5) 11.5 NM 11.5 NM 10.6 ROTCE 14.8 NM 14.3 NM 11.8 Efficiency ratio 59.2 NM 61.0 NM 63.8 Noninterest income as a % of total revenue 24.6 NM 24.6 NM 25.2 See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

 
6 2023 Underlying financial performance detail(1) (A) (B) (C) = (A) + (B) (D) (E) = (C) + (D) $s in millions Legacy Core(2) Private Bank Core Non-Core(3) Total CFG Net interest income $6,365 $5.1 $6,370 $(129) $6,241 Noninterest income 1,983 0.5 1,983 — 1,983 Total revenue 8,347 5.5 8,353 (129) 8,224 Noninterest Expense 4,802 76.3 4,878 123 5,001 Pre-provision profit 3,546 (70.7) 3,475 (252) 3,223 Provision for credit losses 609 — 609 78 687 Income before income tax expense 2,937 (70.7) 2,866 (330) 2,536 Income tax expense 675 (18.4) 657 (86) 571 Net income 2,261 (52.3) 2,209 (244) 1,965 Preferred dividends 117 — 117 — 117 Net income available to common stockholders $2,144 $(52.3) $2,092 $(244) $1,848 Contribution to total CFG Diluted EPS $4.50 $(0.11) $4.39 $(0.51) $3.88 $s in billions Interest-earning assets (spot) $186 $0.3 $186 $11.1 $197 Loans (spot) 135 0.3 135 11.1 146 Deposits (spot) 176 1.2 177 — 177 Risk-weighted assets (spot) 161 0.3 161 11.2 173 Performance metrics: Net interest margin, FTE(4) 3.39% NM 3.40% (0.94)% 3.10% Loan-to-deposit ratio (spot) 76.4 20.9 76.0 NM 82.3 CET1 capital ratio(5) 11.5 NM 11.5 NM 10.6 ROTCE 15.7 NM 15.3 NM 13.5 Efficiency ratio 57.5 NM 58.4 NM 60.8 Noninterest income as a % of total revenue 23.8 NM 23.7 NM 24.1 See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

 
7 Overview(1) See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. 4Q23: Quarter highlights – Underlying EPS of $0.85 and ROTCE of 11.8%; includes $(0.06) for the Private Bank start-up investment and $(0.15) impact from the Non- Core portfolio – Underlying PPNR of $721 million, with higher fees, slightly lower NII and stable expenses – Period-end loans down 3% and average loans down 2% QoQ given commercial balance sheet optimization and lower client demand, as well as Non-Core portfolio run off – Period-end and average deposits broadly stable – Strong CET1 ratio of 10.6%(2); 9.0% adjusted for AOCI opt-out removal; TCE ratio 6.7%, up 79 bps QoQ – Period-end LDR improved from 84% to 82% QoQ; ~67% consumer deposits; ~71% secured/insured(3) – Achieved target liquidity profile, with pro forma Category 1 Bank LCR rising from 109% to 117% QoQ ◦ Reduced period-end FHLB borrowings by $3.3 billion QoQ to $3.8 billion – Continue to be well reserved for credit issues: ACL 1.59% vs. ~1.3% pro forma day-one CECL ◦ General Office reserve of 10.2% at December 31, 2023 – Executing Non-Core strategy to run off non-strategic lending and high-cost funding ◦ $2.6 billion of Non-Core loan portfolio run off in 2H2023 ◦ $2.7 billion of auto-collateralized funding at year-end; third issuance of $1.5 billion executed in January 2024 – Citizens Private Bank launched and off to good start; ~$1.2 billion of deposits and ~$0.4 billion in investments at year end – Well positioned in NYC metro: performance tracking well, gaining market share – Poised to capitalize on increasing Private Capital opportunity – TOP 8 program achieved ~$115 million year-end pre-tax run rate benefit; TOP 9 targeting ~$135 million pre-tax run-rate benefit by year end 2024; targeting ~1-1.5% growth in 2024 Underlying expenses, a reduction of ~1.4% excluding the Private Bank impact Well positioned for medium-term relative outperformance through strategic initiatives Further balance sheet strengthening Solid 2023 full-year results – Underlying net income of $2.0 billion, with EPS of $3.88 and ROTCE of 13.5%; includes $(0.11) for the Private Bank start-up investment and $(0.51) impact from the Non-Core portfolio

 
8 3.03% 0.03% 0.03% (0.03)% (0.03)% (0.03)% 3.00% (0.09)% 2.91% 3Q23 Asset Yields Non-Core Impact Deposit Pricing NIB Migration Swaps Sub-total Liquidity Build 4Q23 $204.5B $202.6B $201.5B $199.6B $203.1B $1,695 $1,643 $1,588 $1,522 $1,488 3.30% 3.30% 3.17% 3.03% 2.91% 4Q22 1Q23 2Q23 3Q23 4Q23 ■ NII down 2%, reflecting lower NIM, partially offset by a 2% increase in average interest-earning assets, as higher cash and securities were partially offset by lower loans – NIM of 2.91% decreased 12 bps, reflecting the impact of increased liquidity (cash and securities - 9 bps) and higher funding costs (6 bps), partially offset by the benefit of Non-Core run off (3 bps) – Interest-earning asset yields up 7 bps to 5.20% – Interest-bearing deposit costs up 19 bps to 279 bps; cumulative beta of 51% Net interest income NII and NIM Average interest-earning assets Net interest income NIM, FTE Net interest income decline reflects higher funding costs Linked Quarter NIM walk from 3Q23 to 4Q23 $s in millions $s in millions, except earning assets

 
9 ■ Noninterest income increased 2% – Capital markets fees increased $20 million given increased bond and equity underwriting and M&A advisory fees, though several M&A deals pushed to Q1 – Card fees decreased $4 million, primarily reflecting lower interchange and higher rewards expense – Trust and investment services fees increased $5 million, reflecting increased sales activity – Mortgage banking fees decreased $12 million, driven by lower production fees and MSR valuation, net of hedging, partially offset by higher servicing fees – FX and derivative products revenue decreased $5 million, reflecting lower client activity in interest rate hedging $505 $485 $506 $492 $500 4Q22 1Q23 2Q23 3Q23 4Q23 Noninterest income $s in millions Fees up 2% QoQ reflecting improvement in Capital Markets and Wealth See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. Linked Quarter Year-Over-YearNoninterest income ■ Noninterest income decreased 1% – Capital markets fees decreased $11 million, primarily given lower M&A advisory fees – Trust and investment services fees increased $7 million, reflecting increased sales activity and asset management fees – Mortgage banking fees increased $3 million, driven by higher MSR valuation, net of hedging, partially offset by lower servicing and production fees – FX and derivative products revenue increased $8 million, primarily reflecting increased client activity in commodities hedging $s in millions 4Q23 3Q23 4Q22 $ Q/Q Y/Y Service charges and fees $ 104 $ 105 $ 105 $ (1) $ (1) Capital markets fees 87 67 98 20 (11) Card fees 70 74 71 (4) (1) Trust and investment services fees 68 63 61 5 7 Mortgage banking fees 57 69 54 (12) 3 FX and derivative products 43 48 35 (5) 8 Letter of credit and loan fees 42 43 41 (1) 1 Securities gains, net 9 5 4 4 5 Other income(1) 20 18 36 2 (16) Noninterest income, reported $ 500 $ 492 $ 505 $ 8 $ (5)

 
10 ■ Underlying noninterest expense of $1.27 billion increased 6%; up 2% excluding $41 million in expenses related to the Private Bank start-up investment – Reflects an increase in salaries and employee benefits primarily reflecting the Private Bank start-up investment, partly offset by lower headcount – Higher equipment and software expense driven by increased software maintenance and amortization costs – Higher other operating expense reflects increased deposit insurance, pension costs and fraud Noninterest expense(1) See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. Efficiency ratio Down slightly QoQ; remain highly disciplined on expenses Linked Quarter Year-Over-Year56.4% 60.9% 62.3% 64.2% 81.1% 54.4% 57.8% 58.9% 63.1% 63.8% Underlying Notable items 4Q22 1Q23 2Q23 3Q23 4Q23 4Q23 3Q23 4Q22 $ $s in millions Q/Q Y/Y Salaries & employee benefits $ 635 $ 654 $ 618 $ (19) $ 17 Equipment & software 178 185 168 (7) 10 Outside services 161 153 153 8 8 Occupancy 105 105 108 — (3) Other operating expense 188 174 150 14 38 Noninterest expense, underlying $ 1,267 $ 1,271 $ 1,197 $ (4) $ 70 Notable items (1) 345 22 43 323 302 Noninterest expense, reported $ 1,612 $ 1,293 $ 1,240 $ 319 $ 372 Full-time equivalents (FTEs) 17,570 18,214 18,889 (644) (1,319) ■ Underlying noninterest expense of $1.27 billion, decreased $4 million; broadly stable including the Private Bank start-up investment – Reflects a decrease in salaries and employee benefits given headcount reduction initiatives – Equipment and software decreased reflecting lower vendor costs – Outside services increased related to strategic initiatives – Other operating expense increased primarily due to higher fraud, deposit insurance and travel expenses, partially offset by lower advertising cost ■ Reported noninterest expense of $1.61 billion, increased $319 million reflecting notable items of $323 million, namely the industry-wide FDIC special assessment of $225 million, and costs associated with the reduction of ~650 headcount, or ~3.5%, the exit of the Wholesale Mortgage and Auto businesses, and facilities rationalization

 
11 $157.1 $156.5 $153.7 $150.8 $148.0 $140.4 $140.9 $139.3 $137.8 $136.3 $16.7 $15.6 $14.4 $13.0 $11.7 Core Non-Core Loan yield 4Q22 1Q23 2Q23 3Q23 4Q23 ~10% QoQ ■ Average loans down $2.8 billion, or 2%, driven by planned Non- Core portfolio run off – Core loans down 1% with commercial down $2.2 billion, or 3%, given C&I balance sheet optimization actions and lower client demand, and retail, up 1%, driven by growth in mortgage and home equity ■ Period-end loans down $3.8 billion, or 3%, driven by planned Non-Core portfolio run off – Core loans down 2% with retail growth in mortgage and home equity more than offset by commercial balance sheet optimization actions ■ Loan yield of 5.71%, up 5 bps QoQ Loans and leases $s in billions Loans down modestly reflecting continued balance sheet optimization ■ Average loans down $9.1 billion, or 6%, driven by Non-Core portfolio run off – Core loans down 3% with commercial down $6.4 billion, or 8%, driven by C&I balance sheet optimization actions and lower client demand, largely offset by retail, up 4%, driven by growth in mortgage and home equity ■ Period-end loans down $10.7 billion, or 7%, driven by Non-Core Portfolio run off – Core loans down 4% with commercial down $7.7 billion, or 9%, driven by C&I balance sheet optimization actions and lower client demand, largely offset by retail, up 3%, driven by growth in mortgage and home equity Average loans and leases $156.7 $154.7 $151.3 $149.7 $146.0 $140.6 $139.6 $137.6 $137.4 $134.9 $16.1 $15.1 $13.7 $12.3 $11.1 Core Non-Core 4Q22 1Q23 2Q23 3Q23 4Q23 $s in billions Period-end loans and leases 4.75% 5.25% 5.52% 5.66% 5.71% Linked Quarter Year-Over-Year ~10% QoQ ~1% QoQ ~2% QoQ

 
12 $179.0 $174.4 $173.2 $176.5 $177.1 4Q22 1Q23 2Q23 3Q23 4Q23 Deposit performance and cost of funds Deposits broadly stable QoQ $s in billions 4Q23 Average deposits 0.88% 1.28% 1.68% 2.02% 2.18% 1.23% 1.74% 2.21% 2.60% 2.79% Total deposit costs Interest-bearing deposit costs Commercial Consumer Other Year-Over-Year 4Q23 Period-end deposits Term Linked Quarter ■ Period-end deposits broadly stable, with lower Commercial offset by an increase in Consumer, driven by the Private Bank – Efforts to optimize the liquidity value of deposits continue, with ~$3.5 billion in deposits from financial institutions and municipalities run off during the quarter ■ Average deposits broadly stable, up $678 million – Consumer deposits up $495 million – Commercial down $259 million ■ Citizens Access 4Q23 average and period-end balance of $11.0 billion ■ Total deposit costs increased 16 bps ■ Interest-bearing deposit costs increased 19 bps; well-controlled cumulative beta of 51% ■ Total cost of funds of 244 bps, up 20 bps ■ Period-end deposits down $3.4 billion, or 2%; average deposits down $1.9 billion, or 1%, primarily due to rate-related outflows ■ Total deposit costs up 130 bps and interest-bearing deposit costs up 156 bps ■ Total cost of funds up 131 bps $s in billions $180.7 $172.2 $177.7 $178.2 $177.3 Commercial Consumer Other 4Q22 1Q23 2Q23 3Q23 4Q23

 
13 NIB 21% Money Market 30%Checking With Interest 18% Citizens Access Savings 6% Savings 10% Term 15% 65% 70% 71% 3Q23 3Q23 4Q23 53% 67% 67% 3Q23 3Q23 4Q23 Branch Deposits 48% Citizens Access 6% Wealth 1% Business Banking 12% Commercial 26% Treasury/ Other 7% (As of 12/31/23) Highly diversified and retail-oriented deposit base $177B Period-end deposits Peer Avg(1) Business mix Product mix See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. Total deposits insured/secured(2) % Consumer Banking deposits Peer Avg(1) 46% 44% 42% 23% 22% 21% 23% 22% 21% NIB Low-cost deposits 2Q23 3Q23 4Q23 % NIB and low-cost deposits (3)

 
14 $2,240 $2,275 $2,299 $2,318 $2,318 1.43% 1.47% 1.52% 1.55% 1.59% Allowance for credit losses Allowance to loan coverage ratio 4Q22 1Q23 2Q23 3Q23 4Q23 $944 $996 $1,191 $1,296 $1,364 0.60% 0.64% 0.79% 0.87% 0.93% Nonaccrual loans Nonaccrual loans to total loans 4Q22 1Q23 2Q23 3Q23 4Q23 ■ NCOs of $171 million, or 46 bps of average loans and leases ■ Nonaccrual loans increased 5% QoQ to 93 bps of total loans primarily driven by an increase in C&I and a modest increase in the General Office segment of commercial real estate – Trends in credit quality such as criticized loans appear to be broadly stabilizing ■ Provision for credit losses of $171 million; ACL coverage ratio of 1.59%, up 4 bps QoQ reflecting stable reserves with lower loan balances given Non-Core run off and balance sheet optimization actions in commercial ■ ACL to nonaccrual loans and leases ratio of 170% compares with 179% as of 3Q23 and 237% as of 4Q22 $132 $168 $176 $172 $171 $88 $133 $152 $153 $171 0.22% 0.34% 0.40% 0.40% 0.46% Provision for credit losses Net charge-offs Net c/o ratio 4Q22 1Q23 2Q23 3Q23 4Q23 Credit quality overview $s in millions $s in millions See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. Nonaccrual loans $s in millions Allowance for credit losses HighlightsCredit provision expense; net charge-offs (1)

 
15 3Q23 4Q23 ACL % Coverage ACL % Coverage Retail $ 893 1.23 % $ 893 1.25 % Commercial 1,425 1.84 1,425 1.91 C&I 707 1.51 666 1.52 CRE 692 2.35 733 2.49 Leasing 26 2.14 26 2.24 Total $ 2,318 1.55 % $ 2,318 1.59 % Memo: General Office ACL $ 354 9.5 % $ 370 10.2 % NCOs $ 44 $ 48 Allowance for credit losses ■ The increase in the ACL reserve coverage to 1.59% primarily reflects the decrease in loan balances and includes higher reserves for CRE exposures, primarily General Office ■ The key macroeconomic assumptions underlying the reserve reflect a moderate recession over the two- year reasonable and supportable period ■ Qualitative factors and sensitivities are also incorporated in the allowance framework to account for other considerations not fully captured in reserve models $s in millions CommentaryAllowance for credit losses Current assumptions Property valuations, peak-to-trough % decline ~67% Avg. Loss Severity (%) ~46% Default rate (%) ~21-24% Scenario losses implied ~$370 million General Office ACL Coverage 10.2% CRE General Office key reserve assumptions ■ CRE General Office portfolio of $3.6 billion, down ~$100 million, or 3%, QoQ driven by paydowns and charge-offs ■ Strong ACL coverage of General Office; ACL informed by a specific CRE downside macro scenario combined with a loan-by-loan analysis – Increased ACL coverage for CRE General Office to 10.2% from 9.5% while absorbing ~$148 million over 2Q, 3Q and 4Q23 NCOs, which is another ~4% of loans ■ Capital impacts of higher stress scenarios very modest CRE General Office commentary

 
16 ■ 4Q23 CET1 ratio of 10.6%(1) compares with 10.4% in 3Q23 – 9.0% CET1 ratio adjusted for AOCI opt-out removal ■ TBV/share of $30.91, up 11% QoQ, primarily due to AOCI impacts – Tangible common equity ratio of 6.7%, up 79 bps QoQ ■ Paid $198 million in common dividends to shareholders in 4Q23 ■ No share repurchases in 4Q23 given the decision to pause to cover the impact of the FDIC special assessment – Remaining Board-authorized capacity of $1.094 billion at December 31, 2023 – Expect to resume repurchases in 1Q24 ■ Capital ratios consistently remain top quartile of peer group (see slide 36) ■ Shareholder payout ratio of ~95% on an Underlying basis for FY2023 Capital position continues to strengthen $s in billions (period-end) 4Q22 1Q23 2Q23 3Q23 4Q23 Basel III basis(1)(2) Common equity tier 1 capital $ 18.6 $ 18.4 $ 18.4 $ 18.4 $ 18.4 Risk-weighted assets $ 185.2 $ 183.2 $ 179.0 $ 176.4 $ 172.6 Common equity tier 1 ratio 10.0 % 10.0 % 10.3 % 10.4 % 10.6 % Tier 1 capital ratio 11.1 % 11.1 % 11.4 % 11.5 % 11.8 % Total capital ratio 12.8 % 12.9 % 13.3 % 13.4 % 13.7 % Tangible common equity ratio 6.3 % 6.6 % 6.3 % 5.9 % 6.7 % See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. TBV/share CET1 $ % 3Q23 10.4% $27.73 Net Income 0.11 0.41 1.5% Common and preferred dividends (0.13) (0.49) (1.8) RWA decrease 0.23 Treasury stock — — — Goodwill and intangibles 0.01 0.03 0.1 AOCI — 3.18 11.5 Other 0.01 0.05 0.2 Total change 0.23 3.18 11.5% 4Q23 10.6% $30.91 CET1 ratio remains strong(3) Highlights

 
17 High-quality loans Wealth AUM DDA 33% CWI 5% Savings 58% Term 4% ■ Deliver a world-class service model ■ Market and expand the brand ■ Hire and lift-out multiple wealth teams ■ Open 5-6 new Private Bank offices Financial expectations 2024 Deposit growth Strategic focus areas Citizens Private Bank update ■ ~75% of deposits are Commercial ■ DDA/CWI is 38% of deposit mix ~$0.4B Commerical 62% Consumer 38% $1.21 $— 33% DDA CWI Interest Bearing 12/31/23 as of 12/31/2023 as of 12/31/23 with a yield of ~8% ~$0.3B Deposits Strong growth; accretive DDA mix focused on operating relationships Lending Diversified, high quality growth led by strong commercial pipeline Wealth Scale through hiring and addition of targeted expertise P&L Achieves breakeven in 2H24 $1.2B Strong momentum into 2024 Positioning for continued success

 
18 customer acquisition rate at HSBC branches vs. CFG legacy major metro in 2023 Business initiatives update Driven significant operational efficiency and client experience gains through digital transformation; expanded functionality of Digital Butler service Strong league table results Middle market bookrunner by deal count Enhanced sponsor coverage model to drive Private Capital strategy, seeing positive results; hired coverage bankers and strengthened industry teams Advisory, subscription finance, LBOs, public market capital; increasing lead lefts from Sponsors 12 months ended December 31, 2023 Capturing the Private Capital Opportunity Growing Commercial payments Improving client satisfaction and efficiency through digitization Sponsor #2 Overall #10 Growing payments fees by expanding payment capabilities - push to alternative channels, better client connectivity, enterprise resource planning (ERP)-based capabilities 2022 2023 Commercial payments fees 8% 95% Commercial client satisfaction, remains at all-time high Top 2-Box Score Building a leading NY/NJ Bank Elevated customer acquisition levels Gaining scale Outsized deposit growth 3% 14% Legacy Major Metro HSBC + ISBC 1.4x HSBC and ISBC consumer deposits per branch growth significantly outpaced legacy major metro branches in 2023 HSBC retail households per branch now exceeds legacy major metro 2,550 2,850 2,775 HSBC Conversion (Feb-22) HSBC (Dec-23) Legacy Major Metro (Dec-23)

 
19 Targeting ~1-1.5% growth in 2024 Underlying expense, a reduction of ~1.4% excluding the Private Bank impact Revenue Efficiencies and tax 2014 TOP 1 2015 TOP 2 2016 TOP 3 2017 TOP 4 2018 TOP 5 '19-21 TOP 6 2022 TOP 7 2023 TOP 8 2024 TOP 9 ~$200 TOP programs key to restoring positive operating leverage Transforming how we operate and deliver for customers and colleagues TOP program benefits $s in millions ~$140 ~$115 ~$115 ~$105 ~$425 ~$115 ~$115 TOP 8 achieved pre-tax run-rate benefit of ~$115 million as of YE2023 TOP 9 targeting ~$135 million pre-tax run-rate benefit by YE2024 ~$135 TOP program/ expense management ■ Launched TOP 9; areas of focus include – Re-imagine operations with process reengineering, automation and AI – Simplify organization structure – Generate additional procurement efficiencies – Improve customer journeys utilizing generative AI – Exits of the Wholesale Mortgage and Auto businesses – Facilities rationalization ■ In addition, we are adjusting our expense base through further meaningful actions – ~650 headcount reduction in 4Q23 – Tightening on discretionary expense categories

 
20 ■ Non-Core portfolio of $11.1 billion retail loans at 12/31/23 – $1.2 billion QoQ decline in 4Q – ~4.2% WA loan yield (~95% fixed rate); ~5.8% WA funding cost ■ Retail products targeted for growth include areas with greatest relationship potential – Home equity, card, mortgage Balance sheet optimization - loans Non-Core and Consumer portfolios $12.3 $11.1 $7.6 $4.7 $9.3 $8.3 $5.3 $3.0 $3.0 $2.8 $2.3 $1.7 Education and Other Retail (Purchased) Indirect Auto 3Q23 4Q23 4Q24 4Q25 Focusing on relationship-based lending with attractive risk-adjusted returns1 Commercial BSO ■ Originations in 2023 were highly selective, with a focus on generating a higher-return profile – Front-book originations with mid-teens return profile, reflecting multi-product relationships – Increased lead roles / bilateral originations from ~47% in FY22 to ~60% in FY23 – Spreads improved ~50 bps 4Q23 YoY, with similar-to-improving credit profile ■ Exited ~$6 billion in commercial credit-only client relationships in 2023, including loan sales – Single-digit return profile Enhancing risk profile, liquidity and returns

 
21 FY2024 Outlook vs. 2023 2023 Underlying(1) 2024 Underlying outlook Net interest income $6,241 Down 6-9%; net swaps impact of ~4-5% NIM 3.10%; 4Q23 2.91% FY2024 average 2.80-2.85%; 4Q24 exit NIM ~2.85% Loans $152.2B average loans $146.0B spot loans Average loans down 2-3% reflecting Non-Core run off and the 2023 decline Spot loans up 3-5% driven by Private Bank and 2H24 Commercial activity Earning assets $201.7B average earning assets Average earning assets up slightly reflecting 2023 liquidity build Noninterest income $1,983 Up 6-9%, market dependent Noninterest expense $5,001 Up ~1-1.5% Net charge-off ratio 40 bps ~50 bps; ACL likely to see releases over course of year CET1 ratio(2) 10.6% ~10.5%; share repurchases dependent on market conditions and loan growth Tax rate 22.5% ~21-22% ■ FY2024 average real GDP of ~1-2%, CPI of ~2-3% and FY2024 unemployment rate of ~4% ■ Forward curve as of early January: – YE2024 Fed Funds target of 4.25% with 25 bp cuts in May, June, July, September and December – 10-year Treasury rate ~3.90% by YE2024 ■ Focusing on driving strategic initiatives, balance sheet optimization and deepening customer relationships ■ Expect to return to sequential positive operating leverage in 2H24, with PPNR trough in 2Q24 ■ Terminal deposit beta in 2Q24 before rate cuts of low 50s, with 2024 spot deposit growth of 1-2% Full-year 2024 outlook commentary Key 2024 economic and rate assumptions See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

 
22 $4,925 $(185) $85 CFG ex Private Bank FY23 TOP/ Other efficiencies Strategic investments Compensation/ Other CFG ex Private Bank FY24 $76 $76 Private Bank FY23 Full-year Impact Strategic investments Private Bank FY24 Underlying expenses in $s in millions Underlying expense outlook(1) Incremental expense growth impact of ~2.5-2.8% to total CFG Private Bank CFG ex Private Bank Down ~1.3-1.5% $5,001 $5,075 Total CFG FY23 Total CFG FY24 Total CFG Up ~1.0-1.5% ~ ~$25-$35 ~ ~$4,855 * *Adjustment to reflect annualized impact of Private Bank based on 2H23 expense run-rate See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. ~$48-$63 ~$208 ~ 63

 
23 $(75) $(50) $(25) $— $25 $50 $75 $100 $125 $150 $175 $200 $225 $250 Significant NII contribution from Non-Core and swaps in 2025 and beyond Terminated swaps (fixed impact; not dependent on rates) Active swaps - impact based on forward curve Expected incremental quarterly NII & NIM contribution from Non-Core and swaps portfolio relative to 4Q23* Non-Core portfolio - impact based on forward curve* Net impact $(50) $(25) $— $25 $50 $75 $100 $125 $150 $175 $200 $225 ** Excludes impact from the Core portfolio. Assumes forward curve as of early January which indicates a ~4.25% Fed funds rate by end of 2024 *Non-Core includes benefit from denominator effects; accounts for ~65% of the NIM tailwind by 4Q27 4Q24 4Q25 4Q26 4Q27 4Q23 to 4Q27 NIM Tailwind** Non-Core* ~25 bps Terminated swaps ~22 bps Active swaps ~10 bps Total ~57 bps + ~2 bps* + ~34bps Medium-term CFG NIM range Net Cumulative NIM Impact ~3.25-3.40% + ~57 bps Active swaps $ (48) Terminated swaps (117) Total swaps (165) Non-Core (45) Total NII $ (210) Net NIM impact ~(60) bps 4Q23 NII contribution $s in millions $s in millions + ~55 bps ~$(30) ~$110 ~$205 ~$210

 
24 Medium-term financial targets(1) Medium-term financial targets ROTCE(1) CET1 Dividend Payout Ratio Efficiency Ratio(1) ~16-18% ~10.0-10.5% ~35-40% Mid-50's % Key economic assumptions ■ Real GDP growth of ~1-2% for 2024; trending toward ~3% annually over the medium term ■ Unemployment rate of ~4% by YE2024; stable from there over the medium term ■ Expect Fed to finish cutting in 2025 after reaching Fed Funds target of ~3.25% by YE2025 See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

 
25 Path to medium-term ROTCE target(1) ROTCE improvement drivers Legacy Core Private Bank Non-Core Total CFG Medium-term ROTCE ■ NII tailwind given swap portfolio run off ■ Positive operating leverage ■ Significant share repurchases ■ Prudent credit risk appetite (~35-40 bps NCOs) ~15-17% ~20-24% ■ Successful execution against business plan ■ Meaningful revenue growth ■ Positive operating leverage ■ Attractive credit profile ~16-18% ■ Runs off with capital and liquidity redeployed See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

 
26 1Q24 outlook vs. 4Q23 See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. 4Q23 Underlying(1) 1Q24 Underlying outlook Net interest income $1,488MM ■ Down ~3%; reflects day count impact of ~$12MM Noninterest income $500MM ■ Up mid-single digits Noninterest expense $1,267MM ■ Up 1-2% reflecting seasonal factors Net charge-offs 46 bps ■ ~50 bps; ACL will continue to benefit from Non-Core run off CET1 ratio(2) 10.6% ■ ~10.5%; share repurchases expected of ~$300 million Tax rate 22.3% ■ ~21-22%

 
27 Investment thesis Citizens continues to have a series of unique initiatives that will lead to relative medium-term outperformance – Citizens Private Bank successfully launched and gathering momentum into 2024 – Well positioned in NYC metro to gain market share; performance tracking well – All other initiatives tracking well: Private Capital, Citizens Pay, Citizens Access, TOP 9 launched Citizens has a robust capital, liquidity and funding position Citizens has performed well since the IPO given its sound strategy, capable & experienced leadership and a strong customer-focused culture – Track record of strong execution – Commitment to operating and financial discipline – Excellence in our capabilities, highly competitive with mega-banks and peers Citizens is well positioned to deliver ~16 to 18% ROTCE over the medium-term given strategic initiatives and 2025 to 2027 NII tailwinds. Represents attractive opportunity for investors at current valuation and dividend yield – Committed to maintaining our strong capital and liquidity position, while further strengthening funding and performance with balance sheet optimization, including Non-Core strategy – Relative strength allows Citizens to take advantage of opportunities – Focused on deploying capital to best relationship/highest risk-adjusted return areas – Flexibility to continue returning capital to shareholders

 
Appendix ■ Financial Performance ■ Balance Sheet Optimization ■ Interest Rate Risk Management ■ Credit

 
29 Net income available to common shareholders and EPS $s in millions, except per share data ê3% $743 $721 3Q23 4Q23 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 ê2% $3.5 2 $3.5 6 ê4% $150.8 $148.0 3Q23 4Q23 $176.5 $177.1 3Q23 4Q23 1.08% 1.02% 0.84% 0.78% 3Q23 4Q23 15.3% 14.8% 12.5% 11.8% 3Q23 4Q23 $418 $396 $0.89 $0.85 3Q23 4Q23 ê5% Pre-provision profit $s in millions See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. ê67 bps ê6 bpsstable

 
30 $1,003 $721 4Q22 4Q23 Year-over-year Underlying results(1) Return on average total tangible assets ê28% Average loans $s in billions ê6% 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 ê47 bps $3.5 6 $157.1 $148.0 4Q22 4Q23 $179.0 $177.1 4Q22 4Q23 1.40% 1.02%1.25% 0.78% 4Q22 4Q23 20.1% 14.8%19.4% 11.8% 4Q22 4Q23 ê1% Pre-provision profit $s in millions ê756 bps $653 $396$1.32 $0.85 4Q22 4Q23 See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. ê36% ê39%

 
31 $3,422 $3,223 FY2022 FY2023 Full year underlying results(1) Return on average total tangible assets ê6% Average loans $s in billions 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 ê25 bp $3.5 6 $149.3 $152.2 FY2022 FY2023 $172.1 $175.3 FY2022 FY2023 1.21% 1.13% 1.17% 0.92% FY2022 FY2023 é2% Pre-provision profit $s in millions ê288 bps $2,312 $1,848 $4.84 $3.88 FY2022 FY2023 ê20% ê20% *Excluding Private Bank & Non-Core has a (100) bps impact 16.4% 15.7% 13.5% FY2022 FY2023 é2% See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

 
32 4Q23 Scorecard *Excluded impact from FDIC special assessment 4Q23 Underlying outlook(1) 4Q23 Underlying results Net interest income Down ~2% Down ~2% Noninterest income Up 3-4%, market dependent Up 2% Noninterest expense Broadly stable* Flat Net charge-offs Mid-40s; ACL will continue to benefit from Non-Core loan run off 46 bps CET1 ratio(2) ~10.5% 10.6% Tax rate ~22% ~22.3% See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

 
33 Balance Sheet Optimization - Overview Deposits and wholesale funding (slide 34) Driving enhanced risk profile and returns Securities portfolio (slide 35) Capital (slide 36-37) 1 2 3 4 Loans (slide 20)

 
34 $180.7 $178.2 $(3.5) $2.6 $177.3 4Q22 3Q23 BSO actions Core growth 4Q23 Balance sheet optimization - deposits and wholesale funding Solid deposit performance in 2023 $15.9 $17.6 $14.0 $5.6 $5.3 $5.2 $1.8 $1.8 $1.8 $3.2 $2.7 $8.5 $7.0 $3.8 Senior debt Subordinated debt Other Collateralized borrowings FHLB 4Q22 3Q23 4Q23 Favorable remixing of wholesale funding 3Q23 YTD deposits -1.4%, outperforming H8* at -3.6% ■ FHLB down $4.7 billion in 2023 reflecting success in improving LDR with BSO initiatives ■ Raised ~$3 billion auto collateralized borrowings with two 2023 issuances – Down ~$0.6 billion QoQ with auto run off – Additional $1.5 billion issuance executed in January 2024 ■ Senior debt relatively stable in 2023; planning programmatic issuance for 2024 and beyond +1.5% QoQ deposit growth ex BSO actions $3.3B QoQ *Federal Reserve H8 data represents Large Bank deposit balances Commentary Commentary 2 3 ■ Improvements in deposit franchise demonstrated with better core deposit performance than most peers, while maintaining peer-like deposit beta ■ Efforts to optimize the liquidity value of deposits continue – During 4Q23, exited ~$3.5B in deposits with financial institutions and municipalities $4.7B YoY FHLB $s in billions $s in billions

 
35 Securities portfolio - high quality, low-risk store of liquidity; enhanced hedging to protect capital Balance sheet optimization - securities portfolio as of 12/31/23 ...with a high-quality portfolio ■ Maintain strong liquidity profile – LCR under Category I Bank rules at 12/31/23 in excess of requirements – Given likely regulatory changes with AOCI opt-out removal, actions were taken in 4Q to lower portfolio duration and protect capital from AFS mark-to-market volatility ◦ Added $5.4B pay-fixed swaps at ~3.8% WA pay rate ◦ Majority of cash flows invested on a floating- rate basis Investment portfolio strategy ■ 96% U.S. Treasury, Gov't or Gov't-backed securities ■ ~84% fixed-rate; ~71% fixed-rate with hedges ■ ~75% AFS/~25% HTM Highly liquid and well-diversified Maintaining strong liquidity, while shortening duration... U.S Treasuries 11% U.S Govt Guaranteed 21% "GSE" Fannie Mac and Freddie Mac 64% Other 4% $42 $47 $48 $32 $30 $27 $5$1 $3 $6$9 $14 $10 Cash Floating Fixed Hedged Fixed 4Q22 3Q23 4Q23Duration Securities 5.8 5.2 3.9 Cash & Securities 4.7 3.8 3.2 ~$38B(1) securities portfolio 2.66% 2.74% 2.81% 2.95% 3.25% 2.56% 2.41% 2.52% 2.57% CFG Peer Median 4Q22 1Q23 2Q23 3Q23 4Q23 ...and improving securities yields relative to peer median... $38B(1) 4 See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. $s in billions

 
36 Balance sheet optimization - capital Capital ratios remain near top of peer group Tangible Common Equity CET1 Ratio adjusted for AOCI opt-out removal CET1 Ratio(1) 10.9% 10.8% 10.6% 10.4% 10.3% 10.1% 9.9% 9.8% 9.8% 9.8% 9.7% Peer 1 Peer 2 CFG (4Q23) CFG (3Q23) Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 10.6% 9.0% 8.3% 7.9% 7.8% 7.5% 7.0% 6.5% 6.2% 6.2% 6.0% Peer 1 CFG (4Q23) CFG (3Q23) Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 7.8% 6.7% 5.9% 5.8% 5.7% 5.7% 5.0% 5.0% 4.6% 4.5% 4.0% Peer 1 CFG (4Q23) CFG (3Q23) Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 ■ Strong capital position and BSO activities have facilitated significant capital return to shareholders – ~95% shareholder payout ratio in 2023 on an Underlying basis reflects ~$808 million in dividends and ~$906 million in share repurchases ■ Well positioned for changing regulatory environment – CET1 ratio under current rules of 10.6%(1), and 9.0% adjusted for AOCI opt-out removal; among the strongest within the peer group – Expect both ratios to converge to the 10.0-10.5% range over the medium term 5A Peer data as of September 30, 2023. Peers include CMA, FITB, HBAN, KEY, MTB, PNC, RF, TFC and USB. See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

 
37 Balance sheet optimization - capital Protecting CET1 - AFS marks; duration decreasing with securities portfolio hedging; less sensitivity to rates. Illustrate how sensitivity to a 50 bp move has fallen from 12/31/22 to 9/30/23 to 12/31/23 Capital will benefit from projected AOCI accretion AOCI accretion benefit to generate significant capital... AOCI burndown contribution to TCE and CET1 - considering pulling forward appendix detail here ...As recent actions limit AOCI volatility to protect capital$(2.3) $(1.8) $(1.5) $(1.3) $(0.3) $(0.3) $(0.3) $(0.3) $(1.1) $(0.5) $(0.1) Swaps** Pension Securities 12/31/2023 12/31/2024 12/31/2025 12/31/2026 $(3.7) $(2.7) $(2.0) $(1.6) ~56% TCE CET1* $(2.7) $(2.2) $(1.8) $(1.6) 5B Commentary ■ Expect significant capital generation via accretion to AOCI as unrealized losses "burn off" – ~$1 billion in unrealized losses related to securities and pension expected to "burn off" by YE2026, adding ~60* bps to the CET1 ratio adjusted for AOCI opt-out removal ■ Recent hedging actions in Q4 to reduce duration of securities portfolio protects capital by limiting volatility in AOCI – Immediate 50 bps parallel increase in rates would negatively impact CET1 ratio adjusted for AOCI opt-out removal by ~25 bps Burn-off by YE2026~38% *CET1 adjusted for AOCI opt-out removal accretion based on forward curve in early January; CET1 ratio impact for illustrative purposes assumes the RWA balance at 12/31/23 Projected accretion based on forward curve at 12/31/2023(1) Accretes to CET1* **Unrealized losses in swap portfolio includes both active and terminated swaps See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

 
38 ■ Maintaining significant protection to downside in rates well into 2026 with receive-fixed swap portfolio Interest rate risk management - swaps $16.5 $25.8 $30.1 $21.9 $7.6 2023 2024 2025 2026 2027 $20.5 $21.1 $21.9 $29.5 $30.5 4Q23 1Q24 2Q24 3Q24 4Q24 W.A. receive-fixed rate at 12/31/23 4.3% 3.7% 3.1% 3.1% 3.1% 4.2% 3.2% 3.2% 3.5% 3.7% NII impact from active swaps ($MM)* $(48) $(88) $(121) $(135) $(111) $(123) $(454) $(116) $56 $48 NII impact from terminated swaps ($MM) $(117) $(115) $(115) $(115) $(114) $(441) $(459) $(426) $(230) $(40) Total NII impact ($MM) $(165) $(203) $(235) $(250) $(225) $(564) $(913) $(542) $(174) $8 Protecting NII from adverse outcomes while reducing earnings volatility through economic cycles Receive-fixed cash flow swaps (avg. notional in $ billions at 12/31/23) ■ Increase in the 2024 swap position is incorporated in the FY24 NII guidance ■ Significant contribution to NII over 2025 to 2027 as the Fed normalizes rates and swaps run off – Estimated incremental annual benefit of ~$371 million in 2025; ~$368 million in 2026; and ~$182 million in 2027 – The funded balance sheet is inherently asset sensitive which partly offsets these benefits *Based on the forward curve in early January; includes impacts from variation margin and daily compounding effects with SOFR

 
39 $74.4B Commercial credit portfolio See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. Commercial portfolio risk ratings(2) $s in billions 58% 59% 57% 25% 17% 17% 14% 17% 19% 3% 7% 7% 4Q19 3Q23 4Q23 B- and lower B+ to B BB+ to BB- AAA+ to BBB- $57.5 $74.4 Highlights $77.5($ in billions) Balances % of total CFG C&I Finance and Insurance Capital call facilities $ 5.8 4 % Other Finance and Insurance 6.0 4 Other Manufacturing 3.6 2 Technology 3.3 2 Accommodation and Food Services 2.9 2 Health, Pharma, Social Assistance 2.6 2 Professional, Scientific, and Technical 2.3 1 Wholesale Trade 2.4 2 Retail Trade 2.4 2 Other Services 2.1 1 Energy & Related 2.0 1 Rental and Leasing 1.1 1 Consumer Products Manufacturing 0.9 1 Administrative and Waste Management 1.5 1 Arts, Entertainment, and Recreation 1.6 1 Automotive 0.9 1 Other (1) 2.5 2 Total C&I $ 43.8 30 % CRE Multi-family $ 9.4 6 % Office 5.9 4 Industrial 4.0 3 Retail 3.4 2 Co-op 1.8 1 Data Center 0.8 1 Hospitality 0.6 — Other (1) 3.6 3 Total CRE $ 29.5 20 % Total Commercial loans & leases $ 74.4 51 % Total CFG $ 146.0 100 % 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 ~$12 million ■ CRE portfolio is well diversified across asset type, geography, and borrowers with the emphasis on strong sponsor selection

 
40 Suburban Class C 2% CBD Class C 4% Suburban Class A 42% CBD Class A 14% Suburban Class B 26% CBD Class B 12% 54% 100% 88% 100% 79% 61% 13% 42% 78% 85% 46% —% 12% —% 21% 39% 87% 58% 22% 15% New York, NY Washington, DC Dallas, TX Los Angeles, CA Philadelphia, PA Atlanta, GA Chicago, IL Boston, MA Baltimore, MD Seattle, WA Suburban CBD NY 14.0% VA 11.8% NJ 10.0% CA 9.5% TX 8.6% MD 6.3% PA 5.5% GA 4.7% IL 3.9% MA 3.5% OH 3.3% NC 2.7% WA 2.6% AZ 2.5% CO 2.3% Other 8.7% Commercial Real Estate - $5.9B Office portfolio: well diversified $3.6B General Office by state Other MN CT FL VT MO IN DC MI UT SC TN RI DE 24% 15% 61% General Office $3.6B Credit Tenant $1.4B Life Sciences $0.9B Property type $3.6B General Office class & location Top 10 General Office MSA breakdown Outstanding *Manhattan is ~$118 million $ 792 527 201 193 178 171 143 117 108 95 $ in millions (As of 12/31/23)

 
41 38% 43% 43% 33% 32% 32% 18% 16% 16% 5% 4% 4%6% 5% 5% 4Q19 3Q23 4Q23 43% 21% 12% 4% 13% 7% $71.5B Retail credit portfolio 800+ 740-799 680-739 640-679 <640 $61.6 $71.5 $s in billions $72.3 Home equity Retail loans(1) Residential mortgage Auto Education - in school Education - refinance Other retail ~94% of retail portfolio > 680 Super-prime/prime* ~76% of retail portfolio Secured ■ Mortgage – FICO ~785 – Weighted-average LTV of ~53% ■ Home equity – FICO ~765 – ~37% secured by 1st lien – ~98% CLTV less than 80% – ~87% CLTV less than 70% ■ Auto – FICO ~740 ■ Education – FICO ~785 ■ Other retail: – Credit card – FICO ~735 – Citizens Pay – FICO ~725; incorporates loss sharing High quality, diverse portfolio * Super-prime/prime defined as FICO of 680 or above at origination Retail portfolio FICOs(2) See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

 
42 Allocation of allowance for credit losses by product type September 30, 2023 December 31, 2023 $s in millions Loans and Leases Allowance Coverage Loans and Leases Allowance Coverage Commercial and industrial(1) $ 46,753 $707 1.51 % $ 43,826 $666 1.52 % Commercial real estate 29,486 692 2.35 29,471 733 2.49 Leases 1,218 26 2.14 1,148 26 2.24 Total commercial 77,457 1,425 1.84 74,445 1,425 1.91 Residential mortgages 30,983 181 0.59 31,332 181 0.58 Home equity 14,729 144 0.97 15,040 137 0.91 Automobile 9,290 56 0.60 8,258 57 0.69 Education 12,134 270 2.23 11,834 266 2.25 Other retail 5,153 242 4.69 5,050 252 4.98 Total retail loans 72,289 893 1.23 71,514 893 1.25 Allowance for credit losses(2) $149,746 $2,318 1.55 % $145,959 $2,318 1.59 % See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

 
43 Delinquency by product type See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. September 30, 2023 (%) December 31, 2023 (%) 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 99.40 % 0.05 % 0.02 % 0.01 % 0.52 % 99.14 % 0.14 % 0.04 % 0.01 % 0.67 % Commercial real estate 98.01 0.25 0.14 0.01 1.59 97.53 0.51 0.20 0.14 1.62 Leases 99.75 — — — 0.25 99.65 0.09 — — 0.26 Total commercial 98.87 0.13 0.07 0.01 0.92 98.52 0.28 0.10 0.06 1.04 Residential mortgages(1) 98.17 0.36 0.16 0.70 0.61 97.34 0.90 0.38 0.82 0.56 Home equity 97.43 0.56 0.19 — 1.82 97.34 0.55 0.22 — 1.89 Automobile 97.21 1.58 0.54 — 0.67 96.94 1.74 0.58 — 0.74 Education 99.19 0.39 0.21 0.02 0.19 99.14 0.41 0.19 0.02 0.24 Other retail 97.30 0.95 0.60 0.41 0.74 97.02 0.97 0.67 0.57 0.77 Total retail 98.01 0.60 0.26 0.33 0.80 97.56 0.85 0.36 0.40 0.83 Total 98.44 % 0.36 % 0.16 % 0.17 % 0.87 % 98.05 % 0.56 % 0.23 % 0.23 % 0.93 %

 
44 Notable items(1) Quarterly and full-year results reflect notable items primarily related to integration costs associated with recent acquisitions, as well as TOP revenue and efficiency initiatives and other expense reduction actions. In addition, fourth quarter 2023 includes a notable item for the FDIC special assessment. 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 45-47 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 4Q23 3Q23 4Q22 FY 2023 FY 2022 $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 $ (2) $ (1) $ (4) $ (3) $ (13) $ (9) $ (15) $ (11) $ (98) $ (72) Equipment and software — — — — (1) (1) (4) (3) (1) (1) Outside services (3) (2) (4) (3) (15) (12) (43) (31) (89) (67) Occupancy — — — — — — (41) (30) (2) (1) Other expense — — — — (6) (4) (1) (1) (23) (16) Noninterest expense $ (5) $ (3) $ (8) $ (6) $ (35) $ (26) $ (104) $ (76) $ (213) $ (157) EPS Impact - Noninterest expense $ (0.01) $ (0.02) $ (0.06) $ (0.16) $ (0.34) 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 $ (5) $ (3) $ (8) $ (6) $ (35) $ (26) $ (104) $ (76) $ (413) $ (312) EPS Impact - Total Integration-related $ (0.01) $ (0.02) $ (0.06) $ (0.16) $ (0.66) Other notable items - TOP & Other 4Q23 3Q23 4Q22 FY 2023 FY 2022 $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 $ — $ 17 $ — $ — $ — $ — $ — $ 17 $ — $ (3) Salaries & benefits $ (30) $ (22) $ (1) $ — $ (2) $ (2) $ (52) $ (38) $ (12) $ (9) Equipment and software (37) (27) (6) (5) (1) — (47) (35) (9) (6) Outside services (10) (7) (3) (3) (2) (1) (25) (19) (24) (18) Occupancy (20) (15) (2) (2) (2) (2) (29) (22) (3) (3) FDIC Assessment(1) (225) (167) — — — — (225) (167) — — Other expense (18) (13) (2) (2) (1) (1) (24) (17) (1) (1) Noninterest expense $ (340) $ (251) $ (14) $ (12) $ (8) $ (6) $ (402) $ (298) $ (49) $ (37) Total Other Notable Items $ (340) $ (234) $ (14) $ (12) $ (8) $ (6) $ (402) $ (281) $ (49) $ (40) EPS Impact - Other Notable Items $ (0.50) $ (0.02) $ (0.01) $ (0.59) $ (0.08) Total Notable Items $ (345) $ (237) $ (22) $ (18) $ (43) $ (32) $ (506) $ (357) $ (462) $ (352) Total EPS Impact $ (0.51) $ (0.04) $ (0.07) $ (0.75) $ (0.74) (1) The FDIC special assessment earnings per share impact is $(0.35) for fourth quarter 2023 and full year 2023.

 
45 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. 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. 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. Notes Notes on slide 3 - 4Q23 and FY2023 GAAP financial summary 1) See general note a). Notes on slide 4 - 4Q23 and FY23 Underlying financial summary 1) See note on non-GAAP financial measures. Notes on slide 5 - 4Q23 Underlying financial performance detail 1) See note on non-GAAP financial measures. 2) Legacy Core consists of Commercial, Consumer excluding Private Bank and Non-Core, and Other. 3) At December 31, 2023, the Non-Core segment was fully funded with marginal high-cost funding comprised of FHLB, collateralized auto debt, and brokered certificates of deposit. 4) See general note a). 5) See general note d). Notes on slide 6 - 2023 Underlying financial performance detail 1) See note on non-GAAP financial measures. 2) Legacy Core consists of Commercial, Consumer excluding Private Bank and Non-Core, and Other. 3) At December 31, 2023, the Non-Core segment was fully funded with marginal high-cost funding comprised of FHLB, collateralized auto debt, and brokered certificates of deposit. 4) See general note a). 5) See general note d). Notes on slide 7 - Overview 1) See note on non-GAAP financial measures. 2) See general note d). 3) Includes collateralized state and municipal balances and excludes bank and nonbank subsidiaries. Notes on slide 9 - Noninterest income 1) Includes bank-owned life insurance income and other miscellaneous income for all periods presented. Notes on slide 10 - Noninterest expense 1) See above note on non-GAAP financial measures. See Notable Items slide 44 for more detail. Notes on slide 13 - Highly diversified and retail-oriented deposit base 1) Estimated based on available company disclosures. 2) Includes collateralized state and municipal balances and excludes bank and nonbank subsidiaries. 3) Includes branch-based checking with interest and savings. Notes on slide 14 - Credit quality overview 1) Allowance for credit losses to nonaccrual loans and leases. Notes on slide 16 - Capital position continues to strengthen 1) See general note d). 2) For regulatory capital purposes, we have elected to delay the estimated impact of CECL on regulatory capital for a two-year period ended December 31,2021, followed by a three-year transition period ending December 31, 2024. As of December 31, 2021, the modified CECL transition amount was $384 million and is being transitioned out of regulatory capital over a three-year period. 3) See general note c).

 
46 Notes continued Notes on slide 21 - FY 2024 Outlook vs. 2023 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 22 - Underlying expense outlook 1) See note on non-GAAP financial measures. Notes on slide 24 - Medium-term financial targets 1) See note on non-GAAP financial measures. Notes on slide 25 - Path to medium-term ROTCE target 1) See note on non-GAAP financial measures. Notes on slide 26 - 1Q24 outlook vs. 4Q23 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 29 - Linked-quarter Underlying results 1) See note on non-GAAP financial measures. Notes on slide 30 - Year-over-year Underlying results 1) See note on non-GAAP financial measures. Notes on slide 31 - Full year underlying results 1) See note on non-GAAP financial measures. Notes on slide 32 - 4Q23 Scorecard 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 35 - Balance sheet optimization - securities portfolio 1) Represents fair value balances. Notes on slide 36 - Balance sheet optimization - capital 1) See general note d). Notes on slide 37 - Balance sheet optimization - capital 1) See general note c). Notes on slide 39 - Commercial credit portfolio 1) Includes deferred fees and costs. 2) Reflects period end balances. Notes on slide 41 - Retail credit porftolio 1) See general note c). 2) Reflects period end balances. Notes on slide 42 - 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 reflects total allowance for credit losses for the respective portfolio. Notes on slide 43 - Delinquency by product type 1) 90+ days past due and accruing includes $243 million and $216 million of loans fully or partially guaranteed by the FHA, VA, and USDA at December 31, 2023 and September 30, 2023, respectively. Notes on slide 44 - Notable items 1) See note on non-GAAP financial measures.

 
47 Notes continued Notes on slide 56 - Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core 1) Consumer Banking excludes Private Bank. 2) Legacy Core consists of Commercial, Consumer excluding Private Bank and Non-Core, and Other. 3) At December 31, 2023, the Non-Core segment was fully funded with marginal high-cost funding comprised of FHLB, collateralized auto debt, and brokered certificates of deposit. 4) See general note a). 5) See general note d). Notes on slide 57 - Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core 1) Consumer Banking excludes Private Bank. 2) Legacy Core consists of Commercial, Consumer excluding Private Bank and Non-Core, and Other. 3) At December 31, 2023, the Non-Core segment was fully funded with marginal high-cost funding comprised of FHLB, collateralized auto debt, and brokered certificates of deposit. 4) See general note a). 5) See general note d).

 
48 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS FULL YEAR 4Q23 Change 2023 Change 4Q23 3Q23 4Q22 3Q23 4Q22 2023 2022 2022 $ % $ % $ % Noninterest income, Underlying: Noninterest income (GAAP) A $500 $492 $505 $8 2% ($5) (1%) $1,983 $2,009 ($26) (1%) Less: Notable items — — — — — — — — (31) 31 100 Noninterest income, Underlying (non-GAAP) B $500 $492 $505 $8 2% ($5) (1%) $1,983 $2,040 ($57) (3%) Total revenue, Underlying: Total revenue (GAAP) C $1,988 $2,014 $2,200 ($26) (1%) ($212) (10%) $8,224 $8,021 $203 3% Less: Notable items — — — — — — — — (31) 31 100 Total revenue, Underlying (non-GAAP) D $1,988 $2,014 $2,200 ($26) (1%) ($212) (10%) $8,224 $8,052 $172 2% Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,612 $1,293 $1,240 $319 25% $372 30% $5,507 $4,892 $615 13% Less: Notable items 345 22 43 323 NM 302 NM 506 262 244 93 Noninterest expense, Underlying (non-GAAP) F $1,267 $1,271 $1,197 ($4) —% $70 6% $5,001 $4,630 $371 8% Pre-provision profit: Total revenue (GAAP) C $1,988 $2,014 $2,200 ($26) (1%) ($212) (10%) $8,224 $8,021 $203 3% Less: Noninterest expense (GAAP) E 1,612 1,293 1,240 319 25 372 30 5,507 4,892 615 13 Pre-provision profit (GAAP) $376 $721 $960 ($345) (48%) ($584) (61%) $2,717 $3,129 ($412) (13%) Pre-provision profit, Underlying: Total revenue, Underlying (non-GAAP) D $1,988 $2,014 $2,200 ($26) (1%) ($212) (10%) $8,224 $8,052 $172 2% Less: Noninterest expense, Underlying (non-GAAP) F 1,267 1,271 1,197 (4) — 70 6 5,001 4,630 371 8 Pre-provision profit, Underlying (non-GAAP) $721 $743 $1,003 ($22) (3%) ($282) (28%) $3,223 $3,422 ($199) (6%) Provision for credit losses, Underlying: Provision for credit losses (GAAP) $171 $172 $132 ($1) (1%) $39 30% $687 $474 $213 45% Less: Notable items — — — — — — — — 169 (169) (100) Provision for credit losses, Underlying (non-GAAP) $171 $172 $132 ($1) (1%) $39 30% $687 $305 $382 125% Income before income tax expense, Underlying: Income before income tax expense (GAAP) G $205 $549 $828 ($344) (63%) ($623) (75%) $2,030 $2,655 ($625) (24%) Less: Income (expense) before income tax expense (benefit) related to notable items (345) (22) (43) (323) NM (302) NM (506) (462) (44) (10) Income before income tax expense, Underlying (non- GAAP) H $550 $571 $871 ($21) (4%) ($321) (37%) $2,536 $3,117 ($581) (19%) Income tax expense, Underlying: Income tax expense (GAAP) I $16 $119 $175 ($103) (87%) ($159) (91%) $422 $582 ($160) (27%) items (108) (4) (11) (104) NM (97) NM (149) (110) (39) (35) Income tax expense, Underlying (non-GAAP) J $124 $123 $186 $1 1% ($62) (33%) $571 $692 ($121) (17%) Net income, Underlying: Net income (GAAP) K $189 $430 $653 ($241) (56%) ($464) (71%) $1,608 $2,073 ($465) (22%) Add: Notable items, net of income tax benefit 237 18 32 219 NM 205 NM 357 352 5 1 Net income, Underlying (non-GAAP) L $426 $448 $685 ($22) (5%) ($259) (38%) $1,965 $2,425 ($460) (19%) Underlying: Net income available to common stockholders (GAAP) M $159 $400 $621 ($241) (60%) ($462) (74%) $1,491 $1,960 ($469) (24%) Add: Notable items, net of income tax benefit 237 18 32 219 NM 205 NM 357 352 5 1 Underlying (non-GAAP) N $396 $418 $653 ($22) (5%) ($257) (39%) $1,848 $2,312 ($464) (20%)

 
49 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS FULL YEAR 4Q23 Change 2023 Change 4Q23 3Q23 4Q22 3Q23 4Q22 2023 2022 2022 $/bps % $/bps % $/bps % Operating leverage: Total revenue (GAAP) C $1,988 $2,014 $2,200 ($26) (1.39%) ($212) (9.70%) $8,224 $8,021 $203 2.53% Less: Noninterest expense (GAAP) E 1,612 1,293 1,240 319 24.60 372 30.00 5,507 4,892 615 12.58 Operating leverage (25.99%) (39.70%) (10.05%) Operating leverage, Underlying: Total revenue, Underlying (non-GAAP) D $1,988 $2,014 $2,200 ($26) (1.39%) ($212) (9.70%) $8,224 $8,052 $172 2.13% Less: Noninterest expense, Underlying (non-GAAP) F 1,267 1,271 1,197 (4) (0.30) 70 5.82 5,001 4,630 371 8.00 Operating leverage, Underlying (non-GAAP) (1.09%) (15.52%) (5.87%) Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 81.13 % 64.21% 56.36 % 1,692 bps 2,477 bps 66.97 % 60.99 % 598 bps Efficiency ratio, Underlying (non-GAAP) F/D 63.77 63.08 54.42 69 bps 935 bps 60.81 57.51 330 bpsEffective income tax rate and effective income tax rate, Underlying: Effective income tax rate I/G 7.59% 21.51% 21.16 % (1,392) bps (1,357) bps 20.76 % 21.93 % (117) bps Effective income tax rate, Underlying (non-GAAP) J/H 22.25 21.69 21.37 56 bps 88 bps 22.48 22.19 29 bps Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) O $21,209 $21,177 $21,276 $32 —% ($67) —% $21,592 $21,724 ($132) (1%) Less: Average goodwill (GAAP) 8,188 8,188 8,171 — — 17 — 8,184 7,872 312 4 Less: Average other intangibles (GAAP) 163 173 199 (10) (6) (36) (18) 177 181 (4) (2) Add: Average deferred tax liabilities related to goodwill (GAAP) 421 422 424 (1) — (3) (1) 422 413 9 2 Average tangible common equity P $13,279 $13,238 $13,330 $41 —% ($51) —% $13,653 $14,084 ($431) (3%) Return on average tangible common equity M/P 4.72 % 12.00% 18.46 % (728) bps (1,374) bps 10.92 % 13.91 % (299) bps Return on average tangible common equity, Underlying (non-GAAP) N/P 11.84 12.51 19.40 (67) bps (756) bps 13.53 16.41 (288) bps Return on average total assets and return on average total assets, Underlying: Average total assets (GAAP) Q $223,653 $220,162 $224,970 $3,491 2% ($1,317) (1%) $222,221 $215,061 $7,160 3% Return on average total assets K/Q 0.33 % 0.78% 1.15 % (45) bps (82) bps 0.72 % 0.96 % (24) bps Return on average total assets, Underlying (non-GAAP) L/Q 0.76 0.81 1.21 (5) bps (45) bps 0.88 1.13 (25) bps $s in millions, except share, per share and ratio data

 
50 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS FULL YEAR 4Q23 Change 2023 Change 4Q23 3Q23 4Q22 3Q23 4Q22 2023 2022 2022 $/bps % $/bps % $/bps % Return on average total tangible assets and return on average total tangible assets, Underlying: Average total assets (GAAP) Q $223,653 $220,162 $224,970 $3,491 2% ($1,317) (1%) $222,221 $215,061 $7,160 3% Less: Average goodwill (GAAP) 8,188 8,188 8,171 — — 17 — 8,184 7,872 312 4 Less: Average other intangibles (GAAP) 163 173 199 (10) (6) (36) (18) 177 181 (4) (2) Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 421 422 424 (1) — (3) (1) 422 413 9 2 Average tangible assets R $215,723 $212,223 $217,024 $3,500 2% ($1,301) (1%) $214,282 $207,421 $6,861 3% Return on average total tangible assets K/R 0.35 % 0.81% 1.19 % (46) bps (84) bps 0.75 % 1.00 % (25) bps Return on average total tangible assets, Underlying (non-GAAP) L/R 0.78 0.84 1.25 (6) bps (47) bps 0.92 1.17 (25) bps Tangible book value per common share: Common shares - at period-end (GAAP) S 466,418,055 466,221,795 492,282,158 196,260 —% (25,864,103) (5%) 466,418,055 492,282,158 (25,864,103) (5%) Common stockholders' equity (GAAP) $22,329 $20,864 $21,676 $1,465 7 $653 3 $22,329 $21,676 $653 3 Less: Goodwill (GAAP) 8,188 8,188 8,173 — — 15 — 8,188 8,173 15 — Less: Other intangible assets (GAAP) 157 167 197 (10) (6) (40) (20) 157 197 (40) (20) Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 433 421 422 12 3 11 3 433 422 11 3 Tangible common equity T $14,417 $12,930 $13,728 $1,487 12% $689 5% $14,417 $13,728 $689 5% Tangible book value per common share T/S $30.91 $27.73 $27.88 $3.18 11% $3.03 11% $30.91 $27.88 $3.03 11% 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 466,234,324 469,481,085 493,293,981 (3,246,761) (1%) (27,059,657) (5%) 475,089,384 475,959,815 (870,431) —% Average common shares outstanding - diluted (GAAP) V 468,159,167 471,183,719 495,478,398 (3,024,552) (1) (27,319,231) (6) 476,693,148 477,803,142 (1,109,994) — Net income per average common share - basic (GAAP) M/U $0.34 $0.85 $1.26 ($0.51) (60) ($0.92) (73) $3.14 $4.12 ($0.98) (24) Net income per average common share - diluted (GAAP) M/V 0.34 0.85 1.25 (0.51) (60) (0.91) (73) 3.13 4.10 (0.97) (24) Net income per average common share - basic, Underlying (non-GAAP) N/U 0.85 0.89 1.32 (0.04) (4) (0.47) (36) 3.89 4.86 (0.97) (20) Net income per average common share - diluted, Underlying (non-GAAP) N/V 0.85 0.89 1.32 (0.04) (4) (0.47) (36) 3.88 4.84 (0.96) (20) Dividend payout ratio and dividend payout ratio, Underlying: Cash dividends declared and paid per common share W $0.42 $0.42 $0.42 $— —% $— —% $1.68 $1.62 $0.06 4 Dividend payout ratio W/(M/U) 124 % 49 % 33 % 7,412 bps 9,053 bps 54 % 39 % 1,450 bps Dividend payout ratio, Underlying (non-GAAP) W/(N/U) 49 47 32 200 bps 1,700 bps 43 33 1,000 bps $s in millions, except share, per share and ratio data

 
51 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS FULL YEAR 4Q23 Change 2023 Change 4Q23 3Q23 4Q22 3Q23 4Q22 2023 2022 2022 $/bps % $/bps % $/bps % Other income, Underlying Other income (GAAP) $20 $18 $36 $2 11% ($16) (44%) $78 $82 ($4) (5%) Less: Notable items — — — — — — — — (31) 31 100 Other income, Underlying (non-GAAP) $20 $18 $36 $2 11% ($16) (44%) $78 $113 ($35) (31%) Salaries and employee benefits, Underlying: Salaries and employee benefits (GAAP) $667 $659 $633 $8 1% $34 5% $2,599 $2,549 $50 2% Less: Notable items 32 5 15 27 NM 17 113 67 110 (43) (39) Salaries and employee benefits, Underlying (non-GAAP) $635 $654 $618 ($19) (3%) $17 3% $2,532 $2,439 $93 4% Equipment and software, Underlying: Equipment and software (GAAP) $215 $191 $170 $24 13% $45 26% $756 $648 $108 17% Less: Notable items 37 6 2 31 NM 35 NM 51 10 41 NM Equipment and software, Underlying (non- GAAP) $178 $185 $168 ($7) (4%) $10 6% $705 $638 $67 11% Outside services, Underlying: Outside services (GAAP) $174 $160 $170 $14 9% $4 2% $687 $700 ($13) (2%) Less: Notable items 13 7 17 6 86 (4) (24) 68 113 (45) (40) Outside services, Underlying (non-GAAP) $161 $153 $153 $8 5% $8 5% $619 $587 $32 5% Occupancy, Underlying: Occupancy (GAAP) $125 $107 $110 $18 17% $15 14% $492 $410 $82 20% Less: Notable items 20 2 2 18 NM 18 NM 70 5 65 NM Occupancy, Underlying (non-GAAP) $105 $105 $108 $— —% ($3) (3%) $422 $405 $17 4% Other operating expense, Underlying: Other operating expense (GAAP) $431 $176 $157 $255 145% $274 175% $973 $585 $388 66% Less: Notable items 243 2 7 241 NM 236 NM 250 24 226 NM Other operating expense, Underlying (non- GAAP) $188 $174 $150 $14 8% $38 25% $723 $561 $162 29% $s in millions, except share, per share and ratio data

 
52 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 2Q23 1Q23 Noninterest income, Underlying: Noninterest income (GAAP) A $506 $485 Less: Notable items — — Noninterest income, Underlying (non-GAAP) B $506 $485 Total revenue, Underlying: Total revenue (GAAP) C $2,094 $2,128 Less: Notable items — — Total revenue, Underlying (non-GAAP) D $2,094 $2,128 Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,306 $1,296 Less: Notable items 73 66 Noninterest expense, Underlying (non-GAAP) F $1,233 $1,230 Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 62.3 % 60.9% Efficiency ratio, Underlying (non-GAAP) F/D 58.9 57.8

 
53 Non-GAAP financial measures and reconciliations - CET1 adjusted for AOCI opt-out removal 4Q23 3Q23 CET1 Ratio adjusted for AOCI opt-out removal CET1 capital $ 18,358 $ 18,360 Less: AFS securities - AOCI 1,511 2,341 HTM securities - AOCI(1) 827 854 DTA for AFS/HTM securities 14 26 Pension 333 367 DTA for Pension 1 2 CET 1 capital adjusted for AOCI opt-out removal A $15,672 $14,770 Risk-weighted assets 172,601 176,407 Less: HTM securities - AOCI 146 151 AFS securities - AOCI 243 376 DTA for AFS/HTM securities (1,901) (2,585) Pension 333 364 DTA for Pension (287) (318) Risk-weighted assets adjusted for AOCI opt-out removal B $174,067 $178,419 CET1 Ratio adjusted for AOCI opt-out removal A/B 9.0 % 8.3 % $s in millions, except share, per share and ratio data (1 "HTM securities - AOCI" refers to unrealized losses recognized on securities before transfer to HTM

 
54 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core $s in millions, except share, per share and ratio data QUARTERLY TRENDS FULL YEAR 4Q23 3Q23 4Q22 2023 2022 Net income available to common stockholders, Underlying: Net income available to common stockholders (GAAP) $159 $400 $621 $1,491 $1,960 Add: Notable items, net of income tax benefit 237 18 32 357 352 Net income available to common stockholders, Underlying (non-GAAP) A $396 $418 $653 $1,848 $2,312 Private Bank Net income available to common stockholders, (GAAP) (27) (27) — (59) — Less: Private Bank Notable Items (1) (1) — (7) — Private Bank Net income available to common stockholders, Underlying (non-GAAP) B ($26) ($26) $— ($52) $— Non-Core Net income available to common stockholders, (GAAP) C ($72) ($67) ($23) ($244) $142 Net income available to common stockholders excluding Private Bank & Non-Core, Underlying (non-GAAP) D=(A-B-C) $494 $511 $676 $2,144 $2,170 Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) $21,209 $21,177 $21,276 $21,592 $21,724 Less: Average goodwill (GAAP) 8,188 8,188 8,171 8,184 7,872 Less: Average other intangibles (GAAP) 163 173 199 177 181 Add: Average deferred tax liabilities related to goodwill (GAAP) 421 422 424 422 413 Average tangible common equity E $13,279 $13,238 $13,330 $13,653 $14,084 Return on average tangible common equity excluding Private Bank & Non-Core, Underlying (non-GAAP) D/E 14.8 % 15.3 % 20.1 % 15.7 % 15.4 %

 
55 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core $s in millions, except share, per share and ratio data QUARTERLY TRENDS FULL YEAR 4Q23 3Q23 4Q22 2023 2022 Return on average total tangible assets and return on average total tangible assets, Underlying: Average total assets (GAAP) $223,653 $220,162 $224,970 $222,221 $215,061 Less: Average goodwill (GAAP) 8,188 8,188 8,171 8,184 7,872 Less: Average other intangibles (GAAP) 163 173 199 177 181 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 421 422 424 422 413 Average tangible assets $215,723 $212,223 $217,024 $214,282 $207,421 Less: Private Bank Average total assets (GAAP) 83 5 — 22 — Less: Non-Core Average total assets (GAAP) 11,776 13,113 16,752 13,745 18,121 Average tangible assets excluding Private Bank & Non-Core, Underlying (non-GAAP) A $203,864 $199,106 $200,272 $200,515 $189,300 Net income, Underlying: Net income (GAAP) $189 $430 $653 $1,608 $2,073 Add: Notable items, net of income tax benefit 237 18 32 357 352 Net income, Underlying (non-GAAP) B $426 $448 $685 $1,965 $2,425 Private Bank Net income (GAAP) (27) (27) — (59) — Less: Private Bank Notables (1) (1) — (7) — Net income Private Bank, Underlying (non-GAAP) C ($26) ($26) $— ($52) $— Non-Core Net income (GAAP) D (72) (67) (23) (244) 142 Net income excluding Private Bank & Non-Core, Underlying (non-GAAP) E=B-C-D $524 $541 $708 $2,261 $2,283 Return on average total tangible assets excluding Private Bank & Non-Core, Underlying (non-GAAP) E/A 1.02 % 1.08 % 1.40 % 1.13 % 1.21 %

 
56 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core* 4Q 2023 (GAAP) 4Q 2023 Notables 4Q 2023 (Non-GAAP) $s in millions Commercial Banking Consumer Banking(1) Other Legacy Core(2) Private Bank Non-Core Legacy Private Bank Non-Core Legacy Core Private Bank Non-Core Total Net interest income $ 551 $ 1,081 $ (104) $ 1,528 $ 4.8 $ (45) $ — $ — $ — $ 1,528 $ 4.8 $ (45) $ 1,488 Noninterest income 196 265 39 500 0.4 — — — — 500 0.4 — 500 Total revenue 747 1,346 (65) 2,028 5.2 (45) — — — 2,028 5.2 (45) 1,988 Noninterest Expense 324 863 355 1,542 42.2 28 343 1.7 — 1,199 40.6 28 1,267 Pre-provision profit 423 483 (420) 486 (37.0) (73) (343) (1.7) — 829 (35.3) (73) 721 Provision for credit losses 65 82 — 147 — 24 — — — 147 — 24 171 Income before income tax expense 358 401 (420) 339 (37.0) (97) (343) (1.7) — 682 (35.3) (97) 550 Income tax expense 89 105 (143) 51 (9.6) (25) (107) (0.4) — 158 (9.2) (25) 124 Net income 269 296 (277) 288 (27.4) (72) (236) (1.3) — 524 (26.1) (72) 426 Preferred dividends — — 30 30 — — — — — 30 — — 30 Net income available to common stockholders $ 269 $ 296 $ (308) $ 258 $ (27.4) $ (72) $ (236) $ (1.3) $ — $ 494 $ (26.1) $ (72) $ 396 Contribution to total CFG Diluted EPS $ 0.57 $ 0.64 $ (0.66) $ 0.55 $ (0.06) $ (0.15) $ (0.51) $ — $ — $ 1.06 $ (0.06) $ (0.15) $ 0.85 $s in billions Interest-earning assets (spot) $ 69 $ 68 $ 49 $ 186 $ 0.3 $ 11 $— $— $— $186 $0.3 $11 $197 Loans (spot) 68 66 1 135 0.3 11 — — — 135 0.3 11 146 Deposits (spot) 46 119 11 176 1.2 — — — — 176 1.2 — 177 Risk-weighted assets (spot) $ 90 $ 56 $ 15 $ 161 $ 0.3 $ 11 $— $— $— $161 $0.3 $11 $173 Performance metrics: Net interest margin, FTE(4) 3.18 % (1.54) % 3.18 % (1.54) % 2.91 % Loans-to-deposit ratio (spot) 76.4 % 20.9 % 76.4 % 20.9 % 82.3 % CET1 capital ratio(5) 11.5 % 11.5 % 10.6 % ROTCE 7.7 % 14.8 % 11.8 % Efficiency ratio 76.1 % 59.2 % 63.8 % Noninterest income as a % of total revenue 24.6 % 24.6 % 25.2 % (3) *Select totals may not sum due to rounding

 
57 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core* 4Q 2023 YTD (GAAP) 4Q 2023 YTD Notables 4Q 2023 YTD (Non-GAAP) $s in millions Commercial Banking Consumer Banking(1) Other Legacy Core(2) Private Bank Non-Core Legacy Private Bank Non-Core Legacy Core Private Bank Non-Core Total Net interest income $ 2,292 $ 4,182 $ (109) $ 6,365 $ 5.1 $ (129) $ — $ — $ — $ 6,365 $ 5.1 $ (129) $ 6,241 Noninterest income 784 1,067 132 1,983 0.5 — — — — 1,983 0.5 — 1,983 Total revenue 3,076 5,248 23 8,347 5.5 (129) — — — 8,347 5.5 (129) 8,224 Noninterest Expense 1,295 3,457 547 5,299 85.2 123 497 9 — 4,802 76.3 123 5,001 Pre-provision profit 1,781 1,792 (524) 3,049 (79.7) (252) (497) (9) — 3,546 (70.7) (252) 3,223 Provision for credit losses 250 280 79 609 — 78 — — — 609 — 78 687 Income before income tax expense 1,531 1,512 (603) 2,440 (79.7) (330) (497) (9) — 2,937 (70.7) (330) 2,536 Income tax expense 378 394 (243) 529 (20.8) (86) (146) (2) — 675 (18.4) (86) 571 Net income 1,153 1,118 (360) 1,911 (58.9) (244) (350) (7) — 2,261 (52.3) (244) 1,965 Preferred dividends — — 117 117 — — — — — 117 — — 117 Net income available to common stockholders $ 1,153 $ 1,118 $ (477) $ 1,794 $ (58.9) $ (244) $ (350) $ (7) $ — $ 2,144 $ (52.3) $ (244) $ 1,848 Contribution to total CFG Diluted EPS $ 2.42 $ 2.33 $ (1.00) $ 3.75 $ (0.12) $ (0.51) $ (0.75) $ (0.01) $ — $ 4.50 $ (0.11) $ (0.51) $ 3.88 $s in billions Interest-earning assets (spot) $ 69 $ 68 $ 49 $ 186 $ 0.3 $ 11 $— $— $— $186 $0.3 $11 $197 Loans (spot) 68 66 1 135 0.3 11 — — — 135 0.3 11 146 Deposits (spot) 46 119 11 176 1.2 — — — — 176 1.2 — 177 Risk-weighted assets (spot) $ 90 $ 56 $ 15 $ 161 $ 0.3 $ 11 $— $— $— $161 $0.3 $11 $173 Performance metrics: Net interest margin, FTE(4) 3.39 % (0.94) % 3.39 % (0.94) % 3.10 % Loans-to-deposit ratio (spot) 76.4 % 20.9 % 76.4 % 20.9 % 82.3 % CET1 capital ratio(5) 11.5 % 11.5 % 10.6 % ROTCE 13.1 % 15.7 % 13.5 % Efficiency ratio 63.5 % 57.5 % 60.8 % Noninterest income as a % of total revenue 23.8 % 23.8 % 24.1 % (3) *Select totals may not sum due to rounding

 




EX-99.3 4 q423financialsupplement.htm EX-99.3 Document
















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Financial Supplement

Fourth Quarter and Full Year 2023





















1

Table of Contents Page
Credit-Related Information:
The information in this Financial Supplement is preliminary and based on company data available at the time of the earnings presentation. It speaks only as of the particular date or dates included in the accompanying pages. The Company does not undertake an obligation to, and disclaims any duty to, update any of the information provided. Any forward-looking statements in this Financial Supplement are subject to the forward-looking statements language contained in the Company’s reports filed with the SEC pursuant to the Securities Exchange Act of 1934, which can be found on the SEC’s website (www.sec.gov) or on the Company’s website (www.citizensbank.com). The Company’s future financial performance is subject to the risks and uncertainties described in its SEC filings.
2

CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in millions, except per share data)
QUARTERLY TRENDS FULL YEAR
4Q23 Change 2023 Change
4Q23 3Q23 2Q23 1Q23 4Q22 3Q23 4Q22 2023 2022 2022
$/bps % $/bps % $/bps %
SELECTED OPERATING DATA
Total revenue $1,988  $2,014  $2,094  $2,128  $2,200  ($26) (1  %) ($212) (10  %) $8,224  $8,021  $203  3  %
Noninterest expense 1,612  1,293  1,306  1,296  1,240  319  25  372  30  5,507  4,892  615  13 
Profit before provision (benefit) for credit losses 376  721  788  832  960  (345) (48) (584) (61) 2,717  3,129  (412) (13)
Provision (benefit) for credit losses 171  172  176  168  132  (1) (1) 39  30  687  474  213  45 
NET INCOME 189  430  478  511  653  (241) (56) (464) (71) 1,608  2,073  (465) (22)
Net income, Underlying1
 426  448  531  560  685  (22) (5) (259) (38) 1,965  2,425  (460) (19)
Net income available to common stockholders 159  400  444  488  621  (241) (60) (462) (74) 1,491  1,960  (469) (24)
Net income available to common stockholders, Underlying1
 396  418  497  537  653  (22) (5) (257) (39) 1,848  2,312  (464) (20)
PER COMMON SHARE DATA
Basic earnings $0.34  $0.85  $0.93  $1.00  $1.26  ($0.51) (60  %) ($0.92) (73  %) $3.14  $4.12  ($0.98) (24  %)
Diluted earnings 0.34  0.85  0.92  1.00  1.25  (0.51) (60) (0.91) (73) 3.13  4.10  (0.97) (24)
Basic earnings, Underlying1
 0.85  0.89  1.04  1.10  1.32  (0.04) (4) (0.47) (36) 3.89  4.86  (0.97) (20)
Diluted earnings, Underlying1
 0.85  0.89  1.04  1.10  1.32  (0.04) (4) (0.47) (36) 3.88  4.84  (0.96) (20)
Cash dividends declared and paid per common share 0.42  0.42  0.42  0.42  0.42  —  —  —  —  1.68  1.62  0.06  4 
Book value per common share 47.87  44.75  45.44  45.84  44.03  3.12  7  3.84  9  47.87  44.03  3.84  9 
Tangible book value per common share 30.91  27.73  28.72  29.44  27.88  3.18  11  3.03  11  30.91  27.88  3.03  11 
Dividend payout ratio 124  % 49  % 45  % 42  % 33  % 7,412   bps 9,053   bps 54  % 39  % 1,450   bps
Dividend payout ratio, Underlying1
 49  47  40  38  32  200   bps 1,700   bps 43  33  1,000   bps
COMMON SHARES OUTSTANDING
Average: Basic 466,234,324  469,481,085  479,470,543  485,444,313  493,293,981  (3,246,761) (1  %) (27,059,657) (5  %) 475,089,384  475,959,815  (870,431) —  %
   Diluted 468,159,167  471,183,719  480,975,281  487,712,146  495,478,398  (3,024,552) (1) (27,319,231) (6) 476,693,148  477,803,142  (1,109,994) — 
Common shares at period-end 466,418,055  466,221,795  474,682,759  483,982,264  492,282,158  196,260  —  (25,864,103) (5) 466,418,055  492,282,158  (25,864,103) (5)
1 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

3

CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDS FULL YEAR
4Q23 Change 2023 Change
4Q23 3Q23 2Q23 1Q23 4Q22 3Q23 4Q22 2023 2022 2022
$/bps % $/bps % $/bps %
FINANCIAL RATIOS
Net interest margin 2.90  % 3.03  % 3.16  % 3.29  % 3.29  % (13) bps (39) bps 3.09  % 3.10  % (1)  bps
Net interest margin, FTE1
 2.91  3.03  3.17  3.30  3.30  (12) (39) 3.10  3.10  —   
Return on average common equity 2.96  7.50  8.00  9.11  11.56  (454) (860) 6.90  9.02  (212)  
Return on average common equity, Underlying2
 7.41  7.82  8.97  10.01  12.15  (41) (474) 8.56  10.64  (208)  
Return on average tangible common equity 4.72  12.00  12.42  14.38  18.46  (728) (1,374) 10.92  13.91  (299)  
Return on average tangible common equity, Underlying2
 11.84  12.51  13.93  15.80  19.40  (67) (756) 13.53  16.41  (288)  
Return on average total assets 0.33  0.78  0.86  0.93  1.15  (45) (82) 0.72  0.96  (24)  
Return on average total assets, Underlying2
 0.76  0.81  0.96  1.02  1.21  (5) (45) 0.88  1.13  (25)  
Return on average total tangible assets 0.35  0.81  0.89  0.97  1.19  (46) (84) 0.75  1.00  (25)  
Return on average total tangible assets, Underlying2
 0.78  0.84  0.99  1.06  1.25  (6) (47) 0.92  1.17  (25)  
Effective income tax rate 7.59  21.51  22.09  22.97  21.16  (1,392) (1,357) 20.76  21.93  (117)  
Effective income tax rate, Underlying2
 22.25  21.69  22.51  23.25  21.37  56  88  22.48  22.19  29   
Efficiency ratio 81.13  64.21  62.34  60.90  56.36  1,692  2,477  66.97  60.99  598   
Efficiency ratio, Underlying2
 63.77  63.08  58.86  57.84  54.42  69  935  60.81  57.51  330   
Noninterest income as a % of total revenue 25.16  24.44  24.14  22.81  22.92  72  224  24.12  25.04  (92)
Noninterest income as a % of total revenue, Underlying2
 25.16  24.44  24.14  22.81  22.92  72  224  24.12  25.33  (121)  
CAPITAL RATIOS - PERIOD-END (PRELIMINARY)
CET1 capital ratio 10.6  % 10.4  % 10.3  % 10.0  % 10.0  %
Tier 1 capital ratio 11.8  11.5  11.4  11.1  11.1 
Total capital ratio 13.7  13.4  13.3  12.9  12.8 
Tier 1 leverage ratio 9.3  9.4  9.4  9.4  9.3 
Tangible common equity ratio 6.7  5.9  6.3  6.6  6.3 
SELECTED BALANCE SHEET DATA
Loan-to-deposit ratio (period-end balances) 82.30  % 84.03  % 85.17  % 89.83  % 86.69  % (173)  bps (439)  bps 82.30  % 86.69  % (439)  bps
Loan-to-deposit ratio (average balances) 83.54  85.46  88.73  89.76  87.74  (192)  bps (420)  bps 86.83  86.77  6   bps
Full-time equivalent colleagues (period-end) 17,570  18,214  18,468  18,547  18,889  (644) (4) (1,319) (7) 17,570  18,889  (1,319) (7)
1Net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented.
2These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."




4

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(dollars in millions)
QUARTERLY TRENDS FULL YEAR
4Q23 Change 2023 Change
4Q23 3Q23 2Q23 1Q23 4Q22 3Q23 4Q22 2023 2022 2022
$ % $ % $ %
INTEREST INCOME
Interest and fees on loans and leases $2,144  $2,166  $2,132  $2,047  $1,893  ($22) (1  %) $251  13  % $8,489  $5,968  $2,521  42  %
Interest and fees on loans held for sale 18  20  20  15  16  (2) (10) 2  13  73  67  6  9 
Interest and fees on other loans held for sale 4  8  12  5  10  (4) (50) (6) (60) 29  57  (28) (49)
Investment securities 339  290  267  266  258  49  17  81  31  1,162  840  322  38 
Interest-bearing deposits in banks 171  111  100  69  75  60  54  96  128  451  128  323  NM
Total interest income 2,676  2,595  2,531  2,402  2,252  81  3  424  19  10,204  7,060  3,144  45 
INTEREST EXPENSE
Deposits 974  898  723  550  396  76  8  578  146  3,145  651  2,494  NM
Short-term borrowed funds 7  8  22  6  2  (1) (13) 5  250  43  23  20  87 
Long-term borrowed funds 207  167  198  203  159  40  24  48  30  775  374  401  107 
Total interest expense 1,188  1,073  943  759  557  115  11  631  113  3,963  1,048  2,915  NM
Net interest income 1,488  1,522  1,588  1,643  1,695  (34) (2) (207) (12) 6,241  6,012  229  4 
NONINTEREST INCOME
Service charges and fees 104  105  101  100  105  (1) (1) (1) (1) 410  420  (10) (2)
Capital markets fees 87  67  82  83  98  20  30  (11) (11) 319  368  (49) (13)
Card fees 70  74  80  72  71  (4) (5) (1) (1) 296  273  23  8 
Trust and investment services fees 68  63  65  63  61  5  8  7  11  259  249  10  4 
Mortgage banking fees 57  69  59  57  54  (12) (17) 3  6  242  261  (19) (7)
Foreign exchange and derivative products 43  48  44  48  35  (5) (10) 8  23  183  188  (5) (3)
Letter of credit and loan fees 42  43  43  40  41  (1) (2) 1  2  168  159  9  6 
Securities gains, net 9  5  9  5  4  4  80  5  125  28  9  19  211 
Other income 20  18  23  17  36  2  11  (16) (44) 78  82  (4) (5)
Total noninterest income 500  492  506  485  505  8  2  (5) (1) 1,983  2,009  (26) (1)
TOTAL REVENUE 1,988  2,014  2,094  2,128  2,200  (26) (1) (212) (10) 8,224  8,021  203  3 
Provision (benefit) for credit losses 171  172  176  168  132  (1) (1) 39  30  687  474  213  45 
NONINTEREST EXPENSE
Salaries and employee benefits 667  659  615  658  633  8  1  34  5  2,599  2,549  50  2 
Equipment and software 215  191  181  169  170  24  13  45  26  756  648  108  17 
Outside services 174  160  177  176  170  14  9  4  2  687  700  (13) (2)
Occupancy 125  107  136  124  110  18  17  15  14  492  410  82  20 
Other operating expense 431  176  197  169  157  255  145  274  175  973  585  388  66 
Total noninterest expense 1,612  1,293  1,306  1,296  1,240  319  25  372  30  5,507  4,892  615  13 
Income before income tax expense 205  549  612  664  828  (344) (63) (623) (75) 2,030  2,655  (625) (24)
Income tax expense 16  119  134  153  175  (103) (87) (159) (91) 422  582  (160) (27)
Net income $189  $430  $478  $511  $653  ($241) (56  %) ($464) (71  %) $1,608  $2,073  ($465) (22  %)
Net income, Underlying1
 $426  $448  $531  $560  $685  ($22) (5  %) ($259) (38  %) $1,965  $2,425  ($460) (19  %)
Net income available to common stockholders $159  $400  $444  $488  $621  ($241) (60  %) ($462) (74  %) $1,491  $1,960  ($469) (24  %)
Net income available to common stockholders, Underlying1
 $396  $418  $497  $537  $653  ($22) (5  %) ($257) (39  %) $1,848  $2,312  ($464) (20  %)
1 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."
5

CONSOLIDATED BALANCE SHEETS (unaudited)
(dollars in millions, except par value)
PERIOD-END BALANCES AS OF DECEMBER 31, 2023 CHANGE
Dec 31, 2023 Sept 30, 2023 June 30, 2023 Mar 31, 2023 Dec 31, 2022 September 30, 2023 December 31, 2022
$ % $ %
ASSETS
Cash and due from banks $1,794  $1,395  $1,689  $1,283  $1,489  $399  29  % $305  20  %
Interest-bearing cash and due from banks 9,834  14,005  9,878  6,691  9,058  (4,171) (30) 776  9 
Interest-bearing deposits in banks 405  324  284  320  303  81  25  102  34 
Debt securities available for sale, at fair value 29,777  25,069  24,755  23,845  24,007  4,708  19  5,770  24 
Debt securities held to maturity 9,184  9,320  9,520  9,677  9,834  (136) (1) (650) (7)
Loans held for sale, at fair value 676  749  1,225  855  774  (73) (10) (98) (13)
Other loans held for sale 103  99  196  1,000  208  4  4  (105) (50)
Loans and leases 145,959  149,746  151,320  154,688  156,662  (3,787) (3) (10,703) (7)
Less: Allowance for loan and lease losses (2,098) (2,080) (2,044) (2,017) (1,983) (18) 1  (115) 6 
Net loans and leases 143,861  147,666  149,276  152,671  154,679  (3,805) (3) (10,818) (7)
Derivative assets 440  522  719  569  842  (82) (16) (402) (48)
Premises and equipment 895  878  876  866  844  17  2  51  6 
Bank-owned life insurance 3,291  3,275  3,263  3,244  3,236  16  —  55  2 
Goodwill 8,188  8,188  8,188  8,177  8,173  —  —  15  — 
Other intangible assets 157  167  175  185  197  (10) (6) (40) (20)
Other assets 13,359  13,613  13,022  12,873  13,089  (254) (2) 270  2 
TOTAL ASSETS $221,964  $225,270  $223,066  $222,256  $226,733  ($3,306) (1  %) ($4,769) (2  %)
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing $37,107  $38,561  $40,286  $44,326  $49,283  ($1,454) (4  %) ($12,176) (25  %)
Interest-bearing 140,235  139,636  137,381  127,868  131,441  599  —  8,794  7 
Total deposits 177,342  178,197  177,667  172,194  180,724  (855) —  (3,382) (2)
Short-term borrowed funds 505  232  1,099  1,018  3  273  118  502  NM
Derivative liabilities 1,562  2,109  2,270  1,704  1,909  (547) (26) (347) (18)
Long-term borrowed funds:
FHLB advances 3,786  7,036  5,029  11,779  8,519  (3,250) (46) (4,733) (56)
Senior debt 5,170  5,258  5,258  5,263  5,555  (88) (2) (385) (7)
Subordinated debt and other debt 4,511  5,060  3,813  1,813  1,813  (549) (11) 2,698  149 
Total long-term borrowed funds 13,467  17,354  14,100  18,855  15,887  (3,887) (22) (2,420) (15)
Other liabilities 4,746  4,500  4,345  4,284  4,520  246  5  226  5 
TOTAL LIABILITIES 197,622  202,392  199,481  198,055  203,043  (4,770) (2) (5,421) (3)
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 22,250  22,231  22,207  22,183  22,142  19  —  108  — 
Retained earnings 9,816  9,856  9,655  9,416  9,159  (40) —  657  7 
Treasury stock, at cost (5,986) (5,986) (5,734) (5,475) (5,071) —  —  (915) (18)
Accumulated other comprehensive income (loss) (3,758) (5,243) (4,563) (3,943) (4,560) 1,485  28  802  18 
TOTAL STOCKHOLDERS' EQUITY 24,342  22,878  23,585  24,201  23,690  1,464  6  652  3 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $221,964  $225,270  $223,066  $222,256  $226,733  ($3,306) (1  %) ($4,769) (2  %)
Memo: Total tangible common equity $14,417  $12,930  $13,630  $14,247  $13,728  $1,487  12  % $689  5  %

6

LOANS AND DEPOSITS
(dollars in millions)
PERIOD-END BALANCES AS OF DECEMBER 31, 2023 CHANGE
Dec 31, 2023 Sept 30, 2023 June 30, 2023 Mar 31, 2023 Dec 31, 2022 Sept 30, 2023 December 31, 2022
$ % $ %
LOANS AND LEASES
Commercial and industrial $43,826  $46,753  $48,038  $50,450  $51,836  ($2,927) (6  %) ($8,010) (15  %)
Commercial real estate 29,471  29,486  28,947  28,999  28,865  (15) —  606  2 
Leases 1,148  1,218  1,294  1,417  1,479  (70) (6) (331) (22)
Total commercial 74,445  77,457  78,279  80,866  82,180  (3,012) (4) (7,735) (9)
Residential mortgages 31,332  30,983  30,769  30,362  29,921  349  1  1,411  5 
Home equity 15,040  14,729  14,487  14,135  14,043  311  2  997  7 
Automobile 8,258  9,290  10,428  11,535  12,292  (1,032) (11) (4,034) (33)
Education 11,834  12,134  12,246  12,634  12,808  (300) (2) (974) (8)
Other retail 5,050  5,153  5,111  5,156  5,418  (103) (2) (368) (7)
Total retail 71,514  72,289  73,041  73,822  74,482  (775) (1) (2,968) (4)
Total loans and leases $145,959  $149,746 $151,320 $154,688 $156,662 ($3,787) (3  %) ($10,703) (7  %)
Loans held for sale, at fair value 676  749  1,225  855  774  (73) (10) (98) (13)
Other loans held for sale 103  99  196  1,000  208  4  4  (105) (50)
Loans and leases and loans held for sale $146,738  $150,594  $152,741  $156,543  $157,644  ($3,856) (3  %) ($10,906) (7  %)
DEPOSITS
Demand $37,107  $38,561  $40,286  $44,326  $49,283  ($1,454) (4  %) ($12,176) (25  %)
Money market 53,812  53,517  52,542  48,905  49,905  295  1  3,907  8 
Checking with interest 31,876  33,355  35,028  34,496  39,721  (1,479) (4) (7,845) (20)
Savings 27,983  29,139  29,824  29,789  29,805  (1,156) (4) (1,822) (6)
Term 26,564  23,625  19,987  14,678  12,010  2,939  12  14,554  121 
Total deposits $177,342  $178,197  $177,667  $172,194  $180,724  ($855) —  % ($3,382) (2  %)


7

AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)
QUARTERLY TRENDS 4Q23 Change
4Q23 3Q23 4Q22 3Q23 4Q22
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 $12,387  $171  5.43  % $8,005  $111  5.42  % $6,915  $75  4.22  % $4,382  $60  1 bps $5,472  $96  121 bps
Taxable investment securities 41,497  339  3.25  39,271  290  2.95  38,770  258  2.66  2,226  49  30 2,727  81  59
Non-taxable investment securities 2  —  2.66  2  —  2.68  2  —  2.39  —  —  (2) —  —  27
Total investment securities 41,499  339  3.25  39,273  290  2.95  38,772  258  2.66  2,226  49  30 2,727  81  59
Commercial and industrial 45,433  706  6.07  47,658  750  6.17  52,311  652  4.89  (2,225) (44) (10) (6,878) 54  118
Commercial real estate 29,460  476  6.32  29,353  467  6.23  28,735  382  5.19  107  9  9 725  94  113
Leases 1,185  10  3.54  1,250  12  3.56  1,422  12  3.25  (65) (2) (2) (237) (2) 29
Total commercial 76,078  1,192  6.13  78,261  1,229  6.15  82,468  1,046  4.97  (2,183) (37) (2) (6,390) 146  116
Residential mortgages 31,146  276  3.55  30,838  267  3.46  29,677  246  3.32  308  9  9 1,469  30  23
Home equity 14,889  302  8.04  14,589  286  7.77  13,869  204  5.84  300  16  27 1,020  98  220
Automobile 8,752  94  4.24  9,849  103  4.16  12,692  125  3.90  (1,097) (9) 8 (3,940) (31) 34
Education 11,971  156  5.17  12,147  156  5.11  12,929  148  4.54  (176) —  6 (958) 8  63
Other retail 5,133  124  9.64  5,107  125  9.67  5,464  124  9.02  26  (1) (3) (331) —  62
Total retail 71,891  952  5.27  72,530  937  5.14  74,631  847  4.52  (639) 15  13 (2,740) 105  75
Total loans and leases 147,969  2,144  5.71  150,791  2,166  5.66  157,099  1,893  4.75  (2,822) (22) 5 (9,130) 251  96
Loans held for sale, at fair value 1,047  18  6.79  1,204  20  6.72  1,179  16  5.32  (157) (2) 7 (132) 2  147
Other loans held for sale 219  4  7.72  321  8  9.01  557  10  6.70  (102) (4) (129) (338) (6) 102
Total interest-earning assets 203,121  2,676  5.20  199,594  2,595  5.13  204,522  2,252  4.35  3,527  81  7 (1,401) 424  85
Noninterest-earning assets 20,532  20,568  20,448  (36) 84 
TOTAL ASSETS $223,653  $220,162  $224,970  $3,491  ($1,317)
INTEREST-BEARING LIABILITIES
Checking with interest $31,788  113  1.40  $33,545  126  1.49  $36,952  77  0.82  ($1,757) (13) (9) ($5,164) $36  58
Money market 53,003  444  3.32  52,057  415  3.17  50,228  208  1.65  946  29  15 2,775  236  167
Regular savings 28,455  123  1.72  29,516  123  1.65  29,780  58  0.78  (1,061) —  7 (1,325) 65  94
Term 25,492  294  4.59  21,604  234  4.29  11,378  53  1.83  3,888  60  30 14,114  241  276
Total interest-bearing deposits 138,738  974  2.79  136,722  898  2.60  128,338  396  1.23  2,016  76  19 10,400  578  156
Short-term borrowed funds 491  7  5.63  506  8  6.21  262  2  3.83  (15) (1) (58) 229  5  180
FHLB advances 5,751  83  5.62  4,023  56  5.54  8,818  82  3.67  1,728  27  8 (3,067) 1  195
Senior debt 5,217  57  4.34  5,259  56  4.33  5,397  55  4.05  (42) 1  1 (180) 2  29
Subordinated debt and other debt 4,720  67  5.71  3,920  55  5.43  1,812  22  4.59  800  12  28 2,908  45  112
Total long-term borrowed funds 15,688  207  5.22  13,202  167  5.02  16,027  159  3.91  2,486  40  20 (339) 48  131
Total borrowed funds 16,179  214  5.24  13,708  175  5.07  16,289  161  3.90  2,471  39  17 (110) 53  134
Total interest-bearing liabilities 154,917  1,188  3.04  150,430  1,073  2.83  144,627  557  1.53  4,487  115  21 10,290  631  151
Demand deposits 38,390  39,728  50,706  (1,338) (12,316)
Other noninterest-bearing liabilities 7,123  6,813  6,347  310  776 
TOTAL LIABILITIES 200,430  196,971  201,680  3,459  (1,250)
STOCKHOLDERS' EQUITY 23,223  23,191  23,290  32  (67)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $223,653  $220,162  $224,970  $3,491  ($1,317)
INTEREST RATE SPREAD 2.16  % 2.30  % 2.82  % (14) (66)
NET INTEREST MARGIN AND NET INTEREST INCOME $1,488  2.90  % $1,522  3.03  % $1,695  3.29  % ($34) (13) ($207) (39)
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE1
 $1,492  2.91  % $1,526  3.03  % $1,699  3.30  % ($34) (12) ($207) (39)
Memo: Total deposits (interest-bearing and demand) $177,128  $974  2.18  % $176,450  $898  2.02  % $179,044  $396  0.88  % $678  $76  16 bps ($1,916) $578  130 bps

1Net interest income and net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented.
8

AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)
FULL YEAR 2023 Change
2023 2022 2022
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 $8,531  $451  5.22  % $6,195  $128  2.04  % $2,336  $323  318   bps
Taxable investment securities 39,437  1,162  2.94  35,639  840  2.35  3,798  322  59 
Non-taxable investment securities 2  —  2.68  3  —  2.33  (1) —  35 
Total investment securities 39,439  1,162  2.94  35,642  840  2.35  3,797  322  59 
Commercial and industrial 48,693  2,956  5.99  50,002  1,942  3.83  (1,309) 1,014  216 
Commercial real estate 29,206  1,804  6.09  24,746  1,026  4.09  4,460  778  200 
Leases 1,305  46  3.53  1,521  46  3.00  (216) —  53 
Total commercial 79,204  4,806  5.99  76,269  3,014  3.90  2,935  1,792  209 
Residential mortgages 30,660  1,052  3.43  27,759  876  3.16  2,901  176  27 
Home equity 14,475  1,092  7.54  13,057  555  4.25  1,418  537  329 
Automobile 10,374  429  4.13  13,729  507  3.69  (3,355) (78) 44 
Education 12,333  621  5.04  13,047  560  4.29  (714) 61  75 
Other retail 5,171  489  9.46  5,483  456  8.31  (312) 33  115 
Total retail 73,013  3,683  5.04  73,075  2,954  4.04  (62) 729  100 
Total loans and leases 152,217  8,489  5.53  149,344  5,968  3.97  2,873  2,521  156 
Loans held for sale, at fair value 1,160  73  6.26  1,767  67  3.77  (607) 6  249 
Other loans held for sale 339  29  8.43  1,188  57  4.71  (849) (28) 372 
Total interest-earning assets 201,686  10,204  5.02  194,136  7,060  3.61  7,550  3,144  141 
Noninterest-earning assets 20,535  20,925  (390)
TOTAL ASSETS $222,221  $215,061  $7,160 
INTEREST-BEARING LIABILITIES
Checking with interest $33,960  446  1.31  $36,127  142  0.39  ($2,167) 304  92 
Money market 51,178  1,494  2.92  48,410  320  0.66  2,768  1,174  226 
Regular savings 29,266  433  1.48  27,524  100  0.37  1,742  333  111 
Term 19,320  772  4.00  8,330  89  1.07  10,990  683  293 
Total interest-bearing deposits 133,724  3,145  2.35  120,391  651  0.54  13,333  2,494  181 
Short-term borrowed funds 746  43  5.70  1,584  23  1.47  (838) 20  423 
FHLB advances 7,431  383  5.09  5,659  149  2.60  1,772  234  249 
Senior debt 5,335  231  4.33  4,631  144  3.11  704  87  122 
Subordinated debt and other debt 3,087  161  5.21  1,788  81  4.44  1,299  80  77 
Total long-term borrowed funds 15,853  775  4.86  12,078  374  3.07  3,775  401  179 
Total borrowed funds 16,599  818  4.89  13,662  397  2.88  2,937  421  201 
Total interest-bearing liabilities 150,323  3,963  2.63  134,053  1,048  0.78  16,270  2,915  185 
Demand deposits 41,581  51,717  (10,136)
Other noninterest-bearing liabilities 6,711  5,553  1,158 
TOTAL LIABILITIES 198,615  191,323  7,292 
STOCKHOLDERS' EQUITY 23,606  23,738  (132)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $222,221  $215,061  $7,160 
INTEREST RATE SPREAD 2.39  % 2.83  % (44)
NET INTEREST MARGIN AND NET INTEREST INCOME $6,241  3.09  % $6,012  3.10  % $229  (1)
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE1
 $6,258  3.10  % $6,023  3.10  % $235  — 
Memo: Total deposits (interest-bearing and demand) $175,305  $3,145  1.79  % $172,108  $651  0.38  % $3,197  $2,494  141   bps
1Net interest income and net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented.
9

MORTGAGE BANKING FEES SUMMARY
(dollars in millions)
QUARTERLY TRENDS FULL YEAR
4Q23 Change 2023 Change
4Q23 3Q23 2Q23 1Q23 4Q22 3Q23 4Q22 2023 2022 2022
$/bps % $/bps % $/bps %
MORTGAGE BANKING FEES
Production revenue $11  $19  $23  $18  $12  ($8) (42  %) ($1) (8  %) $71  $84  ($13) (15  %)
Mortgage servicing revenue 37  35  34  37  40  2 6  (3) (8) 143  147  (4) (3)
MSR valuation changes, net of hedge impact 9  15  2  2  2  (6) (40) 7 NM 28  30  (2) (7)
Total mortgage banking fees $57  $69  $59  $57  $54  ($12) (17  %) $3 6  % $242  $261  ($19) (7  %)
Pull-through adjusted locks $1,412  $2,397  $2,870  $2,078  $1,665  ($985) (41  %) ($253) (15  %) $8,757  $13,413  ($4,656) (35  %)
Production revenue as a percentage of Pull-through adjusted locks 0.78  % 0.79  % 0.79  % 0.90  % 0.72  % (1)  bps 6   bps 0.81  % 0.63  % 19   bps
RESIDENTIAL REAL ESTATE ORIGINATIONS
Retail $958  $1,146  $1,260  $1,011  $1,103  ($188) (16  %) ($145) (13  %) $4,375  $8,951  ($4,576) (51  %)
Third Party 1,214  2,285  2,350  1,333  1,652  (1,071) (47) (438) (27) 7,182  12,019  (4,837) (40)
Total $2,172  $3,431  $3,610  $2,344  $2,755  ($1,259) (37  %) (583) (21  %) $11,557  $20,970  ($9,413) (45  %)
Originated for sale $1,595  $2,815  $2,874  $1,651  $2,044  ($1,220) (43  %) ($449) (22  %) $8,935  $15,073  ($6,138) (41  %)
Originated for investment 577  616  736  693  711  (39) (6) (134) (19) 2,622  5,897  (3,275) (56)
Total $2,172  $3,431  $3,610  $2,344  $2,755  ($1,259) (37  %) ($583) (21  %) $11,557  $20,970  ($9,413) (45  %)
MORTGAGE SERVICING INFORMATION (UPB)
Loans serviced for others $97,420  $97,603  $96,591  $96,346  $96,698  ($183) —  % $722 1  % $97,420  $96,698  $722 1  %
Owned loans serviced 31,640  31,436  31,636  30,827  30,135  204 1  1,505 5  31,640  30,135  1,505 5 
Total $129,060  $129,039  $128,227  $127,173  $126,833  $21 —  % $2,227 2  % $129,060  $126,833  $2,227 2  %
MSR at fair value $1,552  $1,620  $1,524  $1,496  $1,530  ($68) (4  %) $22 1  % $1,552  $1,530  $22 1  %
    

10

SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING
(dollars in millions)

QUARTERLY TRENDS FULL YEAR
CONSUMER BANKING1
 4Q23 Change 2023 Change
4Q23 3Q23 2Q23 1Q23 4Q22 3Q23 4Q22 2023 2022 2022
$/bps % $/bps % $/bps %
Net interest income $1,086  $1,067  $1,023  $1,011  $1,014  $19  2  % $72  7  % $4,187  $3,649  $538  15  %
Noninterest income 265  278  268  256  256  (13) (5) 9  4  1,067  1,063  4  — 
Total revenue 1,351  1,345  1,291  1,267  1,270  6  —  81  6  5,254  4,712  542  12 
Noninterest expense 905  905  875  857  831  —  —  74  9  3,542  3,255  287  9 
Profit (loss) before credit losses 446  440  416  410  439  6  1  7  2  1,712  1,457  255  18 
Net charge-offs 82  67  68  63  57  15  22  25  44  280  174  106  61 
Income (loss) before income tax expense (benefit) 364  373  348  347  382  (9) (2) (18) (5) 1,432  1,283  149  12 
Income tax expense (benefit) 95  97  91  90  98  (2) (2) (3) (3) 373  328  45  14 
Net income (loss) $269  $276  $257  $257  $284  ($7) (3  %) ($15) (5  %) $1,059  $955  $104  11  %
AVERAGE BALANCES
Total assets $73,334  $72,964  $72,583  $71,872  $71,688  $370  1  % $1,646  2  % $72,693  $68,027  $4,666  7  %
Total loans and leases2
 66,906  66,641  66,289  65,570  65,619  265  —  1,287  2  66,356  62,523  3,833  6 
Deposits 118,474  117,979  115,847  115,578  117,164  495  —  1,310  1  116,980  114,482  2,498  2 
Interest-earning assets 67,524  67,273  66,933  66,251  66,338  251  —  1,186  2  66,999  63,289  3,710  6 
KEY METRICS
Net interest margin 6.40  % 6.28  % 6.12  % 6.20  % 6.07  % 12   bps 33   bps 6.25  % 5.77  % 48   bps
Efficiency ratio 67.08  67.18  67.74  67.70  65.39  (10)  bps 169   bps 67.42  69.08  (166)  bps
Loan-to-deposit ratio (period-end balances) 55.52  55.81  55.35  56.37  54.91  (29)  bps 61   bps 55.52  54.91  61   bps
Loan-to-deposit ratio (average balances) 55.88  55.71  56.44  56.25  55.14  17   bps 74   bps 56.07  53.18  289   bps
Return on average total tangible assets 1.47  1.51  1.43  1.46  1.59  (4)  bps (12)  bps 1.47  1.41  6   bps
1 During the third quarter of 2023, the Company’s indirect auto and certain purchased consumer loan portfolios were transferred from Consumer Banking into a new Non-Core segment. In addition, the Company revised its funds transfer pricing ("FTP") methodology relative to the funding of Non-Core assets, with the FTP charge based on a marginal high-cost funding waterfall approach. Prior period results have been revised to conform to the new segment presentation.
2 Includes loans held for sale.















11


SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING
(dollars in millions)

QUARTERLY TRENDS FULL YEAR
COMMERCIAL BANKING 4Q23 Change 2023 Change
4Q23 3Q23 2Q23 1Q23 4Q22 3Q23 4Q22 2023 2022 2022
$/bps % $/bps % $/bps %
Net interest income $551  $560  $584  $597  $595  ($9) (2  %) ($44) (7  %) $2,292  $2,103  $189  9  %
Noninterest income 196  180  207  201  198  16  9  (2) (1) 784  845  (61) (7)
Total revenue 747  740  791  798  793  7  1  (46) (6) 3,076  2,948  128  4 
Noninterest expense 324  325  315  331  318  (1) —  6  2  1,295  1,223  72  6 
Profit (loss) before credit losses 423  415  476  467  475  8  2  (52) (11) 1,781  1,725  56  3 
Net charge-offs 65  67  71  47  12  (2) (3) 53  NM 250  46  204  NM
Income (loss) before income tax expense (benefit) 358  348  405  420  463  10  3  (105) (23) 1,531  1,679  (148) (9)
Income tax expense (benefit) 89  88  100  101  105  1  1  (16) (15) 378  375  3  1 
Net income (loss) $269  $260  $305  $319  $358  $9  3  % ($89) (25  %) $1,153  $1,304  ($151) (12  %)
AVERAGE BALANCES
Total assets $72,758  $74,997  $77,546  $78,891  $79,591  ($2,239) (3  %) ($6,833) (9  %) $76,028  $74,919  $1,109  1  %
Total loans and leases1
 69,899  71,898  74,295  75,734  75,773  (1,999) (3) (5,874) (8) 72,937  70,992  1,945  3 
Deposits 46,962  47,221  45,494  48,966  52,303  (259) (1) (5,341) (10) 47,155  49,898  (2,743) (5)
Interest-earning assets 70,267  72,275  74,687  76,130  76,097  (2,008) (3) (5,830) (8) 73,321  71,276  2,045  3 
KEY METRICS
Net interest margin 3.11  % 3.07  % 3.13  % 3.18  % 3.10  % 4   bps 1   bps 3.12  % 2.95  % 17   bps
Efficiency ratio 43.44  43.93  39.76  41.47  40.18  (49)  bps 326   bps 42.10  41.50  60   bps
Loan-to-deposit ratio (period-end balances) 146.09  145.77  150.41  162.54  141.44  32   bps 465   bps 146.09  141.44  465   bps
Loan-to-deposit ratio (average balances) 147.64  150.96  160.89  153.33  143.49  (332)  bps 415   bps 153.12  139.65  1,347   bps
Return on average total tangible assets 1.48  1.39  1.59  1.66  1.80  9   bps (32)  bps 1.53  1.76  (23)  bps
1 Includes loans held for sale.















12


SEGMENT FINANCIAL HIGHLIGHTS - NON-CORE
(dollars in millions)

QUARTERLY TRENDS FULL YEAR
NON-CORE1
 4Q23 Change 2023 Change
4Q23 3Q23 2Q23 1Q23 4Q22 3Q23 4Q22 2023 2022 2022
$/bps % $/bps % $/bps %
Net interest income ($45) ($41) ($28) ($15) $19  ($4) (10  %) ($64) NM ($129) $378  ($507) NM
Noninterest income —  —  —  —  —  —  —  —  —  —  —  —  — 
Total revenue (45) (41) (28) (15) 19  (4) (10) (64) NM (129) 378  (507) NM
Noninterest expense 28  30  33  32  31  (2) (7) (3) (10) 123  136  (13) (10)
Profit (loss) before credit losses (73) (71) (61) (47) (12) (2) (3) (61) NM (252) 242  (494) NM
Net charge offs 24  20  13  21  19  4  20  5  26  78  52  26  50 
Income (loss) before income tax expense (benefit) (97) (91) (74) (68) (31) (6) (7) (66) (213) (330) 190  (520) NM
Income tax expense (benefit) (25) (24) (19) (18) (8) (1) (4) (17) (213) (86) 48  (134) NM
Net income (loss) ($72) ($67) ($55) ($50) ($23) ($5) (7  %) ($49) (213  %) ($244) $142  ($386) NM
AVERAGE BALANCES
Total assets $11,776  $13,113  $14,456  $15,686  $16,752  ($1,337) (10  %) ($4,976) (30  %) $13,745  $18,121  ($4,376) (24  %)
Total loans and leases2
 11,701  13,010  14,395  15,620  16,683  (1,309) (10) (4,982) (30) 13,669  18,048  (4,379) (24)
Interest-earning assets 11,726  13,010  14,395  15,620  16,683  (1,284) (10) (4,957) (30) 13,675  18,048  (4,373) (24)
KEY METRICS
Net interest margin (1.54) % (1.24) % (0.77) % (0.40) % 0.47  % (30)  bps (201)  bps (0.94) % 2.10  % (304)  bps
Return on average total tangible assets (2.42) (2.03) (1.53) (1.30) (0.54) (39)  bps (188)  bps (1.78) 0.78  (256)  bps
1 During the third quarter of 2023, the Company’s indirect auto and certain purchased consumer loan portfolios were transferred from Consumer Banking into a new Non-Core segment. In addition, the Company revised its funds transfer pricing ("FTP") methodology relative to the funding of Non-Core assets, with the FTP charge based on a marginal high-cost funding waterfall approach. Prior period results have been revised to conform to the new segment presentation.
2 Includes loans held for sale.
13

SEGMENT FINANCIAL HIGHLIGHTS - OTHER
(dollars in millions)

QUARTERLY TRENDS FULL YEAR
OTHER1,2
 4Q23 Change 2023 Change
4Q23 3Q23 2Q23 1Q23 4Q22 3Q23 4Q22 2023 2022 2022
$ % $ % $ %
Net interest income ($104) ($64) $9  $50  $67  ($40) (63  %) ($171) NM ($109) ($118) $9  8  %
Noninterest income 39  34  31  28  51  5  15  (12) (24) 132  101  31  31 
Total revenue (65) (30) 40  78  118  (35) (117) (183) NM 23  (17) 40  NM
Noninterest expense 355  33  83  76  60  322  NM 295  NM 547  278  269  97 
Profit (loss) before provision (benefit) for credit losses (420) (63) (43) 2  58  (357) NM (478) NM (524) (295) (229) (78)
Provision (benefit) for credit losses —  18  24  37  44  (18) (100) (44) (100) 79  202  (123) (61)
Income (loss) before income tax expense (benefit) (420) (81) (67) (35) 14  (339) NM (434) NM (603) (497) (106) (21)
Income tax expense (benefit) (143) (42) (38) (20) (20) (101) (240) (123) NM (243) (169) (74) (44)
Net income (loss) ($277) ($39) ($29) ($15) $34  ($238) NM ($311) NM ($360) ($328) ($32) (10)
AVERAGE BALANCES
Total assets $65,785  $59,088  $57,788  $56,262  $56,939  $6,697  11  % $8,846  16  % $59,755  $53,994  $5,761  11  %
Total loans and leases3
 729  766  748  773  760  (37) (5) (31) (4) 755  736  19  3 
Deposits 11,692  11,250  11,908  9,806  9,577  442  4  2,115  22  11,170  7,728  3,442  45 
Interest-earning assets 53,604  47,035  45,482  44,550  45,405  6,569  14  8,199  18  47,691  41,522  6,169  15 
1 Includes assets, liabilities, capital, revenues, provision for credit losses, expenses and income tax expense not attributed to our Consumer Banking, Commercial Banking, or Non-Core segments as well as treasury and community development.
2 During the third quarter of 2023, the Company’s indirect auto and certain purchased consumer loan portfolios were transferred from Consumer Banking into a new Non-Core segment. In addition, the Company revised its funds transfer pricing ("FTP") methodology relative to the funding of Non-Core assets, with the FTP charge based on a marginal high-cost funding waterfall approach. Prior period results have been revised to conform to the new segment presentation.
3 Includes loans held for sale.
14

CREDIT-RELATED INFORMATION
(dollars in millions)
AS OF DECEMBER 31, 2023 CHANGE
Dec 31, 2023 Sept 30, 2023 June 30, 2023 Mar 31, 2023 Dec 31, 2022 Sept 30, 2023 December 31, 2022
$/bps/% % $/bps/% %
NONACCRUAL LOANS AND LEASES
Commercial and industrial $294  $242  $280  $297  $249  $52  21  % $45  18  %
Commercial real estate 477  470  352  140  103  7  1  374  NM
Leases 3  3  3  —  —  —  —  3  100 
Total commercial 774  715  635  437  352  59  8  422  120 
Residential mortgages1
 177  190  201  216  234  (13) (7) (57) (24)
Home equity 285  268  251  240  241  17  6  44  18 
Automobile 61  62  51  50  56  (1) (2) 5  9 
Education 28  23  22  23  33  5  22  (5) (15)
Other retail 39  38  31  30  28  1  3  11  39 
Total retail 590  581  556  559  592  9  2  (2) — 
Nonaccrual loans and leases 1,364  1,296  1,191  996  944  68  5  420  44 
Repossessed assets 14  15  11  14  16  (1) (7) (2) (13)
Nonaccrual loans and leases and repossessed assets $1,378  $1,311  $1,202  $1,010  $960  $67  5  % $418  44  %
NONACCRUAL LOANS AND LEASES BY PRODUCT2
Commercial $774  $715  $635  $437  $352  $59  8  % $422  120  %
Retail 604  596  567  573  608  8  1  (4) (1)
Total nonaccrual loans and leases $1,378  $1,311  $1,202  $1,010  $960  $67  5  % $418  44  %
ASSET QUALITY RATIOS
Allowance for loan and lease losses to loans and leases 1.44  % 1.39  % 1.35  % 1.30  % 1.27  % 5   bps 17   bps
Allowance for credit losses to loans and leases 1.59  1.55  1.52  1.47  1.43  4  16 
Allowance for loan and lease losses to nonaccrual loans and leases 154  160  172  203  210  (6  %) (56  %)
Allowance for credit losses to nonaccrual loans and leases 170  179  193  229  237  (9  %) (67  %)
Nonaccrual loans and leases to loans and leases 0.93  0.87  0.79  0.64  0.60  6   bps 33   bps
1Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
2Nonaccrual loans and leases by product includes repossessed assets.



15

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
AS OF DECEMBER 31, 2023 CHANGE
Dec 31, 2023 Sept 30, 2023 June 30, 2023 Mar 31, 2023 Dec 31, 2022 Sept 30, 2023 December 31, 2022
$/bps % $/bps %
LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Commercial and industrial $6  $4  $2  $21  $21  $2  50  % ($15) (71  %)
Commercial real estate 40  3  —  63  1  37  NM 39  NM
Leases —  —  —  —  —  —  —  —  — 
Total commercial 46  7  2  84  22  39  NM 24  109 
Residential mortgages1
 256  217  257  314  319  39  18  (63) (20)
Home equity —  —  —  —  —  —  —  —  — 
Automobile —  —  —  —  —  —  —  —  — 
Education 2  3  3  3  4  (1) (33) (2) (50)
Other retail 29  21  20  23  22  8  38  7  32 
Total retail 287  241  280  340  345  46  19  (58) (17)
Total loans and leases $333  $248  $282  $424  $367  $85  34  % ($34) (9  %)
1 90+ days past due and accruing includes $243 million, $216 million, $256 million, $309 million, and $316 million of loans fully or partially guaranteed by the FHA, VA, and USDA for December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively.

16

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDS FULL YEAR
4Q23 Change 2023 Change
4Q23 3Q23 2Q23 1Q23 4Q22 3Q23 4Q22 2023 2022 2022
$ % $ % $ %
CHARGE-OFFS, RECOVERIES AND RELATED RATIOS
GROSS CHARGE-OFFS
Commercial and industrial $24  $25  $17  $55  $21  ($1) (4  %) $3  14  $121  $68  $53  78  %
Commercial real estate 49  49  62  4  —  —  —  49  100  164  2  162  NM
Leases —  —  —  —  —  —  —  —  —  —  —  —  — 
Total commercial 73  74  79  59  21  (1) (1) 52  248  285  70  215  NM
Residential mortgages 3  1  1  1  1  2  200  2  200  6  5  1  20 
Home equity 4  3  3  2  2  1  33  2  100  12  9  3  33 
Automobile 31  28  24  30  27  3  11  4  15  113  93  20  22 
Education 35  27  26  23  24  8  30  11  46  111  78  33  42 
Other retail 60  58  56  56  51  2  3  9  18  230  179  51  28 
Total retail 133  117  110  112  105  16  14  28  27  472  364  108  30 
Total gross charge-offs $206  $191  $189  $171  $126  $15  8  % $80  63  % $757  $434  $323  74  %
GROSS RECOVERIES
Commercial and industrial $3  $3  $2  $3  $5  $—  —  % ($2) (40  %) $11  $17  ($6) (35  %)
Commercial real estate 1  1  —  1  —  —  —  1  100  3  1  2  200 
Leases —  —  1  3  —  —  —  —  —  4  —  4  100 
Total commercial 4  4  3  7  5  —  —  (1) (20) 18  18  —  — 
Residential mortgages 1  2  1  —  1  (1) (50) —  —  4  6  (2) (33)
Home equity 5  6  6  5  6  (1) (17) (1) (17) 22  37  (15) (41)
Automobile 14  13  16  15  14  1  8  —  —  58  57  1  2 
Education 5  5  4  5  5  —  —  —  —  19  19  —  — 
Other retail 6  8  7  6  7  (2) (25) (1) (14) 27  27  —  — 
Total retail 31  34  34  31  33  (3) (9) (2) (6) 130  146  (16) (11)
Total gross recoveries $35  $38  $37  $38  $38  ($3) (8  %) ($3) (8  %) $148  $164  ($16) (10  %)
NET CHARGE-OFFS (RECOVERIES)
Commercial and industrial $21  $22  $15  $52  $16  ($1) (5  %) $5  31  $110  $51  $59  116 
Commercial real estate 48  48  62  3  —  —  —  48  100  161  1  160  NM
Leases —  —  (1) (3) —  —  —  —  —  (4) —  (4) — 
Total commercial 69  70  76  52  16  (1) (1) 53  NM 267  52  215  NM
Residential mortgages 2  (1) —  1  —  3  NM 2  100  2  (1) 3  NM
Home equity (1) (3) (3) (3) (4) 2  67  3  75  (10) (28) 18  64 
Automobile 17  15  8  15  13  2  13  4  31  55  36  19  53 
Education 30  22  22  18  19  8  36  11  58  92  59  33  56 
Other retail 54  50  49  50  44  4  8  10  23  203  152  51  34 
Total retail 102  83  76  81  72  19  23  30  42  342  218  124  57 
Total net charge-offs $171  $153  $152  $133  $88  $18  12  % $83  94  % $609  $270  $339  126  %

17

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDS FULL YEAR
4Q23 Change 2023 Change
4Q23 3Q23 2Q23 1Q23 4Q22 3Q23 4Q22 2023 2022 2022
$/bps % $/bps % $/bps %
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES
Commercial and industrial 0.18  % 0.18  % 0.12  % 0.40  % 0.12  % —   bps 6   bps 0.23  % 0.10  % 13   bps
Commercial real estate 0.66  0.65  0.86  0.05  —  1  66  0.56  —  56 
Leases (0.04) —  (0.22) (0.85) (0.06) (4) 2  (0.29) (0.03) (26)
Total commercial 0.36  0.35  0.38  0.26  0.07  1  29  0.34  0.07  27 
Residential mortgages 0.02  (0.02) —  0.01  —  4  2  —  —  — 
Home equity (0.04) (0.08) (0.08) (0.07) (0.12) 4  8  (0.07) (0.22) 15 
Automobile 0.77  0.60  0.30  0.51  0.42  17  35  0.53  0.26  27 
Education 1.00  0.72  0.68  0.57  0.59  28  41  0.74  0.45  29 
Other retail 4.13  3.95  3.84  3.81  3.21  18  92  3.93  2.77  116 
Total retail 0.56  0.46  0.41  0.44  0.39  10  17  0.47  0.30  17 
Total loans and leases 0.46  % 0.40  % 0.40  % 0.34  % 0.22  % 6   bps 24   bps 0.40  % 0.18  % 22   bps
Memo: Average loans
Commercial and industrial $45,433  $47,658  $49,770  $51,993  $52,311  ($2,225) (5  %) ($6,878) (13  %) $48,693  $50,002  ($1,309) (3  %)
Commercial real estate 29,460  29,353  29,115  28,892  28,735  107  —  725  3  29,206  24,746  4,460  18 
Leases 1,185  1,250  1,352  1,436  1,422  (65) (5) (237) (17) 1,305  1,521  (216) (14)
Total commercial 76,078  78,261  80,237  82,321  82,468  (2,183) (3) (6,390) (8) 79,204  76,269  2,935  4 
Residential mortgages 31,146  30,838  30,566  30,075  29,677  308  1  1,469  5  30,660  27,759  2,901  10 
Home equity 14,889  14,589  14,340  14,073  13,869  300  2  1,020  7  14,475  13,057  1,418  11 
Automobile 8,752  9,849  10,997  11,937  12,692  (1,097) (11) (3,940) (31) 10,374  13,729  (3,355) (24)
Education 11,971  12,147  12,430  12,796  12,929  (176) (1) (958) (7) 12,333  13,047  (714) (5)
Other retail 5,133  5,107  5,155  5,290  5,464  26  1  (331) (6) 5,171  5,483  (312) (6)
Total retail 71,891  72,530  73,488  74,171  74,631  (639) (1) (2,740) (4) 73,013  73,075  (62) — 
Total loans and leases $147,969  $150,791  $153,725  $156,492  $157,099  ($2,822) (2  %) ($9,130) (6  %) $152,217  $149,344  $2,873  2  %



18

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDS FULL YEAR
4Q23 Change 2023 Change
4Q23 3Q23 2Q23 1Q23 4Q22 3Q23 4Q22 2023 2022 2022
$ % $ % $ %
SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES
Allowance for loan and lease losses - beginning $2,080  $2,044  $2,017  $1,983  $1,980  $36  2  % $100  5  % $1,983  $1,758  $225  13  %
Allowance on PCD loans and leases at acquisition:
Commercial —  —  —  —  —  —  —  —  —  —  99  (99) (100)
Retail —  —  —  —  —  —  —  —  —  —  2  (2) (100)
Total Allowance on PCD loans and leases at acquisition —  —  —  —  —  —  —  —  —  —  101  (101) (100)
Charge-offs:
Commercial 73  74  79  59  21  (1) (1) 52  248  285  70  215  NM
Retail 133  117  110  112  105  16  14  28  27  472  364  108  30 
Total charge-offs 206  191  189  171  126  15  8  80  63  757  434  323  74 
Recoveries:
Commercial 4  4  3  7  5  —  —  (1) (20) 18  18  —  — 
Retail 31  34  34  31  33  (3) (9) (2) (6) 130  146  (16) (11)
Total recoveries 35  38  37  38  38  (3) (8) (3) (8) 148  164  (16) (10)
Net charge-offs 171  153  152  133  88  18  12  83  94  609  270  339  126 
Provision (benefit) for loan and lease losses:
Commercial 86  146  122  103  46  (60) (41) 40  87  457  192  265  138 
Retail 103  43  57  64  45  60  140  58  129  267  202  65  32 
Total provision (benefit) for loan and lease losses 189  189  179  167  91  —  —  98  108  724  394  330  84 
Allowance for loan and lease losses - ending $2,098  $2,080  $2,044  $2,017  $1,983  $18  1  % $115  6  % $2,098  $1,983  $115  6  %
Allowance for unfunded lending commitments - beginning $238  $255  $258  $257  $216  ($17) (7  %) $22  10  % $257  $176  $81  46  %
Allowance on PCD unfunded lending commitments at acquisition —  —  —  —  —  —  —  % —  —  —  1  (1) (100)
Provision (benefit) for unfunded lending commitments (18) (17) (3) 1  41  (1) (6  %) (59) NM (37) 80  (117) NM
Allowance for unfunded lending commitments - ending $220  $238  $255  $258  $257  ($18) (8  %) ($37) (14) $220  $257  ($37) (14)
Total allowance for credit losses - ending $2,318  $2,318  $2,299  $2,275  $2,240  $—  —  % $78  3  % $2,318  $2,240  $78  3  %
Memo: Total allowance for credit losses by product
Commercial $1,425  $1,425  $1,370  $1,326  $1,267  $—  —  % $158  12  % $1,425  $1,267  $158  12  %
Retail 893  893  929  949  973  —  —  (80) (8) 893  973  (80) (8)
Total allowance for credit losses $2,318  $2,318  $2,299  $2,275  $2,240  $—  —  % $78  3  % $2,318  $2,240  $78  3  %
19

CAPITAL AND RATIOS
(dollars in millions)
AS OF FULL YEAR
DECEMBER 31, 2023 CHANGE 2023 Change
Dec 31, 2023 Sept 30, 2023 June 30, 2023 Mar 31, 2023 Dec 31, 2022 Sept 30, 2023 December 31, 2022 2023 2022 2022
$ % $ % $ %
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY)
CET1 capital $18,358  $18,360  $18,381  $18,370  $18,574  ($2) —  % ($216) (1  %)
Tier 1 capital 20,372  20,374  20,395  20,384  20,588  (2) —  (216) (1)
Total capital 23,608  23,682  23,748  23,720  23,755  (74) —  (147) (1)
Risk-weighted assets 172,601  176,407  179,034  183,246  185,224  (3,806) (2) (12,623) (7)
Adjusted average assets1
 219,591  215,877  217,264  217,998  220,779  3,714  2  (1,188) (1)
CET1 capital ratio 10.6  % 10.4  % 10.3  % 10.0  % 10.0  %
Tier 1 capital ratio 11.8  11.5  11.4  11.1  11.1 
Total capital ratio 13.7  13.4  13.3  12.9  12.8 
Tier 1 leverage ratio 9.3  9.4  9.4  9.4  9.3 
TANGIBLE COMMON EQUITY (PERIOD-END)
Common stockholders' equity $22,329  $20,864  $21,571  $22,187  $21,676  $1,465  7  % $653  3  % $22,329  $21,676  $653  3  %
Less: Goodwill 8,188  8,188  8,188  8,177  8,173  —  —  15  —  8,188  8,173  15  — 
Less: Other intangible assets 157  167  175  185  197  (10) (6) (40) (20) 157  197  (40) (20)
Add: Deferred tax liabilities2
 433  421  422  422  422  12  3  11  3  433  422  11  3 
Total tangible common equity $14,417  $12,930  $13,630  $14,247  $13,728  $1,487  12  % $689  5  % $14,417  $13,728  $689  5  %
TANGIBLE COMMON EQUITY (AVERAGE)
Common stockholders' equity $21,209  $21,177  $22,289  $21,702  $21,276  $32  —  % ($67) —  % $21,592  $21,724  ($132) (1  %)
Less: Goodwill 8,188  8,188  8,182  8,177  8,171  —  —  17  —  8,184  7,872  312  4 
Less: Other intangible assets 163  173  181  192  199  (10) (6) (36) (18) 177  181  (4) (2)
Add: Deferred tax liabilities2
 421  422  422  422  424  (1) —  (3) (1) 422  413  9  2 
Total tangible common equity $13,279  $13,238  $14,348  $13,755  $13,330  $41  —  % ($51) —  % $13,653  $14,084  ($431) (3  %)
INTANGIBLE ASSETS (PERIOD-END)
Goodwill $8,188  $8,188  $8,188  $8,177  $8,173  $—  —  % $15  —  % $8,188  $8,173  $15  —  %
Other intangible assets 157  167  175  185  197  (10) (6) (40) (20) 157  197  (40) (20)
Total intangible assets $8,345  $8,355  $8,363  $8,362  $8,370  ($10) —  % ($25) —  % $8,345  $8,370  ($25) —  %
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.




20


NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
(dollars in millions, except per share 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 in that period and, accordingly, are useful to consider in addition to our GAAP financial results. The following tables present reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.

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.

21

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED (dollars in millions, except per share data)
QUARTERLY TRENDS FULL YEAR
4Q23 Change 2023 Change
4Q23 3Q23 2Q23 1Q23 4Q22 3Q23 4Q22 2023 2022 2022
$ % $ % $ %
Noninterest income, Underlying:
Noninterest income (GAAP) A $500  $492  $506  $485  $505  $8  2  % ($5) (1  %) $1,983  $2,009  ($26) (1  %)
Less: Notable items —  —  —  —  —  —  —  —  —  —  (31) 31  100 
Noninterest income, Underlying (non-GAAP) B $500  $492  $506  $485  $505  $8  2  % ($5) (1  %) $1,983  $2,040  ($57) (3  %)
Total revenue, Underlying:
Total revenue (GAAP) C $1,988  $2,014  $2,094  $2,128  $2,200  ($26) (1  %) ($212) (10  %) $8,224  $8,021  $203  3  %
Less: Notable items —  —  —  —  —  —  —  —  —  —  (31) 31  100 
Total revenue, Underlying (non-GAAP) D $1,988  $2,014  $2,094  $2,128  $2,200  ($26) (1  %) ($212) (10  %) $8,224  $8,052  $172  2  %
Noninterest expense, Underlying:
Noninterest expense (GAAP) E $1,612  $1,293  $1,306  $1,296  $1,240  $319  25  % $372  30  % $5,507  $4,892  $615  13  %
Less: Notable items 345  22  73  66  43  323  NM 302  NM 506  262  244  93 
Noninterest expense, Underlying (non-GAAP) F $1,267  $1,271  $1,233  $1,230  $1,197  ($4) —  % $70  6  % $5,001  $4,630  $371  8  %
Pre-provision profit:
Total revenue (GAAP) C $1,988  $2,014  $2,094  $2,128  $2,200  ($26) (1  %) ($212) (10  %) $8,224  $8,021  $203  3  %
Less: Noninterest expense (GAAP) E 1,612  1,293  1,306  1,296  1,240  319  25  372  30  5,507  4,892  615  13 
Pre-provision profit (GAAP) $376  $721  $788  $832  $960  ($345) (48  %) ($584) (61  %) $2,717  $3,129  ($412) (13  %)
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP) D $1,988  $2,014  $2,094  $2,128  $2,200  ($26) (1  %) ($212) (10  %) $8,224  $8,052  $172  2  %
Less: Noninterest expense, Underlying (non-GAAP) F 1,267  1,271  1,233  1,230  1,197  (4) —  70  6  5,001  4,630  371  8 
Pre-provision profit, Underlying (non-GAAP) $721  $743  $861  $898  $1,003  ($22) (3  %) ($282) (28  %) $3,223  $3,422  ($199) (6  %)
Provision (benefit) for credit losses, Underlying:
Provision (benefit) for credit losses (GAAP) $171  $172  $176  $168  $132  ($1) (1  %) $39  30  % $687  $474  $213  45  %
Less: Notable items —  —  —  —  —  —  —  —  —  —  169  (169) (100)
Provision (benefit) for credit losses, Underlying (non-GAAP) $171  $172  $176  $168  $132  ($1) (1  %) $39  30  % $687  $305  $382  125  %
Income before income tax expense, Underlying:
Income before income tax expense (GAAP) G $205  $549  $612  $664  $828  ($344) (63  %) ($623) (75  %) $2,030  $2,655  ($625) (24  %)
Less: Income (expense) before income tax expense (benefit) related to notable items (345) (22) (73) (66) (43) (323) NM (302) NM (506) (462) (44) (10)
Income before income tax expense, Underlying (non-GAAP) H $550  $571  $685  $730  $871  ($21) (4  %) ($321) (37  %) $2,536  $3,117  ($581) (19  %)
Income tax expense, Underlying:
Income tax expense (GAAP) I $16  $119  $134  $153  $175  ($103) (87  %) ($159) (91  %) $422  $582  ($160) (27  %)
Less: Income tax expense (benefit) related to notable items (108) (4) (20) (17) (11) (104) NM (97) NM (149) (110) (39) (35)
Income tax expense, Underlying (non-GAAP) J $124  $123  $154  $170  $186  $1  1  % ($62) (33  %) $571  $692  ($121) (17  %)
Net income, Underlying:
Net income (GAAP) K $189  $430  $478  $511  $653  ($241) (56  %) ($464) (71  %) $1,608  $2,073  ($465) (22  %)
Add: Notable items, net of income tax benefit 237  18  53  49  32  219  NM 205  NM 357  352  5  1 
Net income, Underlying (non-GAAP) L $426  $448  $531  $560  $685  ($22) (5  %) ($259) (38  %) $1,965  $2,425  ($460) (19  %)
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP) M $159  $400  $444  $488  $621  ($241) (60  %) ($462) (74  %) $1,491  $1,960  ($469) (24  %)
Add: Notable items, net of income tax benefit 237  18  53  49  32  219  NM 205  NM 357  352  5  1 
Net income available to common stockholders, Underlying (non-GAAP) N $396  $418  $497  $537  $653  ($22) (5  %) ($257) (39  %) $1,848  $2,312  ($464) (20  %)
    
22



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

QUARTERLY TRENDS FULL YEAR
4Q23 Change 2023 Change
4Q23 3Q23 2Q23 1Q23 4Q22 3Q23 4Q22 2023 2022 2022
$/bps % $/bps % $/bps %
Operating leverage:
Total revenue (GAAP) C $1,988  $2,014  $2,094  $2,128  $2,200  ($26) (1.39  %) ($212) (9.70  %) $8,224  $8,021  $203  2.53  %
Less: Noninterest expense (GAAP) E 1,612  1,293  1,306  1,296  1,240  319  24.60  372  30.00  5,507  4,892  615  12.58 
Operating leverage (25.99  %) (39.70  %) (10.05  %)
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP) D $1,988  $2,014  $2,094  $2,128  $2,200  ($26) (1.39  %) ($212) (9.70  %) $8,224  $8,052  $172  2.13  %
Less: Noninterest expense, Underlying (non-GAAP) F 1,267  1,271  1,233  1,230  1,197  (4) (0.30) 70  5.82  5,001  4,630  371  8.00 
Operating leverage, Underlying (non-GAAP) (1.09  %) (15.52  %) (5.87  %)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio E/C 81.13  % 64.21  % 62.34  % 60.90  % 56.36  % 1,692   bps 2,477   bps 66.97  % 60.99  % 598   bps
Efficiency ratio, Underlying (non-GAAP) F/D 63.77  63.08  58.86  57.84  54.42  69   bps 935   bps 60.81  57.51  330   bps
Noninterest income as a % of total revenue, Underlying:
Noninterest income as a % of total revenue A/C 25.16  % 24.44  % 24.14  % 22.81  % 22.92  % 72   bps 224   bps 24.12  % 25.04  % (92)  bps
Noninterest income as a % of total revenue, Underlying B/D 25.16  24.44  24.14  22.81  22.92  72   bps 224   bps 24.12  25.33  (121)  bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate I/G 7.59  % 21.51  % 22.09  % 22.97  % 21.16  % (1,392)  bps (1,357)  bps 20.76  % 21.93  % (117)  bps
Effective income tax rate, Underlying (non-GAAP) J/H 22.25  21.69  22.51  23.25  21.37  56   bps 88   bps 22.48  22.19  29   bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP) O $21,209  $21,177  $22,289  $21,702  $21,276  $32  —  % ($67) —  % $21,592  $21,724  ($132) (1  %)
Return on average common equity M/O 2.96  % 7.50  % 8.00  % 9.11  % 11.56  % (454)  bps (860)  bps 6.90  % 9.02  % (212)  bps
Return on average common equity, Underlying (non-GAAP) N/O 7.41  7.82  8.97  10.01  12.15  (41)  bps (474)  bps 8.56  10.64  (208)  bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP) O $21,209  $21,177  $22,289  $21,702  $21,276  $32  —  % ($67) —  % $21,592  $21,724  ($132) (1  %)
Less: Average goodwill (GAAP) 8,188  8,188  8,182  8,177  8,171  —  —  17  —  8,184  7,872  312  4 
Less: Average other intangibles (GAAP) 163  173  181  192  199  (10) (6) (36) (18) 177  181  (4) (2)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 421  422  422  422  424  (1) —  (3) (1) 422  413  9  2 
Average tangible common equity P $13,279  $13,238  $14,348  $13,755  $13,330  $41  —  % ($51) —  % $13,653  $14,084  ($431) (3  %)
Return on average tangible common equity M/P 4.72  % 12.00  % 12.42  % 14.38  % 18.46  % (728)  bps (1,374)  bps 10.92  % 13.91  % (299)  bps
Return on average tangible common equity, Underlying (non-GAAP) N/P 11.84  12.51  13.93  15.80  19.40  (67)  bps (756)  bps 13.53  16.41  (288)  bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP) Q $223,653  $220,162  $222,373  $222,711  $224,970  $3,491 2  % ($1,317) (1  %) $222,221  $215,061  $7,160 3  %
Return on average total assets K/Q 0.33  % 0.78  % 0.86  % 0.93  % 1.15  % (45)  bps (82)  bps 0.72  % 0.96  % (24)  bps
Return on average total assets, Underlying (non-GAAP) L/Q 0.76  0.81  0.96  1.02  1.21  (5)  bps (45)  bps 0.88  1.13  (25)  bps
23

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDS FULL YEAR
4Q23 Change 2023 Change
4Q23 3Q23 2Q23 1Q23 4Q22 3Q23 4Q22 2023 2022 2022
$/bps % $/bps % $/bps %
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP) Q $223,653  $220,162  $222,373  $222,711  $224,970  $3,491 2  % ($1,317) (1  %) $222,221  $215,061  $7,160 3  %
Less: Average goodwill (GAAP) 8,188  8,188  8,182  8,177  8,171  — —  17 —  8,184  7,872  312 4 
Less: Average other intangibles (GAAP) 163  173  181  192  199  (10) (6) (36) (18) 177  181  (4) (2)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 421  422  422  422  424  (1) —  (3) (1) 422  413  9 2 
Average tangible assets R $215,723  $212,223  $214,432  $214,764  $217,024  $3,500 2  % ($1,301) (1  %) $214,282  $207,421  $6,861 3  %
Return on average total tangible assets K/R 0.35  % 0.81  % 0.89  % 0.97  % 1.19  % (46)  bps (84)  bps 0.75  % 1.00  % (25)  bps
Return on average total tangible assets, Underlying (non-GAAP) L/R 0.78  0.84  0.99  1.06  1.25  (6)  bps (47)  bps 0.92  1.17  (25)  bps
Tangible book value per common share:
Common shares - at period-end (GAAP) S 466,418,055  466,221,795  474,682,759  483,982,264  492,282,158  196,260  —  % (25,864,103) (5  %) 466,418,055  492,282,158  (25,864,103) (5  %)
Common stockholders' equity (GAAP) $22,329  $20,864  $21,571  $22,187  $21,676  $1,465 7  $653 3  $22,329  $21,676  $653 3 
Less: Goodwill (GAAP) 8,188  8,188  8,188  8,177  8,173  — —  15 —  8,188  8,173  15 — 
Less: Other intangible assets (GAAP) 157  167  175  185  197  (10) (6) (40) (20) 157  197  (40) (20)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 433  421  422  422  422  12 3  11 3  433  422  11 3 
Tangible common equity T $14,417  $12,930  $13,630  $14,247  $13,728  $1,487 12  % $689 5  % $14,417  $13,728  $689 5  %
Tangible book value per common share T/S $30.91  $27.73  $28.72  $29.44  $27.88  $3.18  11  % $3.03  11  % $30.91  $27.88  $3.03  11  %
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 466,234,324  469,481,085  479,470,543  485,444,313  493,293,981  (3,246,761) (1  %) (27,059,657) (5  %) 475,089,384  475,959,815  (870,431) —  %
Average common shares outstanding - diluted (GAAP) V 468,159,167  471,183,719  480,975,281  487,712,146  495,478,398  (3,024,552) (1) (27,319,231) (6) 476,693,148  477,803,142  (1,109,994) — 
Net income per average common share - basic (GAAP) M/U $0.34  $0.85  $0.93  $1.00  $1.26  ($0.51) (60) ($0.92) (73) $3.14  $4.12  ($0.98) (24)
Net income per average common share - diluted (GAAP) M/V 0.34  0.85  0.92  1.00  1.25  (0.51) (60) (0.91) (73) 3.13  4.10  (0.97) (24)
Net income per average common share - basic, Underlying (non-GAAP) N/U 0.85  0.89  1.04  1.10  1.32  (0.04) (4) (0.47) (36) 3.89  4.86  (0.97) (20)
Net income per average common share - diluted, Underlying (non-GAAP) N/V 0.85  0.89  1.04  1.10  1.32  (0.04) (4) (0.47) (36) 3.88  4.84  (0.96) (20)
Dividend payout ratio and dividend payout ratio, Underlying:
Cash dividends declared and paid per common share W $0.42  $0.42  $0.42  $0.42  $0.42  $—  —  % $—  —  % $1.68  $1.62  $0.06  4  %
Dividend payout ratio W/(M/U) 124  % 49  % 45  % 42  % 33  % 7,412 bps 9,053 bps 54  % 39  % 1,450 bps
Dividend payout ratio, Underlying (non-GAAP) W/(N/U) 49  47  40  38  32  200 bps 1,700 bps 43  33  1,000 bps
24

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDS FULL YEAR
4Q23 Change 2023 Change
4Q23 3Q23 2Q23 1Q23 4Q22 3Q23 4Q22 2023 2022 2022
$ % $ % $/bps %
Other income, Underlying:
Other income (GAAP) $20  $18  $23  $17  $36  $2  11  % ($16) (44  %) $78  $82  ($4) (5  %)
Less: Notable items —  —  —  —  —  —  —  —  —  —  (31) 31  100 
Other income, Underlying (non-GAAP) $20  $18  $23  $17  $36  $2  11  ($16) (44  %) $78  $113  ($35) (31  %)
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP) $667  $659  $615  $658  $633  $8  1  % $34  5  % $2,599  $2,549  $50  2  %
Less: Notable items 32  5  14  16  15  27  NM 17  113  67  110  (43) (39)
Salaries and employee benefits, Underlying (non-GAAP) $635  $654  $601  $642  $618  ($19) (3  %) $17  3  % $2,532  $2,439  $93  4  %
Equipment and software, Underlying:
Equipment and software (GAAP)
 $215  $191  $181  $169  $170  $24  13  % $45  26  % $756  $648  $108  17  %
Less: Notable items 37  6  4  4  2  31  NM 35  NM 51  10  41  NM
Equipment and software, Underlying (non-GAAP) $178  $185  $177  $165  $168  ($7) (4  %) $10  6  % $705  $638  $67  11  %
Outside services, Underlying:
Outside services (GAAP) $174  $160  $177  $176  $170  $14  9  % $4  2  % $687  $700  ($13) (2  %)
Less: Notable items 13  7  21  27  17  6  86  (4) (24) 68  113  (45) (40)
Outside services, Underlying (non-GAAP) $161  $153  $156  $149  $153  $8  5  % $8  5  % $619  $587  $32  5  %
Occupancy, Underlying:
Occupancy (GAAP) $125  $107  $136  $124  $110  $18  17  % $15  14  % $492  $410  $82  20  %
Less: Notable items 20  2  30  18  2  18  NM 18  NM 70  5  65  NM
Occupancy, Underlying (non-GAAP) $105  $105  $106  $106  $108  $—  —  % ($3) (3  %) $422  $405  $17  4  %
Other operating expense, Underlying:
Other operating expense (GAAP) $431  $176  $197  $169  $157  $255  145  % $274  175  % $973  $585  $388  66  %
Less: Notable items 243  2  4  1  7  241  NM 236  NM 250  24  226  NM
Other operating expense, Underlying (non-GAAP) $188  $174  $193  $168  $150  $14  8  % $38  25  % $723  $561  $162  29  %

25



NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS1
(dollars in millions)
FOURTH QUARTER 2023 THIRD QUARTER 2023
Consumer Banking Commercial Banking Non-Core Other Consolidated Consumer Banking Commercial Banking Non-Core Other Consolidated
Net income (loss) available to common stockholders:
Net income (loss) A $269  $269  ($72) ($277) $189  $276  $260  ($67) ($39) $430 
Less: Preferred stock dividends —  —  —  30  30  —  —  —  30  30 
Net income (loss) available to common stockholders B $269  $269  ($72) ($307) $159  $276  $260  ($67) ($69) $400 
Return on average total tangible assets:
Average total assets (GAAP) $73,334  $72,758  $11,776  $65,785  $223,653  $72,964  $74,997  $13,113  $59,088  $220,162 
 Less: Average goodwill (GAAP) 542  770  —  6,876  8,188  542  770  —  6,876  8,188 
          Average other intangibles (GAAP) 98  35  —  30  163  103  39  —  31  173 
 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 26  10  —  385  421  24  12  —  386  422 
Average tangible assets C $72,720  $71,963  $11,776  $59,264  $215,723  $72,343  $74,200  $13,113  $52,567  $212,223 
Return on average total tangible assets A/C 1.47  % 1.48  % (2.42) % NM 0.35  % 1.51  % 1.39  % (2.03) % NM 0.81  %
Efficiency ratio:
Noninterest expense (GAAP) D $905  $324  $28  $355  $1,612  $905  $325  $30  $33  $1,293 
Net interest income (GAAP) 1,086  551  (45) (104) 1,488  1,067  560  (41) (64) 1,522 
Noninterest income (GAAP) 265  196  —  39  500  278  180  —  34  492 
Total revenue (GAAP) E $1,351  $747  ($45) ($65) $1,988  $1,345  $740  ($41) ($30) $2,014 
Efficiency ratio D/E 67.08  % 43.44  % NM NM 81.13  % 67.18  % 43.93  % NM NM 64.21  %
SECOND QUARTER 2023 FIRST QUARTER 2023
Consumer Banking Commercial Banking Non-Core Other Consolidated Consumer Banking Commercial Banking Non-Core Other Consolidated
Net income (loss) available to common stockholders:
Net income (loss) A $257  $305  ($55) ($29) $478  $257  $319  ($50) ($15) $511 
Less: Preferred stock dividends
 —  —  —  34  34  —  —  —  23  23 
Net income (loss) available to common stockholders B $257  $305  ($55) ($63) $444  $257  $319  ($50) ($38) $488 
Return on average total tangible assets:
Average total assets (GAAP) $72,583  $77,546  $14,456  $57,788  $222,373  $71,872  $78,891  $15,686  $56,262  $222,711 
 Less: Average goodwill (GAAP) 540  766  —  6,876  8,182  538  763  —  6,876  8,177 
         Average other intangibles (GAAP) 109  41  —  31  181  115  43  —  34  192 
 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 23  11  —  388  422  23  12  —  387  422 
Average tangible assets C $71,957  $76,750  $14,456  $51,269  $214,432  $71,242  $78,097  $15,686  $49,739  $214,764 
Return on average total tangible assets A/C 1.43  % 1.59  % (1.53) % NM 0.89  % 1.46  % 1.66  % (1.30) % NM 0.97  %
Efficiency ratio:
Noninterest expense (GAAP) D $875  $315  $33  $83  $1,306  $857  $331  $32  $76  $1,296 
Net interest income (GAAP) 1,023  584  (28) 9  1,588  1,011  597  (15) 50  1,643 
Noninterest income (GAAP) 268  207  —  31  506  256  201  —  28  485 
Total revenue (GAAP) E $1,291  $791  ($28) $40  $2,094  $1,267  $798  ($15) $78  $2,128 
Efficiency ratio D/E 67.74  % 39.76  % NM NM 62.34  % 67.70  % 41.47  % NM NM 60.90  %
26



NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS, CONTINUED1
(dollars in millions)
FOURTH QUARTER 2022
Consumer Banking Commercial Banking Non-Core Other Consolidated
Net income (loss) available to common stockholders:
Net income (loss) A $284  $358  ($23) $34  $653 
Less: Preferred stock dividends
 —  —  —  32  32 
Net income (loss) available to common stockholders B $284  $358  ($23) $2  $621 
Return on average total tangible assets:
Average total assets (GAAP) $71,688  $79,591  $16,752  $56,939  $224,970 
 Less: Average goodwill (GAAP) 491  804  —  6,876  8,171 
         Average other intangibles (GAAP) 121  46  —  32  199 
 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 7  4  —  413  424 
Average tangible assets C $71,083  $78,745  $16,752  $50,444  $217,024 
Return on average total tangible assets A/C 1.59  % 1.80  % (0.54) % NM 1.19  %
Efficiency ratio:
Noninterest expense (GAAP) D $831  $318  $31  $60  $1,240 
Net interest income (GAAP) 1,014  595  19  67  1,695 
Noninterest income (GAAP) 256  198  —  51  505 
Total revenue (GAAP) E $1,270  $793  $19  $118  $2,200 
Efficiency ratio D/E 65.39  % 40.18  % NM NM 56.36  %

27




NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS, CONTINUED1
(dollars in millions)
FULL YEAR
2023 2022
Consumer Banking Commercial Banking Non-Core Other Consolidated Consumer Banking Commercial Banking Non-Core Other Consolidated
Net income (loss) available to common stockholders:
Net income (loss) A $1,059  $1,153  ($244) ($360) $1,608  $955  $1,304  $142  ($328) $2,073 
Less: Preferred stock dividends —  —  —  117  117  —  —  —  113  113 
Net income (loss) available to common stockholders B $1,059  $1,153  ($244) ($477) $1,491  $955  $1,304  $142  ($441) $1,960 
Return on average total tangible assets:
Average total assets (GAAP) $72,693  $76,028  $13,745  $59,755  $222,221  $68,027  $74,919  $18,121  $53,994  $215,061 
 Less: Average goodwill (GAAP) 540  767  —  6,877  8,184  388  616  —  6,868  7,872 
         Average other intangibles (GAAP) 106  39  —  32  177  88  30  —  63  181 
 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 24  11  —  387  422  6  2  —  405  413 
Average tangible assets C $72,071  $75,233  $13,745  $53,233  $214,282  $67,557  $74,275  $18,121  $47,468  $207,421 
Return on average total tangible assets A/C 1.47  % 1.53  % (1.78) % NM 0.75  % 1.41  % 1.76  % 0.78  % NM 1.00  %
Efficiency ratio:
Noninterest expense (GAAP) D $3,542  $1,295  $123  $547  $5,507  $3,255  $1,223  $136  $278  $4,892 
Net interest income (GAAP) 4,187  2,292  (129) (109) 6,241  3,649  2,103  378  (118) 6,012 
Noninterest income (GAAP) 1,067  784  —  132  1,983  1,063  845  —  101  2,009 
Total revenue (GAAP) E $5,254  $3,076  ($129) $23  $8,224  $4,712  $2,948  $378  ($17) $8,021 
Efficiency ratio D/E 67.42  % 42.10  % NM NM 66.97  % 69.08  % 41.50  % NM NM 60.99  %
1 During the third quarter of 2023, the Company’s indirect auto and certain purchased consumer loan portfolios were transferred from Consumer Banking into a new Non-Core segment. In addition, the Company revised its funds transfer pricing ("FTP") methodology relative to the funding of Non-Core assets, with the FTP charge based on a marginal high-cost funding waterfall approach. Prior period results have been revised to conform to the new segment presentation.
28