シチズンズファイナンシャルGの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 17, 2024

(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 April 17, 2024, Citizens Financial Group, Inc. (the “Company”) issued a press release announcing its first quarter 2024 earnings and posted on its website the press release and a financial supplement. Copies of the press release and financial supplement are being furnished as Exhibits 99.1 and 99.3, respectively.

Item 7.01 Regulation FD Disclosure.

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

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

Item 9.01 Financial Statements and Exhibits.


	Exhibit Number	Description

(d)	Exhibit 99.1	Citizens Financial Group, Inc. press release dated A pril 17, 2024

	Exhibit 99.2	Citizens Financial Group, Inc. earnings release presentation issued April 17, 2024

	Exhibit 99.3	Citizens Financial Group, Inc. financial supplement for f irst quarter 20 24

	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: April 17, 2024

EX-99.1 2 a1q24earningsrelease.htm EX-99.1 Document

Citizens Financial Group, Inc. Reports First Quarter 2024 Net Income of

$334 million and EPS of $0.65

Underlying Net Income of $395 million and EPS of $0.79*

Strong recovery in Capital Markets fees

Stable NIM; LDR of 81%; CET1 ratio of 10.6%


	Key Financial Data	1Q24			4Q23			1Q23			First Quarter 2024 Highlights

Income Statement	($s in millions)										■Underlying EPS of $0.79 and ROTCE of 10.6% ■Underlying PPNR of $683 million –NII down 3% QoQ given a slight decrease in interest-earning assets; stable NIM of 2.91% –Fees up 3% QoQ with higher Capital Markets and Card fees –Expenses stable QoQ including continued Private Bank start-up investment ■Increased ACL coverage to 1.61%, up 2 bps QoQ ■Period-end and average loans down 2% QoQ given balance sheet optimization, including Non-Core portfolio run off ■Period-end deposits up $4.2 billion YoY reflecting retail and Private Bank growth; Period-end and average deposits down slightly QoQ given Commercial seasonal outflows ■Strong liquidity profile; Spot LDR improved to 81%; FHLB advances reduced further to $2.0 billion, down 83% YoY ■Strong CET1 ratio of 10.6%; TCE ratio of 6.5% ■TBV/share of $30.19, down 2% QoQ reflecting rate impacts on AOCI
	Total revenue	$	1,959		$	1,988		$	2,128
	Pre-provision profit	601			376			832
	Underlying pre-provision profit	683			721			898
	Provision for credit losses	171			171			168

	Net income	334			189			511

	Underlying net income	395			426			560




Balance Sheet & Credit Quality	($s in billions)
	Period-end loans and leases	$	143.2		$	146.0		$	154.7
	Average loans and leases	144.8			148.0			156.5
	Period-end deposits	176.4			177.3			172.2
	Average deposits	176.1			177.1			174.4
	Period-end loan-to-deposit ratio	81.2		%	82.3		%	89.8		%

	NCO ratio	0.50		%	0.46		%	0.34		%

Financial Metrics	Diluted EPS	$	0.65		$	0.34		$	1.00
	Underlying Diluted EPS	0.79			0.85			1.10
	ROTCE	8.9		%	4.7		%	14.4		%
	Underlying ROTCE	10.6			11.8			15.8
	Net interest margin, FTE	2.91			2.91			3.30
	Efficiency ratio	69.3			81.1			60.9
	Underlying efficiency ratio	65.1			63.8			57.8
	CET1	10.6		%	10.6		%	10.0		%
	TBV/Share	$	30.19		$	30.91		$	29.44


Notable Items		1Q24
	($s in millions except per share data)	Pre-tax $		EPS
	Integration related	$	(3)	$	(0.01)


	TOP and Other items	(44)		(0.07)

	FDIC special assessment	(35)		(0.06)
	Total:	$	(82)	$	(0.14)


Comments from Chairman and CEO Bruce Van Saun

“We are pleased to start the year with a solid first quarter, featuring a bounce back in capital markets fees, stable NIM,

*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.

further improvement in our LDR, tight expense management and a strong capital and credit reserve position“ said Chairman and CEO Bruce Van Saun. “We are executing well on our key strategic initiatives, including the Private Bank, NYC Metro, TOP 9 and servicing Private Capital. We remain comfortable with our full year guidance and are excited by our medium-term prospects.”

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 May 15, 2024 to shareholders of record at the close of business on May 1, 2024.

Citizens Financial Group, Inc.

Earnings highlights(1):


	Quarterly Trends
										1Q24 change from
($s in millions, except per share data)	1Q24			4Q23			1Q23			4Q23					1Q23
Earnings										$/bps			%		$/bps			%
Net interest income	$	1,442		$	1,488		$	1,643		$	(46)		(3)	%	$	(201)		(12)	%
Noninterest income	517			500			485			17			3		32			7
Total revenue	1,959			1,988			2,128			(29)			(1)		(169)			(8)
Noninterest expense	1,358			1,612			1,296			(254)			(16)		62			5
Pre-provision profit	601			376			832			225			60		(231)			(28)
Provision for credit losses	171			171			168			—			—		3			2

Net income	334			189			511			145			77		(177)			(35)
Preferred dividends	30			30			23			—			—		7			30
Net income available to common stockholders	$	304		$	159		$	488		$	145		91	%	$	(184)		(38)	%
After-tax notable Items	61			237			49			(176)			(74)		12			24
Underlying net income	$	395		$	426		$	560		$	(31)		(7)	%	$	(165)		(29)	%
Underlying net income available to common stockholders	365			396			537			(31)			(8)		(172)			(32)
Average common shares outstanding
Basic (in millions)	461.4			466.2			485.4			(4.9)			(1)		(24.1)			(5)
Diluted (in millions)	463.8			468.2			487.7			(4.4)			(1)		(23.9)			(5)
Diluted earnings per share	$	0.65		$	0.34		$	1.00		$	0.31		91	%	$	(0.35)		(35)	%
Underlying diluted earnings per share	0.79			0.85			1.10			(0.06)			(7)		(0.31)			(28)
Performance metrics
Net interest margin	2.90		%	2.90		%	3.29		%	—		bps			(39)		bps
Net interest margin, FTE	2.91			2.91			3.30			—					(39)
Effective income tax rate	22.3			7.6			23.0			1,469					(69)

Efficiency ratio	69.3			81.1			60.9			(1,180)					843
Underlying efficiency ratio	65.1			63.8			57.8			128					721


Return on average tangible common equity	8.9			4.7			14.4			414					(552)
Underlying return on average tangible common equity	10.6			11.8			15.8			(119)					(515)

Return on average total tangible assets	0.63			0.35			0.97			28					(34)
Underlying return on average total tangible assets	0.75		%	0.78		%	1.06		%	(3)		bps			(31)		bps
Capital adequacy(2,3)
Common equity tier 1 capital ratio	10.6		%	10.6		%	10.0		%
Total capital ratio	13.8			13.7			12.9
Tier 1 leverage ratio	9.3			9.3			9.4
Tangible common equity ratio	6.5			6.7			6.6
Allowance for credit losses to loans and leases	1.61		%	1.59		%	1.47		%	2		bps			14		bps
Asset quality(3)
Nonaccrual loans and leases to loans and leases	1.02		%	0.93		%	0.64		%	9		bps			38		bps
Allowance for credit losses to nonaccrual loans and leases	157			170			229			(13)					(72)
Net charge-offs as a % of average loans and leases	0.50		%	0.46		%	0.34		%	4		bps			16		bps

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

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

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

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

Citizens Financial Group, Inc.

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

Underlying results:


	Quarterly Trends
										1Q24 change from
($s in millions, except per share data)	1Q24			4Q23			1Q23			4Q23					1Q23
										$/bps			%		$/bps			%
Net interest income	$	1,442		$	1,488		$	1,643		$	(46)		(3)	%	$	(201)		(12)	%
Noninterest income	514			500			485			14			3		29			6


Total revenue	$	1,956		$	1,988		$	2,128		$	(32)		(2)	%	$	(172)		(8)	%





Noninterest expense	1,273			1,267			1,230			6			—	%	43			3	%






Provision for credit losses	171			171			168			—			—		3			2

Net income available to common stockholders	$	365		$	396		$	537		$	(31)		(8)	%	$	(172)		(32)	%
Performance metrics

EPS	$	0.79		$	0.85		$	1.10		$	(0.06)		(7)	%	$	(0.31)		(28)	%

Efficiency ratio	65.1		%	63.8		%	57.8		%	128		bps			721		bps

Return on average tangible common equity	10.6		%	11.8		%	15.8		%	(119)		bps			(515)		bps

Consolidated balance sheet summary(1):


										1Q24 change from
($s in millions)	1Q24			4Q23			1Q23			4Q23					1Q23
										$/bps			%		$/bps			%
Total assets	$	220,448		$	221,964		$	222,256		$	(1,516)		(1)	%	$	(1,808)		(1)	%
Total loans and leases	143,188			145,959			154,688			(2,771)			(2)		(11,500)			(7)
Total loans held for sale	555			779			1,855			(224)			(29)		(1,300)			(70)
Deposits	176,428			177,342			172,194			(914)			(1)		4,234			2

Stockholders' equity	23,761			24,342			24,201			(581)			(2)		(440)			(2)
Stockholders' common equity	21,747			22,329			22,187			(582)			(3)		(440)			(2)
Tangible common equity	$	13,844		$	14,417		$	14,247		$	(573)		(4)	%	$	(403)		(3)	%
Loan-to-deposit ratio (period-end)(2)	81.2		%	82.3		%	89.8		%	(114)		bps			(867)		bps
Loan-to-deposit ratio (average)(2)	82.2		%	83.5		%	89.8		%	(130)		bps			(752)		bps


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

Citizens Financial Group, Inc.

Notable items:

Quarterly results reflect notable items primarily related to integration costs associated with recent acquisitions, as well as TOP revenue and efficiency initiatives and other expense reductions actions. In addition, first quarter 2024 and fourth quarter 2023 include a notable item for an industry-wide FDIC special assessment. These notable items have been excluded from reported results to better reflect Underlying operating results.


Notable items - Integration-related	1Q24				4Q23			1Q23
($s in millions, except per share data)	Pre-tax		After-tax			Pre-tax		After-tax		Pre-tax		After-tax





Salaries & benefits	$	(2)	$	(1)		$	(2)	$	(1)	$	(7)	$	(5)
Equipment and software	—		—			—		—		(3)		(2)
Outside services	(1)		(1)			(3)		(2)		(25)		(19)
Occupancy	—		—			—		—		(16)		(12)
Other expense	—		—			—		—		(1)		(1)
Noninterest expense	$	(3)	$	(2)		$	(5)	$	(3)	$	(52)	$	(39)

EPS Impact - Noninterest expense			$	(0.01)				$	(0.01)			$	(0.08)












Total integration related	$	(3)	$	(2)		$	(5)	$	(3)	$	(52)	$	(39)

EPS Impact - Total Integration-related			$	(0.01)				$	(0.01)			$	(0.08)

Other notable items - TOP & Other	1Q24				4Q23			1Q23
($s in millions, except per share data)	Pre-tax		After-tax			Pre-tax		After-tax		Pre-tax		After-tax

Tax notable items	$	—	$	—		$	—	$	17	$	—	$	—





Noninterest income	3		2			—		—		—		—

Salaries & benefits	(15)		(11)			(30)		(22)		(9)		(7)
Equipment and software	(8)		(6)			(37)		(27)		(1)		(1)
Outside services	(11)		(9)			(10)		(7)		(2)		(1)
Occupancy	(7)		(5)			(20)		(15)		(2)		(1)
FDIC special assessment(1)	(35)		(26)			(225)		(167)		—		—
Other expense	(6)		(4)			(18)		(13)		—		—
Noninterest expense	$	(82)	$	(61)		$	(340)	$	(251)	$	(14)	$	(10)

Total Other Notable Items	$	(79)	$	(59)		$	(340)	$	(234)	$	(14)	$	(10)

EPS Impact - Other Notable Items			$	(0.13)				$	(0.50)			$	(0.02)

Total Notable Items	$	(82)	$	(61)		$	(345)	$	(237)	$	(66)	$	(49)

Total EPS Impact			$	(0.14)				$	(0.51)			$	(0.10)
(1) The FDIC special assessment earnings per share impact is $(0.06) and $(0.35) for first quarter 2024 and fourth quarter 2023, respectively.

Citizens Financial Group, Inc.

Discussion of results:


Net interest income										1Q24 change from
($s in millions)	1Q24			4Q23			1Q23			4Q23					1Q23
										$/bps			%		$/bps			%
Interest income:
Interest and fees on loans and leases and loans held for sale	$	2,071		$	2,166		$	2,067		$	(95)		(4)	%	$	4		—	%
Investment securities	399			339			266			60			18		133			50
Interest-bearing deposits in banks	140			171			69			(31)			(18)		71			103
Total interest income	$	2,610		$	2,676		$	2,402		$	(66)		(2)	%	$	208		9	%
Interest expense:
Deposits	$	987		$	974		$	550		$	13		1	%	$	437		79	%


Short-term borrowed funds	7			7			6			—			—		1			17
Long-term borrowed funds	174			207			203			(33)			(16)		(29)			(14)
Total interest expense	$	1,168		$	1,188		$	759		$	(20)		(2)	%	$	409		54	%
Net interest income	$	1,442		$	1,488		$	1,643		$	(46)		(3)	%	$	(201)		(12)	%

Net interest margin, FTE	2.91		%	2.91		%	3.30		%	—		bps			(39)		bps


First quarter 2024			vs.			fourth quarter 2023

Net interest income of $1.4 billion decreased 3%, reflecting a 2% decrease in average interest-earning assets, reflecting lower loans, and the impact of day count.

•Net interest margin of 2.91% was stable reflecting improved asset yields (4 basis points), the benefit of Non-Core run off (3 basis points), and day count (2 basis points), offset by higher funding costs (6 basis points) and the impact of swaps (3 basis points).


First quarter 2024			vs.			first quarter 2023

Net interest income of $1.4 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.

Citizens Financial Group, Inc.


Noninterest Income							1Q24 change from
($s in millions)	1Q24		4Q23		1Q23		4Q23				1Q23
							$		%		$		%

Service charges and fees	$	96	$	104	$	100	$	(8)	(8)	%	$	(4)	(4)	%
Capital markets fees	118		87		83		31		36		35		42
Card fees	86		70		72		16		23		14		19
Trust and investment services fees	68		68		63		—		—		5		8
Mortgage banking fees	49		57		57		(8)		(14)		(8)		(14)
Foreign exchange and derivative products	36		43		48		(7)		(16)		(12)		(25)
Letter of credit and loan fees	42		42		40		—		—		2		5
Securities gains, net	5		9		5		(4)		(44)		—		—
Other income(1)	17		20		17		(3)		(15)		—		—
Noninterest income	$	517	$	500	$	485	$	17	3	%	$	32	7	%

Underlying, as applicable
Card fees	$	83	$	70	$	72	$	13	19		$	11	15


Underlying noninterest income	$	514	$	500	$	485	$	14	3	%	$	29	6	%


(1) Includes bank-owned life insurance income and other miscellaneous income for all periods presented.


First quarter 2024			vs.			fourth quarter 2023

Underlying noninterest income of $514 million increased $14 million, or 3%.

•Service charges and fees decreased $8 million, given seasonality and lower overdraft fees.

•Capital markets fees increased $31 million, given increased M&A advisory and bond underwriting fees.

•Card fees increased $13 million, driven by higher credit card fees, including favorable vendor contract negotiations.

•Trust and investment services fees were stable.

•Mortgage banking fees decreased $8 million, driven by lower MSR valuation, net of hedging, and servicing fees, partially offset by higher production revenue.

•Foreign exchange and derivative products revenue decreased $7 million, primarily reflecting lower client activity in commodities and foreign exchange hedging.


First quarter 2024			vs.			first quarter 2023

Noninterest income of $514 million increased $29 million, or 6%.

•Service charges and fees decreased $4 million, given lower overdraft fees.

•Capital markets fees increased $35 million, given increased M&A advisory, bond and equity underwriting fees.

•Card fees increased $11 million, primarily reflecting higher credit card fees, including favorable vendor contract negotiations.

•Trust and investment services fees increased $5 million, given increased sales activity and asset management fees.

•Mortgage banking fees decreased $8 million, given lower servicing and production fees.

•Foreign Exchange and derivative products revenue decreased $12 million, given lower client activity in interest rate and commodities hedging.

Citizens Financial Group, Inc.


Noninterest Expense							1Q24 change from
($s in millions)	1Q24		4Q23		1Q23		4Q23				1Q23
							$		%		$		%
Salaries and employee benefits	$	691	$	667	$	658	$	24	4	%	$	33	5	%
Equipment and software	192		215		169		(23)		(11)		23		14
Outside services	158		174		176		(16)		(9)		(18)		(10)
Occupancy	114		125		124		(11)		(9)		(10)		(8)
Other operating expense	203		431		169		(228)		(53)		34		20
Noninterest expense	$	1,358	$	1,612	$	1,296	$	(254)	(16)	%	$	62	5	%

Notable items	$	85	$	345	$	66	$	(260)	(75)	%	$	19	29%

Underlying, as applicable
Salaries and employee benefits	$	674	$	635	$	642	$	39	6	%	$	32	5	%
Equipment and software	184		178		165		6		3		19		12
Outside services	146		161		149		(15)		(9)		(3)		(2)
Occupancy	107		105		106		2		2		1		1
Other operating expense	162		188		168		(26)		(14)		(6)		(4)
Underlying noninterest expense	$	1,273	$	1,267	$	1,230	$	6	—	%	$	43	3	%


First quarter 2024			vs.			fourth quarter 2023

Underlying noninterest expense of $1.27 billion was broadly stable.

•Salaries and benefits increased, primarily reflecting seasonal increases in payroll taxes and compensation related costs.

•Equipment and software increased reflecting technology investments.

•Outside services decreased reflecting lower vendor costs and other efficiency initiatives.

•Other operating expense decreased given lower advertising and travel expense, as well as lower fraud costs.

Reported noninterest expense of $1.36 billion decreased $254 million, including notable items of $85 million in first quarter 2024 compared with notable items of $345 million in fourth quarter 2023. Notable items include the industry-wide FDIC special assessment of $35 million in first quarter 2024 and $225 million in fourth quarter 2023.

The effective tax rate was 22.3% in first quarter 2024. On an underlying basis, the effective tax rate of 22.8% increased modestly compared to 22.3% in fourth quarter 2023.


First quarter 2024			vs.			first quarter 2023

Underlying noninterest expense of $1.27 billion increased 3%; was stable excluding $38 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 technology investments.

•Other operating expenses decreased primarily driven by lower fraud, advertising and travel expense.

The effective tax rate was 22.3% in first quarter 2024. On an underlying basis, the effective tax rate of 22.8% compared with 23.2% in first quarter 2023.

Citizens Financial Group, Inc.


Interest-earning assets							1Q24 change from
($s in millions)	1Q24		4Q23		1Q23		4Q23				1Q23
Period-end interest-earning assets							$		%		$		%
Investments	$	41,127	$	40,003	$	34,893	$	1,124	3	%	$	6,234	18	%
Interest-bearing deposits in banks	10,893		10,239		7,011		654		6		3,882		55
Commercial loans and leases	72,823		74,445		80,866		(1,622)		(2)		(8,043)		(10)
Retail loans	70,365		71,514		73,822		(1,149)		(2)		(3,457)		(5)
Total loans and leases	143,188		145,959		154,688		(2,771)		(2)		(11,500)		(7)
Loans held for sale, at fair value	505		676		855		(171)		(25)		(350)		(41)
Other loans held for sale	50		103		1,000		(53)		(51)		(950)		(95)
Total loans and leases and loans held for sale	143,743		146,738		156,543		(2,995)		(2)		(12,800)		(8)
Total period-end interest-earning assets	$	195,763	$	196,980	$	198,447	$	(1,217)	(1)	%	$	(2,684)	(1)	%
Average interest-earning assets
Investments(1)	$	43,905	$	41,499	$	38,955	$	2,406	6	%	$	4,950	13	%
Interest-bearing deposits in banks	10,268		12,387		5,899		(2,119)		(17)		4,369		74
Commercial loans and leases	73,842		76,078		82,321		(2,236)		(3)		(8,479)		(10)
Retail loans	70,980		71,891		74,171		(911)		(1)		(3,191)		(4)
Total loans and leases	144,822		147,969		156,492		(3,147)		(2)		(11,670)		(7)
Loans held for sale, at fair value	850		1,047		1,009		(197)		(19)		(159)		(16)
Other loans held for sale	223		219		197		4		2		26		13
Total loans and leases and loans held for sale	145,895		149,235		157,698		(3,340)		(2)		(11,803)		(7)
Total average interest-earning assets	$	200,068	$	203,121	$	202,552	$	(3,053)	(2)	%	$	(2,484)	(1)	%
(1) Total average interest-earning assets excludes the mark-to-market on investment securities and unsettled purchases or sales of loans and investments.


First quarter 2024			vs.			fourth quarter 2023

Period-end interest-earning assets of $195.8 billion decreased $1.2 billion, or 1%, reflecting a $3.0 billion decrease in total loans and leases and loans held for sale, partly offset by a $1.1 billion increase in investments in securities and a $654 million increase in cash held in interest-bearing deposits. The decrease in loans and leases reflects a $1.6 billion decrease in commercial given balance sheet optimization actions, paydowns and market conditions driving lower client demand. Results also reflect a $1.1 billion decrease in retail, given planned Non-Core portfolio run off.

Average interest-earning assets of $200.1 billion decreased $3.1 billion, or 2%, reflecting a $3.1 billion decrease in total loans and leases and a $2.1 billion decrease in cash held in interest-bearing deposits, partly offset by a $2.4 billion increase in investments. The decrease in loans and leases reflects a $2.2 billion decrease in commercial given paydowns, balance sheet optimization actions and market conditions driving lower client demand, as well as a $911 million decrease in retail driven by the Non-Core portfolio run off.

The average effective duration of the securities portfolio was 3.8 years, compared with 3.9 years at December 31, 2023 and 5.8 years at March 31, 2023.


First quarter 2024			vs.			first quarter 2023

Period-end interest-earning assets of $195.8 billion decreased $2.7 billion, or 1%, reflecting a $12.8 billion decrease in total loans and leases and loans held for sale, partly offset by a $6.2 billion increase in investments in securities and a $3.9 billion increase in investments in cash held in interest-bearing deposits. The decrease in loans and leases reflects an $8.0 billion decrease in commercial given paydowns, balance sheet optimization actions and lower client demand, and a $3.5 billion decrease in retail driven by the Non-Core portfolio run off largely offset by growth in mortgage and home equity.

Average interest-earning assets of $200.1 billion decreased $2.5 billion, or 1%, reflecting a $11.8 billion decrease in total loans and leases and loans held for sale, partially offset by a $5.0 billion increase in investments in securities and a $4.4 billion increase in cash held in interest-bearing deposits.

Citizens Financial Group, Inc.


Deposits							1Q24 change from
($s in millions)	1Q24		4Q23		1Q23		4Q23				1Q23
Period-end deposits							$		%		$		%
Demand	$	36,593	$	37,107	$	44,326	$	(514)	(1)	%	$	(7,733)	(17)	%
Money market	52,182		53,812		48,905		(1,630)		(3)		3,277		7
Checking with interest	34,487		31,876		34,496		2,611		8		(9)		—
Savings	27,912		27,983		29,789		(71)		—		(1,877)		(6)
Term	25,254		26,564		14,678		(1,310)		(5)		10,576		72
Total period-end deposits	$	176,428	$	177,342	$	172,194	$	(914)	(1)	%	$	4,234	2	%
Average deposits
Demand	$	36,684	$	38,390	$	46,135	$	(1,706)	(4)	%	$	(9,451)	(20)	%
Money market	52,926		53,003		49,942		(77)		—		2,984		6
Checking with interest	32,302		31,788		35,974		514		2		(3,672)		(10)
Savings	27,745		28,455		29,460		(710)		(2)		(1,715)		(6)
Term	26,447		25,492		12,839		955		4		13,608		106
Total average deposits	$	176,104	$	177,128	$	174,350	$	(1,024)	(1)	%	$	1,754	1	%


First quarter 2024			vs.			fourth quarter 2023

Total period-end deposits of $176.4 billion and average deposits of $176.1 billion were down slightly, reflecting seasonal declines in Commercial, partially offset by growth in the Private Bank and retail branch deposits.

The mix of deposits reflect a declining rate of migration from demand to interest-bearing and low-cost to high-cost interest bearing accounts. Checking with interest increased $2.6 billion on a period-end basis reflecting a transfer from money market and growth in Commercial.


First quarter 2024			vs.			first quarter 2023

Total period-end deposits of $176.4 billion increased 2% and average deposits of $176.1 billion increased 1%, reflecting growth in retail branch and Private Bank deposits. Commercial deposits were stable on a spot basis, down 6% on an average basis reflecting deposit optimization initiatives.

Citizens Financial Group, Inc.


Borrowed Funds							1Q24 change from
($s in millions)	1Q24		4Q23		1Q23		4Q23				1Q23
Period-end borrowed funds							$		%		$		%
Short-term borrowed funds	$	9	$	505	$	1,018	$	(496)	(98) %		$	(1,009)	(99)	%
Long-term borrowed funds
FHLB advances	2,036		3,786		11,779		(1,750)		(46)		(9,743)		(83)
Senior debt	6,414		5,170		5,263		1,244		24		1,151		22
Subordinated debt and other debt	1,825		1,819		1,813		6		—		12		1
Auto collateralized borrowings	3,529		2,692		—		837		31		3,529		100
Total borrowed funds	$	13,813	$	13,972	$	19,873	$	(159)	(1)	%	$	(6,060)	(30)	%
Average borrowed funds
Short-term borrowed funds	$	498	$	491	$	542	$	7	1 %		$	(44)	(8)	%
Long-term borrowed funds
FHLB advances	2,272		5,751		10,362		(3,479)		(60)		(8,090)		(78)
Senior debt	6,113		5,217		5,606		896		17		507		9
Subordinated debt and other debt	1,821		1,816		1,812		5		—		9		—
Auto collateralized borrowings	3,458		2,904		—		554		19		3,458		100
Total average borrowed funds	$	14,162	$	16,179	$	18,322	$	(2,017)	(12)	%	$	(4,160)	(23)	%


First quarter 2024			vs.			fourth quarter 2023

Period-end borrowed funds decreased by $159 million. Senior debt increased by $1.2 billion and collateralized borrowings on auto loans increased by $837 million, reflecting attractive issuances, with proceeds used to deliver a net decrease of $1.8 billion in FHLB advances and $496 million in short-term borrowings.

Average borrowed funds decreased $2.0 billion. Senior debt increased by $896 million and collateralized borrowings on auto loans increased by $554 million, driven by issuances. Proceeds from these issuances, along with Non-Core run off drove a net decrease of $3.5 billion in FHLB advances.


First quarter 2024			vs.			first quarter 2023

Period-end borrowed funds decreased by $6.1 billion, primarily due to a decrease in FHLB advances of $9.7 billion and a $1.0 billion decrease in short-term borrowed funds. Run off of the Non-Core portfolio and debt issuances drove the lower FHLB borrowing need.

Average borrowed funds decreased by $4.2 billion, reflecting a $8.1 billion decrease in FHLB advances. Run off of the Non-Core portfolio and debt issuances drove the lower FHLB borrowing need.

Citizens Financial Group, Inc.


Capital										1Q24 change from
($s and shares in millions, except per share data)	1Q24			4Q23			1Q23			4Q23				1Q23
Period-end capital										$		%		$		%
Stockholders' equity	$	23,761		$	24,342		$	24,201		$	(581)	(2)	%	$	(440)	(2)	%
Stockholders' common equity	21,747			22,329			22,187			(582)		(3)		(440)		(2)
Tangible common equity	13,844			14,417			14,247			(573)		(4)		(403)		(3)
Tangible book value per common share	$	30.19		$	30.91		$	29.44		$	(0.72)	(2)	%	$	0.75	3	%
Common shares - at end of period	458.5			466.4			484.0			(7.9)		(2)		(25.5)		(5)
Common shares - average (diluted)	463.8			468.2			487.7			(4.4)		(1)	%	(23.9)		(5)	%
Common equity tier 1 capital ratio(1)	10.6		%	10.6		%	10.0		%
Total capital ratio(1)	13.8			13.7			12.9
Tangible common equity ratio	6.5			6.7			6.6
Tier 1 leverage ratio(1)	9.3			9.3			9.4
(1) Current reporting-period regulatory capital ratios are preliminary.


First quarter 2024

•The CET1 capital ratio of 10.6% as of March 31, 2024 compares with 10.6% at December 31, 2023 and 10.0% at March 31, 2023.

•Total capital ratio of 13.8% compares with 13.7% at December 31, 2023 and 12.9% as of March 31, 2023.

•Tangible common equity ratio of 6.5% compares with 6.7% at December 31, 2023 and 6.6% as of March 31, 2023.

•Tangible book value per common share of $30.19 decreased 2% compared with fourth quarter 2023 reflecting AOCI impacts from higher rates.

•Paid $197 million in common dividends to shareholders during first quarter 2024. This compares with $198 million in common dividends during fourth quarter 2023 and $205 million during first quarter 2023.

•Repurchased $300 million of common shares during first quarter 2024, compared with no repurchases in fourth quarter 2023 and $400 million in first quarter 2023.

Citizens Financial Group, Inc.


Credit quality review										1Q24 change from
($s in millions)	1Q24			4Q23			1Q23			4Q23					1Q23
										$/bps			%		$/bps			%
Nonaccrual loans and leases(1)	$	1,469		$	1,364		$	996		$	105		8	%	$	473		47	%
90+ days past due and accruing(2)	300			333			424			(33)			(10)		(124)			(29)
Net charge-offs	181			171			133			10			6		48			36
Provision for credit losses	171			171			168			—			—		3			2

Allowance for credit losses	$	2,308		$	2,318		$	2,275		$	(10)		—	%	$	33		1	%
Nonaccrual loans and leases to loans and leases	1.02		%	0.93		%	0.64		%	9		bps			38
Net charge-offs as a % of total loans and leases	0.50			0.46			0.34			4					16

Allowance for credit losses to loans and leases	1.61			1.59			1.47			2					14

Allowance for credit losses to nonaccrual loans and leases	157		%	170		%	229		%	(13)		bps			(72)		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 $202 million, $243 million, and $309 million of loans fully or partially guaranteed by the FHA, VA, and USDA for March 31, 2024, December 31, 2023, and March 31, 2023, respectively.


First quarter 2024			vs.			fourth quarter 2023

•The nonaccrual loans to total loans ratio of 1.02% compares with 0.93% at December 31, 2023. Nonaccrual loans of $1.5 billion increased $105 million, or 8%, reflecting a $117 million increase in Commercial, driven by an increase in the General Office segment of commercial real estate, and a modest decrease in the retail portfolio.

•Net charge-offs of $181 million, or 50 basis points of average loans and leases, increased 4 basis points compared with the prior quarter given a $16 million increase in commercial, primarily driven by the General Office segment of commercial real estate, and a $6 million decrease in retail.

•The first quarter 2024 provision for credit losses of $171 million compares with $171 million for fourth quarter 2023. The ratio of allowance for credit losses to total loans of 1.61% increased from 1.59% as of December 31, 2023, primarily reflecting lower loan balances given Non-Core run off and commercial balance sheet optimization.

•The allowance for credit losses to nonaccrual loans and leases ratio of 157% compares with 170% as of December 31, 2023.


First quarter 2024			vs.			first quarter 2023

•The nonaccrual loans to total loans ratio of 1.02% increased from 0.64% at March 31, 2023.

•Nonaccrual loans increased $473 million, or 47%, primarily reflecting an increase in the General Office segment of commercial real estate.

•Net charge-offs of $181 million, or 50 basis points of average loans and leases, increased $48 million, primarily reflecting a $33 million increase in commercial driven by the General Office segment of commercial real estate.

•Provision for credit losses of $171 million compares with a $168 million provision in first quarter 2023.

•Allowance for credit losses of $2.3 billion increased $33 million compared with March 31, 2023. Allowance for credit losses ratio of 1.61% as of March 31, 2024, compares with 1.47% as of March 31, 2023.

•The allowance for credit losses to nonaccrual loans and leases ratio of 157% compares with 229% as of March 31, 2023.

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) 692-8955, conference ID 7141414

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 April 17, 2024 through May 17, 2024. Please dial (866) 207-1041 and enter access code 4035711. 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 $220.4 billion in assets as of March 31, 2024. 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 3,300 ATMs and more than 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. 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.

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.

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations

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


		QUARTERLY TRENDS
					1Q24 Change
		1Q24	4Q23	1Q23	4Q23			1Q23
					$	%		$	%
Noninterest income, Underlying:
Noninterest income (GAAP)		$517	$500	$485	$17	3	%	$32	7	%
Less: Notable items		3	—	—	3	100		3	100
Noninterest income, Underlying (non-GAAP)		$514	$500	$485	$14	3	%	$29	6	%
Total revenue, Underlying:
Total revenue (GAAP)	A	$1,959	$1,988	$2,128	($29)	(1	%)	($169)	(8	%)
Less: Notable items		3	—	—	3	100		3	100
Total revenue, Underlying (non-GAAP)	B	$1,956	$1,988	$2,128	($32)	(2	%)	($172)	(8	%)
Noninterest expense, Underlying:
Noninterest expense (GAAP)	C	$1,358	$1,612	$1,296	($254)	(16	%)	$62	5	%
Less: Notable items		85	345	66	(260)	(75)		19	29
Noninterest expense, Underlying (non-GAAP)	D	$1,273	$1,267	$1,230	$6	—	%	$43	3	%
Pre-provision profit:
Total revenue (GAAP)	A	$1,959	$1,988	$2,128	($29)	(1	%)	($169)	(8	%)
Less: Noninterest expense (GAAP)	C	1,358	1,612	1,296	(254)	(16)		62	5
Pre-provision profit (non-GAAP)		$601	$376	$832	$225	60	%	($231)	(28	%)
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)	B	$1,956	$1,988	$2,128	($32)	(2	%)	($172)	(8	%)
Less: Noninterest expense, Underlying (non-GAAP)	D	1,273	1,267	1,230	6	—		43	3
Pre-provision profit, Underlying (non-GAAP)		$683	$721	$898	($38)	(5	%)	($215)	(24	%)








Income before income tax expense, Underlying:
Income before income tax expense (GAAP)	E	$430	$205	$664	$225	110	%	($234)	(35	%)
Less: Income (expense) before income tax expense (benefit) related to notable items		(82)	(345)	(66)	263	76		(16)	(24)
Income before income tax expense, Underlying (non-GAAP)	F	$512	$550	$730	($38)	(7	%)	($218)	(30	%)
Income tax expense, Underlying:
Income tax expense (GAAP)	G	$96	$16	$153	$80	NM		($57)	(37	%)
Less: Income tax expense (benefit) related to notable items		(21)	(108)	(17)	87	81		(4)	(24)
Income tax expense, Underlying (non-GAAP)	H	$117	$124	$170	($7)	(6	%)	($53)	(31	%)
Net income, Underlying:
Net income (GAAP)	I	$334	$189	$511	$145	77	%	($177)	(35	%)
Add: Notable items, net of income tax benefit		61	237	49	(176)	(74)		12	24
Net income, Underlying (non-GAAP)	J	$395	$426	$560	($31)	(7	%)	($165)	(29	%)
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)	K	$304	$159	$488	$145	91	%	($184)	(38	%)
Add: Notable items, net of income tax benefit		61	237	49	(176)	(74)		12	24
Net income available to common stockholders, Underlying (non-GAAP)	L	$365	$396	$537	($31)	(8	%)	($172)	(32	%)

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)

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


		QUARTERLY TRENDS
								1Q24 Change
		1Q24		4Q23		1Q23		4Q23				1Q23
								$/bps		%		$/bps		%
Operating leverage:
Total revenue (GAAP)	A	$1,959		$1,988		$2,128		($29)		(1	%)	($169)		(8	%)
Less: Noninterest expense (GAAP)	C	1,358		1,612		1,296		(254)		(16)		62		5
Operating leverage										14	%			(13	%)
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)	B	$1,956		$1,988		$2,128		($32)		(2	%)	($172)		(8	%)
Less: Noninterest expense, Underlying (non-GAAP)	D	1,273		1,267		1,230		6		—		43		3
Operating leverage, Underlying (non-GAAP)										(2	%)			(11	%)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio	C/A	69.33	%	81.13	%	60.90	%	(1,180)	bps			843	bps
Efficiency ratio, Underlying (non-GAAP)	D/B	65.05		63.77		57.84		128	bps			721	bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate	G/E	22.28	%	7.59	%	22.97	%	1,469	bps			(69)	bps
Effective income tax rate, Underlying (non-GAAP)	H/F	22.84		22.25		23.25		59	bps			(41)	bps




Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)	M	$21,700		$21,209		$21,702		$491		2	%	($2)		—	%
Less: Average goodwill (GAAP)		8,188		8,188		8,177		—		—		11		—
Less: Average other intangibles (GAAP)		153		163		192		(10)		(6)		(39)		(20)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		433		421		422		12		3		11		3
Average tangible common equity	N	$13,792		$13,279		$13,755		$513		4	%	$37		—	%
Return on average tangible common equity	K/N	8.86	%	4.72	%	14.38	%	414	bps			(552)	bps
Return on average tangible common equity, Underlying (non-GAAP)	L/N	10.65		11.84		15.80		(119)	bps			(515)	bps




Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)	O	$220,770		$223,653		$222,711		($2,883)		(1	%)	($1,941)		(1	%)
Less: Average goodwill (GAAP)		8,188		8,188		8,177		—		—		11		—
Less: Average other intangibles (GAAP)		153		163		192		(10)		(6)		(39)		(20)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		433		421		422		12		3		11		3
Average tangible assets	P	$212,862		$215,723		$214,764		($2,861)		(1	%)	($1,902)		(1	%)
Return on average total tangible assets	I/P	0.63	%	0.35	%	0.97	%	28	bps			(34)	bps
Return on average total tangible assets, Underlying (non-GAAP)	J/P	0.75		0.78		1.06		(3)	bps			(31)	bps

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)

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


		QUARTERLY TRENDS
					1Q24 Change
		1Q24	4Q23	1Q23	4Q23			1Q23
					$/bps	%		$/bps	%
Tangible book value per common share:
Common shares - at period-end (GAAP)	Q	458,485,032	466,418,055	483,982,264	(7,933,023)	(2	%)	(25,497,232)	(5	%)
Common stockholders' equity (GAAP)		$21,747	$22,329	$22,187	($582)	(3)		($440)	(2)
Less: Goodwill (GAAP)		8,188	8,188	8,177	—	—		11	—
Less: Other intangible assets (GAAP)		148	157	185	(9)	(6)		(37)	(20)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)		433	433	422	—	—		11	3
Tangible common equity	R	$13,844	$14,417	$14,247	($573)	(4	%)	($403)	(3	%)
Tangible book value per common share	R/Q	$30.19	$30.91	$29.44	($0.72)	(2	%)	$0.75	3	%
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	461,358,681	466,234,324	485,444,313	(4,875,643)	(1	%)	(24,085,632)	(5	%)
Average common shares outstanding - diluted (GAAP)	T	463,797,964	468,159,167	487,712,146	(4,361,203)	(1)		(23,914,182)	(5)
Net income per average common share - basic (GAAP)	K/S	$0.66	$0.34	$1.00	$0.32	94		($0.34)	(34)
Net income per average common share - diluted (GAAP)	K/T	0.65	0.34	1.00	0.31	91		(0.35)	(35)
Net income per average common share - basic, Underlying (non-GAAP)	L/S	0.79	0.85	1.10	(0.06)	(7)		(0.31)	(28)
Net income per average common share - diluted, Underlying (non-GAAP)	L/T	0.79	0.85	1.10	(0.06)	(7)		(0.31)	(28)

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)

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


	QUARTERLY TRENDS
				1Q24 Change
	1Q24	4Q23	1Q23	4Q23			1Q23
				$/bps	%		$/bps	%




Card fees, Underlying:
Card fees (GAAP)	$86	$70	$72	$16	23		$14	19%
Less: Notable items	3	—	—	3	100		3	100
Card fees, Underlying (non-GAAP)	$83	$70	$72	$13	19		$11	15	%




Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)	$691	$667	$658	$24	4	%	$33	5	%
Less: Notable items	17	32	16	(15)	(47)		1	6
Salaries and employee benefits, Underlying (non-GAAP)	$674	$635	$642	$39	6	%	$32	5	%
Equipment and software, Underlying:
Equipment and software (GAAP)	$192	$215	$169	($23)	(11	%)	$23	14	%
Less: Notable items	8	37	4	(29)	(78)		4	100
Equipment and software, Underlying (non-GAAP)	$184	$178	$165	$6	3	%	$19	12	%
Outside services, Underlying:
Outside services (GAAP)	$158	$174	$176	($16)	(9	%)	($18)	(10	%)
Less: Notable items	12	13	27	(1)	(8)		(15)	(56)
Outside services, Underlying (non-GAAP)	$146	$161	$149	($15)	(9	%)	($3)	(2	%)
Occupancy, Underlying:
Occupancy (GAAP)	$114	$125	$124	($11)	(9	%)	($10)	(8	%)
Less: Notable items	7	20	18	(13)	(65)		(11)	(61)
Occupancy, Underlying (non-GAAP)	$107	$105	$106	$2	2	%	$1	1	%
Other operating expense, Underlying:
Other operating expense (GAAP)	$203	$431	$169	($228)	(53	%)	$34	20	%
Less: Notable items	41	243	1	(202)	(83)		40	NM
Other operating expense, Underlying (non-GAAP)	$162	$188	$168	($26)	(14	%)	($6)	(4	%)

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,” “prospects,” “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 Private Bank start-up investment and Investors acquisition;

•The effects of geopolitical instability, including the wars in Ukraine and the Middle East, on economic and market conditions, inflationary pressures and the interest rate environment, commodity price and foreign exchange rate volatility, and heightened cybersecurity risks;

•Our ability to 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 compliance with laws, as well as operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of 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, 2023 as filed with the Securities and Exchange Commission.

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

Citizens Financial Group, Inc.

CFG-IR

EX-99.3 3 a1q24earningspresentatio.htm EX-99.3 a1q24earningspresentatio

1Q24 Financial Results April 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,” “prospects,” “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 Private Bank start-up investment and Investors acquisition; • The effects of geopolitical instability, including the wars in Ukraine and the Middle East, on economic and market conditions, inflationary pressures and the interest rate environment, commodity price and foreign exchange rate volatility, and heightened cybersecurity risks; • Our ability to 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 compliance with laws, as well as operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of 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, 2023 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 1Q24 GAAP summary 1Q24 4Q23 1Q23 Q/Q Y/Y $s in millions $/bps % $/bps % Net interest income $ 1,442 $ 1,488 $ 1,643 $ (46) (3) % $ (201) (12) % Noninterest income 517 500 485 17 3 32 7 Total revenue 1,959 1,988 2,128 (29) (1) (169) (8) Noninterest Expense 1,358 1,612 1,296 (254) (16) 62 5 Pre-provision profit 601 376 832 225 60 (231) (28) Provision for credit losses 171 171 168 — — 3 2 Income before income tax expense 430 205 664 225 110 (234) (35) Income tax expense 96 16 153 80 NM (57) (37) Net income $ 334 $ 189 $ 511 $ 145 77 % $ (177) (35) % Preferred dividends 30 30 23 — — 7 30 Net income available to common stockholders $ 304 $ 159 $ 488 $ 145 91 % $ (184) (38) % $s in billions Average interest-earning assets $ 200.1 $ 203.1 $ 202.6 $ (3.1) (2) % $ (2.5) (1) % Average deposits $ 176.1 $ 177.1 $ 174.4 $ (1.0) (1) % $ 1.8 1 % Performance metrics Net interest margin(1) 2.90 % 2.90 % 3.29 % — bps (39) bps Net interest margin, FTE(1) 2.91 2.91 3.30 — (39) Loan-to-deposit ratio (period-end) 81.2 82.3 89.8 (114) (867) ROTCE 8.9 4.7 14.4 414 (552) Efficiency ratio 69.3 81.1 60.9 (1,180) 843 Noninterest income as a % of total revenue 26 % 25 % 23 % 125 bps 360 bps Full-time equivalent colleagues 17,354 17,570 18,547 (216) (1) (1,193) (6) Operating leverage 14.3 % (12.7) % Per common share Diluted earnings $ 0.65 $ 0.34 $ 1.00 $ 0.31 91 % $ (0.35) (35) % Tangible book value $ 30.19 $ 30.91 $ 29.44 $ (0.72) (2) % $ 0.75 3 % Average diluted shares outstanding (in millions) 463.8 468.2 487.7 (4.4) (1) % (23.9) (5) % See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35.

4 1Q24 Underlying financial summary(1) Q/Q Y/Y $s in millions 1Q24 $/bps % $/bps % Net interest income $ 1,442 $ (46) (3) % $ (201) (12) % Noninterest income 514 14 3 29 6 Total revenue 1,956 (32) (2) (172) (8) Noninterest expense 1,273 6 — 43 3 Pre-provision profit 683 (38) (5) (215) (24) Provision for credit losses 171 — — 3 2 Net income available to common stockholders $ 365 $ (31) (8) % $ (172) (32) % Performance metrics Diluted EPS $ 0.79 $ (0.06) (7) % $ (0.31) (28) % Efficiency ratio 65.1 128 bps 721 bps Noninterest income as a % of total revenue 26 % 116 bps 351 bps ROTCE 10.6 % (119) bps (515) bps Tangible book value per share $ 30.19 $ (0.72) (2) % $ 0.75 3 % 1Q24 Notable items impacts Pre-tax EPS ($s in millions except per share data) Integration related $ (3) $ (0.01) TOP and Other items (44) (0.07) FDIC special assessment (35) (0.06) Total: $ (82) $ (0.14) See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35.

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 run off of $1.2 billion in 1Q24 1Q24 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 $1,462 $16.8 $1,479 $(37) $1,442 Noninterest income 513 1.3 514 — 514 Total revenue 1,975 18.0 1,993 (37) 1,956 Noninterest Expense 1,210 37.6 1,248 25 1,273 Pre-provision profit 765 (19.6) 745 (62) 683 Provision for credit losses 152 — 152 19 171 Income before income tax expense 613 (19.6) 593 (81) 512 Income tax expense 143 (5.0) 138 (21) 117 Net income 470 (14.5) 455 (60) 395 Preferred dividends 30 — 30 — 30 Net income available to common stockholders $440 $(14.5) $425 $(60) $365 Contribution to total CFG Diluted EPS $0.95 $(0.03) $0.92 $(0.13) $0.79 $s in billions Interest-earning assets (spot) $185 $1.1 $186 $9.9 $196 Loans (spot) 132 1.1 133 9.9 143 Deposits (spot) 174 2.4 176 — 176 Risk-weighted assets (spot) 159 1.3 160 10.0 170 Performance metrics: Net interest margin, FTE(4) 3.12% NM 3.15% (1.41)% 2.91% Loan-to-deposit ratio (spot) 75.9 46.0 75.5 NM 81.2 CET1 capital ratio(5) 11.4 NM 11.3 NM 10.6 ROTCE 12.8 NM 12.4 NM 10.6 Efficiency ratio 61.2 NM 62.6 NM 65.1 Noninterest income as a % of total revenue 26.0 NM 25.8 NM 26.3 See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35.

6 ■ CET1 ratio of 10.6%(2); 8.9% adjusted for AOCI opt-out removal ■ Strong liquidity profile; proforma LCR at 120% exceeds Category 1 Bank requirement of 100%; Spot LDR improved to 81% – Deposits up $4.2 billion YoY on period-end basis reflecting growth in retail and Private Bank, now $2.4 billion; Period-end deposits down slightly QoQ given expected Commercial seasonal outflows partially offset by Private Bank and retail growth – Issued $1.25 billion senior debt and $1.5 billion auto collateralized borrowings; FHLB advances reduced further to $2 billion ■ Loans down 2% QoQ on period-end basis reflecting Non-Core portfolio run off, commercial balance sheet optimization and lower line utilization ■ Underlying EPS of $0.79; ROTCE of 10.6% – Stable NIM of 2.91% – Fees up 3% QoQ with improved Capital Markets and Card fees – Expenses broadly stable QoQ including continued Private Bank start-up investment 1Q24 Overview(1) Pre-tax EPS Integration related $ (3) $ (0.01) TOP and Other items (44) (0.07) FDIC special assessment (35) (0.06) Total: $ (82) $ (0.14) Underlying PPNR drivers 1Q24 QoQ NII $ 1,442 (3.0) % Fees 514 3.0 % Expenses 1,273 0.5 % Notable items* ($s in millions except per share data) See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35. Solid 1Q24 results Credit trends in line with expectations Well positioned for the medium term Maintaining strong capital and liquidity position ■ Net charge-offs were as expected at 50 bps ■ ACL coverage increased 2 bps QoQ to 1.61%, primarily reflecting lower loan balances given Non-Core run off and commercial balance sheet optimization – General Office reserve of 10.6% at March 31, 2024 ■ Strategic initiatives progressing well: Private Bank, NYC Metro, private capital opportunity, TOP 9 ■ Significant NII contribution from Non-Core and swaps over the medium term given run off and lower rates; target NIM range of 3.25 to 3.40% $s in millions

7 2.91% 0.04% 0.03% 0.02% (0.06)% (0.03)% 2.91% 4Q23 Asset Yields/ Mix Non-Core Impact Day count/ Other Funding Pricing/Mix Swaps 1Q24 $202.6B $201.5B $199.6B $203.1B $200.1B $1,643 $1,588 $1,522 $1,488 $1,4423.30% 3.17% 3.03% 2.91% 2.91% 1Q23 2Q23 3Q23 4Q23 1Q24 ■ NII down 3%, given 2% decrease in average interest- earning assets, reflecting lower loans, and the impact of day count – NIM of 2.91% stable to prior quarter, reflecting improved asset yields, the benefit of Non-Core run off and day count, offset by higher funding costs and swap impacts – Interest-earning asset yields stable at 5.20% – Interest-bearing deposit costs up 6 bps to 2.85%; cumulative beta of 52% 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 4Q23 to 1Q24 $s in millions, except earning assets (1) Net swap impact, which includes receive-fixed swaps to hedge the C&I loan portfolio and pay-fixed swaps on the securities portfolio (1)

8 ■ Underlying noninterest income increased 3% – Service charges and fees decreased $8 million, given seasonality and lower overdraft fees – Capital markets fees increased $31 million given increased M&A advisory and bond underwriting fees – Card fees increased $13 million driven by higher credit card fees, including favorable vendor contract negotiations – Mortgage banking fees decreased $8 million, given lower MSR valuation, net of hedging, and servicing fees, partially offset by higher production revenue – FX and derivative products revenue decreased $7 million, reflecting lower client activity in commodities and foreign exchange hedging $485 $506 $492 $500 $517 $514 Underlying Notable items 1Q23 2Q23 3Q23 4Q23 1Q24 Noninterest income(1) $s in millions Fees up 3% QoQ reflecting improvement in Capital Markets and Card See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35. Linked Quarter Year-Over-YearNoninterest income ■ Underlying noninterest income increased 6% – Service charges and fees decreased $4 million, given lower overdraft fees – Capital markets fees increased $35 million, given increased M&A advisory, bond and equity underwriting fees – Card fees increased $11 million, including favorable vendor contract negotiations – Trust and investment services fees increased $5 million, reflecting increased sales activity and asset management fees – Mortgage banking fees decreased $8 million, given lower servicing and production fees – FX and derivative products revenue decreased $12 million, given lower client activity in interest rate and commodities hedging $s in millions 1Q24 4Q23 1Q23 $ Q/Q Y/Y Service charges and fees $ 96 $ 104 $ 100 $ (8) $ (4) Capital markets fees 118 87 83 31 35 Card fees 83 70 72 13 11 Trust and investment services fees 68 68 63 — 5 Mortgage banking fees 49 57 57 (8) (8) FX and derivative products 36 43 48 (7) (12) Letter of credit and loan fees 42 42 40 — 2 Securities gains, net 5 9 5 (4) — Other income(1) 17 20 17 (3) — Noninterest income, underlying $ 514 $ 500 $ 485 $ 14 $ 29 Notable items (2) 3 — — 3 3 Noninterest income, reported $ 517 $ 500 $ 485 $ 17 $ 32

9 ■ Underlying noninterest expense of $1.27 billion, broadly stable – Reflects increase in salaries and employee benefits given seasonally higher payroll taxes and compensation related costs – Equipment and software increased reflecting technology investments – Outside services decreased given lower vendor costs and other efficiency initiatives – Other operating expense decreased reflecting lower advertising and travel expense, as well as lower fraud costs ■ Reported noninterest expense of $1.36 billion decreased $254 million, reflecting the industry-wide FDIC special assessment of $225 million in 4Q23 compared with $35 million in 1Q24 ■ Underlying noninterest expense of $1.27 billion increased 3%; stable excluding $38 million in expenses related to the Private Bank start-up investment – Salaries and employee benefits increased reflecting the Private Bank start-up investment, partly offset by lower headcount – Equipment and software expense increased reflecting technology investments – Other operating expense decreased primarily driven by lower fraud, advertising and travel expense Noninterest expense(1) See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35. Efficiency ratio Underlying expenses broadly stable QoQ; remain highly disciplined on expenses Linked Quarter Year-Over-Year 60.9% 62.3% 64.2% 81.1% 69.3% 57.8% 58.9% 63.1% 63.8% 65.1% Underlying Notable items 1Q23 2Q23 3Q23 4Q23 1Q24 1Q24 4Q23 1Q23 $ $s in millions Q/Q Y/Y Salaries & employee benefits $ 674 $ 635 $ 642 $ 39 $ 32 Equipment & software 184 178 165 6 19 Outside services 146 161 149 (15) (3) Occupancy 107 105 106 2 1 Other operating expense 162 188 168 (26) (6) Noninterest expense, underlying $ 1,273 $ 1,267 $ 1,230 $ 6 $ 43 Notable items (1) 85 345 66 (260) 19 Noninterest expense, reported $ 1,358 $ 1,612 $ 1,296 $ (254) $ 62 Full-time equivalents (FTEs) 17,354 17,570 18,547 (216) (1,193)

10 ■ Average loans down $11.7 billion, or 7%, reflecting Non-Core portfolio run off – Core loans down 5% with commercial down $8.5 billion, or 10%, driven by paydowns, balance sheet optimization actions and lower client demand ■ Period-end loans down $11.5 billion, or 7%, reflecting Non- Core Portfolio run off – Core loans down 5% with commercial down $8.0 billion, or 10%, driven by paydowns, balance sheet optimization actions and lower client demand $156.5 $153.7 $150.8 $148.0 $144.8 $140.9 $139.3 $137.8 $136.3 $134.3 $15.6 $14.4 $13.0 $11.7 $10.5 Core Non-Core Loan yield 1Q23 2Q23 3Q23 4Q23 1Q24 ~10% QoQ ■ Average loans down $3.1 billion, or 2%, reflecting planned Non-Core portfolio run off – Core loans down 1% with commercial down $2.2 billion, or 3%, given paydowns, balance sheet optimization actions and lower client demand ■ Period-end loans down $2.8 billion, or 2%, reflecting planned Non-Core portfolio run off – Core loans down 1% driven by commercial balance sheet optimization actions, paydowns and lower client demand ■ Loan yield of 5.64%, down 7 bps QoQ Loans and leases $s in billions Loans down modestly reflecting continued balance sheet optimization Average loans and leases $154.7 $151.3 $149.7 $146.0 $143.2 $139.6 $137.6 $137.4 $134.9 $133.3 $15.1 $13.7 $12.3 $11.1 $9.9 Core Non-Core 1Q23 2Q23 3Q23 4Q23 1Q24 $s in billions Period-end loans and leases 5.25% 5.52% 5.66% 5.71% 5.64% Linked Quarter Year-Over-Year ~11% QoQ ~1% QoQ ~1% QoQ

11 $174.4 $173.2 $176.5 $177.1 $176.1 1Q23 2Q23 3Q23 4Q23 1Q24 Deposit performance and cost of funds Strong growth in Private Bank and retail branch deposits $s in billions 1Q24 Average deposits 1.28% 1.68% 2.02% 2.18% 2.25% 1.74% 2.21% 2.60% 2.79% 2.85% Total deposit costs Interest-bearing deposit costs Commercial Consumer Other Year-Over-Year 1Q24 Period-end deposits Term Linked Quarter ■ Period-end deposits down slightly – Seasonal outflows in Commercial partially offset by growth in Private Bank and retail branch deposits ■ Average deposits down $1.0 billion – Consumer deposits up $1.5 billion, including Private Bank up $1.3 billion – Commercial down $1.1 billion ■ Citizens Access deposits stable with period-end balance of $11.2 billion ■ Total deposit costs increased 7 bps ■ Interest-bearing deposit costs increased 6 bps – Well-controlled cumulative beta of 52% ■ Total cost of funds of 2.46%, up 2 bps ■ Period-end deposits up $4.2 billion, or 2%; average deposits up $1.8 billion, or 1% – Reflects growth in retail branch and Private Bank deposits – Commercial deposits were stable on a spot basis, down 6% on an average basis reflecting deposit optimization initiatives ■ Total deposit costs up 97 bps and interest-bearing deposit costs up 111 bps ■ Total cost of funds up 87 bps $s in billions $172.2 $177.7 $178.2 $177.3 $176.4 Commercial Consumer Other 1Q23 2Q23 3Q23 4Q23 1Q24

12 NIB 21% Money Market 30%Checking With Interest 19% Citizens Access Savings 6% Savings 10% Term 14% Branch Deposits 49% Citizens Access 6% Wealth 1% Business Banking 12% Commercial 26% Treasury/ Other 6% (As of 3/31/24) Highly diversified and retail-oriented deposit base $176B Period-end deposits Peer Avg(1) Business mix Product mix See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35. Total deposits insured/secured(2) Stable Consumer Banking deposits Peer Avg(1) 44% 42% 42% 22% 21% 21% 22% 21% 21% NIB Low-cost deposits 3Q23 4Q23 1Q24 % NIB and low- cost deposits (3) 55% 67% 68% 4Q23 4Q23 1Q24 65% 71% 70% 4Q23 4Q23 1Q24 Proforma LCR under Category I Bank rules 109% 117% 120% 3Q23 4Q23 1Q24 100%* *Minimum LCR requirement under Category I Bank rules

13 $2,275 $2,299 $2,318 $2,318 $2,308 1.47% 1.52% 1.55% 1.59% 1.61% Allowance for credit losses Allowance to loan coverage ratio 1Q23 2Q23 3Q23 4Q23 1Q24 $996 $1,191 $1,296 $1,364 $1,469 0.64% 0.79% 0.87% 0.93% 1.02% Nonaccrual loans Nonaccrual loans to total loans 1Q23 2Q23 3Q23 4Q23 1Q24 ■ NCOs of $181 million, or 50 bps of average loans and leases ■ Nonaccrual loans increased 8% QoQ to 102 bps of total loans driven by an increase in the General Office segment of commercial real estate, and a modest decrease in the retail portfolio ■ Provision for credit losses of $171 million; ACL coverage ratio of 1.61%, up 2 bps QoQ primarily reflecting lower loan balances given Non-Core run off and commercial balance sheet optimization ■ ACL to nonaccrual loans and leases ratio of 157% compares with 170% as of 4Q23 and 229% as of 1Q23 $168 $176 $172 $171 $171 $133 $152 $153 $171 $181 0.34% 0.40% 0.40% 0.46% 0.50% Provision for credit losses Net charge-offs Net c/o ratio 1Q23 2Q23 3Q23 4Q23 1Q24 Credit quality overview $s in millions $s in millions See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35. Nonaccrual loans $s in millions Allowance for credit losses HighlightsCredit provision expense; net charge-offs (1)

14 4Q23 1Q24 ACL % Coverage ACL % Coverage Retail $ 893 1.25 % $ 883 1.25 % Commercial 1,425 1.91 1,425 1.96 C&I(1) 692 1.54 691 1.57 CRE 733 2.49 734 2.54 Total $ 2,318 1.59 % $ 2,308 1.61 % Memo: General Office ACL $ 370 10.2 % $ 364 10.6 % NCOs $ 48 $ 89 Allowance for credit losses ■ The increase in the ACL reserve coverage to 1.61% primarily reflects the decrease in loan balances and includes slightly higher reserve coverage for commercial, primarily CRE General Office ■ The key macroeconomic assumptions underlying the reserve broadly reflects a shallow recession over the two-year reasonable and supportable period, except for certain portfolios where we used more severe assumptions, such as General Office ■ 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 ~71% Avg. loss severity (%) ~44% Default rate (%) ~24% General Office ACL coverage 10.6% Allowance for credit losses ~$365 million CRE General Office key reserve assumptions ■ CRE General Office portfolio of $3.4 billion, down ~$200 million, or 6%, QoQ driven by paydowns and charge-offs ■ Strong ACL coverage of General Office informed by a severe recession scenario combined with a loan-by- loan analysis – Increased ACL coverage for CRE General Office to 10.6% from 10.2% – Absorbed ~$236 million NCOs over quarters 2Q23-1Q24; equates to a cumulative loss rate to date of ~6% on the 3/31/23 balance ■ Capital impacts of higher stress scenarios very modest CRE General Office commentary See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35.

15 ■ 1Q24 CET1 ratio of 10.6%(1) stable with 10.6% in 4Q23 – 8.9% CET1 ratio adjusted for AOCI opt-out removal ■ Capital ratios consistently remain top quartile of peer group (see slide 16) ■ TBV/share of $30.19, down 2% QoQ, reflects AOCI impacts from higher rates – Tangible common equity ratio of 6.5%, up 23 bps QoQ ■ Paid $197 million in common dividends to shareholders in 1Q24 ■ Repurchased $300 million of common stock at a weighted-average price of $32.46 in 1Q24 ■ Total capital returned to shareholders, including common dividends, was $497 million in 1Q24 Strong capital position $s in billions (period-end) 1Q23 2Q23 3Q23 4Q23 1Q24 Basel III basis(1)(2) Common equity tier 1 capital $ 18.4 $ 18.4 $ 18.4 $ 18.4 $ 18.1 Risk-weighted assets $ 183.2 $ 179.0 $ 176.4 $ 172.6 $ 170.1 Common equity tier 1 ratio 10.0 % 10.3 % 10.4 % 10.6 % 10.6 % Tier 1 capital ratio 11.1 % 11.4 % 11.5 % 11.8 % 11.8 % Total capital ratio 12.9 % 13.3 % 13.4 % 13.7 % 13.8 % Tangible common equity ratio 6.6 % 6.3 % 5.9 % 6.7 % 6.5 % See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35. TBV/share CET1 $ % 4Q23 10.6% $30.91 Net Income 0.20 0.73 2.4% Common and preferred dividends (0.13) (0.49) (1.6) RWA decrease 0.15 Treasury stock (0.18) (0.05) (0.2) Goodwill and intangibles — — — AOCI — (0.89) (2.9) Other (0.04) (0.02) (0.1) Total change — (0.72) (2.3)% 1Q24 10.6% $30.19 CET1 ratio remains strong(3) Highlights

16 Capital level remains near the top of the peer group Tangible Common Equity CET1 Ratio adjusted for AOCI opt-out removalCET1 Ratio(1) ■ Well positioned for changing regulatory environment ■ CET1 ratio under current rules of 10.6%(1), and 8.9% 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 Peer data as of December 31, 2023. Peers include CMA, FITB, HBAN, KEY, MTB, PNC, RF, TFC and USB. See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35. 11.1% 11.0% 10.6% 10.6% 10.3% 10.3% 10.2% 10.1% 10.0% 9.9% 9.9% Peer 1 Peer 2 CFG (1Q24) CFG (4Q23) Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 10.8% 9.0% 8.9% 8.4% 8.4% 8.2% 7.7% 7.7% 7.6% 7.1% 6.8% Peer 1 CFG (4Q23) CFG (1Q24) Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 8.2% 6.8% 6.7% 6.5% 6.3% 6.2% 6.1% 5.7% 5.7% 5.3% 5.1% Peer 1 Peer 2 CFG (4Q23) CFG (1Q24) Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Remove TCE?

17 $8.7 $10.4 Mar-23 Mar-24 Consumer Banking - transformed franchise Dec-19 Mar-24 Strong customer growth Growing strong in NYC Metro Strong deposit performance Relationship-based capital deployment Improving digital strength High quality growth acceleration Retail deposit growth ($ billions) Primary checking household growth (millions) +16% ~7% ~17% All-time high app store rating YoY growth in mobile active users YoY growth in digital payments Building scale in Wealth Management $20.9 $24.0 $7.7 $8.7 $13.2 $15.3 1Q23 1Q24 Citizens Private Wealth Citizens Wealth Management AUM ($ billions) +15% Demonstrating franchise quality ■ HELOC ■ Mortgage ■ Card ■ Student ■ Indirect Auto ■ Wholesale Mortgage ■ Fintech purchase flow agreements Growth focusExited 2018 2023 +~7% CAGR Low-cost branch- based deposits ■ Strong low-cost deposit growth ■ Significantly improved deposit beta performance vs prior rate cycle 1.76 2.03 362 387 Mar-23 Mar-24 +~7% +~20% Retail household growth ('000s)

18 $0.2 $1.2 $2.4 3Q23 4Q23 1Q24 81%19% Commercial Consumer High-quality loans Wealth AUM DDA 30% CWI 3% Savings 64% Term 3% Private Bank - high-quality, accretive growth ■ ~80% of deposits are Commercial ■ DDA/CWI is 33% of deposit mix $0.4 $0.5 12/31/23 03/31/24 as of 3/31/24 with a yield of ~8% 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 geographically linked teams connected to the Private Bank P&L Expect to reach breakeven in 2H2024 Financial expectations 2024 as of 3/31/24 Deposit mix $1.1B $s in billions Deposit growth as of 3/31/24 $s in billions Strong accretive portfolio composition

19 Focused on middle market, mid- corporate, sponsor clients For the past 12 years, Citizens has been cultivating distinctive capabilities to serve the middle market economy including the private capital ecosystem ■ Significant investments in talent and capabilities; five advisory acquisitions since 2017, Private Bank synergies ■ Steady multi-year league table gains in middle market and overall market ■ Effectively utilizing our balance sheet to support both private equity and private debt firms active in the middle market Commercial Banking - uniquely positioned Strong league table results Middle market bookrunner by deal count 12 months ended March 31, 2024 Sponsor #1 Overall #8 Private capital opportunity Private capital fundraising has led to record deal formation, M&A activity and fees 2019-2023 eclipsed prior five years by 44% $3.3 trillion U.S. private capital fundraising ■ Multi-year investments in talent, capabilities, industry expertise to serve clients through their life cycle ■ Built-out global markets, securities businesses, advisory and wealth capabilities ■ Focused on key growth verticals ■ Enhanced Treasury Solutions; developing integrated payments platforms Full life-cycle capabilities Vertical expertise and strong sponsor relationships, advisory, subscription finance, fund finance, LBOs, public market capital Focused on high-growth markets Fully-integrated client coverage Built a formidable full-service corporate bank ■ Expanded to a national focus; growing mid-corporate client base through continued expansion into Southeast, Texas, California ■ Poised for upside in capital markets ■ Growth opportunities in Treasury Solutions & Payments ■ Developed full-service capabilities for private capital ■ Strong integrated coverage model serving middle market, mid-corporate and private capital ■ Expanding leveraged finance and M&A opportunities across middle market, sponsor client base ■ Increasing sustainability focus with clients especially in carbon-intensive sectors

20 2Q24 outlook vs. 1Q24 See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35. 1Q24 Underlying(1) 2Q24 Underlying outlook Net interest income $1,442MM ■ Down ~2% Noninterest income $514MM ■ Up ~3-4% Noninterest expense $1,273MM ■ Stable to down slightly Net charge-offs 50 bps ■ ~50 bps; ACL will continue to benefit from Non-Core run off CET1 ratio(2) 10.6% ■ ~10.5% Tax rate 22.8% ■ ~21% ■ 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 Key 2024 economic and rate assumptions ■ Broadly reaffirm FY2024 outlook provided in January ■ Updated key rate assumptions: 25 bp Fed rate cut in July and December with YE2024 Fed Funds target of 5%

21 Citizens is an attractive investment opportunity Citizens continues to have a series of unique initiatives that will lead to relative medium-term outperformance – Transformed Consumer Bank with further deposit growth and Wealth revenue potential; well positioned in NYC metro to gain market share; performance tracking well – Well-positioned Commercial Bank ready to serve private capital and high-growth sectors of the U.S. economy – Building premier Wealth/Private Bank franchise - off to a strong start and gathering momentum through 2024 Citizens has robust capital, liquidity and funding position Citizens has performed well since the IPO given its sound strategy, capable and experienced leadership and a strong customer-focused culture – Track record of strong execution – Commitment to operating and financial discipline; TOP 9 progressing well – 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 – 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 – Significant NII contribution from Non-Core and swaps over the medium term; target NIM range 3.25 to 3.40% – Private Bank results go from net investment position towards 20%+ ROTCE – Current significant drag from Non-Core dissipates with time

Appendix

23 Net income available to common shareholders and EPS $s in millions, except per share data ê5% $721 $683 4Q23 1Q24 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 ê7% $148.0 $144.8 4Q23 1Q24 $177.1 $176.1 4Q23 1Q24 1.02% 0.94% 0.78% 0.75% 4Q23 1Q24 14.8% 12.8% 11.8% 10.6% 4Q23 1Q24 $396 $365 $0.85 $0.79 4Q23 1Q24 ê8% Pre-provision profit $s in millions See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35. ê119 bps ê3 bpsê1%

24 $898 $683 1Q23 1Q24 Year-over-year Underlying results(1) Return on average total tangible assets ê24% Average loans $s in billions ê7% 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 ê31 bps $3.5 6 $156.5 $144.8 1Q23 1Q24 $174.4 $176.1 1Q23 1Q24 1.24% 0.94% 1.06% 0.75% 1Q23 1Q24 17.3% 12.8%15.8% 10.6% 1Q23 1Q24 é1% Pre-provision profit $s in millions ê515 bps $537 $365 $1.10 $0.79 1Q23 1Q24 See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35. ê28% ê32%

25 $(50) $— $50 $100 $150 $200 $250 Significant NII contribution from Non-Core and swaps in 2025 and beyond given run off and lower rates Terminated swaps (fixed impact; not dependent on rates) Active swaps (received fixed only) - impact based on forward curve Expected incremental quarterly NII & NIM contribution from Non-Core and receive-fixed swaps portfolio relative to 1Q24 Non-Core portfolio* Net impact $(75) $(50) $(25) $— $25 $50 $75 $100 $125 $150 $175 $200 $225 $250 **Non-Core includes benefit from denominator effects which accounts for ~65% of the NIM tailwind by 4Q27 4Q24 4Q25 4Q26 4Q271Q24 to 4Q27 NIM Tailwind Non-Core** ~22 bps Terminated swaps ~23 bps Active swaps ~17 bps Total ~62 bps 0 bps + ~29 bps Medium-term CFG NIM range Net Cumulative NIM Impact ~3.25-3.40% + ~62 bps Receive-fixed active swaps $ (87) Terminated swaps (115) Total swaps (202) Non-Core (37) Total NII $ (239) Net NIM impact ~(65) bps 1Q24 NII contribution $s in millions $s in millions + ~57 bps ~$(35) ~$91 ~$213 ~$233 ■ 1Q24 NIM of 2.91% expected to benefit ~62 bps by 4Q27 from Non-Core and swaps, partially offset by a ~15-25 bps impact of an asset sensitive core balance sheet, resulting in a medium-term NIM outlook of 3.25-3.40% ■ Assumes Fed Funds at ~5% by YE2024 and trending toward ~3.50% by YE2027 Medium-term NIM

26 ■ 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 $21.1 $21.9 $29.5 $30.5 1Q24 2Q24 3Q24 4Q24 W.A. receive-fixed rate at 3/31/24 3.7% 3.1% 3.1% 3.1% 4.2% 3.2% 3.2% 3.5% 3.7% NII impact from active swaps ($MM)* $(87) $(121) $(155) $(140) $(123) $(504) $(293) $(52) $19 NII impact from terminated swaps ($MM) $(115) $(115) $(115) $(114) $(441) $(459) $(426) $(229) $(40) Total NII impact ($MM) $(202) $(236) $(270) $(254) $(564) $(963) $(719) $(281) $(21) Protecting NII from adverse outcomes while reducing earnings volatility through economic cycles Receive-fixed cash flow swaps (avg. notional in $ billions at 3/31/24) ■ Increase in the 2024 swap position is incorporated in the FY2024 NII guidance ■ Significant tailwind to NII over 2025 to 2027 as swaps run off and the Fed normalizes rates – Estimated incremental annual benefit of ~$244 million in 2025; ~$438 million in 2026; and ~$260 million in 2027 – The funded balance sheet is inherently asset sensitive which partly offsets these benefits *Includes impacts from variation margin and daily compounding effects with SOFR

27 Investment portfolio management as of 3/31/24 ...with a high-quality securities portfolio ■ Maintain strong liquidity profile – 120% LCR under Category I Bank rules at 3/31/24 ■ Continuing actions to reduce portfolio duration and protect capital from rate-related volatility – Increased pay-fixed swap portfolio by ~$1.7 billion during the quarter – Outstanding pay-fixed swaps of ~$7.0 billion at 3/31/24; WA pay rate of ~3.8% with WA life of ~5.8 years Investment portfolio strategy ■ 97% U.S. Treasury, Govt. or Govt-backed securities ■ ~85% fixed-rate; ~67% fixed-rate with hedges ■ ~75% AFS/~25% HTM Highly liquid and well-diversified Maintaining strong liquidity, while shortening duration... U.S Treasuries 12% U.S Govt Guaranteed 20% "GSE" Fannie Mac and Freddie Mac 66% Other 3% ~$39B(1) securities portfolio 2.74% 2.81% 2.95% 3.25% 3.63% 2.41% 2.52% 2.57% 2.59% CFG Peer Median 1Q23 2Q23 3Q23 4Q23 1Q24 ...and improving yields relative to peer median... $39B(1) See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35. $s in billions $40 $48 $49 $31 $27 $26 $5 $7$2 $6 $6$7 $10 $10 Cash Floating Fixed Hedged Fixed 1Q23 4Q23 1Q24Duration Securities 5.8 3.9 3.8 Cash & Securities 4.9 3.2 3.0

28 AOCI accretion 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 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 $(2.5) $(2.0) $(1.7) $(1.4) $(0.3) $(0.3) $(0.3) $(0.3) $(1.3) $(0.7) $(0.2) Swaps Pension Securities 3/31/2024 12/31/2024 12/31/2025 12/31/2026 $(4.2) $(3.1) $(2.2) $(1.8) ~58% TCE CET1(2) $(2.8) $(2.4) $(2.0) $(1.7) Commentary ■ Expect significant capital generation via accretion to AOCI as unrealized losses "burn off" – ~$1.1 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(4) ■ Recent hedging actions 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 ~20 bps Burn-off by YE2026~38% (1) Select totals may not sum due to rounding (2) CET1 adjusted for AOCI opt-out removal accretion based on forward curve with YE2024 Fed Funds target of ~5%, and trending toward ~3.50% by YE2027 (3) Unrealized losses in swap portfolio includes both active and terminated swaps (4) CET1 ratio impact for illustrative purposes assumes the RWA balance at 3/31/24 Projected accretion to TCE and CET1 adjusted for AOCI opt-out removal(1) Accretes to CET1(2) (3)

29 ■ Non-Core portfolio of $9.9 billion retail loans as of March 31, 2024 – $1.2 billion decline in 1Q24 – ~4.3% WA loan yield (~98% fixed rate); ~5.7% WA funding cost ■ Retail products targeted for growth include areas with greatest relationship potential – Home equity, card, mortgage ■ Commercial BSO activities focused on exiting lower- return, credit-only relationships; selectively originating C&I loans with multi-product relationship potential Non-Core portfolio update Non-Core portfolio Focusing on relationship-based lending with attractive risk-adjusted returns Enhancing risk profile, liquidity and returns $11.1 $9.9 $7.2 $4.6 $8.3 $7.3 $5.0 $2.8 $2.8 $2.6 $2.2 $1.8 Education and Other Retail (Purchased) Indirect Auto 4Q23 1Q24 4Q24 4Q25 Commentary

30 $72.8B Commercial credit portfolio See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35. Commercial portfolio risk ratings(4) $s in billions 58% 57% 56% 25% 17% 17% 14% 19% 20% 3% 7% 7% 4Q19 4Q23 1Q24 B- and lower B+ to B BB+ to BB- AAA+ to BBB- $57.5 $72.8 Highlights $74.4($ in billions) Balances % of total CFG C&I Finance and Insurance Capital call facilities $ 5.1 4 % Other Finance and Insurance 5.8 4 Other Manufacturing 3.8 2 Technology 3.3 2 Accommodation and Food Services 2.8 2 Health, Pharma, Social Assistance 2.5 2 Professional, Scientific, and Technical Services 2.4 2 Wholesale Trade 2.4 2 Retail Trade 2.1 1 Other Services 2.4 2 Energy & Related 2.0 1 Rental and Leasing 0.9 1 Consumer Products Manufacturing 0.9 1 Administrative and Waste Management Services 1.5 1 Arts, Entertainment, and Recreation 1.6 1 Automotive 0.9 1 Other (1) 3.6 2 Total C&I(2) $ 44.0 31 % CRE Multi-family $ 9.5 7 % Office 5.7 4 Credit tenant lease and life sciences(3) 2.3 2 Other general office 3.4 2 Industrial 4.1 3 Retail 3.4 2 Co-op 1.8 1 Data Center 0.7 — Hospitality 0.6 — Other (1) 3.1 3 Total CRE $ 28.9 20 % Total Commercial loans & leases $ 72.8 51 % Total CFG $ 143.2 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 ~$13 million ■ CRE portfolio is well diversified across asset type, geography, and borrowers with the emphasis on strong sponsor selection

31 Suburban Class C 2% CBD Class C 5% Suburban Class A 39% CBD Class A 15% Suburban Class B 29% CBD Class B 10% 53% 100% 88% 100% 58% 76% 9% 42% 81% 100% 47% 12% 42% 24% 91% 58% 19% New York, NY Washington, DC Dallas, TX Los Angeles, CA Atlanta, GA Philadelphia, PA Chicago, IL Boston, MA Baltimore, MD Phoenix, AZ Suburban CBD NY 13.4% VA 12.3% NJ 10.8% CA 9.2% TX 8.2% MD 6.4% PA 5.1% GA 4.7% IL 3.9% MA 3.6% OH 3.5% AZ 2.7% CO 2.5% WA 2.3% NC 2.2% Other 9.2% Commercial Real Estate - $5.7B Office portfolio: well diversified $3.4B General Office by state Other MN CT FL VT MO IN DC MI UT SC RI DE 24% 16% 60% General Office $3.4B Credit Tenant $1.4B Life Sciences $0.9B Property type $3.4B General Office class & location Top 10 General Office MSA breakdown Outstanding *Manhattan is ~$115 million $ 789 519 201 193 162 153 135 117 95 92 $ in millions (As of 3/31/24)

32 38% 43% 44% 33% 32% 31% 18% 16% 16% 5% 4% 4%6% 5% 5% 4Q19 4Q23 1Q24 44% 21% 11% 4% 13% 7% $70.4B Retail credit portfolio 800+ 740-799 680-739 640-679 <640 $61.6 $70.4 $s in billions $71.5 Home equity Retail loans(1) Residential mortgage Auto Education - in school Education - refinance Other retail ~95% of retail portfolio > 680 Super-prime/prime* ~76% of retail portfolio Secured ■ Mortgage – FICO ~785 – Weighted-average LTV of ~53% ■ Home equity – FICO ~760 – ~35% secured by 1st lien – ~98% CLTV less than 80% – ~86% 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 See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35. Retail portfolio FICOs(2)

33 Allocation of allowance for credit losses by product type March 31, 2024 December 31, 2023 $s in millions Loans and Leases Allowance Coverage Loans and Leases Allowance Coverage Commercial and industrial(1)(2) $ 43,951 $691 1.57 % $ 44,975 $692 1.54 % Commercial real estate 28,872 734 2.54 29,471 733 2.49 Total commercial 72,823 1,425 1.96 74,445 1,425 1.91 Residential mortgages 31,512 171 0.54 31,332 181 0.58 Home equity 15,113 129 0.86 15,040 137 0.91 Automobile 7,277 42 0.57 8,258 57 0.69 Education 11,646 267 2.29 11,834 266 2.25 Other retail 4,817 274 5.70 5,050 252 4.98 Total retail loans 70,365 883 1.25 71,514 893 1.25 Allowance for credit losses(3) $143,188 $2,308 1.61 % $145,959 $2,318 1.59 % See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35.

34 Delinquency by product type See pages 36-37 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 35. March 31, 2024 (%) 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(1) 99.05 % 0.17 % 0.06 % 0.05 % 0.67 % 99.14 % 0.14 % 0.04 % 0.01 % 0.67 % Commercial real estate 96.76 1.01 0.02 0.14 2.07 97.53 0.51 0.20 0.14 1.62 Total commercial 98.14 0.50 0.05 0.09 1.22 98.52 0.28 0.10 0.06 1.04 Residential mortgages(2) 97.56 0.86 0.37 0.66 0.55 97.34 0.90 0.38 0.82 0.56 Home equity 97.40 0.52 0.17 — 1.91 97.34 0.55 0.22 — 1.89 Automobile 97.36 1.58 0.41 — 0.65 96.94 1.74 0.58 — 0.74 Education 99.23 0.34 0.16 0.02 0.25 99.14 0.41 0.19 0.02 0.24 Other retail 97.10 0.89 0.62 0.56 0.83 97.02 0.97 0.67 0.57 0.77 Total retail 97.75 0.78 0.31 0.34 0.82 97.56 0.85 0.36 0.40 0.83 Total 97.94 % 0.64 % 0.18 % 0.21 % 1.03 % 98.05 % 0.56 % 0.23 % 0.23 % 0.93 %

35 Notable items(1) Quarterly results reflect notable items primarily related to integration costs associated with recent acquisitions, as well as TOP revenue and efficiency initiatives and other expense reductions actions. In addition, first quarter 2024 and fourth quarter 2023 include a notable item for the FDIC special assessment. These notable items have been excluded from reported results to better reflect Underlying operating results. See pages 36-37 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 1Q24 4Q23 1Q23 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Salaries & benefits $ (2) $ (1) $ (2) $ (1) $ (7) $ (5) Equipment and software — — — — (3) (2) Outside services (1) (1) (3) (2) (25) (19) Occupancy — — — — (16) (12) Other expense — — — — (1) (1) Noninterest expense $ (3) $ (2) $ (5) $ (3) $ (52) $ (39) EPS Impact - Noninterest expense $ (0.01) $ (0.01) $ (0.08) Total Integration Costs $ (3) $ (2) $ (5) $ (3) $ (52) $ (39) EPS Impact - Total Integration-related $ (0.01) $ (0.01) $ (0.08) Other notable items - TOP & Other 1Q24 4Q23 1Q23 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Tax notable items $ — $ — $ — $ 17 $ — $ — Noninterest income $ 3 $ 2 $ — $ — $ — $ — Salaries & benefits $ (15) $ (11) $ (30) $ (22) $ (9) $ (7) Equipment and software (8) (6) (37) (27) (1) (1) Outside services (11) (9) (10) (7) (2) (1) Occupancy (7) (5) (20) (15) (2) (1) FDIC Assessment(1) (35) (26) (225) (167) — — Other expense (6) (4) (18) (13) — — Noninterest expense $ (82) $ (61) $ (340) $ (251) $ (14) $ (10) Total Other Notable Items $ (79) $ (59) $ (340) $ (234) $ (14) $ (10) EPS Impact - Other Notable Items $ (0.13) $ (0.50) $ (0.02) Total Notable Items $ (82) $ (61) $ (345) $ (237) $ (66) $ (49) Total EPS Impact $ (0.14) $ (0.51) $ (0.10) (1) The FDIC special assessment earnings per share impact is $(0.06) and $(0.35) for first quarter 2024 and fourth quarter 2023, respectively. Notable items 1Q24 4Q23 1Q23 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Integration-related Salaries & benefits $ (2) $ (1) $ (2) $ (1) $ (7) $ (5) Equipment and software — — — — (3) (2) Outside services (1) (1) (3) (2) (25) (19) Occupancy — — — — (16) (12) Other expense — — — — (1) (1) Net integration-related $ (3) $ (2) $ (5) $ (3) $ (52) $ (39) EPS Impact - Total Integration-related $ (0.01) $ (0.01) $ (0.08) TOP-related Card fee income $ 3 $ 2 $ — $ — $ — $ — Salaries & benefits $ (2) $ (1) $ (3) $ (2) $ (9) $ (7) Equipment and software (8) (6) (37) (27) (1) (1) Outside services (11) (9) (10) (7) (2) (1) Occupancy (7) (5) (20) (15) (2) (1) Other expense (6) (4) (18) (13) — — Net TOP-related $ (31) $ (23) $ (88) $ (64) $ (14) $ (10) EPS Impact - TOP-related $ (0.07) $ (0.14) $ (0.02) Other items Tax notable items $ — $ — $ — $ 17 $ — $ — FDIC Assessment(1) (35) (26) (225) (167) — — Other efficiencies (Severance / Salaries & Benefits) (13) (10) (27) (20) — — Net Other items $ (48) $ (36) $ (252) $ (170) $ — $ — EPS Impact - Other items $ (0.06) $ (0.36) Total Notable Items $ (82) $ (61) $ (345) $ (237) $ (66) $ (49) Total EPS Impact $ (0.14) $ (0.51) $ (0.10) (1) The FDIC special assessment earnings per share impact is $(0.06) and $(0.35) for first quarter 2024 and fourth quarter 2023, respectively.

36 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 - 1Q24 GAAP Summary 1) See general note a). Notes on slide 4 - 1Q24 Underlying financial summary 1) See note on non-GAAP financial measures. Notes on slide 5 - 1Q24 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 March 31, 2024, 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 - 1Q24 Overview 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 8 - Noninterest income 1) Includes bank-owned life insurance income and other miscellaneous income for all periods presented. 2) See above note on non-GAAP financial measures. See Notable Items slide 35 for more detail. Notes on slide 9 - Noninterest expense 1) See above note on non-GAAP financial measures. See Notable Items slide 35 for more detail. Notes on slide 12 - 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 13 - Credit quality overview 1) Allowance for credit losses to nonaccrual loans and leases. Notes on slide 14 - Allowance for credit losses 1) Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation. Notes on slide 15 - Strong capital position 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). Notes on slide 16 - Capital level remains near top of the peer group 1) See general note d).

37 Notes continued Notes on slide 20 - 2Q24 outlook vs. 1Q24 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 23 - Linked-quarter Underlying results 1) See note on non-GAAP financial measures. Notes on slide 24 - Year-over-year Underlying results 1) See note on non-GAAP financial measures. Notes on slide 27 - Investment portfolio management 1) Represents fair value balances. Notes on slide 30 - $72.8B Commercial credit portfolio 1) Includes deferred fees and costs. 2) Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation. 3) Credit tenant lease includes loans to nationally recognized tenants with high credit ratings and life sciences includes loans to provide lab and office space for tenants involved in the study and development of scientific discoveries. 4) Reflects period end balances. Notes on slide 32 - $70.4B Retail credit portfolio 1) See general note c). 2) Reflects period end balances. Notes on slide 33 - 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) Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation. 3) Coverage ratio reflects total allowance for credit losses for the respective portfolio. Notes on slide 34 - Delinquency by product type 1) Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation. 2) 90+ days past due and accruing includes $202 million, $243 million, and $309 million of loans fully or partially guaranteed by the FHA, VA, and USDA for March 31, 2024, December 31, 2023, and March 31, 2023, respectively. Notes on slide 35 - Notable items 1) See note on non-GAAP financial measures. Notes on slide 46 - 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 March 31, 2024, 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).

38 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 1Q24 Change 1Q24 4Q23 1Q23 4Q23 1Q23 $ % $ % Noninterest income, Underlying: Noninterest income (GAAP) A $517 $500 $485 $17 3% $32 7% Less: Notable items 3 — — 3 100 3 100 Noninterest income, Underlying (non-GAAP) B $514 $500 $485 $14 3% $29 6% Total revenue, Underlying: Total revenue (GAAP) C $1,959 $1,988 $2,128 ($29) (1%) ($169) (8%) Less: Notable items 3 — — 3 100 3 100 Total revenue, Underlying (non-GAAP) D $1,956 $1,988 $2,128 ($32) (2%) ($172) (8%) Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,358 $1,612 $1,296 ($254) (16%) $62 5% Less: Notable items 85 345 66 (260) (75) 19 29 Noninterest expense, Underlying (non-GAAP) F $1,273 $1,267 $1,230 $6 —% $43 3% Pre-provision profit: Total revenue (GAAP) C $1,959 $1,988 $2,128 ($29) (1%) ($169) (8%) Less: Noninterest expense (GAAP) E 1,358 1,612 1,296 (254) (16) 62 5 Pre-provision profit (non-GAAP) $601 $376 $832 $225 60% ($231) (28%) Pre-provision profit, Underlying: Total revenue, Underlying (non-GAAP) D $1,956 $1,988 $2,128 ($32) (2%) ($172) (8%) Less: Noninterest expense, Underlying (non-GAAP) F 1,273 1,267 1,230 6 — 43 3 Pre-provision profit, Underlying (non-GAAP) $683 $721 $898 ($38) (5%) ($215) (24%) Income before income tax expense, Underlying: Income before income tax expense (GAAP) G $430 $205 $664 $225 110% ($234) (35%) Less: Income (expense) before income tax expense (benefit) related to notable items (82) (345) (66) 263 76 (16) (24) Income before income tax expense, Underlying (non-GAAP) H $512 $550 $730 ($38) (7%) ($218) (30%) Income tax expense, Underlying: Income tax expense (GAAP) I $96 $16 $153 $80 NM ($57) (37%) Less: Income tax expense (benefit) related to notable items (21) (108) (17) 87 81 (4) (24) Income tax expense, Underlying (non-GAAP) J $117 $124 $170 ($7) (6%) ($53) (31%) Net income, Underlying: Net income (GAAP) K $334 $189 $511 $145 77% ($177) (35%) Add: Notable items, net of income tax benefit 61 237 49 (176) (74) 12 24 Net income, Underlying (non-GAAP) L $395 $426 $560 ($31) (7%) ($165) (29%) Net income available to common stockholders, Underlying: Net income available to common stockholders (GAAP) M $304 $159 $488 $145 91% ($184) (38%) Add: Notable items, net of income tax benefit 61 237 49 (176) (74) 12 24 Net income available to common stockholders, Underlying (non-GAAP) N $365 $396 $537 ($31) (8%) ($172) (32%)

39 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 1Q24 Change 1Q24 4Q23 1Q23 4Q23 1Q23 $/bps % $/bps % Operating leverage: Total revenue (GAAP) C $1,959 $1,988 $2,128 ($29) (1.41%) ($169) (7.96%) Less: Noninterest expense (GAAP) E 1,358 1,612 1,296 (254) (15.75) 62 4.77 Operating leverage 14.34% (12.73%) Operating leverage, Underlying: Total revenue, Underlying (non-GAAP) D $1,956 $1,988 $2,128 ($32) (1.55%) ($172) (8.09%) Less: Noninterest expense, Underlying (non-GAAP) F 1,273 1,267 1,230 6 0.43 43 3.38 Operating leverage, Underlying (non-GAAP) (1.98%) (11.47%) Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 69.33 % 81.13% 60.90 % (1,180) bps 843 bps Efficiency ratio, Underlying (non-GAAP) F/D 65.05 63.77 57.84 128 bps 721 bps Effective income tax rate and effective income tax rate, Underlying: Effective income tax rate I/G 22.28% 7.59% 22.97 % 1,469 bps (69) bps Effective income tax rate, Underlying (non-GAAP) J/H 22.84 22.25 23.25 59 bps (41) bps Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) O $21,700 $21,209 $21,702 $491 2% ($2) —% Less: Average goodwill (GAAP) 8,188 8,188 8,177 — — 11 — Less: Average other intangibles (GAAP) 153 163 192 (10) (6) (39) (20) Add: Average deferred tax liabilities related to goodwill (GAAP) 433 421 422 12 3 11 3 Average tangible common equity P $13,792 $13,279 $13,755 $513 4% $37 —% Return on average tangible common equity M/P 8.86 % 4.72% 14.38 % 414 bps (552) bps Return on average tangible common equity, Underlying (non-GAAP) N/P 10.65 11.84 15.80 (119) bps (515) bps Return on average total assets and return on average total assets, Underlying: Average total assets (GAAP) Q $220,770 $223,653 $222,711 ($2,883) (1%) ($1,941) (1%) Return on average total assets K/Q 0.61 % 0.33% 0.93 % 28 bps (32) bps Return on average total assets, Underlying (non-GAAP) L/Q 0.72 0.76 1.02 (4) bps (30) bps $s in millions, except share, per share and ratio data

40 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 1Q24 Change 1Q24 4Q23 1Q23 4Q23 1Q23 $/bps % $/bps % Return on average total tangible assets and return on average total tangible assets, Underlying: Average total assets (GAAP) Q $220,770 $223,653 $222,711 ($2,883) (1%) ($1,941) (1%) Less: Average goodwill (GAAP) 8,188 8,188 8,177 — — 11 — Less: Average other intangibles (GAAP) 153 163 192 (10) (6) (39) (20) Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 433 421 422 12 3 11 3 Average tangible assets R $212,862 $215,723 $214,764 ($2,861) (1%) ($1,902) (1%) Return on average total tangible assets K/R 0.63 % 0.35% 0.97 % 28 bps (34) bps Return on average total tangible assets, Underlying (non-GAAP) L/R 0.75 0.78 1.06 (3) bps (31) bps Tangible book value per common share: Common shares - at period-end (GAAP) S 458,485,032 466,418,055 483,982,264 (7,933,023) (2%) (25,497,232) (5%) Common stockholders' equity (GAAP) $21,747 $22,329 $22,187 ($582) (3) ($440) (2) Less: Goodwill (GAAP) 8,188 8,188 8,177 — — 11 — Less: Other intangible assets (GAAP) 148 157 185 (9) (6) (37) (20) Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 433 433 422 — — 11 3 Tangible common equity T $13,844 $14,417 $14,247 ($573) (4%) ($403) (3%) Tangible book value per common share T/S $30.19 $30.91 $29.44 ($0.72) (2%) $0.75 3% 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 461,358,681 466,234,324 485,444,313 (4,875,643) (1%) (24,085,632) (5%) Average common shares outstanding - diluted (GAAP) V 463,797,964 468,159,167 487,712,146 (4,361,203) (1) (23,914,182) (5) Net income per average common share - basic (GAAP) M/U $0.66 $0.34 $1.00 $0.32 94 ($0.34) (34) Net income per average common share - diluted (GAAP) M/V 0.65 0.34 1.00 0.31 91 (0.35) (35) Net income per average common share - basic, Underlying (non-GAAP) N/U 0.79 0.85 1.10 (0.06) (7) (0.31) (28) Net income per average common share - diluted, Underlying (non- GAAP) N/V 0.79 0.85 1.10 (0.06) (7) (0.31) (28) Dividend payout ratio and dividend payout ratio, Underlying: Cash dividends declared and paid per common share W $0.42 $0.42 $0.42 $— —% $— —% Dividend payout ratio W/(M/U) 64 % 124 % 42 % (5,989) bps 2,164 bps Dividend payout ratio, Underlying (non-GAAP) W/(N/U) 53 49 38 400 bps 1,500 bps $s in millions, except share, per share and ratio data

41 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 1Q24 Change 1Q24 4Q23 1Q23 4Q23 1Q23 $/bps % $/bps % Card fees, Underlying: Card fees (GAAP) $86 $70 $72 $16 23% $14 19% Less: Notable items 3 — — 3 100 3 100 Card fees, Underlying (non-GAAP) $83 $70 $72 $13 19% $11 15% Salaries and employee benefits, Underlying: Salaries and employee benefits (GAAP) $691 $667 $658 $24 4% $33 5% Less: Notable items 17 32 16 (15) (47) 1 6 Salaries and employee benefits, Underlying (non-GAAP) $674 $635 $642 $39 6% $32 5% Equipment and software, Underlying: Equipment and software (GAAP) $192 $215 $169 ($23) (11%) $23 14% Less: Notable items 8 37 4 (29) (78) 4 100 Equipment and software, Underlying (non-GAAP) $184 $178 $165 $6 3% $19 12% Outside services, Underlying: Outside services (GAAP) $158 $174 $176 ($16) (9%) ($18) (10%) Less: Notable items 12 13 27 (1) (8) (15) (56) Outside services, Underlying (non-GAAP) $146 $161 $149 ($15) (9%) ($3) (2%) Occupancy, Underlying: Occupancy (GAAP) $114 $125 $124 ($11) (9%) ($10) (8%) Less: Notable items 7 20 18 (13) (65) (11) (61) Occupancy, Underlying (non-GAAP) $107 $105 $106 $2 2% $1 1% Other operating expense, Underlying: Other operating expense (GAAP) $203 $431 $169 ($228) (53%) $34 20% Less: Notable items 41 243 1 (202) (83) 40 NM Other operating expense, Underlying (non-GAAP) $162 $188 $168 ($26) (14%) ($6) (4%) $s in millions, except share, per share and ratio data

42 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 3Q23 2Q23 Noninterest income, Underlying: Noninterest income (GAAP) A $492 $506 Less: Notable items — — Noninterest income, Underlying (non-GAAP) B $492 $506 Total revenue, Underlying: Total revenue (GAAP) C $2,014 $2,094 Less: Notable items — — Total revenue, Underlying (non-GAAP) D $2,014 $2,094 Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,293 $1,306 Less: Notable items 22 73 Noninterest expense, Underlying (non-GAAP) F $1,271 $1,233 Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 64.2 % 62.3% Efficiency ratio, Underlying (non-GAAP) F/D 63.1 58.9

43 Non-GAAP financial measures and reconciliations - CET1 adjusted for AOCI opt-out removal 1Q24 4Q23 CET1 Ratio adjusted for AOCI opt-out removal CET1 capital $ 18,090 $ 18,358 Less: AFS securities - AOCI 1,687 1,511 HTM securities - AOCI(1) 810 827 DTA for AFS/HTM securities 12 14 Pension 324 333 DTA for Pension 1 1 CET 1 capital adjusted for AOCI opt-out removal A $15,256 $15,672 Risk-weighted assets 170,125 172,601 Less: HTM securities - AOCI 142 146 AFS securities - AOCI 282 243 DTA for AFS/HTM securities (2,062) (1,901) Pension 324 333 DTA for Pension (292) (287) Risk-weighted assets adjusted for AOCI opt-out removal B $171,731 $174,067 CET1 Ratio adjusted for AOCI opt-out removal A/B 8.9 % 9.0 % $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

44 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core $s in millions, except share, per share and ratio data QUARTERLY TRENDS 1Q24 4Q23 1Q23 Net income available to common stockholders, Underlying: Net income available to common stockholders (GAAP) $304 $159 $488 Add: Notable items, net of income tax benefit 61 237 49 Net income available to common stockholders, Underlying (non-GAAP) A $365 $396 $537 Private Bank Net income available to common stockholders, (GAAP) (16) (27) — Less: Private Bank Notable Items (1) (1) — Private Bank Net income available to common stockholders, Underlying (non-GAAP) B ($15) ($26) $— Non-Core Net income available to common stockholders, (GAAP) C ($60) ($72) ($50) Net income available to common stockholders excluding Private Bank & Non-Core, Underlying (non-GAAP) D=(A-B-C) $440 $494 $587 Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) $21,700 $21,209 $21,702 Less: Average goodwill (GAAP) 8,188 8,188 8,177 Less: Average other intangibles (GAAP) 153 163 192 Add: Average deferred tax liabilities related to goodwill (GAAP) 433 421 422 Average tangible common equity E $13,792 $13,279 $13,755 Return on average tangible common equity excluding Private Bank & Non-Core, Underlying (non-GAAP) D/E 12.8 % 14.8 % 17.3 %

45 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core $s in millions, except share, per share and ratio data QUARTERLY TRENDS 1Q24 4Q23 1Q23 Return on average total tangible assets and return on average total tangible assets, Underlying: Average total assets (GAAP) $220,770 $223,653 $222,711 Less: Average goodwill (GAAP) 8,188 8,188 8,177 Less: Average other intangibles (GAAP) 153 163 192 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 433 421 422 Average tangible assets $212,862 $215,723 $214,764 Less: Private Bank Average total assets (GAAP) 800 83 — Less: Non-Core Average total assets (GAAP) 10,554 11,776 15,686 Average tangible assets excluding Private Bank & Non-Core, Underlying (non-GAAP) A $201,507 $203,864 $199,077 Net income, Underlying: Net income (GAAP) $334 $189 $511 Add: Notable items, net of income tax benefit 61 237 49 Net income, Underlying (non-GAAP) B $395 $426 $560 Private Bank Net income (GAAP) (16) (27) — Less: Private Bank Notables (1) (1) — Net income Private Bank, Underlying (non-GAAP) C ($15) ($26) $— Non-Core Net income (GAAP) D (60) (72) (50) Net income excluding Private Bank & Non-Core, Underlying (non-GAAP) E=B-C-D $470 $524 $610 Return on average total tangible assets excluding Private Bank & Non-Core, Underlying (non-GAAP) E/A 0.94 % 1.02 % 1.24 %

46 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core* 1Q 2024 (GAAP) 1Q 2024 Notables 1Q 2024 (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 $ 514 $ 1,076 $ (128) $ 1,462 $ 16.8 $ (37) $ — $ — $ — $ 1,462 $ 16.8 $ (37) $ 1,442 Noninterest income 227 257 32 516 1.3 — 3.0 — — 513 1.3 — 514 Total revenue 741 1,333 (96) 1,978 18.0 (37) 3.0 — — 1,975 18.0 (37) 1,956 Noninterest Expense 317 864 113 1,294 39.0 25 84 1.4 — 1,210 37.6 25 1,273 Pre-provision profit 424 469 (209) 684 (21.0) (62) (81) (1.4) — 765 (19.6) (62) 683 Provision for credit losses 81 81 (10) 152 — 19 — — — 152 — 19 171 Income before income tax expense 343 388 (199) 532 (21.0) (81) (81) (1.4) — 613 (19.6) (81) 512 Income tax expense 84 100 (62) 122 (5.4) (21) (21) (0.4) — 143 (5.0) (21) 117 Net income 259 288 (137) 410 (15.6) (60) (60) (1.1) — 470 (14.5) (60) 395 Preferred dividends — — 30 30 — — — — — 30 — — 30 Net income available to common stockholders $ 259 $ 288 $ (167) $ 380 $ (15.6) $ (60) $ (60) $ (1.1) $ — $ 440 $ (14.5) $ (60) $ 365 Contribution to total CFG Diluted EPS $ 0.56 $ 0.62 $ (0.37) $ 0.81 $ (0.03) $ (0.13) $ (0.14) $ — $ — $ 0.95 $ (0.03) $ (0.13) $ 0.79 $s in billions Interest-earning assets (spot) $ 66 $ 67 $ 52 $ 185 $ 1.1 $ 10 $— $— $— $185 $1.1 $9.9 $196 Loans (spot) 65 66 1 132 1.1 10 — — — 132 1.1 9.9 143 Deposits (spot) 45 119 10 174 2.4 — — — — 174 2.4 — 176 Risk-weighted assets (spot) $ 88 $ 55 $ 16 $ 159 $ 1.3 $ 10 $— $— $— $159 $1.3 $10.0 $170 Performance metrics: Net interest margin, FTE(4) 3.12 % (1.41) % 3.12 % (1.41) % 2.91 % Loans-to-deposit ratio (spot) 75.9 % 46.0 % 75.9 % 46.0 % 81.2 % CET1 capital ratio(5) 11.4 % 11.4 % 10.6 % ROTCE 11.1 % 12.8 % 10.6 % Efficiency ratio 65.4 % 61.2 % 65.1 % Noninterest income as a % of total revenue 26.1 % 26.0 % 26.3 % (3) *Select totals may not sum due to rounding

EX-99.3 4 q124financialsupplement.htm EX-99.3 Document

Financial Supplement

First Quarter 2024


Table of Contents						Page

Consolidated Financial Highlights						3

Consolidated Statements of Operations (unaudited)						5

Consolidated Balance Sheets (unaudited)						6

Loans and Deposits						7

Average Balance Sheets, Annualized Yields and Rates						8

Mortgage Banking Fees						9

Segment Financial Highlights						10

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

Capital and Ratios						19

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

CONSOLIDATED FINANCIAL HIGHLIGHTS

(dollars in millions, except per share data)


	QUARTERLY TRENDS
											1Q24 Change
	1Q24		4Q23		3Q23		2Q23		1Q23		4Q23				1Q23
											$/bps		%		$/bps		%
SELECTED OPERATING DATA
Total revenue	$1,959		$1,988		$2,014		$2,094		$2,128		($29)		(1	%)	($169)		(8	%)
Noninterest expense	1,358		1,612		1,293		1,306		1,296		(254)		(16)		62		5
Profit before provision (benefit) for credit losses	601		376		721		788		832		225		60		(231)		(28)
Provision (benefit) for credit losses	171		171		172		176		168		—		—		3		2
NET INCOME	334		189		430		478		511		145		77		(177)		(35)
Net income, Underlying1	395		426		448		531		560		(31)		(7)		(165)		(29)
Net income available to common stockholders	304		159		400		444		488		145		91		(184)		(38)
Net income available to common stockholders, Underlying1	365		396		418		497		537		(31)		(8)		(172)		(32)
PER COMMON SHARE DATA
Basic earnings	$0.66		$0.34		$0.85		$0.93		$1.00		$0.32		94	%	($0.34)		(34	%)
Diluted earnings	0.65		0.34		0.85		0.92		1.00		0.31		91		(0.35)		(35)
Basic earnings, Underlying1	0.79		0.85		0.89		1.04		1.10		(0.06)		(7)		(0.31)		(28)
Diluted earnings, Underlying1	0.79		0.85		0.89		1.04		1.10		(0.06)		(7)		(0.31)		(28)
Cash dividends declared and paid per common share	0.42		0.42		0.42		0.42		0.42		—		—		—		—
Book value per common share	47.43		47.87		44.75		45.44		45.84		(0.44)		(1)		1.59		3
Tangible book value per common share	30.19		30.91		27.73		28.72		29.44		(0.72)		(2)		0.75		3
Dividend payout ratio	64	%	124	%	49	%	45	%	42	%	(5,989)	bps			2,164	bps
Dividend payout ratio, Underlying1	53		49		47		40		38		400	bps			1,500	bps
COMMON SHARES OUTSTANDING
Average: Basic	461,358,681		466,234,324		469,481,085		479,470,543		485,444,313		(4,875,643)		(1	%)	(24,085,632)		(5	%)
Diluted	463,797,964		468,159,167		471,183,719		480,975,281		487,712,146		(4,361,203)		(1)		(23,914,182)		(5)
Common shares at period-end	458,485,032		466,418,055		466,221,795		474,682,759		483,982,264		(7,933,023)		(2)		(25,497,232)		(5)

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

CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED

(dollars in millions, except per share data)


	QUARTERLY TRENDS
											1Q24 Change
	1Q24		4Q23		3Q23		2Q23		1Q23		4Q23			1Q23
											$/bps		%	$/bps		%
FINANCIAL RATIOS
Net interest margin	2.90	%	2.90	%	3.03	%	3.16	%	3.29	%	0 bps			(39) bps
Net interest margin, FTE1	2.91		2.91		3.03		3.17		3.30		0			(39)
Return on average common equity	5.63		2.96		7.50		8.00		9.11		267			(348)
Return on average common equity, Underlying2	6.77		7.41		7.82		8.97		10.01		(64)			(324)
Return on average tangible common equity	8.86		4.72		12.00		12.42		14.38		414			(552)
Return on average tangible common equity, Underlying2	10.65		11.84		12.51		13.93		15.80		(119)			(515)
Return on average total assets	0.61		0.33		0.78		0.86		0.93		28			(32)
Return on average total assets, Underlying2	0.72		0.76		0.81		0.96		1.02		(4)			(30)
Return on average total tangible assets	0.63		0.35		0.81		0.89		0.97		28			(34)
Return on average total tangible assets, Underlying2	0.75		0.78		0.84		0.99		1.06		(3)			(31)
Effective income tax rate	22.28		7.59		21.51		22.09		22.97		1,469			(69)
Effective income tax rate, Underlying2	22.84		22.25		21.69		22.51		23.25		59			(41)
Efficiency ratio	69.33		81.13		64.21		62.34		60.90		(1,180)			843
Efficiency ratio, Underlying2	65.05		63.77		63.08		58.86		57.84		128			721
Noninterest income as a % of total revenue	26.41		25.16		24.44		24.14		22.81		125			360
Noninterest income as a % of total revenue, Underlying2	26.32		25.16		24.44		24.14		22.81		116			351
CAPITAL RATIOS - PERIOD-END (PRELIMINARY)
CET1 capital ratio	10.6	%	10.6	%	10.4	%	10.3	%	10.0	%
Tier 1 capital ratio	11.8		11.8		11.5		11.4		11.1
Total capital ratio	13.8		13.7		13.4		13.3		12.9
Tier 1 leverage ratio	9.3		9.3		9.4		9.4		9.4
Tangible common equity ratio	6.5		6.7		5.9		6.3		6.6
SELECTED BALANCE SHEET DATA
Loan-to-deposit ratio (period-end balances)	81.16	%	82.30	%	84.03	%	85.17	%	89.83	%	(114)	bps		(867)	bps
Loan-to-deposit ratio (average balances)	82.24		83.54		85.46		88.73		89.76		(130)	bps		(752)	bps
Full-time equivalent colleagues (period-end)	17,354		17,570		18,214		18,468		18,547		(216)		(1)	(1,193)		(6)

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

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

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(dollars in millions)


	QUARTERLY TRENDS
						1Q24 Change
	1Q24	4Q23	3Q23	2Q23	1Q23	4Q23			1Q23
						$	%		$	%
INTEREST INCOME
Interest and fees on loans and leases	$2,051	$2,144	$2,166	$2,132	$2,047	($93)	(4	%)	$4	—	%
Interest and fees on loans held for sale	14	18	20	20	15	(4)	(22)		(1)	(7)
Interest and fees on other loans held for sale	6	4	8	12	5	2	50		1	20
Investment securities	399	339	290	267	266	60	18		133	50
Interest-bearing deposits in banks	140	171	111	100	69	(31)	(18)		71	103
Total interest income	2,610	2,676	2,595	2,531	2,402	(66)	(2)		208	9
INTEREST EXPENSE
Deposits	987	974	898	723	550	13	1		437	79
Short-term borrowed funds	7	7	8	22	6	—	—		1	17
Long-term borrowed funds	174	207	167	198	203	(33)	(16)		(29)	(14)
Total interest expense	1,168	1,188	1,073	943	759	(20)	(2)		409	54
Net interest income	1,442	1,488	1,522	1,588	1,643	(46)	(3)		(201)	(12)
NONINTEREST INCOME
Service charges and fees	96	104	105	101	100	(8)	(8)		(4)	(4)
Capital markets fees	118	87	67	82	83	31	36		35	42
Card fees	86	70	74	80	72	16	23		14	19
Trust and investment services fees	68	68	63	65	63	—	—		5	8
Mortgage banking fees	49	57	69	59	57	(8)	(14)		(8)	(14)
Foreign exchange and derivative products	36	43	48	44	48	(7)	(16)		(12)	(25)
Letter of credit and loan fees	42	42	43	43	40	—	—		2	5
Securities gains, net	5	9	5	9	5	(4)	(44)		—	—
Other income	17	20	18	23	17	(3)	(15)		—	—
Total noninterest income	517	500	492	506	485	17	3		32	7
TOTAL REVENUE	1,959	1,988	2,014	2,094	2,128	(29)	(1)		(169)	(8)
Provision (benefit) for credit losses	171	171	172	176	168	—	—		3	2
NONINTEREST EXPENSE
Salaries and employee benefits	691	667	659	615	658	24	4		33	5
Equipment and software	192	215	191	181	169	(23)	(11)		23	14
Outside services	158	174	160	177	176	(16)	(9)		(18)	(10)
Occupancy	114	125	107	136	124	(11)	(9)		(10)	(8)
Other operating expense	203	431	176	197	169	(228)	(53)		34	20
Total noninterest expense	1,358	1,612	1,293	1,306	1,296	(254)	(16)		62	5
Income before income tax expense	430	205	549	612	664	225	110		(234)	(35)
Income tax expense	96	16	119	134	153	80	NM		(57)	(37)
Net income	$334	$189	$430	$478	$511	$145	77	%	($177)	(35	%)
Net income, Underlying1	$395	$426	$448	$531	$560	($31)	(7	%)	($165)	(29	%)
Net income available to common stockholders	$304	$159	$400	$444	$488	$145	91	%	($184)	(38	%)
Net income available to common stockholders, Underlying1	$365	$396	$418	$497	$537	($31)	(8	%)	($172)	(32	%)

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

CONSOLIDATED BALANCE SHEETS (unaudited)

(dollars in millions, except par value)


PERIOD-END BALANCES	AS OF					MARCH 31, 2024 CHANGE
	Mar 31, 2024	Dec 31, 2023	Sept 30, 2023	June 30, 2023	Mar 31, 2023	December 31, 2023			March 31, 2023
						$	%		$	%
ASSETS
Cash and due from banks	$1,098	$1,794	$1,395	$1,689	$1,283	($696)	(39	%)	($185)	(14	%)
Interest-bearing cash and due from banks	10,501	9,834	14,005	9,878	6,691	667	7		3,810	57
Interest-bearing deposits in banks	392	405	324	284	320	(13)	(3)		72	23
Debt securities available for sale, at fair value	31,187	29,777	25,069	24,755	23,845	1,410	5		7,342	31
Debt securities held to maturity	9,054	9,184	9,320	9,520	9,677	(130)	(1)		(623)	(6)
Loans held for sale, at fair value	505	676	749	1,225	855	(171)	(25)		(350)	(41)
Other loans held for sale	50	103	99	196	1,000	(53)	(51)		(950)	(95)
Loans and leases	143,188	145,959	149,746	151,320	154,688	(2,771)	(2)		(11,500)	(7)
Less: Allowance for loan and lease losses	(2,086)	(2,098)	(2,080)	(2,044)	(2,017)	12	(1)		(69)	3
Net loans and leases	141,102	143,861	147,666	149,276	152,671	(2,759)	(2)		(11,569)	(8)
Derivative assets	469	440	522	719	569	29	7		(100)	(18)
Premises and equipment	872	895	878	876	866	(23)	(3)		6	1
Bank-owned life insurance	3,311	3,291	3,275	3,263	3,244	20	1		67	2
Goodwill	8,188	8,188	8,188	8,188	8,177	—	—		11	—
Other intangible assets	148	157	167	175	185	(9)	(6)		(37)	(20)
Other assets	13,571	13,359	13,613	13,022	12,873	212	2		698	5
TOTAL ASSETS	$220,448	$221,964	$225,270	$223,066	$222,256	($1,516)	(1	%)	($1,808)	(1	%)
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing	$36,593	$37,107	$38,561	$40,286	$44,326	($514)	(1	%)	($7,733)	(17	%)
Interest-bearing	139,835	140,235	139,636	137,381	127,868	(400)	—		11,967	9
Total deposits	176,428	177,342	178,197	177,667	172,194	(914)	(1)		4,234	2
Short-term borrowed funds	9	505	232	1,099	1,018	(496)	(98)		(1,009)	(99)
Derivative liabilities	1,705	1,562	2,109	2,270	1,704	143	9		1	—
Long-term borrowed funds:
FHLB advances	2,036	3,786	7,036	5,029	11,779	(1,750)	(46)		(9,743)	(83)
Senior debt	6,414	5,170	5,258	5,258	5,263	1,244	24		1,151	22
Subordinated debt and other debt	5,354	4,511	5,060	3,813	1,813	843	19		3,541	195
Total long-term borrowed funds	13,804	13,467	17,354	14,100	18,855	337	3		(5,051)	(27)
Other liabilities	4,741	4,746	4,500	4,345	4,284	(5)	—		457	11
TOTAL LIABILITIES	196,687	197,622	202,392	199,481	198,055	(935)	—		(1,368)	(1)
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	22,272	22,250	22,231	22,207	22,183	22	—		89	—
Retained earnings	9,923	9,816	9,856	9,655	9,416	107	1		507	5
Treasury stock, at cost	(6,290)	(5,986)	(5,986)	(5,734)	(5,475)	(304)	(5)		(815)	(15)
Accumulated other comprehensive income (loss)	(4,164)	(3,758)	(5,243)	(4,563)	(3,943)	(406)	(11)		(221)	(6)
TOTAL STOCKHOLDERS' EQUITY	23,761	24,342	22,878	23,585	24,201	(581)	(2)		(440)	(2)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$220,448	$221,964	$225,270	$223,066	$222,256	($1,516)	(1	%)	($1,808)	(1	%)
Memo: Total tangible common equity	$13,844	$14,417	$12,930	$13,630	$14,247	($573)	(4	%)	($403)	(3	%)

LOANS AND DEPOSITS

(dollars in millions)


PERIOD-END BALANCES	AS OF					MARCH 31, 2024 CHANGE
	Mar 31, 2024	Dec 31, 2023	Sept 30, 2023	June 30, 2023	Mar 31, 2023	Dec 31, 2023			March 31, 2023
						$	%		$	%
LOANS AND LEASES
Commercial and industrial1	$43,951	$44,974	$47,971	$49,332	$51,867	($1,023)	(2	%)	($7,916)	(15	%)
Commercial real estate	28,872	29,471	29,486	28,947	28,999	(599)	(2)		(127)	—

Total commercial	72,823	74,445	77,457	78,279	80,866	(1,622)	(2)		(8,043)	(10)
Residential mortgages	31,512	31,332	30,983	30,769	30,362	180	1		1,150	4
Home equity	15,113	15,040	14,729	14,487	14,135	73	—		978	7
Automobile	7,277	8,258	9,290	10,428	11,535	(981)	(12)		(4,258)	(37)
Education	11,646	11,834	12,134	12,246	12,634	(188)	(2)		(988)	(8)
Other retail	4,817	5,050	5,153	5,111	5,156	(233)	(5)		(339)	(7)
Total retail	70,365	71,514	72,289	73,041	73,822	(1,149)	(2)		(3,457)	(5)
Total loans and leases	$143,188	$145,959	$149,746	$151,320	$154,688	($2,771)	(2	%)	($11,500)	(7	%)
Loans held for sale, at fair value	505	676	749	1,225	855	(171)	(25)		(350)	(41)
Other loans held for sale	50	103	99	196	1,000	(53)	(51)		(950)	(95)
Loans and leases and loans held for sale	$143,743	$146,738	$150,594	$152,741	$156,543	($2,995)	(2	%)	($12,800)	(8	%)

DEPOSITS
Demand	$36,593	$37,107	$38,561	$40,286	$44,326	($514)	(1	%)	($7,733)	(17	%)
Money market	52,182	53,812	53,517	52,542	48,905	(1,630)	(3)		3,277	7
Checking with interest	34,487	31,876	33,355	35,028	34,496	2,611	8		(9)	—
Savings	27,912	27,983	29,139	29,824	29,789	(71)	—		(1,877)	(6)
Term	25,254	26,564	23,625	19,987	14,678	(1,310)	(5)		10,576	72
Total deposits	$176,428	$177,342	$178,197	$177,667	$172,194	($914)	(1	%)	$4,234	2	%

1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.


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

	QUARTERLY TRENDS												1Q24 Change
	1Q24				4Q23				1Q23				4Q23			1Q23
	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	$10,268	$140	5.39	%	$12,387	$171	5.43	%	$5,899	$69	4.65	%	($2,119)	($31)	(4) bps	$4,369	$71	74 bps
Taxable investment securities	43,904	399	3.63		41,497	339	3.25		38,953	266	2.74		2,407	60	38	4,951	133	89
Non-taxable investment securities	1	—	2.60		2	—	2.66		2	—	2.68		(1)	—	(6)	(1)	—	(8)
Total investment securities	43,905	399	3.63		41,499	339	3.25		38,955	266	2.74		2,406	60	38	4,950	133	89

Commercial and industrial1	44,577	635	5.64		46,618	716	6.00		53,429	747	5.60		(2,041)	(81)	(36)	(8,852)	(112)	4
Commercial real estate	29,265	468	6.32		29,460	476	6.32		28,892	416	5.75		(195)	(8)	—	373	52	57

Total commercial	73,842	1,103	5.91		76,078	1,192	6.13		82,321	1,163	5.65		(2,236)	(89)	(22)	(8,479)	(60)	26
Residential mortgages	31,384	283	3.60		31,146	276	3.55		30,075	250	3.33		238	7	5	1,309	33	27
Home equity	15,080	298	7.94		14,889	302	8.04		14,073	240	6.92		191	(4)	(10)	1,007	58	102
Automobile	7,758	82	4.25		8,752	94	4.24		11,937	119	4.04		(994)	(12)	1	(4,179)	(37)	21
Education	11,816	156	5.31		11,971	156	5.17		12,796	154	4.88		(155)	—	14	(980)	2	43
Other retail	4,942	129	10.54		5,133	124	9.64		5,290	121	9.25		(191)	5	90	(348)	8	129
Total retail	70,980	948	5.36		71,891	952	5.27		74,171	884	4.81		(911)	(4)	9	(3,191)	64	55
Total loans and leases	144,822	2,051	5.64		147,969	2,144	5.71		156,492	2,047	5.25		(3,147)	(93)	(7)	(11,670)	4	39
Loans held for sale, at fair value	850	14	6.37		1,047	18	6.79		1,009	15	5.87		(197)	(4)	(42)	(159)	(1)	50
Other loans held for sale	223	6	10.72		219	4	7.72		197	5	9.98		4	2	300	26	1	74
Total interest-earning assets	200,068	2,610	5.20		203,121	2,676	5.20		202,552	2,402	4.76		(3,053)	(66)	—	(2,484)	208	44


Noninterest-earning assets	20,702				20,532				20,159				170			543
TOTAL ASSETS	$220,770				$223,653				$222,711				($2,883)			($1,941)
INTEREST-BEARING LIABILITIES
Checking with interest	$32,302	109	1.35		$31,788	113	1.40		$35,974	97	1.09		$514	(4)	(5)	($3,672)	$12	26
Money market	52,926	445	3.38		53,003	444	3.32		49,942	287	2.33		(77)	1	6	2,984	158	105
Regular savings	27,745	121	1.76		28,455	123	1.72		29,460	79	1.09		(710)	(2)	4	(1,715)	42	67
Term	26,447	312	4.74		25,492	294	4.59		12,839	87	2.72		955	18	15	13,608	225	202
Total interest-bearing deposits	139,420	987	2.85		138,738	974	2.79		128,215	550	1.74		682	13	6	11,205	437	111
Short-term borrowed funds	498	7	5.53		491	7	5.63		542	6	4.97		7	—	(10)	(44)	1	56
FHLB advances	2,272	32	5.60		5,751	83	5.62		10,362	121	4.68		(3,479)	(51)	(2)	(8,090)	(89)	92
Senior debt	6,113	70	4.56		5,217	57	4.34		5,606	61	4.39		896	13	22	507	9	17
Subordinated debt and other debt	5,279	72	5.45		4,720	67	5.71		1,812	21	4.37		559	5	(26)	3,467	51	108
Total long-term borrowed funds	13,664	174	5.08		15,688	207	5.22		17,780	203	4.55		(2,024)	(33)	(14)	(4,116)	(29)	53
Total borrowed funds	14,162	181	5.09		16,179	214	5.24		18,322	209	4.57		(2,017)	(33)	(15)	(4,160)	(28)	52
Total interest-bearing liabilities	153,582	1,168	3.05		154,917	1,188	3.04		146,537	759	2.09		(1,335)	(20)	1	7,045	409	96
Demand deposits	36,684				38,390				46,135				(1,706)			(9,451)
Other noninterest-bearing liabilities	6,791				7,123				6,323				(332)			468
TOTAL LIABILITIES	197,057				200,430				198,995				(3,373)			(1,938)
STOCKHOLDERS' EQUITY	23,713				23,223				23,716				490			(3)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$220,770				$223,653				$222,711				($2,883)			($1,941)
INTEREST RATE SPREAD			2.15	%			2.16	%			2.67	%			(1)			(52)
NET INTEREST MARGIN AND NET INTEREST INCOME		$1,442	2.90	%		$1,488	2.90	%		$1,643	3.29	%		($46)	—		($201)	(39)
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE2		$1,446	2.91	%		$1,492	2.91	%		$1,647	3.30	%		($46)	—		($201)	(39)
Memo: Total deposits (interest-bearing and demand)	$176,104	$987	2.25	%	$177,128	$974	2.18	%	$174,350	$550	1.28	%	($1,024)	$13	7 bps	$1,754	$437	97 bps

1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.

2Net 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.

MORTGAGE BANKING FEES SUMMARY

(dollars in millions)


	QUARTERLY TRENDS
											1Q24 Change
	1Q24		4Q23		3Q23		2Q23		1Q23		4Q23				1Q23
											$/bps		%		$/bps		%
MORTGAGE BANKING FEES
Production revenue	$15		$11		$19		$23		$18		$4		36	%	($3)		(17	%)
Mortgage servicing revenue	33		37		35		34		37		(4)		(11)		(4)		(11)
MSR valuation changes, net of hedge impact	1		9		15		2		2		(8)		(89)		(1)		(50)
Total mortgage banking fees	$49		$57		$69		$59		$57		($8)		(14	%)	($8)		(14	%)

Pull-through adjusted locks	$1,404		$1,412		$2,397		$2,870		$2,078		($8)		(1	%)	($674)		(32	%)

Production revenue as a percentage of Pull-through adjusted locks	1.05	%	0.78	%	0.79	%	0.79	%	0.90	%	27	bps			15	bps



RESIDENTIAL REAL ESTATE ORIGINATIONS
Retail	$1,045		$958		$1,146		$1,260		$1,011		$87		9	%	$34		3	%
Third Party	892		1,214		2,285		2,350		1,333		(322)		(27)		(441)		(33)
Total	$1,937		$2,172		$3,431		$3,610		$2,344		($235)		(11	%)	(407)		(17	%)

Originated for sale	$1,296		$1,595		$2,815		$2,874		$1,651		($299)		(19	%)	($355)		(22	%)
Originated for investment	641		577		616		736		693		64		11		(52)		(8)
Total	$1,937		$2,172		$3,431		$3,610		$2,344		($235)		(11	%)	($407)		(17	%)

MORTGAGE SERVICING INFORMATION (UPB)
Loans serviced for others	$96,952		$97,420		$97,603		$96,591		$96,346		($468)		—	%	$606		1	%
Owned loans serviced	31,659		31,640		31,436		31,636		30,827		19		—		832		3
Total	$128,611		$129,060		$129,039		$128,227		$127,173		($449)		—	%	$1,438		1	%

MSR at fair value	$1,564		$1,552		$1,620		$1,524		$1,496		$12		1	%	$68		5	%

SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING

(dollars in millions)


	QUARTERLY TRENDS
CONSUMER BANKING											1Q24 Change
	1Q24		4Q23		3Q23		2Q23		1Q23		4Q23				1Q23
											$/bps		%		$/bps		%
Net interest income	$1,093		$1,086		$1,067		$1,023		$1,011		$7		1	%	$82		8	%
Noninterest income	258		265		278		268		256		(7)		(3)		2		1
Total revenue	1,351		1,351		1,345		1,291		1,267		—		—		84		7
Noninterest expense	903		905		905		875		857		(2)		—		46		5
Profit (loss) before credit losses	448		446		440		416		410		2		—		38		9
Net charge-offs	81		82		67		68		63		(1)		(1)		18		29
Income (loss) before income tax expense (benefit)	367		364		373		348		347		3		1		20		6
Income tax expense (benefit)	95		95		97		91		90		—		—		5		6
Net income (loss)	$272		$269		$276		$257		$257		$3		1	%	$15		6	%
AVERAGE BALANCES
Total assets	$73,833		$73,334		$72,964		$72,583		$71,872		$499		1	%	$1,961		3	%
Total loans and leases1	67,448		66,906		66,641		66,289		65,570		542		1		1,878		3
Deposits	120,019		118,474		117,979		115,847		115,578		1,545		1		4,441		4
Interest-earning assets	68,050		67,524		67,273		66,933		66,251		526		1		1,799		3
KEY METRICS
Net interest margin	6.46	%	6.40	%	6.28	%	6.12	%	6.20	%	6	bps			26	bps
Efficiency ratio	66.87		67.08		67.18		67.74		67.70		(21)	bps			(83)	bps
Loan-to-deposit ratio (period-end balances)	55.25		55.52		55.81		55.35		56.37		(27)	bps			(112)	bps
Loan-to-deposit ratio (average balances)	55.80		55.88		55.71		56.44		56.25		(8)	bps			(45)	bps
Return on average total tangible assets	1.49		1.47		1.51		1.43		1.46		2	bps			3	bps

1 Includes loans held for sale.

SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING

(dollars in millions)


	QUARTERLY TRENDS
COMMERCIAL BANKING											1Q24 Change
	1Q24		4Q23		3Q23		2Q23		1Q23		4Q23				1Q23
											$/bps		%		$/bps		%
Net interest income	$514		$551		$560		$584		$597		($37)		(7	%)	($83)		(14	%)
Noninterest income	227		196		180		207		201		31		16		26		13
Total revenue	741		747		740		791		798		(6)		(1)		(57)		(7)
Noninterest expense	317		324		325		315		331		(7)		(2)		(14)		(4)
Profit (loss) before credit losses	424		423		415		476		467		1		—		(43)		(9)
Net charge-offs	81		65		67		71		47		16		25		34		72
Income (loss) before income tax expense (benefit)	343		358		348		405		420		(15)		(4)		(77)		(18)
Income tax expense (benefit)	84		89		88		100		101		(5)		(6)		(17)		(17)
Net income (loss)	$259		$269		$260		$305		$319		($10)		(4	%)	($60)		(19	%)
AVERAGE BALANCES
Total assets	$70,100		$72,758		$74,997		$77,546		$78,891		($2,658)		(4	%)	($8,791)		(11	%)
Total loans and leases1	67,187		69,899		71,898		74,295		75,734		(2,712)		(4)		(8,547)		(11)
Deposits	45,912		46,962		47,221		45,494		48,966		(1,050)		(2)		(3,054)		(6)
Interest-earning assets	67,536		70,267		72,275		74,687		76,130		(2,731)		(4)		(8,594)		(11)
KEY METRICS
Net interest margin	3.07	%	3.11	%	3.07	%	3.13	%	3.18	%	(4)	bps			(11)	bps
Efficiency ratio	42.80		43.44		43.93		39.76		41.47		(64)	bps			133	bps
Loan-to-deposit ratio (period-end balances)	143.98		146.09		145.77		150.41		162.54		(211)	bps			(1,856)	bps
Loan-to-deposit ratio (average balances)	145.05		147.64		150.96		160.89		153.33		(259)	bps			(828)	bps
Return on average total tangible assets	1.50		1.48		1.39		1.59		1.66		2	bps			(16)	bps

1 Includes loans held for sale.

SEGMENT FINANCIAL HIGHLIGHTS - NON-CORE

(dollars in millions)


	QUARTERLY TRENDS
NON-CORE											1Q24 Change
	1Q24		4Q23		3Q23		2Q23		1Q23		4Q23				1Q23
											$/bps		%		$/bps		%
Net interest income	($37)		($45)		($41)		($28)		($15)		$8		18	%	($22)		(147	%)
Noninterest income	—		—		—		—		—		—		—		—		—
Total revenue	(37)		(45)		(41)		(28)		(15)		8		18		(22)		(147)
Noninterest expense	25		28		30		33		32		(3)		(11)		(7)		(22)
Profit (loss) before credit losses	(62)		(73)		(71)		(61)		(47)		11		15		(15)		(32)
Net charge offs	19		24		20		13		21		(5)		(21)		(2)		(10)
Income (loss) before income tax expense (benefit)	(81)		(97)		(91)		(74)		(68)		16		16		(13)		(19)
Income tax expense (benefit)	(21)		(25)		(24)		(19)		(18)		4		16		(3)		(17)
Net income (loss)	($60)		($72)		($67)		($55)		($50)		$12		17	%	($10)		(20	%)
AVERAGE BALANCES
Total assets	$10,554		$11,776		$13,113		$14,456		$15,686		($1,222)		(10	%)	($5,132)		(33	%)
Total loans and leases1	10,507		11,701		13,010		14,395		15,620		(1,194)		(10)		(5,113)		(33)
Interest-earning assets	10,507		11,726		13,010		14,395		15,620		(1,219)		(10)		(5,113)		(33)
KEY METRICS
Net interest margin	(1.41)	%	(1.54)	%	(1.24)	%	(0.77)	%	(0.40)	%	13	bps			(101)	bps

Return on average total tangible assets	(2.30)		(2.42)		(2.03)		(1.53)		(1.30)		12	bps			(100)	bps

1 Includes loans held for sale.

SEGMENT FINANCIAL HIGHLIGHTS - OTHER

(dollars in millions)


	QUARTERLY TRENDS
OTHER1						1Q24 Change
	1Q24	4Q23	3Q23	2Q23	1Q23	4Q23			1Q23
						$	%		$	%
Net interest income	($128)	($104)	($64)	$9	$50	($24)	(23	%)	($178)	NM
Noninterest income	32	39	34	31	28	(7)	(18)		4	14
Total revenue	(96)	(65)	(30)	40	78	(31)	(48)		(174)	NM
Noninterest expense	113	355	33	83	76	(242)	(68)		37	49
Profit (loss) before provision (benefit) for credit losses	(209)	(420)	(63)	(43)	2	211	50		(211)	NM
Provision (benefit) for credit losses	(10)	—	18	24	37	(10)	(100)		(47)	NM
Income (loss) before income tax expense (benefit)	(199)	(420)	(81)	(67)	(35)	221	53		(164)	NM
Income tax expense (benefit)	(62)	(143)	(42)	(38)	(20)	81	57		(42)	(210)
Net income (loss)	($137)	($277)	($39)	($29)	($15)	$140	51	%	($122)	NM
AVERAGE BALANCES
Total assets	$66,283	$65,785	$59,088	$57,788	$56,262	$498	1	%	$10,021	18	%
Total loans and leases2	754	729	766	748	773	25	3		(19)	(2)
Deposits	10,173	11,692	11,250	11,908	9,806	(1,519)	(13)		367	4
Interest-earning assets	53,976	53,604	47,035	45,482	44,550	372	1		9,426	21

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 Includes loans held for sale.

CREDIT-RELATED INFORMATION

(dollars in millions)


	AS OF										MARCH 31, 2024 CHANGE
	Mar 31, 2024		Dec 31, 2023		Sept 30, 2023		June 30, 2023		Mar 31, 2023		Dec 31, 2023				March 31, 2023
											$/bps/%		%		$/bps/%		%
NONACCRUAL LOANS AND LEASES
Commercial and industrial1	$294		$297		$245		$283		$297		($3)		(1	%)	($3)		(1	%)
Commercial real estate	597		477		470		352		140		120		25		457		NM

Total commercial	891		774		715		635		437		117		15		454		104
Residential mortgages2	174		177		190		201		216		(3)		(2)		(42)		(19)
Home equity	288		285		268		251		240		3		1		48		20
Automobile	47		61		62		51		50		(14)		(23)		(3)		(6)
Education	29		28		23		22		23		1		4		6		26
Other retail	40		39		38		31		30		1		3		10		33
Total retail	578		590		581		556		559		(12)		(2)		19		3
Nonaccrual loans and leases	1,469		1,364		1,296		1,191		996		105		8		473		47
Repossessed assets	14		14		15		11		14		—		—		—		—
Nonaccrual loans and leases and repossessed assets	$1,483		$1,378		$1,311		$1,202		$1,010		$105		8	%	$473		47	%
NONACCRUAL LOANS AND LEASES BY PRODUCT3
Commercial	$891		$774		$715		$635		$437		$117		15	%	$454		104	%
Retail	592		604		596		567		573		(12)		(2)		19		3
Total nonaccrual loans and leases	$1,483		$1,378		$1,311		$1,202		$1,010		$105		8	%	$473		47	%
ASSET QUALITY RATIOS
Allowance for loan and lease losses to loans and leases	1.46	%	1.44	%	1.39	%	1.35	%	1.30	%	2	bps			16	bps
Allowance for credit losses to loans and leases	1.61		1.59		1.55		1.52		1.47		2				14
Allowance for loan and lease losses to nonaccrual loans and leases	142		154		160		172		203		(12	%)			(61	%)
Allowance for credit losses to nonaccrual loans and leases	157		170		179		193		229		(13	%)			(72	%)
Nonaccrual loans and leases to loans and leases	1.02		0.93		0.87		0.79		0.64		9	bps			38	bps

1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.

2Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.

3Nonaccrual loans and leases by product includes repossessed assets.

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)


	AS OF					MARCH 31, 2024 CHANGE
	Mar 31, 2024	Dec 31, 2023	Sept 30, 2023	June 30, 2023	Mar 31, 2023	Dec 31, 2023			March 31, 2023
						$/bps	%		$/bps	%
LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Commercial and industrial1	$23	$6	$4	$2	$21	$17	NM		$2	10	%
Commercial real estate	39	40	3	—	63	(1)	(3)		(24)	(38)

Total commercial	62	46	7	2	84	16	35		(22)	(26)
Residential mortgages2	209	256	217	257	314	(47)	(18)		(105)	(33)
Home equity	—	—	—	—	—	—	—		—	—
Automobile	—	—	—	—	—	—	—		—	—
Education	2	2	3	3	3	—	—		(1)	(33)
Other retail	27	29	21	20	23	(2)	(7)		4	17
Total retail	238	287	241	280	340	(49)	(17)		(102)	(30)
Total loans and leases	$300	$333	$248	$282	$424	($33)	(10	%)	($124)	(29	%)

1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.

2 90+ days past due and accruing includes $202 million, $243 million, $216 million, $256 million, and $309 million of loans fully or partially guaranteed by the FHA, VA, and USDA for March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)


	QUARTERLY TRENDS
						1Q24 Change
	1Q24	4Q23	3Q23	2Q23	1Q23	4Q23			1Q23
						$	%		$	%
CHARGE-OFFS, RECOVERIES AND RELATED RATIOS
GROSS CHARGE-OFFS
Commercial and industrial1	$14	$24	$25	$17	$55	($10)	(42	%)	($41)	(75)
Commercial real estate	88	49	49	62	4	39	80		84	NM

Total commercial	102	73	74	79	59	29	40		43	73
Residential mortgages	2	3	1	1	1	(1)	(33)		1	100
Home equity	4	4	3	3	2	—	—		2	100
Automobile	28	31	28	24	30	(3)	(10)		(2)	(7)
Education	32	35	27	26	23	(3)	(9)		9	39
Other retail	63	60	58	56	56	3	5		7	13
Total retail	129	133	117	110	112	(4)	(3)		17	15
Total gross charge-offs	$231	$206	$191	$189	$171	$25	12	%	$60	35	%
GROSS RECOVERIES
Commercial and industrial1	$17	$3	$3	$3	$6	$14	NM		$11	183	%
Commercial real estate	—	1	1	—	1	(1)	(100)		(1)	(100)

Total commercial	17	4	4	3	7	13	NM		10	143
Residential mortgages	1	1	2	1	—	—	—		1	100
Home equity	6	5	6	6	5	1	20		1	20
Automobile	14	14	13	16	15	—	—		(1)	(7)
Education	5	5	5	4	5	—	—		—	—
Other retail	7	6	8	7	6	1	17		1	17
Total retail	33	31	34	34	31	2	6		2	6
Total gross recoveries	$50	$35	$38	$37	$38	$15	43	%	$12	32	%
NET CHARGE-OFFS (RECOVERIES)
Commercial and industrial1	($3)	$21	$22	$14	$49	($24)	NM		($52)	NM
Commercial real estate	88	48	48	62	3	40	83		85	NM

Total commercial	85	69	70	76	52	16	23		33	63
Residential mortgages	1	2	(1)	—	1	(1)	(50)		—	—
Home equity	(2)	(1)	(3)	(3)	(3)	(1)	(100)		1	33
Automobile	14	17	15	8	15	(3)	(18)		(1)	(7)
Education	27	30	22	22	18	(3)	(10)		9	50
Other retail	56	54	50	49	50	2	4		6	12
Total retail	96	102	83	76	81	(6)	(6)		15	19
Total net charge-offs	$181	$171	$153	$152	$133	$10	6	%	$48	36	%

1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)


	QUARTERLY TRENDS
											1Q24 Change
	1Q24		4Q23		3Q23		2Q23		1Q23		4Q23				1Q23
											$/bps		%		$/bps		%
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES
Commercial and industrial1	(0.03	%)	0.18	%	0.18	%	0.11	%	0.37	%	(21)	bps			(40)	bps
Commercial real estate	1.22		0.66		0.65		0.86		0.05		56				117

Total commercial	0.47		0.36		0.35		0.38		0.26		11				21
Residential mortgages	0.01		0.02		(0.02)		—		0.01		(1)				—
Home equity	(0.06)		(0.04)		(0.08)		(0.08)		(0.07)		(2)				1
Automobile	0.73		0.77		0.60		0.30		0.51		(4)				22
Education	0.92		1.00		0.72		0.68		0.57		(8)				35
Other retail	4.56		4.13		3.95		3.84		3.81		43				75
Total retail	0.54		0.56		0.46		0.41		0.44		(2)				10
Total loans and leases	0.50	%	0.46	%	0.40	%	0.40	%	0.34	%	4	bps			16	bps
Memo: Average loans
Commercial and industrial1	$44,577		$46,618		$48,908		$51,122		$53,429		($2,041)		(4	%)	($8,852)		(17	%)
Commercial real estate	29,265		29,460		29,353		29,115		28,892		(195)		(1)		373		1

Total commercial	73,842		76,078		78,261		80,237		82,321		(2,236)		(3)		(8,479)		(10)
Residential mortgages	31,384		31,146		30,838		30,566		30,075		238		1		1,309		4
Home equity	15,080		14,889		14,589		14,340		14,073		191		1		1,007		7
Automobile	7,758		8,752		9,849		10,997		11,937		(994)		(11)		(4,179)		(35)
Education	11,816		11,971		12,147		12,430		12,796		(155)		(1)		(980)		(8)
Other retail	4,942		5,133		5,107		5,155		5,290		(191)		(4)		(348)		(7)
Total retail	70,980		71,891		72,530		73,488		74,171		(911)		(1)		(3,191)		(4)
Total loans and leases	$144,822		$147,969		$150,791		$153,725		$156,492		($3,147)		(2	%)	($11,670)		(7	%)

1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)


	QUARTERLY TRENDS
						1Q24 Change
	1Q24	4Q23	3Q23	2Q23	1Q23	4Q23			1Q23
						$	%		$	%
SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES
Allowance for loan and lease losses - beginning	$2,098	$2,080	$2,044	$2,017	$1,983	$18	1	%	$115	6	%









Charge-offs:
Commercial	102	73	74	79	59	29	40		43	73
Retail	129	133	117	110	112	(4)	(3)		17	15
Total charge-offs	231	206	191	189	171	25	12		60	35
Recoveries:
Commercial	17	4	4	3	7	13	NM		10	143
Retail	33	31	34	34	31	2	6		2	6
Total recoveries	50	35	38	37	38	15	43		12	32
Net charge-offs	181	171	153	152	133	10	6		48	36
Provision (benefit) for loan and lease losses:
Commercial	69	86	146	122	103	(17)	(20)		(34)	(33)
Retail	100	103	43	57	64	(3)	(3)		36	56
Total provision (benefit) for loan and lease losses	169	189	189	179	167	(20)	(11)		2	1
Allowance for loan and lease losses - ending	$2,086	$2,098	$2,080	$2,044	$2,017	($12)	(1	%)	$69	3	%

Allowance for unfunded lending commitments - beginning	$220	$238	$255	$258	$257	($18)	(8	%)	($37)	(14	%)


Provision (benefit) for unfunded lending commitments	2	(18)	(17)	(3)	1	20	NM		1	100
Allowance for unfunded lending commitments - ending	$222	$220	$238	$255	$258	$2	1	%	($36)	(14)
Total allowance for credit losses - ending	$2,308	$2,318	$2,318	$2,299	$2,275	($10)	—	%	$33	1	%

Memo: Total allowance for credit losses by product
Commercial	$1,425	$1,425	$1,425	$1,370	$1,326	$—	—	%	$99	7	%
Retail	883	893	893	929	949	(10)	(1)		(66)	(7)
Total allowance for credit losses	$2,308	$2,318	$2,318	$2,299	$2,275	($10)	—	%	$33	1	%

CAPITAL AND RATIOS

(dollars in millions)


	AS OF
											MARCH 31, 2024 CHANGE
	Mar 31, 2024		Dec 31, 2023		Sept 30, 2023		June 30, 2023		Mar 31, 2023		Dec 31, 2023			March 31, 2023
											$	%		$	%
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY)
CET1 capital	$18,090		$18,358		$18,360		$18,381		$18,370		($268)	(1	%)	($280)	(2	%)
Tier 1 capital	20,104		20,372		20,374		20,395		20,384		(268)	(1)		(280)	(1)
Total capital	23,466		23,608		23,682		23,748		23,720		(142)	(1)		(254)	(1)
Risk-weighted assets	170,125		172,601		176,407		179,034		183,246		(2,476)	(1)		(13,121)	(7)
Adjusted average assets1	216,001		219,591		215,877		217,264		217,998		(3,590)	(2)		(1,997)	(1)
CET1 capital ratio	10.6	%	10.6	%	10.4	%	10.3	%	10.0	%
Tier 1 capital ratio	11.8		11.8		11.5		11.4		11.1
Total capital ratio	13.8		13.7		13.4		13.3		12.9
Tier 1 leverage ratio	9.3		9.3		9.4		9.4		9.4
TANGIBLE COMMON EQUITY (PERIOD-END)
Common stockholders' equity	$21,747		$22,329		$20,864		$21,571		$22,187		($582)	(3	%)	($440)	(2	%)
Less: Goodwill	8,188		8,188		8,188		8,188		8,177		—	—		11	—
Less: Other intangible assets	148		157		167		175		185		(9)	(6)		(37)	(20)
Add: Deferred tax liabilities2	433		433		421		422		422		—	—		11	3
Total tangible common equity	$13,844		$14,417		$12,930		$13,630		$14,247		($573)	(4	%)	($403)	(3	%)
TANGIBLE COMMON EQUITY (AVERAGE)
Common stockholders' equity	$21,700		$21,209		$21,177		$22,289		$21,702		$491	2	%	($2)	—	%
Less: Goodwill	8,188		8,188		8,188		8,182		8,177		—	—		11	—
Less: Other intangible assets	153		163		173		181		192		(10)	(6)		(39)	(20)
Add: Deferred tax liabilities2	433		421		422		422		422		12	3		11	3
Total tangible common equity	$13,792		$13,279		$13,238		$14,348		$13,755		$513	4	%	$37	—	%
INTANGIBLE ASSETS (PERIOD-END)
Goodwill	$8,188		$8,188		$8,188		$8,188		$8,177		$—	—	%	$11	—	%
Other intangible assets	148		157		167		175		185		(9)	(6)		(37)	(20)
Total intangible assets	$8,336		$8,345		$8,355		$8,363		$8,362		($9)	—	%	($26)	—	%

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

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

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

(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.

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


		QUARTERLY TRENDS
							1Q24 Change
		1Q24	4Q23	3Q23	2Q23	1Q23	4Q23			1Q23
							$	%		$	%
Noninterest income, Underlying:
Noninterest income (GAAP)	A	$517	$500	$492	$506	$485	$17	3	%	$32	7	%
Less: Notable items		3	—	—	—	—	3	100		3	100
Noninterest income, Underlying (non-GAAP)	B	$514	$500	$492	$506	$485	$14	3	%	$29	6	%
Total revenue, Underlying:
Total revenue (GAAP)	C	$1,959	$1,988	$2,014	$2,094	$2,128	($29)	(1	%)	($169)	(8	%)
Less: Notable items		3	—	—	—	—	3	100		3	100
Total revenue, Underlying (non-GAAP)	D	$1,956	$1,988	$2,014	$2,094	$2,128	($32)	(2	%)	($172)	(8	%)
Noninterest expense, Underlying:
Noninterest expense (GAAP)	E	$1,358	$1,612	$1,293	$1,306	$1,296	($254)	(16	%)	$62	5	%
Less: Notable items		85	345	22	73	66	(260)	(75)		19	29
Noninterest expense, Underlying (non-GAAP)	F	$1,273	$1,267	$1,271	$1,233	$1,230	$6	—	%	$43	3	%
Pre-provision profit:
Total revenue (GAAP)	C	$1,959	$1,988	$2,014	$2,094	$2,128	($29)	(1	%)	($169)	(8	%)
Less: Noninterest expense (GAAP)	E	1,358	1,612	1,293	1,306	1,296	(254)	(16)		62	5
Pre-provision profit (non-GAAP)		$601	$376	$721	$788	$832	$225	60	%	($231)	(28	%)
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)	D	$1,956	$1,988	$2,014	$2,094	$2,128	($32)	(2	%)	($172)	(8	%)
Less: Noninterest expense, Underlying (non-GAAP)	F	1,273	1,267	1,271	1,233	1,230	6	—		43	3
Pre-provision profit, Underlying (non-GAAP)		$683	$721	$743	$861	$898	($38)	(5	%)	($215)	(24	%)




Income before income tax expense, Underlying:
Income before income tax expense (GAAP)	G	$430	$205	$549	$612	$664	$225	110	%	($234)	(35	%)
Less: Income (expense) before income tax expense (benefit) related to notable items		(82)	(345)	(22)	(73)	(66)	263	76		(16)	(24)
Income before income tax expense, Underlying (non-GAAP)	H	$512	$550	$571	$685	$730	($38)	(7	%)	($218)	(30	%)
Income tax expense, Underlying:
Income tax expense (GAAP)	I	$96	$16	$119	$134	$153	$80	NM		($57)	(37	%)
Less: Income tax expense (benefit) related to notable items		(21)	(108)	(4)	(20)	(17)	87	81		(4)	(24)
Income tax expense, Underlying (non-GAAP)	J	$117	$124	$123	$154	$170	($7)	(6	%)	($53)	(31	%)
Net income, Underlying:
Net income (GAAP)	K	$334	$189	$430	$478	$511	$145	77	%	($177)	(35	%)
Add: Notable items, net of income tax benefit		61	237	18	53	49	(176)	(74)		12	24
Net income, Underlying (non-GAAP)	L	$395	$426	$448	$531	$560	($31)	(7	%)	($165)	(29	%)
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)	M	$304	$159	$400	$444	$488	$145	91	%	($184)	(38	%)
Add: Notable items, net of income tax benefit		61	237	18	53	49	(176)	(74)		12	24
Net income available to common stockholders, Underlying (non-GAAP)	N	$365	$396	$418	$497	$537	($31)	(8	%)	($172)	(32	%)

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)


		QUARTERLY TRENDS
												1Q24 Change
		1Q24		4Q23		3Q23		2Q23		1Q23		4Q23				1Q23
												$/bps		%		$/bps		%
Operating leverage:
Total revenue (GAAP)	C	$1,959		$1,988		$2,014		$2,094		$2,128		($29)		(1.41	%)	($169)		(7.96	%)
Less: Noninterest expense (GAAP)	E	1,358		1,612		1,293		1,306		1,296		(254)		(15.75)		62		4.77
Operating leverage														14.34	%			(12.73	%)
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)	D	$1,956		$1,988		$2,014		$2,094		$2,128		($32)		(1.55	%)	($172)		(8.09	%)
Less: Noninterest expense, Underlying (non-GAAP)	F	1,273		1,267		1,271		1,233		1,230		6		0.43		43		3.38
Operating leverage, Underlying (non-GAAP)														(1.98	%)			(11.47	%)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio	E/C	69.33	%	81.13	%	64.21	%	62.34	%	60.90	%	(1,180)	bps			843	bps
Efficiency ratio, Underlying (non-GAAP)	F/D	65.05		63.77		63.08		58.86		57.84		128	bps			721	bps
Noninterest income as a % of total revenue, Underlying:
Noninterest income as a % of total revenue	A/C	26.41	%	25.16	%	24.44	%	24.14	%	22.81	%	125	bps			360	bps
Noninterest income as a % of total revenue, Underlying	B/D	26.32		25.16		24.44		24.14		22.81		116	bps			351	bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate	I/G	22.28	%	7.59	%	21.51	%	22.09	%	22.97	%	1,469	bps			(69)	bps
Effective income tax rate, Underlying (non-GAAP)	J/H	22.84		22.25		21.69		22.51		23.25		59	bps			(41)	bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)	O	$21,700		$21,209		$21,177		$22,289		$21,702		$491		2	%	($2)		—	%
Return on average common equity	M/O	5.63	%	2.96	%	7.50	%	8.00	%	9.11	%	267	bps			(348)	bps
Return on average common equity, Underlying (non-GAAP)	N/O	6.77		7.41		7.82		8.97		10.01		(64)	bps			(324)	bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)	O	$21,700		$21,209		$21,177		$22,289		$21,702		$491		2	%	($2)		—	%
Less: Average goodwill (GAAP)		8,188		8,188		8,188		8,182		8,177		—		—		11		—
Less: Average other intangibles (GAAP)		153		163		173		181		192		(10)		(6)		(39)		(20)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		433		421		422		422		422		12		3		11		3
Average tangible common equity	P	$13,792		$13,279		$13,238		$14,348		$13,755		$513		4	%	$37		—	%
Return on average tangible common equity	M/P	8.86	%	4.72	%	12.00	%	12.42	%	14.38	%	414	bps			(552)	bps
Return on average tangible common equity, Underlying (non-GAAP)	N/P	10.65		11.84		12.51		13.93		15.80		(119)	bps			(515)	bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)	Q	$220,770		$223,653		$220,162		$222,373		$222,711		($2,883)		(1	%)	($1,941)		(1	%)
Return on average total assets	K/Q	0.61	%	0.33	%	0.78	%	0.86	%	0.93	%	28	bps			(32)	bps
Return on average total assets, Underlying (non-GAAP)	L/Q	0.72		0.76		0.81		0.96		1.02		(4)	bps			(30)	bps

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)


		QUARTERLY TRENDS
												1Q24 Change
		1Q24		4Q23		3Q23		2Q23		1Q23		4Q23				1Q23
												$/bps		%		$/bps		%
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)	Q	$220,770		$223,653		$220,162		$222,373		$222,711		($2,883)		(1	%)	($1,941)		(1	%)
Less: Average goodwill (GAAP)		8,188		8,188		8,188		8,182		8,177		—		—		11		—
Less: Average other intangibles (GAAP)		153		163		173		181		192		(10)		(6)		(39)		(20)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		433		421		422		422		422		12		3		11		3
Average tangible assets	R	$212,862		$215,723		$212,223		$214,432		$214,764		($2,861)		(1	%)	($1,902)		(1	%)
Return on average total tangible assets	K/R	0.63	%	0.35	%	0.81	%	0.89	%	0.97	%	28	bps			(34)	bps
Return on average total tangible assets, Underlying (non-GAAP)	L/R	0.75		0.78		0.84		0.99		1.06		(3)	bps			(31)	bps
Tangible book value per common share:
Common shares - at period-end (GAAP)	S	458,485,032		466,418,055		466,221,795		474,682,759		483,982,264		(7,933,023)		(2	%)	(25,497,232)		(5	%)
Common stockholders' equity (GAAP)		$21,747		$22,329		$20,864		$21,571		$22,187		($582)		(3)		($440)		(2)
Less: Goodwill (GAAP)		8,188		8,188		8,188		8,188		8,177		—		—		11		—
Less: Other intangible assets (GAAP)		148		157		167		175		185		(9)		(6)		(37)		(20)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)		433		433		421		422		422		—		—		11		3
Tangible common equity	T	$13,844		$14,417		$12,930		$13,630		$14,247		($573)		(4	%)	($403)		(3	%)
Tangible book value per common share	T/S	$30.19		$30.91		$27.73		$28.72		$29.44		($0.72)		(2	%)	$0.75		3	%
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	461,358,681		466,234,324		469,481,085		479,470,543		485,444,313		(4,875,643)		(1	%)	(24,085,632)		(5	%)
Average common shares outstanding - diluted (GAAP)	V	463,797,964		468,159,167		471,183,719		480,975,281		487,712,146		(4,361,203)		(1)		(23,914,182)		(5)
Net income per average common share - basic (GAAP)	M/U	$0.66		$0.34		$0.85		$0.93		$1.00		$0.32		94		($0.34)		(34)
Net income per average common share - diluted (GAAP)	M/V	0.65		0.34		0.85		0.92		1.00		0.31		91		(0.35)		(35)
Net income per average common share - basic, Underlying (non-GAAP)	N/U	0.79		0.85		0.89		1.04		1.10		(0.06)		(7)		(0.31)		(28)
Net income per average common share - diluted, Underlying (non-GAAP)	N/V	0.79		0.85		0.89		1.04		1.10		(0.06)		(7)		(0.31)		(28)
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		$—		—	%	$—		—	%
Dividend payout ratio	W/(M/U)	64	%	124	%	49	%	45	%	42	%	(5,989) bps				2,164 bps
Dividend payout ratio, Underlying (non-GAAP)	W/(N/U)	53		49		47		40		38		400 bps				1,500 bps

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)


	QUARTERLY TRENDS
						1Q24 Change
	1Q24	4Q23	3Q23	2Q23	1Q23	4Q23			1Q23
						$	%		$	%
Card fees, Underlying:
Card fees (GAAP)	$86	$70	$74	$80	$72	$16	23	%	$14	19	%
Less: Notable items	3	—	—	—	—	3	100		3	100
Card fees, Underlying (non-GAAP)	$83	$70	$74	$80	$72	$13	19	%	$11	15	%








Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)	$691	$667	$659	$615	$658	$24	4	%	$33	5	%
Less: Notable items	17	32	5	14	16	(15)	(47)		1	6
Salaries and employee benefits, Underlying (non-GAAP)	$674	$635	$654	$601	$642	$39	6	%	$32	5	%
Equipment and software, Underlying:
Equipment and software (GAAP)	$192	$215	$191	$181	$169	($23)	(11	%)	$23	14	%
Less: Notable items	8	37	6	4	4	(29)	(78)		4	100
Equipment and software, Underlying (non-GAAP)	$184	$178	$185	$177	$165	$6	3	%	$19	12	%
Outside services, Underlying:
Outside services (GAAP)	$158	$174	$160	$177	$176	($16)	(9	%)	($18)	(10	%)
Less: Notable items	12	13	7	21	27	(1)	(8)		(15)	(56)
Outside services, Underlying (non-GAAP)	$146	$161	$153	$156	$149	($15)	(9	%)	($3)	(2	%)
Occupancy, Underlying:
Occupancy (GAAP)	$114	$125	$107	$136	$124	($11)	(9	%)	($10)	(8	%)
Less: Notable items	7	20	2	30	18	(13)	(65)		(11)	(61)
Occupancy, Underlying (non-GAAP)	$107	$105	$105	$106	$106	$2	2	%	$1	1	%
Other operating expense, Underlying:
Other operating expense (GAAP)	$203	$431	$176	$197	$169	($228)	(53	%)	$34	20	%
Less: Notable items	41	243	2	4	1	(202)	(83)		40	NM
Other operating expense, Underlying (non-GAAP)	$162	$188	$174	$193	$168	($26)	(14	%)	($6)	(4	%)

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS

(dollars in millions)


		FIRST QUARTER 2024									FOURTH 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	$272		$259		($60)		($137)	$334		$269		$269		($72)		($277)	$189
Less: Preferred stock dividends		—		—		—		30	30		—		—		—		30	30
Net income (loss) available to common stockholders	B	$272		$259		($60)		($167)	$304		$269		$269		($72)		($307)	$159
Return on average total tangible assets:
Average total assets (GAAP)		$73,833		$70,100		$10,554		$66,283	$220,770		$73,334		$72,758		$11,776		$65,785	$223,653
Less: Average goodwill (GAAP)		542		770		—		6,876	8,188		542		770		—		6,876	8,188
Average other intangibles (GAAP)		92		33		—		28	153		98		35		—		30	163
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		26		10		—		397	433		26		10		—		385	421
Average tangible assets	C	$73,225		$69,307		$10,554		$59,776	$212,862		$72,720		$71,963		$11,776		$59,264	$215,723
Return on average total tangible assets	A/C	1.49	%	1.50	%	(2.30)	%	NM	0.63	%	1.47	%	1.48	%	(2.42)	%	NM	0.35	%
Efficiency ratio:
Noninterest expense (GAAP)	D	$903		$317		$25		$113	$1,358		$905		$324		$28		$355	$1,612
Net interest income (GAAP)		1,093		514		(37)		(128)	1,442		1,086		551		(45)		(104)	1,488
Noninterest income (GAAP)		258		227		—		32	517		265		196		—		39	500
Total revenue (GAAP)	E	$1,351		$741		($37)		($96)	$1,959		$1,351		$747		($45)		($65)	$1,988
Efficiency ratio	D/E	66.87	%	42.80	%	NM		NM	69.33	%	67.08	%	43.44	%	NM		NM	81.13	%


		THIRD QUARTER 2023									SECOND 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	$276		$260		($67)		($39)	$430		$257		$305		($55)		($29)	$478
Less: Preferred stock dividends		—		—		—		30	30		—		—		—		34	34
Net income (loss) available to common stockholders	B	$276		$260		($67)		($69)	$400		$257		$305		($55)		($63)	$444
Return on average total tangible assets:
Average total assets (GAAP)		$72,964		$74,997		$13,113		$59,088	$220,162		$72,583		$77,546		$14,456		$57,788	$222,373
Less: Average goodwill (GAAP)		542		770		—		6,876	8,188		540		766		—		6,876	8,182
Average other intangibles (GAAP)		103		39		—		31	173		109		41		—		31	181
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		24		12		—		386	422		23		11		—		388	422
Average tangible assets	C	$72,343		$74,200		$13,113		$52,567	$212,223		$71,957		$76,750		$14,456		$51,269	$214,432
Return on average total tangible assets	A/C	1.51	%	1.39	%	(2.03)	%	NM	0.81	%	1.43	%	1.59	%	(1.53)	%	NM	0.89	%
Efficiency ratio:
Noninterest expense (GAAP)	D	$905		$325		$30		$33	$1,293		$875		$315		$33		$83	$1,306
Net interest income (GAAP)		1,067		560		(41)		(64)	1,522		1,023		584		(28)		9	1,588
Noninterest income (GAAP)		278		180		—		34	492		268		207		—		31	506
Total revenue (GAAP)	E	$1,345		$740		($41)		($30)	$2,014		$1,291		$791		($28)		$40	$2,094
Efficiency ratio	D/E	67.18	%	43.93	%	NM		NM	64.21	%	67.74	%	39.76	%	NM		NM	62.34	%

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS, CONTINUED

(dollars in millions)


		FIRST QUARTER 2023

		Consumer Banking		Commercial Banking		Non-Core		Other	Consolidated
Net income (loss) available to common stockholders:
Net income (loss)	A	$257		$319		($50)		($15)	$511
Less: Preferred stock dividends		—		—		—		23	23
Net income (loss) available to common stockholders	B	$257		$319		($50)		($38)	$488
Return on average total tangible assets:
Average total assets (GAAP)		$71,872		$78,891		$15,686		$56,262	$222,711
Less: Average goodwill (GAAP)		538		763		—		6,876	8,177
Average other intangibles (GAAP)		115		43		—		34	192
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		23		12		—		387	422
Average tangible assets	C	$71,242		$78,097		$15,686		$49,739	$214,764
Return on average total tangible assets	A/C	1.46	%	1.66	%	(1.30)	%	NM	0.97	%
Efficiency ratio:
Noninterest expense (GAAP)	D	$857		$331		$32		$76	$1,296
Net interest income (GAAP)		1,011		597		(15)		50	1,643
Noninterest income (GAAP)		256		201		—		28	485
Total revenue (GAAP)	E	$1,267		$798		($15)		$78	$2,128
Efficiency ratio	D/E	67.70	%	41.47	%	NM		NM	60.90	%