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CITIZENS FINANCIAL GROUP INC/RI0000759944false00007599442026-01-212026-01-210000759944us-gaap:CommonStockMember2026-01-212026-01-210000759944us-gaap:SeriesEPreferredStockMember2026-01-212026-01-210000759944us-gaap:SeriesHPreferredStockMember2026-01-212026-01-210000759944cfg:SeriesIPreferredStockMember2026-01-212026-01-21


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): January 21, 2026

citizenslogoa05.jpg
 (Exact name of the registrant as specified in its charter)
Delaware 001-36636 05-0412693
(State or Other Jurisdiction of
Incorporation)		 (Commission File Number) (I.R.S. Employer
Identification Number)
One Citizens Plaza
Providence, RI 02903
(Address of principal executive offices) (Zip Code)
 

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

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

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

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

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

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

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

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading symbol(s) Name of each exchange on which registered
Common stock, $0.01 par value per share CFG New York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E CFG PrE New York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 7.375% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series H CFG PrH New York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 6.500% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series I CFG PrI New York Stock Exchange





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

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
   
Item 2.02   Results of Operations and Financial Condition.
On January 21, 2026, Citizens Financial Group, Inc. (the “Company”) issued a press release announcing its fourth quarter and full year 2025 earnings and posted on its website the press release and a financial supplement. Copies of the press release and financial supplement are being furnished as Exhibits 99.1 and 99.3, respectively.

Item 7.01 Regulation FD Disclosure.

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

The information in this Form 8-K and Exhibits attached hereto are being furnished pursuant to Items 2.02 and 7.01, respectively, and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall this information be deemed incorporated by reference into any filings under the Securities Act of 1933, as amended.
Item 9.01   Financial Statements and Exhibits.
  Exhibit Number Description
(d) Exhibit 99.1   
Exhibit 99.2   
Exhibit 99.3   
Exhibit 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
CITIZENS FINANCIAL GROUP, INC.
By:   /s/ Aunoy Banerjee
  Aunoy Banerjee
  Executive Vice President and Chief Financial Officer
Date:  January 21, 2026



EX-99.1 2 a4q25earningsrelease.htm EX-99.1 Document


citizenslogoa05a.jpg

Citizens Financial Group, Inc. Reports Fourth Quarter 2025 Net Income of
$528 million, up 32% YoY, and EPS of $1.13, up 36% YoY
Positive Operating Leverage of 1.3% QoQ and 5.2% YoY on an Underlying basis
2025 Net Income of $1.8 billion and EPS of $3.86, up 14% and 19%
on an Underlying basis, respectively
Key Financial Data*
 4Q25 3Q25 4Q24
Fourth Quarter 2025 Highlights
Income
Statement		 ($s in millions)
■EPS of $1.13, up 8% QoQ; ROTCE of 12.2%
–Continued strong Private Bank progress, contributing $0.10 to EPS, up $0.02 QoQ
■PPNR of $814 million, up 4% QoQ, 19% YoY
–NII up 3.3% QoQ as NIM continues to expand, up 7 bps to 3.07%
–Strong fee performance led by Wealth, up 5% QoQ and 31% YoY, and Capital Markets, up 16% YoY
–Positive operating leverage of 1.3% QoQ; 5.2% YoY
–Efficiency ratio improved 79 bps to 62.2%
■Loans up 1% QoQ on a spot and average basis with growth led by Private Bank and Commercial
–Lower Non-Core runoff and balance sheet optimization impacts
■Continuing favorable credit trends; net charge-offs of 43 bps, down 3 bps QoQ
■Strong ACL coverage of 1.53%, down slightly QoQ, reflecting improved loan mix
■Average deposits up 2% QoQ driven by growth in Private Bank and Commercial
–Private Bank spot deposits of $14.5 billion
–Interest-bearing deposit costs down 15 bps QoQ
■Strong liquidity profile; spot LDR of 77.8%
■Strong CET1 ratio of 10.6%; 9.5% adjusted for AOCI opt-out removal
■TBV/share of $38.07, up 4% QoQ
Total revenue $ 2,157  $ 2,118  $ 1,986 
Pre-provision profit 814  783  670 
Underlying pre-provision profit 814  783  684 
Provision for credit losses 137  154  162 
Net income 528  494  401 
Underlying net income 528  494  412 
Balance Sheet
&
Credit Quality		 ($s in billions)
Period-end loans and leases $ 142.7  $ 140.9  $ 139.2 
Average loans and leases 141.8  140.0  140.9 
Period-end deposits 183.3  180.0  174.8 
Average deposits 179.9  176.0  174.3 
Period-end loan-to-deposit ratio 77.8  % 78.3  % 79.6  %
NCO ratio 0.43  % 0.46  % 0.53  %
Financial Metrics Diluted EPS $ 1.13  $ 1.05  $ 0.83 
Underlying Diluted EPS 1.13  1.05  0.85 
ROTCE 12.2  % 11.7  % 10.4  %
Underlying ROTCE 12.2  11.7  10.7 
Net interest margin, FTE 3.07  3.00  2.87 
Efficiency ratio 62.2  63.0  66.3 
Underlying efficiency ratio 62.2  63.0  65.4 
CET1 10.6  % 10.7  % 10.8  %
TBV/Share $ 38.07  $ 36.73  $ 32.34 

Notable Items 4Q25 3Q25 4Q24
($s in millions except per share data) Pre-tax $ EPS Pre-tax $ EPS Pre-tax $ EPS
Integration-related
 $ —  $ —  $ —  $ —  $ (2) $ — 
TOP/Other
 —  —  —  —  (12) (0.02)
Total
 $ —  $ —  $ —  $ —  $ (14) $ (0.02)
*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.
Comments from Chairman and CEO Bruce Van Saun
“We are pleased to report good fourth quarter and full year results that reflect strong execution of our key growth initiatives and continued improvement in our net interest margin,” said Chairman and CEO Bruce Van Saun. “Our strong fee growth was paced by Capital Markets and Wealth, we continue to achieve positive operating leverage, up 5% in Q4 vs. prior year, our credit costs are trending favorably, and we delivered an 80% return of capital to shareholders for the year. The Private Bank hit year end deposits of $14.5 billion, delivering 7% accretion to our bottom line at a 25% ROE. I would like to thank our colleague base for their fine effort and dedication in continuing to serve our customers well and in positioning us for a strong 2026 and bright future.”
Citizens also announced today that its board of directors declared a quarterly common stock dividend of $0.46 per share. The dividend is payable on February 18, 2026 to shareholders of record at the close of business on February 4, 2026.



























*ROE represents Return on Regulatory Capital.
2
Citizens Financial Group, Inc.
Earnings highlights(1):
Quarterly Trends Full Year
  4Q25 change from 2025 change from 2024
($s in millions, except per share data) 4Q25 3Q25 4Q24 3Q25 4Q24 2025 2024
Earnings $/bps/% % $/bps/% % $/bps
Net interest income $ 1,537  $ 1,488  $ 1,412  $ 49  3   % $ 125  9   % $ 5,853  $ 5,633  $ 220 
Noninterest income 620  630  574  (10) (2) 46  8  2,394  2,176  218 
Total revenue 2,157  2,118  1,986  39  2  171  9  8,247  7,809  438 
Noninterest expense 1,343  1,335  1,316  8  1  27  2  5,311  5,234  77 
Pre-provision profit 814  783  670  31  4  144  21  2,936  2,575  361 
Provision for credit losses 137  154  162  (17) (11) (25) (15) 608  687  (79)
Net income 528  494  401  34  7  127  32  1,831  1,509  322 
Preferred dividends/other(2)
 39  37  34  2  5  5  15  143  137  6 
Net income available to common stockholders $ 489  $ 457  $ 367  $ 32  7   % $ 122  33   % $ 1,688  $ 1,372  $ 316 
After-tax notable Items —  —  11  —  — (11) (100) —  98  (98)
Underlying net income $ 528  $ 494  $ 412  $ 34  7   % $ 116  28   % $ 1,831  $ 1,607  $ 224 
Underlying net income available to common stockholders 489  457  378  32  7 111  29 1,688  1,470  218 
Average common shares outstanding
Basic (in millions) 429.5  431.4  440.8  (1.9) —  (11.3) (3) 433.2  450.7  (17.5)
Diluted (in millions) 434.1  435.5  444.8  (1.4) —  (10.8) (2) 436.9  453.5  (16.6)
Diluted earnings per share $ 1.13  $ 1.05  $ 0.83  $ 0.08  8   % $ 0.30  36   % $ 3.86  $ 3.03  $ 0.83 
Underlying diluted earnings per share 1.13  1.05  0.85  0.08  8 0.28  33  3.86  3.24  $ 0.62 
Performance metrics
Net interest margin 3.06  % 2.99  % 2.86  % 7   bps 20   bps 2.97  % 2.84  % 13   bps
Net interest margin, FTE 3.07  3.00  2.87  7  20  2.98  2.85  13 
Effective income tax rate 22.0  21.4  21.0  65  99  21.3  20.1  128 
Efficiency ratio 62.2  63.0  66.3  (79) (403) 64.4  67.0  (263)
Underlying efficiency ratio 62.2  63.0  65.4  (79) (312) 64.4  65.2  (75)
Return on average tangible common equity 12.2  11.7  10.4  43  182  11.2  9.8  139 
Underlying return on average tangible common equity 12.2  11.7  10.7  43  152  11.2  10.5  69 
Return on average total tangible assets 0.98  0.93  0.76  5  22  0.87  0.71  16 
Underlying return on average total tangible assets 0.98  % 0.93  % 0.78  % 5   bps 20   bps 0.87  % 0.76  % 11   bps
Capital adequacy(3,4)
Common equity tier 1 capital ratio 10.6  % 10.7  % 10.8  %
Total capital ratio 13.8  13.9  14.0 
Tier 1 leverage ratio 9.4  9.4  9.4 
Tangible common equity ratio 7.5  7.4  6.8 
Allowance for credit losses to loans and leases 1.53  % 1.56  % 1.62  % (3)  bps (9)  bps
Asset quality(4)
Nonaccrual loans and leases to loans and leases 1.05  % 1.08  % 1.20  % (3)  bp (15)  bps
Allowance for credit losses to nonaccrual loans and leases 145  145  136  —  % 9  %
Net charge-offs as a % of average loans and leases 0.43  % 0.46  % 0.53  % (3)  bps (10)  bps 0.49  % 0.52  % (3)  bps

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



3
Citizens Financial Group, Inc.

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

Underlying results:

Quarterly Trends Full Year
  4Q25 change from 2025 Change
($s in millions, except per share data) 4Q25 3Q25 4Q24 3Q25 4Q24 2025 2024 from 2024
$/bps % $/bps % %
Net interest income $ 1,537  $ 1,488  $ 1,412  $ 49  3   % $ 125  9   % $ 5,853  $ 5,633  4   %
Noninterest income 620  630  564  (10) (2) 56  10  2,394  2,161  11 
Total revenue $ 2,157  $ 2,118  $ 1,976  $ 39  2   % $ 181  9   % $ 8,247  $ 7,794  6   %
Noninterest expense 1,343  1,335  1,292  8  1  51  4  5,311  5,078  5 
Provision for credit losses 137  154  162  (17) (11) (25) (15) 608  687  (11)
Net income available to common stockholders $ 489  $ 457  $ 378  $ 32  7  % $ 111  29  % $ 1,688  $ 1,470  15   %
Performance metrics
EPS $ 1.13  $ 1.05  $ 0.85  $ 0.08  8   % $ 0.28  33   % $ 3.86  $ 3.24  19   %
Efficiency ratio 62.2   % 63.0   % 65.4   % (79)  bps (312)  bps 64.4   % 65.2   % (75)
Return on average tangible common equity 12.2   % 11.7   % 10.7   % 43   bps 152   bps 11.2   % 10.5   % 69   bps




Consolidated balance sheet summary(1):

  4Q25 change from
($s in millions) 4Q25 3Q25 4Q24 3Q25 4Q24
$/bps % $/bps %
Total assets $ 226,351  $ 222,747  $ 217,521  $ 3,604  2   % $ 8,830  4   %
Total loans and leases 142,692  140,870  139,203  1,822  1  3,489  3 
Total loans held for sale 1,198  1,334  858  (136) (10) 340  40 
Deposits 183,313  180,011  174,776  3,302  2  8,537  5 
Stockholders' equity 26,317  25,829  24,254  488  2  2,063  9 
Stockholders' common equity 24,206  23,718  22,141  488  2  2,065  9 
Tangible common equity $ 16,341  $ 15,848  $ 14,246  $ 493  3   % $ 2,095  15   %
Loan-to-deposit ratio (period-end)(2)
 77.8  % 78.3   % 79.6   % (42)  bps (181)  bps
Loan-to-deposit ratio (average)(2)
 78.8  % 79.6  % 80.9  % (75)  bps (206)  bps
(1) Represents period-end unless otherwise noted.
(2) Excludes loans held for sale.

4
Citizens Financial Group, Inc.
Notable items:
There are no notable items in 2025, as our intention going forward is to limit these to those items of greatest significance. Fourth quarter 2024 and full year 2024 results reflect notable items primarily related to integration costs associated with recent acquisitions, as well as TOP revenue and efficiency initiatives. These notable items were excluded from reported results to better reflect Underlying operating results.
Notable items - Integration-related 4Q25 3Q25 4Q24 FY 2025 FY 2024
($s in millions, except per share data) Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax
Salaries & benefits $ —  $ —  $ —  $ —  $ (2) $ (1) $ —  $ —  $ (9) $ (6)
Equipment and software —  —  —  —  —  —  —  —  —  — 
Outside services —  —  —  —  —  —  —  —  (1) (1)
Occupancy —  —  —  —  —  —  —  —  —  — 
Other expense —  —  —  —  —  —  —  —  —  — 
   Noninterest expense $ —  $ —  $ —  $ —  $ (2) $ (1) $ —  $ —  $ (10) $ (7)
EPS Impact - Noninterest expense $ —  $ —  $ —  $ —  $ (0.02)
Total Integration-related
 $ —  $ —  $ —  $ —  $ (2) $ (1) $ —  $ —  $ (10) $ (7)
EPS Impact - Total Integration-related $ —  $ —  $ —  $ —  $ (0.02)
Other notable items - TOP & Other 4Q25 3Q25 4Q24 FY 2025 FY 2024
($s in millions, except per share data) Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax
Tax notable items $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ —  $ 7 
  Noninterest income —  —  —  —  10  8  —  —  15  11 
Salaries & benefits —  —  —  —  (15) (12) —  —  (37) (27)
Equipment and software —  —  —  —  (3) (2) —  —  (17) (13)
Outside services —  —  —  —  (4) (3) —  —  (27) (21)
Occupancy —  —  —  —  (5) (4) —  —  (19) (14)
FDIC special assessment(1)
 —  —  —  —  9  6  —  —  (31) (24)
Other expense —  —  —  —  (4) (3) —  —  (15) (10)
   Noninterest expense $ —  $ —  $ —  $ —  $ (22) $ (18) $ —  $ —  $ (146) $ (109)
Total Other Notable Items $ —  $ —  $ —  $ —  $ (12) $ (10) $ —  $ —  $ (131) $ (91)
EPS Impact - Other Notable Items $ —  $ —  $ (0.02) $ —  $ (0.19)
Total Notable Items $ —  $ —  $ —  $ —  $ (14) $ (11) $ —  $ —  $ (141) $ (98)
Total EPS Impact $ —  $ —  $ (0.02) $ —  $ (0.21)
(1) The FDIC special assessment earnings per share impact is $0.01 and $(0.05) for fourth quarter 2024 and full year 2024 respectively.
















5
Citizens Financial Group, Inc.


Discussion of results:
Net interest income   4Q25 change from
($s in millions) 4Q25 3Q25 4Q24 3Q25 4Q24
$/bps % $/bps %
Interest income:
Interest and fees on loans and leases and loans held for sale $ 1,923  $ 1,928  $ 1,931  $ (5) —   % $ (8) —   %
Investment securities 434  433  419  1  —  15  4 
Interest-bearing deposits in banks 89  97  112  (8) (8) (23) (21)
Total interest income $ 2,446  $ 2,458  $ 2,462  $ (12) —   % $ (16) (1)  %
Interest expense:
Deposits $ 781  $ 816  $ 883  $ (35) (4)  % $ (102) (12)  %
Short-term borrowed funds —  5  1  (5) (100) (1) (100)
Long-term borrowed funds 128  149  166  (21) (14) (38) (23)
Total interest expense $ 909  $ 970  $ 1,050  $ (61) (6)  % $ (141) (13)  %
Net interest income $ 1,537  $ 1,488  $ 1,412  $ 49  3   % $ 125  9   %
Net interest margin, FTE 3.07   % 3.00   % 2.87   % 7   bps 20   bps
Fourth quarter 2025 vs. third quarter 2025
Net interest income of $1.5 billion increased 3.3%, reflecting a higher net interest margin along with a 1% increase in average interest-earning assets.
•Net interest margin of 3.07% increased 7 basis points, reflecting the benefit of Non-Core runoff and lower terminated swap impacts, fixed-rate asset repricing and improved funding costs, partially offset by lower asset yields.
•Interest-bearing deposit costs decreased 15 basis points to 2.20%; total deposit costs decreased 12 basis points to 1.72%; total cost of funds decreased 15 basis points to 1.90%.
Fourth quarter 2025 vs. fourth quarter 2024
Net interest income of $1.5 billion increased 9%, primarily reflecting a higher net interest margin.
•Net interest margin of 3.07% increased 20 basis points, largely driven by the benefit of Non-Core runoff and terminated swap impacts, as well as fixed-rate asset repricing benefits, partially offset by lower asset yields.



6
Citizens Financial Group, Inc.
Noninterest Income   4Q25 change from
($s in millions) 4Q25 3Q25 4Q24 3Q25 4Q24
$ % $ %
Service charges and fees $ 112  $ 112  $ 109  $ —  —   % $ 3  3   %
Capital markets fees 140  166  121  (26) (16) 19  16 
Wealth fees 98  93  75  5  5  23  31 
Card fees 86  87  97  (1) (1) (11) (11)
Mortgage banking fees 52  49  60  3  6  (8) (13)
Foreign exchange and derivative products 34  42  35  (8) (19) (1) (3)
Letter of credit and loan fees 49  48  45  1  2  4  9 
Securities gains, net
 7  2  4  5  250 3  75
Other income(1)
 42  31  28  11  35 14  50
Noninterest income $ 620  $ 630  $ 574  $ (10) (2)  % $ 46  8   %
Underlying, as applicable
Card fees $ 86  $ 87  $ 86  $ (1) (1) $ —  — 
Other income(1)
 $ 42  $ 31  $ 29  $ 11  35  $ 13  45 
Underlying noninterest income $ 620  $ 630  $ 564  $ (10) (2)  % $ 56  10   %
(1) Includes bank-owned life insurance income and other miscellaneous income for all periods presented.
Fourth quarter 2025 vs. third quarter 2025
Noninterest income of $620 million decreased $10 million, or 2%.
•Capital markets fees were strong, though decreased by $26 million relative to an exceptional third quarter. Several M&A and equity deals pushed into 2026 given impacts associated with the government shutdown in the quarter, with roughly $20 million in fees pushing into 1Q26. Loan syndication fees were higher in the quarter.
•Wealth fees increased $5 million to an all-time high, given an increase in advisory fees, primarily driven by net inflows and market appreciation.
•Mortgage banking fees increased $3 million, as higher MSR valuation results, net of hedge impact, were largely offset by lower servicing.
•FX and derivative products decreased $8 million primarily reflecting lower client interest rate hedging activity in anticipation of lower rates.
•Other income increased $11 million, reflecting favorable performance across several small revenue items.
Fourth quarter 2025 vs. fourth quarter 2024
Underlying noninterest income of $620 million increased $56 million, or 10%.
•Capital markets fees increased $19 million, driven by higher debt and equity underwriting and loan syndication fees, partially offset by lower M&A fees.
•Wealth fees increased $23 million, primarily reflecting growth in AUM, mainly driven by net inflows.
•Other income increased $13 million, reflecting favorable performance across several small revenue items.
7
Citizens Financial Group, Inc.
Noninterest Expense   4Q25 change from
($s in millions) 4Q25 3Q25 4Q24 3Q25 4Q24
$ % $ %
Salaries and employee benefits $ 716  $ 705  $ 674  $ 11  2  % $ 42  6  %
Equipment and software 199  197  193  2  1  6  3 
Outside services 148  161  170  (13) (8) (22) (13)
Occupancy 109  106  112  3  3  (3) (3)
Other operating expense 171  166  167  5  3  4  2 
Noninterest expense $ 1,343  $ 1,335  $ 1,316  $ 8  1  % $ 27  2  %
Notable items $ —  $ —  $ 24  $ —  —  % $ (24) (100)%
Underlying, as applicable
Salaries and employee benefits $ 716  $ 705  $ 657  $ 11  2  % $ 59  9  %
Equipment and software 199  197  190  2  1  9  5 
Outside services 148  161  166  (13) (8) (18) (11)
Occupancy 109  106  107  3  3  2  2 
Other operating expense 171  166  172  5  3  (1) (1)
Underlying noninterest expense $ 1,343  $ 1,335  $ 1,292  $ 8  1  % $ 51  4  %
Fourth quarter 2025 vs. third quarter 2025
Noninterest expense of $1.3 billion increased 0.6%.
•Salaries and employee benefits increased $11 million, reflecting hiring related to the Private Bank and Private Wealth buildout, higher incentive compensation and medical benefit costs.
•Outside services decreased $13 million, primarily driven by lower technology costs.
•Other operating expense increased $5 million, reflecting seasonal factors.
The effective tax rate was 22.0% in fourth quarter 2025 compared with 21.4% in third quarter 2025.
Fourth quarter 2025 vs. fourth quarter 2024
Underlying noninterest expense of $1.3 billion increased 4%.
•Salaries and employee benefits increased $59 million, reflecting hiring related to the Private Bank and Private Wealth buildout, strong Capital Markets fee performance, and increased medical benefit costs.
•Equipment and software increased $9 million, reflecting technology investments.
•Outside services decreased $18 million, largely driven by lower vendor-related costs.
The effective tax rate was 22.0% in fourth quarter 2025 compared with 21.2% on an Underlying basis in fourth quarter 2024, primarily reflecting less benefit from tax-advantaged investments given higher income and higher state taxes.
8
Citizens Financial Group, Inc.
Interest-earning assets   4Q25 change from
($s in millions) 4Q25 3Q25 4Q24 3Q25 4Q24
Period-end interest-earning assets $ % $ %
Investments $ 44,650  $ 44,456  $ 42,217  $ 194  —   % $ 2,433  6   %
Interest-bearing deposits in banks 12,224  11,090  9,827  1,134  10  2,397  24 
Commercial loans and leases 73,812  72,493  69,776  1,319  2  4,036  6 
Retail loans 68,880  68,377  69,427  503  1  (547) (1)
Total loans and leases 142,692  140,870  139,203  1,822  1  3,489  3 
Loans held for sale
 1,198  1,334  858  (136) (10) 340  40 
Total loans and leases and loans held for sale 143,890  142,204  140,061  1,686  1  3,829  3 
Total period-end interest-earning assets $ 200,764  $ 197,750  $ 192,105  $ 3,014  2   % $ 8,659  5   %
Average interest-earning assets(1)
Investments
 $ 46,731  $ 46,453  $ 44,823  $ 278  1   % $ 1,908  4   %
Interest-bearing deposits in banks 9,156  9,015  9,459  141  2  (303) (3)
Commercial loans and leases 73,151  72,150  71,355  1,001  1  1,796  3 
Retail loans 68,606  67,861  69,592  745  1  (986) (1)
Total loans and leases 141,757  140,011  140,947  1,746  1  810  1 
Loans held for sale
 1,523  2,119  1,384  (596) (28) 139  10 
Total loans and leases and loans held for sale 143,280  142,130  142,331  1,150  1  949  1 
Total average interest-earning assets $ 199,167  $ 197,598  $ 196,613  $ 1,569  1   % $ 2,554  1   %
(1) Total average interest-earning assets excludes the mark-to-market on investment securities and unsettled purchases or sales of loans and investments.
Fourth quarter 2025 vs. third quarter 2025
Period-end interest-earning assets of $200.8 billion increased $3.0 billion, or 2%, reflecting a $1.1 billion increase in cash held in interest-bearing deposits and a $194 million increase in investments in securities. Total loans and leases increased $1.8 billion, as growth in the Private Bank, net new money originations in corporate banking and higher commercial line utilization, as well as growth in home equity and mortgage, were partially offset by commercial real estate paydowns and the runoff of Non-Core loans.
Average interest-earning assets of $199.2 billion increased $1.6 billion, or 1%, reflecting a $1.7 billion increase in total loans and leases and a $141 million increase in cash held in interest-bearing deposits, partially offset by a $596 million decrease in loans held for sale related to the final settlement of the Non-Core education loans sold.
The average effective duration of the securities portfolio was 3.8 years, compared with 3.6 years at September 30, 2025 and 3.7 years at December 31, 2024.
Fourth quarter 2025 vs. fourth quarter 2024
Period-end interest-earning assets of $200.8 billion increased $8.7 billion, or 5%, reflecting a $2.4 billion increase in investments in securities, a $2.4 billion increase in cash held in interest-bearing deposits and a $3.8 billion increase in total loans and leases and loans held for sale. The increase in total loans and leases and loans held for sale was driven by $4.0 billion growth in commercial given net new money originations in corporate banking and higher commercial line utilization, as well as growth in the Private Bank, partially offset by commercial real estate paydowns. This was partially offset by a decline in retail of $547 million, as $4.9 billion of growth in home equity and mortgage was more than offset by Non-Core portfolio runoff.
Average interest-earning assets of $199.2 billion increased $2.6 billion, primarily reflecting a $1.9 billion increase in investments in securities and a $949 million increase in total loans and leases and loans held for sale.
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Citizens Financial Group, Inc.
Deposits   4Q25 change from
($s in millions) 4Q25 3Q25 4Q24 3Q25 4Q24
Period-end deposits $ % $ %
Non-interest bearing demand $ 40,417  $ 39,472  $ 36,920  $ 945  2   % $ 3,497  9   %
Checking with interest 37,428  35,219  33,246  2,209  6 4,182  13
Savings 24,353  24,759  25,976  (406) (2) (1,623) (6)
Money market 60,062  59,709  55,321  353  1 4,741  9
Time 21,053  20,852  23,313  201  1 (2,260) (10)
Total period-end deposits $ 183,313  $ 180,011  $ 174,776  $ 3,302  2   % $ 8,537  5   %
Average deposits
Non-interest bearing demand $ 38,993  $ 38,070  $ 36,704  $ 923  2   % $ 2,289  6   %
Checking with interest 36,257  34,748  32,720  1,509  4 3,537  11
Savings 24,477  25,001  26,237  (524) (2) (1,760) (7)
Money market 58,904  57,783  54,548  1,121  2 4,356  8
Time 21,226  20,355  24,053  871  4 (2,827) (12)
Total average deposits $ 179,857  $ 175,957  $ 174,262  $ 3,900  2   % $ 5,595  3   %
Fourth quarter 2025 vs. third quarter 2025
Total period-end deposits of $183.3 billion are up 2%, driven by growth in Private Bank, commercial, and retail, primarily across checking with interest, demand deposits and money market, partially offset by lower savings. Private Bank deposits reached $14.5 billion at year end.
Average deposits of $179.9 billion increased 2%, reflecting the same factors.
Fourth quarter 2025 vs. fourth quarter 2024
Total period-end deposits of $183.3 billion increased 5%, primarily reflecting growth in Private Bank of $7.5 billion, and $3.5 billion in Commercial, partially offset by a $2.3 billion reduction in higher-cost Treasury brokered deposits.
Average deposits of $179.9 billion were up 3%.
10
Citizens Financial Group, Inc.
Borrowed Funds   4Q25 change from
($s in millions) 4Q25 3Q25 4Q24 3Q25 4Q24
Period-end borrowed funds $ % $ %
Short-term borrowed funds $ 58  $ 214  $ —  $ (156) (73) % $ 58  100   %
Long-term borrowed funds
FHLB advances 2,014  14  53  2,000  NM 1,961  NM
Senior debt 6,328  6,825  7,168  (497) (7) (840) (12)
Subordinated debt and other debt 1,284  1,620  1,805  (336) (21) (521) (29)
Auto collateralized borrowings 1,598  1,982  3,375  (384) (19) (1,777) (53)
Total borrowed funds $ 11,282  $ 10,655  $ 12,401  $ 627  6   % $ (1,119) (9)  %
Average borrowed funds
Short-term borrowed funds $ 221  $ 589  $ 41  $ (368) (62) % $ 180  NM
Long-term borrowed funds
FHLB advances 35  1,009  172  (974) (97) % (137) (80)
Senior debt 6,642  6,823  7,316  (181) (3) (674) (9)
Subordinated debt and other debt 1,405  1,622  1,808  (217) (13) (403) (22)
Auto collateralized borrowings 1,774  2,189  3,593  (415) (19) (1,819) (51)
Total average borrowed funds $ 10,077  $ 12,232  $ 12,930  $ (2,155) (18)  % $ (2,853) (22)  %
Fourth quarter 2025 vs. third quarter 2025
Period-end borrowed funds increased $627 million, reflecting a $2.0 billion increase in FHLB advances largely offset by decreases in senior debt and subordinated debt of $497 million and $336 million, respectively, given redemptions, as well as a $384 million decrease in collateralized borrowings on auto loans as the associated portfolio runs down.
Average borrowed funds decreased $2.2 billion, driven by decreases in FHLB advances and short-term borrowed funds of $974 million and $368 million, respectively, a $415 million decrease in auto collateralized borrowings, as well as decreases in senior and subordinated debt of $181 million and $217 million, respectively, given the impact of redemptions.
Fourth quarter 2025 vs. fourth quarter 2024
Period-end borrowed funds decreased by $1.1 billion, reflecting decreases of $1.8 billion in auto collateralized borrowings, given runoff of the associated portfolio, $840 million in senior and $521 million in subordinated debt given the impact of redemptions, partially offset by $2.0 billion in FHLB advances.
Average borrowed funds decreased by $2.9 billion, given a $1.8 billion decrease in auto collateralized borrowings, and decreases in senior and subordinated debt of $674 million and $403 million respectively, given the impact of redemptions.

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Citizens Financial Group, Inc.
Capital   4Q25 change from
($s and shares in millions, except per share data) 4Q25 3Q25 4Q24 3Q25 4Q24
Period-end capital $ % $ %
Stockholders' equity $ 26,317  $ 25,829  $ 24,254  $ 488  2   % $ 2,063  9   %
Stockholders' common equity 24,206  23,718  22,141  488  2 2,065  9
Tangible common equity 16,341  15,848  14,246  493  3 2,095  15
Tangible book value per common share $ 38.07  $ 36.73  $ 32.34  $ 1.34  4   % $ 5.73  18   %
Common shares - at end of period 429.2  431.5  440.5  (2.2) (1) (11.3) (3)
Common shares - average (diluted) 434.1  435.5  444.8  (1.4) —   % (10.8) (2)  %
Common equity tier 1 capital ratio(1)
 10.6  % 10.7  % 10.8  %
Total capital ratio(1)
 13.8  13.9  14.0 
Tangible common equity ratio 7.5  7.4  6.8 
Tier 1 leverage ratio(1)
 9.4  9.4  9.4 
(1) Current reporting-period regulatory capital ratios are preliminary.
Fourth quarter 2025
•The CET1 capital ratio of 10.6% as of December 31, 2025 compares with 10.7% at September 30, 2025 and 10.8% at December 31, 2024.
•Total capital ratio of 13.8% compares with 13.9% at September 30, 2025 and 14.0% as of December 31, 2024.
•Tangible common equity ratio of 7.5% compares with 7.4% at September 30, 2025 and 6.8% as of December 31, 2024.
•Tangible book value per common share of $38.07 increased 4% compared with third quarter 2025, reflecting higher net income and AOCI benefit from lower long-term rates.
•Paid $201 million in common dividends to shareholders during fourth quarter 2025. This compares with $184 million in common dividends during third quarter 2025 and $188 million during fourth quarter 2024, given the fourth quarter 2025 increase in the quarterly dividend per share of $0.04 to $0.46.
•Repurchased $125 million of common shares during fourth quarter 2025, compared with $75 million in third quarter 2025 and $225 million in fourth quarter 2024.
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Citizens Financial Group, Inc.
Credit quality review   4Q25 change from
($s in millions) 4Q25 3Q25 4Q24 3Q25 4Q24
$/bps/% % $/bps/% %
Nonaccrual loans and leases(1)
 $ 1,504  $ 1,518  $ 1,664  $ (14) (1)  % $ (160) (10)  %
90+ days past due and accruing(2)
 169  162  196  7  4  (27) (14)
Net charge-offs 155  162  189  (7) (4) (34) (18)
Provision for credit losses 137  154  162  (17) (11) (25) (15)
Allowance for credit losses $ 2,183  $ 2,201  $ 2,259  $ (18) (1)  % $ (76) (3)  %
Nonaccrual loans and leases to loans and leases 1.05   % 1.08   % 1.20   % (3)  bps (15)  bps
Net charge-offs as a % of total loans and leases 0.43  0.46  0.53  (3) (10)
Allowance for credit losses to loans and leases 1.53  1.56  1.62  (3) (9)
Allowance for credit losses to nonaccrual loans and leases 145   % 145   % 136   % —  % 9  %
(1) Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
(2) 90+ days past due and accruing includes $141 million, $114 million, and $172 million of loans fully or partially guaranteed by the FHA, VA, and USDA for December 31, 2025, September 30, 2025, and December 31, 2024, respectively.
Fourth quarter 2025 vs. third quarter 2025
•Nonaccrual loans of $1.5 billion decreased 1% reflecting a decrease in commercial real estate, partially offset by an increase in C&I and residential real estate secured. The nonaccrual loans to total loans ratio of 1.05% compares with 1.08% at September 30, 2025.
•Net charge-offs of $155 million, or 43 basis points of average loans and leases, compares with 46 basis points in the prior quarter, with the decrease driven primarily by commercial real estate.
•The fourth quarter 2025 provision for credit losses of $137 million compares with $154 million for third quarter 2025.
•The ratio of allowance for credit losses to total loans of 1.53% was down slightly compared with 1.56% as of September 30, 2025 reflecting improved loan mix given the continued reduction in the Non-Core portfolio and a decrease in commercial real estate balances, with originations primarily in C&I and retail real estate secured that have a lower loss content profile.
•The allowance for credit losses to nonaccrual loans and leases ratio of 145% is stable with September 30, 2025.
Fourth quarter 2025 vs. fourth quarter 2024
•Nonaccrual loans decreased 10% given a 20% decrease in commercial real estate and a 6% decrease in retail, reflecting decreases in education, other retail and auto, partially offset by increases in residential real estate secured categories. The nonaccrual loans to total loans ratio of 1.05% compares with 1.20% at December 31, 2024.
•Net charge-offs of $155 million, or 43 basis points of average loans and leases compares with 53 basis points for fourth quarter 2024. This reflects a decrease in commercial real estate and a decrease in retail, driven by reductions in education, auto and other retail, partially offset by an increase in C&I.
•Provision for credit losses of $137 million decreased compared with a $162 million provision in fourth quarter 2024 reflecting the runoff of the Non-Core portfolio and improving loan mix.
•Allowance for credit losses of $2.2 billion decreased $76 million compared with December 31, 2024 given the benefit of the sale of Non-Core education loans, continued Non-Core runoff and other improvements in loan mix. Allowance for credit losses ratio of 1.53% as of December 31, 2025 compares with 1.62% as of December 31, 2024.
•The allowance for credit losses to nonaccrual loans and leases ratio of 145% compares with 136% as of December 31, 2024.
13
Citizens Financial Group, Inc.

Corresponding Financial Tables and Information
Investors are encouraged to review the foregoing summary and discussion of Citizens’ earnings and financial condition in conjunction with the detailed financial tables and other information available on the Investor Relations portion of the company’s website at www.citizensbank.com/about-us.
Media:    Peter Lucht - (781) 655-2289
Investors: Kristin Silberberg - (203) 900-6854
Conference Call
CFG management will host a live conference call today with details as follows:
Time:    9:00 am ET
Dial-in: (800) 369-1703, conference ID 3503262
Webcast/Presentation: The live webcast will be available at http://investor.citizensbank.com under Events & Presentations.
Replay Information: A replay of the conference call will be available beginning at 12:00 pm ET on January 21, 2026 through February 21, 2026. The webcast replay will be available at http://investor.citizensbank.com under Events & Presentations.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $226.4 billion in assets as of December 31, 2025. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail, private banking, wealth management and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,100 ATMs and approximately 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. Consumer Banking includes Citizens Private Bank and Private Wealth, which integrate banking services and wealth management solutions to serve high- and ultra-high-net-worth individuals and families, as well as investors, entrepreneurs and businesses. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on X, LinkedIn or Facebook.

14
Citizens Financial Group, Inc.

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

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

15
Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS FULL YEAR
4Q25 Change 2025 Change
4Q25 3Q25 4Q24 3Q25 4Q24 2025 2024 2024
$ % $ % $ %
Noninterest income, Underlying:
Noninterest income (GAAP) $620  $630  $574  ($10) (2 %) $46  8 % $2,394  $2,176  $218  10 %
Less: Notable items —  —  10  —  —  (10) (100) —  15  (15) (100)
Noninterest income, Underlying (non-GAAP) $620  $630  $564  ($10) (2 %) $56  10 % $2,394  $2,161  $233  11 %
Total revenue, Underlying:
Total revenue (GAAP) A $2,157  $2,118  $1,986  $39  2 % $171  9 % $8,247  $7,809  $438  6 %
Less: Notable items —  —  10  —  —  (10) (100) —  15  (15) (100)
Total revenue, Underlying (non-GAAP) B $2,157  $2,118  $1,976  $39  2 % $181  9 % $8,247  $7,794  $453  6 %
Noninterest expense, Underlying:
Noninterest expense (GAAP) C $1,343  $1,335  $1,316  $8  1 % $27  2 % $5,311  $5,234  $77  1 %
Less: Notable items —  —  24  —  —  (24) (100) —  156  (156) (100)
Noninterest expense, Underlying (non-GAAP) D $1,343  $1,335  $1,292  $8  1 % $51  4 % $5,311  $5,078  $233  5 %
Pre-provision profit:
Total revenue (GAAP) A $2,157  $2,118  $1,986  $39  2 % $171  9 % $8,247  $7,809  $438  6 %
Less: Noninterest expense (GAAP) C 1,343  1,335  1,316  8  1  27  2  5,311  5,234  77  1 
Pre-provision profit (non-GAAP) $814  $783  $670  $31  4 % $144  21 % $2,936  $2,575  $361  14 %
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP) B $2,157  $2,118  $1,976  $39  2 % $181  9 % $8,247  $7,794  $453  6 %
Less: Noninterest expense, Underlying (non-GAAP) D 1,343  1,335  1,292  8  1  51  4  5,311  5,078  233  5 
Pre-provision profit, Underlying (non-GAAP) $814  $783  $684  $31  4 % $130  19 % $2,936  $2,716  $220  8 %
Income before income tax expense, Underlying:
Income before income tax expense (GAAP) E $677  $629  $508  $48  8 % $169  33 % $2,328  $1,888  $440  23 %
Less: Income (expense) before income tax expense (benefit) related to notable items —  —  (14) —  — 14  100 —  (141) 141  100 
Income before income tax expense, Underlying (non-GAAP) F $677  $629  $522  $48  8 % $155  30 % $2,328  $2,029  $299  15 %
Income tax expense, Underlying:
Income tax expense (GAAP) G $149  $135  $107  $14  10 % $42  39 % $497  $379  $118  31 %
Less: Income tax expense (benefit) related to notable items —  —  (3) —  — 3  100 —  (43) 43  100 
Income tax expense, Underlying (non-GAAP) H $149  $135  $110  $14  10 % $39  35 % $497  $422  $75  18 %
Net income, Underlying:
Net income (GAAP) I $528  $494  $401  $34  7 % $127  32 % $1,831  $1,509  $322  21 %
Add: Notable items, net of income tax benefit —  —  11  —  — (11) (100) —  98  (98) (100)
Net income, Underlying (non-GAAP) J $528  $494  $412  $34  7 % $116  28 % $1,831  $1,607  $224  14 %
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP) K $489  $457  $367  $32  7 % $122  33 % $1,688  $1,372  $316  23 %
Add: Notable items, net of income tax benefit —  —  11  —  — (11) (100) —  98  (98) (100)
Net income available to common stockholders, Underlying (non-GAAP) L $489  $457  $378  $32  7 % $111  29 % $1,688  $1,470  $218  15 %
16
Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS FULL YEAR
4Q25 Change 2025 Change
4Q25 3Q25 4Q24 3Q25 4Q24 2025 2024 2024
$/bps % $/bps % $/bps %
Operating leverage:
Total revenue (GAAP) A $2,157  $2,118  $1,986  $39  1.86 % $171  8.57 % $8,247  $7,809  $438  5.60 %
Less: Noninterest expense (GAAP) C 1,343  1,335  1,316  8  0.58  27  1.97  5,311  5,234  77  1.46 
Operating leverage 1.28 % 6.60 % 4.14 %
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP) B $2,157  $2,118  $1,976  $39  1.86 % $181  9.11 % $8,247  $7,794  $453  5.80 %
Less: Noninterest expense, Underlying (non-GAAP) D 1,343  1,335  1,292  8  0.58  51  3.90  5,311  5,078  233  4.57 
Operating leverage, Underlying (non-GAAP) 1.28 % 5.21 % 1.23 %
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio C/A 62.24 % 63.03 % 66.27 % (79)  bps (403)  bps 64.40  % 67.03  % (263)  bps
Efficiency ratio, Underlying (non-GAAP) D/B 62.24  63.03  65.36  (79)  bps (312)  bps 64.40  65.15  (75)  bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate G/E 22.03 % 21.38 % 21.04 % 65   bps 99   bps 21.34 % 20.06  % 128   bps
Effective income tax rate, Underlying (non-GAAP) H/F 22.03  21.38  21.17  65   bps 86   bps 21.34  20.80  54   bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP) M $23,823  $23,288  $22,009  $535  2 % $1,814  8 % $22,954  $21,881  $1,073  5 %
Return on average common equity K/M 8.16  % 7.77 % 6.64 % 39   bps 152   bps 7.36  % 6.27  % 109   bps
Return on average common equity, Underlying (non-GAAP) L/M 8.16  7.77  6.84  39   bps 132   bps 7.36  6.72  64   bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP) M $23,823  $23,288  $22,009  $535  2 % $1,814  8 % $22,954  $21,881  $1,073  5 %
Less: Average goodwill (GAAP) 8,187  8,187  8,187  —  —  —  —  8,187  8,187  —  — 
Less: Average other intangibles (GAAP) 120  126  136  (6) (5) (16) (12) 131  143  (12) (8)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 440  440  436  —  —  4  1 439  433  6  1 
Average tangible common equity (non-GAAP) N $15,956  $15,415  $14,122  $541  4 % $1,834  13 % $15,075  $13,984  $1,091  8 %
Return on average tangible common equity (non-GAAP) K/N 12.18  % 11.75 % 10.36 % 43   bps 182   bps 11.20  % 9.81  % 139   bps
Return on average tangible common equity, Underlying (non-GAAP) L/N 12.18  11.75  10.66  43   bps 152   bps 11.20  10.51  69   bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP) O $221,242  $219,117  $217,548  $2,125  1 % $3,694  2 % $218,597  $219,024  ($427) — %
Return on average total assets I/O 0.95  % 0.90 % 0.73 % 5   bps 22   bps 0.84  % 0.69  % 15   bps
Return on average total assets, Underlying (non-GAAP) J/O 0.95  0.90  0.75  5   bps 20   bps 0.84  0.73  11   bps
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP) O $221,242  $219,117  $217,548  $2,125 1 % $3,694 2 % $218,597  $219,024  ($427) — %
Less: Average goodwill (GAAP) 8,187  8,187  8,187  —  —  —  —  8,187  8,187  —  — 
Less: Average other intangibles (GAAP) 120  126  136  (6) (5) (16) (12) 131  143  (12) (8)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 440  440  436  —  —  4  1  439  433  6  1 
Average tangible assets (non-GAAP) P $213,375  $211,244  $209,661  $2,131  1 % $3,714  2 % $210,718  $211,127  ($409) — %
Return on average total tangible assets (non-GAAP) I/P 0.98  % 0.93 % 0.76 % 5   bps 22   bps 0.87  % 0.71  % 16   bps
Return on average total tangible assets, Underlying (non-GAAP) J/P 0.98  0.93  0.78  5   bps 20   bps 0.87  0.76  11   bps
17
Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS FULL YEAR
4Q25 Change 2025 Change
4Q25 3Q25 4Q24 3Q25 4Q24 2025 2024 2024
$/bps % $/bps % $/bps %
Book value per common share and tangible book value per common share:
Common shares - at period-end (GAAP) Q 429,242,174  431,453,142  440,543,381  (2,210,968) (1 %) (11,301,207) (3 %) 429,242,174  440,543,381  (11,301,207) (3 %)
Common stockholders' equity (GAAP) R $24,206  $23,718  $22,141  $488  2  $2,065  9  $24,206  $22,141  $2,065  9 
Less: Goodwill (GAAP) 8,187  8,187  8,187  —  —  —  —  8,187  8,187  —  — 
Less: Other intangible assets (GAAP) 115  123  146  (8) (7) (31) (21) 115  146  (31) (21)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 437  440  438  (3) (1) (1) —  437  438  (1) — 
Tangible common equity (non-GAAP) S $16,341  $15,848  $14,246  $493  3 % $2,095  15 % $16,341  $14,246  $2,095  15 %
Book value per common share R/Q $56.39  $54.97  $50.26  $1.42  3 % $6.13  12 % $56.39  $50.26  $6.13  12 %
Tangible book value per common share (non-GAAP) S/Q $38.07  $36.73  $32.34  $1.34  4 % $5.73  18 % $38.07  $32.34  $5.73  18 %
Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying:
Average common shares outstanding - basic (GAAP) T 429,483,110  431,365,552  440,802,738  (1,882,442) — % (11,319,628) (3 %) 433,173,162  450,678,038  (17,504,876) (4 %)
Average common shares outstanding - diluted (GAAP) U 434,077,960  435,472,350  444,836,786  (1,394,390) —  (10,758,826) (2) 436,890,731  453,510,245  (16,619,514) (4)
Net income per average common share - basic (GAAP) K/T $1.14  $1.06  $0.83  $0.08  8  $0.31  37  $3.90  $3.05  $0.85  28 
Net income per average common share - diluted (GAAP) K/U 1.13  1.05  0.83  0.08  8  0.30  36  3.86  3.03  0.83  27 
Net income per average common share - basic, Underlying (non-GAAP) L/T 1.14  1.06  0.86  0.08  8  0.28  33  3.90  3.26  0.64  20 
Net income per average common share - diluted, Underlying (non-GAAP) L/U 1.13  1.05  0.85  0.08  8  0.28  33  3.86  3.24  0.62  19 
Common equity ratio and tangible common equity ratio:
Total assets (GAAP) V $226,351  $222,747  $217,521  3,604 2  $8,830 4 % $226,351  $217,521  $8,830 4 %
Less: Goodwill (GAAP) 8,187  8,187  8,187  — —  — —  8,187  8,187  — — 
Less: Other intangible assets (GAAP) 115  123  146  (8) (7) (31) (21) 115  146  (31) (21)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 437  440  438  (3) (1) (1) —  437  438  (1) — 
Tangible assets (non-GAAP) W $218,486  $214,877  $209,626  $3,609 2 % $8,860 4 % $218,486  $209,626  $8,860 4 %
Common equity ratio (GAAP) R/V 10.7  % 10.6  % 10.2  % 4 bps 51 bps 10.7  % 10.2  % 51 bps
Tangible common equity ratio (non-GAAP) S/W 7.5  7.4  6.8  10 bps 70 bps 7.5  6.8  70 bps


18
Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS FULL YEAR
4Q25 Change 2025 Change
4Q25 3Q25 4Q24 3Q25 4Q24 2025 2024 2024
$/bps % $/bps % $/bps %
Net interest income and net interest margin on an FTE basis:
Net interest income (annualized) (GAAP) X $6,098  $5,902  $5,620  $196  3 % $478  9 % $5,853  $5,633  $220  4 %
Average interest-earning assets (GAAP) Y 199,167  197,598  196,613  1,569  1  2,554  1  197,048  198,072  (1,024) (1)
Net interest margin (GAAP) X/Y 3.06  % 2.99 % 2.86 % 7   bps 20   bps 2.97 % 2.84 % 13   bps
Net interest income (GAAP) $1,537  $1,488  $1,412  $49  3 % $125  9 % $5,853  $5,633  $220  4 %
FTE adjustment 4  4  4  —  —  —  —  16  17  (1) (6)
Net interest income on an FTE basis (non-GAAP) 1,541  1,492  1,416  49  3  125  9  5,869  5,650  219  4 
Net interest income on an FTE basis (annualized) (non-GAAP) Z 6,112  5,919  5,637  194  3  475  8  5,869  5,650  219  4 
Net interest margin on an FTE basis (non-GAAP) Z/Y 3.07  % 3.00 % 2.87 % 7   bps 20   bps 2.98 % 2.85 % 13   bps
Card fees, Underlying:
Card fees (GAAP) $86  $87  $97  ($1) (1) ($11) (11%) $346  $368  ($22) (6%)
Less: Notable items —  —  11  —  —  (11) (100) —  24  (24) (100)
Card fees, Underlying (non-GAAP) $86  $87  $86  ($1) (1) $—  — % $346  $344  $2  1 %
Other income, Underlying:
Other income (GAAP) $42  $31  $28  $11  35 $14  50% $136  $79  $57  72%
Less: Notable items —  —  (1) —  —  1  100  —  (9) 9  100 
Other income, Underlying (non-GAAP) $42  $31  $29  $11  35 $13  45 % $136  $88  $48  55 %
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP) $716  $705  $674  $11  2 % $42  6 % $2,798  $2,657  $141  —  5 %
Less: Notable items —  —  17  —  — (17) (100) —  46  (46) (100)
Salaries and employee benefits, Underlying (non-GAAP) $716  $705  $657  $11  2 % $59  9 % $2,798  $2,611  $187  7 %
Equipment and software, Underlying:
Equipment and software (GAAP) $199  $197  $193  $2  1 % $6  3 % $783  $769  $14  2 %
Less: Notable items —  —  3  —  —  (3) (100) —  17  (17) (100)
Equipment and software, Underlying (non-GAAP) $199  $197  $190  $2  1 % $9  5 % $783  $752  $31  4 %
Outside services, Underlying:
Outside services (GAAP) $148  $161  $170  ($13) (8 %) ($22) (13 %) $633  $639  ($6) —  (1 %)
Less: Notable items —  —  4  —  —  (4) (100) —  28  (28) (100)
Outside services, Underlying (non-GAAP) $148  $161  $166  ($13) (8 %) ($18) (11 %) $633  $611  $22  4 %
Occupancy, Underlying:
Occupancy (GAAP) $109  $106  $112  $3  3 % ($3) (3 %) $435  $447  ($12) (3 %)
Less: Notable items —  —  5  —  —  (5) (100) —  19  (19) (100)
Occupancy, Underlying (non-GAAP) $109  $106  $107  $3  3 % $2  2 % $435  $428  $7  2 %
Other operating expense, Underlying:
Other operating expense (GAAP) $171  $166  $167  $5  3 % $4  2 % $662  $722  ($60) —  (8 %)
Less: Notable items —  —  (5) —  —  5  100 —  46  (46) (100)
Other operating expense, Underlying (non-GAAP) $171  $166  $172  $5  3 % ($1) (1 %) $662  $676  ($14) (2 %)









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



4Q25
CET1 Ratio adjusted for AOCI opt-out removal
CET1 capital $ 18,240 
Less: AFS securities - AOCI 922 
        HTM securities - AOCI(1)
 681 
DTA for AFS/HTM securities 33 
Pension 249 
DTA for Pension 4 
CET 1 capital adjusted for AOCI opt-out removal A $16,351 
Risk-weighted assets 171,493 
Less: HTM securities - AOCI 117 
AFS securities - AOCI 149 
DTA for AFS/HTM securities (1,276)
Pension 249 
DTA for Pension (215)
Risk-weighted assets adjusted for AOCI opt-out removal B $172,469 
CET1 Ratio adjusted for AOCI opt-out removal
 A/B 9.5  %
(1) HTM securities - AOCI refers to unrealized losses recognized on securities before transfer to HTM

























20
Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)

2025
Net income available to common stockholders:
Private Bank Net income available to common stockholders, (GAAP) A $122 
Regulatory Capital:
Private Bank Average Risk Weighted Assets (1)
 B $4,889 
CFG Capital Allocation Rate (2)
 C 10.0  %
Private Bank Regulatory Capital D=B*C $489 
Private Bank Return on Regulatory Capital A/D 25  %
(1) RWA is based on the Basel III standardized approach.
(2) Capital allocation rate is management-defined for internal performance evaluation. It is not based on GAAP.




21
Citizens Financial Group, Inc.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words "believes," "expects," "anticipates," "estimates," "intends," "plans," "goals," "targets," "initiatives," "potentially," "probably," "projects," "outlook," "guidance" or similar expressions or future conditional verbs such as "may," "will," "likely," "should," "would," and "could."

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

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

More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 as filed with the Securities and Exchange Commission.
Note: Per share amounts and ratios presented in this document are calculated using whole dollars.
22
Citizens Financial Group, Inc.
CFG-IR
23
EX-99.2 3 a4q25earningspresentatio.htm EX-99.2 a4q25earningspresentatio
4Q25 Financial Results January 21, 2026

 
2 Forward-looking statements and use of non-GAAP financial measures This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that does not describe historical or current facts is a forward- looking statement. These statements often include the words "believes," "expects," "anticipates," "estimates," "intends," "plans," "goals," "targets," "initiatives," "potentially," "probably," "projects," "outlook," "guidance" or similar expressions or future conditional verbs such as "may," "will," "likely," "should," "would," and "could." Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation: • Negative economic, business and political conditions, including as a result of the interest rate environment, supply chain disruptions, tariffs, inflationary pressures, and labor shortages that adversely affect the general economy, housing prices, the job market, consumer confidence, and spending habits; • The general state of the economy and employment, as well as general business and economic conditions, and changes in the competitive environment; • Our capital and liquidity requirements under regulatory standards and our ability to generate capital and liquidity on favorable terms; • The effect of changes in our credit ratings on our cost of funding, access to capital markets, ability to market our securities, and overall liquidity position; • The effect of changes in the level of commercial and consumer deposits on our funding costs and net interest margin; • Our ability to execute on our strategic business initiatives and achieve our financial performance goals across our Consumer and Commercial businesses, including our Private Bank; • The effects of geopolitical instability, including the wars in Ukraine and the Middle East, on economic and market conditions, inflationary pressures and the interest rate environment, commodity price and foreign exchange rate volatility, and heightened cybersecurity risks; • Our ability to comply with heightened supervisory requirements and expectations as well as new or amended regulations; • Liabilities and business restrictions resulting from litigation and regulatory investigations; • The effect of changes in interest rates on our net interest income, net interest margin, mortgage originations, mortgage servicing rights, and mortgages held for sale; • Changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources, and affect the ability to originate and distribute financial products in the primary and secondary markets; • Financial services reform and other current, pending, or future legislation or regulation that could have a negative effect on our revenue and businesses; • Environmental risks, such as physical or transition risks associated with climate change, and social and governance risks that could adversely affect our reputation, operations, business, and customers; • A failure in, or breach of, our compliance with laws, as well as operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyberattacks; and • Management’s ability to identify and manage these and other risks. In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, balance sheet growth, market conditions, and regulatory considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares from, or pay any dividends to, holders of our common stock, or as to the amount of any such repurchases or dividends. More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 as filed with the Securities and Exchange Commission. Non-GAAP Financial Measures: This document contains non-GAAP financial measures, with those denoted as Underlying for any given reporting period excluding certain items that may occur in that period which management does not consider indicative of the Company’s on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by our management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe those measures denoted as Underlying in any given reporting period reflect our on-going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. The Appendix presents reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP.

 
3 4Q25 and FY2025 GAAP summary Full Year 4Q25 3Q25 4Q24 Q/Q Y/Y 2025 vs. 2024 $s in millions $/bps % $/bps % 2025 2024 $/bps % Net interest income $ 1,537 $ 1,488 $ 1,412 $ 49 3 % $ 125 9 % $ 5,853 $ 5,633 $ 220 4 % Noninterest income 620 630 574 (10) (2) 46 8 2,394 2,176 218 10 Total revenue 2,157 2,118 1,986 39 2 171 9 8,247 7,809 438 6 Noninterest Expense 1,343 1,335 1,316 8 1 27 2 5,311 5,234 77 1 Pre-provision profit 814 783 670 31 4 144 21 2,936 2,575 361 14 Provision for credit losses 137 154 162 (17) (11) (25) (15) 608 687 (79) (11) Income before income tax expense 677 629 508 48 8 169 33 2,328 1,888 440 23 Income tax expense 149 135 107 14 10 42 39 497 379 118 31 Net income $ 528 $ 494 $ 401 $ 34 7 % $ 127 32 % $ 1,831 $ 1,509 $ 322 21 % Preferred dividends/other(1) 39 37 34 2 5 5 15 143 137 6 4 Net income available to common stockholders $ 489 $ 457 $ 367 $ 32 7 % $ 122 33 % $ 1,688 $ 1,372 $ 316 23 % $s in billions Average interest-earning assets $ 199.2 $ 197.6 $ 196.6 $ 1.6 1 % $ 2.6 1 % $ 197.0 $ 198.1 $ (1.0) (1) % Average deposits $ 179.9 $ 176.0 $ 174.3 $ 3.9 2 % $ 5.6 3 % $ 175.7 $ 174.5 $ 1.2 1 % Performance metrics Net interest margin 3.06 % 2.99 % 2.86 % 7 bps 20 bps 2.97 % 2.84 % 13 bps Net interest margin, FTE(2) 3.07 3.00 2.87 7 20 2.98 2.85 13 Loan-to-deposit ratio (period-end) 77.8 78.3 79.6 (42) (181) 77.8 79.6 (181) ROTCE 12.2 11.7 10.4 43 182 11.2 9.8 139 Efficiency ratio 62.2 63.0 66.3 (79) (403) 64.4 67.0 (263) Noninterest income as a % of total revenue 29 % 30 % 29 % (100) bps (15) bps 29 % 28 % 117 bps Full-time equivalent colleagues 17,398 17,496 17,287 (98) (1) 111 1 17,398 17,287 111 1 % Operating leverage 1.28 % 6.60 % 4.14 % Per common share Diluted earnings $ 1.13 $ 1.05 $ 0.83 $ 0.08 8 % $ 0.30 36 % $ 3.86 $ 3.03 $ 0.83 27 % Tangible book value $ 38.07 $ 36.73 $ 32.34 $ 1.34 4 % $ 5.73 18 % $ 38.07 $ 32.34 $ 5.73 18 % Average diluted shares outstanding (in millions) 434.1 435.5 444.8 (1.4) — % (10.8) (2) % 436.9 453.5 (16.6) (4) % See pages 41-43 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 40.

 
4 4Q25 and FY2025 Underlying financial summary(1) Full Year Q/Q Y/Y 2025 2024 2025 vs. 2024 $s in millions 4Q25 $/bps % $/bps % $/bps % Net interest income $ 1,537 $ 49 3 % $ 125 9 % $ 5,853 $ 5,633 $ 220 4% Noninterest income 620 (10) (2) 56 10 2,394 2,161 233 11 Total revenue 2,157 39 2 181 9 8,247 7,794 453 6 Noninterest expense 1,343 8 1 51 4 5,311 5,078 233 5 Pre-provision profit 814 31 4 130 19 2,936 2,716 220 8 Provision for credit losses 137 (17) (11) (25) (15) 608 687 (79) (11) Net income available to common stockholders $ 489 $ 32 7 % $ 111 29 % $ 1,688 $ 1,470 $ 218 15% Performance metrics Diluted EPS $ 1.13 $ 0.08 8 % $ 0.28 33 % $ 3.86 $ 3.24 $ 0.62 19% Efficiency ratio 62.2 % (79) bps (312) bps 64.4 65.2 (75) bps Noninterest income as a % of total revenue 29 % (100) bps 21 bps 29 % 28 % 130 bps ROTCE 12.2 % 43 bps 152 bps 11.2 % 10.5 % 69 bps Tangible book value per share $ 38.07 $ 1.34 4 % $ 5.73 18 % $ 38.07 $ 32.34 $ 5.73 18% See pages 41-43 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 40. 4Q25 3Q25 4Q24 FY2025 FY2024 Notable items impacts Pre-tax EPS Pre-tax EPS Pre-tax EPS Pre-tax EPS Pre-tax EPS ($s in millions except per share data) Integration-related $ — $ — $ — $ — $ (2) $ — $ — $ — $ (10) $ (0.02) TOP/Other — — — — (12) (0.02) — — (131) (0.19) Total $ — $ — $ — $ — $ (14) $ (0.02) $ — $ — $ (141) $ (0.21)

 
5 4Q25 financial performance detail (A) (B) (C) = (A) + (B) (D) (E) = (C) + (D) $s in millions Legacy Core(1) Private Bank Core Non-Core(2) Total CFG Net interest income $1,423 $118.3 $1,541 $(4) $1,537 Noninterest income 593 23.7 617 3 620 Total revenue 2,016 141.9 2,158 (1) 2,157 Noninterest Expense 1,248 85.7 1,334 9 1,343 Pre-provision profit 768 56.2 824 (10) 814 Provision for credit losses 133 — 133 4 137 Income before income tax expense 635 56.2 691 (14) 677 Income tax expense 138 14.2 153 (4) 149 Net income 497 42.0 539 (11) 528 Preferred dividends/other 39 — 39 — 39 Net income available to common stockholders $458 $42.0 $500 $(11) $489 Contribution to total CFG Diluted EPS $1.06 $0.10 $1.16 $(0.03) $1.13 $s in billions Interest-earning assets (spot) $191 $7.2 $198 $2.5 $201 Loans (spot) 133 7.2 140 2.5 143 Deposits (spot) 169 14.5 183 — 183 Risk-weighted assets (spot) 161 7.6 169 2.5 171 Performance metrics: Net interest margin, FTE(3) 2.98% --- 3.12% (0.61)% 3.07% Loan-to-deposit ratio (spot) 78.8 49.5 76.5 --- 77.8 CET1 capital ratio(4) 11.3 --- 10.8 --- 10.6 ROTCE 11.4 --- 12.4 --- 12.2 Efficiency ratio 61.9 60.4 61.8 --- 62.2 Noninterest income as a % of total revenue 29.4 16.7 28.6 --- 28.7 See pages 41-43 for notes.

 
6 2025 financial performance detail (A) (B) (C) = (A) + (B) (D) (E) = (C) + (D) $s in millions Legacy Core(1) Private Bank Core Non-Core(2) Total CFG Net interest income $5,515 $369.2 $5,884 $(31) $5,853 Noninterest income 2,311 72.6 2,384 10 2,394 Total revenue 7,827 441.8 8,268 (21) 8,247 Noninterest Expense 4,980 279.0 5,259 52 5,311 Pre-provision profit 2,847 162.8 3,010 (74) 2,936 Provision for credit losses 561 — 561 47 608 Income before income tax expense 2,285 162.8 2,448 (120) 2,328 Income tax expense 486 41.2 527 (30) 497 Net income 1,799 121.6 1,921 (90) 1,831 Preferred dividends/other(3) 143 — 143 — 143 Net income available to common stockholders $1,656 $121.6 $1,778 $(90) $1,688 Contribution to total CFG Diluted EPS $3.79 $0.28 $4.07 $(0.21) $3.86 $s in billions Interest-earning assets (spot) $191 $7.2 $198 $2.5 $201 Loans (spot) 133 7.2 140 2.5 143 Deposits (spot) 169 14.5 183 — 183 Risk-weighted assets (spot) 161 7.6 169 2.5 171 Performance metrics: Net interest margin, FTE(4) 2.95% --- 3.07% (0.68)% 2.98% Loan-to-deposit ratio (spot) 78.8 49.5 76.5 --- 77.8 CET1 capital ratio(5) 11.3 --- 10.8 --- 10.6 ROTCE 11.0 --- 11.8 --- 11.2 Efficiency ratio 63.6 63.1 63.6 --- 64.4 Noninterest income as a % of total revenue 29.5 16.4 28.8 --- 29.0 See pages 41-43 for notes.

 
7 ■ Maintained a strong capital position while continuing to repurchase shares – CET1 ratio of 10.6%(2); 9.5% adjusted for AOCI opt-out removal – Share repurchases of $600 million in FY2025, with total shareholder payout ratio of 80% ■ Strong liquidity profile; spot LDR of 77.8%; average deposits up ~$4 billion, or 2% QoQ driven by growth in Private Bank and Commercial – Private Bank spot deposits of $14.5 billion – Interest-bearing deposit costs down 15 bps QoQ ■ Loans up 1% QoQ with growth led by Private Bank and Commercial, as Non-Core runoff and balance sheet optimization impacts lessen ■ Continuing favorable credit trends with net charge-offs of 43 bps, down 3 bps QoQ ■ Strong ACL coverage of 1.53%, down slightly QoQ reflecting improved loan mix ■ 4Q25 EPS of $1.13, up 36% YoY reflects strong PPNR growth ■ ROTCE of 12.2%, up 43 bps QoQ, and 152 bps YoY on an Underlying basis ■ PPNR of $814 million, up 4% QoQ; up 19% YoY on an Underlying basis – NII up 3.3% QoQ as NIM continues to expand, up 7 bps to 3.07% – Strong fee performance led by Wealth, up 5% QoQ and 31% YoY; Capital Markets up 16% YoY – Positive operating leverage of 1.3% QoQ, and 5.2% YoY on an Underlying basis; efficiency ratio improved 79 bps to 62.2% ■ 2025 EPS of $3.86, up 19% on an Underlying basis; Private Bank $0.28, or ~7% earnings contribution – Wealth fees up 22% and Capital Markets up 9% driving strong fee performance, up 11% – Positive operating leverage of 1.2% on an Underlying basis Strong FY2025 and 4Q25 results Maintaining a strong capital and liquidity position Positive trends in loans and credit FY2025 and 4Q25 Overview(1) ■ Private Bank exceeded earnings and balance sheet targets for 2025, with strong momentum continuing into 2026, adding wealth teams and opening new PBOs; achieved ~25% ROE(3) for 2025 and expect to maintain 20-25% over the medium term ■ Good visibility and confidence in driving NIM to 3.30-3.50% and NII higher over the medium term ■ Strong execution of strategic initiatives (Private Bank, NYC Metro, Private Capital, Payments) continues ■ TOP 10 achieved ~$100 million pre-tax run-rate benefit as of year-end 2025; launched Reimagine the Bank (multi-year transformational program) that targets ~$450 million of pre-tax run-rate benefit by year-end 2028 Well positioned to achieve 16-18% ROTCE over the medium term See pages 41-43 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 40. PPNR performance 4Q25 QoQ YoY(1) NII $ 1,537 3.3% 8.9% Fees 620 (1.6) 9.9 Expenses 1,343 0.6 3.9 PPNR $ 814 4.0% 19.0%

 
8 3.00% 0.02% 0.01% 0.01% 0.03% 3.07% 3Q25 Non-Core impact Terminated Swaps Fixed-rate asset repricing Balance sheet mix and pricing 4Q25 $196.6B $195.1B $196.3B $197.6B $199.2B $1,412 $1,391 $1,437 $1,488 $1,537 2.87% 2.90% 2.95% 3.00% 3.07% 4Q24 1Q25 2Q25 3Q25 4Q25 ■ NII up 3.3%, reflects higher NIM and a 1% increase in average interest-earning assets – NIM of 3.07%, up 7 bps QoQ, reflecting the time-based benefits of Non-Core runoff and lower terminated swap impacts, fixed-rate asset repricing and improved funding costs, partially offset by lower asset yields ■ Interest-earning assets yield of 4.86%, down 6 bps ■ Interest-bearing deposit costs down 15 bps to 2.20%; cumulative interest-bearing deposit down-beta of ~48% ■ Total deposit costs down 12 bps to 1.72%; total cost of funds down 15 bps to 1.90% Net interest income NII and NIM Average interest-earning assets Net interest income NIM, FTE Linked Quarter NIM 3Q25 to 4Q25 $s in millions, except earning assets Time-based NIM benefits *

 
9 $574 $544 $600 $630 $620 $564 $544 $600 $630 $620 Underlying Notable items 4Q24 1Q25 2Q25 3Q25 4Q25 Noninterest income(1) $s in millions See pages 41-43 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 40. Linked Quarter Year-Over-Year Noninterest income $s in millions 4Q25 3Q25 4Q24 $ Q/Q Y/Y Service charges and fees $ 112 $ 112 $ 109 $ — $ 3 Capital markets fees 140 166 121 (26) 19 Wealth fees 98 93 75 5 23 Card fees 86 87 86 (1) — Mortgage banking fees 52 49 60 3 (8) FX and derivative products 34 42 35 (8) (1) Letter of credit and loan fees 49 48 45 1 4 Securities gains, net 7 2 4 5 3 Other income(2) 42 31 29 11 13 Noninterest income, underlying $ 620 $ 630 $ 564 $ (10) $ 56 Notable items (3) — — 10 — (10) Noninterest income, reported $ 620 $ 630 $ 574 $ (10) $ 46 Noninterest income details ■ Underlying noninterest income of $620 million, up 10% – Capital markets fees increased $19 million, or 16%, driven by higher debt and equity underwriting fees and higher loan syndication fees, partially offset by lower M&A fees – Wealth fees increased $23 million, or 31%, primarily reflecting growth in AUM, mainly from net inflows – Other income increased $13 million, reflecting favorable performance across several small revenue items +10% YoY -2% QoQ ■ Noninterest income of $620 million, down 2% – Capital markets fees decreased $26 million relative to an exceptional third quarter. Several M&A and equity deals pushed into 2026 given impacts associated with the government shutdown – Wealth fees increased $5 million to an all-time high, given an increase in advisory fees, primarily driven by net inflows and market appreciation – Mortgage banking fees increased $3 million, as higher MSR valuation results, net of hedge impact, were largely offset by lower servicing – FX and derivative products decreased $8 million primarily reflecting lower client interest rate hedging activity in anticipation of lower rates – Other income increased $11 million, reflecting favorable performance across several small revenue items

 
10 Noninterest expense(1) See pages 41-43 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 40. Linked Quarter Year-Over-Year 4Q25 3Q25 4Q24 $ $s in millions Q/Q Y/Y Salaries & employee benefits $ 716 $ 705 $ 657 $ 11 $ 59 Equipment & software 199 197 190 2 9 Outside services 148 161 166 (13) (18) Occupancy 109 106 107 3 2 Other operating expense 171 166 172 5 (1) Noninterest expense, underlying $ 1,343 $ 1,335 $ 1,292 $ 8 $ 51 Notable items (1) — — 24 — (24) Noninterest expense, reported $ 1,343 $ 1,335 $ 1,316 $ 8 $ 27 Full-time equivalents (FTEs) 17,398 17,496 17,287 (98) 111 Noninterest expense details $1,316 $1,314 $1,292 $1,314 $1,319 $1,335 $1,343 65.4% 67.9% 64.8% 63.0% 62.2% Underlying Notable items Efficiency ratio, underlying 4Q24 1Q25 2Q25 3Q25 4Q25 ■ Noninterest expense of $1.3 billion, up 0.6% – Salaries and benefits increased $11 million, reflecting hiring related to the Private Bank and Private Wealth buildout, higher incentive compensation and medical benefit costs – Outside services decreased $13 million, primarily driven by lower technology costs – Other operating expense increased $5 million, reflecting seasonal factors ■ Underlying noninterest expense of $1.3 billion, up 4% – Salaries and benefits increased $59 million, reflecting hiring related to the Private Bank and Private Wealth buildout, strong Capital Markets fee performance, and increased medical benefit costs – Equipment and software increased $9 million, reflecting technology investments – Outside services decreased $18 million, primarily driven by lower vendor-related costs $s in millions Noninterest expense

 
11 $140.9 $139.7 $138.8 $140.0 $141.8 $7.4 $6.4 $3.9 $3.3 $2.7 $133.5 $133.3 $134.9 $136.7 $139.1 Non-Core Core Loan yield 4Q24 1Q25 2Q25 3Q25 4Q25 ~17% QoQ ■ Period-end loans up 1%; Core loans up 2% – Private Bank growth of $1.2 billion, driven primarily by multi-family and residential mortgage – Commercial* up ~$0.6 billion, or 1%, given net new money originations in corporate banking and higher commercial line utilization, partially offset by CRE paydowns – Retail* up $0.5 billion, driven by home equity and mortgage – Non-Core loans down $0.5 billion, reflecting continued auto runoff ■ Average loans up 1%; Core loans up 2% ■ Loan yield of 5.29%, down 6 bps QoQ reflecting lower rates Loans and leases $s in billions Average loans and leases $139.2 $137.6 $139.3 $140.9 $142.7 $6.9 $4.2 $3.6 $3.0 $2.5 $132.3 $133.4 $135.7 $137.9 $140.2 Non-Core Core 4Q24 1Q25 2Q25 3Q25 4Q25 $s in billions Period-end loans and leases 5.35% 5.26% 5.31% 5.35% 5.29% Linked Quarter Year-Over-Year ~17% QoQ ~2% QoQ ~2% QoQ *Excludes Non-Core portfolio and Private Bank. See page 51 for details. ■ Period-end loans up $3.5 billion, or 3%, including Non-Core runoff of $4.5 billion; Core loans up $8.0 billion, or 6% – Private Bank growth of $4.0 billion, driven primarily by multi-family and residential mortgage – Retail* up $2.5 billion, driven by home equity and mortgage – Commercial* up $1.4 billion, given net new money originations and higher line utilization, partially offset by CRE paydowns ■ Average loans up $0.8 billion, or 1%; Core loans up 4%

 
12 $174.3 $172.7 $174.1 $176.0 $179.9 4Q24 1Q25 2Q25 3Q25 4Q25 Deposit performance and cost of funds $s in billions Average deposits 2.02% 1.87% 1.85% 1.84% 1.72% 2.55% 2.37% 2.35% 2.35% 2.20% Total deposit costs Interest-bearing deposit costs CommercialConsumer Treasury/Other Year-Over-YearPeriod-end deposits Linked Quarter ■ Average deposits up $3.9 billion, or 2%, driven by growth in Private Bank, commercial, and retail, primarily across checking with interest, money market and DDA, partially offset by lower savings ■ Period-end deposits up $3.3 billion, or 2%, driven primarily by Private Bank and retail – Private Bank deposits reached $14.5 billion at year end ■ Interest-bearing deposit costs down 15 bps to 2.20% – Cumulative interest-bearing deposit down beta of ~48% ■ Total deposit costs down 12 bps ■ Total cost of funds down 15 bps $s in billions ■ Average deposits up 3% ■ Period-end deposits up $8.5 billion, or 5%, primarily reflecting growth of $7.5 billion in Private Bank and $3.5 billion in Commercial, partially offset by a ~$2.3 billion reduction in higher-cost Treasury brokered deposits ■ Interest-bearing deposit costs down 35 bps ■ Total deposit costs down 30 bps ■ Total cost of funds down 33 bps $174.8 $177.6 $175.1 $180.0 $183.3 Consumer Commercial Treasury/Other 4Q24 1Q25 2Q25 3Q25 4Q25

 
13 Branch deposits 47% Citizens Access 5% Private Bank/ Private Wealth 9% Business Banking 12% Commercial 26% Treasury/ Other 1% As of 12/31/25 Highly diversified and retail-oriented deposit base $183.3B Period-end deposits Peer Avg(1) Business mix Product mix Stable retail deposits(1) (excludes Private Bank/Private Wealth) 42% 42% 43% 21% 22% 22% 21% 20% 21% NIB Low-cost deposits 4Q24 3Q25 4Q25 % NIB and low-cost deposits (2) 55% 66% 65% 3Q25 3Q25 4Q25 See pages 41-43 for notes. NIB 22% Checking With Interest 20% Savings 9% Citizens Access Savings 4% Money Market 33% Time 12% As of 12/31/25

 
14 $162 $153 $164 $154 $137 $189 $200 $167 $162 $155 0.53% 0.58% 0.48% 0.46% 0.43% Provision for credit losses Net charge-offs Net c/o ratio 4Q24 1Q25 2Q25 3Q25 4Q25 0.51% Credit quality overview $s in millions $s in millions Credit provision expense; net charge-offs $1,664 $1,582 $1,524 $1,518 $1,504 $1,017 $983 $939 $933 $895 $647 $599 $585 $585 $609 136% 140% 145% 145% 145% Commercial Retail ACL to nonaccrual loans and leases 4Q24 1Q25 2Q25 3Q25 4Q25 Nonaccrual loans Net charge-offs associated with Non-Core transaction $175 Net charge-off ratio - excluding Non-Core transaction Commentary ■ Net charge-offs of $155 million, or 43 bps of average loans, down from $162 million, or 46 bps, in 3Q25 driven primarily by a decrease in commercial real estate ■ Nonaccrual loans are down slightly QoQ, reflecting a decrease in commercial real estate, partially offset by increases in C&I and residential real estate secured

 
15 Allowance for credit losses Current assumptions Property valuations, peak-to-trough % decline ~70% Avg. loss severity (%) ~38% Default rate (%) ~28% General Office ACL coverage 10.8% Allowance for credit losses $260 million General Office key reserve assumptions ■ CRE General Office portfolio of $2.42 billion, down modestly QoQ reflecting paydowns and charge-offs ■ Strong ACL coverage of General Office informed by a severe recession scenario combined with a loan-by- loan analysis – ACL coverage for CRE General Office of 10.8% compares with 12.4% in 3Q25 – NCOs of~$565 million since March 31, 2023 plus the current ACL balance of $260 million equates to a potential loss rate of ~20%** on this portfolio, stable with 3Q25 4Q25 3Q25 Balance ($B) $ 2.42 $ 2.52 ACL ($MM; % coverage) $ 260 10.8 % $ 314 12.4 % Cumulative NCOs* ($MM) $ 565 $ 527 CRE General Office reserve *Cumulative losses since 3/31/23 $2,259 $2,212 $2,209 $2,201 $2,183 1.39% 1.34% 1.39% 1.37% 1.35% 1.86% 1.86% 1.77% 1.74% 1.70% Retail Commercial Retail ACL Commercial ACL 4Q24 1Q25 2Q25 3Q25 4Q25 $s in millions Allowance for credit losses (1) ** Potential loss rate calculated relative to the $4.1B General Office portfolio balance at 3/31/23, the start of loss emergence. ■ The allowance for credit losses decreased slightly given improving loan mix, primarily reflecting the Non-Core portfolio reduction, reduced CRE and lower loss-content originations ■ The economic forecast supporting the allowance contemplates a mild recession and was relatively stable to the prior quarter – In addition, we apply a more severe scenario against areas of concern, such as General Office Commentary 1.62% 1.61% 1.59% 1.56% 1.53%Total ACL ratio See pages 41-43 for notes. (1)

 
16 Strong capital position $s in billions (period-end) 4Q24 1Q25 2Q25 3Q25 4Q25 Basel III basis(1) Common equity tier 1 capital $ 17.9 $ 17.8 $ 17.8 $ 18.0 $ 18.2 Risk-weighted assets $ 165.7 $ 166.9 $ 168.0 $ 168.9 $ 171.5 Common equity tier 1 ratio 10.8 % 10.6 % 10.6 % 10.7 % 10.6 % Tier 1 capital ratio 12.1 % 11.9 % 11.9 % 11.9 % 11.9 % Total capital ratio 14.0 % 13.9 % 13.8 % 13.9 % 13.8 % Tangible common equity ratio 6.8 % 7.0 % 7.2 % 7.4 % 7.5 % TBV/share CET1 $ % 3Q25 10.68% $36.73 Net Income 0.31 1.23 3.3% Common and preferred dividends (0.14) (0.56) (1.5) RWA increase (0.16) Treasury stock (0.07) (0.09) (0.2) Goodwill and intangibles — 0.01 — AOCI — 0.69 1.9 Other 0.02 0.06 0.2 Total change (0.04) 1.34 3.6% 4Q25 10.64% $38.07 CET1 ratio remains strong(2) Highlights ■ 4Q25 CET1 ratio of 10.6% – 9.5% CET1 ratio adjusted for AOCI opt-out removal ■ TBV/share of $38.07, up 4% QoQ, reflects higher net income and AOCI benefit from lower long-term rates – Tangible common equity ratio of 7.5%, up 10 bps QoQ ■ Total capital returned to shareholders was $326 million in 4Q25 – Paid $201 million in common dividends to shareholders – Repurchased $125 million of common stock at a weighted-average price of $53.36 ■ Total capital returned to shareholders was $1.4 billion for FY2025, a total shareholder payout ratio of 80% – Repurchased $600 million of common stock, representing ~13.5 million shares, or ~3% of outstanding shares at the beginning of the year, at a weighted-average price of $44.55 See pages 41-43 for notes.

 
17 Transformed Consumer Bank Strong deposit franchise grounded in primary relationships and high-quality customer growth Differentiated lending platform with focus on building relationships Significant potential to scale NY Metro and capture more affluent households ~54% Of households* are mass affluent and above(1) (Nov '25) ~29% Growth in average deposit balances per household* (Dec '19-Dec '25) $10.8 $11.3 4Q24 4Q25 Retail deposits NYC Metro Up ~5% Significant investments over the years have resulted in a higher-quality retail deposit franchise ■ Reposition branch network to accelerate attractive deposit growth ■ Deepen household relationships with Wealth, HELOC, Card ■ Drive significant enhancements to digital experience with new mobile app in 1Q26 Key priorities over the next 12-18 months Launched continuum of Card products in 2025 ~11% CAGR growth in home equity loans since 2022 HELOC journey with Citizens FastLine enabled by advanced analytics and digital innovation *Household defined as retail branch checking households; excludes Citizens Access, Business Banking and Private Bank $s in billions See pages 41-43 for notes. Industry-leading HELOC growth

 
18 Best-positioned Commercial Bank Delivering results Strong league table results Middle market bookrunner by volume for 2025(2) Sponsor #4 Overall #6 Revenue CAGR 2015 to 2025 Total Commercial Banking fees Record Capital Markets fees in 2025 Up 9% YoY Strong pipelines across M&A, debt and equity underwriting, and loan syndications ■ 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 ■ Expanded focus on a targeted group of key growth industry vertical sectors to offer a more dedicated and tailored approach for clients ■ Enhanced Treasury Solutions; delivering integrated payments platforms Focused on high-growth markets Fully-integrated client coverage Built a formidable full-service commercial bank ■ Expanded to a national focus; growing client base and continued expansion in high-potential geographies NYC Metro, Florida and California – Middle market loan growth up 37% YoY across these markets ■ Poised for additional upside in Capital Markets ■ Investing for growth opportunities in Commercial Payments ■ Developed full-service capabilities for private capital ■ Strong integrated coverage model serving middle market, mid-corporate and private capital ■ Collaborating with Private Bank/Private Wealth to deliver full product suite ■ Expanding leveraged finance and M&A opportunities across middle market, sponsor client base ■ Looking to leverage digitization and AI to unlock the next wave of efficiency and improve client experience Focused on middle market, mid-corporate, sponsor clients Best Bank for Treasury and Cash Management 2025; eighth consecutive year AMERICAN BANKER Innovation of the Year Award for our work in Open Banking and APIs 2015 2025 +9% 2025 Commercial Payments revenue Up 8%(1) 2025 Best New Embedded Finance Platform category See pages 41-43 for notes.

 
19 Deposits $2.6 $5.3 $6.3$3.1 $5.9 $7.2 Avg Spot 4Q24 3Q25 4Q25 $6.5 $10.7 $13.1$7.0 $12.5 $14.5 Avg Spot 4Q24 3Q25 4Q25 $s in billions Loans Private Bank buildout - financial update ■ ~7% earnings contribution to total CFG in 2025, ahead of original expectation of 5%+ ■ Performed very well against year-end targets, exceeding $12 billion deposits and $7 billion loans; Client Assets of $10 billion, modestly below target; strong momentum continuing into 2026 ■ Achieved ROE of ~25%(1) for 2025 and expect to maintain 20-25% target over the medium term Delivering financial impact Performed well against 2025 targets with accelerating momentum $s in billions $4.8 $9.0 $10.0 $4.7 $7.6 $8.6 AUM Transactional assets 4Q24 3Q25 4Q25 As of period end; $s in billions Client Assets ■ Avg. portfolio yield ~6.3%; ~4.1% spread over deposit cost ■ 4Q25 loan growth driven by commercial, primarily multi- family and higher C&I line utilization, as well as growth in residential mortgage ■ 10 advisor teams added since launch across key markets – New York, San Francisco, Boston, South Florida, Southern California ■ Total Client Assets of $10.0 billion at 4Q25 includes transactional assets of $1.4 billion ■ ~36% DDA; ~2.15% total deposit cost, down ~17 bps QoQ ■ Continued strong client growth in Q4 with ~$2.5 billion increase in average deposits; $2.0 billion spot growth (3) (2) (4) See pages 41-43 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 40.

 
20 $1.2 $7.0 $14.5 2023 2024 2025 $0.4 $4.8 $10.0 $4.7 $8.6 Transactional AUM 2023 2024 2025 Private Bank - building a sustainable, growing high-quality franchise See pages 41-43 for notes. As of year-end; $s in billions Deposits $0.3 $3.1 $7.2 2023 2024 2025 2026 Target 2026 Target 2026 Target EPS contribution expected to increase from ~7% in 2025 to mid-teens medium term while maintaining a 20-25% ROE(1) profile Loans Client Assets(2) ~$18-20B ~$11-13B ~$16-20B Expanding PBOs Opened: 7 Private Bank Offices opened to date; plan to add ~4 by YE2026 Scaling the team ■ ~575 FTE at YE2025; expect to approach ~700+ by end of 2026 ■ 10 Private Wealth teams added to date; strong pipeline for additional teams in 2026 ■ Co-locating Private Wealth teams in all Private Bank markets Boston, MA Menlo Park, CA (1H26) Palm Beach, FL West Palm Beach, FL (1H26) San Francisco, CA Laurel Village, CA (1H26) Mill Valley, CA Greenwich, CT (2H26) New York, NY San Diego, CA Newport Beach, CA Coming soon: Continuing to invest in talent; strong pipeline (3) (4)

 
21 Call center consolidation with artificial agents ■ Leverage rapid advances in technology to reshape how we serve customers and how we run the bank – Deliver meaningful improvement in consumer CX/NPS – Drive a step-change improvement in productivity and efficiency ■ Business model simplification to drive focus and further cost improvements Reimagine the Bank - positioning Citizens to win long term 5 broad themes to Reimagine the Bank program across ~50 initiatives Modernizing technology delivery and stack Risk and analytics E2E customer operations redesign Customer-facing enhancements Business model simplification Call center volume Commercial loan manual processing Consumer customer attrition Vendor costs Engineering throughput 5x ~6-8% 10% 70-80% 50% (select initiatives below) Example outcomes Commercial digital onboarding Software development productivity with AI Simplification and modernization of tech stack Enhancement of fraud detection with AI Credit intelligence and decisioning Streamlining of KYC/AML processing AI Powered Banker Digital advisors Retail Network Transformation Vendor optimization Corporate facilities rationalization Consumer operations automation Efficiency Modernization of organization design Productivity Growth/Customer experience Time to onboard commercial clients 70%

 
22 Pre-tax run-rate benefit (annualized) Reimagine the Bank - current projection of financial impacts 2026 $s in millions ~$45 ~$450 % Benefit mix Expense Revenue ~75% ~67% Pre-tax implementation costs* ~$50 *Implementation costs are one-time in nature and should be considered capital costs, though we do not plan to report them as notable items. ~$200+ ~70%~90% ~10% ~30% ~33% 4Q26 exit rate ~$100 ■ Project fully phased in pre-tax run-rate benefits of ~$450 million by 4Q28 – Two-thirds of this benefit relates to expenses, which equates to ~5% of the 2025 expense base – Reimagine the Bank is projected to have a ~2% positive ROTCE impact in 2028 before implementation costs and any business reinvestment ■ Minimal impact from implementation costs in 2026 by prioritizing initiatives with faster payback – ~$50 million of implementation costs largely offset by ~$45 million of pre-tax benefit for FY2026 – $0.01-$0.02 dilutive to EPS in 1H26 inclusive of implementation costs; $0.01-$0.02 accretive in 2H26 ■ Positive net pre-tax benefits of ~$50 million in 2027 and ~$225 million in 2028 before any business reinvestment ■ Will continue to add new initiatives to Reimagine the Bank over time, providing further upside Commentary 4Q27 exit rate 4Q28 exit rate ~$100 2027 2028 ~$100 ~$150+ ~$325+

 
23 FY2026 Outlook vs. 2025 2025 2026 Outlook Net interest income $5,853MM Up 10 to 12% NIM 2.98%; 4Q 3.07% Expect 4 to 5 bps sequential expansion per quarter, progressing towards ~3.25% in 4Q26 Loans $142.7B spot $140.1B average Spot loans up 3 to 5% Average loans up 2.5 to 3.5% Interest-earning assets $197.0B average Up 4 to 5% Noninterest income $2,394MM Up 6 to 8% driven primarily by Capital Markets and Wealth Noninterest expense $5,311MM Up ~4.5%; ~1.8% from Private Bank/Wealth buildout; ~0.2% from Reimagine the Bank; ~2.5% for the remainder of the bank Net charge-offs $684MM; 49 bps Mid-to-high 30's bps; lower CRE losses, positive mix shift continues CET1 ratio(1) 10.6% 10.5-10.6%; share repurchases of $700MM to $850MM dependent on market conditions and loan growth Tax rate 21.3% ~22% ■ FY2026 average real GDP growth of ~2-2.5%, CPI of ~2.5% and unemployment rate of ~4.5% ■ Fed funds approaching 3.00-3.25% by YE2026 with 25 bp rate cuts in June and September ■ 10-year Treasury rate anchored around 4.25% ■ Favorable capital markets backdrop ■ NII growth reflects strong NIM expansion and solid loan growth ■ Expect 500+ bps of positive operating leverage in FY2026 ■ Expect Private Bank to grow strongly in FY2026 ■ Continued strong return of capital to shareholders ■ Progressing well towards medium-term financial targets Full-year 2026 outlook commentary Key 2026 economic and rate assumptions See pages 41-43 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 40.

 
24 1.8% 0.2% 2.5% 4.5% Private Bank & Private Wealth Reimagine the Bank Remaining bank Total CFG Private Bank FY2025 Full-year impact of 2025 investments Strategic investments/ other Private Bank FY2026 $s in millions FY2026 Expense outlook Incremental expense growth impact of ~1.8% to total CFG $5,311 $5,543 Total CFG FY2025 Total CFG FY2026 Total CFG Up ~4.5% ~$60 ~$380 Private Bank & Private Wealth expenses 2026 Expense growth attribution ~$40 ~$5.5B $279 ~ . ~ ~ ~ $s in millions

 
25 1Q26 outlook vs. 4Q25 See pages 41-43 for notes. 4Q25 1Q26 Outlook Net interest income $1,537MM ■ Stable; reflects day count impact of ~($22) million Noninterest income $620MM ■ Stable Noninterest expense $1,343MM ■ Up 2 to 2.5% reflecting seasonality Net charge-offs $155MM; 43 bps ■ Stable to slightly lower CET1 ratio(1) 10.6% ■ 10.5-10.6%; ~$300 million in share repurchases Tax rate 22.0% ■ ~22%

 
26 Medium-term financial targets Medium-term financial targets ROTCE(1) CET1 ratio Dividend payout ratio Efficiency ratio(1) ~16-18% ~10.0-10.5% ~35-40% Mid-50's % Key economic assumptions ■ Real GDP growth averaging 2-2.5% annually over the medium term ■ Unemployment rate centered around ~4.5% and inflation declining to 2-2.5% over the medium term ■ Fed funds reaching terminal rate of 3.00-3.25% by YE2026 and remaining stable ■ 10-year Treasury of ~4.5% by the end of 2027 Expect to reach the target ROTCE range in 2H27 See pages 41-43 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 40.

 
27 Meaningful NIM improvement over the medium term Medium-term NIM target 3.30 to 3.50% Terminated swaps Non-Core Asset sensitivity net of swaps/other impacts Projected NIM range Fixed-rate asset repricing benefit Cumulative time-based NIM benefit vs. 4Q25 4Q26 4Q27 In basis points +14 +3 +17 +18 +5 +23 +8 to +11 -8 to +9 ~3.30 to 3.50% Chart not to scale Net benefit 0 to +20 bps 3.30% 3.50% Fed funds at or above 3.75% favors top end of range or above Fed funds at or below 2.75% favors bottom of range or below Factors supporting 3.30 to 3.50% NIM ■ Swaps and Non-Core runoff ■ Stable to improving balance sheet mix ■ Fed funds terminal range of 2.75-3.75% ■ Cumulative IBD beta of high 40's% +23 bps time- based NIM benefit 4Q25 to 4Q27 Assumes 10-year treasury rate of ~4.15% gradually rising toward ~4.5% by the end of 2027 +3 to +4 Cumulative NIM impact from starting point 4Q25 3Q24 2.77% 4Q25 3.07% 2026 2027 +30 bps -5 to 0 ~3.22 to 3.28%

 
28 4Q25 ROTCE Terminated swaps/ Non-Core Business performance Credit improvement AOCI & other capital impacts Medium-term ROTCE Medium-term ROTCE outlook(1) ■ Significant ROTCE improvement driven by non rate-dependent terminated swaps amortization and Non-Core run off with capital and liquidity redeployed ■ Positive contribution from fixed-rate asset repricing with a relatively neutral impact from underlying asset sensitivity, net of swaps ■ Strong business performance across Consumer, Commercial and Private Bank will deliver positive operating leverage and earnings growth ■ Credit improvement to low-to-mid 30's bps NCOs given current elevated CRE costs ■ AOCI impacts reduce with time, partially offset by significant share repurchases ■ Benefits from Reimagine the Bank will be additive to the performance Progression towards achievement of our ROTCE target 12.2% ~1% ~15-16% ~0.5% ~(0.5)%~1-2% ~2.5% NIM expands to 3.30-3.50% Active swaps Fixed-rate repricing Underlying asset sensitivity + + - Time- based benefit 16-18% Reimagine the Bank benefits not incorporated See pages 41-43 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 40.

 
29 ■ Track record of strong execution; excellence in our capabilities, highly competitive with mega-banks and peers ■ TOP 10 achieved ~$100 million pre-tax run-rate benefit as of year-end 2025; launched Reimagine the Bank (multi- year transformational program) that targets ~$450 million of pre-tax run-rate benefit by 4Q28 ■ Robust capital and liquidity position; further enhancing performance with balance sheet optimization ■ Credit allowance remains strong; credit metrics continue to trend favorably ■ Flexibility to support customers and invest while continuing to return capital to shareholders – Increased the quarterly common dividend by 9.5% to $0.46; total shareholder payout ratio of 80% in 2025 Citizens is an attractive investment opportunity Maintaining a robust balance sheet Citizens has transformed since IPO given sound strategy, capable and experienced leadership and a strong customer-focused culture Well positioned to deliver ~16 to 18% ROTCE in 2H27 given strategic initiatives and NII tailwinds ■ Transformed Consumer Bank with leading retail deposit franchise; well positioned in NYC Metro to gain market share; performance tracking well ■ Best-positioned Commercial Bank ready to serve private capital and high-growth sectors of the U.S. economy ■ Building premier Private Bank/Wealth franchise – Continued to make strong progress, contributing $0.10 to EPS in 4Q25 and a 7% earnings contribution in 2025 – Investing for growth while sustaining attractive 20-25% ROE(1) ■ Significant NII tailwind from Non-Core and swaps over the medium term; confident in target NIM range of ~3.30 to 3.50% ■ Execution of strategic initiatives, positive operating leverage, lower credit costs and share repurchases contribute to the improving ROTCE Continue to have a series of unique initiatives that will lead to relative medium-term outperformance See pages 41-43 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 40.

 
Appendix ■ FY2025 Scorecard ■ FY2025 and 4Q25 Private Bank financial performance ■ Interest rate risk management ■ Non-Core portfolio and balance sheet optimization ■ Credit

 
31 FY2025 Scorecard FY24 Underlying outlook(1) FY24 Underlying results Net interest income Down 6-9% Noninterest income Up 6-9%, market dependent Noninterest expense Up ~1-1.5% Net charge-offs [$750MM]; 50 bps $748MM; 52 bps CET1 ratio(2) ~10.5% Tax rate ~21-22% 2025 Outlook 2025 Results Net interest income Up 3-5% Up 4% NIM FY2025 NIM of ~3.00% FY2025 NIM of 2.98%; 4Q25 NIM of 3.07% Loans Spot loans up low single digits driven by Private Bank and 2H25 Commercial activity; up mid single digits excluding Non-Core Average loans down ~2-3% reflecting 2H24 drop and continuing Non-Core run off Spot loans up 2.5%; up 6% excluding Non-Core Average loans down 1.8% Earning assets Down ~1% Down 1% Noninterest income(1) Up ~8-10% driven primarily by Capital Markets and Wealth Up 10.8% Noninterest expense(1) Up ~4%; up ~2.6% ex Private Bank & Private Wealth Up 4.6%; up 3% ex Private Bank & Private Wealth Net charge-off ratio ~$650MM-$700MM; high-40s bps; ACL likely to see releases over the course of the year $684MM; 49 bps CET1 ratio(2) 10.5-10.75%; share repurchases dependent on market conditions and loan growth 10.6%; repurchased $600 million of common stock Tax rate ~21% 21% ~ See pages 41-43 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 40.

 
32 FY2025 and 4Q25 Private Bank financial performance Full Year Q/Q Y/Y 2025 vs. 2024 $s in millions 4Q25 $/bps % $/bps % 2025 $/bps % Net interest income $118.3 $18.1 18% $61.2 107% $369.2 $227.9 161 % Noninterest income 23.7 3.5 17 12.8 117 72.6 47.9 194 Total revenue 141.9 21.5 18 73.8 108 441.8 275.7 166 Noninterest Expense 85.7 12.7 17 25.3 42 279.0 84.2 43 Pre-provision profit 56.2 8.8 19 48.5 630 162.8 191.6 NM Provision for credit losses — — — — — — — — Income before income tax expense 56.2 8.8 19 48.5 630 162.8 191.6 NM Income tax expense 14.2 2.2 18 12.2 610 41.2 48.6 NM Net income 42.0 6.6 19 36.3 637 121.6 143.0 NM Preferred dividends/other — — — — — — — — Net income available to common stockholders $42.0 $6.6 19 $36.3 637 $121.6 $143.0 NM Contribution to total CFG Diluted EPS $0.10 $0.02 $0.09 $0.28 $0.33 $s in billions Interest-earning assets (spot) $7.2 $1.3 22% $4.1 131% $7.2 $4.1 131 % Loans (spot) 7.2 1.3 22 4.1 131 7.2 4.1 131 Deposits (spot) 14.5 2.0 16 7.5 108 14.5 7.5 108 % Risk-weighted assets (spot) 7.6 1.2 19% 4.1 117% 7.6 4.1 117 % Performance metrics: Efficiency ratio 60.4 (24) bps NM 63.1 NM Noninterest income as a % of total revenue 16.7 (8) bps 62 bps 16.4 143 bps Client assets(1) Assets Under Management (AUM)(2) $8.6 $1.0 13% $3.9 83% $8.6 $3.9 83% Transactional assets(3) 1.4 — —% 1.3 NM 1.4 1.3 NM Total Private Bank client assets $10.0 $1.0 11% $5.2 109% $10.0 $5.2 109% ■ Private Bank achieved an ROE of 25%(4) for full-year 2025 See pages 41-43 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 40.

 
33 $26.3 $26.3 $29.8 $31.8 $29.9 $26.6 $25.7 $27.3 $3.7 $7.3 $8.4 $11.6 $13.5 $18.3 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 $28.6 $27.4 $22.2 $15.3 $5.9 $2.8 $13.0 $19.3 $15.1 2025 2026 2027 2028 2029 Interest rate risk management W.A. receive-fixed rate 3.1% 3.1% 3.2% 3.3% 3.4% 3.5% 3.5% 3.6% 3.2% 3.5% 3.6% 3.6% 3.7% Executed post 6/30/23 - - 4.0% 4.0% 3.9% 3.8% 3.8% 3.7% 4.0% 3.8% 3.7% 3.6% 3.7% Executed pre 6/30/23 3.1% 3.1% 3.1% 3.1% 3.2% 3.2% 3.2% 3.3% 3.1% 3.2% 3.4% 2.6% - NII impact from terminated swaps ($MM): In-period impact $(127) $(119) $(108) $(103) $(88) $(62) $(52) $(28) $(457) $(230) $(40) $(3) $0 Sequential benefit $9 $8 $11 $5 $15 $26 $10 $24 $36 $227 $190 $37 $3 Receive-fixed cash flow swaps (average notional in $ billions) ■ Slightly asset sensitive; approximately +/- 1% impact to NII over the next 12 months with a gradual +/- 100 bps change in rates relative to the forward curve ■ Receive-fixed cash flow swaps represent the primary tool to manage overall asset sensitivity – Well hedged against lower rates through mid 2027 ■ Pay-fixed swaps against securities portfolio help protect capital by reducing AOCI volatility Receive-fixed swaps executed post 6/30/23 Receive-fixed swaps executed pre 6/30/23 (legacy) Fixed/floating-rate mix 10% 16% 74% Securities $43B 35% 21% 44% Loans $143B Fixed Fixed with hedges Floating Floating with hedges Commentary 15% 15% 70% 37% 16% 47% As of 12/31/25 (1) See pages 41-43 for notes.

 
34 $13.7 $6.9 $2.5 $2.0 $1.6 $1.3 $1.1 $0.3 $2.0 $3.4 $1.6 $1.2 $0.9 $0.6 $0.3 $— $10.4 $4.7 $3.3 $2.2 2Q23 4Q24 4Q25 1Q26 2Q26 3Q26 4Q26 4Q27 2023 2024 2025 2026 C&I $5.1 $2.0 $1.7 ~$1-$1.5 CRE $0.9 $1.9 $1.7 ~$1.5 Loan growth in 2026 to reflect less run-off from Non-Core and Commercial BSO Non-Core Dedicated structural funding Indirect auto Auto collateralized borrowings $s in billions ■ Originations focused on multi-product relationships with an attractive return profile, primarily on C&I, home equity and card ■ Non-Core loan portfolio of $2.5 billion has largely run off since its designation in 2Q23 at $13.7 billion; $1.4 billion expected to run off in 2026 ■ C&I BSO expected to start normalizing from elevated levels since 2023, in the range of $1 to $1.5 billion annually depending on maturities ■ CRE originations highly selective with the portfolio expected to decline by ~$1.5 billion in 2026, including strategic growth in the Private Bank See pages 41-43 for notes. Non-Core portfolio(1) progression Commentary Commercial balance sheet optimization impact diminishing Quarterly 2026 Education and other retail (purchased) $s in billions

 
35 $73.8B Commercial credit portfolio Commercial portfolio risk ratings(3) $s in billions 59% 62% 64% 16% 17% 16% 18% 15% 14% 7% 6% 6% 4Q24 3Q25 4Q25 B- and lower B+ to B BB+ to BB- AAA+ to BBB- $73.8 Highlights $72.5 $ Balances % of CFG C&I Finance and Insurance $ 17.2 12 % Capital call facilities $ 8.6 Private Credit Finance 4.0 Other Finance and Insurance* 4.6 Other Manufacturing 3.6 3 Technology 3.2 2 Accommodation and Food Services 2.0 1 Health, Pharma, Social Assistance 2.4 2 Professional, Scientific, and Technical Services 2.4 2 Wholesale Trade 2.6 2 Retail Trade 1.7 1 Other Services 2.4 2 Energy & Related 1.8 1 Rental and Leasing 1.3 1 Consumer Products Manufacturing 0.7 1 Administrative and Waste Management Services 1.5 1 Arts, Entertainment, and Recreation 1.7 1 Automotive 1.2 1 Other (1) 3.5 2 Total C&I $ 49.2 35 % CRE Multi-family $ 9.2 6 % Office 4.5 3 Credit tenant lease and life sciences(2) $ 2.1 Other general office 2.4 Industrial 2.4 2 Retail 2.7 2 Co-op 1.8 1 Data Center 0.7 1 Hospitality 0.3 — Other (1) 3.0 2 Total CRE $ 24.6 17 % Total Commercial loans & leases $ 73.8 52 % Total CFG $ 142.7 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 – ~82% of C&I portfolio is investment grade equivalent ■ Leveraged loans ~1.3% of total CFG loans, granular hold positions with an average outstanding of ~$10 million ■ CRE portfolio is well diversified across asset type, geography, and borrowers with the emphasis on strong sponsor selection – CRE portfolio down $2.6 billion, or ~10% year-over-year, driven primarily by paydowns $69.8 See pages 41-43 for notes. $s in billions ■ [Non-depository financial institution (NDFI) balance under regulatory definition of [$15.9] billion; BBB- ratings equivalent]

 
36 Suburban Class C 3% CBD Class C 5% Suburban Class A 39% CBD Class A 13% Suburban Class B 29% CBD Class B 11% 49% 100% 100% 51% 69% 100% 84% 88% 100% 51% 49% 31% 100% 16% 12% New York, NY Washington, DC Los Angeles, CA Atlanta, GA Philadelphia, PA Chicago, IL Phoenix, AZ Dallas, TX Baltimore, MD Minneapolis, MN Suburban CBD NY 17.1% NJ 12.0% VA 9.0% CA 9.0% MD 7.3% TX 5.3% PA 5.3% IL 5.1% GA 4.5% AZ 3.7% OH 3.3% MN 3.2% MA 3.2% CO 2.8% WA 2.6% Other 6.6% Commercial Real Estate - General Office portfolio well diversified(1) $2.4B General Office by state Other NC FL VT MO DC UT MI CT RI NH $2.4B General Office class & location Outstanding *Manhattan is ~$150 million $ 641 284 166 108 103 92 89 87 84 77 $s in millions, as of 12/31/25 See pages 41-43 for notes. As of 12/31/25 As of 12/31/25 Commentary ■ General Office portfolio is well diversified geographically ■ 71% suburban, generally performing better than CBD properties ■ 92% Class A/B ■ Continue to work down the portfolio, reducing balance from $4.1 billion in 1Q23 to $2.4 billion in 4Q25, reflecting paydowns and charge-offs – Remaining exposure is well reserved with 10.8% coverage Top 10 General Office MSA breakdown *

 
37 46% 47% 47% 31% 31% 31% 14% 14% 14% 4% 3% 3% 5% 5% 5% 4Q24 3Q25 4Q25 $35.0 $19.1 $2.3 $3.1 $5.3 $4.1 $68.9B Retail credit portfolio 800+ 740-799 680-739 640-679 <640 $68.9 $s in billions $68.4 Home equity Retail portfolio(1) Residential mortgage Auto Education - in school Education - refinance Other retail ~96% Super-prime/prime* ~82% Secured ■ Retail portfolio mix continues to improve with focus on high quality relationship lending ■ Core real estate secured increased to 78% of the portfolio as Non-Core was reduced significantly from 19% to 4% – Mortgage: FICO ~790; weighted-average LTV of ~51% – Home equity: FICO ~765; ~29% secured by 1st lien ◦ ~98% CLTV less than 80%; ~87% CLTV less than 70% ■ Core unsecured relatively stable at 18% of the portfolio; targeting super-prime/high-prime relationship borrowers – Education: FICO ~785 ◦ In-school: ~98% co-signed ◦ Refinance: ~40% have advanced degrees – Other retail: consists of card and Citizens Pay; target high quality borrowers; loss sharing in Citizens Pay High quality, diverse portfolio *Super-prime/prime defined as FICO of 680 or above at origination Retail portfolio FICOs(2) $69.4 Homeowners ~2/3 See pages 41-43 for notes. As of 12/31/25 62% 78% 19% 18%19% 4% 2Q23** 4Q25 Non-Core (Auto & other indirect lending) Core unsecured (Education, Other retail) Core real estate secured (Mortgage, Home equity) of unsecured retail borrowers(3) of retail portfolio > 680 Improving retail portfolio mix of retail portfolio **2Q23 represents the start of the Non-Core portfolio designation $68.9B$73.0B $s in billions

 
38 Allocation of allowance for credit losses by product type December 31, 2025 September 30, 2025 $s in millions Loans and Leases Allowance Coverage Loans and Leases Allowance Coverage Commercial and industrial(1) $ 49,232 $676 1.37 % $ 46,953 $641 1.36 % Commercial real estate 24,580 576 2.35 25,540 624 2.44 Total commercial 73,812 1,252 1.70 72,493 1,265 1.74 Residential mortgages 35,024 225 0.64 34,477 211 0.61 Home equity 19,069 166 0.87 18,415 161 0.87 Automobile 2,310 10 0.42 2,816 13 0.45 Education 8,416 267 3.18 8,556 275 3.22 Other retail 4,061 263 6.48 4,113 276 6.72 Total retail loans 68,880 931 1.35 68,377 936 1.37 Allowance for credit losses(2) $142,692 $2,183 1.53 % $140,870 $2,201 1.56 % See pages 41-43 for notes.

 
39 Delinquency by product type December 31, 2025 (%) September 30, 2025 (%) Days Past Due and Accruing Days Past Due and Accruing Current 30-59 60-89 90+ Nonaccrual Current 30-59 60-89 90+ Nonaccrual Commercial and industrial 99.27 % 0.13 % 0.03 % 0.01 % 0.56 % 99.30 % 0.11 % 0.02 % 0.08 % 0.49 % Commercial real estate 96.42 0.75 0.24 0.08 2.51 96.59 0.35 0.28 0.03 2.75 Total commercial 98.33 0.33 0.10 0.03 1.21 98.34 0.20 0.11 0.06 1.29 Residential mortgages(1) 98.64 0.27 0.13 0.40 0.56 98.77 0.23 0.12 0.33 0.55 Home equity 97.67 0.50 0.15 0.01 1.67 97.79 0.45 0.15 — 1.61 Automobile 95.37 2.55 0.87 — 1.21 95.95 2.20 0.75 — 1.10 Education 99.12 0.43 0.19 0.02 0.24 99.14 0.40 0.21 0.02 0.23 Other retail 97.44 0.86 0.57 — 1.13 97.50 0.78 0.53 — 1.19 Total retail 98.26 0.46 0.19 0.21 0.88 98.35 0.43 0.19 0.17 0.86 Total 98.29 % 0.40 % 0.14 % 0.12 % 1.05 % 98.35 % 0.31 % 0.15 % 0.11 % 1.08 % See pages 41-43 for notes.

 
40 Notable items(1) There are no notable items in 2025, as our intention going forward is to limit these to those items of greatest significance. Fourth quarter 2024 and full year 2024 results reflect notable items primarily related to integration costs associated with recent acquisitions, as well as TOP revenue and efficiency initiatives. These notable items were excluded from reported results to better reflect Underlying operating results. See pages 41-43 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 4Q25 3Q25 4Q24 FY 2025 FY 2024 $s in millions, except per share data Pre-tax After- tax Pre-tax After- tax Pre-tax After- tax Pre-tax After- tax Pre-tax After- tax Salaries & benefits $ — $ — $ — $ — $ (2) $ (1) $ — $ — $ (9) $ (6) Equipment and software — — — — — — — — — — Outside services — — — — — — — — (1) (1) Occupancy — — — — — — — — — — Other expense — — — — — — — — — — Noninterest expense $ — $ — $ — $ — $ (2) $ (1) $ — $ — $ (10) $ (7) EPS Impact - Noninterest expense $ — $ — $ — $ — $ (0.02) Total Integration Costs $ — $ — $ — $ — $ (2) $ (1) $ — $ — $ (10) $ (7) EPS Impact - Total Integration-related $ — $ — $ — $ — $ (0.02) Other notable items - TOP & Other 4Q25 3Q25 4Q24 FY 2025 FY 2024 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Tax notable items $ — $ — $ — $ — $ — $ — $ — $ — $ — $ 7 Noninterest income $ — $ — $ — $ — $ 10 $ 8 $ — $ — $ 15 $ 11 Salaries & benefits $ — $ — $ — $ — $ (15) $ (12) $ — $ — $ (37) $ (27) Equipment and software — — — — (3) (2) — — (17) (13) Outside services — — — — (4) (3) — — (27) (21) Occupancy — — — — (5) (4) — — (19) (14) FDIC Assessment(1) — — — — 9 6 — — (31) (24) Other expense — — — — (4) (3) — — (15) (10) Noninterest expense $ — $ — $ — $ — $ (22) $ (18) $ — $ — $ (146) $ (109) Total Other Notable Items $ — $ — $ — $ — $ (12) $ (10) $ — $ — $ (131) $ (91) EPS Impact - Other Notable Items $ — $ — $ (0.02) $ — $ (0.19) Total Notable Items $ — $ — $ — $ — $ (14) $ (11) $ — $ — $ (141) $ (98) Total EPS Impact $ — $ — $ (0.02) $ — $ (0.21) (1) The FDIC special assessment earnings per share impact is $0.01 and $(0.05) for fourth quarter 2024 and full year 2024 respectively.

 
41 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 - 4Q25 and FY2025 GAAP Summary 1) 3Q25 includes preferred stock early redemption costs of $5MM. 2) See general note a). Notes on slide 4 - 4Q25 and FY2025 Underlying financial summary 1) See note on non-GAAP financial measures. Notes on slide 5 - 4Q25 financial performance detail 1) Legacy Core consists of Commercial, Consumer excluding Private Bank and Non-Core, and Other. 2) At December 31, 2025, the Non-Core segment was fully funded with marginal high-cost funding comprised of FHLB, collateralized auto debt, and brokered certificates of deposit. 3) See general note a). 4) See general note d). Notes on slide 6 - 2025 financial performance detail 1) Legacy Core consists of Commercial, Consumer excluding Private Bank and Non-Core, and Other. 2) At December 31, 2025, the Non-Core segment was fully funded with marginal high-cost funding comprised of FHLB, collateralized auto debt, and brokered certificates of deposit. 3) 3Q25 includes preferred stock early redemption costs of $5MM. 4) See general note a). 5) See general note d). Notes on slide 7 - FY2025 and4Q25 Overview 1) See note on non-GAAP financial measures. 2) See general note d). 3) Represents Return on Regulatory Capital. See page 53 for details. Notes on slide 9 - Noninterest income 1) See note on non-GAAP financial measures. 2) Includes bank-owned life insurance income and other miscellaneous income for all periods presented. 3) See above note on non-GAAP financial measures. See Notable Items slide 40 for more detail. Notes on slide 10 - Noninterest expense 1) See above note on non-GAAP financial measures. See Notable Items slide 40 for more detail. Notes on slide 13 - Highly diversified and retail-oriented deposit base 1) Estimated based on available company disclosures; Citizens stable deposits calculated using average Consumer deposits. 2) Includes branch-based checking with interest and savings. Notes on slide 15 - Allowance for credit losses 1) Allowance for credit losses to nonaccrual loans and leases. Notes on slide 16 - Strong capital position 1) See general note d). 2) See general note c). Notes on slide 17 - Transformed Consumer Bank 1) Mass affluent and above are retail households with the higher value of IXI or current month deposit/investment balances greater than or equal to $100K. For slide 18 - *AUM as of 9/30/2025. As Assets Under Management referenced above represents aggregated AUM [of the Private Bank] across our investment advisory affiliates.

 
42 Notes continued Notes on slide 18 - Best-positioned Commercial Bank 1) Reflects business unit results for Commercial Payments activities, including net interest income and fees. 2) Represents loan syndications; source: LSEG LPC Notes on slide 19 - Private Bank buildout - financial update 1) Represents Return on Regulatory Capital. See page 53 for details. 2) Total Client Assets (TCA) include Assets Under Management (AUM) and Transactional Assets. AUM represent assets for which Citizens’ investment advisory affiliates provide continuous and regular supervisory or management services. Transaction assets represent assets for which Citizens' Wealth Management affiliates provide execution, custody, record keeping, reporting and other administrative services. 3) Assets Under Management referenced represents AUM of Citizens Private Wealth & Citizens Wealth Management, our Private Bank advisory affiliates. 4) Transactional assets referenced represents assets of Citizens Wealth Management, our Private Bank brokerage affiliate. Notes on slide 20 - Private Bank - building a sustainable, growing high-quality franchise 1) Represents Return on Regulatory Capital. See page 53 for details. 2) Total Client Assets (TCA) include Assets Under Management (AUM) and Transactional Assets. AUM represents assets for which Citizens’ investment advisory affiliates provide continuous and regular supervisory or management services. Transaction assets represent assets for which Citizens' Wealth Management affiliates provide execution, custody, record keeping, reporting and other administrative services. 3) Assets Under Management referenced represent AUM of Citizens Private Wealth & Citizens Wealth Management, our Private Bank advisory affiliates. 4) Transactional assets referenced represent assets of Citizens Wealth Management, our Private Bank brokerage affiliate. Notes on slide 23 - FY2026 Outlook vs. 2025 1) See general note d). Notes on slide 25 - 1Q26 outlook vs. 4Q25 1) See general note d). Notes on slide 26 - Medium-term financial targets 1) See note on non-GAAP financial measures. Notes on slide 28 - Medium-term ROTCE outlook 1) See note on non-GAAP financial measures. Notes on slide 29 - Citizens is an attractive investment opportunity 1) Represents Return on Regulatory Capital. See page 53 for details. Notes on slide 31 - FY2025 Scorecard 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 32 - 4Q25 Private Bank financial performance 1) Total Client Assets (TCA) include Assets Under Management (AUM) and Transactional Assets. AUM represents assets for which Citizens’ investment advisory affiliates provide continuous and regular supervisory or management services. Transaction assets represent assets for which Citizens' Wealth Management affiliates provide execution, custody, record keeping, reporting and other administrative services. 2) Assets Under Management referenced represent AUM of Citizens Private Wealth & Citizens Wealth Management, our Private Bank advisory affiliates. 3) Transactional assets referenced represent assets of Citizens Wealth Management, our Private Bank brokerage affiliate. 4) Represents Return on Regulatory Capital. See page 53 for details. Notes on slide 33 - Interest rate risk management 1) Represents fair value balances. Notes on slide 34 - Loan growth in 2026 to reflect less run-off from Non-Core and Commercial BSO 1) See general note c). Notes on slide 35 - $73.8B Commercial credit portfolio 1) Includes deferred fees and costs. 2) 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. 3) Reflects period end balances.

 
43 Notes continued Notes on slide 36 - Commercial Real Estate - General Office portfolio well diversified 1) See general note c). Notes on slide 37 - $68.9B Retail credit portfolio 1) See general note c). 2) Reflects period end balances. 3) Estimated based on 2025 data. Source: Citizens Customer Intelligence Platform (CIP), Experian, Equifax, and Intercontinental Exchange. Notes on slide 38 - Allocation of allowance for credit losses by product type 1) Coverage ratio includes total commercial allowance for unfunded lending commitments and total commercial allowance for loan and lease losses in the numerator and total commercial loans and leases in the denominator. 2) Coverage ratio reflects total allowance for credit losses for the respective portfolio. Notes on slide 39 - Delinquency by product type 1) 90+ days past due and accruing includes $141 million, $114 million,and $172 million of loans fully or partially guaranteed by the FHA, VA, and USDA for December 31, 2025, September 30, 2025, and December 31, 2024, respectively. Notes on slide 40 - Notable items 1) See note on non-GAAP financial measures.

 
44 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS FULL YEAR 4Q25 Change 2025 Change 4Q25 3Q25 4Q24 3Q25 4Q24 2025 2024 2024 $ % $ % $ % Noninterest income, Underlying: Noninterest income (GAAP) A $620 $630 $574 ($10) (2%) $46 8% $2,394 $2,176 $218 10% Less: Notable items — — 10 — — (10) (100) — 15 (15) (100) Noninterest income, Underlying (non-GAAP) B $620 $630 $564 ($10) (2%) $56 10% $2,394 $2,161 $233 11% Total revenue, Underlying: Total revenue (GAAP) C $2,157 $2,118 $1,986 $39 2% $171 9% $8,247 $7,809 $438 6% Less: Notable items — — 10 — — (10) (100) — 15 (15) (100) Total revenue, Underlying (non-GAAP) D $2,157 $2,118 $1,976 $39 2% $181 9% $8,247 $7,794 $453 6% Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,343 $1,335 $1,316 $8 1% $27 2% $5,311 $5,234 $77 1% Less: Notable items — — 24 — — (24) (100) — 156 (156) (100) Noninterest expense, Underlying (non-GAAP) F $1,343 $1,335 $1,292 $8 1% $51 4% $5,311 $5,078 $233 5% Pre-provision profit: Total revenue (GAAP) C $2,157 $2,118 $1,986 $39 2% $171 9% $8,247 $7,809 $438 6% Less: Noninterest expense (GAAP) E 1,343 1,335 1,316 8 1 27 2 5,311 5,234 77 1 Pre-provision profit (non-GAAP) $814 $783 $670 $31 4% $144 21% $2,936 $2,575 $361 14% Pre-provision profit, Underlying: Total revenue, Underlying (non-GAAP) D $2,157 $2,118 $1,976 $39 2% $181 9% $8,247 $7,794 $453 6% Less: Noninterest expense, Underlying (non-GAAP) F 1,343 1,335 1,292 8 1 51 4 5,311 5,078 233 5 Pre-provision profit, Underlying (non-GAAP) $814 $783 $684 $31 4% $130 19% $2,936 $2,716 $220 8% Income before income tax expense, Underlying: Income before income tax expense (GAAP) G $677 $629 $508 $48 8% $169 33% $2,328 $1,888 $440 23% Less: Income (expense) before income tax expense (benefit) related to notable items — — (14) — — 14 100 — (141) 141 100 Income before income tax expense, Underlying (non-GAAP) H $677 $629 $522 $48 8% $155 30% $2,328 $2,029 $299 15% Income tax expense, Underlying: Income tax expense (GAAP) I $149 $135 $107 $14 10% $42 39% $497 $379 $118 31% Less: Income tax expense (benefit) related to notable items — — (3) — — 3 100 — (43) 43 100 Income tax expense, Underlying (non-GAAP) J $149 $135 $110 $14 10% $39 35% $497 $422 $75 18% Net income, Underlying: Net income (GAAP) K $528 $494 $401 $34 7% $127 32% $1,831 $1,509 $322 21% Add: Notable items, net of income tax benefit — — 11 — — (11) (100) — 98 (98) (100) Net income, Underlying (non-GAAP) L $528 $494 $412 $34 7% $116 28% $1,831 $1,607 $224 14% Net income available to common stockholders, Underlying: Net income available to common stockholders (GAAP) M $489 $457 $367 $32 7% $122 33% $1,688 $1,372 $316 23% Add: Notable items, net of income tax benefit — — 11 — — (11) (100) — 98 (98) (100) Net income available to common stockholders, Underlying (non-GAAP) N $489 $457 $378 $32 7% $111 29% $1,688 $1,470 $218 15%

 
45 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS FULL YEAR 4Q25 Change 2025 Change 4Q25 3Q25 4Q24 3Q25 4Q24 2025 2024 2024 $/bps % $/bps % $/bps % Operating leverage: Total revenue (GAAP) C $2,157 $2,118 $1,986 $39 1.86% $171 8.57% $8,247 $7,809 $438 5.60% Less: Noninterest expense (GAAP) E 1,343 1,335 1,316 8 0.58 27 1.97 5,311 5,234 77 1.46 Operating leverage 1.28% 6.60% 4.14% Operating leverage, Underlying: Total revenue, Underlying (non-GAAP) D $2,157 $2,118 $1,976 $39 1.86% $181 9.11% $8,247 $7,794 $453 5.80% Less: Noninterest expense, Underlying (non-GAAP) F 1,343 1,335 1,292 8 0.58 51 3.90 5,311 5,078 233 4.57 Operating leverage, Underlying (non-GAAP) 1.28% 5.21% 1.23% Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 62.24 % 63.03% 66.27 % (79) bps (403) bps 64.40 % 67.03 % (263) bps Efficiency ratio, Underlying (non-GAAP) F/D 62.24 63.03 65.36 (79) bps (312) bps 64.40 65.15 (75) bpsEffective income tax rate and effective income tax rate, Underlying: Effective income tax rate I/G 22.03% 21.38% 21.04 % 65 bps 99 bps 21.34 % 20.06 % 128 bps Effective income tax rate, Underlying (non-GAAP) J/H 22.03 21.38 21.17 65 bps 86 bps 21.34 20.80 54 bps Return on average common equity and return on average common equity, Underlying: Average common equity (GAAP) O $23,823 $23,288 $22,009 $535 2% $1,814 8% $22,954 $21,881 $1,073 5% Return on average common equity M/O 8.16 % 7.77% 6.64 % 39 bps 152 bps 7.36 % 6.27 % 109 bps Return on average common equity, Underlying (non-GAAP) N/O 8.16 7.77 6.84 39 bps 132 bps 7.36 6.72 64 bps Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) O $23,823 $23,288 $22,009 $535 2% $1,814 8% $22,954 $21,881 $1,073 5% Less: Average goodwill (GAAP) 8,187 8,187 8,187 — — — — 8,187 8,187 — — Less: Average other intangibles (GAAP) 120 126 136 (6) (5) (16) (12) 131 143 (12) (8) Add: Average deferred tax liabilities related to goodwill (GAAP) 440 440 436 — — 4 1 439 433 6 1 Average tangible common equity (non-GAAP) P $15,956 $15,415 $14,122 $541 4% $1,834 13% $15,075 $13,984 $1,091 8% Return on average tangible common equity (non-GAAP) M/P 12.18 % 11.75% 10.36 % 43 bps 182 bps 11.20 % 9.81 % 139 bps Return on average tangible common equity, Underlying (non-GAAP) N/P 12.18 11.75 10.66 43 bps 152 bps 11.20 10.51 69 bps Return on average total assets and return on average total assets, Underlying: Average total assets (GAAP) Q $221,242 $219,117 $217,548 $2,125 1% $3,694 2% $218,597 $219,024 ($427) —% Return on average total assets K/Q 0.95 % 0.90% 0.73 % 5 bps 22 bps 0.84 % 0.69 % 15 bps Return on average total assets, Underlying (non-GAAP) L/Q 0.95 0.90 0.75 5 bps 20 bps 0.84 0.73 11 bps $s in millions, except share, per share and ratio data

 
46 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS FULL YEAR 4Q25 Change 2025 Change 4Q25 3Q25 4Q24 3Q25 4Q24 2025 2024 2024 $/bps % $/bps % $/bps % Return on average total tangible assets and return on average total tangible assets, Underlying: Average total assets (GAAP) Q $221,242 $219,117 $217,548 $2,125 1% $3,694 2% $218,597 $219,024 ($427) —% Less: Average goodwill (GAAP) 8,187 8,187 8,187 — — — — 8,187 8,187 — — Less: Average other intangibles (GAAP) 120 126 136 (6) (5) (16) (12) 131 143 (12) (8) Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 440 440 436 — — 4 1 439 433 6 1 Average tangible assets (non-GAAP) R $213,375 $211,244 $209,661 $2,131 1% $3,714 2% $210,718 $211,127 ($409) —% Return on average total tangible assets (non-GAAP) K/R 0.98 % 0.93% 0.76 % 5 bps 22 bps 0.87 % 0.71 % 16 bps Return on average total tangible assets, Underlying (non-GAAP) L/R 0.98 0.93 0.78 5 bps 20 bps 0.87 0.76 11 bps Book value per common share and tangible book value per common share: Common shares - at period-end (GAAP) S 429,242,174 431,453,142 440,543,381 (2,210,968) (1%) (11,301,207) (3%) 429,242,174 440,543,381 (11,301,207) (3%) Common stockholders' equity (GAAP) T $24,206 $23,718 $22,141 $488 2 $2,065 9 $24,206 $22,141 $2,065 9 Less: Goodwill (GAAP) 8,187 8,187 8,187 — — — — 8,187 8,187 — — Less: Other intangible assets (GAAP) 115 123 146 (8) (7) (31) (21) 115 146 (31) (21) Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 437 440 438 (3) (1) (1) — 437 438 (1) — Tangible common equity (non-GAAP) U $16,341 $15,848 $14,246 $493 3% $2,095 15% $16,341 $14,246 $2,095 15% Book value per common share (GAAP) T/S $56.39 $54.97 $50.26 $1.42 3% $6.13 12% $56.39 $50.26 $6.13 12% Tangible book value per common share (non-GAAP) U/S $38.07 $36.73 $32.34 $1.34 4% $5.73 18% $38.07 $32.34 $5.73 18% Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying: Average common shares outstanding - basic (GAAP) V 429,483,110 431,365,552 440,802,738 (1,882,442) —% (11,319,628) (3%) 433,173,162 450,678,038 (17,504,876) (4%) Average common shares outstanding - diluted (GAAP) W 434,077,960 435,472,350 444,836,786 (1,394,390) — (10,758,826) (2) 436,890,731 453,510,245 (16,619,514) (4) Net income per average common share - basic (GAAP) M/V $1.14 $1.06 $0.83 $0.08 8 $0.31 37 $3.90 $3.05 $0.85 28 Net income per average common share - diluted (GAAP) M/W 1.13 1.05 0.83 0.08 8 0.30 36 3.86 3.03 0.83 27 Net income per average common share - basic, Underlying (non- GAAP) N/V 1.14 1.06 0.86 0.08 8 0.28 33 3.90 3.26 0.64 20 Net income per average common share - diluted, Underlying (non- GAAP) N/W 1.13 1.05 0.85 0.08 8 0.28 33 3.86 3.24 0.62 19 Dividend payout ratio and dividend payout ratio, Underlying: Cash dividends declared and paid per common share X $0.46 $0.42 $0.42 $0.04 10% $0.04 10% $1.72 $1.68 $0.04 2 Dividend payout ratio X/(M/V) 40 % 40 % 51 % 73 bps (1,025) bps 44 % 55 % (1,098) bps Dividend payout ratio, Underlying (non-GAAP) X/(N/V) 40 40 49 73 bps (865) bps 44 52 (800) bps $s in millions, except share, per share and ratio data

 
47 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS FULL YEAR 4Q25 Change 2025 Change 4Q25 3Q25 4Q24 3Q25 4Q24 2025 2024 2024 $/bps % $/bps % $/bps % Common equity ratio and tangible common equity ratio: Total assets (GAAP) Y $226,351 $222,747 $217,521 $3,604 2 $8,830 4% $226,351 $217,521 $8,830 4% Less: Goodwill (GAAP) 8,187 8,187 8,187 — — — — 8,187 8,187 — — Less: Other intangible assets (GAAP) 115 123 146 (8) (7) (31) (21) 115 146 (31) (21) Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 437 440 438 (3) (1) (1) — 437 438 (1) — Tangible assets (non-GAAP) Z $218,486 $214,877 $209,626 $3,609 2% $8,860 4% $218,486 $209,626 $8,860 4% Common equity ratio (GAAP) T/Y 10.7 % 10.6 % 10.2 % 4 bps 51 bps 10.7 % 10.2 % 51 bps Tangible common equity ratio (non-GAAP) U/Z 7.5 7.4 6.8 10 bps 70 bps 7.5 6.8 70 bps Net interest income and net interest margin on an FTE basis: Net interest income (annualized) (GAAP) AA $6,098 $5,902 $5,620 $196 3% $478 9% $5,853 $5,633 $220 4% Average interest-earning assets (GAAP) BB 199,167 197,598 196,613 1,569 1 2,554 1 197,048 198,072 (1,024) (1) Net interest margin (GAAP) AA/BB 3.06 % 2.99% 2.86% 7 bps 20 bps 2.97% 2.84% 13 bps Net interest income (GAAP) $1,537 $1,488 $1,412 $49 3% $125 9% $5,853 $5,633 $220 4% FTE adjustment 4 4 4 — — — — 16 17 (1) (6) Net interest income on an FTE basis (non-GAAP) 1,541 1,492 1,416 49 3 125 9 5,869 5,650 219 4 Net interest income on an FTE basis (annualized) (non-GAAP) CC 6,112 5,919 5,637 194 3 475 8 5,869 5,650 219 4 Net interest margin on an FTE basis (non-GAAP) CC/BB 3.07 % 3.00% 2.87% 7 bps 20 bps 2.98% 2.85% 13 bps $s in millions, except share, per share and ratio data

 
48 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS FULL YEAR 4Q25 Change 2025 Change 4Q25 3Q25 4Q24 3Q25 4Q24 2025 2024 2024 $/bps % $/bps % $/bps % Card fees, Underlying: Card fees (GAAP) $86 $87 $97 ($1) (1%) ($11) (11%) $346 $368 ($22) (6%) Less: Notable items — — 11 — — (11) (100) — 24 (24) (100) Card fees, Underlying (non-GAAP) $86 $87 $86 ($1) (1%) $— —% $346 $344 $2 1% Other income, Underlying: Other income (GAAP) $42 $31 $28 $11 35% $14 50% $136 $79 $57 72% Less: Notable items — — (1) — — 1 100 — (9) 9 100 Other income, Underlying (non-GAAP) $42 $31 $29 $11 35% $13 45% $136 $88 $48 55% Salaries and employee benefits, Underlying: Salaries and employee benefits (GAAP) $716 $705 $674 $11 2% $42 6% $2,798 $2,657 $141 5% Less: Notable items — — 17 — — (17) (100) — 46 (46) (100) Salaries and employee benefits, Underlying (non-GAAP) $716 $705 $657 $11 2% $59 9% $2,798 $2,611 $187 7% Equipment and software, Underlying: Equipment and software (GAAP) $199 $197 $193 $2 1% $6 3% $783 $769 $14 2% Less: Notable items — — 3 — — (3) (100) — 17 (17) (100) Equipment and software, Underlying (non-GAAP) $199 $197 $190 $2 1% $9 5% $783 $752 $31 4% Outside services, Underlying: Outside services (GAAP) $148 $161 $170 ($13) (8%) ($22) (13%) $633 $639 ($6) (1%) Less: Notable items — — 4 — — (4) (100) — 28 (28) (100) Outside services, Underlying (non-GAAP) $148 $161 $166 ($13) (8%) ($18) (11%) $633 $611 $22 4% Occupancy, Underlying: Occupancy (GAAP) $109 $106 $112 $3 3% ($3) (3%) $435 $447 ($12) (3%) Less: Notable items — — 5 — — (5) (100) — 19 (19) (100) Occupancy, Underlying (non-GAAP) $109 $106 $107 $3 3% $2 2% $435 $428 $7 2% Other operating expense, Underlying: Other operating expense (GAAP) $171 $166 $167 $5 3% $4 2% $662 $722 ($60) (8%) Less: Notable items — — (5) — — 5 100 — 46 (46) (100) Other operating expense, Underlying (non-GAAP) $171 $166 $172 $5 3% ($1) (1%) $662 $676 ($14) (2%) $s in millions, except share, per share and ratio data

 
49 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 2Q25 1Q25 Noninterest income, Underlying: Noninterest income (GAAP) A $600 $544 Less: Notable items — — Noninterest income, Underlying (non-GAAP) B $600 $544 Total revenue, Underlying: Total revenue (GAAP) C $2,037 $1,935 Less: Notable items — — Total revenue, Underlying (non-GAAP) D $2,037 $1,935 Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,319 $1,314 Less: Notable items — — Noninterest expense, Underlying (non-GAAP) F $1,319 $1,314 Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 64.8 % 67.9% Efficiency ratio, Underlying (non-GAAP) F/D 64.8 67.9

 
50 Non-GAAP financial measures and reconciliations - CET1 adjusted for AOCI opt-out removal QUARTERLY TRENDS 4Q25 3Q25 CET1 Ratio adjusted for AOCI opt-out removal CET1 capital $ 18,240 $ 18,046 Less: AFS securities - AOCI 922 1,060 HTM securities - AOCI(1) 681 700 DTA for AFS/HTM securities 33 30 Pension 249 294 DTA for Pension 4 4 CET 1 capital adjusted for AOCI opt-out removal A $16,351 $15,958 Risk-weighted assets 171,493 168,932 Less: HTM securities - AOCI 117 121 AFS securities - AOCI 149 167 DTA for AFS/HTM securities (1,276) (1,422) Pension 249 294 DTA for Pension (215) (260) Risk-weighted assets adjusted for AOCI opt-out removal B $172,469 $170,032 CET1 Ratio adjusted for AOCI opt-out removal A/B 9.5 % 9.4 % $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

 
51 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 4Q25 Change 4Q25 3Q25 4Q24 3Q25 4Q24 $/bps % $/bps % Total Retail loans - at period-end $68,880 $68,377 $69,427 $503 1% ($547) (1%) Less: Non-core retail loans - at period-end 2,460 2,972 6,942 (512) (17) (4,483) (65) Less: Private bank retail loans - at period-end 2,289 1,749 898 540 31 1,391 155 Total Retail loans excluding Private Bank and non-core - at period-end $64,131 $63,656 $61,587 $475 1% $2,544 4% Total Commercial loans - at period-end $73,812 $72,493 $69,776 $1,319 2% $4,036 6% Less: Private bank commercial loans - at period-end $4,875 $4,189 $2,228 $686 16 $2,647 119 Total Commercial loans excluding Private Bank - at period-end $68,937 $68,304 $67,548 $633 1% $1,389 2% $s in millions, except share, per share and ratio data

 
52 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core $s in millions, except share, per share and ratio data 4Q25 2025 Net income available to common stockholders excluding Private Bank & Non-Core, Underlying: Net income available to common stockholders (GAAP) A $489 $1,688 Less: Non-Core Net income available to common stockholders, (GAAP) (11) (90) Net income available to common stockholders excluding Non-Core, Underlying (non-GAAP) B $500 $1,778 Less: Private Bank Net income available to common stockholders (GAAP) 42 122 Net income available to common stockholders excluding Private Bank & Non-Core, Underlying (non-GAAP) C $458 $1,656 Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) $23,823 $22,954 Less: Average goodwill (GAAP) 8,187 8,187 Less: Average other intangibles (GAAP) 120 131 Add: Average deferred tax liabilities related to goodwill (GAAP) 440 439 Average tangible common equity (non-GAAP) D $15,956 $15,075 Return on average tangible common equity excluding Non-Core, Underlying (non-GAAP) B/D 12.4 % 11.8 % Return on average tangible common equity excluding Private Bank & Non-Core, Underlying (non-GAAP) C/D 11.4 % 11.0 % 52

 
53 Non-GAAP financial measures and reconciliations - Private Bank Return on Regulatory Capital $s in millions, except share, per share and ratio data 2025 Net income available to common stockholders: Private Bank Net income available to common stockholders, (GAAP) A $122 Regulatory Capital: Private Bank Average Risk Weighted Assets (1) B $4,889 CFG Capital Allocation Rate (2) C 10.0 % Private Bank Regulatory Capital D=B*C $489 Private Bank Return on Regulatory Capital A/D 25 % (1) RWA is based on the Basel III standardized approach. (2) Capital allocation rate is management-defined for internal performance evaluation. It is not based on GAAP.

 
EX-99.3 4 q425financialsupplement.htm EX-99.3 Document
















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Financial Supplement

Fourth Quarter and Full Year 2025





















1

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

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

CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in millions, except per share data)
QUARTERLY TRENDS FULL YEAR
4Q25 Change 2025 Change
4Q25 3Q25 2Q25 1Q25 4Q24 3Q25 4Q24 2025 2024 2024
$/bps % $/bps % $/bps %
SELECTED OPERATING DATA
Total revenue $2,157  $2,118  $2,037  $1,935  $1,986  $39  2 % $171  9 % $8,247  $7,809  $438  6 %
Noninterest expense 1,343  1,335  1,319  1,314  1,316  8  1  27  2  5,311  5,234  77  1 
Pre-provision profit1
 814  783  718  621  670  31  4  144  21  2,936  2,575  361  14 
Provision (benefit) for credit losses 137  154  164  153  162  (17) (11) (25) (15) 608  687  (79) (11)
NET INCOME 528  494  436  373  401  34  7  127  32  1,831  1,509  322  21 
Net income, Underlying1
 528  494  436  373  412  34  7  116  28  1,831  1,607  224  14 
Net income available to common stockholders 489  457  402  340  367  32  7  122  33  1,688  1,372  316  23 
Net income available to common stockholders, Underlying1
 489  457  402  340  378  32  7  111  29  1,688  1,470  218  15 
PER COMMON SHARE DATA
Basic earnings $1.14  $1.06  $0.93  $0.78  $0.83  $0.08  8 % $0.31  37 % $3.90  $3.05  $0.85  28 %
Diluted earnings 1.13  1.05  0.92  0.77  0.83  0.08  8  0.30  36  3.86  3.03  0.83  27 
Basic earnings, Underlying1
 1.14  1.06  0.93  0.78  0.86  0.08  8  0.28  33  3.90  3.26  0.64  20 
Diluted earnings, Underlying1
 1.13  1.05  0.92  0.77  0.85  0.08  8  0.28  33  3.86  3.24  0.62  19 
Cash dividends declared and paid per common share 0.46  0.42  0.42  0.42  0.42  0.04  10  0.04  10  1.72  1.68  0.04  2 
Book value per common share 56.39  54.97  53.43  51.99  50.26  1.42  3  6.13  12  56.39  50.26  6.13  12 
Tangible book value per common share1
 38.07  36.73  35.23  33.97  32.34  1.34  4  5.73  18  38.07  32.34  5.73  18 
Dividend payout ratio 40  % 40  % 45  % 54  % 51  % 73   bps (1,025)  bps 44  % 55 % (1,098)  bps
Dividend payout ratio, Underlying1
 40  40  45  54  49  73   bps (865)  bps 44  52 (800)  bps
COMMON SHARES OUTSTANDING
Average: Basic 429,483,110  431,365,552  433,640,210  438,320,757  440,802,738  (1,882,442) — % (11,319,628) (3 %) 433,173,162  450,678,038  (17,504,876) (4 %)
   Diluted 434,077,960  435,472,350  436,539,774  442,200,180  444,836,786  (1,394,390) —  (10,758,826) (2) 436,890,731  453,510,245  (16,619,514) (4)
Common shares at period-end 429,242,174  431,453,142  432,768,811  437,668,127  440,543,381  (2,210,968) (1) (11,301,207) (3) 429,242,174  440,543,381  (11,301,207) (3)
1 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

3

CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDS FULL YEAR
4Q25 Change 2025 Change
4Q25 3Q25 2Q25 1Q25 4Q24 3Q25 4Q24 2025 2024 2024
$/bps % $/bps % $/bps %
FINANCIAL RATIOS
Net interest margin 3.06  % 2.99  % 2.94  % 2.89  % 2.86  % 7 bps 20 bps 2.97  % 2.84  % 13   bps
Net interest margin, FTE1,2
 3.07  3.00  2.95  2.90  2.87  7 20 2.98  2.85  13   
Return on average common equity 8.16  7.77  7.18  6.21  6.64  39  152  7.36  6.27  109   
Return on average common equity, Underlying2
 8.16  7.77  7.18  6.21  6.84  39  132  7.36  6.72  64   
Return on average tangible common equity2
 12.18  11.75  11.05  9.64  10.36  43  182  11.20  9.81  139   
Return on average tangible common equity, Underlying2
 12.18  11.75  11.05  9.64  10.66  43  152  11.20  10.51  69   
Return on average total assets 0.95  0.90  0.80  0.70  0.73  5  22  0.84  0.69  15   
Return on average total assets, Underlying2
 0.95  0.90  0.80  0.70  0.75  5  20  0.84  0.73  11   
Return on average total tangible assets2
 0.98  0.93  0.83  0.73  0.76  5  22  0.87  0.71  16   
Return on average total tangible assets, Underlying2
 0.98  0.93  0.83  0.73  0.78  5  20  0.87  0.76  11   
Effective income tax rate 22.03  21.38  21.37  20.26  21.04  65  99  21.34  20.06  128   
Effective income tax rate, Underlying2
 22.03  21.38  21.37  20.26  21.17  65  86  21.34  20.80  54   
Efficiency ratio 62.24  63.03  64.76  67.91  66.27  (79) (403) 64.40  67.03  (263)  
Efficiency ratio, Underlying2
 62.24  63.03  64.76  67.91  65.36  (79) (312) 64.40  65.15  (75)  
Noninterest income as a % of total revenue 28.75  29.75  29.41  28.14  28.90  (100) (15) 29.03  27.86  117 
Noninterest income as a % of total revenue, Underlying2
 28.75  29.75  29.41  28.14  28.54  (100) 21  29.03  27.73  130   
CAPITAL RATIOS - PERIOD-END (PRELIMINARY)
CET1 capital ratio 10.6  % 10.7  % 10.6  % 10.6  % 10.8  %
Tier 1 capital ratio 11.9  11.9  11.9  11.9  12.1 
Total capital ratio 13.8  13.9  13.8  13.9  14.0 
Tier 1 leverage ratio 9.4  9.4  9.4  9.4  9.4 
Common equity ratio
 10.7  10.6  10.6  10.3  10.2 
Tangible common equity ratio2
 7.5  7.4  7.2  7.0  6.8 
SELECTED BALANCE SHEET DATA
Loan-to-deposit ratio (period-end balances) 77.84  % 78.26  % 79.56  % 77.51  % 79.65  % (42)  bps (181)  bps 77.84  % 79.65  % (181)  bps
Loan-to-deposit ratio (average balances) 78.82  79.57  79.72  80.89  80.88  (75)  bps (206)  bps 79.73  81.77  (204)  bps
Full-time equivalent colleagues (period-end) 17,398  17,496  17,677  17,315  17,287  (98) (1) 111  1  17,398  17,287  111  1 
1Net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21% to adjust for the tax-exempt status of income from certain assets held by the Company.
2These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."




4

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(dollars in millions)
QUARTERLY TRENDS FULL YEAR
4Q25 Change 2025 Change
4Q25 3Q25 2Q25 1Q25 4Q24 3Q25 4Q24 2025 2024 2024
$ % $ % $ %
INTEREST INCOME
Interest and fees on loans and leases $1,901  $1,897  $1,851  $1,829  $1,910  $4  — % ($9) — % $7,478  $7,948  ($470) (6 %)
Interest and fees on loans held for sale 22  31  36  16  21  (9) (29) 1  5  105  77  28  36 
Investment securities 434  433  428  418  419  1  —  15  4  1,713  1,658  55  3 
Interest-bearing deposits in banks 89  97  92  89  112  (8) (8) (23) (21) 367  503  (136) (27)
Total interest income 2,446  2,458  2,407  2,352  2,462  (12) —  (16) (1) 9,663  10,186  (523) (5)
INTEREST EXPENSE
Deposits 781  816  802  795  883  (35) (4) (102) (12) 3,194  3,825  (631) (16)
Short-term borrowed funds —  5  9  8  1  (5) (100) (1) (100) 22  15  7  47 
Long-term borrowed funds 128  149  159  158  166  (21) (14) (38) (23) 594  713  (119) (17)
Total interest expense 909  970  970  961  1,050  (61) (6) (141) (13) 3,810  4,553  (743) (16)
Net interest income 1,537  1,488  1,437  1,391  1,412  49  3  125  9  5,853  5,633  220  4 
NONINTEREST INCOME
Service charges and fees 112  112  111  109  109  —  —  3  3  444  420  24  6 
Capital markets fees 140  166  105  100  121  (26) (16) 19  16  511  467  44  9 
Wealth fees
 98  93  88  81  75  5  5  23  31  360  294  66  22 
Card fees 86  87  90  83  97  (1) (1) (11) (11) 346  368  (22) (6)
Mortgage banking fees 52  49  73  59  60  3  6  (8) (13) 233  209  24  11 
Foreign exchange and derivative products 34  42  41  39  35  (8) (19) (1) (3) 156  146  10  7 
Letter of credit and loan fees 49  48  45  44  45  1  2  4  9  186  175  11  6 
Securities gains, net 7  2  5  7  4  5  250  3  75  22  18  4  22 
Other income 42  31  42  22  28  11  35  14  50  136  79  57  72 
Total noninterest income 620  630  600  544  574  (10) (2) 46  8  2,394  2,176  218  10 
TOTAL REVENUE 2,157  2,118  2,037  1,935  1,986  39  2  171  9  8,247  7,809  438  6 
Provision (benefit) for credit losses 137  154  164  153  162  (17) (11) (25) (15) 608  687  (79) (11)
NONINTEREST EXPENSE
Salaries and employee benefits 716  705  681  696  674  11  2  42  6  2,798  2,657  141  5 
Equipment and software 199  197  193  194  193  2  1  6  3  783  769  14  2 
Outside services 148  161  169  155  170  (13) (8) (22) (13) 633  639  (6) (1)
Occupancy 109  106  108  112  112  3  3  (3) (3) 435  447  (12) (3)
Other operating expense 171  166  168  157  167  5  3  4  2  662  722  (60) (8)
Total noninterest expense 1,343  1,335  1,319  1,314  1,316  8  1  27  2  5,311  5,234  77  1 
Income before income tax expense 677  629  554  468  508  48  8  169  33  2,328  1,888  440  23 
Income tax expense 149  135  118  95  107  14  10  42  39  497  379  118  31 
Net income $528  $494  $436  $373  $401  $34  7 % $127  32 % $1,831  $1,509  $322  21 %
Net income, Underlying1
 $528  $494  $436  $373  $412  $34  7 % $116  28 % $1,831  $1,607  $224  14 %
Net income available to common stockholders $489  $457  $402  $340  $367  $32  7 % $122  33 % $1,688  $1,372  $316  23 %
Net income available to common stockholders, Underlying1
 $489  $457  $402  $340  $378  $32  7 % $111  29 % $1,688  $1,470  $218  15 %
1 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

5

CONSOLIDATED BALANCE SHEETS (unaudited)
(dollars in millions, except par value)
PERIOD-END BALANCES AS OF DECEMBER 31, 2025 CHANGE
Dec 31, 2025 Sept 30, 2025 June 30, 2025 Mar 31, 2025 Dec 31, 2024 September 30, 2025 December 31, 2024
$ % $ %
ASSETS
Cash and due from banks $1,464  $1,254  $1,107  $1,082  $1,409  $210  17 % $55  4 %
Interest-bearing cash and due from banks 11,263  10,396  7,441  10,459  9,192  867  8  2,071  23 
Interest-bearing deposits in banks 961  694  680  685  635  267  38  326  51 
Debt securities available for sale, at fair value 35,697  35,419  34,658  34,208  32,765  278  1  2,932  9 
Debt securities held to maturity 7,933  8,124  8,293  8,469  8,599  (191) (2) (666) (8)
Loans held for sale
 1,198  1,334  2,093  2,820  858  (136) (10) 340  40 
Loans and leases 142,692  140,870  139,304  137,635  139,203  1,822  1  3,489  3 
Less: Allowance for loan and lease losses (1,943) (1,972) (2,008) (2,014) (2,061) 29  (1) 118  (6)
Net loans and leases 140,749  138,898  137,296  135,621  137,142  1,851  1  3,607  3 
Premises and equipment 915  857  855  855  875  58  7  40  5 
Bank-owned life insurance 3,441  3,422  3,408  3,386  3,364  19  1  77  2 
Goodwill 8,187  8,187  8,187  8,187  8,187  —  —  —  — 
Other intangible assets 115  123  129  137  146  (8) (7) (31) (21)
Other assets1
 14,428  14,039  14,163  14,239  14,349  389  3  79  1 
TOTAL ASSETS $226,351  $222,747  $218,310  $220,148  $217,521  $3,604  2 % $8,830  4 %
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing $40,417  $39,472  $38,001  $37,556  $36,920  $945  2 % $3,497  9 %
Interest-bearing 142,896  140,539  137,085  140,020  137,856  2,357  2  5,040  4 
Total deposits 183,313  180,011  175,086  177,576  174,776  3,302  2  8,537  5 
Short-term borrowed funds 58  214  249  47  —  (156) (73) 58  100 
Long-term borrowed funds:
FHLB advances 2,014  14  1,542  42  53  2,000  NM 1,961  NM
Senior debt 6,328  6,825  6,821  7,568  7,168  (497) (7) (840) (12)
Subordinated debt and other debt 2,882  3,602  4,163  4,657  5,180  (720) (20) (2,298) (44)
Total long-term borrowed funds 11,224  10,441  12,526  12,267  12,401  783  7  (1,177) (9)
Other liabilities1
 5,439  6,252  5,215  5,392  6,090  (813) (13) (651) (11)
TOTAL LIABILITIES 200,034  196,918  193,076  195,282  193,267  3,116  2  6,767  4 
STOCKHOLDERS' EQUITY
Preferred stock:
$25.00 par value, 100,000,000 shares authorized for each of the periods presented 2,111  2,111  2,113  2,113  2,113  —  —  (2) — 
Common stock:
$0.01 par value, 1,000,000,000 shares authorized for each of the periods presented 7  7  7  7  7  —  —  —  — 
Additional paid-in capital 22,476  22,448  22,420  22,370  22,364  28  —  112  1 
Retained earnings 11,345  11,056  10,783  10,566  10,412  289  3  933  9 
Treasury stock, at cost (7,652) (7,526) (7,450) (7,249) (7,047) (126) (2) (605) (9)
Accumulated other comprehensive income (loss) (1,970) (2,267) (2,639) (2,941) (3,595) 297  13  1,625  45 
TOTAL STOCKHOLDERS' EQUITY 26,317  25,829  25,234  24,866  24,254  488  2  2,063  9 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $226,351  $222,747  $218,310  $220,148  $217,521  $3,604  2 % $8,830  4 %
Memo: Total tangible common equity2
 $16,341  $15,848  $15,246  $14,867  $14,246  $493  3 % $2,095  15 %
1 Effective for the fourth quarter of 2025, the Company modified the presentation of its Consolidated Balance Sheets to include Derivative assets and Derivative liabilities in Other assets and Other liabilities, respectively. Prior period results have been revised to conform to the new presentation.
2 Represents a non-GAAP financial measure. For further information on this measure, refer to "Non-GAAP Financial Measures and Reconciliations."
6

LOANS AND DEPOSITS
(dollars in millions)
PERIOD-END BALANCES AS OF DECEMBER 31, 2025 CHANGE
Dec 31, 2025 Sept 30, 2025 June 30, 2025 Mar 31, 2025 Dec 31, 2024 Sept 30, 2025 December 31, 2024
$ % $ %
LOANS AND LEASES
Commercial and industrial
 $49,232  $46,953  $45,412  $43,781  $42,551  $2,279  5 % $6,681  16 %
Commercial real estate 24,580  25,540  26,230  26,727  27,225  (960) (4) (2,645) (10)
Total commercial 73,812  72,493  71,642  70,508  69,776  1,319  2  4,036  6 
Residential mortgages 35,024  34,477  33,823  33,114  32,726  547  2  2,298  7 
Home equity 19,069  18,415  17,711  16,853  16,495  654  4  2,574  16 
Automobile 2,310  2,816  3,407  4,044  4,744  (506) (18) (2,434) (51)
Education 8,416  8,556  8,550  8,779  10,812  (140) (2) (2,396) (22)
Other retail 4,061  4,113  4,171  4,337  4,650  (52) (1) (589) (13)
Total retail 68,880  68,377  67,662  67,127  69,427  503  1  (547) (1)
Total loans and leases $142,692  $140,870 $139,304 $137,635 $139,203 $1,822  1 % $3,489  3 %
Loans held for sale
 1,198  1,334  2,093  2,820  858  (136) (10) 340  40
Loans and leases and loans held for sale $143,890  $142,204  $141,397  $140,455  $140,061  $1,686  1 % $3,829  3 %
DEPOSITS
Noninterest-bearing demand
 $40,417  $39,472  $38,001  $37,556  $36,920  $945  2 % $3,497  9 %
Checking with interest 37,428  35,219  34,918  34,456  33,246  2,209  6  4,182  13 
Savings 24,353  24,759  25,400  25,765  25,976  (406) (2) (1,623) (6)
Money market 60,062  59,709  55,638  55,996  55,321  353  1  4,741  9 
Time
 21,053  20,852  21,129  23,803  23,313  201  1  (2,260) (10)
Total deposits $183,313  $180,011  $175,086  $177,576  $174,776  $3,302  2 % $8,537  5 %


7

AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)
QUARTERLY TRENDS 4Q25 Change
4Q25 3Q25 4Q24 3Q25 4Q24
Average Balance
 Interest Rate
Average Balance
 Interest Rate
Average Balance
 Interest Rate
Average Balance
 Interest Rate
Average Balance
 Interest Rate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks $9,156  $89  3.80 % $9,015  $97  4.24 % $9,459  $112  4.65 % $141  ($8) (44) bps ($303) ($23) (85) bps
Taxable investment securities 46,730  434  3.71  46,452  433  3.71  44,822  419  3.73  278  1  — 1,908  15  (2)
Non-taxable investment securities 1  —  2.60  1  —  2.60  1  —  2.60  —  —  — —  —  —
Total investment securities 46,731  434  3.71  46,453  433  3.71  44,823  419  3.73  278  1  — 1,908  15  (2)
Commercial and industrial
 48,108  605  4.92  46,351  581  4.91  43,674  538  4.82  1,757  24  1 4,434  67  10
Commercial real estate 25,043  358  5.59  25,799  380  5.76  27,681  419  5.93  (756) (22) (17) (2,638) (61) (34)
Total commercial 73,151  963  5.15  72,150  961  5.21  71,355  957  5.25  1,001  2  (6) 1,796  6  (10)
Residential mortgages 34,752  350  4.03  34,134  339  3.98  32,520  310  3.81  618  11  5 2,232  40  22
Home equity 18,754  323  6.84  18,027  322  7.07  16,246  311  7.61  727  1  (23) 2,508  12  (77)
Automobile 2,557  30  4.60  3,096  35  4.44  5,129  56  4.29  (539) (5) 16 (2,572) (26) 31
Education 8,469  128  6.00  8,513  129  5.98  10,949  150  5.48  (44) (1) 2 (2,480) (22) 52
Other retail 4,074  107  10.34  4,091  111  10.92  4,748  126  10.60  (17) (4) (58) (674) (19) (26)
Total retail 68,606  938  5.44  67,861  936  5.49  69,592  953  5.46  745  2  (5) (986) (15) (2)
Total loans and leases 141,757  1,901  5.29  140,011  1,897  5.35  140,947  1,910  5.35  1,746  4  (6) 810  (9) (6)
Loans held for sale
 1,523  22  5.95  2,119  31  5.73  1,384  21  6.04  (596) (9) 22 139  1  (9)
Total interest-earning assets 199,167  2,446  4.86  197,598  2,458  4.92  196,613  2,462  4.96  1,569  (12) (6) 2,554  (16) (10)
Noninterest-earning assets 22,075  21,519  20,935  556  1,140 
TOTAL ASSETS $221,242  $219,117  $217,548  $2,125  $3,694 
INTEREST-BEARING LIABILITIES
Checking with interest $36,257  $135  1.48 % $34,748  $134  1.54 % $32,720  $123  1.49 % $1,509  $1  (6) $3,537  $12  (1)
Savings
 24,477  77  1.26  25,001  86  1.36  26,237  107  1.63  (524) (9) (10) (1,760) (30) (37)
Money market 58,904  377  2.54  57,783  411  2.82  54,548  385  2.81  1,121  (34) (28) 4,356  (8) (27)
Time
 21,226  192  3.57  20,355  185  3.61  24,053  268  4.42  871  7  (4) (2,827) (76) (85)
Total interest-bearing deposits 140,864  781  2.20  137,887  816  2.35  137,558  883  2.55  2,977  (35) (15) 3,306  (102) (35)
Short-term borrowed funds 221  —  1.34  589  5  2.91  41  1  7.88  (368) (5) (157) 180  (1) (654)
FHLB advances 35  1  3.31  1,009  12  4.64  172  2  4.55  (974) (11) (133) (137) (1) (124)
Senior debt 6,642  84  5.11  6,823  88  5.16  7,316  90  4.92  (181) (4) (5) (674) (6) 19
Subordinated debt and other debt 3,179  43  5.32  3,811  49  5.16  5,401  74  5.49  (632) (6) 16 (2,222) (31) (17)
Total long-term borrowed funds 9,856  128  5.17  11,643  149  5.11  12,889  166  5.16  (1,787) (21) 6 (3,033) (38) 1
Total borrowed funds 10,077  128  5.09  12,232  154  5.01  12,930  167  5.17  (2,155) (26) 8 (2,853) (39) (8)
Total interest-bearing liabilities 150,941  909  2.39  150,119  970  2.56  150,488  1,050  2.78  822  (61) (17) 453  (141) (39)
Noninterest-bearing demand deposits
 38,993  38,070  36,704  923  2,289 
Other noninterest-bearing liabilities 5,374  5,387  6,235  (13) (861)
TOTAL LIABILITIES 195,308  193,576  193,427  1,732  1,881 
STOCKHOLDERS' EQUITY 25,934  25,541  24,121  393  1,813 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $221,242  $219,117  $217,548  $2,125  $3,694 
INTEREST RATE SPREAD 2.47  % 2.36  % 2.18  % 11 29
NET INTEREST INCOME AND NET INTEREST MARGIN
 $1,537  3.06  % $1,488  2.99  % $1,412  2.86  % $49  7 $125  20
NET INTEREST INCOME AND NET INTEREST MARGIN, FTE1
 $1,541  3.07  % $1,492  3.00  % $1,416  2.87  % $49  7 $125  20
Memo: Total deposits (interest-bearing and noninterest-bearing demand)
 $179,857  $781  1.72  % $175,957  $816  1.84  % $174,262  $883  2.02  % $3,900  ($35) (12) bps $5,595  ($102) (30) bps

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

8

AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)
FULL YEAR 2025 Change
2025 2024 2024
Average Balance
 Interest Rate
Average Balance
 Interest Rate
Average Balance
 Interest Rate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks $8,624  $367  4.20 % $9,566  $503  5.17 % ($942) ($136) (97)  bps
Taxable investment securities 46,449  1,713  3.69  44,627  1,658  3.71  1,822  55  (2)
Non-taxable investment securities 1  —  2.60  1  —  2.60  —  —  —
Total investment securities 46,450  1,713  3.69  44,628  1,658  3.71  1,822  55  (2)
Commercial and industrial
 45,763  2,250  4.85  44,174  2,333  5.20  1,589  (83) (35)
Commercial real estate 26,079  1,509  5.71  28,430  1,795  6.21  (2,351) (286) (50)
Total commercial 71,842  3,759  5.16  72,604  4,128  5.60  (762) (369) (44)
Residential mortgages 33,800  1,334  3.95  31,916  1,184  3.71  1,884  150  24
Home equity 17,695  1,246  7.04  15,603  1,231  7.89  2,092  15  (85)
Automobile 3,432  153  4.44  6,404  274  4.27  (2,972) (121) 17
Education 9,075  533  5.87  11,340  613  5.41  (2,265) (80) 46
Other retail 4,233  453  10.71  4,837  518  10.72  (604) (65) (1)
Total retail 68,235  3,719  5.45  70,100  3,820  5.45  (1,865) (101) —
Total loans and leases 140,077  7,478  5.30  142,704  7,948  5.52  (2,627) (470) (22)
Loans held for sale
 1,897  105  5.55  1,174  77  6.51  723  28  (96)
Total interest-earning assets 197,048  9,663  4.88  198,072  10,186  5.10  (1,024) (523) (22)
Noninterest-earning assets 21,549  20,952  597 
TOTAL ASSETS $218,597  $219,024  ($427)
INTEREST-BEARING LIABILITIES
Checking with interest $34,397  $502  1.46 % $32,943  $491  1.49 % $1,454  $11  (3)
Savings
 25,189  337  1.34  27,100  476  1.76  (1,911) (139) (42)
Money market 56,475  1,521  2.69  53,053  1,705  3.21  3,422  (184) (52)
Time
 21,875  834  3.81  24,967  1,153  4.62  (3,092) (319) (81)
Total interest-bearing deposits 137,936  3,194  2.32  138,063  3,825  2.77  (127) (631) (45)
Short-term borrowed funds 601  22  3.62  252  15  5.73  349  7  (211)
FHLB advances 675  32  4.61  1,319  74  5.52  (644) (42) (91)
Senior debt 6,908  348  5.05  6,896  333  4.84  12  15  21
Subordinated debt and other debt 4,073  214  5.24  5,616  306  5.45  (1,543) (92) (21)
Total long-term borrowed funds 11,656  594  5.09  13,831  713  5.15  (2,175) (119) (6)
Total borrowed funds 12,257  616  5.02  14,083  728  5.16  (1,826) (112) (14)
Total interest-bearing liabilities 150,193  3,810  2.54  152,146  4,553  2.99  (1,953) (743) (45)
Noninterest-bearing demand deposits
 37,746  36,457  1,289 
Other noninterest-bearing liabilities 5,557  6,466  (909)
TOTAL LIABILITIES 193,496  195,069  (1,573)
STOCKHOLDERS' EQUITY 25,101  23,955  1,146 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $218,597  $219,024  ($427)
INTEREST RATE SPREAD 2.34  % 2.11  % 23
NET INTEREST INCOME AND NET INTEREST MARGIN
 $5,853  2.97  % $5,633  2.84  % $220  13
NET INTEREST INCOME AND NET INTEREST MARGIN, FTE1
 $5,869  2.98  % $5,650  2.85  % $219  13
Memo: Total deposits (interest-bearing and noninterest-bearing demand)
 $175,682  $3,194  1.82  % $174,520  $3,825  2.19  % $1,162  ($631) (37)  bps
1 Net interest income and net interest margin are presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21% to adjust for the tax-exempt status of income from certain assets held by the Company and are considered non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

9

MORTGAGE BANKING FEES SUMMARY
(dollars in millions)
QUARTERLY TRENDS FULL YEAR
4Q25 Change 2025 Change
4Q25 3Q25 2Q25 1Q25 4Q24 3Q25 4Q24 2025 2024 2024
$/bps % $/bps % $/bps %
MORTGAGE BANKING FEES
Production revenue $19  $18  $19  $15  $14  $1 6 % $5 36 % $71  $58  $13  22 %
Mortgage servicing revenue 21  29  28  32  33  (8) (28) (12) (36) 110  134  (24) (18)
MSR valuation changes, net of hedge impact 12  2  26  12  13  10 NM (1) (8) 52  17  35  206 
Total mortgage banking fees $52  $49  $73  $59  $60  $3 6 % ($8) (13 %) $233  $209  $24  11 %
Pull-through adjusted locks $2,486  $2,150  $2,458  $2,112  $1,543  $336 16 % $943 61 % $9,206  $6,873  $2,333 34 %
Production revenue as a percentage of Pull-through adjusted locks 0.78  % 0.81  % 0.78  % 0.71  % 0.90  % (3)  bps (12)  bps 0.77 % 0.85 % (7)  bps
RESIDENTIAL REAL ESTATE ORIGINATIONS
Retail $2,175  $2,019  $2,189  $1,444  $1,680  $156 8 % $495 29 % $7,827  $6,058  $1,769 29 %
Third Party 2,179  1,837  1,916  1,474  1,341  342 19  838 62  7,406  5,060  2,346 46 
Total $4,354  $3,856  $4,105  $2,918  $3,021  $498 13 % $1,333 44 % $15,233  $11,118  $4,115 37 %
Originated for sale $2,748  $2,379  $2,486  $1,916  $1,948  $369 16 % $800 41 % $9,529  $7,264  $2,265 31 %
Originated for investment 1,606  1,477  1,619  1,002  1,073  129 9  533 50  5,704  3,854  1,850 48 
Total $4,354  $3,856  $4,105  $2,918  $3,021  $498 13 % $1,333 44 % $15,233  $11,118  $4,115 37 %
MORTGAGE SERVICING INFORMATION (UPB)
Loans serviced for others $94,877  $95,244  $95,422  $95,203  $95,600  ($367) — % ($723) (1 %) $94,877  $95,600  ($723) (1 %)
Owned loans serviced 35,599  34,760  34,284  33,737  33,064  839 2  2,535 8  35,599  33,064  2,535 8 
Total $130,476  $130,004  $129,706  $128,940  $128,664  $472 — % $1,812 1 % $130,476  $128,664  $1,812 1 %
MSR at fair value $1,455  $1,430  $1,426  $1,397  $1,491  $25 2 % ($36) (2 %) $1,455  $1,491  ($36) (2 %)
    

10

SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING
(dollars in millions)

QUARTERLY TRENDS FULL YEAR
CONSUMER BANKING1
 4Q25 Change 2025 Change
4Q25 3Q25 2Q25 1Q25 4Q24 3Q25 4Q24 2025 2024 2024
$/bps % $/bps % $/bps %
Net interest income $1,299  $1,262  $1,218  $1,193  $1,195  $37  3 % $104  9 % $4,972  $4,564  $408  9 %
Noninterest income 315  311  329  297  311  4  1  4  1  1,252  1,131  121  11 
Total revenue 1,614  1,573  1,547  1,490  1,506  41  3  108  7  6,224  5,695  529  9 
Noninterest expense 984  979  963  954  943  5  1  41  4  3,880  3,677  203  6 
Profit (loss) before credit losses 630  594  584  536  563  36  6  67  12  2,344  2,018  326  16 
Net charge-offs 80  81  81  86  82  (1) (1) (2) (2) 328  331  (3) (1)
Income (loss) before income tax expense (benefit) 550  513  503  450  481  37  7  69  14  2,016  1,687  329  20 
Income tax expense (benefit) 139  130  127  114  123  9  7  16  13  510  434  76  18 
Net income (loss) $411  $383  $376  $336  $358  $28  7 % $53  15 % $1,506  $1,253  $253  20 %
AVERAGE BALANCES
Total assets $82,552  $80,729  $78,822  $77,534  $76,637  $1,823  2 % $5,915  8 % $79,925  $75,064  $4,861  6 %
Total loans and leases2
 75,980  74,274  72,402  71,054  70,274  1,706  2  5,706  8  73,443  68,681  4,762  7 
Deposits 131,488  128,547  127,271  125,728  124,552  2,941  2  6,936  6  128,275  121,745  6,530  5 
Interest-earning assets 76,583  74,870  72,988  71,635  70,857  1,713  2  5,726  8  74,035  69,272  4,763  7 
KEY METRICS
Net interest margin 6.73  % 6.69  % 6.69  % 6.76  % 6.72  % 4   bps 1   bps 6.72  % 6.59  % 13   bps
Efficiency ratio 60.98  62.22  62.24  64.06  62.59  (124)  bps (161)  bps 62.35  64.55  (220)  bps
Loan-to-deposit ratio (period-end balances) 57.28  57.40  57.24  54.97  55.85  (12)  bps 143   bps 57.28  55.85  143   bps
Loan-to-deposit ratio (average balances) 57.19  57.16  56.26  56.04  55.88  3   bps 131   bps 56.67  55.92  75   bps
1 During the fourth quarter of 2025, the Company’s Non-Core operating segment no longer met the criteria to be considered a reportable segment and, therefore, it is now reported as part of the Company’s Other non-segment operations. In addition, certain activities within Other non-segment operations were transferred to the Consumer and Commercial Banking segments due to organizational changes. Prior period results were recast to conform to the new segment presentation.
2 Includes loans held for sale.















11

SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING
(dollars in millions)

QUARTERLY TRENDS FULL YEAR
COMMERCIAL BANKING1
 4Q25 Change 2025 Change
4Q25 3Q25 2Q25 1Q25 4Q24 3Q25 4Q24 2025 2024 2024
$/bps % $/bps % $/bps %
Net interest income $450  $448  $439  $441  $464  $2  — % ($14) (3 %) $1,778  $1,950  ($172) (9 %)
Noninterest income 262  286  232  215  232  (24) (8) 30  13  995  908  87  10 
Total revenue 712  734  671  656  696  (22) (3) 16  2  2,773  2,858  (85) (3)
Noninterest expense 357  333  317  327  313  24  7  44  14  1,334  1,241  93  7 
Profit (loss) before credit losses 355  401  354  329  383  (46) (11) (28) (7) 1,439  1,617  (178) (11)
Net charge-offs 70  78  84  77  91  (8) (10) (21) (23) 309  353  (44) (12)
Income (loss) before income tax expense (benefit) 285  323  270  252  292  (38) (12) (7) (2) 1,130  1,264  (134) (11)
Income tax expense (benefit) 70  75  64  56  68  (5) (7) 2  3  265  291  (26) (9)
Net income (loss) $215  $248  $206  $196  $224  ($33) (13 %) ($9) (4 %) $865  $973  ($108) (11 %)
AVERAGE BALANCES
Total assets $66,750  $66,134  $66,284  $65,366  $66,787  $616  1 % ($37) — % $66,137  $68,478  ($2,341) (3 %)
Total loans and leases2
 63,356  62,905  63,057  62,437  63,789  451  1  (433) (1) 62,941  65,481  (2,540) (4)
Deposits 45,443  44,482  42,481  42,178  43,597  961  2  1,846  4  43,657  44,472  (815) (2)
Interest-earning assets 64,248  63,719  63,710  63,018  64,419  529  1  (171) —  63,677  65,982  (2,305) (3)
KEY METRICS
Net interest margin 2.78  % 2.78  % 2.78  % 2.83  % 2.86  % —   bps (8)  bps 2.79  % 2.96  % (17)  bps
Efficiency ratio 50.09  45.15  47.47  49.77  44.78  494   bps 531   bps 48.07  43.40  467   bps
Loan-to-deposit ratio (period-end balances) 132.96  132.70  139.59  142.21  139.43  26   bps (647)  bps 132.96  139.43  (647)  bps
Loan-to-deposit ratio (average balances) 138.26  140.06  146.90  146.86  144.70  (180)  bps (644)  bps 142.87  145.95  (308)  bps
1 During the fourth quarter of 2025, the Company’s Non-Core operating segment no longer met the criteria to be considered a reportable segment and, therefore, it is now reported as part of the Company’s Other non-segment operations. In addition, certain activities within Other non-segment operations were transferred to the Consumer and Commercial Banking segments due to organizational changes. Prior period results were recast to conform to the new segment presentation.
2 Includes loans held for sale.















12

SEGMENT FINANCIAL HIGHLIGHTS - OTHER
(dollars in millions)

QUARTERLY TRENDS FULL YEAR
OTHER1,2
 4Q25 Change 2025 Change
4Q25 3Q25 2Q25 1Q25 4Q24 3Q25 4Q24 2025 2024 2024
$ % $ % $ %
Net interest income ($212) ($222) ($220) ($243) ($247) $10  5 % $35  14 % ($897) ($881) ($16) (2 %)
Noninterest income 43  33  39  32  31  10  30  12  39  147  137  10  7 
Total revenue (169) (189) (181) (211) (216) 20  11  47  22  (750) (744) (6) (1)
Noninterest expense 2  23  39  33  60  (21) (91) (58) (97) 97  316  (219) (69)
Profit (loss) before provision (benefit) for credit losses (171) (212) (220) (244) (276) 41  19  105  38  (847) (1,060) 213  20 
Provision (benefit) for credit losses (13) (5) (1) (10) (11) (8) (160) (2) (18) (29) 3  (32) NM
Income (loss) before income tax expense (benefit) (158) (207) (219) (234) (265) 49  24  107  40  (818) (1,063) 245  23 
Income tax expense (benefit) (60) (70) (73) (75) (84) 10  14  24  29  (278) (346) 68  20 
Net income (loss) ($98) ($137) ($146) ($159) ($181) $39  28 % $83  46 % ($540) ($717) $177  25 %
AVERAGE BALANCES
Total assets $71,940  $72,254  $72,555  $73,409  $74,124  ($314) — % ($2,184) (3 %) $72,535  $75,482  ($2,947) (4 %)
Total loans and leases3
 3,944  4,950  6,104  7,406  8,268  (1,006) (20) (4,324) (52) 5,590  9,715  (4,125) (42)
Deposits 2,926  2,928  4,376  4,799  6,113  (2) —  (3,187) (52) 3,750  8,303  (4,553) (55)
Interest-earning assets 58,336  59,009  59,620  60,406  61,338  (673) (1) (3,002) (5) 59,336  62,817  (3,481) (6)
1 During the fourth quarter of 2025, the Company’s Non-Core operating segment no longer met the criteria to be considered a reportable segment and, therefore, it is now reported as part of the Company’s Other non-segment operations. In addition, certain activities within Other non-segment operations were transferred to the Consumer and Commercial Banking segments due to organizational changes. Prior period results were recast to conform to the new segment presentation.
2 Consists primarily of treasury and community development, and includes assets, liabilities, capital, revenues, provision (benefit) for credit losses, expenses, and income tax expense (benefit) not attributed to our Consumer Banking or Commercial Banking segments.
3 Includes loans held for sale.
13

CREDIT-RELATED INFORMATION
(dollars in millions)
AS OF DECEMBER 31, 2025 CHANGE
Dec 31, 2025 Sept 30, 2025 June 30, 2025 Mar 31, 2025 Dec 31, 2024 Sept 30, 2025 December 31, 2024
$/bps/% % $/bps/% %
NONACCRUAL LOANS AND LEASES
Commercial and industrial
 $277  $230  $233  $283  $241  $47  20 % $36  15 %
Commercial real estate 618  703  706  700  776  (85) (12) (158) (20)
Total commercial 895  933  939  983  1,017  (38) (4) (122) (12)
Residential mortgages1
 196  188  198  198  192  8  4  4  2 
Home equity 319  297  282  282  283  22  7  36  13 
Automobile 28  31  34  39  48  (3) (10) (20) (42)
Education 20  20  19  20  56  —  —  (36) (64)
Other retail 46  49  52  60  68  (3) (6) (22) (32)
Total retail 609  585  585  599  647  24  4  (38) (6)
Total nonaccrual loans and leases 1,504  1,518  1,524  1,582  1,664  (14) (1) (160) (10)
ASSET QUALITY RATIOS
Allowance for loan and lease losses to loans and leases 1.36 % 1.40 % 1.44 % 1.46 % 1.48 % (4)  bps (12)  bps
Allowance for credit losses to loans and leases 1.53  1.56  1.59  1.61  1.62  (3)  bps (9)  bps
Allowance for loan and lease losses to nonaccrual loans and leases 129 130 132 127 124 (1 %) 5 %
Allowance for credit losses to nonaccrual loans and leases 145  145  145  140  136  — % 9 %
Nonaccrual loans and leases to loans and leases 1.05  1.08  1.09  1.15  1.20  (3)  bps (15)  bps
1 Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.




14

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
AS OF DECEMBER 31, 2025 CHANGE
Dec 31, 2025 Sept 30, 2025 June 30, 2025 Mar 31, 2025 Dec 31, 2024 Sept 30, 2025 December 31, 2024
$/bps % $/bps %
LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Commercial and industrial
 $5  $39  $3  $9  $8  ($34) (87 %) ($3) (38 %)
Commercial real estate 20  7  60  4  6  13  186  14  233 
Total commercial 25  46  63  13  14  (21) (46) 11  79 
Residential mortgages1
 141  114  128  138  179  27  24  (38) (21)
Home equity 1  —  —  —  —  1  100  1  100 
Automobile —  —  —  —  —  —  —  —  — 
Education 2  2  2  3  2  —  —  —  — 
Other retail —  —  1  1  1  —  —  (1) (100)
Total retail 144  116  131  142  182  28  24  (38) (21)
Total loans and leases $169  $162  $194  $155  $196  $7  4 % ($27) (14 %)
1 90+ days past due and accruing includes $141 million, $114 million, $128 million, $137 million, and $172 million of loans fully or partially guaranteed by the FHA, VA, and USDA for December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively.

15

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDS FULL YEAR
4Q25 Change 2025 Change
4Q25 3Q25 2Q25 1Q25 4Q24 3Q25 4Q24 2025 2024 2024
$ % $ % $ %
CHARGE-OFFS, RECOVERIES AND RELATED RATIOS
GROSS CHARGE-OFFS
Commercial and industrial
 $40  $33  $39  $34  $22  $7  21 % $18  82 % $146  $107  $39  36 %
Commercial real estate 42  58  54  51  89  (16) (28) (47) (53) 205  312  (107) (34)
Total commercial 82  91  93  85  111  (9) (10) (29) (26) 351  419  (68) (16)
Residential mortgages 5  1  —  1  —  4  NM 5  100  7  4  3  75 
Home equity 5  3  4  5  6  2  67  (1) (17) 17  18  (1) (6)
Automobile 12  13  14  20  22  (1) (8) (10) (45) 59  94  (35) (37)
Education 26  25  26  56  33  1  4  (7) (21) 133  126  7  6 
Other retail 57  62  64  67  66  (5) (8) (9) (14) 250  262  (12) (5)
Total retail 105  104  108  149  127  1  1  (22) (17) 466  504  (38) (8)
Total gross charge-offs $187  $195  $201  $234  $238  ($8) (4 %) ($51) (21 %) $817  $923  ($106) (11 %)
GROSS RECOVERIES
Commercial and industrial
 $6  $3  $—  $4  $7  $3  100 % ($1) (14 %) $13  $31  ($18) (58 %)
Commercial real estate 1  3  1  —  7  (2) (67) (6) (86) 5  12  (7) (58)
Total commercial 7  6  1  4  14  1  17  (7) (50) 18  43  (25) (58)
Residential mortgages —  1  —  1  1  (1) (100) (1) (100) 2  4  (2) (50)
Home equity 5  6  6  5  7  (1) (17) (2) (29) 22  25  (3) (12)
Automobile 9  9  11  12  12  —  —  (3) (25) 41  53  (12) (23)
Education 6  5  8  5  5  1  20  1  20  24  21  3  14 
Other retail 5  6  8  7  10  (1) (17) (5) (50) 26  31  (5) (16)
Total retail 25  27  33  30  35  (2) (7) (10) (29) 115  134  (19) (14)
Total gross recoveries $32  $33  $34  $34  $49  ($1) (3 %) ($17) (35 %) $133  $177  ($44) (25 %)
NET CHARGE-OFFS (RECOVERIES)
Commercial and industrial
 $34  $30  $39  $30  $15  $4  13 % $19  127 % $133  $76  $57  75 %
Commercial real estate 41  55  53  51  82  (14) (25) (41) (50) 200  300  (100) (33)
Total commercial 75  85  92  81  97  (10) (12) (22) (23) 333  376  (43) (11)
Residential mortgages 5  —  —  —  (1) 5  100  6  NM 5  —  5  100 
Home equity —  (3) (2) —  (1) 3  100  1  100  (5) (7) 2  29 
Automobile 3  4  3  8  10  (1) (25) (7) (70) 18  41  (23) (56)
Education 20  20  18  51  28  —  —  (8) (29) 109  105  4  4 
Other retail 52  56  56  60  56  (4) (7) (4) (7) 224  231  (7) (3)
Total retail 80  77  75  119  92  3  4  (12) (13) 351  370  (19) (5)
Total net charge-offs $155  $162  $167  $200  $189  ($7) (4 %) ($34) (18 %) $684  $746  ($62) (8 %)

16

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDS FULL YEAR
4Q25 Change 2025 Change
4Q25 3Q25 2Q25 1Q25 4Q24 3Q25 4Q24 2025 2024 2024
$/bps % $/bps % $/bps %
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES
Commercial and industrial
 0.28 % 0.26 % 0.35 % 0.28 % 0.14 % 2   bps 14   bps 0.29 % 0.17 % 12   bps
Commercial real estate 0.64  0.85  0.80  0.77  1.17  (21) (53) 0.77  1.05  (28)
Total commercial 0.40  0.47  0.51  0.47  0.54  (7) (14) 0.46  0.52  (6)
Residential mortgages 0.05  —  —  0.01  —  5  5  0.01  —  1 
Home equity —  (0.06) (0.05) (0.01) (0.01) 6  1  (0.03) (0.04) 1 
Automobile 0.60  0.43  0.36  0.73  0.83  17  (23) 0.54  0.65  (11)
Education 0.94  0.92  0.86  1.92  1.01  2  (7) 1.20  0.93  27 
Other retail 5.02  5.45  5.23  5.46  4.54  (43) 48  5.29  4.75  54 
Total retail 0.46  0.45  0.45  0.70  0.53  1  (7) 0.51  0.53  (2)
Total loans and leases 0.43 % 0.46 % 0.48 % 0.58 % 0.53 % (3)  bps (10)  bps 0.49 % 0.52 % (3)  bps
Memo: Average loans
Commercial and industrial
 $48,108  $46,351  $44,936  $43,599  $43,674  $1,757  4 % $4,434  10 % $45,763  $44,174  $1,589  4 %
Commercial real estate 25,043  25,799  26,487  27,013  27,681  (756) (3) (2,638) (10) 26,079  28,430  (2,351) (8)
Total commercial 73,151  72,150  71,423  70,612  71,355  1,001  1  1,796  3  71,842  72,604  (762) (1)
Residential mortgages 34,752  34,134  33,420  32,872  32,520  618  2  2,232  7  33,800  31,916  1,884  6 
Home equity 18,754  18,027  17,324  16,647  16,246  727  4  2,508  15  17,695  15,603  2,092  13 
Automobile 2,557  3,096  3,705  4,394  5,129  (539) (17) (2,572) (50) 3,432  6,404  (2,972) (46)
Education 8,469  8,513  8,660  10,690  10,949  (44) (1) (2,480) (23) 9,075  11,340  (2,265) (20)
Other retail 4,074  4,091  4,277  4,495  4,748  (17) —  (674) (14) 4,233  4,837  (604) (12)
Total retail 68,606  67,861  67,386  69,098  69,592  745  1  (986) (1) 68,235  70,100  (1,865) (3)
Total loans and leases $141,757  $140,011  $138,809  $139,710  $140,947  $1,746  1 % $810  1 % $140,077  $142,704  ($2,627) (2 %)



17

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDS FULL YEAR
4Q25 Change 2025 Change
4Q25 3Q25 2Q25 1Q25 4Q24 3Q25 4Q24 2025 2024 2024
$ % $ % $ %
SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES
Allowance for loan and lease losses - beginning $1,972  $2,008  $2,014  $2,061  $2,079  ($36) (2 %) ($107) (5 %) $2,061  $2,098  ($37) (2 %)
Charge-offs:
Commercial 82  91  93  85  111  (9) (10) (29) (26) 351  419  (68) (16)
Retail 105  104  108  149  127  1  1  (22) (17) 466  504  (38) (8)
Total charge-offs 187  195  201  234  238  (8) (4) (51) (21) 817  923  (106) (11)
Recoveries:
Commercial 7  6  1  4  14  1  17  (7) (50) 18  43  (25) (58)
Retail 25  27  33  30  35  (2) (7) (10) (29) 115  134  (19) (14)
Total recoveries 32  33  34  34  49  (1) (3) (17) (35) 133  177  (44) (25)
Net charge-offs 155  162  167  200  189  (7) (4) (34) (18) 684  746  (62) (8)
Provision (benefit) for loan and lease losses:
Commercial 50  62  50  89  50  (12) (19) —  —  251  266  (15) (6)
Retail 76  64  111  64  121  12  19  (45) (37) 315  443  (128) (29)
Total provision (benefit) for loan and lease losses 126  126  161  153  171  —  —  (45) (26) 566  709  (143) (20)
Allowance for loan and lease losses - ending $1,943  $1,972  $2,008  $2,014  $2,061  ($29) (1 %) ($118) (6 %) $1,943  $2,061  ($118) (6 %)
Allowance for unfunded lending commitments - beginning $229  $201  $198  $198  $207  $28  14 % $22  11 % $198  $220  ($22) (10 %)
Provision (benefit) for unfunded lending commitments 11  28  3  —  (9) (17) (61 %) 20  NM 42  (22) 64  NM
Allowance for unfunded lending commitments - ending $240  $229  $201  $198  $198  $11  5 % $42  21 % $240  $198  $42  21 %
Total allowance for credit losses - ending $2,183  $2,201  $2,209  $2,212  $2,259  ($18) (1 %) ($76) (3 %) $2,183  $2,259  ($76) (3 %)
Memo: Total allowance for credit losses by product
Commercial $1,252  $1,265  $1,269  $1,312  $1,295  ($13) (1 %) ($43) (3 %) $1,252  $1,295  ($43) (3 %)
Retail 931  936  940  900  964  (5) (1) (33) (3) 931  964  (33) (3)
Total allowance for credit losses $2,183  $2,201  $2,209  $2,212  $2,259  ($18) (1 %) ($76) (3 %) $2,183  $2,259  ($76) (3 %)
18

CAPITAL AND RATIOS
(dollars in millions)
AS OF FULL YEAR
DECEMBER 31, 2025 CHANGE 2025 Change
Dec 31, 2025 Sept 30, 2025 June 30, 2025 Mar 31, 2025 Dec 31, 2024 Sept 30, 2025 December 31, 2024 2025 2024 2024
$ % $ % $ %
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY)
CET1 capital $18,240  $18,046  $17,812  $17,751  $17,900  $194  1 % $340  2 %
Tier 1 capital 20,351  20,157  19,925  19,864  20,013  194  1  338  2 
Total capital 23,654  23,455  23,221  23,156  23,232  199  1  422  2 
Risk-weighted assets 171,493  168,932  168,017  166,908  165,699  2,561  2  5,794  3 
Adjusted average assets1
 215,390  213,536  212,450  211,119  212,555  1,854  1  2,835  1 
CET1 capital ratio 10.6  % 10.7  % 10.6  % 10.6  % 10.8  %
Tier 1 capital ratio 11.9  11.9  11.9  11.9  12.1 
Total capital ratio 13.8  13.9  13.8  13.9  14.0 
Tier 1 leverage ratio 9.4  9.4  9.4  9.4  9.4 
TANGIBLE COMMON EQUITY (PERIOD-END)
Common stockholders' equity $24,206  $23,718  $23,121  $22,753  $22,141  $488  2 % $2,065  9 % $24,206  $22,141  $2,065  9 %
Less: Goodwill 8,187  8,187  8,187  8,187  8,187  —  —  —  —  8,187  8,187  —  — 
Less: Other intangible assets 115  123  128  137  146  (8) (7) (31) (21) 115  146  (31) (21)
Add: Deferred tax liabilities2
 437  440  440  438  438  (3) (1) (1) —  437  438  (1) — 
Total tangible common equity3
 $16,341  $15,848  $15,246  $14,867  $14,246  $493  3 % $2,095  15 % $16,341  $14,246  $2,095  15 %
TANGIBLE COMMON EQUITY (AVERAGE)
Common stockholders' equity $23,823  $23,288  $22,494  $22,188  $22,009  $535  2 % $1,814  8 % $22,954  $21,881  $1,073  5 %
Less: Goodwill 8,187  8,187  8,187  8,187  8,187  —  —  —  —  8,187  8,187  —  — 
Less: Other intangible assets 120  126  134  142  136  (6) (5) (16) (12) 131  143  (12) (8)
Add: Deferred tax liabilities2
 440  440  438  438  436  —  —  4  1  439  433  6  1 
Total tangible common equity3
 $15,956  $15,415  $14,611  $14,297  $14,122  $541  4 % $1,834  13 % $15,075  $13,984  $1,091  8 %
INTANGIBLE ASSETS (PERIOD-END)
Goodwill $8,187  $8,187  $8,187  $8,187  $8,187  $—  — % $—  — % $8,187  $8,187  $—  — %
Other intangible assets 115  123  128  137  146  (8) (7) (31) (21) 115  146  (31) (21)
Total intangible assets $8,302  $8,310  $8,315  $8,324  $8,333  ($8) — % ($31) — % $8,302  $8,333  ($31) — %
1 Adjusted average assets include quarterly average assets, less deductions for disallowed goodwill and other intangible assets, net of deferred taxes, and the accumulated other comprehensive
income impact related to the adoption of post-retirement benefit plan guidance under GAAP.
2 Deferred tax liabilities relate to tax-deductible goodwill and other intangible assets.
3 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."



19


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

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

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

20

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDS FULL YEAR
4Q25 Change 2025 Change
4Q25 3Q25 2Q25 1Q25 4Q24 3Q25 4Q24 2025 2024 2024
$ % $ % $ %
Noninterest income, Underlying:
Noninterest income (GAAP) A $620  $630  $600  $544  $574  ($10) (2 %) $46  8 % $2,394  $2,176  $218  10 %
Less: Notable items —  —  —  —  10  —  —  (10) (100) —  15  (15) (100)
Noninterest income, Underlying (non-GAAP) B $620  $630  $600  $544  $564  ($10) (2 %) $56  10 % $2,394  $2,161  $233  11 %
Total revenue, Underlying:
Total revenue (GAAP) C $2,157  $2,118  $2,037  $1,935  $1,986  $39  2 % $171  9 % $8,247  $7,809  $438  6 %
Less: Notable items —  —  —  —  10  —  —  (10) (100) —  15  (15) (100)
Total revenue, Underlying (non-GAAP) D $2,157  $2,118  $2,037  $1,935  $1,976  $39  2 % $181  9 % $8,247  $7,794  $453  6 %
Noninterest expense, Underlying:
Noninterest expense (GAAP) E $1,343  $1,335  $1,319  $1,314  $1,316  $8  1 % $27  2 % $5,311  $5,234  $77  1 %
Less: Notable items —  —  —  —  24  —  —  (24) (100) —  156  (156) (100)
Noninterest expense, Underlying (non-GAAP) F $1,343  $1,335  $1,319  $1,314  $1,292  $8  1 % $51  4 % $5,311  $5,078  $233  5 %
Pre-provision profit:
Total revenue (GAAP) C $2,157  $2,118  $2,037  $1,935  $1,986  $39  2 % $171  9 % $8,247  $7,809  $438  6 %
Less: Noninterest expense (GAAP) E 1,343  1,335  1,319  1,314  1,316  8  1  27  2  5,311  5,234  77  1 
Pre-provision profit (non-GAAP)
 $814  $783  $718  $621  $670  $31  4 % $144  21 % $2,936  $2,575  $361  14 %
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP) D $2,157  $2,118  $2,037  $1,935  $1,976  $39  2 % $181  9 % $8,247  $7,794  $453  6 %
Less: Noninterest expense, Underlying (non-GAAP) F 1,343  1,335  1,319  1,314  1,292  8  1  51  4  5,311  5,078  233  5 
Pre-provision profit, Underlying (non-GAAP) $814  $783  $718  $621  $684  $31  4 % $130  19 % $2,936  $2,716  $220  8 %
Income before income tax expense, Underlying:
Income before income tax expense (GAAP) G $677  $629  $554  $468  $508  $48  8 % $169  33 % $2,328  $1,888  $440  23 %
Less: Income (expense) before income tax expense (benefit) related to notable items —  —  —  —  (14) —  —  14  100  —  (141) 141  100 
Income before income tax expense, Underlying (non-GAAP) H $677  $629  $554  $468  $522  $48  8 % $155  30 % $2,328  $2,029  $299  15 %
Income tax expense, Underlying:
Income tax expense (GAAP) I $149  $135  $118  $95  $107  $14  10 % $42  39 % $497  $379  $118  31 %
Less: Income tax expense (benefit) related to notable items —  —  —  —  (3) —  —  3  100  —  (43) 43  100 
Income tax expense, Underlying (non-GAAP) J $149  $135  $118  $95  $110  $14  10 % $39  35 % $497  $422  $75  18 %
Net income, Underlying:
Net income (GAAP) K $528  $494  $436  $373  $401  $34  7 % $127  32 % $1,831  $1,509  $322  21 %
Add: Notable items, net of income tax benefit —  —  —  —  11  —  —  (11) (100) —  98  (98) (100)
Net income, Underlying (non-GAAP) L $528  $494  $436  $373  $412  $34  7 % $116  28 % $1,831  $1,607  $224  14 %
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP) M $489  $457  $402  $340  $367  $32  7 % $122  33 % $1,688  $1,372  $316  23 %
Add: Notable items, net of income tax benefit —  —  —  —  11  —  —  (11) (100) —  98  (98) (100)
Net income available to common stockholders, Underlying (non-GAAP) N $489  $457  $402  $340  $378  $32  7 % $111  29 % $1,688  $1,470  $218  15 %
21

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

QUARTERLY TRENDS FULL YEAR
4Q25 Change 2025 Change
4Q25 3Q25 2Q25 1Q25 4Q24 3Q25 4Q24 2025 2024 2024
$/bps % $/bps % $/bps %
Operating leverage:
Total revenue (GAAP) C $2,157  $2,118  $2,037  $1,935  $1,986  $39  1.86 % $171  8.57 % $8,247  $7,809  $438  5.60 %
Less: Noninterest expense (GAAP) E 1,343  1,335  1,319  1,314  1,316  8  0.58  27  1.97  5,311  5,234  77  1.46 
Operating leverage 1.28 % 6.60 % 4.14 %
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP) D $2,157  $2,118  $2,037  $1,935  $1,976  $39  1.86 % $181  9.11 % $8,247  $7,794  $453  5.80 %
Less: Noninterest expense, Underlying (non-GAAP) F 1,343  1,335  1,319  1,314  1,292  8  0.58  51  3.90  5,311  5,078  233  4.57 
Operating leverage, Underlying (non-GAAP) 1.28 % 5.21 % 1.23 %
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio E/C 62.24 % 63.03 % 64.76 % 67.91 % 66.27 % (79)  bps (403)  bps 64.40  % 67.03  % (263)  bps
Efficiency ratio, Underlying (non-GAAP) F/D 62.24  63.03  64.76  67.91  65.36  (79)  bps (312)  bps 64.40  65.15  (75)  bps
Noninterest income as a % of total revenue, Underlying:
Noninterest income as a % of total revenue A/C 28.75  % 29.75 % 29.41 % 28.14 % 28.90 % (100)  bps (15)  bps 29.03  % 27.86  % 117   bps
Noninterest income as a % of total revenue, Underlying (non-GAAP)
 B/D 28.75  29.75  29.41  28.14  28.54  (100)  bps 21   bps 29.03  27.73  130   bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate I/G 22.03 % 21.38 % 21.37 % 20.26 % 21.04 % 65   bps 99   bps 21.34  % 20.06  % 128   bps
Effective income tax rate, Underlying (non-GAAP) J/H 22.03  21.38  21.37  20.26  21.17  65   bps 86   bps 21.34  20.80  54   bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP) O $23,823  $23,288  $22,494  $22,188  $22,009  $535  2 % $1,814  8 % $22,954  $21,881  $1,073  5 %
Return on average common equity M/O 8.16 % 7.77 % 7.18 % 6.21 % 6.64 % 39   bps 152   bps 7.36  % 6.27  % 109   bps
Return on average common equity, Underlying (non-GAAP) N/O 8.16  7.77  7.18  6.21  6.84  39   bps 132   bps 7.36  6.72  64   bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP) O $23,823  $23,288  $22,494  $22,188  $22,009  $535  2 % $1,814  8 % $22,954  $21,881  $1,073  5 %
Less: Average goodwill (GAAP) 8,187  8,187  8,187  8,187  8,187  —  —  —  —  8,187  8,187  —  — 
Less: Average other intangibles (GAAP) 120  126  134  142  136  (6) (5) (16) (12) 131  143  (12) (8)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 440  440  438  438  436  —  —  4  1 439  433  6  1 
Average tangible common equity (non-GAAP)
 P $15,956  $15,415  $14,611  $14,297  $14,122  $541  4 % $1,834  13 % $15,075  $13,984  $1,091  8 %
Return on average tangible common equity (non-GAAP)
 M/P 12.18 % 11.75 % 11.05 % 9.64 % 10.36 % 43   bps 182   bps 11.20  % 9.81  % 139   bps
Return on average tangible common equity, Underlying (non-GAAP) N/P 12.18  11.75  11.05  9.64  10.66  43   bps 152   bps 11.20  10.51  69   bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP) Q $221,242  $219,117  $217,661  $216,309  $217,548  $2,125 1 % $3,694 2 % $218,597  $219,024  ($427) — %
Return on average total assets K/Q 0.95 % 0.90 % 0.80 % 0.70 % 0.73 % 5   bps 22   bps 0.84  % 0.69  % 15   bps
Return on average total assets, Underlying (non-GAAP) L/Q 0.95  0.90  0.80  0.70  0.75  5   bps 20   bps 0.84  0.73  11   bps
22

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDS FULL YEAR
4Q25 Change 2025 Change
4Q25 3Q25 2Q25 1Q25 4Q24 3Q25 4Q24 2025 2024 2024
$/bps % $/bps % $/bps %
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP) Q $221,242  $219,117  $217,661  $216,309  $217,548  $2,125 1 % $3,694 2 % $218,597  $219,024  ($427) — %
Less: Average goodwill (GAAP) 8,187  8,187  8,187  8,187  8,187  — —  — —  8,187  8,187  — — 
Less: Average other intangibles (GAAP) 120  126  134  142  136  (6) (5) (16) (12) 131  143  (12) (8)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 440  440  438  438  436  — —  4 1  439  433  6 1 
Average tangible assets (non-GAAP)
 R $213,375  $211,244  $209,778  $208,418  $209,661  $2,131 1 % $3,714 2 % $210,718  $211,127  ($409) — %
Return on average total tangible assets (non-GAAP)
 K/R 0.98  % 0.93 % 0.83 % 0.73 % 0.76 % 5   bps 22   bps 0.87  % 0.71  % 16   bps
Return on average total tangible assets, Underlying (non-GAAP) L/R 0.98  0.93  0.83  0.73  0.78  5   bps 20   bps 0.87  0.76  11   bps
Book value per common share and tangible book value per common share:
Common shares - at period-end (GAAP) S 429,242,174  431,453,142  432,768,811  437,668,127  440,543,381  (2,210,968) (1 %) (11,301,207) (3 %) 429,242,174  440,543,381  (11,301,207) (3 %)
Common stockholders' equity (GAAP)
T
 $24,206  $23,718  $23,121  $22,753  $22,141  $488 2  $2,065 9  $24,206  $22,141  $2,065 9 
Less: Goodwill (GAAP) 8,187  8,187  8,187  8,187  8,187  — —  — —  8,187  8,187  — — 
Less: Other intangible assets (GAAP) 115  123  128  137  146  (8) (7) (31) (21) 115  146  (31) (21)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 437  440  440  438  438  (3) (1) (1) —  437  438  (1) — 
Tangible common equity (non-GAAP)
U
 $16,341  $15,848  $15,246  $14,867  $14,246  $493 3 % $2,095 15 % $16,341  $14,246  $2,095 15 %
Book value per common share (GAAP)
 T/S $56.39  $54.97  $53.43  $51.99  $50.26  $1.42  3 % $6.13  12 % $56.39  $50.26  $6.13  12 %
Tangible book value per common share (non-GAAP)
U/S
 38.07  36.73  35.23  33.97  32.34  1.34  4  5.73  18  38.07  32.34  5.73  18 
Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying:
Average common shares outstanding - basic (GAAP)
V
 429,483,110  431,365,552  433,640,210  438,320,757  440,802,738  (1,882,442) — % (11,319,628) (3 %) 433,173,162  450,678,038  (17,504,876) (4 %)
Average common shares outstanding - diluted (GAAP)
W
 434,077,960  435,472,350  436,539,774  442,200,180  444,836,786  (1,394,390) —  (10,758,826) (2) 436,890,731  453,510,245  (16,619,514) (4)
Net income per average common share - basic (GAAP)
M/V
 $1.14  $1.06  $0.93  $0.78  $0.83  $0.08  8  $0.31  37  $3.90  $3.05  $0.85  28 
Net income per average common share - diluted (GAAP)
M/W
 1.13  1.05  0.92  0.77  0.83  0.08  8  0.30  36  3.86  3.03  0.83  27 
Net income per average common share - basic, Underlying (non-GAAP)
N/V
 1.14  1.06  0.93  0.78  0.86  0.08  8  0.28  33  3.90  3.26  0.64  20 
Net income per average common share - diluted, Underlying (non-GAAP)
N/W
 1.13  1.05  0.92  0.77  0.85  0.08  8  0.28  33  3.86  3.24  0.62  19 
Dividend payout ratio and dividend payout ratio, Underlying:
Cash dividends declared and paid per common share
X
 $0.46  $0.42  $0.42  $0.42  $0.42  $0.04  10 % $0.04  10 % $1.72  $1.68  $0.04  2 %
Dividend payout ratio
X/(M/V)
 40  % 40  % 45  % 54  % 51  % 73 bps (1,025) bps 44  % 55  % (1,098) bps
Dividend payout ratio, Underlying (non-GAAP)
X/(N/V)
 40  40  45  54  49  73 bps (865) bps 44  52  (800) bps
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NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDS FULL YEAR
4Q25 Change 2025 Change
4Q25 3Q25 2Q25 1Q25 4Q24 3Q25 4Q24 2025 2024 2024
$/bps
 %
$/bps
 % $/bps %
Common equity ratio and tangible common equity ratio:
Total assets (GAAP)
Y
 $226,351  $222,747  $218,310  $220,148  $217,521  $3,604 2  % $8,830 4 % $226,351  $217,521  $8,830 4 
Less: Goodwill (GAAP) 8,187  8,187  8,187  8,187  8,187  — —  — —  8,187  8,187  — — 
Less: Other intangible assets (GAAP) 115  123  128  137  146  (8) (7) (31) (21) 115  146  (31) (21)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 437  440  440  438  438  (3) (1) (1) —  437  438  (1) — 
Tangible assets (non-GAAP)
Z
 $218,486  $214,877  $210,435  $212,262  $209,626  $3,609 2 % $8,860 4 % $218,486  $209,626  $8,860 4 %
Common equity ratio (GAAP)
T/Y
 10.7  % 10.6  % 10.6  % 10.3  % 10.2  % 4 bps 51 bps 10.7  % 10.2  % 51 bps
Tangible common equity ratio (non-GAAP)
U/Z
 7.5  7.4  7.2  7.0  6.8  10 bps 70 bps 7.5  6.8  70 bps
Net interest income and net interest margin on an FTE basis:
Net interest income (annualized) (GAAP) AA $6,098  $5,902  $5,770  $5,637  $5,620  $196  3 % $478  9 % $5,853  $5,633  $220  4 %
Average interest-earning assets (GAAP) BB 199,167  197,598  196,318  195,058  196,613  1,569  1  2,554  1  197,048  198,072  (1,024) (1)
Net interest margin (GAAP) AA/BB 3.06  % 2.99 % 2.94 % 2.89 % 2.86 % 7   bps 20   bps 2.97  % 2.84  % 13   bps
Net interest income (GAAP) $1,537  $1,488  $1,437  $1,391  $1,412  $49  3 % $125  9 % $5,853  $5,633  $220  4 %
FTE adjustment 4  4  4  4  4  —  —  —  —  16  17  (1) (6)
Net interest income on an FTE basis (non-GAAP) 1,541  1,492  1,441  1,395  1,416  49  3  125  9  5,869  5,650  219  4
Net interest income on an FTE basis (annualized) (non-GAAP) CC 6,112  5,919  5,786  5,653  5,637  194  3  475  8  5,869  5,650  219  4
Net interest margin on an FTE basis (non-GAAP) CC/BB 3.07  % 3.00 % 2.95 % 2.90 % 2.87 % 7   bps 20   bps 2.98  % 2.85  % 13   bps
Card fees, Underlying:
Card fees (GAAP)
 $86  $87  $90  $83  $97  ($1) (1 %) ($11) (11 %) $346  $368  ($22) (6 %)
Less: Notable items —  —  —  —  11  —  —  (11) (100) —  24  (24) (100)
Card fees, Underlying (non-GAAP)
 $86  $87  $90  $83  $86  ($1) (1 %) $—  — % $346  $344  $2  1 %
Other income, Underlying:
Other income (GAAP) $42  $31  $42  $22  $28  $11  35 % $14  50 % $136  $79  $57  72 %
Less: Notable items —  —  —  —  (1) —  —  1  100  —  (9) 9  100
Other income, Underlying (non-GAAP) $42  $31  $42  $22  $29  $11  35 % $13  45 % $136  $88  $48  55 %
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP) $716  $705  $681  $696  $674  $11  2 % $42  6 % $2,798  $2,657  $141  5 %
Less: Notable items —  —  —  —  17  —  —  (17) (100) —  46  (46) (100)
Salaries and employee benefits, Underlying (non-GAAP) $716  $705  $681  $696  $657  $11  2 % $59  9 % $2,798  $2,611  $187  7 %
Equipment and software, Underlying:
Equipment and software (GAAP)
 $199  $197  $193  $194  $193  $2  1 % $6  3 % $783  $769  $14  2 %
Less: Notable items —  —  —  —  3  —  —  (3) (100) —  17  (17) (100)
Equipment and software, Underlying (non-GAAP) $199  $197  $193  $194  $190  $2  1 % $9  5 % $783  $752  $31  4 %
Outside services, Underlying:
Outside services (GAAP) $148  $161  $169  $155  $170  ($13) (8 %) ($22) (13 %) $633  $639  ($6) (1 %)
Less: Notable items —  —  —  —  4  —  —  (4) (100) —  28  (28) (100)
Outside services, Underlying (non-GAAP) $148  $161  $169  $155  $166  ($13) (8 %) ($18) (11 %) $633  $611  $22  4 %
24

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDS FULL YEAR
4Q25 Change 2025 Change
4Q25 3Q25 2Q25 1Q25 4Q24 3Q25 4Q24 2025 2024 2024
$/bps
 %
$/bps
 % $/bps %
Occupancy, Underlying:
Occupancy (GAAP) $109  $106  $108  $112  $112  $3  3 % ($3) (3 %) $435  $447  ($12) (3 %)
Less: Notable items —  —  —  —  5  —  —  (5) (100) —  19  (19) (100)
Occupancy, Underlying (non-GAAP) $109  $106  $108  $112  $107  $3  3 % $2  2 % $435  $428  $7  2 %
Other operating expense, Underlying:
Other operating expense (GAAP) $171  $166  $168  $157  $167  $5  3 % $4  2 % $662  $722  ($60) (8 %)
Less: Notable items —  —  —  —  (5) —  —  5  100  —  46  (46) (100)
Other operating expense, Underlying (non-GAAP) $171  $166  $168  $157  $172  $5  3 % ($1) (1 %) $662  $676  ($14) (2 %)

25