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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): July 21, 2026

(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 8.01 Other Events.

On July 16, 2026, Citizens Financial Group, Inc. (the “Company”) announced its second quarter 2026 earnings. The Company’s earnings results and financial supplement are being filed as Exhibits 99.1 and 99.2, respectively.

On July 21, 2026, the Company announced the launch of a proposed public offering (the “Offering”) of a new series of Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series J (the “Series J Preferred Stock”). The Offering is subject to pricing, which has not yet occurred. If the Offering is priced and proceeds to closing, the Company intends to use the net proceeds from the sale of the Series J Preferred Stock to redeem some or all outstanding shares of its 4.000% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, $1,000 liquidation preference per share (CUSIP No. 174610BD6) (“Series G Preferred Stock”), on the dividend payment date of October 6, 2026.

The pricing of the Offering, and thus whether the redemption of the Series G Preferred Stock will occur, is subject to market conditions and other considerations. There is no assurance that the Offering will price and close or that the Company will decide to redeem the Series G Preferred Stock, or, if it does, the amount to be redeemed and the timing of the redemption. If the Company decides to redeem the Series G Preferred Stock, it intends to announce its decision by press release or 8-K and an appropriate notice of redemption following the closing of the Offering.

The Offering is described in the Company’s preliminary prospectus supplement dated July 21, 2026, which was filed with the Securities and Exchange Commission today.

This Current Report on Form 8-K does not constitute an offer to sell the Series J Preferred Stock.

Cautionary Note on Forward-Looking Statements

This Current Report on Form 8-K contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding the completion of, and the use of proceeds from, the Offering, including the redemption of the Series G Preferred Stock. These statements are based upon the Company’s current beliefs and expectations and are subject to significant risks and uncertainties (some of which are beyond the Company’s control). Actual results may differ, possibly materially, from those expressed or implied as a result of these risks and uncertainties, including, but not limited to, the risk factors and other uncertainties set forth under “Risk Factors” beginning on page 20 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Item 9.01 Financial Statements and Exhibits.


	Exhibit Number	Description

(d)	Exhibit 99.1	Citizens Financial Group, Inc. earnings results for second quarter 20 26

	Exhibit 99.2	Citizens Financial Group, Inc. financial supplement for second quarter 20 26

	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: July 21, 2026

EX-99.1 2 a2q26postearnings-earnings.htm EX-99.1 Document

Exhibit 99.1


	Key Financial Data	2Q26			1Q26			2Q25			Second Quarter 2026 Highlights

Income Statement	($s in millions)										■EPS of $1.30; ROTCE of 13.9% –Continued strong Private Bank progress, contributing $0.15 to EPS, up from $0.11 in 1Q26 ■PPNR of $889 million, up 13% QoQ, up 24% YoY –NII up 4.4% QoQ, with NIM up 3 bps to 3.17%; YoY NII up 14%, with NIM up 22 bps –Fees up 8% QoQ, up 9% YoY driven by Capital Markets and Wealth –Positive operating leverage of 4.1% QoQ and 6.4% YoY ■Loans up 3% on a spot basis and 2% on an average basis QoQ, with growth led by Commercial and Private Bank ■Continuing favorable credit trends; net charge-offs of 37 bps, down 2 bps QoQ ■Strong ACL coverage of 1.48% ■Average deposits up $2.3 billion, or 1% QoQ, driven by growth in Private Bank and retail low-cost categories –Private Bank spot deposits of $17.8 billion –Total deposit costs well controlled, up 3 bps QoQ ■Strong liquidity profile; spot LDR of 79.5% ■Strong CET1 ratio of 10.4% ■TBV/share of $38.29, up 1% QoQ
	Total revenue	$	2,283		$	2,168		$	2,037
	Pre-provision profit	889			790			718

	Provision for credit losses	134			140			164

	Net income	587			517			436






Balance Sheet & Credit Quality	($s in billions)
	Period-end loans and leases	$	147.5		$	143.7		$	139.3
	Average loans and leases	146.1			143.4			138.8
	Period-end deposits	185.6			184.0			175.1
	Average deposits	183.6			181.3			174.1
	Loan-to-deposit ratio (spot)	79.5		%	78.1		%	79.6		%

	NCO ratio	0.37		%	0.39		%	0.48		%

Financial Metrics	Diluted EPS	$	1.30		$	1.13		$	0.92

	ROTCE	13.9		%	12.2		%	11.0		%

	Net interest margin, FTE	3.17			3.14			2.95
	Efficiency ratio	61.1			63.6			64.8

	CET1	10.4		%	10.5		%	10.6		%
	TBV/Share	$	38.29		$	37.94		$	35.23

Citizens also announced that its board of directors declared a quarterly common stock dividend of $0.46 per share. The dividend is payable on August 13, 2026 to shareholders of record at the close of business on July 30, 2026.

Citizens Financial Group, Inc.

Earnings highlights(1):


	Quarterly Trends
										2Q26 change from
($s in millions, except per share data)	2Q26			1Q26			2Q25			1Q26					2Q25
Earnings										$/bps/%			%		$/bps/%			%
Net interest income	$	1,631		$	1,562		$	1,437		$	69		4	%	$	194		14	%
Noninterest income	652			606			600			46			8		52			9
Total revenue	2,283			2,168			2,037			115			5		246			12
Noninterest expense	1,394			1,378			1,319			16			1		75			6
Pre-provision profit	889			790			718			99			13		171			24
Provision for credit losses	134			140			164			(6)			(4)		(30)			(18)

Net income	587			517			436			70			14		151			35
Preferred dividends/other	33			33			34			—			—		(1)			(3)
Net income available to common stockholders	$	554		$	484		$	402		$	70		14	%	$	152		38	%



Average common shares outstanding
Basic (in millions)	422.9			425.3			433.6			(2.5)			(1)		(10.8)			(2)
Diluted (in millions)	426.7			429.9			436.5			(3.2)			(1)		(9.9)			(2)
Diluted earnings per share	1.30			1.13			0.92			0.17			15		0.38			41

Performance metrics
Net interest margin	3.16		%	3.14		%	2.94		%	2		bps			22		bps
Net interest margin, FTE	3.17			3.14			2.95			3					22
Effective income tax rate	22.3			20.5			21.4			183					92

Efficiency ratio	61.1			63.6			64.8			(247)					(368)



Return on average tangible common equity	13.9			12.2			11.0			172					286


Return on average total tangible assets	1.06		%	0.97		%	0.83		%	9		bps			23		bps

Capital adequacy(2,3)
Common equity tier 1 capital ratio	10.4		%	10.5		%	10.6		%
Total capital ratio	13.6			13.7			13.8
Tier 1 leverage ratio	9.2			9.3			9.4
Tangible common equity ratio	7.2			7.3			7.2
Allowance for credit losses to loans and leases	1.48		%	1.52		%	1.59		%	(4)		bps			(11)		bps
Asset quality(3)
Nonaccrual loans and leases to loans and leases	0.97		%	1.04		%	1.09		%	(7)		bps			(12)		bps
Allowance for credit losses to nonaccrual loans and leases	152			146			145			6		%			7		%
Net charge-offs as a % of average loans and leases	0.37		%	0.39		%	0.48		%	(2)		bps			(11)		bps

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

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

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

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

Citizens Financial Group, Inc.

Consolidated balance sheet summary(1):


										2Q26 change from
($s in millions)	2Q26			1Q26			2Q25			1Q26					2Q25
										$/bps			%		$/bps			%
Total assets	$	233,836		$	227,918		$	218,310		$	5,918		3	%	$	15,526		7	%
Total loans and leases	147,491			143,667			139,304			3,824			3		8,187			6
Total loans held for sale	1,458			1,537			2,093			(79)			(5)		(635)			(30)
Deposits	185,620			184,035			175,086			1,585			1		10,534			6

Stockholders' equity	26,183			26,172			25,234			11			—		949			4
Stockholders' common equity	24,072			24,061			23,121			11			—		951			4
Tangible common equity	$	16,185		$	16,165		$	15,246		$	20		—	%	$	939		6	%
Loan-to-deposit ratio (period-end)(2)	79.5		%	78.1		%	79.6		%	139		bps			(10)		bps
Loan-to-deposit ratio (average)(2)	79.6		%	79.1		%	79.7		%	49		bps			(14)		bps


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

Citizens Financial Group, Inc.

Discussion of results:


Net interest income										2Q26 change from
($s in millions)	2Q26			1Q26			2Q25			1Q26					2Q25
										$/bps			%		$/bps			%
Interest income:
Interest and fees on loans and leases and loans held for sale	$	1,994		$	1,905		$	1,887		$	89		5	%	$	107		6	%
Investment securities	446			424			428			22			5		18			4
Interest-bearing deposits in banks	103			91			92			12			13		11			12
Total interest income	$	2,543		$	2,420		$	2,407		$	123		5	%	$	136		6	%
Interest expense:
Deposits	$	747		$	715		$	802		$	32		4	%	$	(55)		(7)	%


Short-term borrowed funds	9			4			9			5			125		—			—
Long-term borrowed funds	156			139			159			17			12		(3)			(2)
Total interest expense	$	912		$	858		$	970		$	54		6	%	$	(58)		(6)	%
Net interest income	$	1,631		$	1,562		$	1,437		$	69		4	%	$	194		14	%

Net interest margin, FTE	3.17		%	3.14		%	2.95		%	3		bps			22		bps


Second quarter 2026			vs.			first quarter 2026

Net interest income of $1.6 billion increased 4.4%, reflecting a higher net interest margin along with a 2% increase in average interest-earning assets.

•Net interest margin of 3.17% increased 3 basis points, reflecting the benefit of lower terminated swap impacts and Non-Core runoff, and fixed-rate asset repricing, partially offset by increased funding costs.

•Interest-bearing deposit costs increased 4 basis points to 2.08%; total deposit costs increased 3 basis points to 1.63%; total cost of funds increased 5 basis points to 1.85%.


Second quarter 2026			vs.			second quarter 2025

Net interest income of $1.6 billion increased 14%, primarily reflecting a higher net interest margin, as well as a 5% increase in interest-earning assets.

•Net interest margin of 3.17% increased 22 basis points, largely driven by the benefit of terminated swap impacts and Non-Core runoff, fixed-rate asset repricing and improved funding costs, partially offset by lower asset yields.

Citizens Financial Group, Inc.


Noninterest Income							2Q26 change from
($s in millions)	2Q26		1Q26		2Q25		1Q26				2Q25
							$		%		$		%

Service charges and fees	$	117	$	112	$	111	$	5	4	%	$	6	5	%
Capital markets fees	153		134		105		19		14		48		46
Wealth fees	102		100		88		2		2		14		16
Card fees	89		83		90		6		7		(1)		(1)
Mortgage banking fees	42		42		73		—		—		(31)		(42)
Foreign exchange and derivative products	47		44		41		3		7		6		15
Letter of credit and loan fees	52		50		45		2		4		7		16
Securities gains, net	6		7		5		(1)		(14)		1		20
Other income(1)	44		34		42		10		29		2		5
Noninterest income	$	652	$	606	$	600	$	46	8	%	$	52	9	%







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


Second quarter 2026			vs.			first quarter 2026

Noninterest income of $652 million increased $46 million, or 8%.

•Service charges and fees increased $5 million, primarily from seasonality and growth in account and cash management fees.

•Capital markets fees increased $19 million to $153 million, a record for the second quarter, reflecting higher loan syndication and debt and equity underwriting fees.

•Wealth fees increased $2 million to $102 million, a new record, reflecting higher advisory fees.

•Card fees increased $6 million, reflecting increased seasonal spend across credit and debit cards.

•FX and derivative products increased $3 million, primarily given higher interest rate and FX hedging activity, partially offset by a decline in commodities hedging activity.

•Mortgage banking fees are stable as higher servicing revenue was offset by lower production revenue.

•Other income increased $10 million, reflecting several modest revenue items.


Second quarter 2026			vs.			second quarter 2025

Noninterest income of $652 million increased $52 million, or 9%.

•Service charges and fees increased $6 million, primarily driven by higher cash management fees.

•Capital markets fees increased $48 million, driven by higher M&A, loan syndication and debt underwriting fees.

•Wealth fees increased $14 million, primarily from growth in AUM, reflecting net inflows and market appreciation.

•Mortgage banking fees decreased $31 million, largely reflecting lower MSR valuation results, net of hedge impact.

Citizens Financial Group, Inc.


Noninterest Expense							2Q26 change from
($s in millions)	2Q26		1Q26		2Q25		1Q26				2Q25
							$		%		$		%
Salaries and employee benefits	$	745	$	758	$	681	$	(13)	(2)	%	$	64	9	%
Equipment and software	195		197		193		(2)		(1)		2		1
Outside services	174		162		169		12		7		5		3
Occupancy	108		114		108		(6)		(5)		—		—
Other operating expense	172		147		168		25		17		4		2
Noninterest expense	$	1,394	$	1,378	$	1,319	$	16	1	%	$	75	6	%


Second quarter 2026			vs.			first quarter 2026

Noninterest expense of $1.4 billion increased 1%.

•Salaries and employee benefits decreased $13 million, primarily reflecting lower payroll taxes given seasonality.

•Outside services increased $12 million, largely due to higher technology-related costs.

•Occupancy decreased $6 million, largely reflecting lower branch maintenance costs.

•Other operating expense increased $25 million, reflecting higher insurance and various other modest expense items.

The effective tax rate of 22.3% in second quarter 2026 compares with 20.5% in first quarter 2026. The lower first quarter tax rate reflected the recognition of discrete tax benefits.


Second quarter 2026			vs.			second quarter 2025

Noninterest expense of $1.4 billion increased 6%.

•Salaries and employee benefits increased $64 million, reflecting hiring related to the Private Bank and Private Wealth buildout, and compensation associated with growth in Capital Markets fees.

•Outside services increased $5 million, primarily driven by costs to implement the Reimagine the Bank program.

•Other operating expense increased $4 million, reflecting the impact of various sundry items.

The effective tax rate was 22.3% in second quarter 2026 compared with 21.4% in second quarter 2025.

Citizens Financial Group, Inc.


Interest-earning assets							2Q26 change from
($s in millions)	2Q26		1Q26		2Q25		1Q26				2Q25
Period-end interest-earning assets							$		%		$		%
Investments	$	46,345	$	45,218	$	43,899	$	1,127	2	%	$	2,446	6	%
Interest-bearing deposits in banks	12,648		12,076		8,121		572		5		4,527		56
Commercial loans and leases	77,284		74,589		71,642		2,695		4		5,642		8
Retail loans	70,207		69,078		67,662		1,129		2		2,545		4
Total loans and leases	147,491		143,667		139,304		3,824		3		8,187		6
Loans held for sale	1,458		1,537		2,093		(79)		(5)		(635)		(30)

Total loans and leases and loans held for sale	148,949		145,204		141,397		3,745		3		7,552		5
Total period-end interest-earning assets	$	207,942	$	202,498	$	193,417	$	5,444	3	%	$	14,525	8	%
Average interest-earning assets(1)
Investments	$	48,088	$	46,929	$	46,538	$	1,159	2	%	$	1,550	3	%
Interest-bearing deposits in banks	10,839		10,079		8,217		760		8		2,622		32
Commercial loans and leases	76,548		74,541		71,423		2,007		3		5,125		7
Retail loans	69,580		68,869		67,386		711		1		2,194		3
Total loans and leases	146,128		143,410		138,809		2,718		2		7,319		5
Loans held for sale	1,715		1,511		2,754		204		14		(1,039)		(38)

Total loans and leases and loans held for sale	147,843		144,921		141,563		2,922		2		6,280		4
Total average interest-earning assets	$	206,770	$	201,929	$	196,318	$	4,841	2	%	$	10,452	5	%
(1) Total average interest-earning assets excludes the mark-to-market on investment securities and unsettled purchases or sales of loans and investments.


Second quarter 2026			vs.			first quarter 2026

Period-end interest-earning assets of $207.9 billion increased $5.4 billion, or 3%, reflecting a $1.1 billion increase in investments in securities and 3% growth in loans and leases. Total loans and leases increased $3.8 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 $206.8 billion increased $4.8 billion, or 2%, reflecting a $2.7 billion increase in total loans and leases, as well as $1.2 billion increase in investments and $760 million increase in cash held in interest-bearing deposits.

The average effective duration of the securities portfolio was 4.1 years, compared with 4.0 years at March 31, 2026 and 3.7 years at June 30, 2025.


Second quarter 2026			vs.			second quarter 2025

Period-end interest-earning assets of $207.9 billion increased $14.5 billion, or 8%, reflecting a $2.4 billion increase in investments in securities, a $4.5 billion increase in cash held in interest-bearing deposits and a $7.6 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 largely driven by $5.6 billion of 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. Retail also grew $2.5 billion, reflecting growth in home equity and mortgage, partially offset by Non-Core portfolio runoff.

Average interest-earning assets of $206.8 billion increased $10.5 billion, primarily reflecting a $6.3 billion increase in total loans and leases and loans held for sale, as well as $2.6 billion increase in cash held in interest-bearing deposits and a $1.6 billion increase in investments in securities.

Citizens Financial Group, Inc.


Deposits							2Q26 change from
($s in millions)	2Q26		1Q26		2Q25		1Q26				2Q25
Period-end deposits							$		%		$		%
Noninterest-bearing demand	$	40,939	$	41,672	$	38,001	$	(733)	(2)	%	$	2,938	8	%
Checking with interest	40,258		37,675		34,918		2,583		7		5,340		15
Savings	23,570		24,114		25,400		(544)		(2)		(1,830)		(7)
Money market	60,029		59,611		55,638		418		1		4,391		8
Time	20,824		20,963		21,129		(139)		(1)		(305)		(1)
Total period-end deposits	$	185,620	$	184,035	$	175,086	$	1,585	1	%	$	10,534	6	%
Average deposits
Noninterest-bearing demand	$	39,881	$	39,286	$	37,350	$	595	2	%	$	2,531	7	%
Checking with interest	38,632		37,027		33,847		1,605		4		4,785		14
Savings	23,780		24,095		25,536		(315)		(1)		(1,756)		(7)
Money market	60,295		60,141		54,716		154		—		5,579		10
Time	21,032		20,766		22,679		266		1		(1,647)		(7)
Total average deposits	$	183,620	$	181,315	$	174,128	$	2,305	1	%	$	9,492	5	%


Second quarter 2026			vs.			first quarter 2026

Total period-end deposits of $185.6 billion are up 1%, with growth in the Private Bank and Commercial. Private Bank deposits increased 7% to $17.8 billion at the end of second quarter 2026.

Average deposits of $183.6 billion increased 1%, primarily reflecting growth in the Private Bank, and in retail, primarily low-cost categories.


Second quarter 2026			vs.			second quarter 2025

Total period-end deposits of $185.6 billion increased 6%, primarily reflecting growth in the Private Bank of $9.1 billion, and $1.5 billion in Commercial, partially offset by a $0.4 billion reduction in higher-cost Treasury brokered deposits.

Average deposits of $183.6 billion were up 5%.

Citizens Financial Group, Inc.


Borrowed Funds							2Q26 change from
($s in millions)	2Q26		1Q26		2Q25		1Q26				2Q25
Period-end borrowed funds							$		%		$		%
Short-term borrowed funds	$	1,159	$	54	$	249	$	1,105	NM		$	910	NM
Long-term borrowed funds
FHLB advances	5,763		2,513		1,542		3,250		129		4,221		NM
Senior debt	7,078		7,076		6,821		2		—		257		4
Subordinated debt and other debt	1,421		1,419		1,752		2		—		(331)		(19)
Auto collateralized borrowings	928		1,252		2,411		(324)		(26)		(1,483)		(62)
Total borrowed funds	$	16,349	$	12,314	$	12,775	$	4,035	33	%	$	3,574	28	%
Average borrowed funds
Short-term borrowed funds	$	989	$	454	$	925	$	535	118 %		$	64	7	%
Long-term borrowed funds
FHLB advances	3,538		1,408		1,063		2,130		151 %		2,475		233
Senior debt	7,078		6,843		7,042		235		3		36		1
Subordinated debt and other debt	1,419		1,415		1,759		4		—		(340)		(19)
Auto collateralized borrowings	1,077		1,409		2,635		(332)		(24)		(1,558)		(59)
Total average borrowed funds	$	14,101	$	11,529	$	13,424	$	2,572	22	%	$	677	5	%


Second quarter 2026			vs.			first quarter 2026

Period-end borrowed funds increased $4.0 billion, primarily reflecting an increase in FHLB advances, partially offset by a decrease in collateralized borrowings on auto loans as the associated portfolio runs down.

Average borrowed funds increased $2.6 billion, driven primarily by an increase in FHLB advances, as well as an increase in senior debt as a result of issuance in the first quarter, partially offset by a decrease in auto collateralized borrowings.


Second quarter 2026			vs.			second quarter 2025

Period-end borrowed funds were up $3.6 billion, primarily reflecting an increase in FHLB advances, partially offset by the decrease in auto collateralized borrowings, given runoff of the associated portfolio.

Average borrowed funds increased by $677 million, given the increase in FHLB advances, largely offset by the decrease in auto collateralized borrowings.

Citizens Financial Group, Inc.


Capital										2Q26 change from
($s and shares in millions, except per share data)	2Q26			1Q26			2Q25			1Q26				2Q25
Period-end capital										$		%		$		%
Stockholders' equity	$	26,183		$	26,172		$	25,234		$	11	—	%	$	949	4	%
Stockholders' common equity	24,072			24,061			23,121			11		—		951		4
Tangible common equity	16,185			16,165			15,246			20		—		939		6
Tangible book value per common share	$	38.29		$	37.94		$	35.23		$	0.35	1	%	$	3.06	9	%
Common shares - at end of period	422.7			426.0			432.8			(3.3)		(1)		(10.1)		(2)
Common shares - average (diluted)	426.7			429.9			436.5			(3.2)		(1)	%	(9.9)		(2)	%
Common equity tier 1 capital ratio(1)	10.4		%	10.5		%	10.6		%
Total capital ratio(1)	13.6			13.7			13.8
Tangible common equity ratio	7.2			7.3			7.2
Tier 1 leverage ratio(1)	9.2			9.3			9.4
(1) Current reporting-period regulatory capital ratios are preliminary.


Second quarter 2026

•The CET1 capital ratio of 10.4% as of June 30, 2026 compares with 10.5% at March 31, 2026 and 10.6% at June 30, 2025.

•Total capital ratio of 13.6% compares with 13.7% at March 31, 2026 and 13.8% as of June 30, 2025.

•Tangible common equity ratio of 7.2% compares with 7.3% at March 31, 2026 and 7.2% as of June 30, 2025.

•Tangible book value per common share of $38.29, up 1% compared with first quarter 2026, and up 9% versus second quarter 2025.

•Total capital returned to shareholders was $422 million in second quarter 2026.

◦Paid $197 million in common dividends to shareholders during second quarter 2026. This compares with $198 million in common dividends during first quarter 2026 and $185 million during second quarter 2025.

◦Repurchased $225 million of common shares during second quarter 2026, compared with $300 million in first quarter 2026 and $200 million in second quarter 2025.

Citizens Financial Group, Inc.


Credit quality review										2Q26 change from
($s in millions)	2Q26			1Q26			2Q25			1Q26					2Q25
										$/bps/%			%		$/bps/%			%
Nonaccrual loans and leases(1)	$	1,435		$	1,497		$	1,524		$	(62)		(4)	%	$	(89)		(6)	%
90+ days past due and accruing(2)	183			208			194			(25)			(12)		(11)			(6)
Net charge-offs	135			138			167			(3)			(2)		(32)			(19)
Provision for credit losses	134			140			164			(6)			(4)		(30)			(18)

Allowance for credit losses	$	2,184		$	2,185		$	2,209		$	(1)		—	%	$	(25)		(1)	%
Nonaccrual loans and leases to loans and leases	0.97		%	1.04		%	1.09		%	(7)		bps			(12)		bps
Net charge-offs as a % of total loans and leases	0.37			0.39			0.48			(2)					(11)

Allowance for credit losses to loans and leases	1.48			1.52			1.59			(4)					(11)

Allowance for credit losses to nonaccrual loans and leases	152		%	146		%	145		%	6		%			7		%
(1) Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
(2) 90+ days past due and accruing includes $172 million, $179 million, and $128 million of loans fully or partially guaranteed by the FHA, VA, and USDA for June 30, 2026, March 31, 2026, and June 30, 2025, respectively.


Second quarter 2026			vs.			first quarter 2026

•Nonaccrual loans of $1.4 billion decreased 4%, driven by a decrease in commercial real estate, as we continue to workout the General Office portfolio. The nonaccrual loans to total loans ratio of 0.97% compares with 1.04% at March 31, 2026.

•Net charge-offs of $135 million, or 37 basis points of average loans and leases, compares with 39 basis points in the prior quarter, reflecting decreases in commercial real estate and retail, partially offset by higher C&I.

•The second quarter 2026 provision for credit losses of $134 million compares with $140 million for first quarter 2026.

•The ratio of allowance for credit losses to total loans of 1.48% was down slightly compared with 1.52% as of March 31, 2026 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 152% increased from 146% at March 31, 2026, reflecting the decline in nonaccrual loans.


Second quarter 2026			vs.			second quarter 2025

•Nonaccrual loans decreased 6% driven largely by a 13% decrease in commercial, reflecting a decline in commercial real estate. The nonaccrual loans to total loans ratio of 0.97% compares with 1.09% at June 30, 2025.

•Net charge-offs of $135 million, or 37 basis points of average loans and leases compares with 48 basis points for second quarter 2025, reflecting a decrease in commercial real estate and retail.

•Provision for credit losses of $134 million decreased compared with a $164 million provision in second quarter 2025 reflecting the runoff of the Non-Core portfolio and improving credit trends and loan mix.

•Allowance for credit losses of $2.2 billion decreased $25 million compared with June 30, 2025 given the continued Non-Core runoff and other improvements in loan mix. Allowance for credit losses ratio of 1.48% as of June 30, 2026 compares with 1.59% as of June 30, 2025.

•The allowance for credit losses to nonaccrual loans and leases ratio of 152% compares with 145% as of June 30, 2025.

Citizens Financial Group, Inc.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $233.8 billion in assets as of June 30, 2026. 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 3,000 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.

Citizens Financial Group, Inc.

Non-GAAP Financial Measures and Reconciliations

Non-GAAP Financial Measures:

This document contains non-GAAP financial measures that we believe provide useful information to investors to understand our results of operations or financial condition. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP financial 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. See the following pages for reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations

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


		QUARTERLY TRENDS
								2Q26 Change
		2Q26		1Q26		2Q25		1Q26				2Q25
								$/bps		%		$/bps		%
Pre-provision profit:
Total revenue (GAAP)	A	$2,283		$2,168		$2,037		$115		5	%	$246		12	%
Less: Noninterest expense (GAAP)	B	1,394		1,378		1,319		16		1		75		6
Pre-provision profit (non-GAAP)		$889		$790		$718		$99		13	%	$171		24	%
Operating leverage:
Total revenue (GAAP)	A	$2,283		$2,168		$2,037		$115		5.25	%	$246		12.01	%
Less: Noninterest expense (GAAP)	B	1,394		1,378		1,319		16		1.15		75		5.64
Operating leverage										4.10	%			6.37	%
Efficiency ratio:
Efficiency ratio	B/A	61.08	%	63.55	%	64.76	%	(247)	bps			(368)	bps
Book value per common share and tangible book value per common share:
Common shares - at period-end (GAAP)	C	422,677,660		426,023,578		432,768,811		(3,345,918)		(1	%)	(10,091,151)		(2	%)
Common stockholders' equity (GAAP)	D	$24,072		$24,061		$23,121		$11		—		$951		4
Less: Goodwill (GAAP)		8,220		8,221		8,187		(1)		—		33		—
Less: Other intangible assets (GAAP)		105		112		128		(7)		(6)		(23)		(18)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)		438		437		440		1		—		(2)		—
Tangible common equity (non-GAAP)	E	$16,185		$16,165		$15,246		$20		—	%	$939		6	%
Book value per common share (GAAP)	D/C	$56.95		$56.48		$53.43		$0.47		1	%	$3.52		7	%
Tangible book value per common share (non-GAAP)	E/C	38.29		37.94		35.23		0.35		1		3.06		9
Net interest income and net interest margin on an FTE basis:
Net interest income (annualized) (GAAP)	F	$6,542		$6,337		$5,770		$205		3	%	$772		13	%
Average interest-earning assets (GAAP)	G	206,770		201,929		196,318		4,841		2		10,452		5
Net interest margin (GAAP)	F/G	3.16	%	3.14	%	2.94	%	2	bps			22	bps
Net interest income (GAAP)		$1,631		$1,562		$1,437		$69		4	%	$194		14	%
FTE adjustment		3		3		4		—		—		(1)		(25)
Net interest income on an FTE basis (non-GAAP)		1,634		1,565		1,441		69		4		193		13
Net interest income on an FTE basis (annualized) (non-GAAP)	H	6,555		6,350		5,786		204		3		769		13
Net interest margin on an FTE basis (non-GAAP)	H/G	3.17	%	3.14	%	2.95	%	3	bps			22	bps
Return on average common equity and return on average tangible common equity:
Net income available to common stockholders (GAAP)	I	$554		$484		$402		$70		14	%	$152		38	%
Average common equity (GAAP)	J	$23,839		$23,995		$22,494		($156)		(1)		$1,345		6
Less: Average goodwill (GAAP)		8,221		8,198		8,187		23		—		34		—
Less: Average other intangibles (GAAP)		109		114		134		(5)		(4)		(25)		(19)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		438		437		438		1		—		—		—
Average tangible common equity (non-GAAP)	K	$15,947		$16,120		$14,611		($173)		(1	%)	$1,336		9	%
Return on average common equity (GAAP)	I/J	9.31	%	8.19	%	7.18	%	112	bps			213	bps
Return on average tangible common equity (non-GAAP)	I/K	13.91	%	12.19	%	11.05	%	172	bps			286	bps
Return on average total assets and return on average total tangible assets:
Net income (GAAP)	L	$587		$517		$436		$70		14	%	$151		35	%
Average total assets (GAAP)	M	$229,263		$224,224		$217,661		$5,039		2		$11,602		5
Less: Average goodwill (GAAP)		8,221		8,198		8,187		23		—		34		—
Less: Average other intangibles (GAAP)		109		114		134		(5)		(4)		(25)		(19)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		438		437		438		1		—		—		—
Average tangible assets (non-GAAP)	N	$221,371		$216,349		$209,778		$5,022		2	%	$11,593		6	%
Return on average total assets (GAAP)	L/M	1.03	%	0.94	%	0.80	%	9	bps			23	bps
Return on average total tangible assets (non-GAAP)	L/N	1.06	%	0.97	%	0.83	%	9	bps			23	bps

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)

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


		QUARTERLY TRENDS
								2Q26 Change
		2Q26		1Q26		2Q25		1Q26			2Q25
								$/bps	%		$/bps	%
Common equity ratio and tangible common equity ratio:
Total assets (GAAP)	O	$233,836		$227,918		$218,310		$5,918	3	%	$15,526	7	%
Less: Goodwill (GAAP)		8,220		8,221		8,187		(1)	—		33	—
Less: Other intangible assets (GAAP)		105		112		128		(7)	(6)		(23)	(18)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)		438		437		440		1	—		(2)	—
Tangible assets (non-GAAP)	P	$225,949		$220,022		$210,435		$5,927	3	%	$15,514	7	%
Common equity ratio (GAAP)	D/O	10.3	%	10.6	%	10.6	%	(27) bps			(30) bps
Tangible common equity ratio (non-GAAP)	E/P	7.2		7.3		7.2		(10) bps			(4) bps

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," and "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 achieve our financial performance goals and execute on our strategic business initiatives, including the continued expansion of Private Bank and Private Wealth, and our aim to position us as a more innovative, modern, and customer-centric bank;

•The effects of geopolitical instability, including the war in Ukraine and the conflict in 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 supervisory requirements and expectations as well as new or amended regulations;

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

•The impact of changes in interest rates on our net interest income, net interest margin, mortgage originations, and mortgage servicing rights, as well as on market liquidity, which could affect our funding sources and 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, 2025 as filed with the Securities and Exchange Commission.

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

EX-99.2 3 q226financialsupplement.htm EX-99.2 Document

Exhibit 99.2

Financial Supplement

Second Quarter 2026


Table of Contents						Page

Consolidated Financial Highlights						3

Consolidated Statements of Operations (unaudited)						4

Consolidated Balance Sheets (unaudited)						5

Loans and Deposits						6

Average Balance Sheets, Annualized Yields and Rates						7

Mortgage Banking Fees						9

Segment Financial Highlights						10

Credit-Related Information:
Nonaccrual loans and leases						13
Loans and Leases 90 Days or More Past Due and Accruing						14
Charge-offs, Recoveries, and Related Ratios						15
Summary of Changes in the Components of the Allowance for Credit Losses						17

Capital and Ratios						18

Non-GAAP Financial Measures and Reconciliations						19
The information in this Financial Supplement is preliminary and based on company data available at the time of the earnings presentation. It speaks only as of the particular date or dates included in the accompanying pages. The Company does not undertake an obligation to, and disclaims any duty to, update any of the information provided. Any forward-looking statements in this Financial Supplement are subject to the forward-looking statements language contained in the Company’s reports filed with the SEC pursuant to the Securities Exchange Act of 1934, which can be found on the SEC’s website (www.sec.gov) or on the Company’s website (www.citizensbank.com). The Company’s future financial performance is subject to the risks and uncertainties described in its SEC filings.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(dollars in millions, except per share data)


		QUARTERLY TRENDS																		FOR THE SIX MONTHS ENDED JUNE 30,
												2Q26 Change												2026 Change
		2Q26		1Q26		4Q25		3Q25		2Q25		1Q26				2Q25				2026		2025		2025
												$/bps		%		$/bps		%						$/bps		%
SELECTED OPERATING DATA
Total revenue	A	$2,283		$2,168		$2,157		$2,118		$2,037		$115		5	%	$246		12	%	$4,451		$3,972		$479		12	%
Noninterest expense	B	1,394		1,378		1,343		1,335		1,319		16		1		75		6		2,772		2,633		139		5
Pre-provision profit1		889		790		814		783		718		99		13		171		24		1,679		1,339		340		25
Provision (benefit) for credit losses		134		140		137		154		164		(6)		(4)		(30)		(18)		274		317		(43)		(14)
NET INCOME		587		517		528		494		436		70		14		151		35		1,104		809		295		36
Net income available to common stockholders		554		484		489		457		402		70		14		152		38		1,038		742		296		40
PER COMMON SHARE DATA
Basic earnings		$1.31		$1.14		$1.14		$1.06		$0.93		$0.17		15	%	$0.38		41	%	$2.45		$1.70		$0.75		44	%
Diluted earnings		1.30		1.13		1.13		1.05		0.92		0.17		15		0.38		41		2.42		1.69		0.73		43
Cash dividends declared and paid per common share		0.46		0.46		0.46		0.42		0.42		—		—		0.04		10		0.92		0.84		0.08		10
Book value per common share		56.95		56.48		56.39		54.97		53.43		0.47		1		3.52		7		56.95		53.43		3.52		7
Tangible book value per common share1		38.29		37.94		38.07		36.73		35.23		0.35		1		3.06		9		38.29		35.23		3.06		9
Dividend payout ratio		35	%	40	%	40	%	40	%	45	%	(524)	bps			(1,005)	bps			38	%	49	%	(1,186)	bps
COMMON SHARES OUTSTANDING
Average: Basic		422,871,137		425,344,491		429,483,110		431,365,552		433,640,210		(2,473,354)		(1	%)	(10,769,073)		(2	%)	424,100,982		435,967,554		(11,866,572)		(3	%)
Diluted		426,681,848		429,894,837		434,077,960		435,472,350		436,539,774		(3,212,989)		(1)		(9,857,926)		(2)		428,274,078		439,342,703		(11,068,625)		(3)
Common shares at period-end		422,677,660		426,023,578		429,242,174		431,453,142		432,768,811		(3,345,918)		(1)		(10,091,151)		(2)		422,677,660		432,768,811		(10,091,151)		(2)
FINANCIAL RATIOS
Net interest margin		3.16	%	3.14	%	3.06	%	2.99	%	2.94	%	2 bps				22 bps				3.15	%	2.91	%	24	bps
Net interest margin, FTE1,2		3.17		3.14		3.07		3.00		2.95		3				22				3.16		2.92		24
Return on average common equity		9.31		8.19		8.16		7.77		7.18		112				213				8.75		6.70		205
Return on average tangible common equity1		13.91		12.19		12.18		11.75		11.05		172				286				13.05		10.35		270
Return on average total assets		1.03		0.94		0.95		0.90		0.80		9				23				0.98		0.75		23
Return on average total tangible assets1		1.06		0.97		0.98		0.93		0.83		9				23				1.02		0.78		24
Effective income tax rate		22.29		20.46		22.03		21.38		21.37		183				92				21.44		20.86		58
Efficiency ratio	B/A	61.08		63.55		62.24		63.03		64.76		(247)				(368)				62.28		66.29		(401)
Noninterest income as a % of total revenue		28.54		27.95		28.75		29.75		29.41		59				(87)				28.25		28.79		(54)
Operating leverage:
Total revenue		$2,283		$2,168						$2,037		$115		5.25	%	$246		12.01	%	$4,451		$3,972		$479		12.06	%
Less: Noninterest expense		1,394		1,378						1,319		16		1.15		75		5.64		2,772		2,633		139		5.28
Operating leverage														4.10	%			6.37	%							6.78	%
CAPITAL RATIOS - PERIOD-END (PRELIMINARY)
CET1 capital ratio		10.4	%	10.5	%	10.6	%	10.7	%	10.6	%
Tier 1 capital ratio		11.6		11.7		11.9		11.9		11.9
Total capital ratio		13.6		13.7		13.8		13.9		13.8
Tier 1 leverage ratio		9.2		9.3		9.5		9.4		9.4
Common equity ratio		10.3		10.6		10.7		10.6		10.6
Tangible common equity ratio1		7.2		7.3		7.5		7.4		7.2
SELECTED BALANCE SHEET DATA
Loan-to-deposit ratio (period-end balances)		79.46	%	78.07	%	77.84	%	78.26	%	79.56	%	139	bps			(10)	bps			79.46	%	79.56	%	(10)	bps
Loan-to-deposit ratio (average balances)		79.58		79.09		78.82		79.57		79.72		49	bps			(14)	bps			79.34		80.30		(96)	bps
Full-time equivalent colleagues (period-end)		17,727		17,380		17,398		17,496		17,677		347		2	%	50		—	%	17,727		17,677		50		—	%

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

2 Net 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.

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(dollars in millions)


	QUARTERLY TRENDS											FOR THE SIX MONTHS ENDED JUNE 30,
						2Q26 Change								2026 Change
	2Q26	1Q26	4Q25	3Q25	2Q25	1Q26			2Q25			2026	2025	2025
						$	%		$	%				$	%
INTEREST INCOME
Interest and fees on loans and leases	$1,968	$1,884	$1,901	$1,897	$1,851	$84	4	%	$117	6	%	$3,852	$3,680	$172	5	%
Interest and fees on loans held for sale	26	21	22	31	36	5	24		(10)	(28)		47	52	(5)	(10)
Investment securities	446	424	434	433	428	22	5		18	4		870	846	24	3
Interest-bearing deposits in banks	103	91	89	97	92	12	13		11	12		194	181	13	7
Total interest income	2,543	2,420	2,446	2,458	2,407	123	5		136	6		4,963	4,759	204	4
INTEREST EXPENSE
Deposits	747	715	781	816	802	32	4		(55)	(7)		1,462	1,597	(135)	(8)
Short-term borrowed funds	9	4	—	5	9	5	125		—	—		13	17	(4)	(24)
Long-term borrowed funds	156	139	128	149	159	17	12		(3)	(2)		295	317	(22)	(7)
Total interest expense	912	858	909	970	970	54	6		(58)	(6)		1,770	1,931	(161)	(8)
Net interest income	1,631	1,562	1,537	1,488	1,437	69	4		194	14		3,193	2,828	365	13
NONINTEREST INCOME
Service charges and fees	117	112	112	112	111	5	4		6	5		229	220	9	4
Capital markets fees	153	134	140	166	105	19	14		48	46		287	205	82	40
Wealth fees	102	100	98	93	88	2	2		14	16		202	169	33	20
Card fees	89	83	86	87	90	6	7		(1)	(1)		172	173	(1)	(1)
Mortgage banking fees	42	42	52	49	73	—	—		(31)	(42)		84	132	(48)	(36)
Foreign exchange and derivative products	47	44	34	42	41	3	7		6	15		91	80	11	14
Letter of credit and loan fees	52	50	49	48	45	2	4		7	16		102	89	13	15
Securities gains, net	6	7	7	2	5	(1)	(14)		1	20		13	12	1	8
Other income	44	34	42	31	42	10	29		2	5		78	64	14	22
Total noninterest income	652	606	620	630	600	46	8		52	9		1,258	1,144	114	10
TOTAL REVENUE	2,283	2,168	2,157	2,118	2,037	115	5		246	12		4,451	3,972	479	12
Provision (benefit) for credit losses	134	140	137	154	164	(6)	(4)		(30)	(18)		274	317	(43)	(14)
NONINTEREST EXPENSE
Salaries and employee benefits	745	758	716	705	681	(13)	(2)		64	9		1,503	1,377	126	9
Equipment and software	195	197	199	197	193	(2)	(1)		2	1		392	387	5	1
Outside services	174	162	148	161	169	12	7		5	3		336	324	12	4
Occupancy	108	114	109	106	108	(6)	(5)		—	—		222	220	2	1
Other operating expense	172	147	171	166	168	25	17		4	2		319	325	(6)	(2)
Total noninterest expense	1,394	1,378	1,343	1,335	1,319	16	1		75	6		2,772	2,633	139	5
Income before income tax expense	755	650	677	629	554	105	16		201	36		1,405	1,022	383	37
Income tax expense	168	133	149	135	118	35	26		50	42		301	213	88	41
Net income	$587	$517	$528	$494	$436	$70	14	%	$151	35	%	$1,104	$809	$295	36	%

Net income available to common stockholders	$554	$484	$489	$457	$402	$70	14	%	$152	38	%	$1,038	$742	$296	40	%

CONSOLIDATED BALANCE SHEETS (unaudited)

(dollars in millions, except par value)


PERIOD-END BALANCES	AS OF					JUNE 30, 2026 CHANGE
	June 30, 2026	Mar 31, 2026	Dec 31, 2025	Sept 30, 2025	June 30, 2025	March 31, 2026			June 30, 2025
						$	%		$	%
ASSETS
Cash and due from banks	$1,219	$1,084	$1,464	$1,254	$1,107	$135	12	%	$112	10	%
Interest-bearing cash and due from banks	11,541	11,246	11,263	10,396	7,441	295	3		4,100	55
Interest-bearing deposits in banks	1,107	830	961	694	680	277	33		427	63
Debt securities available for sale, at fair value	37,448	36,361	35,697	35,419	34,658	1,087	3		2,790	8
Debt securities held to maturity	7,638	7,800	7,933	8,124	8,293	(162)	(2)		(655)	(8)
Loans held for sale	1,458	1,537	1,198	1,334	2,093	(79)	(5)		(635)	(30)
Loans and leases	147,491	143,667	142,692	140,870	139,304	3,824	3		8,187	6
Less: Allowance for loan and lease losses	(1,969)	(1,958)	(1,943)	(1,972)	(2,008)	(11)	1		39	(2)
Net loans and leases	145,522	141,709	140,749	138,898	137,296	3,813	3		8,226	6
Premises and equipment	873	874	915	857	855	(1)	—		18	2
Bank-owned life insurance	3,470	3,464	3,441	3,422	3,408	6	—		62	2
Goodwill	8,220	8,221	8,187	8,187	8,187	(1)	—		33	—
Other intangible assets	105	112	115	123	129	(7)	(6)		(24)	(19)
Other assets	15,235	14,680	14,428	14,039	14,163	555	4		1,072	8
TOTAL ASSETS	$233,836	$227,918	$226,351	$222,747	$218,310	$5,918	3	%	$15,526	7	%
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing	$40,939	$41,672	$40,417	$39,472	$38,001	($733)	(2	%)	$2,938	8	%
Interest-bearing	144,681	142,363	142,896	140,539	137,085	2,318	2		7,596	6
Total deposits	185,620	184,035	183,313	180,011	175,086	1,585	1		10,534	6
Short-term borrowed funds	1,159	54	58	214	249	1,105	NM		910	NM
Long-term borrowed funds:
FHLB advances	5,763	2,513	2,014	14	1,542	3,250	129		4,221	NM
Senior debt	7,078	7,076	6,328	6,825	6,821	2	—		257	4
Subordinated debt and other debt	2,349	2,671	2,882	3,602	4,163	(322)	(12)		(1,814)	(44)
Total long-term borrowed funds	15,190	12,260	11,224	10,441	12,526	2,930	24		2,664	21
Other liabilities	5,684	5,397	5,439	6,252	5,215	287	5		469	9
TOTAL LIABILITIES	207,653	201,746	200,034	196,918	193,076	5,907	3		14,577	8
STOCKHOLDERS' EQUITY
Preferred stock:
$25.00 par value, 100,000,000 shares authorized for each of the periods presented	2,111	2,111	2,111	2,111	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	22,521	22,466	22,476	22,448	22,420	55	—		101	—
Retained earnings	11,987	11,631	11,345	11,056	10,783	356	3		1,204	11
Treasury stock, at cost	(8,182)	(7,955)	(7,652)	(7,526)	(7,450)	(227)	(3)		(732)	(10)
Accumulated other comprehensive income (loss)	(2,261)	(2,088)	(1,970)	(2,267)	(2,639)	(173)	(8)		378	14
TOTAL STOCKHOLDERS' EQUITY	26,183	26,172	26,317	25,829	25,234	11	—		949	4
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$233,836	$227,918	$226,351	$222,747	$218,310	$5,918	3	%	$15,526	7	%
Memo: Total tangible common equity1	$16,185	$16,165	$16,341	$15,848	$15,246	$20	—	%	$939	6	%

1 Represents a non-GAAP financial measure. For further information on this measure, refer to "Non-GAAP Financial Measures and Reconciliations."

LOANS AND DEPOSITS

(dollars in millions)


PERIOD-END BALANCES	AS OF					JUNE 30, 2026 CHANGE
	June 30, 2026	Mar 31, 2026	Dec 31, 2025	Sept 30, 2025	June 30, 2025	Mar 31, 2026			June 30, 2025
						$	%		$	%
LOANS AND LEASES
Commercial and industrial	$53,467	$50,307	$49,232	$46,953	$45,412	$3,160	6	%	$8,055	18	%
Commercial real estate	23,817	24,282	24,580	25,540	26,230	(465)	(2)		(2,413)	(9)
Total commercial	77,284	74,589	73,812	72,493	71,642	2,695	4		5,642	8
Residential mortgages	36,374	35,404	35,024	34,477	33,823	970	3		2,551	8
Home equity	20,276	19,449	19,069	18,415	17,711	827	4		2,565	14
Automobile	1,482	1,863	2,310	2,816	3,407	(381)	(20)		(1,925)	(57)
Education	8,044	8,340	8,416	8,556	8,550	(296)	(4)		(506)	(6)
Other retail	4,031	4,022	4,061	4,113	4,171	9	—		(140)	(3)
Total retail	70,207	69,078	68,880	68,377	67,662	1,129	2		2,545	4
Total loans and leases	$147,491	$143,667	$142,692	$140,870	$139,304	$3,824	3	%	$8,187	6	%
Loans held for sale	1,458	1,537	1,198	1,334	2,093	(79)	(5)		(635)	(30)
Loans and leases and loans held for sale	$148,949	$145,204	$143,890	$142,204	$141,397	$3,745	3	%	$7,552	5	%

DEPOSITS
Noninterest-bearing demand	$40,939	$41,672	$40,417	$39,472	$38,001	($733)	(2	%)	$2,938	8	%
Checking with interest	40,258	37,675	37,428	35,219	34,918	2,583	7		5,340	15
Savings	23,570	24,114	24,353	24,759	25,400	(544)	(2)		(1,830)	(7)
Money market	60,029	59,611	60,062	59,709	55,638	418	1		4,391	8
Time	20,824	20,963	21,053	20,852	21,129	(139)	(1)		(305)	(1)
Total deposits	$185,620	$184,035	$183,313	$180,011	$175,086	$1,585	1	%	$10,534	6	%


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

	QUARTERLY TRENDS												2Q26 Change
	2Q26				1Q26				2Q25				1Q26			2Q25
	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	$10,839	$103	3.78	%	$10,079	$91	3.60	%	$8,217	$92	4.40	%	$760	$12	18 bps	$2,622	$11	(62) bps
Taxable investment securities	48,087	446	3.71		46,928	424	3.62		46,537	428	3.69		1,159	22	9	1,550	18	2
Non-taxable investment securities	1	—	2.60		1	—	2.60		1	—	2.60		—	—	—	—	—	—
Total investment securities	48,088	446	3.71		46,929	424	3.62		46,538	428	3.69		1,159	22	9	1,550	18	2
Commercial and industrial	52,214	707	5.35		50,140	644	5.14		44,936	549	4.84		2,074	63	21	7,278	158	51
Commercial real estate	24,334	333	5.41		24,401	328	5.38		26,487	384	5.73		(67)	5	3	(2,153)	(51)	(32)
Total commercial	76,548	1,040	5.37		74,541	972	5.22		71,423	933	5.17		2,007	68	15	5,125	107	20
Residential mortgages	35,793	367	4.09		35,090	353	4.03		33,420	327	3.92		703	14	6	2,373	40	17
Home equity	19,876	319	6.43		19,230	307	6.47		17,324	308	7.14		646	12	(4)	2,552	11	(71)
Automobile	1,667	20	4.78		2,090	24	4.68		3,705	41	4.41		(423)	(4)	10	(2,038)	(21)	37
Education	8,183	124	6.11		8,442	127	6.08		8,660	128	5.94		(259)	(3)	3	(477)	(4)	17
Other retail	4,061	98	9.67		4,017	101	10.22		4,277	114	10.66		44	(3)	(55)	(216)	(16)	(99)
Total retail	69,580	928	5.34		68,869	912	5.34		67,386	918	5.46		711	16	—	2,194	10	(12)
Total loans and leases	146,128	1,968	5.36		143,410	1,884	5.28		138,809	1,851	5.31		2,718	84	8	7,319	117	5
Loans held for sale	1,715	26	6.04		1,511	21	5.65		2,754	36	5.29		204	5	39	(1,039)	(10)	75
Total interest-earning assets	206,770	2,543	4.90		201,929	2,420	4.81		196,318	2,407	4.89		4,841	123	9	10,452	136	1
Noninterest-earning assets	22,493				22,295				21,343				198			1,150
TOTAL ASSETS	$229,263				$224,224				$217,661				$5,039			$11,602
INTEREST-BEARING LIABILITIES
Checking with interest	$38,632	$132	1.38	%	$37,027	$122	1.33	%	$33,847	$123	1.46	%	$1,605	$10	5	$4,785	$9	(8)
Savings	23,780	64	1.06		24,095	65	1.10		25,536	85	1.34		(315)	(1)	(4)	(1,756)	(21)	(28)
Money market	60,295	374	2.49		60,141	350	2.36		54,716	376	2.75		154	24	13	5,579	(2)	(26)
Time	21,032	177	3.39		20,766	178	3.46		22,679	218	3.85		266	(1)	(7)	(1,647)	(41)	(46)
Total interest-bearing deposits	143,739	747	2.08		142,029	715	2.04		136,778	802	2.35		1,710	32	4	6,961	(55)	(27)
Short-term borrowed funds	989	9	3.43		454	4	3.74		925	9	3.96		535	5	(31)	64	—	(53)
FHLB advances	3,538	35	3.94		1,408	14	4.02		1,063	12	4.64		2,130	21	(8)	2,475	23	(70)
Senior debt	7,078	89	5.01		6,843	86	5.04		7,042	90	5.07		235	3	(3)	36	(1)	(6)
Subordinated debt and other debt	2,496	32	5.09		2,824	39	5.50		4,394	57	5.18		(328)	(7)	(41)	(1,898)	(25)	(9)
Total long-term borrowed funds	13,112	156	4.74		11,075	139	5.03		12,499	159	5.07		2,037	17	(29)	613	(3)	(33)
Total borrowed funds	14,101	165	4.65		11,529	143	4.98		13,424	168	5.00		2,572	22	(33)	677	(3)	(35)
Total interest-bearing liabilities	157,840	912	2.31		153,558	858	2.26		150,202	970	2.59		4,282	54	5	7,638	(58)	(28)
Noninterest-bearing demand deposits	39,881				39,286				37,350				595			2,531
Other noninterest-bearing liabilities	5,592				5,274				5,503				318			89
TOTAL LIABILITIES	203,313				198,118				193,055				5,195			10,258
STOCKHOLDERS' EQUITY	25,950				26,106				24,606				(156)			1,344
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$229,263				$224,224				$217,661				$5,039			$11,602
INTEREST RATE SPREAD			2.59	%			2.55	%			2.30	%			4			29
NET INTEREST INCOME AND NET INTEREST MARGIN		$1,631	3.16	%		$1,562	3.14	%		$1,437	2.94	%		$69	2		$194	22
NET INTEREST INCOME AND NET INTEREST MARGIN, FTE1		$1,634	3.17	%		$1,565	3.14	%		$1,441	2.95	%		$69	3		$193	22
Memo: Total deposits (interest-bearing and noninterest-bearing demand)	$183,620	$747	1.63	%	$181,315	$715	1.60	%	$174,128	$802	1.85	%	$2,305	$32	3 bps	$9,492	($55)	(22) 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."


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

	FOR THE SIX MONTHS ENDED JUNE 30,								2026 Change
	2026				2025				2025
	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	$10,461	$194	3.69	%	$8,155	$181	4.41	%	$2,306	$13	(72)	bps
Taxable investment securities	47,511	870	3.67		46,304	846	3.66		1,207	24	1
Non-taxable investment securities	1	—	2.60		1	—	2.60		—	—	—
Total investment securities	47,512	870	3.67		46,305	846	3.66		1,207	24	1
Commercial and industrial	51,183	1,351	5.25		44,271	1,064	4.78		6,912	287	47
Commercial real estate	24,367	661	5.39		26,749	771	5.73		(2,382)	(110)	(34)
Total commercial	75,550	2,012	5.30		71,020	1,835	5.14		4,530	177	16
Residential mortgages	35,442	720	4.06		33,147	645	3.89		2,295	75	17
Home equity	19,555	626	6.45		16,988	601	7.14		2,567	25	(69)
Automobile	1,878	44	4.73		4,047	88	4.40		(2,169)	(44)	33
Education	8,312	251	6.09		9,670	276	5.76		(1,358)	(25)	33
Other retail	4,039	199	9.94		4,385	235	10.79		(346)	(36)	(85)
Total retail	69,226	1,840	5.34		68,237	1,845	5.44		989	(5)	(10)
Total loans and leases	144,776	3,852	5.32		139,257	3,680	5.29		5,519	172	3
Loans held for sale	1,613	47	5.85		1,975	52	5.30		(362)	(5)	55
Total interest-earning assets	204,362	4,963	4.85		195,692	4,759	4.86		8,670	204	(1)
Noninterest-earning assets	22,395				21,297				1,098
TOTAL ASSETS	$226,757				$216,989				$9,768
INTEREST-BEARING LIABILITIES
Checking with interest	$37,834	$254	1.36	%	$33,273	$233	1.41	%	$4,561	$21	(5)
Savings	23,937	129	1.08		25,647	174	1.37		(1,710)	(45)	(29)
Money market	60,218	724	2.43		54,575	733	2.71		5,643	(9)	(28)
Time	20,900	355	3.42		22,977	457	4.01		(2,077)	(102)	(59)
Total interest-bearing deposits	142,889	1,462	2.06		136,472	1,597	2.36		6,417	(135)	(30)
Short-term borrowed funds	723	13	3.53		800	17	4.20		(77)	(4)	(67)
FHLB advances	2,479	49	3.96		831	19	4.62		1,648	30	(66)
Senior debt	6,961	175	5.03		7,087	176	4.96		(126)	(1)	7
Subordinated debt and other debt	2,659	71	5.31		4,660	122	5.24		(2,001)	(51)	7
Total long-term borrowed funds	12,099	295	4.87		12,578	317	5.04		(479)	(22)	(17)
Total borrowed funds	12,822	308	4.80		13,378	334	4.99		(556)	(26)	(19)
Total interest-bearing liabilities	155,711	1,770	2.29		149,850	1,931	2.59		5,861	(161)	(30)
Noninterest-bearing demand deposits	39,585				36,948				2,637
Other noninterest-bearing liabilities	5,433				5,736				(303)
TOTAL LIABILITIES	200,729				192,534				8,195
STOCKHOLDERS' EQUITY	26,028				24,455				1,573
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$226,757				$216,989				$9,768
INTEREST RATE SPREAD			2.56	%			2.27	%			29
NET INTEREST INCOME AND NET INTEREST MARGIN		$3,193	3.15	%		$2,828	2.91	%		$365	24
NET INTEREST INCOME AND NET INTEREST MARGIN, FTE1		$3,199	3.16	%		$2,836	2.92	%		$363	24
Memo: Total deposits (interest-bearing and noninterest-bearing demand)	$182,474	$1,462	1.62	%	$173,420	$1,597	1.86	%	$9,054	($135)	(24)	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."

MORTGAGE BANKING FEES SUMMARY

(dollars in millions)


	QUARTERLY TRENDS																		FOR THE SIX MONTHS ENDED JUNE 30,
											2Q26 Change												2026 Change
	2Q26		1Q26		4Q25		3Q25		2Q25		1Q26				2Q25				2026		2025		2025
											$/bps		%		$/bps		%						$/bps		%
MORTGAGE BANKING FEES
Production revenue	$15		$21		$19		$18		$19		($6)		(29	%)	($4)		(21	%)	$36		$34		$2		6	%
Mortgage servicing revenue	30		24		21		29		28		6		25		2		7		54		60		(6)		(10)
MSR valuation changes, net of hedge impact	(3)		(3)		12		2		26		—		—		(29)		NM		(6)		38		(44)		NM
Total mortgage banking fees	$42		$42		$52		$49		$73		$—		—	%	($31)		(42	%)	$84		$132		($48)		(36	%)

Pull-through adjusted locks	$2,590		$2,299		$2,486		$2,150		$2,458		$291		13	%	$132		5	%	$4,889		$4,570		$319		7	%

Production revenue as a percentage of Pull-through adjusted locks	0.58	%	0.90	%	0.78	%	0.81	%	0.78	%	(33)	bps			(21)	bps			0.73	%	0.75	%	(2)	bps

RESIDENTIAL REAL ESTATE ORIGINATIONS
Retail	$2,657		$1,944		$2,175		$2,019		$2,189		$713		37	%	$468		21	%	$4,601		$3,633		$968		27	%
Third Party	2,079		1,854		2,179		1,837		1,916		225		12		163		9		3,933		3,390		543		16
Total	$4,736		$3,798		$4,354		$3,856		$4,105		$938		25	%	$631		15	%	$8,534		$7,023		$1,511		22	%

Originated for sale	$2,676		$2,415		$2,748		$2,379		$2,486		$261		11	%	$190		8	%	$5,091		$4,402		$689		16	%
Originated for investment	2,060		1,383		1,606		1,477		1,619		677		49		441		27		3,443		2,621		822		31
Total	$4,736		$3,798		$4,354		$3,856		$4,105		$938		25	%	$631		15	%	$8,534		$7,023		$1,511		22	%

MORTGAGE SERVICING INFORMATION (UPB)
Loans serviced for others	$94,589		$94,794		$94,877		$95,244		$95,422		($205)		—	%	($833)		(1	%)	$94,589		$95,422		($833)		(1	%)
Owned loans serviced	36,975		35,888		35,599		34,760		34,284		1,087		3		2,691		8		36,975		34,284		2,691		8
Total	$131,564		$130,682		$130,476		$130,004		$129,706		$882		1	%	$1,858		1	%	$131,564		$129,706		$1,858		1	%

MSR at fair value	$1,482		$1,462		$1,455		$1,430		$1,426		$20		1	%	$56		4	%	$1,482		$1,426		$56		4	%

SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING

(dollars in millions)


	QUARTERLY TRENDS																		FOR THE SIX MONTHS ENDED JUNE 30,
CONSUMER BANKING											2Q26 Change												2026 Change
	2Q26		1Q26		4Q25		3Q25		2Q25		1Q26				2Q25				2026		2025		2025
											$/bps		%		$/bps		%						$/bps		%
Net interest income	$1,348		$1,309		$1,299		$1,262		$1,218		$39		3	%	$130		11	%	$2,657		$2,411		$246		10	%
Noninterest income	314		299		315		311		329		15		5		(15)		(5)		613		626		(13)		(2)
Total revenue	1,662		1,608		1,614		1,573		1,547		54		3		115		7		3,270		3,037		233		8
Noninterest expense	1,016		1,028		984		979		963		(12)		(1)		53		6		2,044		1,917		127		7
Profit (loss) before credit losses	646		580		630		594		584		66		11		62		11		1,226		1,120		106		9
Net charge-offs	72		71		80		81		81		1		1		(9)		(11)		143		167		(24)		(14)
Income (loss) before income tax expense (benefit)	574		509		550		513		503		65		13		71		14		1,083		953		130		14
Income tax expense (benefit)	148		131		139		130		127		17		13		21		17		279		241		38		16
Net income (loss)	$426		$378		$411		$383		$376		$48		13	%	$50		13	%	$804		$712		$92		13	%
AVERAGE BALANCES
Total assets	$85,302		$83,870		$82,552		$80,729		$78,822		$1,432		2	%	$6,480		8	%	$84,590		$78,182		$6,408		8	%
Total loans and leases1	78,550		77,089		75,980		74,274		72,402		1,461		2		6,148		8		77,824		71,732		6,092		8
Deposits	136,722		133,126		131,488		128,547		127,271		3,596		3		9,451		7		134,934		126,504		8,430		7
Interest-earning assets	79,163		77,695		76,583		74,870		72,988		1,468		2		6,175		8		78,433		72,315		6,118		8
KEY METRICS
Net interest margin	6.83	%	6.83	%	6.73	%	6.69	%	6.69	%	—	bps			14	bps			6.83	%	6.72	%	11	bps
Efficiency ratio	61.14		63.94		60.98		62.22		62.24		(280)	bps			(110)	bps			62.51		63.13		(62)	bps
Loan-to-deposit ratio (period-end balances)	58.07		56.55		57.28		57.40		57.24		152	bps			83	bps			58.07		57.24		83	bps
Loan-to-deposit ratio (average balances)	56.84		57.36		57.19		57.16		56.26		(52)	bps			58	bps			57.10		56.15		95	bps

1 Includes loans held for sale.

SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING

(dollars in millions)


	QUARTERLY TRENDS																		FOR THE SIX MONTHS ENDED JUNE 30,
COMMERCIAL BANKING											2Q26 Change												2026 Change
	2Q26		1Q26		4Q25		3Q25		2Q25		1Q26				2Q25				2026		2025		2025
											$/bps		%		$/bps		%						$/bps		%
Net interest income	$467		$456		$450		$448		$439		$11		2	%	$28		6	%	$923		$880		$43		5	%
Noninterest income	292		263		262		286		232		29		11		60		26		555		447		108		24
Total revenue	759		719		712		734		671		40		6		88		13		1,478		1,327		151		11
Noninterest expense	326		334		357		333		317		(8)		(2)		9		3		660		644		16		2
Profit (loss) before credit losses	433		385		355		401		354		48		12		79		22		818		683		135		20
Net charge-offs	63		64		70		78		84		(1)		(2)		(21)		(25)		127		161		(34)		(21)
Income (loss) before income tax expense (benefit)	370		321		285		323		270		49		15		100		37		691		522		169		32
Income tax expense (benefit)	90		78		70		75		64		12		15		26		41		168		120		48		40
Net income (loss)	$280		$243		$215		$248		$206		$37		15	%	$74		36	%	$523		$402		$121		30	%
AVERAGE BALANCES
Total assets	$69,614		$67,737		$66,750		$66,134		$66,284		$1,877		3	%	$3,330		5	%	$68,681		$65,827		$2,854		4	%
Total loans and leases1	66,421		64,574		63,356		62,905		63,057		1,847		3		3,364		5		65,502		62,749		2,753		4
Deposits	44,064		45,354		45,443		44,482		42,481		(1,290)		(3)		1,583		4		44,706		42,330		2,376		6
Interest-earning assets	67,145		65,345		64,248		63,719		63,710		1,800		3		3,435		5		66,250		63,366		2,884		5
KEY METRICS
Net interest margin	2.78	%	2.84	%	2.78	%	2.78	%	2.78	%	(6)	bps			—	bps			2.81	%	2.81	%	—	bps
Efficiency ratio	42.71		46.66		50.09		45.15		47.47		(395)	bps			(476)	bps			44.64		48.60		(396)	bps
Loan-to-deposit ratio (period-end balances)	142.67		141.03		132.96		132.70		139.59		164	bps			308	bps			142.67		139.59		308	bps
Loan-to-deposit ratio (average balances)	148.75		140.64		138.26		140.06		146.90		811	bps			185	bps			144.66		146.88		(222)	bps

1 Includes loans held for sale.

SEGMENT FINANCIAL HIGHLIGHTS - OTHER

(dollars in millions)


	QUARTERLY TRENDS											FOR THE SIX MONTHS ENDED JUNE 30,
OTHER1						2Q26 Change								2026 Change
	2Q26	1Q26	4Q25	3Q25	2Q25	1Q26			2Q25			2026	2025	2025
						$	%		$	%				$	%
Net interest income	($184)	($203)	($212)	($222)	($220)	$19	9	%	$36	16	%	($387)	($463)	$76	16	%
Noninterest income	46	44	43	33	39	2	5		7	18		90	71	19	27
Total revenue	(138)	(159)	(169)	(189)	(181)	21	13		43	24		(297)	(392)	95	24
Noninterest expense	52	16	2	23	39	36	225		13	33		68	72	(4)	(6)
Profit (loss) before provision (benefit) for credit losses	(190)	(175)	(171)	(212)	(220)	(15)	(9)		30	14		(365)	(464)	99	21
Provision (benefit) for credit losses	(1)	5	(13)	(5)	(1)	(6)	NM		—	—		4	(11)	15	NM
Income (loss) before income tax expense (benefit)	(189)	(180)	(158)	(207)	(219)	(9)	(5)		30	14		(369)	(453)	84	19
Income tax expense (benefit)	(70)	(76)	(60)	(70)	(73)	6	8		3	4		(146)	(148)	2	1
Net income (loss)	($119)	($104)	($98)	($137)	($146)	($15)	(14	%)	$27	18	%	($223)	($305)	$82	27	%
AVERAGE BALANCES
Total assets	$74,347	$72,617	$71,940	$72,254	$72,555	$1,730	2	%	$1,792	2	%	$73,486	$72,980	$506	1	%
Total loans and leases2	2,872	3,258	3,944	4,950	6,104	(386)	(12)		(3,232)	(53)		3,064	6,751	(3,687)	(55)
Deposits	2,834	2,835	2,926	2,928	4,376	(1)	—		(1,542)	(35)		2,834	4,586	(1,752)	(38)
Interest-earning assets	60,462	58,889	58,336	59,009	59,620	1,573	3		842	1		59,680	60,011	(331)	(1)

1 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.

2 Includes loans held for sale.

CREDIT-RELATED INFORMATION

(dollars in millions)


	AS OF										JUNE 30, 2026 CHANGE
	June 30, 2026		Mar 31, 2026		Dec 31, 2025		Sept 30, 2025		June 30, 2025		Mar 31, 2026				June 30, 2025
											$/bps/%		%		$/bps/%		%
NONACCRUAL LOANS AND LEASES
Commercial and industrial	$244		$188		$277		$230		$233		$56		30	%	$11		5	%
Commercial real estate	574		679		618		703		706		(105)		(15)		(132)		(19)
Total commercial	818		867		895		933		939		(49)		(6)		(121)		(13)
Residential mortgages1	220		217		196		188		198		3		1		22		11
Home equity	316		324		319		297		282		(8)		(2)		34		12
Automobile	21		23		28		31		34		(2)		(9)		(13)		(38)
Education	21		21		20		20		19		—		—		2		11
Other retail	39		45		46		49		52		(6)		(13)		(13)		(25)
Total retail	617		630		609		585		585		(13)		(2)		32		5
Total nonaccrual loans and leases	1,435		1,497		1,504		1,518		1,524		(62)		(4)		(89)		(6)
ASSET QUALITY RATIOS
Allowance for loan and lease losses to loans and leases	1.33	%	1.36	%	1.36	%	1.40	%	1.44	%	(3)	bps			(11)	bps
Allowance for credit losses to loans and leases	1.48		1.52		1.53		1.56		1.59		(4)	bps			(11)	bps
Allowance for loan and lease losses to nonaccrual loans and leases	137		131		129		130		132		6	%			5	%
Allowance for credit losses to nonaccrual loans and leases	152		146		145		145		145		6	%			7	%
Nonaccrual loans and leases to loans and leases	0.97		1.04		1.05		1.08		1.09		(7)	bps			(12)	bps

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

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)


	AS OF					JUNE 30, 2026 CHANGE
	June 30, 2026	Mar 31, 2026	Dec 31, 2025	Sept 30, 2025	June 30, 2025	Mar 31, 2026			June 30, 2025
						$/bps	%		$/bps	%
LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Commercial and industrial	$3	$1	$5	$39	$3	$2	200	%	$—	—	%
Commercial real estate	6	26	20	7	60	(20)	(77)		(54)	(90)
Total commercial	9	27	25	46	63	(18)	(67)		(54)	(86)
Residential mortgages1	172	179	141	114	128	(7)	(4)		44	34
Home equity	—	—	1	—	—	—	—		—	—
Automobile	—	—	—	—	—	—	—		—	—
Education	2	2	2	2	2	—	—		—	—
Other retail	—	—	—	—	1	—	—		(1)	(100)
Total retail	174	181	144	116	131	(7)	(4)		43	33
Total loans and leases	$183	$208	$169	$162	$194	($25)	(12	%)	($11)	(6	%)

1 90+ days past due and accruing includes $172 million, $179 million, $141 million, $114 million, and $128 million of loans fully or partially guaranteed by the FHA, VA, and USDA for June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively.

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)


	QUARTERLY TRENDS											FOR THE SIX MONTHS ENDED JUNE 30,
						2Q26 Change								2026 Change
	2Q26	1Q26	4Q25	3Q25	2Q25	1Q26			2Q25			2026	2025	2025
						$	%		$	%				$	%
CHARGE-OFFS, RECOVERIES AND RELATED RATIOS
GROSS CHARGE-OFFS
Commercial and industrial	$51	$50	$40	$33	$39	$1	2	%	$12	31	%	$101	$73	$28	38	%
Commercial real estate	25	41	42	58	54	(16)	(39)		(29)	(54)		66	105	(39)	(37)
Total commercial	76	91	82	91	93	(15)	(16)		(17)	(18)		167	178	(11)	(6)
Residential mortgages	1	1	5	1	—	—	—		1	100		2	1	1	100
Home equity	5	6	5	3	4	(1)	(17)		1	25		11	9	2	22
Automobile	8	9	12	13	14	(1)	(11)		(6)	(43)		17	34	(17)	(50)
Education	26	22	26	25	26	4	18		—	—		48	82	(34)	(41)
Other retail	50	54	57	62	64	(4)	(7)		(14)	(22)		104	131	(27)	(21)
Total retail	90	92	105	104	108	(2)	(2)		(18)	(17)		182	257	(75)	(29)
Total gross charge-offs	$166	$183	$187	$195	$201	($17)	(9	%)	($35)	(17	%)	$349	$435	($86)	(20	%)
GROSS RECOVERIES
Commercial and industrial	$2	$15	$6	$3	$—	($13)	(87	%)	$2	100	%	$17	$4	$13	NM
Commercial real estate	3	3	1	3	1	—	—		2	200		6	1	5	NM
Total commercial	5	18	7	6	1	(13)	(72)		4	NM		23	5	18	NM
Residential mortgages	1	3	—	1	—	(2)	(67)		1	100		4	1	3	NM
Home equity	5	4	5	6	6	1	25		(1)	(17)		9	11	(2)	(18)
Automobile	7	7	9	9	11	—	—		(4)	(36)		14	23	(9)	(39)
Education	6	6	6	5	8	—	—		(2)	(25)		12	13	(1)	(8)
Other retail	7	7	5	6	8	—	—		(1)	(13)		14	15	(1)	(7)
Total retail	26	27	25	27	33	(1)	(4)		(7)	(21)		53	63	(10)	(16)
Total gross recoveries	$31	$45	$32	$33	$34	($14)	(31	%)	($3)	(9	%)	$76	$68	$8	12	%
NET CHARGE-OFFS (RECOVERIES)
Commercial and industrial	$49	$35	$34	$30	$39	$14	40	%	$10	26	%	$84	$69	$15	22	%
Commercial real estate	22	38	41	55	53	(16)	(42)		(31)	(58)		60	104	(44)	(42)
Total commercial	71	73	75	85	92	(2)	(3)		(21)	(23)		144	173	(29)	(17)
Residential mortgages	—	(2)	5	—	—	2	100		—	—		(2)	—	(2)	—
Home equity	—	2	—	(3)	(2)	(2)	(100)		2	100		2	(2)	4	NM
Automobile	1	2	3	4	3	(1)	(50)		(2)	(67)		3	11	(8)	(73)
Education	20	16	20	20	18	4	25		2	11		36	69	(33)	(48)
Other retail	43	47	52	56	56	(4)	(9)		(13)	(23)		90	116	(26)	(22)
Total retail	64	65	80	77	75	(1)	(2)		(11)	(15)		129	194	(65)	(34)
Total net charge-offs	$135	$138	$155	$162	$167	($3)	(2	%)	($32)	(19	%)	$273	$367	($94)	(26	%)

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)


	QUARTERLY TRENDS																		FOR THE SIX MONTHS ENDED JUNE 30,
											2Q26 Change												2026 Change
	2Q26		1Q26		4Q25		3Q25		2Q25		1Q26				2Q25				2026		2025		2025
											$/bps		%		$/bps		%						$/bps		%
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES
Commercial and industrial	0.38	%	0.28	%	0.28	%	0.26	%	0.35	%	10	bps			3	bps			0.33	%	0.31	%	2	bps
Commercial real estate	0.36		0.64		0.64		0.85		0.80		(28)				(44)				0.50		0.79		(29)
Total commercial	0.37		0.40		0.40		0.47		0.51		(3)				(14)				0.39		0.49		(10)
Residential mortgages	0.01		(0.02)		0.05		—		—		3				1				(0.01)		—		(1)
Home equity	0.01		0.04		—		(0.06)		(0.05)		(3)				6				0.03		(0.03)		6
Automobile	0.19		0.35		0.60		0.43		0.36		(16)				(17)				0.28		0.56		(28)
Education	0.94		0.80		0.94		0.92		0.86		14				8				0.87		1.44		(57)
Other retail	4.22		4.74		5.02		5.45		5.23		(52)				(101)				4.48		5.35		(87)
Total retail	0.37		0.38		0.46		0.45		0.45		(1)				(8)				0.38		0.57		(19)
Total loans and leases	0.37	%	0.39	%	0.43	%	0.46	%	0.48	%	(2)	bps			(11)	bps			0.38	%	0.53	%	(15)	bps
Memo: Average loans
Commercial and industrial	$52,214		$50,140		$48,108		$46,351		$44,936		$2,074		4	%	$7,278		16	%	$51,183		$44,271		$6,912		16	%
Commercial real estate	24,334		24,401		25,043		25,799		26,487		(67)		—		(2,153)		(8)		24,367		26,749		(2,382)		(9)
Total commercial	76,548		74,541		73,151		72,150		71,423		2,007		3		5,125		7		75,550		71,020		4,530		6
Residential mortgages	35,793		35,090		34,752		34,134		33,420		703		2		2,373		7		35,442		33,147		2,295		7
Home equity	19,876		19,230		18,754		18,027		17,324		646		3		2,552		15		19,555		16,988		2,567		15
Automobile	1,667		2,090		2,557		3,096		3,705		(423)		(20)		(2,038)		(55)		1,878		4,047		(2,169)		(54)
Education	8,183		8,442		8,469		8,513		8,660		(259)		(3)		(477)		(6)		8,312		9,670		(1,358)		(14)
Other retail	4,061		4,017		4,074		4,091		4,277		44		1		(216)		(5)		4,039		4,385		(346)		(8)
Total retail	69,580		68,869		68,606		67,861		67,386		711		1		2,194		3		69,226		68,237		989		1
Total loans and leases	$146,128		$143,410		$141,757		$140,011		$138,809		$2,718		2	%	$7,319		5	%	$144,776		$139,257		$5,519		4	%

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)


	QUARTERLY TRENDS											FOR THE SIX MONTHS ENDED JUNE 30,
						2Q26 Change								2026 Change
	2Q26	1Q26	4Q25	3Q25	2Q25	1Q26			2Q25			2026	2025	2025
						$	%		$	%				$	%
SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES
Allowance for loan and lease losses - beginning	$1,958	$1,943	$1,972	$2,008	$2,014	$15	1	%	($56)	(3	%)	$1,943	$2,061	($118)	(6	%)









Charge-offs:
Commercial	76	91	82	91	93	(15)	(16)		(17)	(18)		167	178	(11)	(6)
Retail	90	92	105	104	108	(2)	(2)		(18)	(17)		182	257	(75)	(29)
Total charge-offs	166	183	187	195	201	(17)	(9)		(35)	(17)		349	435	(86)	(20)
Recoveries:
Commercial	5	18	7	6	1	(13)	(72)		4	NM		23	5	18	NM
Retail	26	27	25	27	33	(1)	(4)		(7)	(21)		53	63	(10)	(16)
Total recoveries	31	45	32	33	34	(14)	(31)		(3)	(9)		76	68	8	12
Net charge-offs	135	138	155	162	167	(3)	(2)		(32)	(19)		273	367	(94)	(26)
Provision (benefit) for loan and lease losses:
Commercial	72	130	50	62	50	(58)	(45)		22	44		202	139	63	45
Retail	74	23	76	64	111	51	222		(37)	(33)		97	175	(78)	(45)
Total provision (benefit) for loan and lease losses	146	153	126	126	161	(7)	(5)		(15)	(9)		299	314	(15)	(5)
Allowance for loan and lease losses - ending	$1,969	$1,958	$1,943	$1,972	$2,008	$11	1	%	($39)	(2	%)	$1,969	$2,008	($39)	(2	%)

Allowance for unfunded lending commitments - beginning	$227	$240	$229	$201	$198	($13)	(5	%)	$29	15	%	$240	$198	$42	21	%


Provision (benefit) for unfunded lending commitments	(12)	(13)	11	28	3	1	8	%	(15)	NM		(25)	3	(28)	NM
Allowance for unfunded lending commitments - ending	$215	$227	$240	$229	$201	($12)	(5	%)	$14	7	%	$215	$201	$14	7	%
Total allowance for credit losses - ending	$2,184	$2,185	$2,183	$2,201	$2,209	($1)	—	%	($25)	(1	%)	$2,184	$2,209	($25)	(1	%)

Memo: Total allowance for credit losses by product
Commercial	$1,293	$1,304	$1,252	$1,265	$1,269	($11)	(1	%)	$24	2	%	$1,293	$1,269	$24	2	%
Retail	891	881	931	936	940	10	1		(49)	(5)		891	940	(49)	(5)
Total allowance for credit losses	$2,184	$2,185	$2,183	$2,201	$2,209	($1)	—	%	($25)	(1	%)	$2,184	$2,209	($25)	(1	%)

CAPITAL AND RATIOS

(dollars in millions)


	AS OF																FOR THE SIX MONTHS ENDED JUNE 30,
											JUNE 30, 2026 CHANGE								2026 Change
	June 30, 2026		Mar 31, 2026		Dec 31, 2025		Sept 30, 2025		June 30, 2025		Mar 31, 2026			June 30, 2025			2026	2025	2025
											$	%		$	%				$	%
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY)
CET1 capital	$18,364		$18,178		$18,240		$18,046		$17,812		$186	1	%	$552	3	%
Tier 1 capital	20,475		20,289		20,351		20,157		19,925		186	1		550	3
Total capital	23,933		23,751		23,654		23,455		23,221		182	1		712	3
Risk-weighted assets	176,336		173,268		171,493		168,932		168,017		3,068	2		8,319	5
Adjusted average assets1	223,517		218,192		215,321		213,536		212,450		5,325	2		11,067	5
CET1 capital ratio	10.4	%	10.5	%	10.6	%	10.7	%	10.6	%
Tier 1 capital ratio	11.6		11.7		11.9		11.9		11.9
Total capital ratio	13.6		13.7		13.8		13.9		13.8
Tier 1 leverage ratio	9.2		9.3		9.5		9.4		9.4
TANGIBLE COMMON EQUITY (PERIOD-END)
Common stockholders' equity	$24,072		$24,061		$24,206		$23,718		$23,121		$11	—	%	$951	4	%	$24,072	$23,121	$951	4	%
Less: Goodwill	8,220		8,221		8,187		8,187		8,187		(1)	—		33	—		8,220	8,187	33	—
Less: Other intangible assets	105		112		115		123		128		(7)	(6)		(23)	(18)		105	128	(23)	(18)
Add: Deferred tax liabilities2	438		437		437		440		440		1	—		(2)	—		438	440	(2)	—
Total tangible common equity3	$16,185		$16,165		$16,341		$15,848		$15,246		$20	—	%	$939	6	%	$16,185	$15,246	$939	6	%
TANGIBLE COMMON EQUITY (AVERAGE)
Common stockholders' equity	$23,839		$23,995		$23,823		$23,288		$22,494		($156)	(1	%)	$1,345	6	%	$23,917	$22,342	$1,575	7	%
Less: Goodwill	8,221		8,198		8,187		8,187		8,187		23	—		34	—		8,209	8,187	22	—
Less: Other intangible assets	109		114		120		126		134		(5)	(4)		(25)	(19)		111	138	(27)	(20)
Add: Deferred tax liabilities2	438		437		440		440		438		1	—		—	—		437	438	(1)	—
Total tangible common equity3	$15,947		$16,120		$15,956		$15,415		$14,611		($173)	(1	%)	$1,336	9	%	$16,034	$14,455	$1,579	11	%
INTANGIBLE ASSETS (PERIOD-END)
Goodwill	$8,220		$8,221		$8,187		$8,187		$8,187		($1)	—	%	$33	—	%	$8,220	$8,187	$33	—	%
Other intangible assets	105		112		115		123		128		(7)	(6)		(23)	(18)		105	128	(23)	(18)
Total intangible assets	$8,325		$8,333		$8,302		$8,310		$8,315		($8)	—	%	$10	—	%	$8,325	$8,315	$10	—	%

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."

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

(dollars in millions, except per share data)

Non-GAAP Financial Measures

This document contains non-GAAP financial measures that we believe provide useful information to investors to understand our results of operations or financial condition. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP financial 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. The following tables present reconciliations of our non-GAAP financial measures to the most directly comparable GAAP financial measures.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)


		QUARTERLY TRENDS																		FOR THE SIX MONTHS ENDED JUNE 30,
												2Q26 Change												2026 Change
		2Q26		1Q26		4Q25		3Q25		2Q25		1Q26				2Q25				2026		2025		2025
												$		%		$		%						$		%
Pre-provision profit:
Total revenue (GAAP)	A	$2,283		$2,168		$2,157		$2,118		$2,037		$115		5	%	$246		12	%	$4,451		$3,972		$479		12	%
Less: Noninterest expense (GAAP)	B	1,394		1,378		1,343		1,335		1,319		16		1		75		6		2,772		2,633		139		5
Pre-provision profit (non-GAAP)		$889		$790		$814		$783		$718		$99		13	%	$171		24	%	$1,679		$1,339		$340		25	%
Book value per common share and tangible book value per common share:
Common shares - at period-end (GAAP)	C	422,677,660		426,023,578		429,242,174		431,453,142		432,768,811		(3,345,918)		(1	%)	(10,091,151)		(2	%)	422,677,660		432,768,811		(10,091,151)		(2	%)
Common stockholders' equity (GAAP)	D	$24,072		$24,061		$24,206		$23,718		$23,121		$11		—		$951		4		$24,072		$23,121		$951		4
Less: Goodwill (GAAP)		8,220		8,221		8,187		8,187		8,187		(1)		—		33		—		8,220		8,187		33		—
Less: Other intangible assets (GAAP)		105		112		115		123		128		(7)		(6)		(23)		(18)		105		128		(23)		(18)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)		438		437		437		440		440		1		—		(2)		—		438		440		(2)		—
Tangible common equity (non-GAAP)	E	$16,185		$16,165		$16,341		$15,848		$15,246		$20		—	%	$939		6	%	$16,185		$15,246		$939		6	%
Book value per common share (GAAP)	D/C	$56.95		$56.48		$56.39		$54.97		$53.43		$0.47		1	%	$3.52		7	%	$56.95		$53.43		$3.52		7	%
Tangible book value per common share (non-GAAP)	E/C	38.29		37.94		38.07		36.73		35.23		0.35		1		3.06		9		38.29		35.23		3.06		9
Net interest income and net interest margin on an FTE basis:
Net interest income (annualized) (GAAP)	F	$6,542		$6,337		$6,098		$5,902		$5,770		$205		3	%	$772		13	%	$6,440		$5,704		$736		13	%
Average interest-earning assets (GAAP)	G	206,770		201,929		199,167		197,598		196,318		4,841		2		10,452		5		204,362		195,692		8,670		4
Net interest margin (GAAP)	F/G	3.16	%	3.14	%	3.06	%	2.99	%	2.94	%	2	bps			22	bps			3.15	%	2.91	%	24	bps
Net interest income (GAAP)		$1,631		$1,562		$1,537		$1,488		$1,437		$69		4	%	$194		14	%	$3,193		$2,828		$365		13	%
FTE adjustment		3		3		4		4		4		—		—		(1)		(25)		6		8		(2)		(25)
Net interest income on an FTE basis (non-GAAP)		1,634		1,565		1,541		1,492		1,441		69		4		193		13		3,199		2,836		363		13
Net interest income on an FTE basis (annualized) (non-GAAP)	H	6,555		6,350		6,112		5,919		5,786		204		3		769		13		6,453		5,720		733		13
Net interest margin on an FTE basis (non-GAAP)	H/G	3.17	%	3.14	%	3.07	%	3.00	%	2.95	%	3	bps			22	bps			3.16	%	2.92	%	24	bps
Return on average common equity and return on average tangible common equity:
Net income available to common stockholders (GAAP)	I	$554		$484		$489		$457		$402		$70		14	%	$152		38	%	$1,038		$742		$296		40	%
Average common equity (GAAP)	J	$23,839		$23,995		$23,823		$23,288		$22,494		($156)		(1)		$1,345		6		$23,917		$22,342		$1,575		7
Less: Average goodwill (GAAP)		8,221		8,198		8,187		8,187		8,187		23		—		34		—		8,209		8,187		22		—
Less: Average other intangibles (GAAP)		109		114		120		126		134		(5)		(4)		(25)		(19)		111		138		(27)		(20)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		438		437		440		440		438		1		—		—		—		437		438		(1)		—
Average tangible common equity (non-GAAP)	K	$15,947		$16,120		$15,956		$15,415		$14,611		($173)		(1	%)	$1,336		9	%	$16,034		$14,455		$1,579		11	%
Return on average common equity (GAAP)	I/J	9.31	%	8.19	%	8.16	%	7.77	%	7.18	%	112	bps			213	bps			8.75	%	6.70	%	205	bps
Return on average tangible common equity (non-GAAP)	I/K	13.91	%	12.19	%	12.18	%	11.75	%	11.05	%	172	bps			286	bps			13.05	%	10.35	%	270	bps

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)


		QUARTERLY TRENDS																		FOR THE SIX MONTHS ENDED JUNE 30,
												2Q26 Change												2026 Change
		2Q26		1Q26		4Q25		3Q25		2Q25		1Q26				2Q25				2026		2025		2025
												$/bps		%		$/bps		%						$/bps		%
Return on average total assets and return on average total tangible assets:
Net income (GAAP)	L	$587		$517		$528		$494		$436		$70		14	%	$151		35	%	$1,104		$809		$295		36	%
Average total assets (GAAP)	M	$229,263		$224,224		$221,242		$219,117		$217,661		$5,039		2		$11,602		5		$226,757		$216,989		$9,768		5
Less: Average goodwill (GAAP)		8,221		8,198		8,187		8,187		8,187		23		—		34		—		8,209		8,187		22		—
Less: Average other intangibles (GAAP)		109		114		120		126		134		(5)		(4)		(25)		(19)		111		138		(27)		(20)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		438		437		440		440		438		1		—		—		—		437		438		(1)		—
Average tangible assets (non-GAAP)	N	$221,371		$216,349		$213,375		$211,244		$209,778		$5,022		2	%	$11,593		6	%	$218,874		$209,102		$9,772		5	%
Return on average total assets (GAAP)	L/M	1.03	%	0.94	%	0.95	%	0.90	%	0.80	%	9	bps			23	bps			0.98	%	0.75	%	23	bps
Return on average total tangible assets (non-GAAP)	L/N	1.06	%	0.97	%	0.98	%	0.93	%	0.83	%	9	bps			23	bps			1.02	%	0.78	%	24	bps
Common equity ratio and tangible common equity ratio:
Total assets (GAAP)	O	$233,836		$227,918		$226,351		$222,747		$218,310		$5,918		3	%	$15,526		7	%	$233,836		$218,310		$15,526		7	%
Less: Goodwill (GAAP)		8,220		8,221		8,187		8,187		8,187		(1)		—		33		—		8,220		8,187		33		—
Less: Other intangible assets (GAAP)		105		112		115		123		128		(7)		(6)		(23)		(18)		105		128		(23)		(18)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)		438		437		437		440		440		1		—		(2)		—		438		440		(2)		—
Tangible assets (non-GAAP)	P	$225,949		$220,022		$218,486		$214,877		$210,435		$5,927		3	%	$15,514		7	%	$225,949		$210,435		$15,514		7	%
Common equity ratio (GAAP)	D/O	10.3	%	10.6	%	10.7	%	10.6	%	10.6	%	(27) bps				(30) bps				10.3	%	10.6	%	(30) bps
Tangible common equity ratio (non-GAAP)	E/P	7.2		7.3		7.5		7.4		7.2		(10) bps				(4) bps				7.2		7.2		(4) bps