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Citizens Financial (NYSE: CFG) lifts Q2 earnings and launches Series J preferred plan

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Citizens Financial Group reported strong second-quarter 2026 results, with diluted EPS of $1.30 and net income of $587 million, up 41% and 35% year over year, respectively. Total revenue was $2.28 billion, up 12%, driven by 14% higher net interest income and 9% higher noninterest income.

Pre-provision profit reached $889 million, up 24% year over year, while net interest margin on a fully taxable-equivalent basis improved to 3.17%. Period-end loans grew to $147.5 billion and deposits to $185.6 billion. Credit quality remained favorable, with net charge-offs at 0.37% and nonaccrual loans at 0.97% of loans.

The company maintained solid capital and shareholder returns, with a CET1 ratio of 10.4%, tangible book value per share of $38.29, total capital returned to shareholders of $422 million, and a quarterly common dividend of $0.46 per share. Citizens also launched a proposed public offering of Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series J, and intends, if the offering prices and closes, to use net proceeds to redeem some or all of its 4.000% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, on October 6, 2026, subject to market conditions and other considerations.

Positive

  • Net income increased 35% year over year to $587 million, with diluted EPS up 41% to $1.30 and pre-provision profit up 24%, supported by double-digit growth in both net interest and noninterest income.
  • Credit quality improved, with the net charge-off ratio down to 0.37% and nonaccrual loans at 0.97% of loans, while the allowance for credit losses covered 1.48% of loans and 152% of nonaccruals.

Negative

  • None.

Filing Explained

The proposed preferred-stock replacement remains unpriced and conditional, with no committed Series G redemption amount or timing.

Form 8-K reports specified material events, and Citizens reports that it has launched a proposed offering of new Series J preferred stock. Pricing has not occurred, so the offering is not yet a completed sale; if it prices and closes, the company intends to use net proceeds to redeem some or all Series G preferred stock on October 6, 2026.

Because the disclosed security is preferred stock rather than common stock, the filing describes a potential change in preferred-capital structure rather than a stated common-share issuance. The filing says there is no assurance that the offering will price or close, or that any Series G redemption will occur.

The redemption amount and timing are also not committed: they remain subject to the offering’s closing and the company’s later decision. The preliminary prospectus supplement describes the offering, but the filing says it does not constitute an offer to sell Series J preferred stock.

The specified resolution path is a later press release or 8-K and redemption notice after any offering closing.

Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Total revenue $2,283 million Second quarter 2026 total revenue
Net income $587 million Net income for the quarter ended June 30, 2026
Diluted EPS $1.30 Diluted earnings per share in Q2 2026
Net interest margin, FTE 3.17 % Q2 2026 net interest margin on a fully taxable-equivalent basis
CET1 capital ratio 10.4 % Common equity tier 1 capital ratio as of June 30, 2026
Period-end loans and leases $147.5 billion Loans and leases outstanding at June 30, 2026
Period-end deposits $185.6 billion Deposits outstanding at June 30, 2026
Quarterly common dividend $0.46 per share Common stock dividend declared for Q2 2026
pre-provision profit financial
"PPNR of 889 million, up 13% QoQ, up 24% YoY"
net interest margin financial
"Net interest margin of 3.17% increased 3 basis points"
Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.
CET1 capital ratio financial
"Common equity tier 1 capital ratio 10.4%"
The CET1 capital ratio measures a bank’s core equity (common shares and retained earnings) as a share of its assets after those assets are adjusted for how risky they are. It shows how big a financial cushion the bank has to absorb losses without needing outside help, so investors use it like a fuel gauge: higher ratios mean more protection against bad loans or market shocks and lower chances of forced capital raises or regulatory action.
tangible book value per common share financial
"Tangible book value per common share of $38.29"
A per-share measure of the company’s tangible net asset value available to common shareholders after removing intangible items (like goodwill, brand value, and patents) and any preferred shareholder claims. Think of it as the amount each common share would get if the company sold only its physical and financial assets and settled priority claims. Investors use it as a conservative baseline to judge whether a stock is cheaply priced relative to the company’s hard-asset backing.
Nonaccrual loans and leases financial
"Nonaccrual loans and leases to loans and leases 0.97%"

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did Citizens Financial Group (CFG) perform in Q2 2026?
Citizens Financial Group reported Q2 2026 net income of $587 million and diluted EPS of $1.30, up 35% and 41% year over year. Total revenue was $2.28 billion, driven by higher net interest income and fee growth across capital markets and wealth businesses.

What were Citizens Financial Group (CFG)'s key credit quality metrics in Q2 2026?
CFG reported a net charge-off ratio of 0.37% and nonaccrual loans at 0.97% of loans in Q2 2026. The allowance for credit losses was 1.48% of loans and covered 152% of nonaccrual loans and leases, reflecting continued favorable credit trends.

What capital and liquidity ratios did Citizens Financial Group (CFG) report for Q2 2026?
As of June 30, 2026, CFG reported a CET1 capital ratio of 10.4%, a total capital ratio of 13.6%, a tangible common equity ratio of 7.2%, and a spot loan-to-deposit ratio of 79.5%, indicating solid capital and liquidity positions.

What dividend did Citizens Financial Group (CFG) declare for common shareholders?
Citizens’ board declared a quarterly common 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, continuing the company’s capital return program.

What is Citizens Financial Group (CFG)'s proposed Series J preferred stock offering?
CFG announced a proposed public offering of Series J Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock. If the offering prices and closes, the company intends to use net proceeds to redeem some or all of its 4.000% Series G preferred, subject to market conditions.

How did Citizens Financial Group (CFG)'s loans and deposits change in Q2 2026?
At June 30, 2026, period-end loans and leases were $147.5 billion, up 3% quarter over quarter, and deposits were $185.6 billion, up 1%. Growth was led by commercial and Private Bank lending and by Private Bank and commercial deposits.

How much capital did Citizens Financial Group (CFG) return to shareholders in Q2 2026?
CFG returned $422 million to shareholders in Q2 2026. This included $197 million of common dividends and $225 million of common share repurchases, following higher repurchase activity earlier in the year.
CITIZENS FINANCIAL GROUP INC/RI0000759944false00007599442026-07-212026-07-210000759944us-gaap:CommonStockMember2026-07-212026-07-210000759944us-gaap:SeriesEPreferredStockMember2026-07-212026-07-210000759944us-gaap:SeriesHPreferredStockMember2026-07-212026-07-210000759944cfg:SeriesIPreferredStockMember2026-07-212026-07-21


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): July 21, 2026

citizenslogoa05.jpg
 (Exact name of the registrant as specified in its charter)
Delaware001-3663605-0412693
(State or Other Jurisdiction of
Incorporation)		(Commission File Number)(I.R.S. Employer
Identification Number)
One Citizens Plaza
Providence,RI02903
(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 classTrading symbol(s)Name of each exchange on which registered
Common stock, $0.01 par value per shareCFGNew 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 ECFG PrENew 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 HCFG PrHNew 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 ICFG PrINew 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 NumberDescription
(d)Exhibit 99.1  
Citizens Financial Group, Inc. earnings results for second quarter 2026
Exhibit 99.2  
Citizens Financial Group, Inc. financial supplement for second quarter 2026
Exhibit 104Cover 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




Exhibit 99.1


Key Financial Data2Q261Q262Q25
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 $2,037 
Pre-provision profit889 790 718 
Provision for credit losses134 140 164 
Net income587 517 436 
Balance Sheet
&
Credit Quality		($s in billions)
Period-end loans and leases$147.5 $143.7 $139.3 
Average loans and leases146.1 143.4 138.8 
Period-end deposits185.6 184.0 175.1 
Average deposits183.6 181.3 174.1 
Loan-to-deposit ratio (spot)79.5 %78.1 %79.6 %
NCO ratio0.37 %0.39 %0.48 %
Financial MetricsDiluted EPS$1.30 $1.13 $0.92 
ROTCE13.9 %12.2 %11.0 %
Net interest margin, FTE3.17 3.14 2.95 
Efficiency ratio61.1 63.6 64.8 
CET110.4 %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
($s in millions, except per share data)2Q261Q262Q251Q262Q25
Earnings$/bps/%%$/bps/%%
Net interest income$1,631 $1,562 $1,437 $69 4  %$194 14  %
Noninterest income652 606 600 46 8 52 9 
Total revenue2,283 2,168 2,037 115 5 246 12 
Noninterest expense1,394 1,378 1,319 16 1 75 6 
Pre-provision profit889 790 718 99 13 171 24 
Provision for credit losses134 140 164 (6)(4)(30)(18)
Net income587 517 436 70 14 151 35 
Preferred dividends/other33 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 share1.30 1.13 0.92 0.17 150.38 41 
Performance metrics
Net interest margin3.16 %3.14 %2.94 %2  bps22  bps
Net interest margin, FTE3.17 3.14 2.95 3 22 
Effective income tax rate22.3 20.5 21.4 183 92 
Efficiency ratio61.1 63.6 64.8 (247)(368)
Return on average tangible common equity13.9 12.2 11.0 172 286 
Return on average total tangible assets1.06 %0.97 %0.83 %9  bps23  bps
Capital adequacy(2,3)
Common equity tier 1 capital ratio10.4 %10.5 %10.6 %
Total capital ratio13.6 13.7 13.8 
Tier 1 leverage ratio9.2 9.3 9.4 
Tangible common equity ratio7.2 7.3 7.2 
Allowance for credit losses to loans and leases1.48 %1.52 %1.59 %(4) bps(11) bps
Asset quality(3)
Nonaccrual loans and leases to loans and leases0.97 %1.04 %1.09 %(7) bps(12) bps
Allowance for credit losses to nonaccrual loans and leases152 146 145 6 %7 %
Net charge-offs as a % of average loans and leases0.37 %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.

2
Citizens Financial Group, Inc.
Consolidated balance sheet summary(1):
 2Q26 change from
($s in millions)2Q261Q262Q251Q262Q25
$/bps%$/bps%
Total assets$233,836 $227,918 $218,310 $5,918 3  %$15,526 7  %
Total loans and leases147,491 143,667 139,304 3,824 3 8,187 6 
Total loans held for sale1,458 1,537 2,093 (79)(5)(635)(30)
Deposits185,620 184,035 175,086 1,585 1 10,534 6 
Stockholders' equity26,183 26,172 25,234 11 — 949 4 
Stockholders' common equity24,072 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.






























3
Citizens Financial Group, Inc.
Discussion of results:
Net interest income 2Q26 change from
($s in millions)2Q261Q262Q251Q262Q25
$/bps%$/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 securities446 424 428 22 5 18 4 
Interest-bearing deposits in banks103 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 funds9 4 9 5 125 — — 
Long-term borrowed funds156 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, FTE3.17  %3.14  %2.95  %3  bps22  bps
Second quarter 2026vs.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 2026vs.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.




4
Citizens Financial Group, Inc.
Noninterest Income 2Q26 change from
($s in millions)2Q261Q262Q251Q262Q25
$%$%
Service charges and fees$117 $112 $111 $5 4  %$6 5  %
Capital markets fees153 134 105 19 14 48 46 
Wealth fees102 100 88 2 2 14 16 
Card fees89 83 90 6 7 (1)(1)
Mortgage banking fees42 42 73 — — (31)(42)
Foreign exchange and derivative products47 44 41 3 7 6 15 
Letter of credit and loan fees52 50 45 2 4 7 16 
Securities gains, net
6 7 5 (1)(14)1 20
Other income(1)
44 34 42 10 292 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 2026vs.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 2026vs.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.



5
Citizens Financial Group, Inc.
Noninterest Expense 2Q26 change from
($s in millions)2Q261Q262Q251Q262Q25
$%$%
Salaries and employee benefits$745 $758 $681 $(13)(2)%$64 9 %
Equipment and software195 197 193 (2)(1)2 1 
Outside services174 162 169 12 7 5 3 
Occupancy108 114 108 (6)(5)— — 
Other operating expense172 147 168 25 17 4 2 
Noninterest expense$1,394 $1,378 $1,319 $16 1 %$75 6 %
Second quarter 2026vs.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 2026vs.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 $4 million, reflecting the impact of various sundry items.
The effective tax rate was 22.3% in second quarter 2026 compared with 21.4% in second quarter 2025.
6
Citizens Financial Group, Inc.
Interest-earning assets 2Q26 change from
($s in millions)2Q261Q262Q251Q262Q25
Period-end interest-earning assets$%$%
Investments$46,345 $45,218 $43,899 $1,127 2  %$2,446 6  %
Interest-bearing deposits in banks12,648 12,076 8,121 572 5 4,527 56 
Commercial loans and leases77,284 74,589 71,642 2,695 4 5,642 8 
Retail loans70,207 69,078 67,662 1,129 2 2,545 4 
Total loans and leases147,491 143,667 139,304 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 sale148,949 145,204 141,397 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 banks10,839 10,079 8,217 760 8 2,622 32 
Commercial loans and leases76,548 74,541 71,423 2,007 3 5,125 7 
Retail loans69,580 68,869 67,386 711 1 2,194 3 
Total loans and leases146,128 143,410 138,809 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 sale147,843 144,921 141,563 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 2026vs.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 2026vs.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 $1.6 billion increase in investments in securities.
7
Citizens Financial Group, Inc.
Deposits 2Q26 change from
($s in millions)2Q261Q262Q251Q262Q25
Period-end deposits$%$%
Noninterest-bearing demand
$40,939 $41,672 $38,001 $(733)(2) %$2,938 8  %
Checking with interest40,258 37,675 34,918 2,583 75,340 15
Savings23,570 24,114 25,400 (544)(2)(1,830)(7)
Money market60,029 59,611 55,638 418 14,391 8
Time20,824 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 interest38,632 37,027 33,847 1,605 44,785 14
Savings23,780 24,095 25,536 (315)(1)(1,756)(7)
Money market60,295 60,141 54,716 154 —5,579 10
Time21,032 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 2026vs.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 2026vs.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 $183.6 billion were up 5%.
8
Citizens Financial Group, Inc.
Borrowed Funds 2Q26 change from
($s in millions)2Q261Q262Q251Q262Q25
Period-end borrowed funds$%$%
Short-term borrowed funds$1,159 $54 $249 $1,105 NM$910 NM
Long-term borrowed funds
FHLB advances5,763 2,513 1,542 3,250 1294,221 NM
Senior debt7,078 7,076 6,821 2 —257 4
Subordinated debt and other debt1,421 1,419 1,752 2 —(331)(19)
Auto collateralized borrowings928 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 advances3,538 1,408 1,063 2,130 151 %2,475 233
Senior debt7,078 6,843 7,042 235 336 1
Subordinated debt and other debt1,419 1,415 1,759 4 —(340)(19)
Auto collateralized borrowings1,077 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 2026vs.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 2026vs.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 $677 million, given the increase in FHLB advances, largely offset by the decrease in auto collateralized borrowings.
9
Citizens Financial Group, Inc.
Capital 2Q26 change from
($s and shares in millions, except per share data)2Q261Q262Q251Q262Q25
Period-end capital$%$%
Stockholders' equity$26,183 $26,172 $25,234 $11 —  %$949 4  %
Stockholders' common equity24,072 24,061 23,121 11 —951 4
Tangible common equity16,185 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 period422.7 426.0 432.8 (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 ratio7.2 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 $200 million in second quarter 2025.
10
Citizens Financial Group, Inc.
Credit quality review 2Q26 change from
($s in millions)2Q261Q262Q251Q262Q25
$/bps/%%$/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-offs135 138 167 (3)(2)(32)(19)
Provision for credit losses134 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 leases0.97  %1.04  %1.09  %(7) bps(12) bps
Net charge-offs as a % of total loans and leases0.37 0.39 0.48 (2)(11)
Allowance for credit losses to loans and leases1.48 1.52 1.59 (4)(11)
Allowance for credit losses to nonaccrual loans and leases152  %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 2026vs.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 2026vs.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.
11
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.
12
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.


13
Citizens Financial Group, Inc.


Non-GAAP financial measures and reconciliations
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
2Q26 Change
2Q261Q262Q251Q262Q25
$/bps%$/bps%
Pre-provision profit:
Total revenue (GAAP)A$2,283 $2,168 $2,037 $1155%$246 12%
Less: Noninterest expense (GAAP)B1,394 1,378 1,319 161 75 6 
Pre-provision profit (non-GAAP)$889 $790 $718 $9913%$171 24%
Operating leverage:
Total revenue (GAAP)A$2,283 $2,168 $2,037 $115 5.25%$246 12.01%
Less: Noninterest expense (GAAP)B1,394 1,378 1,319 16 1.15 75 5.64 
Operating leverage4.10%6.37%
Efficiency ratio:
Efficiency ratio B/A61.08%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)C422,677,660 426,023,578 432,768,811 (3,345,918)(1%)(10,091,151)(2%)
Common stockholders' equity (GAAP)D$24,072 $24,061 $23,121 $11— $9514 
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—%$9396%
Book value per common share (GAAP)D/C$56.95 $56.48 $53.43 $0.471%$3.527%
Tangible book value per common share (non-GAAP)E/C38.29 37.94 35.23 0.351 3.069 
Net interest income and net interest margin on an FTE basis:
Net interest income (annualized) (GAAP)F$6,542 $6,337 $5,770 $2053%$77213%
Average interest-earning assets (GAAP)G206,770 201,929 196,318 4,8412 10,4525 
Net interest margin (GAAP)F/G3.16 %3.14%2.94%2  bps22  bps
Net interest income (GAAP)$1,631 $1,562 $1,437 $694%$19414%
FTE adjustment3 3 4 —— (1)(25)
Net interest income on an FTE basis (non-GAAP)1,634 1,565 1,441 694 19313 
Net interest income on an FTE basis (annualized) (non-GAAP)H6,555 6,350 5,786 2043 76913 
Net interest margin on an FTE basis (non-GAAP)H/G3.17 %3.14%2.95%3  bps22  bps
Return on average common equity and return on average tangible common equity:
Net income available to common stockholders (GAAP)I$554 $484 $402 $7014%$15238%
Average common equity (GAAP)J$23,839 $23,995 $22,494 ($156)(1)$1,3456 
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%)$1,3369%
Return on average common equity (GAAP)I/J9.31%8.19%7.18%112  bps213  bps
Return on average tangible common equity (non-GAAP)I/K13.91%12.19%11.05%172  bps286  bps
Return on average total assets and return on average total tangible assets:
Net income (GAAP)L$587 $517 $436 $7014%$15135%
Average total assets (GAAP)M$229,263 $224,224 $217,661 $5,0392 $11,6025 
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 $5,0222%$11,5936%
Return on average total assets (GAAP)L/M1.03%0.94%0.80%9  bps23  bps
Return on average total tangible assets (non-GAAP)L/N1.06 %0.97%0.83%9  bps23  bps
14
Citizens Financial Group, Inc.


Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
2Q26 Change
2Q261Q262Q251Q262Q25
$/bps%$/bps%
Common equity ratio and tangible common equity ratio:
Total assets (GAAP)O$233,836 $227,918 $218,310 $5,9183 %$15,5267%
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 $5,9273%$15,5147%
Common equity ratio (GAAP)D/O10.3 %10.6 %10.6 %(27) bps(30) bps
Tangible common equity ratio (non-GAAP)E/P7.2 7.3 7.2 (10) bps(4) bps










































15
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.

16
Exhibit 99.2















newcfglogomediuma01a21a.jpg


Financial Supplement

Second Quarter 2026





















1

Table of ContentsPage
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.
2

CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in millions, except per share data)
QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q26 Change2026 Change
2Q261Q264Q253Q252Q251Q262Q25202620252025
$/bps%$/bps%$/bps%
SELECTED OPERATING DATA
Total revenueA$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 losses134 140 137 154 164 (6)(4)(30)(18)274 317 (43)(14)
NET INCOME587 517 528 494 436 70 14 151 35 1,104 809 295 36 
Net income available to common stockholders554 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 earnings1.30 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 share56.95 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 ratio35 %40 %40 %40 %45 %(524) bps(1,005) bps38 %49%(1,186) bps
COMMON SHARES OUTSTANDING
Average: Basic422,871,137 425,344,491 429,483,110 431,365,552 433,640,210 (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-end422,677,660 426,023,578 429,242,174 431,453,142 432,768,811 (3,345,918)(1)(10,091,151)(2)422,677,660 432,768,811 (10,091,151)(2)
FINANCIAL RATIOS
Net interest margin3.16 %3.14 %3.06 %2.99 %2.94 %2 bps22 bps3.15 %2.91 %24  bps
Net interest margin, FTE1,2
3.17 3.14 3.07 3.00 2.95 3223.16 2.92 24  
Return on average common equity9.31 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 assets1.03 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 rate22.29 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 revenue28.54 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 ratio10.4 %10.5 %10.6 %10.7 %10.6 %
Tier 1 capital ratio11.6 11.7 11.9 11.9 11.9 
Total capital ratio13.6 13.7 13.8 13.9 13.8 
Tier 1 leverage ratio9.2 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) bps79.46 %79.56 %(10) bps
Loan-to-deposit ratio (average balances)79.58 79.09 78.82 79.57 79.72 49  bps(14) bps79.34 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.
3

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(dollars in millions)
QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q26 Change2026 Change
2Q261Q264Q253Q252Q251Q262Q25202620252025
$%$%$%
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 sale26 21 22 31 36 5 24 (10)(28)47 52 (5)(10)
Investment securities446 424 434 433 428 22 5 18 4 870 846 24 3 
Interest-bearing deposits in banks103 91 89 97 92 12 13 11 12 194 181 13 7 
Total interest income2,543 2,420 2,446 2,458 2,407 123 5 136 6 4,963 4,759 204 4 
INTEREST EXPENSE
Deposits747 715 781 816 802 32 4 (55)(7)1,462 1,597 (135)(8)
Short-term borrowed funds9 4 — 5 9 5 125 — — 13 17 (4)(24)
Long-term borrowed funds156 139 128 149 159 17 12 (3)(2)295 317 (22)(7)
Total interest expense912 858 909 970 970 54 6 (58)(6)1,770 1,931 (161)(8)
Net interest income1,631 1,562 1,537 1,488 1,437 69 4 194 14 3,193 2,828 365 13 
NONINTEREST INCOME
Service charges and fees117 112 112 112 111 5 4 6 5 229 220 9 4 
Capital markets fees153 134 140 166 105 19 14 48 46 287 205 82 40 
Wealth fees102 100 98 93 88 2 2 14 16 202 169 33 20 
Card fees89 83 86 87 90 6 7 (1)(1)172 173 (1)(1)
Mortgage banking fees42 42 52 49 73 — — (31)(42)84 132 (48)(36)
Foreign exchange and derivative products47 44 34 42 41 3 7 6 15 91 80 11 14 
Letter of credit and loan fees52 50 49 48 45 2 4 7 16 102 89 13 15 
Securities gains, net6 7 7 2 5 (1)(14)1 20 13 12 1 8 
Other income44 34 42 31 42 10 29 2 5 78 64 14 22 
Total noninterest income652 606 620 630 600 46 8 52 9 1,258 1,144 114 10 
TOTAL REVENUE2,283 2,168 2,157 2,118 2,037 115 5 246 12 4,451 3,972 479 12 
Provision (benefit) for credit losses134 140 137 154 164 (6)(4)(30)(18)274 317 (43)(14)
NONINTEREST EXPENSE
Salaries and employee benefits745 758 716 705 681 (13)(2)64 9 1,503 1,377 126 9 
Equipment and software195 197 199 197 193 (2)(1)2 1 392 387 5 1 
Outside services174 162 148 161 169 12 7 5 3 336 324 12 4 
Occupancy108 114 109 106 108 (6)(5)— — 222 220 2 1 
Other operating expense172 147 171 166 168 25 17 4 2 319 325 (6)(2)
Total noninterest expense1,394 1,378 1,343 1,335 1,319 16 1 75 6 2,772 2,633 139 5 
Income before income tax expense755 650 677 629 554 105 16 201 36 1,405 1,022 383 37 
Income tax expense168 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%
4

CONSOLIDATED BALANCE SHEETS (unaudited)
(dollars in millions, except par value)
PERIOD-END BALANCESAS OFJUNE 30, 2026 CHANGE
June 30, 2026Mar 31, 2026Dec 31, 2025Sept 30, 2025June 30, 2025March 31, 2026June 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 banks11,541 11,246 11,263 10,396 7,441 295 3 4,100 55 
Interest-bearing deposits in banks1,107 830 961 694 680 277 33 427 63 
Debt securities available for sale, at fair value37,448 36,361 35,697 35,419 34,658 1,087 3 2,790 8 
Debt securities held to maturity7,638 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 leases147,491 143,667 142,692 140,870 139,304 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 leases145,522 141,709 140,749 138,898 137,296 3,813 3 8,226 6 
Premises and equipment873 874 915 857 855 (1)— 18 2 
Bank-owned life insurance3,470 3,464 3,441 3,422 3,408 6 — 62 2 
Goodwill8,220 8,221 8,187 8,187 8,187 (1)— 33 — 
Other intangible assets105 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-bearing144,681 142,363 142,896 140,539 137,085 2,318 2 7,596 6 
Total deposits185,620 184,035 183,313 180,011 175,086 1,585 1 10,534 6 
Short-term borrowed funds1,159 54 58 214 249 1,105 NM910 NM
Long-term borrowed funds:
FHLB advances5,763 2,513 2,014 14 1,542 3,250 129 4,221 NM
Senior debt7,078 7,076 6,328 6,825 6,821 2 — 257 4 
Subordinated debt and other debt2,349 2,671 2,882 3,602 4,163 (322)(12)(1,814)(44)
Total long-term borrowed funds15,190 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 LIABILITIES207,653 201,746 200,034 196,918 193,076 5,907 3 14,577 8 
STOCKHOLDERS' EQUITY
Preferred stock:
$25.00 par value, 100,000,000 shares authorized for each of the periods presented2,111 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 presented7 7 7 7 7 — — — — 
Additional paid-in capital22,521 22,466 22,476 22,448 22,420 55 — 101 — 
Retained earnings11,987 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' EQUITY26,183 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."
5

LOANS AND DEPOSITS
(dollars in millions)
PERIOD-END BALANCESAS OFJUNE 30, 2026 CHANGE
June 30, 2026Mar 31, 2026Dec 31, 2025Sept 30, 2025June 30, 2025Mar 31, 2026June 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 estate23,817 24,282 24,580 25,540 26,230 (465)(2)(2,413)(9)
Total commercial77,284 74,589 73,812 72,493 71,642 2,695 4 5,642 8 
Residential mortgages36,374 35,404 35,024 34,477 33,823 970 3 2,551 8 
Home equity20,276 19,449 19,069 18,415 17,711 827 4 2,565 14 
Automobile1,482 1,863 2,310 2,816 3,407 (381)(20)(1,925)(57)
Education8,044 8,340 8,416 8,556 8,550 (296)(4)(506)(6)
Other retail4,031 4,022 4,061 4,113 4,171 9 — (140)(3)
Total retail70,207 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 interest40,258 37,675 37,428 35,219 34,918 2,583 7 5,340 15 
Savings23,570 24,114 24,353 24,759 25,400 (544)(2)(1,830)(7)
Money market60,029 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%


6

AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)
QUARTERLY TRENDS2Q26 Change
2Q261Q262Q251Q262Q25
Average Balance
InterestRate
Average Balance
InterestRate
Average Balance
InterestRate
Average Balance
InterestRate
Average Balance
InterestRate
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 securities48,087 446 3.71 46,928 424 3.62 46,537 428 3.69 1,159 22 91,550 18 2
Non-taxable investment securities1 — 2.60 1 — 2.60 1 — 2.60 — — —— — —
Total investment securities48,088 446 3.71 46,929 424 3.62 46,538 428 3.69 1,159 22 91,550 18 2
Commercial and industrial
52,214 707 5.35 50,140 644 5.14 44,936 549 4.84 2,074 63 217,278 158 51
Commercial real estate24,334 333 5.41 24,401 328 5.38 26,487 384 5.73 (67)5 3(2,153)(51)(32)
Total commercial76,548 1,040 5.37 74,541 972 5.22 71,423 933 5.17 2,007 68 155,125 107 20
Residential mortgages35,793 367 4.09 35,090 353 4.03 33,420 327 3.92 703 14 62,373 40 17
Home equity19,876 319 6.43 19,230 307 6.47 17,324 308 7.14 646 12 (4)2,552 11 (71)
Automobile1,667 20 4.78 2,090 24 4.68 3,705 41 4.41 (423)(4)10(2,038)(21)37
Education8,183 124 6.11 8,442 127 6.08 8,660 128 5.94 (259)(3)3(477)(4)17
Other retail4,061 98 9.67 4,017 101 10.22 4,277 114 10.66 44 (3)(55)(216)(16)(99)
Total retail69,580 928 5.34 68,869 912 5.34 67,386 918 5.46 711 16 —2,194 10 (12)
Total loans and leases146,128 1,968 5.36 143,410 1,884 5.28 138,809 1,851 5.31 2,718 84 87,319 117 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 assets206,770 2,543 4.90 201,929 2,420 4.81 196,318 2,407 4.89 4,841 123 910,452 136 1
Noninterest-earning assets22,493 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 market60,295 374 2.49 60,141 350 2.36 54,716 376 2.75 154 24 135,579 (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 deposits143,739 747 2.08 142,029 715 2.04 136,778 802 2.35 1,710 32 46,961 (55)(27)
Short-term borrowed funds989 9 3.43 454 4 3.74 925 9 3.96 535 5 (31)64 — (53)
FHLB advances3,538 35 3.94 1,408 14 4.02 1,063 12 4.64 2,130 21 (8)2,475 23 (70)
Senior debt7,078 89 5.01 6,843 86 5.04 7,042 90 5.07 235 3 (3)36 (1)(6)
Subordinated debt and other debt2,496 32 5.09 2,824 39 5.50 4,394 57 5.18 (328)(7)(41)(1,898)(25)(9)
Total long-term borrowed funds13,112 156 4.74 11,075 139 5.03 12,499 159 5.07 2,037 17 (29)613 (3)(33)
Total borrowed funds14,101 165 4.65 11,529 143 4.98 13,424 168 5.00 2,572 22 (33)677 (3)(35)
Total interest-bearing liabilities157,840 912 2.31 153,558 858 2.26 150,202 970 2.59 4,282 54 57,638 (58)(28)
Noninterest-bearing demand deposits
39,881 39,286 37,350 595 2,531 
Other noninterest-bearing liabilities5,592 5,274 5,503 318 89 
TOTAL LIABILITIES203,313 198,118 193,055 5,195 10,258 
STOCKHOLDERS' EQUITY25,950 26,106 24,606 (156)1,344 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$229,263 $224,224 $217,661 $5,039 $11,602 
INTEREST RATE SPREAD2.59 %2.55 %2.30 %429
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."

7

AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)
FOR THE SIX MONTHS ENDED JUNE 30,2026 Change
202620252025
Average Balance
InterestRate
Average Balance
InterestRate
Average Balance
InterestRate
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 securities47,511 870 3.67 46,304 846 3.66 1,207 24 1
Non-taxable investment securities1 — 2.60 1 — 2.60 — — —
Total investment securities47,512 870 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 estate24,367 661 5.39 26,749 771 5.73 (2,382)(110)(34)
Total commercial75,550 2,012 5.30 71,020 1,835 5.14 4,530 177 16
Residential mortgages35,442 720 4.06 33,147 645 3.89 2,295 75 17
Home equity19,555 626 6.45 16,988 601 7.14 2,567 25 (69)
Automobile1,878 44 4.73 4,047 88 4.40 (2,169)(44)33
Education8,312 251 6.09 9,670 276 5.76 (1,358)(25)33
Other retail4,039 199 9.94 4,385 235 10.79 (346)(36)(85)
Total retail69,226 1,840 5.34 68,237 1,845 5.44 989 (5)(10)
Total loans and leases144,776 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 assets204,362 4,963 4.85 195,692 4,759 4.86 8,670 204 (1)
Noninterest-earning assets22,395 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 market60,218 724 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 deposits142,889 1,462 2.06 136,472 1,597 2.36 6,417 (135)(30)
Short-term borrowed funds723 13 3.53 800 17 4.20 (77)(4)(67)
FHLB advances2,479 49 3.96 831 19 4.62 1,648 30 (66)
Senior debt6,961 175 5.03 7,087 176 4.96 (126)(1)7
Subordinated debt and other debt2,659 71 5.31 4,660 122 5.24 (2,001)(51)7
Total long-term borrowed funds12,099 295 4.87 12,578 317 5.04 (479)(22)(17)
Total borrowed funds12,822 308 4.80 13,378 334 4.99 (556)(26)(19)
Total interest-bearing liabilities155,711 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 liabilities5,433 5,736 (303)
TOTAL LIABILITIES200,729 192,534 8,195 
STOCKHOLDERS' EQUITY26,028 24,455 1,573 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$226,757 $216,989 $9,768 
INTEREST RATE SPREAD2.56 %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."

8

MORTGAGE BANKING FEES SUMMARY
(dollars in millions)
QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q26 Change2026 Change
2Q261Q264Q253Q252Q251Q262Q25202620252025
$/bps%$/bps%$/bps%
MORTGAGE BANKING FEES
Production revenue$15 $21 $19 $18 $19 ($6)(29%)($4)(21%)$36 $34 $2 6%
Mortgage servicing revenue30 24 21 29 28 625 27 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 $29113%$1325%$4,889 $4,570 $3197%
Production revenue as a percentage of Pull-through adjusted locks0.58 %0.90 %0.78 %0.81 %0.78 %(33) bps(21) bps0.73%0.75%(2) bps
RESIDENTIAL REAL ESTATE ORIGINATIONS
Retail$2,657 $1,944 $2,175 $2,019 $2,189 $71337%$46821%$4,601 $3,633 $96827%
Third Party2,079 1,854 2,179 1,837 1,916 22512 1639 3,933 3,390 54316 
Total$4,736 $3,798 $4,354 $3,856 $4,105 $93825%$63115%$8,534 $7,023 $1,51122%
Originated for sale$2,676 $2,415 $2,748 $2,379 $2,486 $26111%$1908%$5,091 $4,402 $68916%
Originated for investment2,060 1,383 1,606 1,477 1,619 67749 44127 3,443 2,621 82231 
Total$4,736 $3,798 $4,354 $3,856 $4,105 $93825%$63115%$8,534 $7,023 $1,51122%
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 serviced36,975 35,888 35,599 34,760 34,284 1,0873 2,6918 36,975 34,284 2,6918 
Total$131,564 $130,682 $130,476 $130,004 $129,706 $8821%$1,8581%$131,564 $129,706 $1,8581%
MSR at fair value$1,482 $1,462 $1,455 $1,430 $1,426 $201%$564%$1,482 $1,426 $564%
    

9

SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING
(dollars in millions)

QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
CONSUMER BANKING
2Q26 Change2026 Change
2Q261Q264Q253Q252Q251Q262Q25202620252025
$/bps%$/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 income314 299 315 311 329 15 5 (15)(5)613 626 (13)(2)
Total revenue1,662 1,608 1,614 1,573 1,547 54 3 115 7 3,270 3,037 233 8 
Noninterest expense1,016 1,028 984 979 963 (12)(1)53 6 2,044 1,917 127 7 
Profit (loss) before credit losses646 580 630 594 584 66 11 62 11 1,226 1,120 106 9 
Net charge-offs72 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 
Deposits136,722 133,126 131,488 128,547 127,271 3,596 3 9,451 7 134,934 126,504 8,430 7 
Interest-earning assets79,163 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 margin6.83 %6.83 %6.73 %6.69 %6.69 %—  bps14  bps6.83 %6.72 %11  bps
Efficiency ratio61.14 63.94 60.98 62.22 62.24 (280) bps(110) bps62.51 63.13 (62) bps
Loan-to-deposit ratio (period-end balances)58.07 56.55 57.28 57.40 57.24 152  bps83  bps58.07 57.24 83  bps
Loan-to-deposit ratio (average balances)56.84 57.36 57.19 57.16 56.26 (52) bps58  bps57.10 56.15 95  bps
1 Includes loans held for sale.















10

SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING
(dollars in millions)

QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
COMMERCIAL BANKING
2Q26 Change2026 Change
2Q261Q264Q253Q252Q251Q262Q25202620252025
$/bps%$/bps%$/bps%
Net interest income$467 $456 $450 $448 $439 $11 2%$28 6%$923 $880 $43 5%
Noninterest income292 263 262 286 232 29 11 60 26 555 447 108 24 
Total revenue759 719 712 734 671 40 6 88 13 1,478 1,327 151 11 
Noninterest expense326 334 357 333 317 (8)(2)9 3 660 644 16 2 
Profit (loss) before credit losses433 385 355 401 354 48 12 79 22 818 683 135 20 
Net charge-offs63 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 
Deposits44,064 45,354 45,443 44,482 42,481 (1,290)(3)1,583 4 44,706 42,330 2,376 6 
Interest-earning assets67,145 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 margin2.78 %2.84 %2.78 %2.78 %2.78 %(6) bps—  bps2.81 %2.81 %—  bps
Efficiency ratio42.71 46.66 50.09 45.15 47.47 (395) bps(476) bps44.64 48.60 (396) bps
Loan-to-deposit ratio (period-end balances)142.67 141.03 132.96 132.70 139.59 164  bps308  bps142.67 139.59 308  bps
Loan-to-deposit ratio (average balances)148.75 140.64 138.26 140.06 146.90 811  bps185  bps144.66 146.88 (222) bps
1 Includes loans held for sale.















11

SEGMENT FINANCIAL HIGHLIGHTS - OTHER
(dollars in millions)

QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
OTHER1
2Q26 Change2026 Change
2Q261Q264Q253Q252Q251Q262Q25202620252025
$%$%$%
Net interest income($184)($203)($212)($222)($220)$19 9%$36 16%($387)($463)$76 16%
Noninterest income46 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 expense52 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)
Deposits2,834 2,835 2,926 2,928 4,376 (1)— (1,542)(35)2,834 4,586 (1,752)(38)
Interest-earning assets60,462 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.
12

CREDIT-RELATED INFORMATION
(dollars in millions)
AS OFJUNE 30, 2026 CHANGE
June 30, 2026Mar 31, 2026Dec 31, 2025Sept 30, 2025June 30, 2025Mar 31, 2026June 30, 2025
$/bps/%%$/bps/%%
NONACCRUAL LOANS AND LEASES
Commercial and industrial
$244 $188 $277 $230 $233 $56 30%$11 5%
Commercial real estate574 679 618 703 706 (105)(15)(132)(19)
Total commercial818 867 895 933 939 (49)(6)(121)(13)
Residential mortgages1
220 217 196 188 198 3 1 22 11 
Home equity316 324 319 297 282 (8)(2)34 12 
Automobile21 23 28 31 34 (2)(9)(13)(38)
Education21 21 20 20 19 — — 2 11 
Other retail39 45 46 49 52 (6)(13)(13)(25)
Total retail617 630 609 585 585 (13)(2)32 5 
Total nonaccrual loans and leases1,435 1,497 1,504 1,518 1,524 (62)(4)(89)(6)
ASSET QUALITY RATIOS
Allowance for loan and lease losses to loans and leases1.33%1.36%1.36%1.40%1.44%(3) bps(11) bps
Allowance for credit losses to loans and leases1.48 1.52 1.53 1.56 1.59 (4) bps(11) bps
Allowance for loan and lease losses to nonaccrual loans and leases1371311291301326%5%
Allowance for credit losses to nonaccrual loans and leases152 146 145 145 145 6%7%
Nonaccrual loans and leases to loans and leases0.97 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.




13

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
AS OFJUNE 30, 2026 CHANGE
June 30, 2026Mar 31, 2026Dec 31, 2025Sept 30, 2025June 30, 2025Mar 31, 2026June 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 estate6 26 20 7 60 (20)(77)(54)(90)
Total commercial9 27 25 46 63 (18)(67)(54)(86)
Residential mortgages1
172 179 141 114 128 (7)(4)44 34 
Home equity— — 1 — — — — — — 
Automobile— — — — — — — — — 
Education2 2 2 2 2 — — — — 
Other retail— — — — 1 — — (1)(100)
Total retail174 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.

14

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q26 Change2026 Change
2Q261Q264Q253Q252Q251Q262Q25202620252025
$%$%$%
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 estate25 41 42 58 54 (16)(39)(29)(54)66 105 (39)(37)
Total commercial76 91 82 91 93 (15)(16)(17)(18)167 178 (11)(6)
Residential mortgages1 1 5 1 — — — 1 100 2 1 1 100 
Home equity5 6 5 3 4 (1)(17)1 25 11 9 2 22 
Automobile8 9 12 13 14 (1)(11)(6)(43)17 34 (17)(50)
Education26 22 26 25 26 4 18 — — 48 82 (34)(41)
Other retail50 54 57 62 64 (4)(7)(14)(22)104 131 (27)(21)
Total retail90 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 estate3 3 1 3 1 — — 2 200 6 1 5 NM
Total commercial5 18 7 6 1 (13)(72)4 NM23 5 18 NM
Residential mortgages1 3 — 1 — (2)(67)1 100 4 1 3 NM
Home equity5 4 5 6 6 1 25 (1)(17)9 11 (2)(18)
Automobile7 7 9 9 11 — — (4)(36)14 23 (9)(39)
Education6 6 6 5 8 — — (2)(25)12 13 (1)(8)
Other retail7 7 5 6 8 — — (1)(13)14 15 (1)(7)
Total retail26 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 estate22 38 41 55 53 (16)(42)(31)(58)60 104 (44)(42)
Total commercial71 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
Automobile1 2 3 4 3 (1)(50)(2)(67)3 11 (8)(73)
Education20 16 20 20 18 4 25 2 11 36 69 (33)(48)
Other retail43 47 52 56 56 (4)(9)(13)(23)90 116 (26)(22)
Total retail64 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%)

15

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q26 Change2026 Change
2Q261Q264Q253Q252Q251Q262Q25202620252025
$/bps%$/bps%$/bps%
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES
Commercial and industrial
0.38%0.28%0.28%0.26%0.35%10  bps3  bps0.33%0.31%2  bps
Commercial real estate0.36 0.64 0.64 0.85 0.80 (28)(44)0.50 0.79 (29)
Total commercial0.37 0.40 0.40 0.47 0.51 (3)(14)0.39 0.49 (10)
Residential mortgages0.01 (0.02)0.05 — — 3 1 (0.01)— (1)
Home equity0.01 0.04 — (0.06)(0.05)(3)6 0.03 (0.03)6 
Automobile0.19 0.35 0.60 0.43 0.36 (16)(17)0.28 0.56 (28)
Education0.94 0.80 0.94 0.92 0.86 14 8 0.87 1.44 (57)
Other retail4.22 4.74 5.02 5.45 5.23 (52)(101)4.48 5.35 (87)
Total retail0.37 0.38 0.46 0.45 0.45 (1)(8)0.38 0.57 (19)
Total loans and leases0.37%0.39%0.43%0.46%0.48%(2) bps(11) bps0.38%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 estate24,334 24,401 25,043 25,799 26,487 (67)— (2,153)(8)24,367 26,749 (2,382)(9)
Total commercial76,548 74,541 73,151 72,150 71,423 2,007 3 5,125 7 75,550 71,020 4,530 6 
Residential mortgages35,793 35,090 34,752 34,134 33,420 703 2 2,373 7 35,442 33,147 2,295 7 
Home equity19,876 19,230 18,754 18,027 17,324 646 3 2,552 15 19,555 16,988 2,567 15 
Automobile1,667 2,090 2,557 3,096 3,705 (423)(20)(2,038)(55)1,878 4,047 (2,169)(54)
Education8,183 8,442 8,469 8,513 8,660 (259)(3)(477)(6)8,312 9,670 (1,358)(14)
Other retail4,061 4,017 4,074 4,091 4,277 44 1 (216)(5)4,039 4,385 (346)(8)
Total retail69,580 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%



16

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q26 Change2026 Change
2Q261Q264Q253Q252Q251Q262Q25202620252025
$%$%$%
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:
Commercial76 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-offs166 183 187 195 201 (17)(9)(35)(17)349 435 (86)(20)
Recoveries:
Commercial5 18 7 6 1 (13)(72)4 NM23 5 18 NM
Retail 26 27 25 27 33 (1)(4)(7)(21)53 63 (10)(16)
Total recoveries31 45 32 33 34 (14)(31)(3)(9)76 68 8 12 
Net charge-offs135 138 155 162 167 (3)(2)(32)(19)273 367 (94)(26)
Provision (benefit) for loan and lease losses:
Commercial72 130 50 62 50 (58)(45)22 44 202 139 63 45 
Retail74 23 76 64 111 51 222 (37)(33)97 175 (78)(45)
Total provision (benefit) for loan and lease losses146 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%)
17

CAPITAL AND RATIOS
(dollars in millions)
AS OFFOR THE SIX MONTHS ENDED JUNE 30,
JUNE 30, 2026 CHANGE2026 Change
June 30, 2026Mar 31, 2026Dec 31, 2025Sept 30, 2025June 30, 2025Mar 31, 2026June 30, 2025202620252025
$%$%$%
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY)
CET1 capital$18,364 $18,178 $18,240 $18,046 $17,812 $186 1%$552 3%
Tier 1 capital20,475 20,289 20,351 20,157 19,925 186 1 550 3 
Total capital23,933 23,751 23,654 23,455 23,221 182 1 712 3 
Risk-weighted assets176,336 173,268 171,493 168,932 168,017 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 ratio10.4 %10.5 %10.6 %10.7 %10.6 %
Tier 1 capital ratio11.6 11.7 11.9 11.9 11.9 
Total capital ratio13.6 13.7 13.8 13.9 13.8 
Tier 1 leverage ratio9.2 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: Goodwill8,220 8,221 8,187 8,187 8,187 (1)— 33 — 8,220 8,187 33 — 
Less: Other intangible assets105 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: Goodwill8,221 8,198 8,187 8,187 8,187 23 — 34 — 8,209 8,187 22 — 
Less: Other intangible assets109 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 assets105 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."



18


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.

19

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q26 Change2026 Change
2Q261Q264Q253Q252Q251Q262Q25202620252025
$%$%$%
Pre-provision profit:
Total revenue (GAAP)
A
$2,283 $2,168 $2,157 $2,118 $2,037 $1155%$246 12%$4,451 $3,972 $47912%
Less: Noninterest expense (GAAP)
B
1,394 1,378 1,343 1,335 1,319 161 75 6 2,772 2,633 1395 
Pre-provision profit (non-GAAP)
$889 $790 $814 $783 $718 $9913%$171 24%$1,679 $1,339 $34025%
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— $9514 $24,072 $23,121 $9514 
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—%$9396%$16,185 $15,246 $9396%
Book value per common share (GAAP)
D/C
$56.95 $56.48 $56.39 $54.97 $53.43 $0.471%$3.527%$56.95 $53.43 $3.527%
Tangible book value per common share (non-GAAP)
E/C
38.29 37.94 38.07 36.73 35.23 0.351 3.069 38.29 35.23 3.069 
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 $2053%$77213%$6,440 $5,704 $73613%
Average interest-earning assets (GAAP)
G
206,770 201,929 199,167 197,598 196,318 4,8412 10,4525 204,362 195,692 8,6704
Net interest margin (GAAP)
F/G
3.16%3.14%3.06%2.99%2.94%2  bps22  bps3.15 %2.91 %24  bps
Net interest income (GAAP)$1,631 $1,562 $1,537 $1,488 $1,437 $694%$19414%$3,193 $2,828 $36513%
FTE adjustment3 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 1,441 694 19313 3,199 2,836 36313
Net interest income on an FTE basis (annualized) (non-GAAP)
H
6,555 6,350 6,112 5,919 5,786 2043 76913 6,453 5,720 73313
Net interest margin on an FTE basis (non-GAAP)
H/G
3.17%3.14%3.07%3.00%2.95%3  bps22  bps3.16 %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 $7014%$15238%$1,038 $742 $29640%
Average common equity (GAAP)
J
$23,839 $23,995 $23,823 $23,288 $22,494 ($156)(1)$1,3456 $23,917 $22,342 $1,5757 
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%)$1,3369%$16,034 $14,455 $1,57911%
Return on average common equity (GAAP)
I/J
9.31%8.19%8.16%7.77%7.18%112  bps213  bps8.75 %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  bps286  bps13.05 %10.35 %270  bps
20

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q26 Change2026 Change
2Q261Q264Q253Q252Q251Q262Q25202620252025
$/bps
%
$/bps
%$/bps%
Return on average total assets and return on average total tangible assets:
Net income (GAAP)
L
$587 $517 $528 $494 $436 $7014%$15135%$1,104 $809 $29536%
Average total assets (GAAP)
M
$229,263 $224,224 $221,242 $219,117 $217,661 $5,0392 $11,6025 $226,757 $216,989 $9,7685 
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 $5,0222%$11,5936%$218,874 $209,102 $9,7725%
Return on average total assets (GAAP)
L/M
1.03%0.94%0.95%0.90%0.80%9  bps23  bps0.98 %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  bps23  bps1.02 %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 $5,9183 %$15,5267%$233,836 $218,310 $15,5267%
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 $5,9273%$15,5147%$225,949 $210,435 $15,5147%
Common equity ratio (GAAP)
D/O
10.3 %10.6 %10.7 %10.6 %10.6 %(27) bps(30) bps10.3 %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) bps7.2 7.2 (4) bps

21

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