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Published: 2023-07-19 00:00:00 ET
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EX-99.3 4 q223financialsupplement.htm EX-99.3 Document
















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Financial Supplement

Second Quarter 2023





















1

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

CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in millions, except per share data)
QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q23 Change2023 Change
2Q231Q234Q223Q222Q221Q232Q22202320222022
$/bps%$/bps%$/bps%
SELECTED OPERATING DATA
Total revenue$2,094 $2,128 $2,200 $2,177 $1,999 ($34)(2 %)$95 5 %$4,222 $3,644 $578 16 %
Noninterest expense1,306 1,296 1,240 1,241 1,305 10 1 1 — 2,602 2,411 191 8 
Profit before provision (benefit) for credit losses788 832 960 936 694 (44)(5)94 14 1,620 1,233 387 31 
Provision (benefit) for credit losses176 168 132 123 216 8 5 (40)(19)344 219 125 57 
NET INCOME478 511 653 636 364 (33)(6)114 31 989 784 205 26 
Net income, Underlying1
531 560 685 669 595 (29)(5)(64)(11)1,091 1,071 20 2 
Net income available to common stockholders444 488 621 611 332 (44)(9)112 34 932 728 204 28 
Net income available to common stockholders, Underlying1
497 537 653 644 563 (40)(7)(66)(12)1,034 1,015 19 2 
PER COMMON SHARE DATA
Basic earnings$0.93 $1.00 $1.26 $1.23 $0.68 ($0.07)(7 %)$0.25 37 %$1.93 $1.59 $0.34 21 %
Diluted earnings0.92 1.00 1.25 1.23 0.67 (0.08)(8)0.25 37 1.92 1.58 0.34 22 
Basic earnings, Underlying1
1.04 1.10 1.32 1.30 1.14 (0.06)(5)(0.10)(9)2.14 2.22 (0.08)(4)
Diluted earnings, Underlying1
1.04 1.10 1.32 1.30 1.14 (0.06)(5)(0.10)(9)2.14 2.21 (0.07)(3)
Cash dividends declared and paid per common share 0.42 0.42 0.42 0.42 0.39 — — 0.03 8 0.84 0.78 0.06 8 
Book value per common share45.44 45.84 44.03 42.62 45.02 (0.40)(1)0.42 1 45.44 45.02 0.42 1 
Tangible book value per common share28.72 29.44 27.88 26.62 29.14 (0.72)(2)(0.42)(1)28.72 29.14 (0.42)(1)
Dividend payout ratio45 %42 %33 %34 %57 %300  bps(1,200) bps44 %49 %(500) bps
Dividend payout ratio, Underlying1
40 38 32 32 34 200  bps600  bps39 35 400  bps
COMMON SHARES OUTSTANDING
Average: Basic479,470,543 485,444,313 493,293,981 495,651,083 491,497,026 (5,973,770)(1 %)(12,026,483)(2 %)482,440,926 457,140,258 25,300,668 6 %
   Diluted480,975,281 487,712,146 495,478,398 497,477,501 493,296,114 (6,736,865)(1)(12,320,833)(2)484,252,103 459,167,747 25,084,356 5 
Common shares at period-end474,682,759 483,982,264 492,282,158 495,843,793 495,650,259 (9,299,505)(2)(20,967,500)(4)474,682,759 495,650,259 (20,967,500)(4)
1 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

3

CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q23 Change2023 Change
2Q231Q234Q223Q222Q221Q232Q22202320222022
$/bps%$/bps%$/bps%
FINANCIAL RATIOS
Net interest margin3.16 %3.29 %3.29 %3.24 %3.04 %(13) bps12  bps3.23 %2.91 %32  bps
Net interest margin, FTE1
3.17 3.30 3.30 3.25 3.04 (13)13 3.23 2.91 32  
Return on average common equity8.00 9.11 11.56 10.91 5.95 (111)205 8.54 6.77 177  
Return on average common equity, Underlying2
8.97 10.01 12.15 11.52 10.06 (104)(109)9.48 9.43 5  
Return on average tangible common equity12.42 14.38 18.46 16.96 9.13 (196)329 13.37 10.22 315  
Return on average tangible common equity, Underlying2
13.93 15.80 19.40 17.91 15.45 (187)(152)14.84 14.25 59  
Return on average total assets0.86 0.93 1.15 1.12 0.66 (7)20 0.90 0.77 13  
Return on average total assets, Underlying2
0.96 1.02 1.21 1.18 1.08 (6)(12)0.99 1.05 (6) 
Return on average total tangible assets0.89 0.97 1.19 1.16 0.69 (8)20 0.93 0.80 13  
Return on average total tangible assets, Underlying2
0.99 1.06 1.25 1.22 1.12 (7)(13)1.03 1.09 (6) 
Effective income tax rate22.09 22.97 21.16 21.80 23.77 (88)(168)22.55 22.68 (13) 
Effective income tax rate, Underlying2
22.51 23.25 21.37 22.00 23.69 (74)(118)22.89 22.82 7  
Efficiency ratio62.34 60.90 56.36 57.02 65.27 144 (293)61.62 66.16 (454) 
Efficiency ratio, Underlying2
58.86 57.84 54.42 54.90 58.16 102 70 58.34 60.90 (256) 
Noninterest income as a % of total revenue24.14 22.81 22.92 23.54 24.72 133 (58)23.47 27.22 (375)
Noninterest income as a % of total revenue, Underlying2
24.14 22.81 22.92 23.54 25.88 133 (174)23.47 27.84 (437) 
CAPITAL RATIOS - PERIOD-END (PRELIMINARY)
CET1 capital ratio10.3 %10.0 %10.0 %9.8 %9.6 %
Tier 1 capital ratio11.4 11.1 11.1 10.9 10.6 
Total capital ratio13.3 12.9 12.8 12.6 12.3 
Tier 1 leverage ratio9.4 9.4 9.3 9.2 9.3 
Tangible common equity ratio6.3 6.6 6.3 6.1 6.6 
SELECTED BALANCE SHEET DATA
Loan-to-deposit ratio (period-end balances)85.17 %89.83 %86.69 %87.44 %87.28 %(466) bps(211) bps85.17 %87.28 %(211) bps
Loan-to-deposit ratio (average balances)88.73 89.76 87.74 88.32 87.24 (103) bps149  bps89.24 85.40 384  bps
Full-time equivalent colleagues (period-end)18,468 18,547 18,889 19,235 19,583 (79)— (1,115)(6)18,468 19,583 (1,115)(6)
1Net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented.
2These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."




4

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(dollars in millions)
QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q23 Change2023 Change
2Q231Q234Q223Q222Q221Q232Q22202320222022
$%$%$%
INTEREST INCOME
Interest and fees on loans and leases$2,132 $2,047 $1,893 $1,657 $1,370 $85 4 %$762 56 %$4,179 $2,418 $1,761 73 %
Interest and fees on loans held for sale20 15 16 18 17 5 33 3 18 35 33 2 6 
Interest and fees on other loans held for sale12 5 10 15 25 7 140 (13)(52)17 32 (15)(47)
Investment securities267 266 258 243 201 1 — 66 33 533 339 194 57 
Interest-bearing deposits in banks100 69 75 36 13 31 45 87 NM169 17 152 NM
Total interest income2,531 2,402 2,252 1,969 1,626 129 5 905 56 4,933 2,839 2,094 74 
INTEREST EXPENSE
Deposits723 550 396 176 54 173 31 669 NM1,273 79 1,194 NM
Short-term borrowed funds22 6 2 11 10 16 NM12 120 28 10 18 180 
Long-term borrowed funds198 203 159 117 57 (5)(2)141 247 401 98 303 NM
Total interest expense943 759 557 304 121 184 24 822 NM1,702 187 1,515 NM
Net interest income1,588 1,643 1,695 1,665 1,505 (55)(3)83 6 3,231 2,652 579 22 
NONINTEREST INCOME
Service charges and fees101 100 105 109 108 1 1 (7)(6)201 206 (5)(2)
Capital markets fees82 83 98 89 88 (1)(1)(6)(7)165 181 (16)(9)
Card fees80 72 71 71 71 8 11 9 13 152 131 21 16 
Mortgage banking fees59 57 54 66 72 2 4 (13)(18)116 141 (25)(18)
Trust and investment services fees65 63 61 61 66 2 3 (1)(2)128 127 1 1 
Foreign exchange and derivative products44 48 35 42 60 (4)(8)(16)(27)92 111 (19)(17)
Letter of credit and loan fees43 40 41 40 40 3 8 3 8 83 78 5 6 
Securities gains, net9 5 4 — 1 4 80 8 NM14 5 9 180 
Other income23 17 36 34 (12)6 35 35 NM40 12 28 233 
Total noninterest income506 485 505 512 494 21 4 12 2 991 992 (1)— 
TOTAL REVENUE2,094 2,128 2,200 2,177 1,999 (34)(2)95 5 4,222 3,644 578 16 
Provision (benefit) for credit losses176 168 132 123 216 8 5 (40)(19)344 219 125 57 
NONINTEREST EXPENSE
Salaries and employee benefits615 658 633 639 683 (43)(7)(68)(10)1,273 1,277 (4)— 
Outside services177 176 170 172 189 1 1 (12)(6)353 358 (5)(1)
Equipment and software 181 169 170 159 169 12 7 12 7 350 319 31 10 
Occupancy136 124 110 106 111 12 10 25 23 260 194 66 34 
Other operating expense197 169 157 165 153 28 17 44 29 366 263 103 39 
Total noninterest expense1,306 1,296 1,240 1,241 1,305 10 1 1 — 2,602 2,411 191 8 
Income before income tax expense612 664 828 813 478 (52)(8)134 28 1,276 1,014 262 26 
Income tax expense134 153 175 177 114 (19)(12)20 18 287 230 57 25 
Net income$478 $511 $653 $636 $364 ($33)(6 %)$114 31 %$989 $784 $205 26 %
Net income, Underlying1
$531 $560 $685 $669 $595 ($29)(5 %)($64)(11 %)$1,091 $1,071 $20 2 %
Net income available to common stockholders$444 $488 $621 $611 $332 ($44)(9 %)$112 34 %$932 $728 $204 28 %
Net income available to common stockholders, Underlying1
$497 $537 $653 $644 $563 ($40)(7 %)($66)(12 %)$1,034 $1,015 $19 2 %
1 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."
5

CONSOLIDATED BALANCE SHEETS (unaudited)
(dollars in millions, except par value)
PERIOD-END BALANCESAS OFJUNE 30, 2023 CHANGE
June 30, 2023Mar 31, 2023Dec 31, 2022Sept 30, 2022June 30, 2022March 31, 2023June 30, 2022
$%$%
ASSETS
Cash and due from banks$1,689 $1,283 $1,489 $1,235 $1,456 $406 32 %$233 16 %
Interest-bearing cash and due from banks9,878 6,691 9,058 6,925 5,058 3,187 48 4,820 95 
Interest-bearing deposits in banks284 320 303 261 469 (36)(11)(185)(39)
Debt securities available for sale, at fair value24,755 23,845 24,007 23,478 24,961 910 4 (206)(1)
Debt securities held to maturity9,520 9,677 9,834 10,071 9,567 (157)(2)(47)— 
Loans held for sale, at fair value1,225 855 774 1,048 1,377 370 43 (152)(11)
Other loans held for sale196 1,000 208 914 2,078 (804)(80)(1,882)(91)
Loans and leases151,320 154,688 156,662 156,140 156,172 (3,368)(2)(4,852)(3)
Less: Allowance for loan and lease losses(2,044)(2,017)(1,983)(1,980)(1,964)(27)1 (80)4 
Net loans and leases149,276 152,671 154,679 154,160 154,208 (3,395)(2)(4,932)(3)
Derivative assets719 569 842 1,352 1,669 150 26 (950)(57)
Premises and equipment876 866 844 827 885 10 1 (9)(1)
Bank-owned life insurance3,263 3,244 3,236 3,222 3,207 19 1 56 2 
Goodwill8,188 8,177 8,173 8,160 8,081 11 — 107 1 
Other intangible assets175 185 197 199 211 (10)(5)(36)(17)
Other assets13,022 12,873 13,089 12,832 13,485 149 1 (463)(3)
TOTAL ASSETS$223,066 $222,256 $226,733 $224,684 $226,712 $810 — %($3,646)(2 %)
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing$40,286 $44,326 $49,283 $51,888 $54,169 ($4,040)(9 %)($13,883)(26 %)
Interest-bearing137,381 127,868 131,441 126,678 124,756 9,513 7 12,625 10 
Total deposits177,667 172,194 180,724 178,566 178,925 5,473 3 (1,258)(1)
Short-term borrowed funds1,099 1,018 3 263 3,763 81 8 (2,664)(71)
Derivative liabilities2,270 1,704 1,909 2,227 1,004 566 33 1,266 126 
Long-term borrowed funds:
FHLB advances5,029 11,779 8,519 9,519 8,269 (6,750)(57)(3,240)(39)
Senior debt5,258 5,263 5,555 4,954 4,176 (5)— 1,082 26 
Subordinated debt and other debt3,813 1,813 1,813 1,813 1,995 2,000 110 1,818 91 
Total long-term borrowed funds14,100 18,855 15,887 16,286 14,440 (4,755)(25)(340)(2)
Other liabilities4,345 4,284 4,520 4,196 4,252 61 1 93 2 
TOTAL LIABILITIES199,481 198,055 203,043 201,538 202,384 1,426 1 (2,903)(1)
STOCKHOLDERS' EQUITY
Preferred stock:
$25.00 par value, 100,000,000 shares authorized for each of the periods presented2,014 2,014 2,014 2,014 2,014 — — — — 
Common stock:
$0.01 par value, 1,000,000,000 shares authorized for each of the periods presented6 6 6 6 6 — — — — 
Additional paid-in capital22,207 22,183 22,142 22,121 22,100 24 — 107 — 
Retained earnings9,655 9,416 9,159 8,748 8,346 239 3 1,309 16 
Treasury stock, at cost(5,734)(5,475)(5,071)(4,920)(4,920)(259)(5)(814)(17)
Accumulated other comprehensive income (loss)(4,563)(3,943)(4,560)(4,823)(3,218)(620)(16)(1,345)(42)
TOTAL STOCKHOLDERS' EQUITY23,585 24,201 23,690 23,146 24,328 (616)(3)(743)(3)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$223,066 $222,256 $226,733 $224,684 $226,712 $810 — %($3,646)(2 %)
Memo: Total tangible common equity$13,630 $14,247 $13,728 $13,197 $14,444 ($617)(4 %)($814)(6 %)

6

LOANS AND DEPOSITS
(dollars in millions)
PERIOD-END BALANCESAS OFJUNE 30, 2023 CHANGE
June 30, 2023Mar 31, 2023Dec 31, 2022Sept 30, 2022June 30, 2022Mar 31, 2023June 30, 2022
$%$%
LOANS AND LEASES
Commercial and industrial$48,038 $50,450 $51,836 $50,989 $51,801 ($2,412)(5 %)($3,763)(7 %)
Commercial real estate28,947 28,999 28,865 28,681 28,070 (52)— 877 3 
Leases1,294 1,417 1,479 1,444 1,574 (123)(9)(280)(18)
Total commercial78,279 80,866 82,180 81,114 81,445 (2,587)(3)(3,166)(4)
Residential mortgages30,769 30,362 29,921 29,548 29,088 407 1 1,681 6 
Home equity14,487 14,135 14,043 13,684 13,122 352 2 1,365 10 
Automobile10,428 11,535 12,292 13,155 13,868 (1,107)(10)(3,440)(25)
Education12,246 12,634 12,808 13,094 13,141 (388)(3)(895)(7)
Other retail5,111 5,156 5,418 5,545 5,508 (45)(1)(397)(7)
Total retail73,041 73,822 74,482 75,026 74,727 (781)(1)(1,686)(2)
Total loans and leases$151,320 $154,688$156,662$156,140$156,172($3,368)(2 %)($4,852)(3 %)
Loans held for sale, at fair value1,225 855 774 1,048 1,377 370 43 (152)(11)
Other loans held for sale196 1,000 208 914 2,078 (804)(80)(1,882)(91)
Loans and leases and loans held for sale$152,741 $156,543 $157,644 $158,102 $159,627 ($3,802)(2 %)($6,886)(4 %)
DEPOSITS
Demand$40,286 $44,326 $49,283 $51,888 $54,169 ($4,040)(9 %)($13,883)(26 %)
Money market52,542 48,905 49,905 49,081 48,063 3,637 7 4,479 9 
Checking with interest35,028 34,496 39,721 38,040 39,611 532 2 (4,583)(12)
Savings29,824 29,789 29,805 29,882 27,959 35 — 1,865 7 
Term19,987 14,678 12,010 9,675 9,123 5,309 36 10,864 119 
Total deposits$177,667 $172,194 $180,724 $178,566 $178,925 $5,473 3 %($1,258)(1 %)


7

AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)
QUARTERLY TRENDS2Q23 Change
2Q231Q232Q221Q232Q22
Average BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks$7,768 $100 5.10 %$5,899 $69 4.65 %$4,630 $13 1.06 %$1,869 $31 45 bps$3,138 $87 404 bps
Taxable investment securities38,000 267 2.81 38,953 266 2.74 35,900 201 2.25 (953)1 72,100 66 56
Non-taxable investment securities2 — 2.68 2 — 2.68 3 — 2.62 — — —(1)— 6
Total investment securities38,002 267 2.81 38,955 266 2.74 35,903 201 2.25 (953)1 72,099 66 56
Commercial and industrial49,770 765 6.09 51,993 735 5.66 50,517 418 3.28 (2,223)30 43(747)347 281
Commercial real estate29,115 445 6.05 28,892 416 5.75 27,592 243 3.48 223 29 301,523 202 257
Leases1,352 12 3.69 1,436 12 3.33 1,575 10 2.61 (84)— 36(223)2 108
Total commercial80,237 1,222 6.03 82,321 1,163 5.65 79,684 671 3.33 (2,084)59 38553 551 270
Residential mortgages30,566 259 3.38 30,075 250 3.33 28,486 221 3.10 491 9 52,080 38 28
Home equity14,340 264 7.38 14,073 240 6.92 12,811 105 3.27 267 24 461,529 159 411
Automobile10,997 113 4.14 11,937 119 4.04 14,172 127 3.60 (940)(6)10(3,175)(14)54
Education12,430 155 5.00 12,796 154 4.88 13,144 137 4.18 (366)1 12(714)18 82
Other retail5,155 119 9.30 5,290 121 9.25 5,557 109 7.87 (135)(2)5(402)10 143
Total retail73,488 910 4.96 74,171 884 4.81 74,170 699 3.77 (683)26 15(682)211 119
Total loans and leases153,725 2,132 5.52 156,492 2,047 5.25 153,854 1,370 3.55 (2,767)85 27(129)762 197
Loans held for sale, at fair value1,381 20 5.74 1,009 15 5.87 1,937 17 3.60 372 5 (13)(556)3 214
Other loans held for sale622 12 7.90 197 5 9.98 2,353 25 4.21 425 7 (208)(1,731)(13)369
Total interest-earning assets201,498 2,531 5.00 202,552 2,402 4.76 198,677 1,626 3.26 (1,054)129 242,821 905 174
Noninterest-earning assets20,875 20,159 22,290 716 (1,415)
TOTAL ASSETS$222,373 $222,711 $220,967 ($338)$1,406 
INTEREST-BEARING LIABILITIES
Checking with interest$34,586 110 1.28 $35,974 97 1.09 $38,747 15 0.16 ($1,388)13 19($4,161)$95 112
Money market49,665 348 2.81 49,942 287 2.33 48,795 23 0.19 (277)61 48870 325 262
Regular savings29,640 108 1.46 29,460 79 1.09 27,661 9 0.14 180 29 371,979 99 132
Term17,180 157 3.68 12,839 87 2.72 6,970 7 0.31 4,341 70 9610,210 150 337
Total interest-bearing deposits131,071 723 2.21 128,215 550 1.74 122,173 54 0.18 2,856 173 478,898 669 203
Short-term borrowed funds1,446 22 5.82 542 6 4.97 3,995 10 0.98 904 16 85(2,549)12 484
FHLB advances9,674 123 5.01 10,362 121 4.68 4,437 12 1.04 (688)2 335,237 111 397
Senior debt5,264 57 4.27 5,606 61 4.39 4,022 26 2.66 (342)(4)(12)1,242 31 161
Subordinated debt and other debt1,857 18 4.37 1,812 21 4.37 1,763 19 4.39 45 (3)—94 (1)(2)
Total long-term borrowed funds16,795 198 4.70 17,780 203 4.55 10,222 57 2.26 (985)(5)156,573 141 244
Total borrowed funds18,241 220 4.80 18,322 209 4.57 14,217 67 1.90 (81)11 234,024 153 290
Total interest-bearing liabilities149,312 943 2.53 146,537 759 2.09 136,390 121 0.36 2,775 184 4412,922 822 217
Demand deposits42,178 46,135 54,189 (3,957)(12,011)
Other noninterest-bearing liabilities6,580 6,323 5,991 257 589 
TOTAL LIABILITIES198,070 198,995 196,570 (925)1,500 
STOCKHOLDERS' EQUITY24,303 23,716 24,397 587 (94)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$222,373 $222,711 $220,967 ($338)$1,406 
INTEREST RATE SPREAD2.47 %2.67 %2.90 %(20)(43)
NET INTEREST MARGIN AND NET INTEREST INCOME$1,588 3.16 %$1,643 3.29 %$1,505 3.04 %($55)(13)$83 12
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE1
$1,593 3.17 %$1,647 3.30 %$1,507 3.04 %($54)(13)$86 13
Memo: Total deposits (interest-bearing and demand)$173,249 $723 1.68 %$174,350 $550 1.28 %$176,362 $54 0.12 %($1,101)$173 40 bps($3,113)$669 156 bps

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

AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)
FOR THE SIX MONTHS ENDED JUNE 30,2023 Change
202320222022
Average BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks$6,839 $169 4.91 %$6,333 $17 0.52 %$506 $152 439  bps
Taxable investment securities38,474 533 2.77 32,591 339 2.08 5,883 194 69 
Non-taxable investment securities2 — 2.68 2 — 2.61 — — 7 
Total investment securities38,476 533 2.77 32,593 339 2.08 5,883 194 69 
Commercial and industrial50,876 1,500 5.87 47,747 746 3.11 3,129 754 276 
Commercial real estate29,004 861 5.90 20,867 333 3.17 8,137 528 273 
Leases1,393 24 3.50 1,568 21 2.71 (175)3 79 
Total commercial81,273 2,385 5.84 70,182 1,100 3.12 11,091 1,285 272 
Residential mortgages30,322 509 3.35 25,987 390 3.00 4,335 119 35 
Home equity14,207 504 7.16 12,469 195 3.15 1,738 309 401 
Automobile11,465 232 4.09 14,352 254 3.58 (2,887)(22)51 
Education12,612 309 4.94 13,091 268 4.13 (479)41 81 
Other retail5,222 240 9.27 5,492 211 7.75 (270)29 152 
Total retail73,828 1,794 4.89 71,391 1,318 3.71 2,437 476 118 
Total loans and leases155,101 4,179 5.39 141,573 2,418 3.42 13,528 1,761 197 
Loans held for sale, at fair value1,196 35 5.79 2,150 33 3.11 (954)2 268 
Other loans held for sale410 17 8.40 1,409 32 4.48 (999)(15)392 
Total interest-earning assets202,022 4,933 4.88 184,058 2,839 3.09 17,964 2,094 179 
Noninterest-earning assets20,519 20,674 (155)
TOTAL ASSETS$222,541 $204,732 $17,809 
INTEREST-BEARING LIABILITIES
Checking with interest$35,276 207 1.18 $34,605 20 0.12 $671 187 106 
Money market49,803 635 2.57 48,012 35 0.15 1,791 600 242 
Regular savings29,551 187 1.28 25,758 14 0.11 3,793 173 117 
Term15,021 244 3.27 5,976 10 0.30 9,045 234 297 
Total interest-bearing deposits129,651 1,273 1.98 114,351 79 0.14 15,300 1,194 184 
Short-term borrowed funds997 28 5.59 2,023 10 1.00 (1,026)18 459 
FHLB advances10,016 244 4.84 2,240 12 1.04 7,776 232 380 
Senior debt5,434 118 4.33 4,240 50 2.37 1,194 68 196 
Subordinated debt and other debt1,834 39 4.37 1,675 36 4.30 159 3 7 
Total long-term borrowed funds17,284 401 4.63 8,155 98 2.40 9,129 303 223 
Total borrowed funds18,281 429 4.68 10,178 108 2.13 8,103 321 255 
Total interest-bearing liabilities147,932 1,702 2.31 124,529 187 0.30 23,403 1,515 201 
Demand deposits44,145 51,430 (7,285)
Other noninterest-bearing liabilities6,453 5,073 1,380 
TOTAL LIABILITIES198,530 181,032 17,498 
STOCKHOLDERS' EQUITY24,011 23,700 311 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$222,541 $204,732 $17,809 
INTEREST RATE SPREAD2.57 %2.79 %(22)
NET INTEREST MARGIN AND NET INTEREST INCOME$3,231 3.23 %$2,652 2.91 %$579 32 
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE1
$3,240 3.23 %$2,656 2.91 %$584 32 
Memo: Total deposits (interest-bearing and demand)$173,796 $1,273 1.48 %$165,781 $79 0.10 %$8,015 $1,194 138  bps
1Net interest income and net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented.
9

MORTGAGE BANKING FEES SUMMARY
(dollars in millions)
QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q23 Change2023 Change
2Q231Q234Q223Q222Q221Q232Q22202320222022
$/bps%$/bps%$/bps%
MORTGAGE BANKING FEES
Production revenue$23 $18 $12 $19 $22 $528 %$15 %$41 $53 ($12)(23 %)
Mortgage servicing revenue34 37 40 40 39 (3)(8)(5)(13)71 67 4 6 
MSR valuation changes, net of hedge impact2 2 2 7 11 —— (9)(82)4 21 (17)(81)
Total mortgage banking fees$59 $57 $54 $66 $72 $24 %($13)(18 %)$116 $141 ($25)(18 %)
Pull-through adjusted locks$2,870 $2,078 $1,665 $2,979 $3,833 $79238 %($963)(25 %)$4,948 $8,769 ($3,821)(44 %)
Production revenue as a percentage of Pull-through adjusted locks0.79 %0.90 %0.72 %0.64 %0.57 %(11) bps22  bps0.84 %0.60 %24  bps
RESIDENTIAL REAL ESTATE ORIGINATIONS
Retail$1,260 $1,011 $1,103 $1,799 $2,774 $24925 %($1,514)(55 %)$2,271 $6,049 ($3,778)(62 %)
Third Party2,350 1,333 1,652 2,642 3,624 1,01776 (1,274)(35)3,683 7,725 (4,042)(52)
Total$3,610 $2,344 $2,755 $4,441 $6,398 $1,26654 %(2,788)(44 %)$5,954 $13,774 ($7,820)(57 %)
Originated for sale$2,874 $1,651 $2,044 $3,212 $4,296 $1,22374 %($1,422)(33 %)$4,525 $9,817 ($5,292)(54 %)
Originated for investment736 693 711 1,229 2,102 436 (1,366)(65)1,429 3,957 (2,528)(64)
Total$3,610 $2,344 $2,755 $4,441 $6,398 $1,26654 %($2,788)(44 %)$5,954 $13,774 ($7,820)(57 %)
MORTGAGE SERVICING INFORMATION (UPB)
Loans serviced for others$96,591 $96,346 $96,698 $96,415 $95,489 $245— %$1,1021 %$96,591 $95,489 $1,1021 %
Owned loans serviced31,636 30,827 30,135 30,081 29,893 8093 1,7436 31,636 29,893 1,7436 
Total$128,227 $127,173 $126,833 $126,496 $125,382 $1,0541 %$2,8452 %$128,227 $125,382 $2,8452 %
MSR at fair value$1,524 $1,496 $1,530 $1,524 $1,411 $282 %$1138 %$1,524 $1,411 $113 8 %
    

10

SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING
(dollars in millions)

QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
CONSUMER BANKING2Q23 Change2023 Change
2Q231Q234Q223Q222Q221Q232Q22202320222022
$/bps%$/bps%$/bps%
Net interest income$1,104 $1,096 $1,106 $1,085 $995 $8 1 %$109 11 %$2,200 $1,852 $348 19 %
Noninterest income268 256 256 270 280 12 5 (12)(4)524 537 (13)(2)
Total revenue1,372 1,352 1,362 1,355 1,275 20 1 97 8 2,724 2,389 335 14 
Noninterest expense908 889 863 863 881 19 2 27 3 1,797 1,665 132 8 
Profit before provision (benefit) for credit losses464 463 499 492 394 1 — 70 18 927 724 203 28 
Net charge-offs82 83 76 62 39 (1)(1)43 110 165 88 77 88 
Income before income tax expense382 380 423 430 355 2 1 27 8 762 636 126 20 
Income tax expense100 99 108 111 90 1 1 10 11 199 162 37 23 
Net income$282 $281 $315 $319 $265 $1 — %$17 6 %$563 $474 $89 19 %
AVERAGE BALANCES
Total assets$87,040 $87,558 $88,440 $89,560 $88,881 ($518)(1 %)($1,841)(2 %)$87,298 $83,247 $4,051 5 %
Total loans and leases1
80,684 81,190 82,302 83,373 83,248 (506)(1)(2,564)(3)80,935 78,268 2,667 3 
Deposits115,846 115,578 117,164 117,448 118,482 268 — (2,636)(2)115,713 111,610 4,103 4 
Interest-earning assets81,328 81,871 83,021 84,122 84,026 (543)(1)(2,698)(3)81,598 79,067 2,531 3 
KEY METRICS
Net interest margin5.44 %5.44 %5.28 %5.12 %4.75 %—  bps69  bps5.44 %4.72 %72  bps
Efficiency ratio66.14 65.81 63.38 63.76 69.06 33  bps(292) bps65.97 69.67 (370) bps
Loan-to-deposit ratio (period-end balances)66.91 69.40 68.55 67.38 69.04 (249) bps(213) bps66.91 69.04 (213) bps
Loan-to-deposit ratio (average balances)68.87 69.77 69.38 69.63 68.60 (90) bps27  bps69.31 68.34 97  bps
Return on average total tangible assets1.31 1.31 1.42 1.43 1.20 —  bps11  bps1.31 1.15 16  bps
1Includes loans held for sale.
















11

SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING
(dollars in millions)

QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
COMMERCIAL BANKING2Q23 Change2023 Change
2Q231Q234Q223Q222Q221Q232Q22202320222022
$/bps%$/bps%$/bps%
Net interest income$584 $597 $594 $559 $534 ($13)(2 %)$50 9 %$1,181 $950 $231 24 %
Noninterest income207 201 198 213 221 6 3 (14)(6)408 434 (26)(6)
Total revenue791 798 792 772 755 (7)(1)36 5 1,589 1,384 205 15 
Noninterest expense315 331 318 325 308 (16)(5)7 2 646 580 66 11 
Profit before provision (benefit) for credit losses476 467 474 447 447 9 2 29 6 943 804 139 17 
Net charge-offs71 47 12 12 10 24 51 61 NM118 22 96 NM
Income before income tax expense405 420 462 435 437 (15)(4)(32)(7)825 782 43 5 
Income tax expense100 101 104 101 96 (1)(1)4 4 201 170 31 18 
Net income$305 $319 $358 $334 $341 ($14)(4 %)($36)(11 %)$624 $612 $12 2 %
AVERAGE BALANCES
Total assets$77,546 $78,891 $79,591 $80,067 $78,638 ($1,345)(2 %)($1,092)(1 %)$78,215 $69,927 $8,288 12 %
Total loans and leases1
74,295 75,734 75,773 75,767 74,172 (1,439)(2)123 — 75,010 66,134 8,876 13 
Deposits45,494 48,966 52,303 51,095 51,575 (3,472)(7)(6,081)(12)47,220 48,067 (847)(2)
Interest-earning assets74,687 76,130 76,097 76,025 74,422 (1,443)(2)265 — 75,405 66,412 8,993 14 
KEY METRICS
Net interest margin3.13 %3.18 %3.10 %2.91 %2.88 %(5) bps25  bps3.16 %2.89 %27  bps
Efficiency ratio39.76 41.47 40.18 42.04 40.78 (171) bps(102) bps40.62 41.93 (131) bps
Loan-to-deposit ratio (period-end balances)150.41 162.54 141.44 142.25 142.31 (1,213) bps810  bps150.41 142.31 810  bps
Loan-to-deposit ratio (average balances)160.89 153.33 143.49 145.57 139.31 756  bps2,158  bps156.99 134.33 2,266  bps
Return on average total tangible assets1.59 1.66 1.80 1.68 1.75 (7) bps(16) bps1.62 1.78 (16) bps
1Includes loans held for sale.
















12

SEGMENT FINANCIAL HIGHLIGHTS - OTHER
(dollars in millions)

QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
OTHER1
2Q23 Change2023 Change
2Q231Q234Q223Q222Q221Q232Q22202320222022
$%$%$%
Net interest income($100)($50)($5)$21 ($24)($50)(100 %)($76)NM($150)($150)$— — %
Noninterest income31 28 51 29 (7)3 11 38 NM59 21 38 181 
Total revenue(69)(22)46 50 (31)(47)(214)(38)(123)(91)(129)38 29 
Noninterest expense83 76 59 53 116 7 9 (33)(28)159 166 (7)(4)
Loss before provision (benefit) for credit losses(152)(98)(13)(3)(147)(54)(55)(5)(3)(250)(295)45 15 
Provision (benefit) for credit losses23 38 44 49 167 (15)(39)(144)(86)61 109 (48)(44)
Loss before income tax benefit(175)(136)(57)(52)(314)(39)(29)139 44 (311)(404)93 23 
Income tax benefit(66)(47)(37)(35)(72)(19)(40)6 8 (113)(102)(11)(11)
Net loss($109)($89)($20)($17)($242)($20)(22 %)$133 55 ($198)($302)$104 34 
AVERAGE BALANCES
Total assets$57,787 $56,262 $56,939 $55,846 $53,448 $1,525 3 %$4,339 8 %$57,028 $51,558 $5,470 11 %
Total loans and leases2
748 773 760 724 724 (25)(3)24 3 762 729 33 5 
Deposits11,909 9,806 9,577 9,075 6,305 2,103 21 5,604 89 10,863 6,104 4,759 78 
Interest-earning assets45,482 44,550 45,405 43,428 40,228 932 2 5,254 13 45,018 38,579 6,439 17 
1Includes assets, liabilities, capital, revenues, provision for credit losses, expenses and income tax expense not attributed to our Consumer or Commercial Banking segments as well as treasury and community development.
2Includes loans held for sale.
13

CREDIT-RELATED INFORMATION
(dollars in millions)
AS OFJUNE 30, 2023 CHANGE
June 30, 2023Mar 31, 2023Dec 31, 2022Sept 30, 2022June 30, 2022Mar 31, 2023June 30, 2022
$/bps/%%$/bps/%%
NONACCRUAL LOANS AND LEASES
Commercial and industrial$280 $297 $249 $234 $202 ($17)(6 %)$78 39 %
Commercial real estate352 140 103 37 37 212 151 315 NM
Leases3 — — — — 3 100 3 100 
Total commercial635 437 352 271 239 198 45 396 166 
Residential mortgages1
201 216 234 236 253 (15)(7)(52)(21)
Home equity251 240 241 235 240 11 5 11 5 
Automobile51 50 56 52 50 1 2 1 2 
Education22 23 33 33 31 (1)(4)(9)(29)
Other retail31 30 28 25 26 1 3 5 19 
Total retail556 559 592 581 600 (3)(1)(44)(7)
Nonaccrual loans and leases1,191 996 944 852 839 195 20 352 42 
Repossessed assets11 14 16 16 15 (3)(21)(4)(27)
Nonaccrual loans and leases and repossessed assets$1,202 $1,010 $960 $868 $854 $192 19 %$348 41 %
NONACCRUAL LOANS AND LEASES BY PRODUCT2
Commercial$635 $437 $352 $271 $239 $198 45 %$396 166 %
Retail567 573 608 597 615 (6)(1)(48)(8)
Total nonaccrual loans and leases$1,202 $1,010 $960 $868 $854 $192 19 %$348 41 %
ASSET QUALITY RATIOS
Allowance for loan and lease losses to loans and leases1.35 %1.30 %1.27 %1.27 %1.26 %5  bps9  bps
Allowance for credit losses to loans and leases1.52 1.47 1.43 1.41 1.37 5 15 
Allowance for loan and lease losses to nonaccrual loans and leases172 203 210 232 234 (31 %)(62 %)
Allowance for credit losses to nonaccrual loans and leases193 229 237 258 256 (36 %)(63 %)
Nonaccrual loans and leases to loans and leases0.79 0.64 0.60 0.55 0.54 15  bps25  bps
1Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
2Nonaccrual loans and leases by product includes repossessed assets.



14

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
AS OFJUNE 30, 2023 CHANGE
June 30, 2023Mar 31, 2023Dec 31, 2022Sept 30, 2022June 30, 2022Mar 31, 2023June 30, 2022
$/bps%$/bps%
LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Commercial and industrial$2 $21 $21 $13 $39 ($19)(90 %)($37)(95 %)
Commercial real estate— 63 1 2 33 (63)(100)(33)(100)
Leases— — — — — — — — — 
Total commercial2 84 22 15 72 (82)(98)(70)(97)
Residential mortgages1
257 314 319 425 623 (57)(18)(366)(59)
Home equity— — — — — — — — — 
Automobile— — — — — — — — — 
Education3 3 4 4 3 — — — — 
Other retail20 23 22 18 14 (3)(13)6 43 
Total retail280 340 345 447 640 (60)(18)(360)(56)
Total loans and leases$282 $424 $367 $462 $712 ($142)(33 %)($430)(60 %)
1 90+ days past due and accruing includes $256 million, $309 million, $316 million, $425 million, and $623 million of loans fully or partially guaranteed by the FHA, VA, and USDA for June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, respectively.

15

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q23 Change2023 Change
2Q231Q234Q223Q222Q221Q232Q22202320222022
$%$%$%
CHARGE-OFFS, RECOVERIES AND RELATED RATIOS
GROSS CHARGE-OFFS
Commercial and industrial$17 $55 $21 $20 $13 ($38)(69 %)$4 31 $72 $27 $45 167 %
Commercial real estate62 4 — 2 — 58 NM62 100 66 — 66 100 
Leases— — — — — — — — — — — — — 
Total commercial79 59 21 22 13 20 34 66 NM138 27 111 NM
Residential mortgages1 1 1 1 1 — — — — 2 3 (1)(33)
Home equity3 2 2 3 2 1 50 1 50 5 4 1 25 
Automobile24 30 27 24 21 (6)(20)3 14 54 42 12 29 
Education26 23 24 18 16 3 13 10 63 49 36 13 36 
Other retail56 56 51 48 38 — — 18 47 112 80 32 40 
Total retail110 112 105 94 78 (2)(2)32 41 222 165 57 35 
Total gross charge-offs$189 $171 $126 $116 $91 $18 11 %$98 108 %$360 $192 $168 88 %
GROSS RECOVERIES
Commercial and industrial$2 $3 $5 $6 $3 ($1)(33 %)($1)(33 %)$5 $6 ($1)(17 %)
Commercial real estate— 1 — 1 — (1)(100)— — 1 — 1 100 
Leases1 3 — — — (2)(67)1 100 4 — 4 100 
Total commercial3 7 5 7 3 (4)(57)— — 10 6 4 67 
Residential mortgages1 — 1 1 2 1 100 (1)(50)1 4 (3)(75)
Home equity6 5 6 9 11 1 20 (5)(45)11 22 (11)(50)
Automobile16 15 14 13 15 1 7 1 7 31 30 1 3 
Education4 5 5 5 5 (1)(20)(1)(20)9 9 — — 
Other retail7 6 7 7 6 1 17 1 17 13 13 — — 
Total retail34 31 33 35 39 3 10 (5)(13)65 78 (13)(17)
Total gross recoveries$37 $38 $38 $42 $42 ($1)(3 %)($5)(12 %)$75 $84 ($9)(11 %)
NET CHARGE-OFFS (RECOVERIES)
Commercial and industrial$15 $52 $16 $14 $10 ($37)(71 %)$5 50 $67 $21 $46 219 
Commercial real estate62 3 — 1 — 59 NM62 100 65 — 65 100 
Leases(1)(3)— — — 2 67 (1)(100)(4)— (4)— 
Total commercial76 52 16 15 10 24 46 66 NM128 21 107 NM
Residential mortgages— 1 — — (1)(1)(100)1 100 1 (1)2 NM
Home equity(3)(3)(4)(6)(9)— — 6 67 (6)(18)12 67 
Automobile8 15 13 11 6 (7)(47)2 33 23 12 11 92 
Education22 18 19 13 11 4 22 11 100 40 27 13 48 
Other retail49 50 44 41 32 (1)(2)17 53 99 67 32 48 
Total retail76 81 72 59 39 (5)(6)37 95 157 87 70 80 
Total net charge-offs$152 $133 $88 $74 $49 $19 14 %$103 210 %$285 $108 $177 164 %

16

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q23 Change2023 Change
2Q231Q234Q223Q222Q221Q232Q22202320222022
$/bps%$/bps%$/bps%
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES
Commercial and industrial0.12 %0.40 %0.12 %0.11 %0.08 %(28) bps4  bps0.26 %0.09 %17  bps
Commercial real estate0.86 0.05 — 0.01 — 81 86 0.46 — 46 
Leases(0.22)(0.85)(0.06)(0.11)(0.05)63 (17)(0.54)0.03 (57)
Total commercial0.38 0.26 0.07 0.07 0.05 12 33 0.32 0.06 26 
Residential mortgages— 0.01 — 0.01 (0.01)(1)1 — (0.01)1 
Home equity(0.08)(0.07)(0.12)(0.17)(0.27)(1)19 (0.08)(0.30)22 
Automobile0.30 0.51 0.42 0.31 0.16 (21)14 0.41 0.17 24 
Education0.68 0.57 0.59 0.38 0.34 11 34 0.63 0.41 22 
Other retail3.84 3.81 3.21 3.02 2.25 3 159 3.83 2.43 140 
Total retail0.41 0.44 0.39 0.32 0.21 (3)20 0.43 0.24 19 
Total loans and leases0.40 %0.34 %0.22 %0.19 %0.13 %6  bps27  bps0.37 %0.15 %22  bps
Memo: Average loans
Commercial and industrial$49,770 $51,993 $52,311 $52,130 $50,517 ($2,223)(4 %)($747)(1 %)$50,876 $47,747 $3,129 7 %
Commercial real estate29,115 28,892 28,735 28,388 27,592 223 1 1,523 6 29,004 20,867 8,137 39 
Leases1,352 1,436 1,422 1,529 1,575 (84)(6)(223)(14)1,393 1,568 (175)(11)
Total commercial80,237 82,321 82,468 82,047 79,684 (2,084)(3)553 1 81,273 70,182 11,091 16 
Residential mortgages30,566 30,075 29,677 29,327 28,486 491 2 2,080 7 30,322 25,987 4,335 17 
Home equity14,340 14,073 13,869 13,400 12,811 267 2 1,529 12 14,207 12,469 1,738 14 
Automobile10,997 11,937 12,692 13,540 14,172 (940)(8)(3,175)(22)11,465 14,352 (2,887)(20)
Education12,430 12,796 12,929 13,081 13,144 (366)(3)(714)(5)12,612 13,091 (479)(4)
Other retail5,155 5,290 5,464 5,484 5,557 (135)(3)(402)(7)5,222 5,492 (270)(5)
Total retail73,488 74,171 74,631 74,832 74,170 (683)(1)(682)(1)73,828 71,391 2,437 3 
Total loans and leases$153,725 $156,492 $157,099 $156,879 $153,854 ($2,767)(2 %)($129)— %$155,101 $141,573 $13,528 10 %



17

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q23 Change2023 Change
2Q231Q234Q223Q222Q221Q232Q22202320222022
$%$%$%
SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES
Allowance for loan and lease losses - beginning$2,017 $1,983 $1,980 $1,964 $1,720 $34 2 %$297 17 %$1,983 $1,758 $225 13 %
Allowance on PCD loans and leases at acquisition:
Commercial— — — — 99 — — (99)(100)— 99 (99)(100)
Retail— — — — 2 — — (2)(100)— 2 (2)(100)
Total Allowance on PCD loans and leases at acquisition— — — — 101 — — (101)(100)— 101 (101)(100)
Charge-offs:
Commercial79 59 21 22 13 20 34 66 NM138 27 111 NM
Retail 110 112 105 94 78 (2)(2)32 41 222 165 57 35 
Total charge-offs189 171 126 116 91 18 11 98 108 360 192 168 88 
Recoveries:
Commercial3 7 5 7 3 (4)(57)— — 10 6 4 67 
Retail 34 31 33 35 39 3 10 (5)(13)65 78 (13)(17)
Total recoveries37 38 38 42 42 (1)(3)(5)(12)75 84 (9)(11)
Net charge-offs152 133 88 74 49 19 14 103 210 285 108 177 164 
Provision (benefit) for loan and lease losses:
Commercial122 103 46 58 120 19 18 2 2 225 88 137 156 
Retail57 64 45 32 72 (7)(11)(15)(21)121 125 (4)(3)
Total provision (benefit) for loan and lease losses179 167 91 90 192 12 7 (13)(7)346 213 133 62 
Allowance for loan and lease losses - ending$2,044 $2,017 $1,983 $1,980 $1,964 $27 1 %$80 4 %$2,044 $1,964 $80 4 %
Allowance for unfunded lending commitments - beginning$258 $257 $216 $183 $158 $1 — %$100 63 %$257 $176 $81 46 %
Allowance on PCD unfunded lending commitments at acquisition— — — — 1 — — %(1)(100)— 1 (1)(100)
Provision (benefit) for unfunded lending commitments(3)1 41 33 24 (4)NM(27)NM(2)6 (8)NM
Allowance for unfunded lending commitments - ending$255 $258 $257 $216 $183 ($3)(1 %)$72 39 $255 $183 $72 39 
Total allowance for credit losses - ending$2,299 $2,275 $2,240 $2,196 $2,147 $24 1 %$152 7 %$2,299 $2,147 $152 7 %
Memo: Total allowance for credit losses by product
Commercial $1,370 $1,326 $1,267 $1,202 $1,153 $44 3 %$217 19 %$1,370 $1,153 $217 19 %
Retail 929 949 973 994 994 (20)(2)(65)(7)929 994 (65)(7)
Total allowance for credit losses$2,299 $2,275 $2,240 $2,196 $2,147 $24 1 %$152 7 %$2,299 $2,147 $152 7 %
18

CAPITAL AND RATIOS
(dollars in millions)
AS OFFOR THE SIX MONTHS ENDED JUNE 30,
JUNE 30, 2023 CHANGE2023 Change
June 30, 2023Mar 31, 2023Dec 31, 2022Sept 30, 2022June 30, 2022Mar 31, 2023June 30, 2022202320222022
$%$%$%
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY)
CET1 capital$18,381 $18,370 $18,574 $18,304 $17,946 $11 — %$435 2 %
Tier 1 capital20,395 20,384 20,588 20,318 19,960 11 — 435 2 
Total capital23,748 23,720 23,755 23,516 23,184 28 — 564 2 
Risk-weighted assets179,034 183,246 185,224 187,201 187,727 (4,212)(2)(8,693)(5)
Adjusted average assets1
217,264 217,998 220,779 220,076 215,727 (734)— 1,537 1 
CET1 capital ratio10.3 %10.0 %10.0 %9.8 %9.6 %
Tier 1 capital ratio11.4 11.1 11.1 10.9 10.6 
Total capital ratio13.3 12.9 12.8 12.6 12.3 
Tier 1 leverage ratio9.4 9.4 9.3 9.2 9.3 
TANGIBLE COMMON EQUITY (PERIOD-END)
Common stockholders' equity$21,571 $22,187 $21,676 $21,132 $22,314 ($616)(3 %)($743)(3 %)$21,571 $22,314 ($743)(3 %)
Less: Goodwill8,188 8,177 8,173 8,160 8,081 11 — 107 1 8,188 8,081 107 1 
Less: Other intangible assets175 185 197 199 211 (10)(5)(36)(17)175 211 (36)(17)
Add: Deferred tax liabilities2
422 422 422 424 422 — — — — 422 422 — — 
Total tangible common equity$13,630 $14,247 $13,728 $13,197 $14,444 ($617)(4 %)($814)(6 %)$13,630 $14,444 ($814)(6 %)
TANGIBLE COMMON EQUITY (AVERAGE)
Common stockholders' equity$22,289 $21,702 $21,276 $22,246 $22,383 $587 3 %($94)— %$21,997 $21,686 $311 1 %
Less: Goodwill8,182 8,177 8,171 8,131 8,015 5 — 167 2 8,179 7,588 591 8 
Less: Other intangible assets181 192 199 228 213 (11)(6)(32)(15)186 147 39 27 
Add: Deferred tax liabilities2
422 422 424 424 416 — — 6 1 421 400 21 5 
Total tangible common equity$14,348 $13,755 $13,330 $14,311 $14,571 $593 4 %($223)(2 %)$14,053 $14,351 ($298)(2 %)
INTANGIBLE ASSETS (PERIOD-END)
Goodwill$8,188 $8,177 $8,173 $8,160 $8,081 $11 — %$107 1 %$8,188 $8,081 $107 1 %
Other intangible assets175 185 197 199 211 (10)(5)(36)(17)175 211 (36)(17)
Total intangible assets$8,363 $8,362 $8,370 $8,359 $8,292 $1 — %$71 1 %$8,363 $8,292 $71 1 %
1Adjusted average assets include quarterly average assets, less deductions for disallowed goodwill and other intangible assets, net of deferred taxes, and the accumulated other comprehensive
income impact related to the adoption of post-retirement benefit plan guidance under GAAP.
2Deferred tax liabilities relate to tax-deductible goodwill and other intangible assets.




19


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

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

Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP.

20

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q23 Change2023 Change
2Q231Q234Q223Q222Q221Q232Q22202320222022
$%$%$%
Noninterest income, Underlying:
Noninterest income (GAAP)A$506 $485 $505 $512 $494 $21 4 %$12 2 %$991 $992 ($1)— %
Less: Notable items— — — — (31)— — 31 100 — (31)31 100 
Noninterest income, Underlying (non-GAAP)B$506 $485 $505 $512 $525 $21 4 %($19)(4 %)$991 $1,023 ($32)(3 %)
Total revenue, Underlying:
Total revenue (GAAP)C$2,094 $2,128 $2,200 $2,177 $1,999 ($34)(2 %)$95 5 %$4,222 $3,644 $578 16 %
Less: Notable items— — — — (31)— — 31 100 — (31)31 100 
Total revenue, Underlying (non-GAAP)D$2,094 $2,128 $2,200 $2,177 $2,030 ($34)(2 %)$64 3 %$4,222 $3,675 $547 15 %
Noninterest expense, Underlying:
Noninterest expense (GAAP)E$1,306 $1,296 $1,240 $1,241 $1,305 $10 1 %$1 — %$2,602 $2,411 $191 8 %
Less: Notable items73 66 43 46 125 7 11 (52)(42)139 173 (34)(20)
Noninterest expense, Underlying (non-GAAP)F$1,233 $1,230 $1,197 $1,195 $1,180 $3 — %$53 4 %$2,463 $2,238 $225 10 %
Pre-provision profit:
Total revenue (GAAP)C$2,094 $2,128 $2,200 $2,177 $1,999 ($34)(2 %)$95 5 %$4,222 $3,644 $578 16 %
Less: Noninterest expense (GAAP)E1,306 1,296 1,240 1,241 1,305 10 1 1 — 2,602 2,411 191 8 
Pre-provision profit (GAAP)$788 $832 $960 $936 $694 ($44)(5 %)$94 14 %$1,620 $1,233 $387 31 %
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)D$2,094 $2,128 $2,200 $2,177 $2,030 ($34)(2 %)$64 3 %$4,222 $3,675 $547 15 %
Less: Noninterest expense, Underlying (non-GAAP)F1,233 1,230 1,197 1,195 1,180 3 — 53 4 2,463 2,238 225 10 
Pre-provision profit, Underlying (non-GAAP)$861 $898 $1,003 $982 $850 ($37)(4 %)$11 1 %$1,759 $1,437 $322 22 %
Provision (benefit) for credit losses, Underlying:
Provision (benefit) for credit losses (GAAP)$176 $168 $132 $123 $216 $8 5 %($40)(19 %)$344 $219 $125 57 %
Less: Notable items— — — — 145 — — (145)(100)— 169 (169)(100)
Provision (benefit) for credit losses, Underlying (non-GAAP)$176 $168 $132 $123 $71 $8 5 %$105 148 %$344 $50 $294 NM
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)G$612 $664 $828 $813 $478 ($52)(8 %)$134 28 %$1,276 $1,014 $262 26 %
Less: Expense before income tax benefit related to notable items(73)(66)(43)(46)(301)(7)(11)228 76 (139)(373)234 63 
Income before income tax expense, Underlying (non-GAAP)H$685 $730 $871 $859 $779 ($45)(6 %)($94)(12 %)$1,415 $1,387 $28 2 %
Income tax expense, Underlying:
Income tax expense (GAAP)I$134 $153 $175 $177 $114 ($19)(12 %)$20 18 %$287 $230 $57 25 %
Less: Income tax benefit related to notable items(20)(17)(11)(13)(70)(3)(18)50 71 (37)(86)49 57 
Income tax expense, Underlying (non-GAAP)J$154 $170 $186 $190 $184 ($16)(9 %)($30)(16 %)$324 $316 $8 3 %
Net income, Underlying:
Net income (GAAP)K$478 $511 $653 $636 $364 ($33)(6 %)$114 31 %$989 $784 $205 26 %
Add: Notable items, net of income tax benefit53 49 32 33 231 4 8 (178)(77)102 287 (185)(64)
Net income, Underlying (non-GAAP)L$531 $560 $685 $669 $595 ($29)(5 %)($64)(11 %)$1,091 $1,071 $20 2 %
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)M$444 $488 $621 $611 $332 ($44)(9 %)$112 34 %$932 $728 $204 28 %
Add: Notable items, net of income tax benefit53 49 32 33 231 4 8 (178)(77)102 287 (185)(64)
Net income available to common stockholders, Underlying (non-GAAP)N$497 $537 $653 $644 $563 ($40)(7 %)($66)(12 %)$1,034 $1,015 $19 2 %
    
21



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

QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q23 Change2023 Change
2Q231Q234Q223Q222Q221Q232Q22202320222022
$/bps%$/bps%$/bps%
Operating leverage:
Total revenue (GAAP)C$2,094 $2,128 $2,200 $2,177 $1,999 ($34)(1.55 %)$95 4.77 %$4,222 $3,644 $578 15.88 %
Less: Noninterest expense (GAAP)E1,306 1,296 1,240 1,241 1,305 10 0.77 1 0.06 2,602 2,411 191 7.93 
Operating leverage(2.32 %)4.71 %7.95 %
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)D$2,094 $2,128 $2,200 $2,177 $2,030 ($34)(1.55 %)$64 3.16 %$4,222 $3,675 $547 14.90 %
Less: Noninterest expense, Underlying (non-GAAP)F1,233 1,230 1,197 1,195 1,180 3 0.18 53 4.39 2,463 2,238 225 10.08 
Operating leverage, Underlying (non-GAAP)(1.73 %)(1.23 %)4.82 %
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio E/C62.34 %60.90 %56.36 %57.02 %65.27 %144  bps(293) bps61.62 %66.16 %(454) bps
Efficiency ratio, Underlying (non-GAAP)F/D58.86 57.84 54.42 54.90 58.16 102  bps70  bps58.34 60.90 (256) bps
Noninterest income as a % of total revenue, Underlying:
Noninterest income as a % of total revenueA/C24.14 %22.81 %22.92 %23.54 %24.72 %133  bps(58) bps23.47 %27.22 %(375) bps
Noninterest income as a % of total revenue, UnderlyingB/D24.14 22.81 22.92 23.54 25.88 133  bps(174) bps23.47 27.84 (437) bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rateI/G22.09 %22.97 %21.16 %21.80 %23.77 %(88) bps(168) bps22.55 %22.68 %(13) bps
Effective income tax rate, Underlying (non-GAAP)J/H22.51 23.25 21.37 22.00 23.69 (74) bps(118) bps22.89 22.82 7  bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)O$22,289 $21,702 $21,276 $22,246 $22,383 $587 3 %($94)— %$21,997 $21,686 $311 1 %
Return on average common equityM/O8.00 %9.11 %11.56 %10.91 %5.95 %(111) bps205  bps8.54 %6.77 %177  bps
Return on average common equity, Underlying (non-GAAP)N/O8.97 10.01 12.15 11.52 10.06 (104) bps(109) bps9.48 9.43 5  bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)O$22,289 $21,702 $21,276 $22,246 $22,383 $587 3 %($94)— %$21,997 $21,686 $311 1 %
Less: Average goodwill (GAAP)8,182 8,177 8,171 8,131 8,015 5 — 167 2 8,179 7,588 591 8 
Less: Average other intangibles (GAAP)181 192 199 228 213 (11)(6)(32)(15)186 147 39 27 
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)422 422 424 424 416 — — 6 1 421 400 21 5 
Average tangible common equityP$14,348 $13,755 $13,330 $14,311 $14,571 $593 4 %($223)(2 %)$14,053 $14,351 ($298)(2 %)
Return on average tangible common equity M/P12.42 %14.38 %18.46 %16.96 %9.13 %(196) bps329  bps13.37 %10.22 %315  bps
Return on average tangible common equity, Underlying (non-GAAP)N/P13.93 15.80 19.40 17.91 15.45 (187) bps(152) bps14.84 14.25 59  bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)Q$222,373 $222,711 $224,970 $225,473 $220,967 ($338)— %$1,4061 %$222,541 $204,732 $17,8099 %
Return on average total assetsK/Q0.86 %0.93 %1.15 %1.12 %0.66 %(7) bps20  bps0.90 %0.77 %13  bps
Return on average total assets, Underlying (non-GAAP)L/Q0.96 1.02 1.21 1.18 1.08 (6) bps(12) bps0.99 1.05 (6) bps
22

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q23 Change2023 Change
2Q231Q234Q223Q222Q221Q232Q22202320222022
$/bps%$/bps%$/bps%
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)Q$222,373 $222,711 $224,970 $225,473 $220,967 ($338)— %$1,4061 %$222,541 $204,732 $17,8099 %
Less: Average goodwill (GAAP)8,182 8,177 8,171 8,131 8,015 5— 1672 8,179 7,588 5918 
Less: Average other intangibles (GAAP)181 192 199 228 213 (11)(6)(32)(15)186 147 3927 
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)422 422 424 424 416 —— 61 421 400 215 
Average tangible assetsR$214,432 $214,764 $217,024 $217,538 $213,155 ($332)— %$1,2771 %$214,597 $197,397 $17,2009 %
Return on average total tangible assets K/R0.89 %0.97 %1.19 %1.16 %0.69 %(8) bps20  bps0.93 %0.80 %13  bps
Return on average total tangible assets, Underlying (non-GAAP)L/R0.99 1.06 1.25 1.22 1.12 (7) bps(13) bps1.03 1.09 (6) bps
Tangible book value per common share:
Common shares - at period-end (GAAP)S474,682,759 483,982,264 492,282,158 495,843,793 495,650,259 (9,299,505)(2 %)(20,967,500)(4 %)474,682,759 495,650,259 (20,967,500)(4 %)
Common stockholders' equity (GAAP)$21,571 $22,187 $21,676 $21,132 $22,314 ($616)(3)($743)(3)$21,571 $22,314 ($743)(3)
Less: Goodwill (GAAP)8,188 8,177 8,173 8,160 8,081 11— 1071 8,188 8,081 1071 
Less: Other intangible assets (GAAP)175 185 197 199 211 (10)(5)(36)(17)175 211 (36)(17)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)422 422 422 424 422 —— —— 422 422 —— 
Tangible common equityT$13,630 $14,247 $13,728 $13,197 $14,444 ($617)(4 %)($814)(6 %)$13,630 $14,444 ($814)(6 %)
Tangible book value per common shareT/S$28.72 $29.44 $27.88 $26.62 $29.14 ($0.72)(2 %)($0.42)(1 %)$28.72 $29.14 ($0.42)(1 %)
Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying:
Average common shares outstanding - basic (GAAP)U479,470,543 485,444,313 493,293,981 495,651,083 491,497,026 (5,973,770)(1 %)(12,026,483)(2 %)482,440,926 457,140,258 25,300,6686 %
Average common shares outstanding - diluted (GAAP)V480,975,281 487,712,146 495,478,398 497,477,501 493,296,114 (6,736,865)(1)(12,320,833)(2)484,252,103 459,167,747 25,084,3565 
Net income per average common share - basic (GAAP)M/U$0.93 $1.00 $1.26 $1.23 $0.68 ($0.07)(7)$0.25 37 $1.93 $1.59 $0.34 21 
Net income per average common share - diluted (GAAP)M/V0.92 1.00 1.25 1.23 0.67 (0.08)(8)0.25 37 1.92 1.58 0.34 22 
Net income per average common share - basic, Underlying (non-GAAP)N/U1.04 1.10 1.32 1.30 1.14 (0.06)(5)(0.10)(9)2.14 2.22 (0.08)(4)
Net income per average common share - diluted, Underlying (non-GAAP)N/V1.04 1.10 1.32 1.30 1.14 (0.06)(5)(0.10)(9)2.14 2.21 (0.07)(3)
Dividend payout ratio and dividend payout ratio, Underlying:
Cash dividends declared and paid per common shareW$0.42 $0.42 $0.42 $0.42 $0.39 $— — %$0.03 8 %$0.84 $0.78 $0.06 8 %
Dividend payout ratioW/(M/U)45 %42 %33 %34 %57 %300 bps(1,200) bps44 %49 %(500) bps
Dividend payout ratio, Underlying (non-GAAP)W/(N/U)40 38 32 32 34 200 bps600 bps39 35 400 bps
23

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q23 Change2023 Change
2Q231Q234Q223Q222Q221Q232Q22202320222022
$%$%$/bps%
Other income, Underlying:
Other income (GAAP)$23 $17 $36 $34 ($12)$6 35 %$35 NM$40 $12 $28 233 %
Less: Notable items— — — — (31)— — 31 100 — (31)31 100 
Other income, Underlying (non-GAAP)$23 $17 $36 $34 $19 $6 35 $4 21 %$40 $43 ($3)(7 %)
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)$615 $658 $633 $639 $683 ($43)(7 %)($68)(10 %)$1,273 $1,277 ($4)— %
Less: Notable items14 16 15 17 72 (2)(13)(58)(81)30 78 (48)(62)
Salaries and employee benefits, Underlying (non-GAAP)$601 $642 $618 $622 $611 ($41)(6 %)($10)(2 %)$1,243 $1,199 $44 4 %
Equipment and software, Underlying:
Equipment and software (GAAP)
$181 $169 $170 $159 $169 $12 7 %$12 7 %$350 $319 $31 10 %
Less: Notable items4 4 2 — 6 — — (2)(33)8 8 — — 
Equipment and software, Underlying (non-GAAP)$177 $165 $168 $159 $163 $12 7 %$14 9 %$342 $311 $31 10 %
Outside services, Underlying:
Outside services (GAAP)$177 $176 $170 $172 $189 $1 1 %($12)(6 %)$353 $358 ($5)(1 %)
Less: Notable items21 27 17 20 41 (6)(22)(20)(49)48 76 (28)(37)
Outside services, Underlying (non-GAAP)$156 $149 $153 $152 $148 $7 5 %$8 5 %$305 $282 $23 8 %
Occupancy, Underlying:
Occupancy (GAAP)$136 $124 $110 $106 $111 $12 10 %$25 23 %$260 $194 $66 34 %
Less: Notable items30 18 2 2 1 12 67 29 NM48 1 47 NM
Occupancy, Underlying (non-GAAP)$106 $106 $108 $104 $110 $— — %($4)(4 %)$212 $193 $19 10 %
Other operating expense, Underlying:
Other operating expense (GAAP)$197 $169 $157 $165 $153 $28 17 %$44 29 %$366 $263 $103 39 %
Less: Notable items4 1 7 7 5 3 NM(1)(20)5 10 (5)(50)
Other operating expense, Underlying (non-GAAP)$193 $168 $150 $158 $148 $25 15 %$45 30 %$361 $253 $108 43 %

24



NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS
(dollars in millions)
SECOND QUARTER 2023FIRST QUARTER 2023FOURTH QUARTER 2022
Consumer BankingCommercial BankingOtherConsolidatedConsumer BankingCommercial BankingOtherConsolidatedConsumer BankingCommercial BankingOtherConsolidated
Net income (loss) available to common stockholders:
Net income (loss)A$282 $305 ($109)$478 $281 $319 ($89)$511 $315 $358 ($20)$653 
Less: Preferred stock dividends— — 34 34 — — 23 23 — — 32 32 
Net income (loss) available to common stockholdersB$282 $305 ($143)$444 $281 $319 ($112)$488 $315 $358 ($52)$621 
Return on average total tangible assets:
Average total assets (GAAP)$87,040 $77,546 $57,787 $222,373 $87,558 $78,891 $56,262 $222,711 $88,440 $79,591 $56,939 $224,970 
 Less: Average goodwill (GAAP)540 766 6,876 8,182 538 763 6,876 8,177 491 804 6,876 8,171 
          Average other intangibles (GAAP)109 41 31 181 115 43 34 192 121 46 32 199 
 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)23 11 388 422 23 12 387 422 7 4 413 424 
Average tangible assetsC$86,414 $76,750 $51,268 $214,432 $86,928 $78,097 $49,739 $214,764 $87,835 $78,745 $50,444 $217,024 
Return on average total tangible assets A/C1.31 %1.59 %NM0.89 %1.31 %1.66 %NM0.97 %1.42 %1.80 %NM1.19 %
Efficiency ratio:
Noninterest expense (GAAP)D$908 $315 $83 $1,306 $889 $331 $76 $1,296 $863 $318 $59 $1,240 
Net interest income (GAAP)1,104 584 (100)1,588 1,096 597 (50)1,643 1,106 594 (5)1,695 
Noninterest income (GAAP)268 207 31 506 256 201 28 485 256 198 51 505 
Total revenue (GAAP)E$1,372 $791 ($69)$2,094 $1,352 $798 ($22)$2,128 $1,362 $792 $46 $2,200 
Efficiency ratio D/E66.14 %39.76 %NM62.34 %65.81 %41.47 %NM60.90 %63.38 %40.18 %NM56.36 %
THIRD QUARTER 2022SECOND QUARTER 2022
Consumer BankingCommercial BankingOtherConsolidatedConsumer BankingCommercial BankingOtherConsolidated
Net income (loss) available to common stockholders:
Net income (loss)A$319 $334 ($17)$636 $265 $341 ($242)$364 
Less: Preferred stock dividends
— — 25 25 — — 32 32 
Net income (loss) available to common stockholdersB$319 $334 ($42)$611 $265 $341 ($274)$332 
Return on average total tangible assets:
Average total assets (GAAP)$89,560 $80,067 $55,846 $225,473 $88,881 $78,638 $53,448 $220,967 
 Less: Average goodwill (GAAP)454 801 6,876 8,131 445 731 6,839 8,015 
         Average other intangibles (GAAP)106 38 84 228 74 16 123 213 
 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)6 3 415 424 6 1 409 416 
Average tangible assetsC$89,006 $79,231 $49,301 $217,538 $88,368 $77,892 $46,895 $213,155 
Return on average total tangible assets A/C1.43 %1.68 %NM1.16 %1.20 %1.75 %NM0.69 %
Efficiency ratio:
Noninterest expense (GAAP)D$863 $325 $53 $1,241 $881 $308 $116 $1,305 
Net interest income (GAAP)1,085 559 21 1,665 995 534 (24)1,505 
Noninterest income (GAAP)270 213 29 512 280 221 (7)494 
Total revenue (GAAP)E$1,355 $772 $50 $2,177 $1,275 $755 ($31)$1,999 
Efficiency ratio D/E63.76 %42.04 %NM57.02 %69.06 %40.78 %NM65.27 %

25




NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS (CONTINUED)
(dollars in millions)
FOR THE SIX MONTHS ENDED JUNE 30,
20232022
Consumer BankingCommercial BankingOtherConsolidatedConsumer BankingCommercial BankingOtherConsolidated
Net income (loss) available to common stockholders:
Net income (loss)A$563 $624 ($198)$989 $474 $612 ($302)$784 
Less: Preferred stock dividends— — 57 57 — — 56 56 
Net income (loss) available to common stockholdersB$563 $624 ($255)$932 $474 $612 ($358)$728 
Return on average total tangible assets:
Average total assets (GAAP)$87,298 $78,215 $57,028 $222,541 $83,247 $69,927 $51,558 $204,732 
 Less: Average goodwill (GAAP)539 764 6,876 8,179 303 427 6,858 7,588 
         Average other intangibles (GAAP)112 42 32 186 62 17 68 147 
 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)23 12 386 421 5 1 394 400 
Average tangible assetsC$86,670 $77,421 $50,506 $214,597 $82,887 $69,484 $45,026 $197,397 
Return on average total tangible assets A/C1.31 %1.62 %NM0.93 %1.15 %1.78 %NM0.80 %
Efficiency ratio:
Noninterest expense (GAAP)D$1,797 $646 $159 $2,602 $1,665 $580 $166 $2,411 
Net interest income (GAAP)2,200 1,181 (150)3,231 1,852 950 (150)2,652 
Noninterest income (GAAP)524 408 59 991 537 434 21 992 
Total revenue (GAAP)E$2,724 $1,589 ($91)$4,222 $2,389 $1,384 ($129)$3,644 
Efficiency ratio D/E65.97 %40.62 %NM61.62 %69.67 %41.93 %NM66.16 %
26