EX-99.3 4 q424financialsupplement.htm EX-99.3 Document
















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Financial Supplement

Fourth Quarter and Full Year 2024





















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 TRENDSFULL YEAR
4Q24 Change2024 Change
4Q243Q242Q241Q244Q233Q244Q23202420232023
$/bps%$/bps%$/bps%
SELECTED OPERATING DATA
Total revenue$1,986 $1,901 $1,963 $1,959 $1,988 $85 4 %($2)— %$7,809 $8,224 ($415)(5 %)
Noninterest expense1,316 1,259 1,301 1,358 1,612 57 5 (296)(18)5,234 5,507 (273)(5)
Profit before provision (benefit) for credit losses670 642 662 601 376 28 4 294 78 2,575 2,717 (142)(5)
Provision (benefit) for credit losses162 172 182 171 171 (10)(6)(9)(5)687 687 — — 
NET INCOME401 382 392 334 189 19 5 212 112 1,509 1,608 (99)(6)
Net income, Underlying1
412 392 408 395 426 20 5 (14)(3)1,607 1,965 (358)(18)
Net income available to common stockholders367 344 357 304 159 23 7 208 131 1,372 1,491 (119)(8)
Net income available to common stockholders, Underlying1
378 354 373 365 396 24 7 (18)(5)1,470 1,848 (378)(20)
PER COMMON SHARE DATA
Basic earnings$0.83 $0.77 $0.79 $0.66 $0.34 $0.06 8 %$0.49 144 %$3.05 $3.14 ($0.09)(3 %)
Diluted earnings0.83 0.77 0.78 0.65 0.34 0.06 8 0.49 144 3.03 3.13 (0.10)(3)
Basic earnings, Underlying1
0.86 0.79 0.82 0.79 0.85 0.07 9 0.01 1 3.26 3.89 (0.63)(16)
Diluted earnings, Underlying1
0.85 0.79 0.82 0.79 0.85 0.06 8 — — 3.24 3.88 (0.64)(16)
Cash dividends declared and paid per common share 0.42 0.42 0.42 0.42 0.42 — — — — 1.68 1.68 — — 
Book value per common share50.26 51.25 48.03 47.43 47.87 (0.99)(2)2.39 5 50.26 47.87 2.39 5 
Tangible book value per common share32.34 33.54 30.61 30.19 30.91 (1.20)(4)1.43 5 32.34 30.91 1.43 5 
Dividend payout ratio51 %55 %53 %64 %124 %(395) bps(7,293) bps55 %54 %158  bps
Dividend payout ratio, Underlying1
49 53 51 53 49 (400) bps—  bps52 43 900  bps
COMMON SHARES OUTSTANDING
Average: Basic440,802,738 446,561,996 454,142,489 461,358,681 466,234,324 (5,759,258)(1 %)(25,431,586)(5 %)450,678,038 475,089,384 (24,411,346)(5 %)
   Diluted444,836,786 449,913,467 456,561,022 463,797,964 468,159,167 (5,076,681)(1)(23,322,381)(5)453,510,245 476,693,148 (23,182,903)(5)
Common shares at period-end440,543,381 445,216,549 452,961,853 458,485,032 466,418,055 (4,673,168)(1)(25,874,674)(6)440,543,381 466,418,055 (25,874,674)(6)
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 TRENDSFULL YEAR
4Q24 Change2024 Change
4Q243Q242Q241Q244Q233Q244Q23202420232023
$/bps%$/bps%$/bps%
FINANCIAL RATIOS
Net interest margin2.86 %2.76 %2.86 %2.90 %2.90 %10 bps(4) bps2.84 %3.09 %(25) bps
Net interest margin, FTE1
2.87 2.77 2.87 2.91 2.91 10(4)2.85 3.10 (25) 
Return on average common equity6.64 6.12 6.70 5.63 2.96 52 368 6.27 6.90 (63) 
Return on average common equity, Underlying2
6.84 6.29 7.00 6.77 7.41 55 (57)6.72 8.56 (184) 
Return on average tangible common equity10.36 9.45 10.61 8.86 4.72 91 564 9.81 10.92 (111) 
Return on average tangible common equity, Underlying2
10.66 9.71 11.09 10.65 11.84 95 (118)10.51 13.53 (302) 
Return on average total assets0.73 0.70 0.72 0.61 0.33 3 40 0.69 0.72 (3) 
Return on average total assets, Underlying2
0.75 0.71 0.75 0.72 0.76 4 (1)0.73 0.88 (15) 
Return on average total tangible assets0.76 0.72 0.75 0.63 0.35 4 41 0.71 0.75 (4) 
Return on average total tangible assets, Underlying2
0.78 0.74 0.78 0.75 0.78 4 — 0.76 0.92 (16) 
Effective income tax rate21.04 18.56 18.49 22.28 7.59 248 1,345 20.06 20.76 (70) 
Effective income tax rate, Underlying2
21.17 18.75 20.33 22.84 22.25 242 (108)20.80 22.48 (168) 
Efficiency ratio66.27 66.23 66.27 69.33 81.13 4 (1,486)67.03 66.97 6  
Efficiency ratio, Underlying2
65.36 65.61 64.59 65.05 63.77 (25)159 65.15 60.81 434  
Noninterest income as a % of total revenue28.90 27.95 28.16 26.41 25.16 95 374 27.86 24.12 374 
Noninterest income as a % of total revenue, Underlying2
28.54 28.05 28.00 26.32 25.16 49 338 27.73 24.12 361  
CAPITAL RATIOS - PERIOD-END (PRELIMINARY)
CET1 capital ratio10.8 %10.6 %10.7 %10.6 %10.6 %
Tier 1 capital ratio12.1 11.9 12.0 11.8 11.8 
Total capital ratio14.0 13.9 14.0 13.8 13.7 
Tier 1 leverage ratio9.4 9.4 9.4 9.3 9.3 
Tangible common equity ratio6.8 7.0 6.5 6.5 6.7 
SELECTED BALANCE SHEET DATA
Loan-to-deposit ratio (period-end balances)79.65 %80.85 %80.43 %81.16 %82.30 %(120) bps(265) bps79.65 %82.30 %(265) bps
Loan-to-deposit ratio (average balances)80.88 81.59 82.38 82.24 83.54 (71) bps(266) bps81.77 86.83 (506) bps
Full-time equivalent colleagues (period-end)17,287 17,329 17,510 17,354 17,570 (42)— (283)(2)17,287 17,570 (283)(2)
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 TRENDSFULL YEAR
4Q24 Change2024 Change
4Q243Q242Q241Q244Q233Q244Q23202420232023
$%$%$%
INTEREST INCOME
Interest and fees on loans and leases$1,910 $1,976 $2,011 $2,051 $2,144 ($66)(3 %)($234)(11 %)$7,948 $8,489 ($541)(6 %)
Interest and fees on loans held for sale21 19 17 20 22 2 11 (1)(5)77 102 (25)(25)
Investment securities419 423 417 399 339 (4)(1)80 24 1,658 1,162 496 43 
Interest-bearing deposits in banks112 121 130 140 171 (9)(7)(59)(35)503 451 52 12 
Total interest income2,462 2,539 2,575 2,610 2,676 (77)(3)(214)(8)10,186 10,204 (18)— 
INTEREST EXPENSE
Deposits883 990 965 987 974 (107)(11)(91)(9)3,825 3,145 680 22 
Short-term borrowed funds1 3 4 7 7 (2)(67)(6)(86)15 43 (28)(65)
Long-term borrowed funds166 177 196 174 207 (11)(6)(41)(20)713 775 (62)(8)
Total interest expense1,050 1,170 1,165 1,168 1,188 (120)(10)(138)(12)4,553 3,963 590 15 
Net interest income1,412 1,369 1,410 1,442 1,488 43 3 (76)(5)5,633 6,241 (608)(10)
NONINTEREST INCOME
Service charges and fees109 109 106 96 104 — — 5 5 420 410 10 2 
Capital markets fees121 94 134 118 87 27 29 34 39 467 319 148 46 
Card fees97 93 92 86 70 4 4 27 39 368 296 72 24 
Wealth fees1
75 76 75 68 68 (1)(1)7 10 294 259 35 14 
Mortgage banking fees60 46 54 49 57 14 30 3 5 209 242 (33)(14)
Foreign exchange and derivative products35 36 39 36 43 (1)(3)(8)(19)146 183 (37)(20)
Letter of credit and loan fees45 45 43 42 42 — — 3 7 175 168 7 4 
Securities gains, net4 9 — 5 9 (5)(56)(5)(56)18 28 (10)(36)
Other income28 24 10 17 20 4 17 8 40 79 78 1 1 
Total noninterest income574 532 553 517 500 42 8 74 15 2,176 1,983 193 10 
TOTAL REVENUE1,986 1,901 1,963 1,959 1,988 85 4 (2)— 7,809 8,224 (415)(5)
Provision (benefit) for credit losses162 172 182 171 171 (10)(6)(9)(5)687 687 — — 
NONINTEREST EXPENSE
Salaries and employee benefits674 647 645 691 667 27 4 7 1 2,657 2,599 58 2 
Equipment and software193 194 190 192 215 (1)(1)(22)(10)769 756 13 2 
Outside services170 146 165 158 174 24 16 (4)(2)639 687 (48)(7)
Occupancy112 108 113 114 125 4 4 (13)(10)447 492 (45)(9)
Other operating expense167 164 188 203 431 3 2 (264)(61)722 973 (251)(26)
Total noninterest expense1,316 1,259 1,301 1,358 1,612 57 5 (296)(18)5,234 5,507 (273)(5)
Income before income tax expense508 470 480 430 205 38 8 303 148 1,888 2,030 (142)(7)
Income tax expense107 88 88 96 16 19 22 91 NM379 422 (43)(10)
Net income$401 $382 $392 $334 $189 $19 5 %$212 112 %$1,509 $1,608 ($99)(6 %)
Net income, Underlying2
$412 $392 $408 $395 $426 $20 5 %($14)(3 %)$1,607 $1,965 ($358)(18 %)
Net income available to common stockholders$367 $344 $357 $304 $159 $23 7 %$208 131 %$1,372 $1,491 ($119)(8 %)
Net income available to common stockholders, Underlying2
$378 $354 $373 $365 $396 $24 7 %($18)(5 %)$1,470 $1,848 ($378)(20 %)
1 Effective for the second quarter of 2024, Trust and investment services fees was renamed to Wealth fees to better reflect the broad range of wealth-related management fees and services provided to our customers.
2 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 OFDECEMBER 31, 2024 CHANGE
Dec 31, 2024Sept 30, 2024June 30, 2024Mar 31, 2024Dec 31, 2023September 30, 2024December 31, 2023
$%$%
ASSETS
Cash and due from banks$1,409 $979 $1,191 $1,098 $1,794 $430 44 %($385)(21 %)
Interest-bearing cash and due from banks9,192 9,936 10,580 10,501 9,834 (744)(7)(642)(7)
Interest-bearing deposits in banks635 648 559 392 405 (13)(2)230 57 
Debt securities available for sale, at fair value32,765 32,835 31,938 31,187 29,777 (70)— 2,988 10 
Debt securities held to maturity8,599 8,738 8,895 9,054 9,184 (139)(2)(585)(6)
Loans held for sale
858 663 683 555 779 195 29 79 10 
Loans and leases139,203 141,632 141,842 143,188 145,959 (2,429)(2)(6,756)(5)
Less: Allowance for loan and lease losses(2,061)(2,079)(2,125)(2,086)(2,098)18 (1)37 (2)
Net loans and leases137,142 139,553 139,717 141,102 143,861 (2,411)(2)(6,719)(5)
Derivative assets408 586 367 469 440 (178)(30)(32)(7)
Premises and equipment875 862 863 872 895 13 2 (20)(2)
Bank-owned life insurance3,364 3,346 3,325 3,311 3,291 18 1 73 2 
Goodwill8,187 8,187 8,187 8,188 8,188 — — (1)— 
Other intangible assets146 137 139 148 157 9 7 (11)(7)
Other assets13,941 13,236 13,494 13,571 13,359 705 5 582 4 
TOTAL ASSETS$217,521 $219,706 $219,938 $220,448 $221,964 ($2,185)(1 %)($4,443)(2 %)
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing$36,920 $35,978 $36,927 $36,593 $37,107 $942 3 %($187)(1 %)
Interest-bearing137,856 139,210 139,425 139,835 140,235 (1,354)(1)(2,379)(2)
Total deposits174,776 175,188 176,352 176,428 177,342 (412)— (2,566)(1)
Short-term borrowed funds— 15 2 9 505 (15)(100)(505)(100)
Derivative liabilities1,220 1,012 1,547 1,705 1,562 208 21 (342)(22)
Long-term borrowed funds:
FHLB advances53 553 553 2,036 3,786 (500)(90)(3,733)(99)
Senior debt7,168 7,766 6,512 6,414 5,170 (598)(8)1,998 39 
Subordinated debt and other debt5,180 5,625 6,017 5,354 4,511 (445)(8)669 15 
Total long-term borrowed funds12,401 13,944 13,082 13,804 13,467 (1,543)(11)(1,066)(8)
Other liabilities4,870 4,615 5,086 4,741 4,746 255 6 124 3 
TOTAL LIABILITIES193,267 194,774 196,069 196,687 197,622 (1,507)(1)(4,355)(2)
STOCKHOLDERS' EQUITY
Preferred stock:
$25.00 par value, 100,000,000 shares authorized for each of the periods presented2,113 2,112 2,112 2,014 2,014 1 — 99 5 
Common stock:
$0.01 par value, 1,000,000,000 shares authorized for each of the periods presented7 6 6 6 6 1 17 1 17 
Additional paid-in capital22,364 22,327 22,299 22,272 22,250 37 — 114 1 
Retained earnings10,412 10,233 10,079 9,923 9,816 179 2 596 6 
Treasury stock, at cost(7,047)(6,820)(6,492)(6,290)(5,986)(227)(3)(1,061)(18)
Accumulated other comprehensive income (loss)(3,595)(2,926)(4,135)(4,164)(3,758)(669)(23)163 4 
TOTAL STOCKHOLDERS' EQUITY24,254 24,932 23,869 23,761 24,342 (678)(3)(88)— 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$217,521 $219,706 $219,938 $220,448 $221,964 ($2,185)(1 %)($4,443)(2 %)
Memo: Total tangible common equity$14,246 $14,931 $13,866 $13,844 $14,417 ($685)(5 %)($171)(1 %)

6

LOANS AND DEPOSITS
(dollars in millions)
PERIOD-END BALANCESAS OFDECEMBER 31, 2024 CHANGE
Dec 31, 2024Sept 30, 2024June 30, 2024Mar 31, 2024Dec 31, 2023Sept 30, 2024December 31, 2023
$%$%
LOANS AND LEASES
Commercial and industrial1
$42,551 $43,825 $43,623 $43,951 $44,974 ($1,274)(3 %)($2,423)(5 %)
Commercial real estate27,225 27,983 28,311 28,872 29,471 (758)(3)(2,246)(8)
Total commercial69,776 71,808 71,934 72,823 74,445 (2,032)(3)(4,669)(6)
Residential mortgages32,726 32,379 31,890 31,512 31,332 347 1 1,394 4 
Home equity16,495 15,992 15,534 15,113 15,040 503 3 1,455 10 
Automobile4,744 5,540 6,383 7,277 8,258 (796)(14)(3,514)(43)
Education10,812 11,118 11,265 11,646 11,834 (306)(3)(1,022)(9)
Other retail4,650 4,795 4,836 4,817 5,050 (145)(3)(400)(8)
Total retail69,427 69,824 69,908 70,365 71,514 (397)(1)(2,087)(3)
Total loans and leases$139,203 $141,632$141,842$143,188$145,959($2,429)(2 %)($6,756)(5 %)
Loans held for sale
858 663 683 555 779 195 29 79 10 
Loans and leases and loans held for sale$140,061 $142,295 $142,525 $143,743 $146,738 ($2,234)(2 %)($6,677)(5 %)
DEPOSITS
Noninterest-bearing demand
$36,920 $35,978 $36,927 $36,593 $37,107 $942 3 %($187)(1 %)
Money market55,321 54,654 52,599 52,182 53,812 667 1 1,509 3 
Checking with interest33,246 33,680 34,421 34,487 31,876 (434)(1)1,370 4 
Savings25,976 26,489 27,240 27,912 27,983 (513)(2)(2,007)(7)
Time
23,313 24,387 25,165 25,254 26,564 (1,074)(4)(3,251)(12)
Total deposits$174,776 $175,188 $176,352 $176,428 $177,342 ($412)— %($2,566)(1 %)
1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.

7

AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)
QUARTERLY TRENDS4Q24 Change
4Q243Q244Q233Q244Q23
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$9,459 $112 4.65 %$8,896 $121 5.30 %$12,387 $171 5.43 %$563 ($9)(65) bps($2,928)($59)(78) bps
Taxable investment securities44,822 419 3.73 45,083 423 3.75 41,497 339 3.25 (261)(4)(2)3,325 80 48
Non-taxable investment securities1 — 2.60 1 — 2.60 2 — 2.66 — — —(1)— (6)
Total investment securities44,823 419 3.73 45,084 423 3.75 41,499 339 3.25 (261)(4)(2)3,324 80 48
Commercial and industrial1
43,674 538 4.82 44,071 556 4.95 46,618 716 6.00 (397)(18)(13)(2,944)(178)(118)
Commercial real estate27,681 419 5.93 28,209 452 6.26 29,460 476 6.32 (528)(33)(33)(1,779)(57)(39)
Total commercial71,355 957 5.25 72,280 1,008 5.46 76,078 1,192 6.13 (925)(51)(21)(4,723)(235)(88)
Residential mortgages32,520 310 3.81 32,117 301 3.75 31,146 276 3.55 403 9 61,374 34 26
Home equity16,246 311 7.61 15,733 317 8.02 14,889 302 8.04 513 (6)(41)1,357 9 (43)
Automobile5,129 56 4.29 5,942 64 4.28 8,752 94 4.24 (813)(8)1(3,623)(38)5
Education10,949 150 5.48 11,155 153 5.45 11,971 156 5.17 (206)(3)3(1,022)(6)31
Other retail4,748 126 10.60 4,776 133 11.04 5,133 124 9.64 (28)(7)(44)(385)2 96
Total retail69,592 953 5.46 69,723 968 5.53 71,891 952 5.27 (131)(15)(7)(2,299)1 19
Total loans and leases140,947 1,910 5.35 142,003 1,976 5.50 147,969 2,144 5.71 (1,056)(66)(15)(7,022)(234)(36)
Loans held for sale
1,384 21 6.04 1,181 19 6.26 1,266 22 6.95 203 2 (22)118 (1)(91)
Total interest-earning assets196,613 2,462 4.96 197,164 2,539 5.09 203,121 2,676 5.20 (551)(77)(13)(6,508)(214)(24)
Noninterest-earning assets20,935 21,414 20,532 (479)403 
TOTAL ASSETS$217,548 $218,578 $223,653 ($1,030)($6,105)
INTEREST-BEARING LIABILITIES
Checking with interest$32,720 $123 1.49 %$33,090 $131 1.58 %$31,788 $113 1.40 %($370)($8)(9)$932 $10 9
Money market54,548 385 2.81 53,152 444 3.32 53,003 444 3.32 1,396 (59)(51)1,545 (59)(51)
Savings
26,237 107 1.63 26,868 128 1.89 28,455 123 1.72 (631)(21)(26)(2,218)(16)(9)
Time
24,053 268 4.42 24,705 287 4.65 25,492 294 4.59 (652)(19)(23)(1,439)(26)(17)
Total interest-bearing deposits137,558 883 2.55 137,815 990 2.86 138,738 974 2.79 (257)(107)(31)(1,180)(91)(24)
Short-term borrowed funds41 1 7.88 150 3 6.06 491 7 5.63 (109)(2)182(450)(6)225
FHLB advances172 2 4.55 477 6 5.38 5,751 83 5.62 (305)(4)(83)(5,579)(81)(107)
Senior debt7,316 90 4.92 7,462 93 5.01 5,217 57 4.34 (146)(3)(9)2,099 33 58
Subordinated debt and other debt5,401 74 5.49 5,751 78 5.43 4,720 67 5.71 (350)(4)6681 7 (22)
Total long-term borrowed funds12,889 166 5.16 13,690 177 5.20 15,688 207 5.22 (801)(11)(4)(2,799)(41)(6)
Total borrowed funds12,930 167 5.17 13,840 180 5.21 16,179 214 5.24 (910)(13)(4)(3,249)(47)(7)
Total interest-bearing liabilities150,488 1,050 2.78 151,655 1,170 3.07 154,917 1,188 3.04 (1,167)(120)(29)(4,429)(138)(26)
Noninterest-bearing demand deposits
36,704 36,236 38,390 468 (1,686)
Other noninterest-bearing liabilities6,235 6,194 7,123 41 (888)
TOTAL LIABILITIES193,427 194,085 200,430 (658)(7,003)
STOCKHOLDERS' EQUITY24,121 24,493 23,223 (372)898 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$217,548 $218,578 $223,653 ($1,030)($6,105)
INTEREST RATE SPREAD2.18 %2.02 %2.16 %162
NET INTEREST MARGIN AND NET INTEREST INCOME$1,412 2.86 %$1,369 2.76 %$1,488 2.90 %$43 10($76)(4)
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE2
$1,416 2.87 %$1,373 2.77 %$1,492 2.91 %$43 10($76)(4)
Memo: Total deposits (interest-bearing and noninterest-bearing demand)
$174,262 $883 2.02 %$174,051 $990 2.26 %$177,128 $974 2.18 %$211 ($107)(24) bps($2,866)($91)(16) bps

1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.
2Net interest income and net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented.
8

AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)
FULL YEAR2024 Change
202420232023
Average Balance
InterestRate
Average Balance
InterestRate
Average Balance
InterestRate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks$9,566 $503 5.17 %$8,531 $451 5.22 %$1,035 $52 (5) bps
Taxable investment securities44,627 1,658 3.71 39,437 1,162 2.94 5,190 496 77 
Non-taxable investment securities1 — 2.60 2 — 2.68 (1)— (8)
Total investment securities44,628 1,658 3.71 39,439 1,162 2.94 5,189 496 77 
Commercial and industrial1
44,174 2,333 5.20 49,998 3,002 5.92 (5,824)(669)(72)
Commercial real estate28,430 1,795 6.21 29,206 1,804 6.09 (776)(9)12 
Total commercial72,604 4,128 5.60 79,204 4,806 5.99 (6,600)(678)(39)
Residential mortgages31,916 1,184 3.71 30,660 1,052 3.43 1,256 132 28 
Home equity15,603 1,231 7.89 14,475 1,092 7.54 1,128 139 35 
Automobile6,404 274 4.27 10,374 429 4.13 (3,970)(155)14 
Education11,340 613 5.41 12,333 621 5.04 (993)(8)37 
Other retail4,837 518 10.72 5,171 489 9.46 (334)29 126 
Total retail70,100 3,820 5.45 73,013 3,683 5.04 (2,913)137 41 
Total loans and leases142,704 7,948 5.52 152,217 8,489 5.53 (9,513)(541)(1)
Loans held for sale
1,174 77 6.51 1,499 102 6.75 (325)(25)(24)
Total interest-earning assets198,072 10,186 5.10 201,686 10,204 5.02 (3,614)(18)8 
Noninterest-earning assets20,952 20,535 417 
TOTAL ASSETS$219,024 $222,221 ($3,197)
INTEREST-BEARING LIABILITIES
Checking with interest$32,943 $491 1.49 %$33,960 $446 1.31 %($1,017)$45 18 
Money market53,053 1,705 3.21 51,178 1,494 2.92 1,875 211 29 
Savings
27,100 476 1.76 29,266 433 1.48 (2,166)43 28 
Time
24,967 1,153 4.62 19,320 772 4.00 5,647 381 62 
Total interest-bearing deposits138,063 3,825 2.77 133,724 3,145 2.35 4,339 680 42 
Short-term borrowed funds252 15 5.73 746 43 5.70 (494)(28)3 
FHLB advances1,319 74 5.52 7,431 383 5.09 (6,112)(309)43 
Senior debt6,896 333 4.84 5,335 231 4.33 1,561 102 51 
Subordinated debt and other debt5,616 306 5.45 3,087 161 5.21 2,529 145 24 
Total long-term borrowed funds13,831 713 5.15 15,853 775 4.86 (2,022)(62)29 
Total borrowed funds14,083 728 5.16 16,599 818 4.89 (2,516)(90)27 
Total interest-bearing liabilities152,146 4,553 2.99 150,323 3,963 2.63 1,823 590 36 
Noninterest-bearing demand deposits
36,457 41,581 (5,124)
Other noninterest-bearing liabilities6,466 6,711 (245)
TOTAL LIABILITIES195,069 198,615 (3,546)
STOCKHOLDERS' EQUITY23,955 23,606 349 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$219,024 $222,221 ($3,197)
INTEREST RATE SPREAD2.11 %2.39 %(28)
NET INTEREST MARGIN AND NET INTEREST INCOME$5,633 2.84 %$6,241 3.09 %($608)(25)
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE2
$5,650 2.85 %$6,258 3.10 %($608)(25)
Memo: Total deposits (interest-bearing and noninterest-bearing demand)
$174,520 $3,825 2.19 %$175,305 $3,145 1.79 %($785)$680 40  bps
1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.
2Net interest income and net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented.
9

MORTGAGE BANKING FEES SUMMARY
(dollars in millions)
QUARTERLY TRENDSFULL YEAR
4Q24 Change2024 Change
4Q243Q242Q241Q244Q233Q244Q23202420232023
$/bps%$/bps%$/bps%
MORTGAGE BANKING FEES
Production revenue$14 $15 $14 $15 $11 ($1)(7 %)$327 %$58 $71 ($13)(18 %)
Mortgage servicing revenue33 33 35 33 37 —— (4)(11)134 143 (9)(6)
MSR valuation changes, net of hedge impact13 (2)5 1 9 15NM444 17 28 (11)(39)
Total mortgage banking fees$60 $46 $54 $49 $57 $1430 %$35 %$209 $242 ($33)(14 %)
Pull-through adjusted locks$1,543 $1,996 $1,930 $1,404 $1,412 ($453)(23 %)$1319 %$6,873 $8,757 ($1,884)(22 %)
Production revenue as a percentage of Pull-through adjusted locks0.90 %0.76 %0.74 %1.05 %0.78 %14  bps13  bps0.85 %0.81 %3  bps
RESIDENTIAL REAL ESTATE ORIGINATIONS
Retail$1,680 $1,749 $1,584 $1,045 $958 ($69)(4 %)$72275 %$6,058 $4,375 $1,68338 %
Third Party1,341 1,504 1,323 892 1,214 (163)(11)12710 5,060 7,182 (2,122)(30)
Total$3,021 $3,253 $2,907 $1,937 $2,172 ($232)(7 %)$84939 %$11,118 $11,557 ($439)(4 %)
Originated for sale$1,948 $2,148 $1,872 $1,296 $1,595 ($200)(9 %)$35322 %$7,264 $8,935 ($1,671)(19 %)
Originated for investment1,073 1,105 1,035 641 577 (32)(3)49686 3,854 2,622 1,23247 
Total$3,021 $3,253 $2,907 $1,937 $2,172 ($232)(7 %)$84939 %$11,118 $11,557 ($439)(4 %)
MORTGAGE SERVICING INFORMATION (UPB)
Loans serviced for others$95,600 $96,120 $96,439 $96,952 $97,420 ($520)(1 %)($1,820)(2 %)$95,600 $97,420 ($1,820)(2 %)
Owned loans serviced33,064 32,655 32,118 31,659 31,640 4091 1,4245 33,064 31,640 1,4245 
Total$128,664 $128,775 $128,557 $128,611 $129,060 ($111)— %($396)— %$128,664 $129,060 ($396)— %
MSR at fair value$1,491 $1,501 $1,568 $1,564 $1,552 ($10)(1 %)($61)(4 %)$1,491 $1,552 ($61)(4 %)
    

10

SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING
(dollars in millions)

QUARTERLY TRENDSFULL YEAR
CONSUMER BANKING
4Q24 Change2024 Change
4Q243Q242Q241Q244Q233Q244Q23202420232023
$/bps%$/bps%$/bps%
Net interest income$1,196 $1,156 $1,120 $1,093 $1,086 $40 3 %$110 10 %$4,565 $4,187 $378 9 %
Noninterest income311 285 277 258 265 26 9 46 17 1,131 1,067 64 6 
Total revenue1,507 1,441 1,397 1,351 1,351 66 5 156 12 5,696 5,254 442 8 
Noninterest expense944 916 915 903 905 28 3 39 4 3,678 3,542 136 4 
Profit (loss) before credit losses563 525 482 448 446 38 7 117 26 2,018 1,712 306 18 
Net charge-offs82 84 84 81 82 (2)(2)— — 331 280 51 18 
Income (loss) before income tax expense (benefit)481 441 398 367 364 40 9 117 32 1,687 1,432 255 18 
Income tax expense (benefit)123 114 102 95 95 9 8 28 29 434 373 61 16 
Net income (loss)$358 $327 $296 $272 $269 $31 9 %$89 33 %$1,253 $1,059 $194 18 %
AVERAGE BALANCES
Total assets$76,608 $75,392 $74,295 $73,833 $73,334 $1,216 2 %$3,274 4 %$75,037 $72,693 $2,344 3 %
Total loans and leases1
70,274 69,021 67,960 67,448 66,906 1,253 2 3,368 5 68,681 66,356 2,325 4 
Deposits124,552 121,899 120,478 120,019 118,474 2,653 2 6,078 5 121,745 116,980 4,765 4 
Interest-earning assets70,857 69,608 68,552 68,050 67,524 1,249 2 3,333 5 69,272 66,999 2,273 3 
KEY METRICS
Net interest margin6.72 %6.60 %6.57 %6.46 %6.40 %12  bps32  bps6.59 %6.25 %34  bps
Efficiency ratio62.60 63.53 65.49 66.87 67.08 (93) bps(448) bps64.56 67.42 (286) bps
Loan-to-deposit ratio (period-end balances)55.85 56.34 55.73 55.25 55.52 (49) bps33  bps55.85 55.52 33  bps
Loan-to-deposit ratio (average balances)55.88 56.05 55.97 55.80 55.88 (17) bps—  bps55.92 56.07 (15) bps
Return on average total tangible assets1.87 1.74 1.61 1.49 1.47 13  bps40  bps1.68 1.47 21  bps
1 Includes loans held for sale.
















11

SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING
(dollars in millions)

QUARTERLY TRENDSFULL YEAR
COMMERCIAL BANKING4Q24 Change2024 Change
4Q243Q242Q241Q244Q233Q244Q23202420232023
$/bps%$/bps%$/bps%
Net interest income$464 $478 $494 $514 $551 ($14)(3 %)($87)(16 %)$1,950 $2,292 ($342)(15 %)
Noninterest income232 207 242 227 196 25 12 36 18 908 784 124 16 
Total revenue696 685 736 741 747 11 2 (51)(7)2,858 3,076 (218)(7)
Noninterest expense313 300 311 317 324 13 4 (11)(3)1,241 1,295 (54)(4)
Profit (loss) before credit losses383 385 425 424 423 (2)(1)(40)(9)1,617 1,781 (164)(9)
Net charge-offs91 91 90 81 65 — — 26 40 353 250 103 41 
Income (loss) before income tax expense (benefit)292 294 335 343 358 (2)(1)(66)(18)1,264 1,531 (267)(17)
Income tax expense (benefit)68 63 76 84 89 5 8 (21)(24)291 378 (87)(23)
Net income (loss)$224 $231 $259 $259 $269 ($7)(3 %)($45)(17 %)$973 $1,153 ($180)(16 %)
AVERAGE BALANCES
Total assets$66,787 $68,092 $68,958 $70,100 $72,758 ($1,305)(2 %)($5,971)(8 %)$68,478 $76,028 ($7,550)(10 %)
Total loans and leases1
63,789 64,974 65,997 67,187 69,899 (1,185)(2)(6,110)(9)65,481 72,937 (7,456)(10)
Deposits43,597 44,190 44,203 45,912 46,962 (593)(1)(3,365)(7)44,472 47,155 (2,683)(6)
Interest-earning assets64,419 65,550 66,447 67,536 70,267 (1,131)(2)(5,848)(8)65,982 73,321 (7,339)(10)
KEY METRICS
Net interest margin2.86 %2.90 %2.99 %3.07 %3.11 %(4) bps(25) bps2.96 %3.12 %(16) bps
Efficiency ratio44.78 43.84 42.28 42.80 43.44 94  bps134  bps43.40 42.10 130  bps
Loan-to-deposit ratio (period-end balances)139.43 140.42 141.41 143.98 146.09 (99) bps(666) bps139.43 146.09 (666) bps
Loan-to-deposit ratio (average balances)144.70 145.93 148.15 145.05 147.64 (123) bps(294) bps145.95 153.12 (717) bps
Return on average total tangible assets1.35 1.37 1.52 1.50 1.48 (2) bps(13) bps1.44 1.53 (9) bps
1 Includes loans held for sale.
















12

SEGMENT FINANCIAL HIGHLIGHTS - NON-CORE
(dollars in millions)

QUARTERLY TRENDSFULL YEAR
NON-CORE
4Q24 Change2024 Change
4Q243Q242Q241Q244Q233Q244Q23202420232023
$/bps%$/bps%$/bps%
Net interest income($21)($28)($31)($37)($45)$7 25 %$24 53 %($117)($129)$12 9 %
Noninterest income— — — — — — — — — — — — — 
Total revenue(21)(28)(31)(37)(45)7 25 24 53 (117)(129)12 9 
Noninterest expense24 23 26 25 28 1 4 (4)(14)98 123 (25)(20)
Profit (loss) before credit losses(45)(51)(57)(62)(73)6 12 28 38 (215)(252)37 15 
Net charge offs15 17 10 19 24 (2)(12)(9)(38)61 78 (17)(22)
Income (loss) before income tax expense (benefit)(60)(68)(67)(81)(97)8 12 37 38 (276)(330)54 16 
Income tax expense (benefit)(15)(17)(17)(21)(25)2 12 10 40 (70)(86)16 19 
Net income (loss)($45)($51)($50)($60)($72)$6 12 %$27 38 %($206)($244)$38 16 %
AVERAGE BALANCES
Total assets$7,428 $8,389 $9,418 $10,554 $11,776 ($961)(11 %)($4,348)(37 %)$8,942 $13,745 ($4,803)(35 %)
Total loans and leases1
7,394 8,352 9,376 10,507 11,701 (958)(11)(4,307)(37)8,902 13,669 (4,767)(35)
Interest-earning assets7,394 8,352 9,376 10,507 11,726 (958)(11)(4,332)(37)8,902 13,675 (4,773)(35)
KEY METRICS
Net interest margin(1.12)%(1.30)%(1.36)%(1.41)%(1.54)%18  bps42  bps(1.31)%(0.94)%(37) bps
Return on average total tangible assets(2.38)(2.40)(2.14)(2.30)(2.42)2  bps4  bps(2.30)(1.78)(52) bps
1 Includes loans held for sale.
13

SEGMENT FINANCIAL HIGHLIGHTS - OTHER
(dollars in millions)

QUARTERLY TRENDSFULL YEAR
OTHER1
4Q24 Change2024 Change
4Q243Q242Q241Q244Q233Q244Q23202420232023
$%$%$%
Net interest income($227)($237)($173)($128)($104)$10 4 %($123)(118 %)($765)($109)($656)NM
Noninterest income31 40 34 32 39 (9)(23)(8)(21)137 132 5 4 
Total revenue(196)(197)(139)(96)(65)1 1 (131)(202)(628)23 (651)NM
Noninterest expense35 20 49 113 355 15 75 (320)(90)217 547 (330)(60)
Profit (loss) before provision (benefit) for credit losses(231)(217)(188)(209)(420)(14)(6)189 45 (845)(524)(321)(61)
Provision (benefit) for credit losses(26)(20)(2)(10)— (6)(30)(26)(100)(58)79 (137)NM
Income (loss) before income tax expense (benefit)(205)(197)(186)(199)(420)(8)(4)215 51 (787)(603)(184)(31)
Income tax expense (benefit)(69)(72)(73)(62)(143)3 4 74 52 (276)(243)(33)(14)
Net income (loss)($136)($125)($113)($137)($277)($11)(9 %)$141 51 %($511)($360)($151)(42 %)
AVERAGE BALANCES
Total assets$66,725 $66,705 $66,551 $66,283 $65,785 $20 — %$940 1 %$66,567 $59,755 $6,812 11 %
Total loans and leases2
874 837 789 754 729 37 4 145 20 813 755 58 8 
Deposits6,113 7,962 8,989 10,173 11,692 (1,849)(23)(5,579)(48)8,303 11,170 (2,867)(26)
Interest-earning assets53,944 53,654 54,089 53,976 53,604 290 1 340 1 53,915 47,691 6,224 13 
1 Includes assets, liabilities, capital, revenues, provision for credit losses, expenses and income tax expense not attributed to our Consumer Banking, Commercial Banking, or Non-Core segments as well as treasury and community development.
2 Includes loans held for sale.
14

CREDIT-RELATED INFORMATION
(dollars in millions)
AS OFDECEMBER 31, 2024 CHANGE
Dec 31, 2024Sept 30, 2024June 30, 2024Mar 31, 2024Dec 31, 2023Sept 30, 2024December 31, 2023
$/bps/%%$/bps/%%
NONACCRUAL LOANS AND LEASES
Commercial and industrial1
$241 $219 $261 $294 $297 $22 10 %($56)(19 %)
Commercial real estate776 852 678 597 477 (76)(9)299 63 
Total commercial1,017 1,071 939 891 774 (54)(5)243 31 
Residential mortgages2
192 169 153 174 177 23 14 15 8 
Home equity283 281 279 288 285 2 1 (2)(1)
Automobile48 46 44 47 61 2 4 (13)(21)
Education56 59 52 29 28 (3)(5)28 100 
Other retail68 61 60 40 39 7 11 29 74 
Total retail647 616 588 578 590 31 5 57 10 
Nonaccrual loans and leases1,664 1,687 1,527 1,469 1,364 (23)(1)300 22 
Repossessed assets13 14 13 14 14 (1)(7)(1)(7)
Nonaccrual loans and leases and repossessed assets$1,677 $1,701 $1,540 $1,483 $1,378 ($24)(1 %)$299 22 %
NONACCRUAL LOANS AND LEASES BY PRODUCT3
Commercial$1,017 $1,071 $939 $891 $774 ($54)(5 %)$243 31 %
Retail660 630 601 592 604 30 5 56 9 
Total nonaccrual loans and leases$1,677 $1,701 $1,540 $1,483 $1,378 ($24)(1 %)$299 22 %
ASSET QUALITY RATIOS
Allowance for loan and lease losses to loans and leases1.48 %1.47 %1.50 %1.46 %1.44 %1  bps4  bps
Allowance for credit losses to loans and leases1.62 1.61 1.63 1.61 1.59 1  bps3  bps
Allowance for loan and lease losses to nonaccrual loans and leases124 123 139 142 154 1 %(30 %)
Allowance for credit losses to nonaccrual loans and leases136 136 151 157 170 — %(34 %)
Nonaccrual loans and leases to loans and leases1.20 1.19 1.08 1.02 0.93 1  bps27  bps
1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.
2Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
3Nonaccrual loans and leases by product includes repossessed assets.



15

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
AS OFDECEMBER 31, 2024 CHANGE
Dec 31, 2024Sept 30, 2024June 30, 2024Mar 31, 2024Dec 31, 2023Sept 30, 2024December 31, 2023
$/bps%$/bps%
LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Commercial and industrial1
$8 $5 $7 $23 $6 $3 60 %$2 33 %
Commercial real estate6 15 36 39 40 (9)(60)(34)(85)
Total commercial14 20 43 62 46 (6)(30)(32)(70)
Residential mortgages2
179 146 182 209 256 33 23 (77)(30)
Home equity— — — — — — — — — 
Automobile— — — — — — — — — 
Education2 2 2 2 2 — — — — 
Other retail1 1 1 27 29 — — (28)(97)
Total retail182 149 185 238 287 33 22 (105)(37)
Total loans and leases$196 $169 $228 $300 $333 $27 16 %($137)(41 %)
1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.
2 90+ days past due and accruing includes $172 million, $145 million, $168 million, $202 million, and $243 million of loans fully or partially guaranteed by the FHA, VA, and USDA for December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively.

16

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDSFULL YEAR
4Q24 Change2024 Change
4Q243Q242Q241Q244Q233Q244Q23202420232023
$%$%$%
CHARGE-OFFS, RECOVERIES AND RELATED RATIOS
GROSS CHARGE-OFFS
Commercial and industrial1
$22 $57 $14 $14 $24 ($35)(61 %)($2)(8 %)$107 $121 ($14)(12 %)
Commercial real estate89 49 86 88 49 40 82 40 82 312 164 148 90 
Total commercial111 106 100 102 73 5 5 38 52 419 285 134 47 
Residential mortgages— 1 1 2 3 (1)(100)(3)(100)4 6 (2)(33)
Home equity6 4 4 4 4 2 50 2 50 18 12 6 50 
Automobile22 25 19 28 31 (3)(12)(9)(29)94 113 (19)(17)
Education33 30 31 32 35 3 10 (2)(6)126 111 15 14 
Other retail66 65 68 63 60 1 2 6 10 262 230 32 14 
Total retail127 125 123 129 133 2 2 (6)(5)504 472 32 7 
Total gross charge-offs$238 $231 $223 $231 $206 $7 3 %$32 16 %$923 $757 $166 22 %
GROSS RECOVERIES
Commercial and industrial1
$7 $3 $4 $17 $3 $4 133 %$4 133 %$31 $15 $16 107 %
Commercial real estate7 5 — — 1 2 40 6 NM12 3 9 NM
Total commercial14 8 4 17 4 6 75 10 250 43 18 25 139 
Residential mortgages1 1 1 1 1 — — — — 4 4 — — 
Home equity7 5 7 6 5 2 40 2 40 25 22 3 14 
Automobile12 12 15 14 14 — — (2)(14)53 58 (5)(9)
Education5 6 5 5 5 (1)(17)— — 21 19 2 11 
Other retail10 7 7 7 6 3 43 4 67 31 27 4 15 
Total retail35 31 35 33 31 4 13 4 13 134 130 4 3 
Total gross recoveries$49 $39 $39 $50 $35 $10 26 %$14 40 %$177 $148 $29 20 %
NET CHARGE-OFFS (RECOVERIES)
Commercial and industrial1
$15 $54 $10 ($3)$21 ($39)(72 %)($6)(29 %)$76 $106 ($30)(28 %)
Commercial real estate82 44 86 88 48 38 86 34 71 300 161 139 86 
Total commercial97 98 96 85 69 (1)(1)28 41 376 267 109 41 
Residential mortgages(1)— — 1 2 (1)(100)(3)NM— 2 (2)(100)
Home equity(1)(1)(3)(2)(1)— — — — (7)(10)3 30 
Automobile10 13 4 14 17 (3)(23)(7)(41)41 55 (14)(25)
Education28 24 26 27 30 4 17 (2)(7)105 92 13 14 
Other retail56 58 61 56 54 (2)(3)2 4 231 203 28 14 
Total retail92 94 88 96 102 (2)(2)(10)(10)370 342 28 8 
Total net charge-offs$189 $192 $184 $181 $171 ($3)(2 %)$18 11 %$746 $609 $137 22 %
1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.
17

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDSFULL YEAR
4Q24 Change2024 Change
4Q243Q242Q241Q244Q233Q244Q23202420232023
$/bps%$/bps%$/bps%
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES
Commercial and industrial1
0.14 %0.49 %0.09 %(0.03 %)0.18 %(35) bps(4) bps0.17 %0.21 %(4) bps
Commercial real estate1.17 0.62 1.20 1.22 0.66 55 51 1.05 0.56 49 
Total commercial0.54 0.54 0.53 0.47 0.36 — 18 0.52 0.34 18 
Residential mortgages— — — 0.01 0.02 — (2)— — — 
Home equity(0.01)(0.03)(0.07)(0.06)(0.04)2 3 (0.04)(0.07)3 
Automobile0.83 0.81 0.27 0.73 0.77 2 6 0.65 0.53 12 
Education1.01 0.85 0.93 0.92 1.00 16 1 0.93 0.74 19 
Other retail4.54 4.93 4.98 4.56 4.13 (39)41 4.75 3.93 82 
Total retail0.53 0.54 0.51 0.54 0.56 (1)(3)0.53 0.47 6 
Total loans and leases0.53 %0.54 %0.52 %0.50 %0.46 %(1) bps7  bps0.52 %0.40 %12  bps
Memo: Average loans
Commercial and industrial1
$43,674 $44,071 $44,381 $44,577 $46,618 ($397)(1 %)($2,944)(6 %)$44,174 $49,998 ($5,824)(12 %)
Commercial real estate27,681 28,209 28,574 29,265 29,460 (528)(2)(1,779)(6)28,430 29,206 (776)(3)
Total commercial71,355 72,280 72,955 73,842 76,078 (925)(1)(4,723)(6)72,604 79,204 (6,600)(8)
Residential mortgages32,520 32,117 31,633 31,384 31,146 403 1 1,374 4 31,916 30,660 1,256 4 
Home equity16,246 15,733 15,343 15,080 14,889 513 3 1,357 9 15,603 14,475 1,128 8 
Automobile5,129 5,942 6,807 7,758 8,752 (813)(14)(3,623)(41)6,404 10,374 (3,970)(38)
Education10,949 11,155 11,447 11,816 11,971 (206)(2)(1,022)(9)11,340 12,333 (993)(8)
Other retail4,748 4,776 4,882 4,942 5,133 (28)(1)(385)(8)4,837 5,171 (334)(6)
Total retail69,592 69,723 70,112 70,980 71,891 (131)— (2,299)(3)70,100 73,013 (2,913)(4)
Total loans and leases$140,947 $142,003 $143,067 $144,822 $147,969 ($1,056)(1 %)($7,022)(5 %)$142,704 $152,217 ($9,513)(6 %)
1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.


18

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDSFULL YEAR
4Q24 Change2024 Change
4Q243Q242Q241Q244Q233Q244Q23202420232023
$%$%$%
SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES
Allowance for loan and lease losses - beginning$2,079 $2,125 $2,086 $2,098 $2,080 ($46)(2 %)($1)— %$2,098 $1,983 $115 6 %
Charge-offs:
Commercial111 106 100 102 73 5 5 38 52 419 285 134 47 
Retail 127 125 123 129 133 2 2 (6)(5)504 472 32 7 
Total charge-offs238 231 223 231 206 7 3 32 16 923 757 166 22 
Recoveries:
Commercial14 8 4 17 4 6 75 10 250 43 18 25 139 
Retail 35 31 35 33 31 4 13 4 13 134 130 4 3 
Total recoveries49 39 39 50 35 10 26 14 40 177 148 29 20 
Net charge-offs189 192 184 181 171 (3)(2)18 11 746 609 137 22 
Provision (benefit) for loan and lease losses:
Commercial50 3 144 69 86 47 NM(36)(42)266 457 (191)(42)
Retail121 143 79 100 103 (22)(15)18 17 443 267 176 66 
Total provision (benefit) for loan and lease losses171 146 223 169 189 25 17 (18)(10)709 724 (15)(2)
Allowance for loan and lease losses - ending$2,061 $2,079 $2,125 $2,086 $2,098 ($18)(1 %)($37)(2 %)$2,061 $2,098 ($37)(2 %)
Allowance for unfunded lending commitments - beginning$207 $181 $222 $220 $238 $26 14 %($31)(13 %)$220 $257 ($37)(14 %)
Provision (benefit) for unfunded lending commitments(9)26 (41)2 (18)(35)NM9 50 (22)(37)15 41 
Allowance for unfunded lending commitments - ending$198 $207 $181 $222 $220 ($9)(4 %)($22)(10 %)$198 $220 ($22)(10 %)
Total allowance for credit losses - ending$2,259 $2,286 $2,306 $2,308 $2,318 ($27)(1 %)($59)(3 %)$2,259 $2,318 ($59)(3 %)
Memo: Total allowance for credit losses by product
Commercial $1,295 $1,351 $1,429 $1,425 $1,425 ($56)(4 %)($130)(9 %)$1,295 $1,425 ($130)(9 %)
Retail 964 935 877 883 893 29 3 71 8 964 893 71 8 
Total allowance for credit losses$2,259 $2,286 $2,306 $2,308 $2,318 ($27)(1 %)($59)(3 %)$2,259 $2,318 ($59)(3 %)
19

CAPITAL AND RATIOS
(dollars in millions)
AS OFFULL YEAR
DECEMBER 31, 2024 CHANGE2024 Change
Dec 31, 2024Sept 30, 2024June 30, 2024Mar 31, 2024Dec 31, 2023Sept 30, 2024December 31, 2023202420232023
$%$%$%
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY)
CET1 capital$17,900 $17,941 $18,086 $18,090 $18,358 ($41)— %($458)(2 %)
Tier 1 capital20,013 20,053 20,198 20,104 20,372 (40)— (359)(2)
Total capital23,232 23,352 23,551 23,466 23,608 (120)(1)(376)(2)
Risk-weighted assets165,699 168,552 168,393 170,125 172,601 (2,853)(2)(6,902)(4)
Adjusted average assets1
212,555 213,274 214,574 216,001 219,591 (719)— (7,036)(3)
CET1 capital ratio10.8 %10.6 %10.7 %10.6 %10.6 %
Tier 1 capital ratio12.1 11.9 12.0 11.8 11.8 
Total capital ratio14.0 13.9 14.0 13.8 13.7 
Tier 1 leverage ratio9.4 9.4 9.4 9.3 9.3 
TANGIBLE COMMON EQUITY (PERIOD-END)
Common stockholders' equity$22,141 $22,820 $21,757 $21,747 $22,329 ($679)(3 %)($188)(1 %)$22,141 $22,329 ($188)(1 %)
Less: Goodwill8,187 8,187 8,187 8,188 8,188 — — (1)— 8,187 8,188 (1)— 
Less: Other intangible assets146 137 139 148 157 9 7 (11)(7)146 157 (11)(7)
Add: Deferred tax liabilities2
438 435 435 433 433 3 1 5 1 438 433 5 1 
Total tangible common equity$14,246 $14,931 $13,866 $13,844 $14,417 ($685)(5 %)($171)(1 %)$14,246 $14,417 ($171)(1 %)
TANGIBLE COMMON EQUITY (AVERAGE)
Common stockholders' equity$22,009 $22,380 $21,427 $21,700 $21,209 ($371)(2 %)$800 4 %$21,881 $21,592 $289 1 %
Less: Goodwill8,187 8,187 8,188 8,188 8,188 — — (1)— 8,187 8,184 3 — 
Less: Other intangible assets136 140 144 153 163 (4)(3)(27)(17)143 177 (34)(19)
Add: Deferred tax liabilities2
436 435 432 433 421 1 — 15 4 433 422 11 3 
Total tangible common equity$14,122 $14,488 $13,527 $13,792 $13,279 ($366)(3 %)$843 6 %$13,984 $13,653 $331 2 %
INTANGIBLE ASSETS (PERIOD-END)
Goodwill$8,187 $8,187 $8,187 $8,188 $8,188 $— — %($1)— %$8,187 $8,188 ($1)— %
Other intangible assets146 137 139 148 157 9 7 (11)(7)146 157 (11)(7)
Total intangible assets$8,333 $8,324 $8,326 $8,336 $8,345 $9 — %($12)— %$8,333 $8,345 ($12)— %
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.




20


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.

21

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED (dollars in millions, except per share data)
QUARTERLY TRENDSFULL YEAR
4Q24 Change2024 Change
4Q243Q242Q241Q244Q233Q244Q23202420232023
$%$%$%
Noninterest income, Underlying:
Noninterest income (GAAP)A$574 $532 $553 $517 $500 $42 8 %$74 15 %$2,176 $1,983 $193 10 %
Less: Notable items10 (2)4 3 — 12 NM10 100 15 — 15 100 
Noninterest income, Underlying (non-GAAP)B$564 $534 $549 $514 $500 $30 6 %$64 13 %$2,161 $1,983 $178 9 %
Total revenue, Underlying:
Total revenue (GAAP)C$1,986 $1,901 $1,963 $1,959 $1,988 $85 4 %($2)— %$7,809 $8,224 ($415)(5 %)
Less: Notable items10 (2)4 3 — 12 NM10 100 15 — 15 100 
Total revenue, Underlying (non-GAAP)D$1,976 $1,903 $1,959 $1,956 $1,988 $73 4 %($12)(1 %)$7,794 $8,224 ($430)(5 %)
Noninterest expense, Underlying:
Noninterest expense (GAAP)E$1,316 $1,259 $1,301 $1,358 $1,612 $57 5 %($296)(18 %)$5,234 $5,507 ($273)(5 %)
Less: Notable items24 11 36 85 345 13 118 (321)(93)156 506 (350)(69)
Noninterest expense, Underlying (non-GAAP)F$1,292 $1,248 $1,265 $1,273 $1,267 $44 4 %$25 2 %$5,078 $5,001 $77 2 %
Pre-provision profit:
Total revenue (GAAP)C$1,986 $1,901 $1,963 $1,959 $1,988 $85 4 %($2)— %$7,809 $8,224 ($415)(5 %)
Less: Noninterest expense (GAAP)E1,316 1,259 1,301 1,358 1,612 57 5 (296)(18)5,234 5,507 (273)(5)
Pre-provision profit (non-GAAP)
$670 $642 $662 $601 $376 $28 4 %$294 78 %$2,575 $2,717 ($142)(5 %)
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)D$1,976 $1,903 $1,959 $1,956 $1,988 $73 4 %($12)(1 %)$7,794 $8,224 ($430)(5 %)
Less: Noninterest expense, Underlying (non-GAAP)F1,292 1,248 1,265 1,273 1,267 44 4 25 2 5,078 5,001 77 2 
Pre-provision profit, Underlying (non-GAAP)$684 $655 $694 $683 $721 $29 4 %($37)(5 %)$2,716 $3,223 ($507)(16 %)
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)G$508 $470 $480 $430 $205 $38 8 %$303 148 %$1,888 $2,030 ($142)(7 %)
Less: Income (expense) before income tax expense (benefit) related to notable items(14)(13)(32)(82)(345)(1)(8)331 96 (141)(506)365 72 
Income before income tax expense, Underlying (non-GAAP)H$522 $483 $512 $512 $550 $39 8 %($28)(5 %)$2,029 $2,536 ($507)(20 %)
Income tax expense, Underlying:
Income tax expense (GAAP)I$107 $88 $88 $96 $16 $19 22 %$91 NM$379 $422 ($43)(10 %)
Less: Income tax expense (benefit) related to notable items(3)(3)(16)(21)(108)— — 105 97 (43)(149)106 71 
Income tax expense, Underlying (non-GAAP)J$110 $91 $104 $117 $124 $19 21 %($14)(11 %)$422 $571 ($149)(26 %)
Net income, Underlying:
Net income (GAAP)K$401 $382 $392 $334 $189 $19 5 %$212 112 %$1,509 $1,608 ($99)(6 %)
Add: Notable items, net of income tax benefit11 10 16 61 237 1 10 (226)(95)98 357 (259)(73)
Net income, Underlying (non-GAAP)L$412 $392 $408 $395 $426 $20 5 %($14)(3 %)$1,607 $1,965 ($358)(18 %)
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)M$367 $344 $357 $304 $159 $23 7 %$208 131 %$1,372 $1,491 ($119)(8 %)
Add: Notable items, net of income tax benefit11 10 16 61 237 1 10 (226)(95)98 357 (259)(73)
Net income available to common stockholders, Underlying (non-GAAP)N$378 $354 $373 $365 $396 $24 7 %($18)(5 %)$1,470 $1,848 ($378)(20 %)
22

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

QUARTERLY TRENDSFULL YEAR
4Q24 Change2024 Change
4Q243Q242Q241Q244Q233Q244Q23202420232023
$/bps%$/bps%$/bps%
Operating leverage:
Total revenue (GAAP)C$1,986 $1,901 $1,963 $1,959 $1,988 $85 4.56 %($2)0.02 %$7,809 $8,224 ($415)(5.04 %)
Less: Noninterest expense (GAAP)E1,316 1,259 1,301 1,358 1,612 57 4.61 (296)(18.30)5,234 5,507 (273)(4.95)
Operating leverage(0.05 %)18.32 %(0.09 %)
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)D$1,976 $1,903 $1,959 $1,956 $1,988 $73 3.89 %($12)(0.48 %)$7,794 $8,224 ($430)(5.22 %)
Less: Noninterest expense, Underlying (non-GAAP)F1,292 1,248 1,265 1,273 1,267 44 3.50 25 2.00 5,078 5,001 77 1.54 
Operating leverage, Underlying (non-GAAP)0.39 %(2.48 %)(6.76 %)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio E/C66.27 %66.23 %66.27 %69.33 %81.13 %4  bps(1,486) bps67.03 %66.97 %6  bps
Efficiency ratio, Underlying (non-GAAP)F/D65.36 65.61 64.59 65.05 63.77 (25) bps159  bps65.15 60.81 434  bps
Noninterest income as a % of total revenue, Underlying:
Noninterest income as a % of total revenueA/C28.90 %27.95 %28.16 %26.41 %25.16 %95  bps374  bps27.86 %24.12 %374  bps
Noninterest income as a % of total revenue, UnderlyingB/D28.54 28.05 28.00 26.32 25.16 49  bps338  bps27.73 24.12 361  bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rateI/G21.04 %18.56 %18.49 %22.28 %7.59 %248  bps1,345  bps20.06 %20.76 %(70) bps
Effective income tax rate, Underlying (non-GAAP)J/H21.17 18.75 20.33 22.84 22.25 242  bps(108) bps20.80 22.48 (168) bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)O$22,009 $22,380 $21,427 $21,700 $21,209 ($371)(2 %)$800 4 %$21,881 $21,592 $289 1 %
Return on average common equityM/O6.64 %6.12 %6.70 %5.63 %2.96 %52  bps368  bps6.27 %6.90 %(63) bps
Return on average common equity, Underlying (non-GAAP)N/O6.84 6.29 7.00 6.77 7.41 55  bps(57) bps6.72 8.56 (184) bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)O$22,009 $22,380 $21,427 $21,700 $21,209 ($371)(2 %)$800 4 %$21,881 $21,592 $289 1 %
Less: Average goodwill (GAAP)8,187 8,187 8,188 8,188 8,188 — — (1)— 8,187 8,184 3 — 
Less: Average other intangibles (GAAP)136 140 144 153 163 (4)(3)(27)(17)143 177 (34)(19)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)436 435 432 433 421 1 — 15 4 433 422 11 3 
Average tangible common equityP$14,122 $14,488 $13,527 $13,792 $13,279 ($366)(3 %)$843 6 %$13,984 $13,653 $331 2 %
Return on average tangible common equity M/P10.36 %9.45 %10.61 %8.86 %4.72 %91  bps564  bps9.81 %10.92 %(111) bps
Return on average tangible common equity, Underlying (non-GAAP)N/P10.66 9.71 11.09 10.65 11.84 95  bps(118) bps10.51 13.53 (302) bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)Q$217,548 $218,578 $219,222 $220,770 $223,653 ($1,030)— %($6,105)(3 %)$219,024 $222,221 ($3,197)(1 %)
Return on average total assetsK/Q0.73 %0.70 %0.72 %0.61 %0.33 %3  bps40  bps0.69 %0.72 %(3) bps
Return on average total assets, Underlying (non-GAAP)L/Q0.75 0.71 0.75 0.72 0.76 4  bps(1) bps0.73 0.88 (15) bps
23

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDSFULL YEAR
4Q24 Change2024 Change
4Q243Q242Q241Q244Q233Q244Q23202420232023
$/bps%$/bps%$/bps%
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)Q$217,548 $218,578 $219,222 $220,770 $223,653 ($1,030)— %($6,105)(3 %)$219,024 $222,221 ($3,197)(1 %)
Less: Average goodwill (GAAP)8,187 8,187 8,188 8,188 8,188 —— (1)— 8,187 8,184 3— 
Less: Average other intangibles (GAAP)136 140 144 153 163 (4)(3)(27)(17)143 177 (34)(19)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)436 435 432 433 421 1— 154 433 422 113 
Average tangible assetsR$209,661 $210,686 $211,322 $212,862 $215,723 ($1,025)— %($6,062)(3 %)$211,127 $214,282 ($3,155)(1 %)
Return on average total tangible assets K/R0.76 %0.72 %0.75 %0.63 %0.35 %4  bps41  bps0.71 %0.75 %(4) bps
Return on average total tangible assets, Underlying (non-GAAP)L/R0.78 0.74 0.78 0.75 0.78 4  bps—  bps0.76 0.92 (16) bps
Tangible book value per common share:
Common shares - at period-end (GAAP)S440,543,381 445,216,549 452,961,853 458,485,032 466,418,055 (4,673,168)(1 %)(25,874,674)(6 %)440,543,381 466,418,055 (25,874,674)(6 %)
Common stockholders' equity (GAAP)$22,141 $22,820 $21,757 $21,747 $22,329 ($679)(3)($188)(1)$22,141 $22,329 ($188)(1)
Less: Goodwill (GAAP)8,187 8,187 8,187 8,188 8,188 —— (1)— 8,187 8,188 (1)— 
Less: Other intangible assets (GAAP)146 137 139 148 157 97 (11)(7)146 157 (11)(7)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)438 435 435 433 433 31 51 438 433 51 
Tangible common equityT$14,246 $14,931 $13,866 $13,844 $14,417 ($685)(5 %)($171)(1 %)$14,246 $14,417 ($171)(1 %)
Tangible book value per common shareT/S$32.34 $33.54 $30.61 $30.19 $30.91 ($1.20)(4 %)$1.43 5 %$32.34 $30.91 $1.43 5 %
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)U440,802,738 446,561,996 454,142,489 461,358,681 466,234,324 (5,759,258)(1 %)(25,431,586)(5 %)450,678,038 475,089,384 (24,411,346)(5 %)
Average common shares outstanding - diluted (GAAP)V444,836,786 449,913,467 456,561,022 463,797,964 468,159,167 (5,076,681)(1)(23,322,381)(5)453,510,245 476,693,148 (23,182,903)(5)
Net income per average common share - basic (GAAP)M/U$0.83 $0.77 $0.79 $0.66 $0.34 $0.06 8 $0.49 144 $3.05 $3.14 ($0.09)(3)
Net income per average common share - diluted (GAAP)M/V0.83 0.77 0.78 0.65 0.34 0.06 8 0.49 144 3.03 3.13 (0.10)(3)
Net income per average common share - basic, Underlying (non-GAAP)N/U0.86 0.79 0.82 0.79 0.85 0.07 9 0.01 1 3.26 3.89 (0.63)(16)
Net income per average common share - diluted, Underlying (non-GAAP)N/V0.85 0.79 0.82 0.79 0.85 0.06 8 — — 3.24 3.88 (0.64)(16)
Dividend payout ratio and dividend payout ratio, Underlying:
Cash dividends declared and paid per common shareW$0.42 $0.42 $0.42 $0.42 $0.42 $— — %$— — %$1.68 $1.68 $— — %
Dividend payout ratioW/(M/U)51 %55 %53 %64 %124 %(395) bps(7,293) bps55 %54 %158 bps
Dividend payout ratio, Underlying (non-GAAP)W/(N/U)49 53 51 53 49 (400) bps— bps52 43 900 bps
24

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDSFULL YEAR
4Q24 Change2024 Change
4Q243Q242Q241Q244Q233Q244Q23202420232023
$%$%$/bps%
Card fees, Underlying:
Card fees (GAAP)
$97 $93 $92 $86 $70 $4 4 %$27 39 %$368 $296 $72 24 %
Less: Notable items11 6 4 3 — 5 83 11 100 24 — 24 100 
Card fees, Underlying (non-GAAP)
$86 $87 $88 $83 $70 ($1)(1 %)$16 23 %$344 $296 $48 16 %
Other income, Underlying:
Other income (GAAP)$28 $24 $10 $17 $20 $4 17 %$8 40 %$79 $78 $1 1 %
Less: Notable items(1)(8)— — — 7 88 (1)(100)(9)— (9)(100)
Other income, Underlying (non-GAAP)$29 $32 $10 $17 $20 ($3)(9)$9 45 %$88 $78 $10 13 %
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)$674 $647 $645 $691 $667 $27 4 %$7 1 %$2,657 $2,599 $58 2 %
Less: Notable items17 4 8 17 32 13 NM(15)(47)46 67 (21)(31)
Salaries and employee benefits, Underlying (non-GAAP)$657 $643 $637 $674 $635 $14 2 %$22 3 %$2,611 $2,532 $79 3 %
Equipment and software, Underlying:
Equipment and software (GAAP)
$193 $194 $190 $192 $215 ($1)(1 %)($22)(10 %)$769 $756 $13 2 %
Less: Notable items3 2 4 8 37 1 50 (34)(92)17 51 (34)(67)
Equipment and software, Underlying (non-GAAP)$190 $192 $186 $184 $178 ($2)(1 %)$12 7 %$752 $705 $47 7 %
Outside services, Underlying:
Outside services (GAAP)$170 $146 $165 $158 $174 $24 16 %($4)(2 %)$639 $687 ($48)(7 %)
Less: Notable items4 2 10 12 13 2 100 (9)(69)28 68 (40)(59)
Outside services, Underlying (non-GAAP)$166 $144 $155 $146 $161 $22 15 %$5 3 %$611 $619 ($8)(1 %)
Occupancy, Underlying:
Occupancy (GAAP)$112 $108 $113 $114 $125 $4 4 %($13)(10 %)$447 $492 ($45)(9 %)
Less: Notable items5 1 6 7 20 4 NM(15)(75)19 70 (51)(73)
Occupancy, Underlying (non-GAAP)$107 $107 $107 $107 $105 $— — %$2 2 %$428 $422 $6 1 %
Other operating expense, Underlying:
Other operating expense (GAAP)$167 $164 $188 $203 $431 $3 2 %($264)(61 %)$722 $973 ($251)(26 %)
Less: Notable items(5)2 8 41 243 (7)NM(248)(102)46 250 (204)(82)
Other operating expense, Underlying (non-GAAP)$172 $162 $180 $162 $188 $10 6 %($16)(9 %)$676 $723 ($47)(7 %)

25



NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS
(dollars in millions)
FOURTH QUARTER 2024THIRD QUARTER 2024
Consumer BankingCommercial BankingNon-CoreOtherConsolidatedConsumer BankingCommercial BankingNon-CoreOtherConsolidated
Net income (loss) available to common stockholders:
Net income (loss)A$358 $224 ($45)($136)$401 $327 $231 ($51)($125)$382 
Less: Preferred stock dividends— — — 34 34 — — — 38 38 
Net income (loss) available to common stockholdersB$358 $224 ($45)($170)$367 $327 $231 ($51)($163)$344 
Return on average total tangible assets:
Average total assets (GAAP)$76,608 $66,787 $7,428 $66,725 $217,548 $75,392 $68,092 $8,389 $66,705 $218,578 
 Less: Average goodwill (GAAP)542 769 — 6,876 8,187 542 769 — 6,876 8,187 
          Average other intangibles (GAAP)77 27 — 32 136 83 29 — 28 140 
 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)28 8 — 400 436 27 9 — 399 435 
Average tangible assetsC$76,017 $65,999 $7,428 $60,217 $209,661 $74,794 $67,303 $8,389 $60,200 $210,686 
Return on average total tangible assets A/C1.87 %1.35 %(2.38)%NM0.76 %1.74 %1.37 %(2.40)%NM0.72 %
Efficiency ratio:
Noninterest expense (GAAP)D$944 $313 $24 $35 $1,316 $916 $300 $23 $20 $1,259 
Net interest income (GAAP)1,196 464 (21)(227)1,412 1,156 478 (28)(237)1,369 
Noninterest income (GAAP)311 232 — 31 574 285 207 — 40 532 
Total revenue (GAAP)E$1,507 $696 ($21)($196)$1,986 $1,441 $685 ($28)($197)$1,901 
Efficiency ratio D/E62.60 %44.78 %NMNM66.27 %63.53 %43.84 %NMNM66.23 %
SECOND QUARTER 2024FIRST QUARTER 2024
Consumer BankingCommercial BankingNon-CoreOtherConsolidatedConsumer BankingCommercial BankingNon-CoreOtherConsolidated
Net income (loss) available to common stockholders:
Net income (loss)A$296 $259 ($50)($113)$392 $272 $259 ($60)($137)$334 
Less: Preferred stock dividends— — — 35 35 — — — 30 30 
Net income (loss) available to common stockholdersB$296 $259 ($50)($148)$357 $272 $259 ($60)($167)$304 
Return on average total tangible assets:
Average total assets (GAAP)$74,295 $68,958 $9,418 $66,551 $219,222 $73,833 $70,100 $10,554 $66,283 $220,770 
 Less: Average goodwill (GAAP)542 770 — 6,876 8,188 542 770 — 6,876 8,188 
         Average other intangibles (GAAP)87 31 — 26 144 92 33 — 28 153 
 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)27 9 — 396 432 26 10 — 397 433 
Average tangible assetsC$73,693 $68,166 $9,418 $60,045 $211,322 $73,225 $69,307 $10,554 $59,776 $212,862 
Return on average total tangible assets A/C1.61 %1.52 %(2.14)%NM0.75 %1.49 %1.50 %(2.30)%NM0.63 %
Efficiency ratio:
Noninterest expense (GAAP)D$915 $311 $26 $49 $1,301 $903 $317 $25 $113 $1,358 
Net interest income (GAAP)1,120 494 (31)(173)1,410 1,093 514 (37)(128)1,442 
Noninterest income (GAAP)277 242 — 34 553 258 227 — 32 517 
Total revenue (GAAP)E$1,397 $736 ($31)($139)$1,963 $1,351 $741 ($37)($96)$1,959 
Efficiency ratio D/E65.49 %42.28 %NMNM66.27 %66.87 %42.80 %NMNM69.33 %
26



NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS, CONTINUED
(dollars in millions)
FOURTH QUARTER 2023
Consumer BankingCommercial BankingNon-CoreOtherConsolidated
Net income (loss) available to common stockholders:
Net income (loss)A$269 $269 ($72)($277)$189 
Less: Preferred stock dividends— — — 30 30 
Net income (loss) available to common stockholdersB$269 $269 ($72)($307)$159 
Return on average total tangible assets:
Average total assets (GAAP)$73,334 $72,758 $11,776 $65,785 $223,653 
 Less: Average goodwill (GAAP)542 770 — 6,876 8,188 
         Average other intangibles (GAAP)98 35 — 30 163 
 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)26 10 — 385 421 
Average tangible assetsC$72,720 $71,963 $11,776 $59,264 $215,723 
Return on average total tangible assets A/C1.47 %1.48 %(2.42)%NM0.35 %
Efficiency ratio:
Noninterest expense (GAAP)D$905 $324 $28 $355 $1,612 
Net interest income (GAAP)1,086 551 (45)(104)1,488 
Noninterest income (GAAP)265 196 — 39 500 
Total revenue (GAAP)E$1,351 $747 ($45)($65)$1,988 
Efficiency ratio D/E67.08 %43.44 %NMNM81.13 %

27




NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS, CONTINUED
(dollars in millions)
FULL YEAR
20242023
Consumer BankingCommercial BankingNon-CoreOtherConsolidatedConsumer BankingCommercial BankingNon-CoreOtherConsolidated
Net income (loss) available to common stockholders:
Net income (loss)A$1,253 $973 ($206)($511)$1,509 $1,059 $1,153 ($244)($360)$1,608 
Less: Preferred stock dividends— — — 137 137 — — — 117 117 
Net income (loss) available to common stockholdersB$1,253 $973 ($206)($648)$1,372 $1,059 $1,153 ($244)($477)$1,491 
Return on average total tangible assets:
Average total assets (GAAP)$75,037 $68,478 $8,942 $66,567 $219,024 $72,693 $76,028 $13,745 $59,755 $222,221 
 Less: Average goodwill (GAAP)542 770 — 6,875 8,187 540 767 — 6,877 8,184 
         Average other intangibles (GAAP)85 30 — 28 143 106 39 — 32 177 
 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)27 9 — 397 433 24 11 — 387 422 
Average tangible assetsC$74,437 $67,687 $8,942 $60,061 $211,127 $72,071 $75,233 $13,745 $53,233 $214,282 
Return on average total tangible assets A/C1.68 %1.44 %(2.30)%NM0.71 %1.47 %1.53 %(1.78)%NM0.75 %
Efficiency ratio:
Noninterest expense (GAAP)D$3,678 $1,241 $98 $217 $5,234 $3,542 $1,295 $123 $547 $5,507 
Net interest income (GAAP)4,565 1,950 (117)(765)5,633 4,187 2,292 (129)(109)6,241 
Noninterest income (GAAP)1,131 908 — 137 2,176 1,067 784 — 132 1,983 
Total revenue (GAAP)E$5,696 $2,858 ($117)($628)$7,809 $5,254 $3,076 ($129)$23 $8,224 
Efficiency ratio D/E64.56 %43.40 %NMNM67.03 %67.42 %42.10 %NMNM66.97 %

28