8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 20, 2022

 (Exact name of the registrant as specified in its charter)

Delaware		001-36636	05-0412693
(State or Other Jurisdiction of Incorporation)		(Commission File Number)	(I.R.S. Employer Identification Number)
One Citizens Plaza
Providence,	RI		02903
(Address of principal executive offices)			(Zip Code)

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

Not Applicable

(Former name or former address, if changed since last report.)

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

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

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

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

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

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common stock, $0.01 par value per share	CFG	New York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 6.350% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D	CFG PrD	New York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E	CFG PrE	New York Stock Exchange

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

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 8.01   Other Events.

On October 19, 2022, Citizens Financial Group, Inc. (the “Company”) announced its third quarter 2022 earnings. The Company’s earnings results and financial supplement are being filed as Exhibits 99.1 and 99.2, respectively.

Item 9.01   Financial Statements and Exhibits.

	Exhibit Number	Description
(d)	Exhibit 99.1	Citizens Financial Group, Inc. earnings results for third quarter 2022
	Exhibit 99.2	Citizens Financial Group, Inc. financial supplement for third quarter 2022
	Exhibit 104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CITIZENS FINANCIAL GROUP, INC.
By:	/s/ John F. Woods
	John F. Woods
	Vice Chairman and Chief Financial Officer

Date:  October 20, 2022

EX-99.1

Exhibit 99.1

	Key Financial Data	3Q22			2Q22			3Q21			Third Quarter 2022 Highlights
Income Statement	($s in millions)										■Underlying EPS of $1.30 and ROTCE of 17.9% ■Underlying PPNR of $982 million, up 16% QoQ –NII up 11% QoQ given improved net interest margin, up 21bps, and interest-earning asset growth –Fees down 2% QoQ with FX and derivative products revenue down from record prior quarter –Expenses well controlled, up 1% QoQ ■Strong positive underlying operating leverage QoQ of 6.0% –Underlying efficiency ratio improved to 54.9% ■Continued strong credit performance with NCO ratio of 19 bps ■Average loans up 2% QoQ led by strength in commercial; period-end loans stable –Loan yield up 62 bps QoQ ■Average deposits up 1% QoQ, with period-end deposits stable; deposit costs up 27 bps ■Period-end LDR of 87%; liquidity position remains strong ■CET1 ratio slightly above target midpoint at 9.8% ■TBV/share of $26.62, down 8.6% QoQ
	Total revenue	$	2,177		$	1,999		$	1,659
	Pre-provision profit	936			694			648
	Underlying pre-provision profit	982			850			671
	Provision (benefit) for credit losses	123			216			(33)
	Underlying provision (benefit) for credit losses	123			71			(33)
	Net income	636			364			530
	Underlying net income	669			595			546
Balance Sheet & Credit Quality	($s in billions)
	Period-end loans and leases	$	156.1		$	156.2		$	123.3
	Average loans and leases	156.9			153.9			122.6
	Period-end deposits	178.6			178.9			152.2
	Average deposits	177.6			176.4			151.9
	Period-end loans-to-deposit ratio	87.4		%	87.3		%	81.0		%
	NCO ratio	0.19		%	0.13		%	0.14		%
Financial Metrics	Diluted EPS	$	1.23		$	0.67		$	1.18
	Underlying EPS	1.30			1.14			1.22
	ROTCE	17.0		%	9.1		%	13.7		%
	Underlying ROTCE	17.9			15.5			14.2
	Net interest margin, FTE	3.25			3.04			2.72
	Efficiency ratio	57.0			65.3			60.9
	Underlying efficiency ratio	54.9			58.2			59.5
	CET1	9.8		%	9.6		%	10.3		%
	TBV/Share	$	26.62		$	29.14		$	34.44

	Third Quarter 2022 Impacts	Pre-tax $		EPS
Notable Items	($s in millions except per share data)
	Integration related	$	(37)	$	(0.06)
	TOP revenue and efficiency initiatives	(9)		(0.01)
	Total:	$	(46)	$	(0.07)

Citizens also announced that its board of directors declared a quarterly common stock dividend of $0.42 per share. The dividend is payable on November 16, 2022 to shareholders of record at the close of business on November 2, 2022.

Earnings highlights(1):

	Quarterly Trends
										3Q22 change from
($s in millions, except per share data)	3Q22			2Q22			3Q21			2Q22					3Q21
Earnings										$/bps			%		$/bps			%
Net interest income	$	1,665		$	1,505		$	1,145		$	160		11	%	$	520		45	%
Noninterest income	512			494			514			18			4		(2)			—
Total revenue	2,177			1,999			1,659			178			9		518			31
Noninterest expense	1,241			1,305			1,011			(64)			(5)		230			23
Pre-provision profit	936			694			648			242			35		288			44
Provision (benefit) for credit losses	123			216			(33)			(93)			(43)		156			NM
Net income	636			364			530			272			75		106			20
Preferred dividends	25			32			26			(7)			(22)		(1)			(4)
Net income available to common stockholders	$	611		$	332		$	504		$	279		84	%	$	107		21	%
After-tax notable Items	33			231			16			(198)			(86)		17			106
Underlying net income	$	669		$	595		$	546		$	74		12	%	$	123		23	%
Underlying net income available to common stockholders	644			563			520			81			14		124			24
Average common shares outstanding
Basic (in millions)	495.7			491.5			426.1			4.2			1		69.6			16
Diluted (in millions)	497.5			493.3			427.8			4.2			1		69.6			16
Diluted earnings per share	$	1.23		$	0.67		$	1.18		$	0.56		84	%	$	0.05		4	%
Underlying diluted earnings per share	1.30			1.14			1.22			0.16			14		0.08			7
Performance metrics
Net interest margin	3.24		%	3.04		%	2.72		%	20		bps			52		bps
Net interest margin, FTE	3.25			3.04			2.72			21					53
Effective income tax rate	21.8			23.8			22.4			(197)					(55)
Efficiency ratio	57.0			65.3			60.9			(825)					(390)
Underlying efficiency ratio	54.9			58.2			59.5			(326)					(465)
Return on average common equity	10.9			5.9			9.4			496					152
Return on average tangible common equity	17.0			9.1			13.7			783					325
Underlying return on average tangible common equity	17.9			15.5			14.2			246					374
Return on average total assets	1.12			0.66			1.13			46					(1)
Return on average total tangible assets	1.16			0.69			1.17			47					(1)
Underlying return on average total tangible assets	1.22		%	1.12		%	1.21		%	10		bps			1		bps
Capital adequacy(2,3)
Common equity tier 1 capital ratio	9.8		%	9.6		%	10.3		%
Total capital ratio	12.6			12.3			13.4
Tier 1 leverage ratio	9.2			9.3			9.7
Allowance for credit losses to loans and leases	1.41		%	1.37		%	1.63		%	4		bps			(22)		bps
Asset quality(3)
Nonaccrual loans and leases to loans and leases	0.55		%	0.54		%	0.61		%	1		bps			(6)		bps
Allowance for credit losses to nonaccrual loans and leases	258			256			268			161					(1,065)
Net charge-offs as a % of average loans and leases	0.19		%	0.13		%	0.14		%	6		bps			5		bps

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

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

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

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

2

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

Underlying results:

	Quarterly Trends
										3Q22 change from
($s in millions, except per share data)	3Q22			2Q22			3Q21			2Q22					3Q21
										$/bps			%		$/bps			%
Net interest income	$	1,665		$	1,505		$	1,145		$	160		11	%	$	520		45	%
Noninterest income	512			525			514			(13)			(2)		(2)			—
Total revenue	$	2,177		$	2,030		$	1,659		$	147		7	%	$	518		31	%
Noninterest expense	$	1,195		$	1,180		$	988		$	15		1	%	$	207		21	%
Provision (benefit) for credit losses	123			71			(33)			52			73		156			NM
Net income available to common stockholders	$	644		$	563		$	520		$	81		14	%	$	124		24	%
Performance metrics
EPS	$	1.30		$	1.14		$	1.22		$	0.16		14	%	$	0.08		7	%
Efficiency ratio	54.9		%	58.2		%	59.5		%	(326)		bps			(465)		bps
Return on average tangible common equity	17.9		%	15.5		%	14.2		%	246		bps			374		bps
Operating leverage													6.0	%				10.2	%

Consolidated balance sheet review(1):

										3Q22 change from
($s in millions)	3Q22			2Q22			3Q21			2Q22					3Q21
										$/bps			%		$/bps			%
Total assets	$	224,684		$	226,712		$	187,007		$	(2,028)		(1)	%	$	37,677		20	%
Total loans and leases	156,140			156,172			123,318			(32)			—		32,822			27
Total loans held for sale	1,962			3,455			3,270			(1,493)			(43)		(1,308)			(40)
Deposits	178,566			178,925			152,221			(359)			—		26,345			17
Stockholders' equity	23,146			24,328			23,423			(1,182)			(5)		(277)			(1)
Stockholders' common equity	21,132			22,314			21,409			(1,182)			(5)		(277)			(1)
Tangible common equity	$	13,197		$	14,444		$	14,677		$	(1,247)		(9)	%	$	(1,480)		(10)	%
Loans-to-deposit ratio (period-end)(2)	87.4		%	87.3		%	81.0		%	16		bps			643		bps
Loans-to-deposit ratio (average)(2)	88.3		%	87.2		%	80.8		%	108		bps			757		bps
1) Represents period end unless otherwise noted.
2) Excludes loans held for sale.

3

Notable items:

Quarterly results for second and third quarter 2022 and third quarter 2021 reflect notable items primarily related to integration costs associated with the acquisitions of HSBC, ISBC and JMP Group LLC, as well as TOP revenue and efficiency initiatives. In addition, second quarter 2022 results include a notable item representing the day-one CECL provision expense ("double count") related to the ISBC transaction. These notable items have been excluded from reported results to better reflect Underlying operating results.

Notable items - integration related	3Q22				2Q22				3Q21
($s in millions, except per share data)	Pre-tax		After-tax		Pre-tax		After-tax		Pre-tax		After-tax
Noninterest income	$	—	$	—	$	(31)	$	(23)	$	—	$	—
EPS Impact - Noninterest income			$	—			$	(0.05)			$	—
Salaries & benefits	$	(17)	$	(12)	$	(64)	$	(48)	$	—	$	—
Outside services	(11)		(8)		(35)		(26)		(4)		(3)
Occupancy	(2)		(1)		—		—		—		—
Other expense	(7)		(5)		(5)		(4)		—		—
Noninterest expense	$	(37)	$	(26)	$	(104)	$	(78)	$	(4)	$	(3)
EPS Impact - Noninterest expense			$	(0.06)			$	(0.16)			$	(0.01)
ISBC Day 1 CECL provision expense (“double count”)	$	—	$	—	$	(145)	$	(108)	$	—	$	—
EPS Impact - Provision for credit losses			$	—			$	(0.22)			$	—
Tax integration cost	$	—	$	—	$	—	$	(6)	$	—	$	—
EPS Impact - Tax integration cost			$	—			$	(0.01)			$	—
Total integration related	$	(37)	$	(26)	$	(280)	$	(215)	$	(4)	$	(3)
EPS Impact - Total integration related			$	(0.06)			$	(0.44)			$	(0.01)
Other notable items - TOP related	3Q22				2Q22				3Q21
($s in millions, except per share data)	Pre-tax		After-tax		Pre-tax		After-tax		Pre-tax		After-tax
Other notable items- TOP & other actions
Salaries & benefits	$	—	$	—	$	(8)	$	(6)	$	13	$	9
Equipment and software	—		—		(6)		(4)		(7)		(5)
Outside services	(9)		(7)		(6)		(5)		(8)		(6)
Occupancy	—		—		(1)		(1)		(1)		—
Other expense	—		—		—		—		(16)		(11)
Noninterest expense	$	(9)	$	(7)	$	(21)	$	(16)	$	(19)	$	(13)
Total Other Notable Items	$	(9)	$	(7)	$	(21)	$	(16)	$	(19)	$	(13)
EPS Impact - Other Notable Items			$	(0.01)			$	(0.03)			$	(0.03)
Total Notable Items	$	(46)	$	(33)	$	(301)	$	(231)	$	(23)	$	(16)
Total EPS Impact			$	(0.07)			$	(0.47)			$	(0.04)

4

Discussion of results:

Net interest income										3Q22 change from
($s in millions)	3Q22			2Q22			3Q21			2Q22					3Q21
										$/bps			%		$/bps			%
Interest income:
Interest and fees on loans and leases and loans held for sale	$	1,690		$	1,412		$	1,100		$	278		20	%	$	590		54	%
Investment securities	243			201			116			42			21		127			109
Interest-bearing deposits in banks	36			13			6			23			177		30			NM
Total interest income	$	1,969		$	1,626		$	1,222		$	343		21	%	$	747		61	%
Interest expense:
Deposits	$	176		$	54		$	35		$	122		226	%	$	141		NM
Short-term borrowed funds	11			10			—			1			10		11			100
Long-term borrowed funds	117			57			42			60			105		75			179
Total interest expense	$	304		$	121		$	77		$	183		151	%	$	227		NM
Net interest income	$	1,665		$	1,505		$	1,145		$	160		11	%	$	520		45	%
Net interest margin, FTE	3.25		%	3.04		%	2.72		%	21		bps			53		bps

Third quarter 2022 vs. second quarter 2022

Net interest income of $1.7 billion increased 11%, reflecting a higher net interest margin and 2% growth in interest-earning assets, including average loan growth of 2% and average investments growth of 7%.

•Net interest margin of 3.25% increased 21 basis points, reflecting higher earning-asset yields given higher market interest rates, partially offset by increased funding costs.

Third quarter 2022 vs. third quarter 2021

Net interest income of $1.7 billion increased 45%, reflecting a higher net interest margin and 22% growth in interest-earning assets, including the impact of the HSBC and ISBC transactions.

•Net interest margin of 3.25% increased 53 basis points, reflecting higher earning-asset yields given higher market interest rates, the impact of the HSBC and ISBC transactions and the deployment of cash into loan growth, partially offset by increased funding costs.

5

Noninterest Income							3Q22 change from
($s in millions)	3Q22		2Q22		3Q21		2Q22				3Q21
							$		%		$		%
Capital markets fees	$	89	$	88	$	72	$	1	1	%	$	17	24	%
Service charges and fees	109		108		110		1		1		(1)		(1)
Mortgage banking fees	66		72		108		(6)		(8)		(42)		(39)
Card fees	71		71		66		—		—		5		8
Trust and investment services fees	61		66		61		(5)		(8)		—		—
Letter of credit and loan fees	40		40		39		—		—		1		3
Foreign exchange and derivative products	42		60		29		(18)		(30)		13		45
Securities gains, net	—		1		3		(1)		(100)		(3)		(100)
Other income(1)	34		(12)		26		46		NM		8		31
Noninterest income	$	512	$	494	$	514	$	18	4	%	$	(2)	—	%
Notable items	$	—	$	(31)	$	—	$	31	100		$	—	—
Underlying noninterest income	$	512	$	525	$	514	$	(13)	(2)	%	$	(2)	—	%

Third quarter 2022 vs. second quarter 2022

Underlying noninterest income of $512 million decreased $13 million, or 2%.

•Capital markets fees increased $1 million, reflecting higher M&A advisory fees offset by lower loan syndication fees.

•Mortgage banking fees decreased $6 million, driven mainly by lower production volume given higher interest rates.

•Trust and investment services fees decreased $5 million due to the impact of lower asset values on portfolio billing.

•Foreign exchange and derivative products revenue decreased $18 million, reflecting a moderation of client hedging activity from record levels.

•On an Underlying basis, other income increased $15 million reflecting a seasonal improvement related to tax-advantaged investments and higher leasing income. Other income in second quarter 2022 included a notable item of $31 million related to mark-to-market losses on ISBC loans classified as held-for-sale.

Third quarter 2022 vs. third quarter 2021

Underlying noninterest income of $512 million was broadly stable compared to third quarter 2021.

•Capital markets fees increased $17 million, reflecting the impact of acquisitions, partially offset by lower underwriting.

•Mortgage banking fees decreased $42 million, driven by lower gain-on-sale margins and production volumes, partially offset by higher servicing revenue.

•Card fees increased $5 million, given higher transaction volumes.

•Foreign exchange and derivative products revenue increased $13 million reflecting increased client interest rate, commodity and foreign exchange hedging activity.

•Other income increased $8 million, reflecting higher investment and leasing income.

6

Noninterest Expense							3Q22 change from
($s in millions)	3Q22		2Q22		3Q21		2Q22				3Q21
							$		%		$		%
Salaries and employee benefits	$	639	$	683	$	509	$	(44)	(6)	%	$	130	26	%
Equipment and software	159		169		157		(10)		(6)		2		1
Outside services	172		189		144		(17)		(9)		28		19
Occupancy	106		111		77		(5)		(5)		29		38
Other operating expense	165		153		124		12		8		41		33
Noninterest expense	$	1,241	$	1,305	$	1,011	$	(64)	(5)	%	$	230	23	%
Notable items	$	46	$	125	$	23	$	(79)	(63)	%	$	23	100%
Underlying, as applicable
Salaries and employee benefits	$	622	$	611	$	522	$	11	2	%	$	100	19	%
Equipment and software	159		163		150		(4)		(2)		9		6
Outside services	152		148		132		4		3		20		15
Occupancy	104		110		76		(6)		(5)		28		37
Other operating expense	158		148		108		10		7		50		46
Underlying noninterest expense	$	1,195	$	1,180	$	988	$	15	1	%	$	207	21	%

Third quarter 2022 vs. second quarter 2022

Underlying noninterest expense of $1.195 billion, up 1% given a modest increase in salaries and employee benefits and higher advertising costs, largely offset by lower occupancy expense related to merger integration. Results reflect strong expense discipline and the benefit of efficiency initiatives.

The effective tax rate was 21.8%, down from 23.7% reflecting nonrecurring tax impacts from the ISBC acquisition in second quarter 2022.

Third quarter 2022 vs. third quarter 2021

Underlying noninterest expense of $1.195 billion remains well-controlled. On an Underlying basis and excluding the HSBC and ISBC transactions, and the Commercial fee-based acquisitions that closed after second quarter 2021, noninterest expense increased 4% reflecting higher salaries and employee benefits, as well as higher other operating expenses, namely FDIC insurance, travel and advertising costs, partially offset by the benefit of efficiency initiatives.

The effective tax rate of 21.8% was down from 22.4% in third quarter 2021.

7

Interest-earning assets							3Q22 change from
($s in millions)	3Q22		2Q22		3Q21		2Q22				3Q21
Period-end interest-earning assets							$		%		$		%
Investments	$	34,813	$	35,828	$	28,107	$	(1,015)	(3)	%	$	6,706	24	%
Interest-bearing deposits in banks	7,186		5,527		12,860		1,659		30		(5,674)		(44)
Commercial loans and leases	81,114		81,445		57,955		(331)		—		23,159		40
Retail loans	75,026		74,727		65,363		299		—		9,663		15
Total loans and leases	156,140		156,172		123,318		(32)		—		32,822		27
Loans held for sale, at fair value	1,048		1,377		3,177		(329)		(24)		(2,129)		(67)
Other loans held for sale	914		2,078		93		(1,164)		(56)		821		NM
Total loans and leases and loans held for sale	158,102		159,627		126,588		(1,525)		(1)		31,514		25
Total period-end interest-earning assets	$	200,101	$	200,982	$	167,555	$	(881)	—	%	$	32,546	19	%
Average interest-earning assets
Investments	$	38,510	$	35,903	$	27,468	$	2,607	7	%	$	11,042	40	%
Interest-bearing deposits in banks	5,203		4,630		13,749		573		12		(8,546)		(62)
Commercial loans and leases	82,047		79,684		58,681		2,363		3		23,366		40
Retail loans	74,832		74,170		63,960		662		1		10,872		17
Total loans and leases	156,879		153,854		122,641		3,025		2		34,238		28
Loans held for sale, at fair value	1,600		1,937		3,299		(337)		(17)		(1,699)		(52)
Other loans held for sale	1,385		2,353		112		(968)		(41)		1,273		NM
Total loans and leases and loans held for sale	159,864		158,144		126,052		1,720		1		33,812		27
Total average interest-earning assets	$	203,577	$	198,677	$	167,269	$	4,900	2	%	$	36,308	22	%

Third quarter 2022 vs. second quarter 2022

Period-end interest-earning assets of $200.1 billion decreased $881 million, as a $1.5 billion decrease in loans held for sale and a $1.0 billion decrease in investments were partially offset by a $1.7 billion increase in cash held in interest-bearing deposits.

Average interest-earning assets of $203.6 billion increased $4.9 billion, or 2%, as a $3.0 billion increase in loans and a $2.6 billion increase in investments was partly offset by a $1.3 billion decrease in loans held for sale. Loan growth of 2% was driven by commercial, reflecting growth in C&I and CRE given increased line utilization and slower paydowns.

The average effective duration of the securities portfolio was 5.9 years compared with 5.7 years at June 30, 2022 and 3.9 years at September 30, 2021.

Third quarter 2022 vs. third quarter 2021

Period-end interest-earning assets of $200.1 billion increased $32.5 billion, or 19%, as a $32.8 billion increase in loans and a $6.7 billion increase in investments was partly offset by a $5.7 billion decrease in cash held in interest-bearing deposits reflecting the deployment of elevated liquidity. Excluding the impact of the HSBC and ISBC transactions, loan growth was 9% with 13% growth in commercial led by C&I, and 6% growth in retail given strength in mortgage and home equity, partially offset by planned run off in auto and personal unsecured installment loans.

Average interest-earning assets of $203.6 billion increased $36.3 billion, or 22%, as a $34.2 billion increase in loans and an $11.0 billion increase in investments was partly offset by a $8.5 billion decrease in cash held in interest-bearing deposits reflecting the deployment of elevated liquidity. Excluding the impact of the HSBC and ISBC transactions, loan growth was 10%, with 13% growth in commercial, reflecting higher line utilization, partly offset by a reduction in PPP. Commercial growth was 18% excluding the impact of the HSBC and ISBC transactions and PPP. Retail loans increased 8%, driven by mortgage, home equity, auto and education, partially offset by planned run off of personal unsecured installment loans.

8

Deposits							3Q22 change from
($s in millions)	3Q22		2Q22		3Q21		2Q22				3Q21
Period-end deposits							$		%		$		%
Demand	$	51,888	$	54,169	$	48,184	$	(2,281)	(4)	%	$	3,704	8	%
Money market	49,081		48,063		48,935		1,018		2		146		—
Checking with interest	38,040		39,611		27,985		(1,571)		(4)		10,055		36
Savings	29,882		27,959		21,166		1,923		7		8,716		41
Term	9,675		9,123		5,951		552		6		3,724		63
Total period-end deposits	$	178,566	$	178,925	$	152,221	$	(359)	—	%	$	26,345	17	%
Average deposits
Demand	$	53,293	$	54,189	$	47,873	$	(896)	(2)	%	$	5,420	11	%
Money market	47,374		48,795		49,159		(1,421)		(3)		(1,785)		(4)
Checking with interest	38,297		38,747		27,965		(450)		(1)		10,332		37
Savings	28,741		27,661		20,803		1,080		4		7,938		38
Term	9,913		6,970		6,071		2,943		42		3,842		63
Total average deposits	$	177,618	$	176,362	$	151,871	$	1,256	1	%	$	25,747	17	%

Third quarter 2022 vs. second quarter 2022

Total period-end deposits of $178.6 billion were broadly stable, as declines in demand deposits and checking with interest were largely offset by growth in savings, money market accounts and term.

Average deposits of $177.6 billion were up 1%, driven by growth in term and savings, partially offset by decreases in money market accounts, demand deposits and checking with interest.

Third quarter 2022 vs. third quarter 2021

Total period-end deposits of $178.6 billion increased$26.3 billion, or 17%, driven by the $25.6 billion impact of the HSBC and ISBC transactions. Excluding these transactions, deposits were broadly stable with growth in checking with interest, savings and term, largely offset by a decrease in money market accounts and demand deposits.

Average deposits of $177.6 billion increased$25.7 billion, or 17%, including the $25.7 billion impact of the HSBC and ISBC transactions. Excluding these transactions, deposits were up slightly, with growth in savings, checking with interest and term, offset by decreases in money market accounts and demand deposits.

9

Borrowed Funds							3Q22 change from
($s in millions)	3Q22		2Q22		3Q21		2Q22				3Q21
Period-end borrowed funds							$		%		$		%
Short-term borrowed funds	$	263	$	3,763	$	8	$	(3,500)	(93) %		$	255	NM
Long-term borrowed funds
FHLB advances	9,519		8,269		20		1,250		15		9,499		NM
Senior debt	4,954		4,176		5,345		778		19		(391)		(7)
Subordinated debt and other debt	1,813		1,995		1,582		(182)		(9)		231		15
Total borrowed funds	$	16,549	$	18,203	$	6,955	$	(1,654)	(9)	%	$	9,594	138	%
Average borrowed funds
Short-term borrowed funds	$	2,043	$	3,995	$	23	$	(1,952)	(49) %		$	2,020	NM
Long-term borrowed funds
FHLB advances	9,226		4,437		19		4,789		108		9,207		NM
Senior debt	4,633		4,022		5,356		611		15		(723)		(13)
Subordinated debt and other debt	1,988		1,763		1,581		225		13		407		26
Total average borrowed funds	$	17,890	$	14,217	$	6,979	$	3,673	26	%	$	10,911	156	%

Third quarter 2022 vs. second quarter 2022

•Period-end borrowed funds decreased by $1.7 billion, primarily due to a net reduction in FHLB advances, partially offset by an increase in senior debt. Short-term FHLB advances decreased $3.5 billion, partially offset by an increase in long-term FHLB advances of $1.3 billion, for a net reduction in FHLB advances of $2.3 billion. Average borrowed funds increased by $3.7 billion, given loan and investments growth and an increase in senior debt, partially offset by a decline in short-term FHLB advances.

Third quarter 2022 vs. third quarter 2021

•Period-end borrowed funds increased by $9.6 billion, given an increase in long-term FHLB advances primarily related to the ISBC balance sheet, partly offset by a decrease in senior debt. Average borrowed funds increased by $10.9 billion given an increase in long-term and short-term FHLB advances primarily related to the ISBC balance sheet, partly offset by a decrease in senior debt.

10

Capital										3Q22 change from
($s and shares in millions, except per share data)	3Q22			2Q22			3Q21			2Q22				3Q21
Period-end capital										$		%		$		%
Stockholders' equity	$	23,146		$	24,328		$	23,423		$	(1,182)	(5)	%	$	(277)	(1)	%
Stockholders' common equity	21,132			22,314			21,409			(1,182)		(5)		(277)		(1)
Tangible common equity	13,197			14,444			14,677			(1,247)		(9)		(1,480)		(10)
Tangible book value per common share	$	26.62		$	29.14		$	34.44		$	(2.52)	(9)	%	$	(7.82)	(23)	%
Common shares - at end of period	495.8			495.7			426.2			0.2		—		69.6		16
Common shares - average (diluted)	497.5			493.3			427.8			4.2		1	%	69.6		16	%
Common equity tier 1 capital ratio(1)	9.8		%	9.6		%	10.3		%
Total capital ratio(1)	12.6			12.3			13.4
Tier 1 leverage ratio(1)	9.2		%	9.3		%	9.7		%
1) Current reporting-period regulatory capital ratios are preliminary.

Third quarter 2022

•The CET1 capital ratio was 9.8% as of September 30, 2022 compared with 9.6% at June 30, 2022 and 10.3% at September 30, 2021.

•Total capital ratio of 12.6% compares with 12.3% at June 30, 2022 and 13.4% as of September 30, 2021.

•Tangible book value per common share of $26.62 decreased 8.6% compared with second quarter 2022, primarily driven by the negative impact of higher long-term rates on the investment securities and swap portfolios.

•Citizens paid $210 million in common dividends to shareholders during third quarter 2022. This compares with $195 million in common dividends during second quarter 2022 and $167 million during third quarter 2021.

11

Credit quality review										3Q22 change from
($s in millions)	3Q22			2Q22			3Q21			2Q22					3Q21
										$/bps			%		$/bps			%
Nonaccrual loans and leases(1)	$	852		$	839		$	747		$	13		2	%	$	105		14	%
90+ days past due and accruing(2)	462			712			312			(250)			(35)		150			48
Net charge-offs	74			49			44			25			51		30			68
Provision (benefit) for credit losses	123			216			(33)			(93)			(43)		156			NM
Allowance for credit losses	$	2,196		$	2,147		$	2,004		$	49		2	%	$	192		10	%
Nonaccrual loans and leases to loans and leases	0.55		%	0.54		%	0.61		%	1		bps			(6)
Net charge-offs as a % of total loans and leases	0.19			0.13			0.14			6					5
Allowance for credit losses to loans and leases	1.41			1.37			1.63			4					(22)
Allowance for credit losses to nonaccrual loans and leases	257.7		%	256.0		%	268.3		%	161		bps			(1,065)		bps
1)Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
2) 90+ days past due and accruing includes $425 million, $623 million, and $289 million of loans fully or partially guaranteed by the FHA, VA, and USDA for September 30, 2022, June 30, 2022, and September 30, 2021, respectively.

Third quarter 2022 vs. second quarter 2022

•The nonaccrual loans to total loans ratio was 0.55%, stable with 0.54% at June 30, 2022.

•Nonaccrual loans of $852 million increased $13 million, or 2%, reflecting a $32 million increase in commercial, partially offset by a $19 million decline in retail, primarily mortgage.

•Net charge-offs of $74 million, or 19 basis points of average loans and leases, were up 6 basis points from the prior quarter. Net charge-offs increased $25 million given a $20 million increase in retail driven by unsecured, auto and home equity, and a $5 million increase in commercial.

•The third quarter 2022 provision for credit losses of $123 million compares with $216 million for second quarter 2022 which includes a $145 million day-one CECL provision expense (“double count”) tied to the ISBC transaction. Excluding this item, provision was up $52 million and the reserve build was $49 million. This reflects an increased risk of recession, partly offset by improvement in portfolio mix, and results in an allowance for credit losses ratio of 1.41%, up from 1.37% as of June 30, 2022.

•The allowance for credit losses to nonaccrual loans and leases ratio of 258% compares with 256% as of June 30, 2022.

Third quarter 2022 vs. third quarter 2021

•The nonaccrual loans to total loans ratio of 0.55% decreased from 0.61% at September 30, 2021 largely tied to the addition of the ISBC and HSBC portfolios.

•Nonaccrual loans increased $105 million, or 14%, largely reflecting the incorporation of ISBC.

•Net charge-offs of 19 basis points of average loans and leases compares with14 basis points in third quarter 2021.

•Net charge-offs of $74 million increased $30 million reflecting a $29 million increase in retail, primarily unsecured, auto and home equity, and a $1 million increase in commercial.

•Provision for credit losses of $123 million compares with a $33 million benefit in third quarter 2021.

•Allowance for credit losses of $2.2 billion was up $192 million compared with with September 30, 2021, primarily reflecting the additions of the ISBC and HSBC portfolios. Allowance for credit losses ratio of 1.41% as of September 30, 2022, compares with 1.63% as of September 30, 2021.

•The allowance for credit losses to nonaccrual loans and leases ratio of 258% compares with 268% as of September 30, 2021.

12

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $224.7 billion in assets as of September 30, 2022. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,400 ATMs and more than 1,200 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities.

13

Non-GAAP Financial Measures and Reconciliations

Non-GAAP Financial Measures:

This document contains non-GAAP financial measures denoted as Underlying results, excluding HSBC and ISBC, excluding acquisitions and excluding PPP. 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. We further believe the presentation of Underlying results increases comparability of period-to-period results. See the following pages for 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.

14

Non-GAAP financial measures and reconciliations

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

		QUARTERLY TRENDS
					3Q22 Change
		3Q22	2Q22	3Q21	2Q22			3Q21
					$	%		$	%
Noninterest income, Underlying:
Noninterest income (GAAP)		$512	$494	$514	$18	4	%	($2)	—	%
Less: Notable items		—	(31)	—	31	100		—	—
Noninterest income, Underlying (non-GAAP)		$512	$525	$514	($13)	(2	%)	($2)	—	%
Total revenue, Underlying:
Total revenue (GAAP)	A	$2,177	$1,999	$1,659	$178	9	%	$518	31	%
Less: Notable items		—	(31)	—	31	100		—	—
Total revenue, Underlying (non-GAAP)	B	$2,177	$2,030	$1,659	$147	7	%	$518	31	%
Noninterest expense, Underlying:
Noninterest expense (GAAP)	C	$1,241	$1,305	$1,011	($64)	(5	%)	$230	23	%
Less: Notable items		46	125	23	(79)	(63)		23	100
Noninterest expense, Underlying (non-GAAP)	D	$1,195	$1,180	$988	$15	1	%	$207	21	%
Pre-provision profit:
Total revenue (GAAP)	A	$2,177	$1,999	$1,659	$178	9	%	$518	31	%
Less: Noninterest expense (GAAP)	C	1,241	1,305	1,011	(64)	(5)		230	23
Pre-provision profit (GAAP)		$936	$694	$648	$242	35	%	$288	44	%
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)	B	$2,177	$2,030	$1,659	$147	7	%	$518	31	%
Less: Noninterest expense, Underlying (non-GAAP)	D	1,195	1,180	988	15	1		207	21
Pre-provision profit, Underlying (non-GAAP)		$982	$850	$671	$132	16	%	$311	46	%
Provision (benefit) for credit losses, Underlying:
Provision (benefit) for credit losses (GAAP)		$123	$216	($33)	($93)	(43%)		$156	NM
Less: Notable items		—	145	—	(145)	(100)		—	—
Provision (benefit) for credit losses, Underlying (non-GAAP)		$123	$71	($33)	$52	73%		$156	NM
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)	E	$813	$478	$681	$335	70	%	$132	19	%
Less: Expense before income tax benefit related to notable items		(46)	(301)	(23)	255	85		(23)	(100)
Income before income tax expense, Underlying (non-GAAP)	F	$859	$779	$704	$80	10	%	$155	22	%
Income tax expense, Underlying:
Income tax expense (GAAP)	G	$177	$114	$151	$63	55	%	$26	17	%
Less: Income tax benefit related to notable items		(13)	(70)	(7)	57	81		(6)	(86)
Income tax expense, Underlying (non-GAAP)	H	$190	$184	$158	$6	3	%	$32	20	%
Net income, Underlying:
Net income (GAAP)	I	$636	$364	$530	$272	75	%	$106	20	%
Add: Notable items, net of income tax benefit		33	231	16	(198)	(86)		17	106
Net income, Underlying (non-GAAP)	J	$669	$595	$546	$74	12	%	$123	23	%
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)	K	$611	$332	$504	$279	84	%	$107	21	%
Add: Notable items, net of income tax benefit		33	231	16	(198)	(86)		17	106
Net income available to common stockholders, Underlying (non-GAAP)	L	$644	$563	$520	$81	14	%	$124	24	%

15

Non-GAAP financial measures and reconciliations (continued)

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

		QUARTERLY TRENDS
								3Q22 Change
		3Q22		2Q22		3Q21		2Q22				3Q21
								$/bps		%		$/bps		%
Operating leverage:
Total revenue (GAAP)	A	$2,177		$1,999		$1,659		$178		8.88	%	$518		31.19	%
Less: Noninterest expense (GAAP)	C	1,241		1,305		1,011		(64)		(4.89)		230		22.79
Operating leverage										13.77	%			8.40	%
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)	B	$2,177		$2,030		$1,659		$147		7.20	%	$518		31.19	%
Less: Noninterest expense, Underlying (non-GAAP)	D	1,195		1,180		988		15		1.19		207		20.96
Operating leverage, Underlying (non-GAAP)										6.01	%			10.23	%
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio	C/A	57.02	%	65.27	%	60.92	%	(825)	bps			(390)	bps
Efficiency ratio, Underlying (non-GAAP)	D/B	54.90		58.16		59.55		(326)	bps			(465)	bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate	G/E	21.80	%	23.77	%	22.35	%	(197)	bps			(55)	bps
Effective income tax rate, Underlying (non-GAAP)	H/F	22.00		23.69		22.45		(169)	bps			(45)	bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)	M	$22,246		$22,383		$21,326		($137)		(1	%)	$920		4	%
Return on average common equity	K/M	10.91	%	5.95	%	9.39	%	496	bps			152	bps
Return on average common equity, Underlying (non-GAAP)	L/M	11.52		10.06		9.70		146	bps			182	bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)	M	$22,246		$22,383		$21,326		($137)		(1	%)	$920		4	%
Less: Average goodwill (GAAP)		8,131		8,015		7,055		116		1		1,076		15
Less: Average other intangibles (GAAP)		228		213		52		15		7		176		NM
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		424		416		383		8		2		41		11
Average tangible common equity	N	$14,311		$14,571		$14,602		($260)		(2	%)	($291)		(2	%)
Return on average tangible common equity	K/N	16.96	%	9.13	%	13.71	%	783	bps			325	bps
Return on average tangible common equity, Underlying (non-GAAP)	L/N	17.91		15.45		14.17		246	bps			374	bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)	O	$225,473		$220,967		$186,108		$4,506		2	%	$39,365		21	%
Return on average total assets	I/O	1.12	%	0.66	%	1.13	%	46	bps			(1)	bps
Return on average total assets, Underlying (non-GAAP)	J/O	1.18		1.08		1.16		10	bps			2	bps
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)	P	$225,473		$220,967		$186,108		$4,506		2	%	$39,365		21	%
Less: Average goodwill (GAAP)		8,131		8,015		7,055		116		1		1,076		15
Less: Average other intangibles (GAAP)		228		213		52		15		7		176		NM
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		424		416		383		8		2		41		11
Average tangible assets	Q	$217,538		$213,155		$179,384		$4,383		2	%	$38,154		21	%
Return on average total tangible assets	I/Q	1.16	%	0.69	%	1.17	%	47	bps			(1)	bps
Return on average total tangible assets, Underlying (non-GAAP)	J/Q	1.22		1.12		1.21		10	bps			1	bps

16

Non-GAAP financial measures and reconciliations (continued)

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

		QUARTERLY TRENDS
					3Q22 Change
		3Q22	2Q22	3Q21	2Q22			3Q21
					$/bps	%		$/bps	%
Tangible book value per common share:
Common shares - at period-end (GAAP)	R	495,843,793	495,650,259	426,199,576	193,534	—	%	69,644,217	16	%
Common stockholders' equity (GAAP)		$21,132	$22,314	$21,409	($1,182)	(5)		($277)	(1)
Less: Goodwill (GAAP)		8,160	8,081	7,065	79	1		1,095	15
Less: Other intangible assets (GAAP)		199	211	51	(12)	(6)		148	NM
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)		424	422	384	2	—		40	10
Tangible common equity	S	$13,197	$14,444	$14,677	($1,247)	(9	%)	($1,480)	(10	%)
Tangible book value per common share	S/R	$26.62	$29.14	$34.44	($2.52)	(9	%)	($7.82)	(23	%)
Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying:
Average common shares outstanding - basic (GAAP)	T	495,651,083	491,497,026	426,086,717	4,154,057	1	%	69,564,366	16	%
Average common shares outstanding - diluted (GAAP)	U	497,477,501	493,296,114	427,840,964	4,181,387	1		69,636,537	16
Net income per average common share - basic (GAAP)	K/T	$1.23	$0.68	$1.18	$0.55	81		$0.05	4
Net income per average common share - diluted (GAAP)	K/U	1.23	0.67	1.18	0.56	84		0.05	4
Net income per average common share - basic, Underlying (non-GAAP)	L/T	1.30	1.14	1.22	0.16	14		0.08	7
Net income per average common share - diluted, Underlying (non-GAAP)	L/U	1.30	1.14	1.22	0.16	14		0.08	7

17

Non-GAAP financial measures and reconciliations (continued)

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

	QUARTERLY TRENDS
				3Q22 Change
	3Q22	2Q22	3Q21	2Q22			3Q21
				$/bps	%		$/bps	%
Other income, Underlying:
Other income (GAAP)	$34	($12)	$26	$46	NM		$8	31%
Less: Notable items	—	(31)	—	31	100		—	—
Other income, Underlying (non-GAAP)	$34	$19	$26	$15	79		$8	31	%
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)	$639	$683	$509	($44)	(6	%)	$130	26	%
Less: Notable items	17	72	(13)	(55)	(76)		30	231
Salaries and employee benefits, Underlying (non-GAAP)	$622	$611	$522	$11	2	%	$100	19	%
Equipment and software, Underlying:
Equipment and software(GAAP)	$159	$169	$157	($10)	(6	%)	$2	1	%
Less: Notable items	—	6	7	(6)	(100)		(7)	(100)
Equipment and software, Underlying (non-GAAP)	$159	$163	$150	($4)	(2	%)	$9	6	%
Outside services, Underlying:
Outside services (GAAP)	$172	$189	$144	($17)	(9	%)	$28	19	%
Less: Notable items	20	41	12	(21)	(51)		8	67
Outside services, Underlying (non-GAAP)	$152	$148	$132	$4	3	%	$20	15	%
Occupancy, Underlying:
Occupancy (GAAP)	$106	$111	$77	($5)	(5	%)	$29	38	%
Less: Notable items	2	1	1	1	100		1	100
Occupancy, Underlying (non-GAAP)	$104	$110	$76	($6)	(5	%)	$28	37	%
Other operating expense, Underlying:
Other operating expense (GAAP)	$165	$153	$124	$12	8	%	$41	33	%
Less: Notable items	7	5	16	2	40		(9)	(56)
Other operating expense, Underlying (non-GAAP)	$158	$148	$108	$10	7	%	$50	46	%

18

Non-GAAP measures and reconciliations - excluding the impact of HSBC & ISBC Acquisitions and PPP loans

(in millions, except ratio data)

		QUARTERLY TRENDS
					3Q22 Change
		3Q22	2Q22	3Q21	2Q22		3Q21
					$/bps	%	$/bps	%
Average Commercial Loans, excluding HSBC, ISBC, and PPP
Average Commercial Loans (GAAP)	A	$82,047	$79,684	$58,681	$2,363	3%	$23,366	40%
Less: HSBC & ISBC Acquisition Impact		$15,925	$16,266	$—	($341)	(2%)	$15,925	100%
Less: PPP		$212	$349	$2,770	($137)	(39%)	($2,558)	(92%)
Average Commercial Loans, excluding HSBC, ISBC, and PPP (non-GAAP)	B	$65,910	$63,069	$55,911	$2,841	5%	$9,999	18%

Non-GAAP measures and reconciliations - excluding the impact of HSBC, ISBC, and Commercial fee-based acquisitions closed after 2Q21

(in millions, except ratio data)

		QUARTERLY TRENDS
					3Q22 Change
		3Q22	2Q22	3Q21	2Q22			3Q21
					$/bps	%		$/bps	%
Noninterest expense, Underlying excluding HSBC, ISBC, and Commercial fee based acquisition expenses closed after 2Q21:
Noninterest expense (GAAP)	A	$1,241	$1,305	$1,011	($64)	(5	%)	$230	23	%
Less: Notable items		46	125	23	(79)	(63)		23	100
Less: HSBC & ISBC Acquisition Impact		130	128	—	2	2		130	100
Less: Commercial fee based acquisition expenses closed after 2Q21		37	29	1	8	28		36	NM
Total Noninterest expense, Underlying excluding HSBC, ISBC, and Commercial fee based acquisition expenses closed after 2Q21 (non-GAAP)	B	$1,028	$1,023	$987	$5	—	%	$41	4	%

19

Non-GAAP measures and reconciliations - excluding the impact of HSBC & ISBC Acquisitions

(in millions, except ratio data)

		QUARTERLY TRENDS
					3Q22 Change
		3Q22	2Q22	3Q21	2Q22			3Q21
					$/bps	%		$/bps	%
Total Loans, excluding HSBC & ISBC
Total Loans (GAAP)	E	$156,140	$156,172	123,318	(32)	—	%	32,822	27
Less: HSBC & ISBC Acquisition Impact		21,171	21,700	—	(529)	(2)		21,171	100
Total Loans, excluding HSBC & ISBC (non-GAAP)	F	$134,969	$134,472	$123,318	$497	—	%	$11,651	9	%
Total Commercial Loans, excluding HSBC & ISBC
Total Commercial Loans (GAAP)	G	$81,114	$81,445	$57,955	($331)	—	%	$23,159	40	%
Less: HSBC & ISBC Acquisition Impact		15,749	16,138	—	(389)	(2)		15,749	100
Total Commercial Loans, excluding HSBC & ISBC (non-GAAP)	H	$65,365	$65,307	$57,955	$58	—	%	$7,410	13	%
Total Retail Loans, excluding HSBC & ISBC
Total Retail Loans (GAAP)	I	$75,026	$74,727	$65,363	$299	—	%	$9,663	15	%
Less: HSBC & ISBC Acquisition Impact		5,422	5,562	—	(140)	(3)		5,422	100
Total Retail Loans, excluding HSBC & ISBC (non-GAAP)	J	$69,604	$69,165	$65,363	$439	1	%	$4,241	6	%
Total Average Loans, excluding HSBC & ISBC
Average Loans (GAAP)	K	$156,879	$153,854	$122,641	$3,025	2	%	$34,238	28	%
Less: HSBC & ISBC Acquisition Impact		21,417	21,836	—	(419)	(2)		21,417	100
Total Average Loans, excluding HSBC & ISBC (non-GAAP)	L	$135,462	$132,018	$122,641	$3,444	3	%	$12,821	10	%
Average Commercial Loans, excluding HSBC & ISBC
Average Commercial Loans (GAAP)	M	$82,047	$79,684	$58,681	$2,363	3	%	$23,366	40	%
Less: HSBC & ISBC Acquisition Impact		15,925	16,266	—	(341)	(2)		15,925	100
Average Commercial Loans, excluding HSBC & ISBC (non-GAAP)	N	$66,122	$63,418	$58,681	$2,704	4	%	$7,441	13	%
Average Retail Loans, excluding HSBC & ISBC
Average Retail Loans (GAAP)	O	$74,832	$74,170	$63,960	$662	1	%	$10,872	17	%
Less: HSBC & ISBC Acquisition Impact		5,492	5,569	—	(77)	(1)		5,492	100
Average Retail Loans, excluding HSBC & ISBC (non-GAAP)	P	$69,340	$68,601	$63,960	$739	1	%	$5,380	8	%

20

Forward-Looking Statements

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements regarding potential future share repurchases and future dividends as well as the potential effects of the COVID-19 disruption and Russia’s invasion of Ukraine on our business, operations, financial performance and prospects, are forward-looking statements. Also, any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook,” “guidance” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.”

Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation:

•Negative economic and political conditions that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits which may affect, among other things, the level of nonaccrual assets, charge-offs and provision expense;

•The rate of growth in the economy and employment levels, as well as general business and economic conditions, and changes in the competitive environment;

•Our ability to implement our business strategy, including the cost savings and efficiency components, and achieve our financial performance goals, including through the integration of Investors and the HSBC branches;

•The COVID-19 disruption and its effects on the economic and business environments in which we operate;

•The impact of Russia’s invasion of Ukraine and the imposition of sanctions on Russia and other actions in response, including on economic and market conditions, inflationary pressures and the interest rate environment, commodity price and foreign exchange rate volatility, and heightened cybersecurity risks;

•Our ability to meet heightened supervisory requirements and expectations;

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

•Our capital and liquidity requirements under regulatory capital standards and our ability to generate capital internally or raise capital on favorable terms;

•The effect of changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale;

•Changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources and affect the ability to originate and distribute financial products in the primary and secondary markets;

•The effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin;

•Financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses;

•A failure in or breach of our operational or security systems or infrastructure, or those of our third party vendors or other service providers, including as a result of cyber-attacks;

•Greater than expected costs or other difficulties related to the integration of our business and that of Investors and the relevant HSBC branches;

•The inability to retain existing Investors or HSBC clients and employees following the closing of the Investors and HSBC branch acquisitions; and

•Management’s ability to identify and manage these and other risks.

In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, risk-weighted assets, capital impacts of strategic initiatives, market conditions and regulatory and accounting considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares from or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends. Further, statements about the effects of the COVID-19 disruption and Russia’s invasion of Ukraine on our business, operations, financial performance and prospects may constitute forward-looking statements and are subject to

21

the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic and Russia’s invasion of Ukraine, actions taken by governmental authorities in response to the pandemic and Russia’s invasion of Ukraine, and the direct and indirect impact of the pandemic and Russia’s invasion of Ukraine on our customers, third parties and us.

More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section in Part II, Item 1A of our Quarterly Report on Form 10-Q for the period ended March 31, 2022 and Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 as filed with the Securities and Exchange Commission.

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

22

EX-99.2

Financial Supplement

Third Quarter 2022

1

Table of Contents	Page
Consolidated Financial Highlights	3
Consolidated Statements of Operations (unaudited)	5
Consolidated Balance Sheets (unaudited)	6
Loans and Deposits	7
Average Balance Sheets, Annualized Yields and Rates	8
Mortgage Banking Fees	10
Segment Financial Highlights	11
Credit-Related Information:
Nonaccrual loans and leases	14
Loans and Leases 90 Days or More Past Due and Accruing	15
Charge-offs, Recoveries, and Related Ratios	16
Summary of Changes in the Components of the Allowance for Credit Losses	18
Capital and Ratios	19
Non-GAAP Financial Measures and Reconciliations	20
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

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

	QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
											3Q22 Change												2022 Change
	3Q22		2Q22		1Q22		4Q21		3Q21		2Q22				3Q21				2022		2021		2021
											$/bps		%		$/bps		%						$/bps		%
SELECTED OPERATING DATA
Total revenue	$2,177		$1,999		$1,645		$1,720		$1,659		$178		9	%	$518		31	%	$5,821		$4,927		$894		18	%
Noninterest expense	1,241		1,305		1,106		1,061		1,011		(64)		(5)		230		23		3,652		3,020		632		21
Profit before provision (benefit) for credit losses	936		694		539		659		648		242		35		288		44		2,169		1,907		262		14
Provision (benefit) for credit losses	123		216		3		(25)		(33)		(93)		(43)		156		NM		342		(386)		728		NM
NET INCOME	636		364		420		530		530		272		75		106		20		1,420		1,789		(369)		(21)
Net income, Underlying1	669		595		476		569		546		74		12		123		23		1,740		1,828		(88)		(5)
Net income available to common stockholders	611		332		396		498		504		279		84		107		21		1,339		1,708		(369)		(22)
Net income available to common stockholders, Underlying1	644		563		452		537		520		81		14		124		24		1,659		1,747		(88)		(5)
PER COMMON SHARE DATA
Basic earnings	$1.23		$0.68		$0.94		$1.17		$1.18		$0.55		81	%	$0.05		4	%	$2.85		$4.01		($1.16)		(29	%)
Diluted earnings	1.23		0.67		0.93		1.17		1.18		0.56		84		0.05		4		2.84		3.99		(1.15)		(29)
Basic earnings, Underlying1	1.30		1.14		1.07		1.26		1.22		0.16		14		0.08		7		3.53		4.10		(0.57)		(14)
Diluted earnings, Underlying1	1.30		1.14		1.07		1.26		1.22		0.16		14		0.08		7		3.52		4.09		(0.57)		(14)
Cash dividends declared and paid per common share	0.42		0.39		0.39		0.39		0.39		0.03		8		0.03		8		1.20		1.17		0.03		3
Book value per common share	42.62		45.02		47.42		50.71		50.23		(2.40)		(5)		(7.61)		(15)		42.62		50.23		(7.61)		(15)
Tangible book value per common share	26.62		29.14		30.97		34.61		34.44		(2.52)		(9)		(7.82)		(23)		26.62		34.44		(7.82)		(23)
Dividend payout ratio	34	%	57	%	41	%	33	%	33	%	(2,300)	bps			100	bps			42	%	29	%	1,300	bps
Dividend payout ratio, Underlying1	32		34		36		31		32		(200)	bps			—	bps			34		29		500	bps
COMMON SHARES OUTSTANDING
Average: Basic	495,651,083		491,497,026		422,401,747		424,697,880		426,086,717		4,154,057		1	%	69,564,366		16	%	470,118,265		425,996,867		44,121,398		10	%
Diluted	497,477,501		493,296,114		424,670,871		426,868,106		427,840,964		4,181,387		1		69,636,537		16		471,958,310		427,679,885		44,278,425		10
Common shares at period-end	495,843,793		495,650,259		423,031,985		422,137,197		426,199,576		193,534		—		69,644,217		16		495,843,793		426,199,576		69,644,217		16

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

(in millions, except ratio and headcount data)

	QUARTERLY TRENDS																FOR THE NINE MONTHS ENDED SEPTEMBER 30,
											3Q22 Change										2022 Change
	3Q22		2Q22		1Q22		4Q21		3Q21		2Q22			3Q21			2022		2021		2021
											$/bps		%	$/bps		%					$/bps		%
FINANCIAL RATIOS
Net interest margin	3.24	%	3.04	%	2.75	%	2.66	%	2.72	%	20	bps		52	bps		3.03	%	2.73	%	30	bps
Net interest margin, FTE1	3.25		3.04		2.75		2.66		2.72		21			53			3.03		2.73		30
Return on average common equity	10.91		5.95		7.65		9.26		9.39		496			152			8.19		10.91		(272)
Return on average common equity, Underlying2	11.52		10.06		8.75		9.97		9.70		146			182			10.15		11.17		(102)
Return on average tangible common equity	16.96		9.13		11.36		13.57		13.71		783			325			12.49		16.08		(359)
Return on average tangible common equity, Underlying2	17.91		15.45		12.99		14.61		14.17		246			374			15.48		16.46		(98)
Return on average total assets	1.12		0.66		0.90		1.12		1.13		46			(1)			0.90		1.30		(40)
Return on average total assets, Underlying2	1.18		1.08		1.03		1.20		1.16		10			2			1.10		1.33		(23)
Return on average total tangible assets	1.16		0.69		0.94		1.17		1.17		47			(1)			0.93		1.35		(42)
Return on average total tangible assets, Underlying2	1.22		1.12		1.06		1.25		1.21		10			1			1.14		1.38		(24)
Effective income tax rate	21.80		23.77		21.70		22.40		22.35		(197)			(55)			22.29		22.01		28
Effective income tax rate, Underlying2	22.00		23.69		21.70		22.61		22.45		(169)			(45)			22.50		22.09		41
Efficiency ratio	57.02		65.27		67.23		61.68		60.92		(825)			(390)			62.74		61.30		144
Efficiency ratio, Underlying2	54.90		58.16		64.28		58.71		59.55		(326)			(465)			58.67		60.21		(154)
Noninterest income as a % of total revenue	23.54		24.72		30.26		34.50		31.01		(118)			(747)			25.84		31.28		(544)
Noninterest income as a % of total revenue, Underlying2	23.54		25.88		30.26		34.50		31.01		(234)			(747)			26.24		31.28		(504)
CAPITAL RATIOS - PERIOD-END (PRELIMINARY)
CET1 capital ratio	9.8	%	9.6	%	9.7	%	9.9	%	10.3	%
Tier 1 capital ratio	10.9		10.6		10.9		11.1		11.6
Total capital ratio	12.6		12.3		12.5		12.7		13.4
Tier 1 leverage ratio	9.2		9.3		9.6		9.7		9.7
Tangible common equity ratio	6.1		6.6		7.1		8.1		8.1
SELECTED BALANCE SHEET DATA
Loan-to-deposit ratio (period-end balances)	87.44	%	87.28	%	82.70	%	83.03	%	81.01	%	16	bps		643	bps		87.44	%	81.01	%	643	bps
Loan-to-deposit ratio (average balances)	88.32		87.24		83.28		81.83		80.75		108	bps		757	bps		86.43		82.19		424	bps
Full-time equivalent colleagues (period-end)	19,235		19,583		17,843		17,463		17,366		(348)		(2)	1,869		11	19,235		17,366		1,869		11

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)

(in millions)

	QUARTERLY TRENDS											FOR THE NINE MONTHS ENDED SEPTEMBER 30,
						3Q22 Change								2022 Change
	3Q22	2Q22	1Q22	4Q21	3Q21	2Q22			3Q21			2022	2021	2021
						$	%		$	%				$	%
INTEREST INCOME
Interest and fees on loans and leases	$1,657	$1,370	$1,048	$1,056	$1,078	$287	21	%	$579	54	%	$4,075	$3,197	$878	27	%
Interest and fees on loans held for sale	18	17	16	19	21	1	6		(3)	(14)		51	63	(12)	(19)
Interest and fees on other loans held for sale	15	25	7	4	1	(10)	(40)		14	NM		47	9	38	NM
Investment securities	243	201	138	119	116	42	21		127	109		582	368	214	58
Interest-bearing deposits in banks	36	13	4	4	6	23	177		30	NM		53	12	41	NM
Total interest income	1,969	1,626	1,213	1,202	1,222	343	21		747	61		4,808	3,649	1,159	32
INTEREST EXPENSE
Deposits	176	54	25	33	35	122	226		141	NM		255	127	128	101
Short-term borrowed funds	11	10	—	1	—	1	10		11	100		21	—	21	100
Long-term borrowed funds	117	57	41	42	42	60	105		75	179		215	136	79	58
Total interest expense	304	121	66	76	77	183	151		227	NM		491	263	228	87
Net interest income	1,665	1,505	1,147	1,126	1,145	160	11		520	45		4,317	3,386	931	27
NONINTEREST INCOME
Capital markets fees	89	88	93	184	72	1	1		17	24		270	244	26	11
Service charges and fees	109	108	98	100	110	1	1		(1)	(1)		315	309	6	2
Mortgage banking fees	66	72	69	76	108	(6)	(8)		(42)	(39)		207	358	(151)	(42)
Card fees	71	71	60	65	66	—	—		5	8		202	185	17	9
Trust and investment services fees	61	66	61	60	61	(5)	(8)		—	—		188	179	9	5
Letter of credit and loan fees	40	40	38	41	39	—	—		1	3		118	115	3	3
Foreign exchange and derivative products	42	60	51	35	29	(18)	(30)		13	45		153	85	68	80
Securities gains, net	—	1	4	1	3	(1)	(100)		(3)	(100)		5	9	(4)	(44)
Other income	34	(12)	24	32	26	46	NM		8	31		46	57	(11)	(19)
Total noninterest income	512	494	498	594	514	18	4		(2)	—		1,504	1,541	(37)	(2)
TOTAL REVENUE	2,177	1,999	1,645	1,720	1,659	178	9		518	31		5,821	4,927	894	18
Provision (benefit) for credit losses	123	216	3	(25)	(33)	(93)	(43)		156	NM		342	(386)	728	NM
NONINTEREST EXPENSE
Salaries and employee benefits	639	683	594	551	509	(44)	(6)		130	26		1,916	1,581	335	21
Equipment and software	159	169	150	146	157	(10)	(6)		2	1		478	464	14	3
Outside services	172	189	169	175	144	(17)	(9)		28	19		530	420	110	26
Occupancy	106	111	83	86	77	(5)	(5)		29	38		300	247	53	21
Other operating expense	165	153	110	103	124	12	8		41	33		428	308	120	39
Total noninterest expense	1,241	1,305	1,106	1,061	1,011	(64)	(5)		230	23		3,652	3,020	632	21
Income before income tax expense	813	478	536	684	681	335	70		132	19		1,827	2,293	(466)	(20)
Income tax expense	177	114	116	154	151	63	55		26	17		407	504	(97)	(19)
Net income	$636	$364	$420	$530	$530	$272	75	%	$106	20	%	$1,420	$1,789	($369)	(21	%)
Net income, Underlying1	$669	$595	$476	$569	$546	$74	12	%	$123	23	%	$1,740	$1,828	($88)	(5	%)
Net income available to common stockholders	$611	$332	$396	$498	$504	$279	84	%	$107	21	%	$1,339	$1,708	($369)	(22	%)
Net income available to common stockholders, Underlying1	$644	$563	$452	$537	$520	$81	14	%	$124	24	%	$1,659	$1,747	($88)	(5	%)

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)

(in millions)

PERIOD-END BALANCES	AS OF					SEPTEMBER 30, 2022 CHANGE
	Sept 30, 2022	June 30, 2022	Mar 31, 2022	Dec 31, 2021	Sept 30, 2021	June 30, 2022			September 30, 2021
						$	%		$	%
ASSETS
Cash and due from banks	$1,235	$1,456	$1,223	$1,155	$1,145	($221)	(15	%)	$90	8	%
Interest-bearing cash and due from banks	6,925	5,058	8,713	8,003	12,571	1,867	37		(5,646)	(45)
Interest-bearing deposits in banks	261	469	685	316	289	(208)	(44)		(28)	(10)
Debt securities available for sale, at fair value	23,478	24,961	25,319	26,067	24,911	(1,483)	(6)		(1,433)	(6)
Debt securities held to maturity	10,071	9,567	2,056	2,242	2,492	504	5		7,579	NM
Loans held for sale, at fair value	1,048	1,377	1,717	2,733	3,177	(329)	(24)		(2,129)	(67)
Other loans held for sale	914	2,078	99	735	93	(1,164)	(56)		821	NM
Loans and leases	156,140	156,172	131,305	128,163	123,318	(32)	—		32,822	27
Less: Allowance for loan and lease losses	(1,980)	(1,964)	(1,720)	(1,758)	(1,855)	(16)	1		(125)	7
Net loans and leases	154,160	154,208	129,585	126,405	121,463	(48)	—		32,697	27
Derivative assets	1,352	1,669	1,675	1,216	1,769	(317)	(19)		(417)	(24)
Premises and equipment	827	885	793	768	732	(58)	(7)		95	13
Bank-owned life insurance	3,222	3,207	2,960	2,843	2,428	15	—		794	33
Goodwill	8,160	8,081	7,232	7,116	7,065	79	1		1,095	15
Other assets	13,031	13,696	10,040	8,810	8,872	(665)	(5)		4,159	47
TOTAL ASSETS	$224,684	$226,712	$192,097	$188,409	$187,007	($2,028)	(1	%)	$37,677	20	%
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing	$51,888	$54,169	$50,113	$49,443	$48,184	($2,281)	(4	%)	$3,704	8	%
Interest-bearing	126,678	124,756	108,663	104,918	104,037	1,922	2		22,641	22
Total deposits	178,566	178,925	158,776	154,361	152,221	(359)	—		26,345	17
Short-term borrowed funds	263	3,763	25	74	8	(3,500)	(93)		255	NM
Derivative liabilities	2,227	1,004	635	197	187	1,223	122		2,040	NM
Long-term borrowed funds:
FHLB advances	9,519	8,269	20	19	20	1,250	15		9,499	NM
Senior debt	4,954	4,176	4,290	5,326	5,345	778	19		(391)	(7)
Subordinated debt and other debt	1,813	1,995	1,584	1,587	1,582	(182)	(9)		231	15
Total long-term borrowed funds	16,286	14,440	5,894	6,932	6,947	1,846	13		9,339	134
Other liabilities	4,196	4,252	4,693	3,425	4,221	(56)	(1)		(25)	(1)
TOTAL LIABILITIES	201,538	202,384	170,023	164,989	163,584	(846)	—		37,954	23
STOCKHOLDERS' EQUITY
Preferred stock:
$25.00 par value, 100,000,000 shares authorized for each of the periods presented	2,014	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 presented	6	6	6	6	6	—	—		—	—
Additional paid-in capital	22,121	22,100	19,021	19,005	18,981	21	—		3,140	17
Retained earnings	8,748	8,346	8,209	7,978	7,648	402	5		1,100	14
Treasury stock, at cost	(4,920)	(4,920)	(4,918)	(4,918)	(4,718)	—	—		(202)	(4)
Accumulated other comprehensive income (loss)	(4,823)	(3,218)	(2,258)	(665)	(508)	(1,605)	(50)		(4,315)	NM
TOTAL STOCKHOLDERS' EQUITY	23,146	24,328	22,074	23,420	23,423	(1,182)	(5)		(277)	(1)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$224,684	$226,712	$192,097	$188,409	$187,007	($2,028)	(1	%)	$37,677	20	%
Memo: Total tangible common equity	$13,197	$14,444	$13,100	$14,609	$14,677	($1,247)	(9	%)	($1,480)	(10	%)

6

LOANS AND DEPOSITS

(in millions)

PERIOD-END BALANCES	AS OF					SEPTEMBER 30, 2022 CHANGE
	Sept 30, 2022	June 30, 2022	Mar 31, 2022	Dec 31, 2021	Sept 30, 2021	June 30, 2022			September 30, 2021
						$	%		$	%
LOANS AND LEASES
Commercial and industrial	$50,989	$51,801	$45,724	$44,500	$41,854	($812)	(2	%)	$9,135	22	%
Commercial real estate	28,681	28,070	14,268	14,264	14,508	611	2		14,173	98
Leases	1,444	1,574	1,529	1,586	1,593	(130)	(8)		(149)	(9)
Total commercial	81,114	81,445	61,521	60,350	57,955	(331)	—		23,159	40
Residential mortgages	29,548	29,088	24,211	22,822	21,513	460	2		8,035	37
Home equity	13,684	13,122	12,264	12,015	11,889	562	4		1,795	15
Automobile	13,155	13,868	14,439	14,549	13,492	(713)	(5)		(337)	(2)
Education	13,094	13,141	13,306	12,997	13,000	(47)	—		94	1
Other retail	5,545	5,508	5,564	5,430	5,469	37	1		76	1
Total retail	75,026	74,727	69,784	67,813	65,363	299	—		9,663	15
Total loans and leases	$156,140	$156,172	$131,305	$128,163	$123,318	($32)	—	%	$32,822	27	%
Loans held for sale, at fair value	1,048	1,377	1,717	2,733	3,177	(329)	(24)		(2,129)	(67)
Other loans held for sale	914	2,078	99	735	93	(1,164)	(56)		821	NM
Loans and leases and loans held for sale	$158,102	$159,627	$133,121	$131,631	$126,588	($1,525)	(1	%)	$31,514	25	%
DEPOSITS
Demand	$51,888	$54,169	$50,113	$49,443	$48,184	($2,281)	(4	%)	$3,704	8	%
Money market	49,081	48,063	45,342	47,216	48,935	1,018	2		146	—
Checking with interest	38,040	39,611	32,417	30,409	27,985	(1,571)	(4)		10,055	36
Regular savings	29,882	27,959	26,104	22,030	21,166	1,923	7		8,716	41
Term	9,675	9,123	4,800	5,263	5,951	552	6		3,724	63
Total deposits	$178,566	$178,925	$158,776	$154,361	$152,221	($359)	—	%	$26,345	17	%

7

AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(in millions, except rates)
	QUARTERLY TRENDS												3Q22 Change
	3Q22				2Q22				3Q21				2Q22			3Q21
	Average Balances	Interest	Rate		Average Balances	Interest	Rate		Average Balances	Interest	Rate		Average Balances	Interest	Rate	Average Balances	Interest	Rate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks	$5,203	$36	2.78	%	$4,630	$13	1.06	%	$13,749	$6	0.16	%	$573	$23	172 bps	($8,546)	$30	262 bps
Taxable investment securities	38,507	243	2.50		35,900	201	2.25		27,466	116	1.69		2,607	42	25	11,041	127	81
Non-taxable investment securities	3	—	1.88		3	—	2.62		2	—	2.60		—	—	(74)	1	—	(72)
Total investment securities	38,510	243	2.50		35,903	201	2.25		27,468	116	1.69		2,607	42	25	11,042	127	81
Commercial and industrial	52,130	544	4.08		50,517	418	3.28		42,330	362	3.36		1,613	126	80	9,800	182	72
Commercial real estate	28,388	311	4.29		27,592	243	3.48		14,656	96	2.56		796	68	81	13,732	215	173
Leases	1,529	13	3.35		1,575	10	2.61		1,695	12	2.72		(46)	3	74	(166)	1	63
Total commercial	82,047	868	4.14		79,684	671	3.33		58,681	470	3.14		2,363	197	81	23,366	398	100
Residential mortgages	29,327	240	3.27		28,486	221	3.10		20,834	157	3.01		841	19	17	8,493	83	26
Home equity	13,400	156	4.62		12,811	105	3.27		11,829	92	3.08		589	51	135	1,571	64	154
Automobile	13,540	128	3.74		14,172	127	3.60		13,136	126	3.83		(632)	1	14	404	2	(9)
Education	13,081	144	4.37		13,144	137	4.18		12,707	134	4.19		(63)	7	19	374	10	18
Other retail	5,484	121	8.71		5,557	109	7.87		5,454	99	7.15		(73)	12	84	30	22	156
Total retail	74,832	789	4.19		74,170	699	3.77		63,960	608	3.78		662	90	42	10,872	181	41
Total loans and leases	156,879	1,657	4.17		153,854	1,370	3.55		122,641	1,078	3.47		3,025	287	62	34,238	579	70
Loans held for sale, at fair value	1,600	18	4.37		1,937	17	3.60		3,299	21	2.51		(337)	1	77	(1,699)	(3)	186
Other loans held for sale	1,385	15	4.36		2,353	25	4.21		112	1	3.98		(968)	(10)	15	1,273	14	38
Total interest-earning assets	203,577	1,969	3.82		198,677	1,626	3.26		167,269	1,222	2.89		4,900	343	56	36,308	747	93
Noninterest-earning assets	21,896				22,290				18,839				(394)			3,057
TOTAL ASSETS	$225,473				$220,967				$186,108				$4,506			$39,365
INTEREST-BEARING LIABILITIES
Checking with interest	$38,297	45	0.46		$38,747	15	0.16		$27,965	7	0.09		($450)	30	30	$10,332	$38	37
Money market	47,374	77	0.64		48,795	23	0.19		49,159	18	0.14		(1,421)	54	45	(1,785)	59	50
Regular savings	28,741	28	0.38		27,661	9	0.14		20,803	5	0.09		1,080	19	24	7,938	23	29
Term	9,913	26	1.10		6,970	7	0.31		6,071	5	0.43		2,943	19	79	3,842	21	67
Total interest-bearing deposits	124,325	176	0.56		122,173	54	0.18		103,998	35	0.14		2,152	122	38	20,327	141	42
Short-term borrowed funds	2,043	11	2.09		3,995	10	0.98		23	—	2.06		(1,952)	1	111	2,020	11	3
FHLB advances	9,226	55	2.33		4,437	12	1.04		19	—	0.88		4,789	43	129	9,207	55	145
Senior debt	4,633	39	3.37		4,022	26	2.66		5,356	25	1.84		611	13	71	(723)	14	153
Subordinated debt and other debt	1,988	23	4.52		1,763	19	4.39		1,581	17	4.25		225	4	13	407	6	27
Total long-term borrowed funds	15,847	117	2.91		10,222	57	2.26		6,956	42	2.38		5,625	60	65	8,891	75	53
Total borrowed funds	17,890	128	2.81		14,217	67	1.90		6,979	42	2.38		3,673	61	91	10,911	86	43
Total interest-bearing liabilities	142,215	304	0.85		136,390	121	0.36		110,977	77	0.28		5,825	183	49	31,238	227	57
Demand deposits	53,293				54,189				47,873				(896)			5,420
Other noninterest-bearing liabilities	5,705				5,991				3,904				(286)			1,801
TOTAL LIABILITIES	201,213				196,570				162,754				4,643			38,459
STOCKHOLDERS' EQUITY	24,260				24,397				23,354				(137)			906
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$225,473				$220,967				$186,108				$4,506			$39,365
INTEREST RATE SPREAD			2.97	%			2.90	%			2.61	%			7			36
NET INTEREST MARGIN AND NET INTEREST INCOME		$1,665	3.24	%		$1,505	3.04	%		$1,145	2.72	%		$160	20		$520	52
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE1		$1,668	3.25	%		$1,507	3.04	%		$1,147	2.72	%		$161	21		$521	53
Memo: Total deposits (interest-bearing and demand)	$177,618	$176	0.39	%	$176,362	$54	0.12	%	$151,871	$35	0.09	%	$1,256		27 bps	$25,747	$141	30 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
(in millions, except rates)
	FOR THE NINE MONTHS ENDED SEPTEMBER 30,								2022 Change
	2022				2021				2021
	Average Balances	Interest	Rate		Average Balances	Interest	Rate		Average Balances	Interest	Rate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks	$5,952	$53	1.19	%	$11,967	$12	0.13	%	($6,015)	$41	106	bps
Taxable investment securities	34,584	582	2.24		27,366	368	1.79		7,218	214	45
Non-taxable investment securities	3	—	2.31		3	—	2.60		—	—	(29)
Total investment securities	34,587	582	2.24		27,369	368	1.79		7,218	214	45
Commercial and industrial	49,224	1,290	3.45		43,661	1,054	3.19		5,563	236	26
Commercial real estate	23,401	644	3.63		14,601	285	2.57		8,800	359	106
Leases	1,555	34	2.92		1,800	37	2.73		(245)	(3)	19
Total commercial	74,180	1,968	3.50		60,062	1,376	3.02		14,118	592	48
Residential mortgages	27,113	630	3.10		20,160	459	3.03		6,953	171	7
Home equity	12,783	351	3.67		11,884	279	3.14		899	72	53
Automobile	14,078	382	3.63		12,634	376	3.98		1,444	6	(35)
Education	13,086	412	4.21		12,593	403	4.28		493	9	(7)
Other retail	5,490	332	8.08		5,659	304	7.18		(169)	28	90
Total retail	72,550	2,107	3.88		62,930	1,821	3.87		9,620	286	1
Total loans and leases	146,730	4,075	3.69		122,992	3,197	3.45		23,738	878	24
Loans held for sale, at fair value	1,965	51	3.46		3,435	63	2.45		(1,470)	(12)	101
Other loans held for sale	1,401	47	4.44		242	9	4.88		1,159	38	(44)
Total interest-earning assets	190,635	4,808	3.35		166,005	3,649	2.92		24,630	1,159	43
Noninterest-earning assets	21,087				18,386				2,701
TOTAL ASSETS	$211,722				$184,391				$27,331
INTEREST-BEARING LIABILITIES
Checking with interest	$35,849	65	0.24		$27,126	18	0.09		$8,723	47	15
Money market	47,797	112	0.31		49,362	61	0.16		(1,565)	51	15
Regular savings	26,763	42	0.21		19,839	15	0.10		6,924	27	11
Term	7,303	36	0.67		7,195	33	0.64		108	3	3
Total interest-bearing deposits	117,712	255	0.29		103,522	127	0.16		14,190	128	13
Short-term borrowed funds	2,030	21	1.37		80	—	0.74		1,950	21	63
FHLB advances	4,595	67	1.91		19	—	0.91		4,576	67	100
Senior debt	4,373	89	2.73		5,969	85	1.89		(1,596)	4	84
Subordinated debt and other debt	1,780	59	4.38		1,582	51	4.24		198	8	14
Total long-term borrowed funds	10,748	215	2.65		7,570	136	2.38		3,178	79	27
Total borrowed funds	12,778	236	2.45		7,650	136	2.36		5,128	100	9
Total interest-bearing liabilities	130,490	491	0.50		111,172	263	0.32		19,318	228	18
Demand deposits	52,058				46,120				5,938
Other noninterest-bearing liabilities	5,285				4,166				1,119
TOTAL LIABILITIES	187,833				161,458				26,375
STOCKHOLDERS' EQUITY	23,889				22,933				956
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$211,722				$184,391				$27,331
INTEREST RATE SPREAD			2.85	%			2.61	%			24
NET INTEREST MARGIN AND NET INTEREST INCOME		$4,317	3.03	%		$3,386	2.73	%		$931	30
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE1		$4,324	3.03	%		$3,393	2.73	%		$931	30
Memo: Total deposits (interest-bearing and demand)	$169,770	$255	0.20	%	$149,642	$127	0.11	%	$20,128	$128	9	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

(in millions, except ratio data)

	QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
											3Q22 Change												2022 Change
	3Q22		2Q22		1Q22		4Q21		3Q21		2Q22				3Q21				2022		2021		2021
											$/bps		%		$/bps		%						$/bps		%
MORTGAGE BANKING FEES
Production revenue	$19		$22		$31		$60		$98		($3)		(14	%)	($79)		(81	%)	$72		$324		($252)		(78	%)
Mortgage servicing revenue	40		39		28		14		9		1		3		31		NM		107		22		85		NM
MSR valuation changes, net of hedge impact	7		11		10		2		1		(4)		(36)		6		NM		28		12		16		133
Total mortgage banking fees	$66		$72		$69		$76		$108		($6)		(8	%)	($42)		(39	%)	$207		$358		($151)		(42	%)
Pull-through adjusted locks	$2,979		$3,833		$4,936		$5,785		$7,359		($854)		(22	%)	($4,380)		(60	%)	$11,748		$24,275		($12,527)		(52	%)
Production revenue as a percentage of Pull-through adjusted locks	0.64	%	0.57	%	0.63	%	1.05	%	1.32	%	7	bps			(68)	bps			0.61	%	1.33	%	(72)	bps
RESIDENTIAL REAL ESTATE ORIGINATIONS
Retail	$1,799		$2,774		$3,275		$3,794		$3,560		($975)		(35	%)	($1,761)		(49	%)	$7,848		$11,260		($3,412)		(30	%)
Third Party	2,642		3,624		4,101		6,084		6,749		(982)		(27)		(4,107)		(61)		10,367		21,590		(11,223)		(52)
Total	$4,441		$6,398		$7,376		$9,878		$10,309		($1,957)		(31	%)	(5,868)		(57	%)	$18,215		$32,850		($14,635)		(45	%)
Originated for sale	$3,212		$4,296		$5,521		$7,814		$8,457		($1,084)		(25	%)	($5,245)		(62	%)	$13,029		$27,765		($14,736)		(53	%)
Originated for investment	1,229		2,102		1,855		2,064		1,852		(873)		(42)		(623)		(34)		5,186		5,085		101		2
Total	$4,441		$6,398		$7,376		$9,878		$10,309		($1,957)		(31	%)	($5,868)		(57	%)	$18,215		$32,850		($14,635)		(45	%)
MORTGAGE SERVICING INFORMATION (UPB)
Loans serviced for others	$96,415		$95,489		$92,804		$90,189		$87,350		$926		1	%	$9,065		10	%	$96,415		$87,350		$9,065		10	%
Owned loans serviced	30,081		29,893		25,283		24,855		23,988		188		1		6,093		25		30,081		23,988		6,093		25
Total	$126,496		$125,382		$118,087		$115,044		$111,338		$1,114		1	%	$15,158		14	%	$126,496		$111,338		$15,158		14	%
MSR at fair value	$1,524		$1,411		$1,241		$1,029		$978		$113		8	%	$546		56	%	$1,524		$978		$546		56	%

10

SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING

(in millions, except ratio data)

	QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
CONSUMER BANKING											3Q22 Change												2022 Change
	3Q22		2Q22		1Q22		4Q21		3Q21		2Q22				3Q21				2022		2021		2021
											$/bps		%		$/bps		%						$/bps		%
Net interest income1	$1,085		$995		$857		$883		$919		$90		9	%	$166		18	%	$2,937		$2,679		$258		10	%
Noninterest income	270		280		257		274		315		(10)		(4)		(45)		(14)		807		949		(142)		(15)
Total revenue	1,355		1,275		1,114		1,157		1,234		80		6		121		10		3,744		3,628		116		3
Noninterest expense	863		881		784		737		749		(18)		(2)		114		15		2,528		2,250		278		12
Profit before provision (benefit) for credit losses	492		394		330		420		485		98		25		7		1		1,216		1,378		(162)		(12)
Net charge-offs	62		39		49		46		35		23		59		27		77		150		139		11		8
Income before income tax expense	430		355		281		374		450		75		21		(20)		(4)		1,066		1,239		(173)		(14)
Income tax expense	111		90		72		95		114		21		23		(3)		(3)		273		315		(42)		(13)
Net income	$319		$265		$209		$279		$336		$54		20	%	($17)		(5	%)	$793		$924		($131)		(14	%)
AVERAGE BALANCES
Total assets	$89,560		$88,881		$77,551		$76,077		$75,070		$679		1	%	$14,490		19	%	$85,375		$75,317		$10,058		13	%
Total loans and leases2	83,373		83,248		73,233		71,925		70,984		125		—		12,389		17		79,988		70,857		9,131		13
Deposits	117,448		118,482		104,663		101,642		100,968		(1,034)		(1)		16,480		16		113,578		99,708		13,870		14
Interest-earning assets	84,122		84,026		74,052		72,796		71,879		96		—		12,243		17		80,770		71,777		8,993		13
KEY METRICS
Net interest margin	5.12	%	4.75	%	4.69	%	4.82	%	5.07	%	37	bps			5	bps			4.86	%	4.99	%	(13)	bps
Efficiency ratio	63.76		69.06		70.38		63.68		60.73		(530)	bps			303	bps			67.53		62.02		551	bps
Loan-to-deposit ratio (period-end balances)	67.38		69.04		66.23		68.32		68.15		(166)	bps			(77)	bps			67.38		68.15		(77)	bps
Loan-to-deposit ratio (average balances)	69.63		68.60		68.04		67.97		67.25		103	bps			238	bps			68.79		67.79		100	bps
Return on average total tangible assets	1.43		1.20		1.10		1.46		1.78		23	bps			(35)	bps			1.25		1.64		(39)	bps

1Effective January 1, 2022, the Company refined its FTP credit methodology for deposits provided by each business segment.

2Includes loans held for sale.

11

SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING

(in millions, except ratio data)

	QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
COMMERCIAL BANKING											3Q22 Change												2022 Change
	3Q22		2Q22		1Q22		4Q21		3Q21		2Q22				3Q21				2022		2021		2021
											$/bps		%		$/bps		%						$/bps		%
Net interest income1	$559		$534		$416		$438		$428		$25		5	%	$131		31	%	$1,509		$1,268		$241		19	%
Noninterest income	213		221		213		293		168		(8)		(4)		45		27		647		516		131		25
Total revenue	772		755		629		731		596		17		2		176		30		2,156		1,784		372		21
Noninterest expense	325		308		272		294		226		17		6		99		44		905		679		226		33
Profit before provision (benefit) for credit losses	447		447		357		437		370		—		—		77		21		1,251		1,105		146		13
Net charge-offs	12		10		12		6		15		2		20		(3)		(20)		34		150		(116)		(77)
Income before income tax expense	435		437		345		431		355		(2)		—		80		23		1,217		955		262		27
Income tax expense	101		96		74		95		81		5		5		20		25		271		205		66		32
Net income	$334		$341		$271		$336		$274		($7)		(2	%)	$60		22	%	$946		$750		$196		26	%
AVERAGE BALANCES
Total assets	$80,067		$78,638		$61,118		$58,501		$56,702		$1,429		2	%	$23,365		41	%	$73,344		$57,318		$16,026		28	%
Total loans and leases2	75,767		74,172		58,007		55,550		53,815		1,595		2		21,952		41		69,381		54,459		14,922		27
Deposits	51,095		51,575		44,520		45,475		45,465		(480)		(1)		5,630		12		49,087		44,501		4,586		10
Interest-earning assets	76,025		74,422		58,312		55,891		54,177		1,603		2		21,848		40		69,651		54,828		14,823		27
KEY METRICS
Net interest margin	2.91	%	2.88	%	2.89	%	3.11	%	3.14	%	3	bps			(23)	bps			2.90	%	3.09	%	(19)	bps
Efficiency ratio	42.04		40.78		43.32		40.16		38.02		126	bps			402	bps			41.97		38.07		390	bps
Loan-to-deposit ratio (period-end balances)	142.25		142.31		132.70		125.31		116.54		(6)	bps			2,571	bps			142.25		116.54		2,571	bps
Loan-to-deposit ratio (average balances)	145.57		139.31		128.49		120.81		117.65		626	bps			2,792	bps			138.27		121.44		1,683	bps
Return on average total tangible assets	1.68		1.75		1.81		2.28		1.92		(7)	bps			(24)	bps			1.74		1.75		(1)	bps

1Effective January 1, 2022, the Company refined its FTP credit methodology for deposits provided by each business segment.

2Includes loans held for sale.

12

SEGMENT FINANCIAL HIGHLIGHTS - OTHER

(in millions)

	QUARTERLY TRENDS											FOR THE NINE MONTHS ENDED SEPTEMBER 30,
OTHER1						3Q22 Change								2022 Change
	3Q22	2Q22	1Q22	4Q21	3Q21	2Q22			3Q21			2022	2021	2021
						$	%		$	%				$	%
Net interest income2	$21	($24)	($126)	($195)	($202)	$45	NM		$223	NM		($129)	($561)	$432	77	%
Noninterest income	29	(7)	28	27	31	36	NM		(2)	(6)		50	76	(26)	(34)
Total revenue	50	(31)	(98)	(168)	(171)	81	NM		221	NM		(79)	(485)	406	84
Noninterest expense	53	116	50	30	36	(63)	(54)		17	47		219	91	128	141
Loss before provision (benefit) for credit losses	(3)	(147)	(148)	(198)	(207)	144	98		204	99		(298)	(576)	278	48
Provision (benefit) for credit losses	49	167	(58)	(77)	(83)	(118)	(71)		132	NM		158	(675)	833	NM
(Loss) income before income tax benefit	(52)	(314)	(90)	(121)	(124)	262	83		72	58		(456)	99	(555)	NM
Income tax benefit	(35)	(72)	(30)	(36)	(44)	37	51		9	20		(137)	(16)	(121)	NM
Net (loss) income	($17)	($242)	($60)	($85)	($80)	$225	93	%	$63	79		($319)	$115	($434)	NM
AVERAGE BALANCES
Total assets	$55,846	$53,448	$49,648	$52,650	$54,336	$2,398	4	%	$1,510	3	%	$53,003	$51,756	$1,247	2	%
Total loans and leases3	724	724	735	1,188	1,254	—	—		(530)	(42)		727	1,353	(626)	(46)
Deposits	9,075	6,305	5,900	5,887	5,438	2,770	44		3,637	67		7,105	5,433	1,672	31
Interest-earning assets	43,428	40,228	36,913	39,322	41,214	3,200	8		2,214	5		40,214	39,400	814	2

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.

2Effective January 1, 2022, the Company refined its FTP credit methodology for deposits provided by each business segment.

3Includes loans held for sale.

13

CREDIT-RELATED INFORMATION

(in millions, except ratio data)

	AS OF										SEPTEMBER 30, 2022 CHANGE
	Sept 30, 2022		June 30, 2022		Mar 31, 2022		Dec 31, 2021		Sept 30, 2021		June 30, 2022				September 30, 2021
											$/bps		%		$/bps		%
NONACCRUAL LOANS AND LEASES
Commercial and industrial	$234		$202		$200		$171		$170		$32		16	%	$64		38	%
Commercial real estate	37		37		11		11		98		—		—		(61)		(62)
Leases	—		—		1		1		1		—		—		(1)		(100)
Total commercial	271		239		212		183		269		32		13		2		1
Residential mortgages1	236		253		243		201		164		(17)		(7)		72		44
Home equity	235		240		239		220		216		(5)		(2)		19		9
Automobile	52		50		52		55		55		2		4		(3)		(5)
Education	33		31		23		23		23		2		6		10		43
Other retail	25		26		20		20		20		(1)		(4)		5		25
Total retail	581		600		577		519		478		(19)		(3)		103		22
Nonaccrual loans and leases	852		839		789		702		747		13		2		105		14
Repossessed assets	16		15		15		22		21		1		7		(5)		(24)
Nonaccrual loans and leases and repossessed assets	$868		$854		$804		$724		$768		$14		2	%	$100		13	%
NONACCRUAL LOANS AND LEASES BY PRODUCT2
Commercial	$271		$239		$212		$183		$269		$32		13	%	$2		1	%
Retail	597		615		592		541		499		(18)		(3)		98		20
Total nonaccrual loans and leases	$868		$854		$804		$724		$768		$14		2	%	$100		13	%
ASSET QUALITY RATIOS
Allowance for loan and lease losses to loans and leases	1.27	%	1.26	%	1.31	%	1.37	%	1.50	%	1	bps			(23)	bps
Allowance for credit losses to loans and leases	1.41		1.37		1.43		1.51		1.63		4				(22)
Allowance for loan and lease losses to nonaccrual loans and leases	232.28		234.19		217.99		250.63		248.33		(191)				(1,605)
Allowance for credit losses to nonaccrual loans and leases	257.65		256.04		238.03		275.72		268.30		161				(1,065)
Nonaccrual loans and leases to loans and leases	0.55		0.54		0.60		0.55		0.61		1				(6)

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

(in millions, except ratio data)

	AS OF					SEPTEMBER 30, 2022 CHANGE
	Sept 30, 2022	June 30, 2022	Mar 31, 2022	Dec 31, 2021	Sept 30, 2021	June 30, 2022			September 30, 2021
						$/bps	%		$/bps	%
LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Commercial and industrial	$13	$39	$13	$9	$4	($26)	(67	%)	$9	225	%
Commercial real estate	2	33	—	—	—	(31)	(94)		2	100
Leases	—	—	5	—	—	—	—		—	—
Total commercial	15	72	18	9	4	(57)	(79)		11	NM
Residential mortgages1	425	623	792	549	293	(198)	(32)		132	45
Education	4	3	2	1	1	1	33		3	NM
Other retail	18	14	14	16	14	4	29		4	29
Total retail	447	640	808	566	308	(193)	(30)		139	45
Total loans and leases	$462	$712	$826	$575	$312	($250)	(35	%)	$150	48	%

1 90+ days past due and accruing includes $425 million, $623 million, $792 million, $544 million, and $289 million of loans fully or partially guaranteed by the FHA, VA, and USDA for September 30, 2022, June 30, 2022, March 31, 2022, December 31, 2021 and September 30, 2021, respectively.

15

CREDIT-RELATED INFORMATION, CONTINUED

(in millions)

	QUARTERLY TRENDS											FOR THE NINE MONTHS ENDED SEPTEMBER 30,
						3Q22 Change								2022 Change
	3Q22	2Q22	1Q22	4Q21	3Q21	2Q22			3Q21			2022	2021	2021
						$	%		$	%				$	%
CHARGE-OFFS, RECOVERIES AND RELATED RATIOS
GROSS CHARGE-OFFS
Commercial and industrial	$20	$13	$14	$14	$12	$7	54	%	$8	67		$47	$124	($77)	(62	%)
Commercial real estate	2	—	—	—	5	2	100		(3)	(60)		2	58	(56)	(97)
Leases	—	—	—	8	—	—	—		—	—		—	14	(14)	(100)
Total commercial	22	13	14	22	17	9	69		5	29		49	196	(147)	(75)
Residential mortgages	1	1	2	1	2	—	—		(1)	(50)		4	3	1	33
Home equity	3	2	2	—	3	1	50		—	—		7	10	(3)	(30)
Automobile	24	21	21	18	14	3	14		10	71		66	54	12	22
Education	18	16	20	21	18	2	13		—	—		54	49	5	10
Other retail	48	38	42	38	33	10	26		15	45		128	127	1	1
Total retail	94	78	87	78	70	16	21		24	34		259	243	16	7
Total gross charge-offs	$116	$91	$101	$100	$87	$25	27	%	$29	33	%	$308	$439	($131)	(30	%)
GROSS RECOVERIES
Commercial and industrial	$6	$3	$3	$5	$2	$3	100	%	$4	200	%	$12	$9	$3	33	%
Commercial real estate	1	—	—	9	—	1	100		1	100		1	27	(26)	(96)
Leases	—	—	—	3	1	—	—		(1)	(100)		—	1	(1)	(100)
Total commercial	7	3	3	17	3	4	133		4	133		13	37	(24)	(65)
Residential mortgages	1	2	2	2	2	(1)	(50)		(1)	(50)		5	5	—	—
Home equity	9	11	11	13	15	(2)	(18)		(6)	(40)		31	39	(8)	(21)
Automobile	13	15	15	13	12	(2)	(13)		1	8		43	43	—	—
Education	5	5	4	4	5	—	—		—	—		14	16	(2)	(13)
Other retail	7	6	7	6	6	1	17		1	17		20	19	1	5
Total retail	35	39	39	38	40	(4)	(10)		(5)	(13)		113	122	(9)	(7)
Total gross recoveries	$42	$42	$42	$55	$43	$—	—	%	($1)	(2	%)	$126	$159	($33)	(21	%)
NET CHARGE-OFFS (RECOVERIES)
Commercial and industrial	$14	$10	$11	$9	$10	$4	40	%	$4	40		$35	$115	($80)	(70)
Commercial real estate	1	—	—	(9)	5	1	100		(4)	(80)		1	31	(30)	(97)
Leases	—	—	—	5	(1)	—	—		1	100		—	13	(13)	(100)
Total commercial	15	10	11	5	14	5	50		1	7		36	159	(123)	(77)
Residential mortgages	—	(1)	—	(1)	—	1	100		—	—		(1)	(2)	1	50
Home equity	(6)	(9)	(9)	(13)	(12)	3	33		6	50		(24)	(29)	5	17
Automobile	11	6	6	5	2	5	83		9	NM		23	11	12	109
Education	13	11	16	17	13	2	18		—	—		40	33	7	21
Other retail	41	32	35	32	27	9	28		14	52		108	108	—	—
Total retail	59	39	48	40	30	20	51		29	97		146	121	25	21
Total net charge-offs	$74	$49	$59	$45	$44	$25	51	%	$30	68	%	$182	$280	($98)	(35	%)

16

CREDIT-RELATED INFORMATION, CONTINUED

(in millions, except rates)

	QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
											3Q22 Change												2022 Change
	3Q22		2Q22		1Q22		4Q21		3Q21		2Q22				3Q21				2022		2021		2021
											$/bps		%		$/bps		%						$/bps		%
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES
Commercial and industrial	0.11	%	0.08	%	0.10	%	0.08	%	0.09	%	3	bps			2	bps			0.10	%	0.35	%	(25)	bps
Commercial real estate	0.01		—		—		(0.24)		0.12		1				(11)				—		0.28		(28)	bps
Leases	(0.11)		(0.05)		0.10		1.22		(0.22)		(6)				11				(0.02)		1.01		(103)	bps
Total commercial	0.07		0.05		0.08		0.03		0.09		2				(2)				0.07		0.35		(28)	bps
Residential mortgages	0.01		(0.01)		—		(0.01)		—		2				1				—		(0.01)		1	bps
Home equity	(0.17)		(0.27)		(0.32)		(0.41)		(0.42)		10				25				(0.25)		(0.33)		8	bps
Automobile	0.31		0.16		0.18		0.13		0.06		15				25				0.22		0.12		10	bps
Education	0.38		0.34		0.49		0.51		0.41		4				(3)				0.40		0.35		5	bps
Other retail	3.02		2.25		2.61		2.30		1.99		77				103				2.63		2.55		8	bps
Total retail	0.32		0.21		0.28		0.24		0.19		11				13				0.27		0.26		1	bps
Total loans and leases	0.19	%	0.13	%	0.19	%	0.14	%	0.14	%	6	bps			5	bps			0.17	%	0.30	%	(13)	bps
Memo: Average loans
Commercial and industrial	$52,130		$50,517		$44,947		$43,070		$42,330		$1,613		3	%	$9,800		23	%	$49,224		$43,661		$5,563		13	%
Commercial real estate	28,388		27,592		14,066		14,261		14,656		796		3		13,732		94		23,401		14,601		8,800		60
Leases	1,529		1,575		1,560		1,569		1,695		(46)		(3)		(166)		(10)		1,555		1,800		(245)		(14)
Total commercial	82,047		79,684		60,573		58,900		58,681		2,363		3		23,366		40		74,180		60,062		14,118		24
Residential mortgages	29,327		28,486		23,461		22,047		20,834		841		3		8,493		41		27,113		20,160		6,953		34
Home equity	13,400		12,811		12,124		11,948		11,829		589		5		1,571		13		12,783		11,884		899		8
Automobile	13,540		14,172		14,534		13,976		13,136		(632)		(4)		404		3		14,078		12,634		1,444		11
Education	13,081		13,144		13,034		12,885		12,707		(63)		—		374		3		13,086		12,593		493		4
Other retail	5,484		5,557		5,428		5,453		5,454		(73)		(1)		30		1		5,490		5,659		(169)		(3)
Total retail	74,832		74,170		68,581		66,309		63,960		662		1		10,872		17		72,550		62,930		9,620		15
Total loans and leases	$156,879		$153,854		$129,154		$125,209		$122,641		$3,025		2	%	$34,238		28	%	$146,730		$122,992		$23,738		19	%

17

CREDIT-RELATED INFORMATION, CONTINUED

(in millions)

	QUARTERLY TRENDS											FOR THE NINE MONTHS ENDED SEPTEMBER 30,
						3Q22 Change								2022 Change
	3Q22	2Q22	1Q22	4Q21	3Q21	2Q22			3Q21			2022	2021	2021
						$	%		$	%				$	%
SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES
Allowance for loan and lease losses - beginning	$1,964	$1,720	$1,758	$1,855	$1,947	$244	14	%	$17	1	%	$1,758	$2,443	($685)	(28	%)
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:
Commercial	22	13	14	22	17	9	69		5	29		49	196	(147)	(75)
Retail	94	78	87	78	70	16	21		24	34		259	243	16	7
Total charge-offs	116	91	101	100	87	25	27		29	33		308	439	(131)	(30)
Recoveries:
Commercial	7	3	3	17	3	4	133		4	133		13	37	(24)	(65)
Retail	35	39	39	38	40	(4)	(10)		(5)	(13)		113	122	(9)	(7)
Total recoveries	42	42	42	55	43	—	—		(1)	(2)		126	159	(33)	(21)
Net charge-offs	74	49	59	45	44	25	51		30	68		182	280	(98)	(35)
Provision (benefit) for loan and lease losses:
Commercial	58	120	(32)	(41)	(72)	(62)	(52)		130	NM		146	(207)	353	NM
Retail	32	72	53	(11)	24	(40)	(56)		8	33		157	(101)	258	NM
Total provision (benefit) for loan and lease losses	90	192	21	(52)	(48)	(102)	(53)		138	NM		303	(308)	611	NM
Allowance for loan and lease losses - ending	$1,980	$1,964	$1,720	$1,758	$1,855	$16	1	%	$125	7	%	$1,980	$1,855	$125	7	%
Allowance for unfunded lending commitments - beginning	$183	$158	$176	$149	$134	$25	16	%	$49	37	%	$176	$227	($51)	(22	%)
Allowance on PCD unfunded lending commitments at acquisition	—	1	—	—	—	(1)	(100	%)	—	—		1	—	1	100
Provision (benefit) for unfunded lending commitments	33	24	(18)	27	15	9	38	%	18	120		39	(78)	117	NM
Allowance for unfunded lending commitments - ending	$216	$183	$158	$176	$149	$33	18	%	$67	45		$216	$149	$67	45
Total allowance for credit losses - ending	$2,196	$2,147	$1,878	$1,934	$2,004	$49	2	%	$192	10	%	$2,196	$2,004	$192	10	%
Memo: Total allowance for credit losses by product
Commercial	$1,202	$1,153	$925	$974	$997	$49	4	%	$205	21	%	$1,202	$997	$205	21	%
Retail	994	994	953	960	1,007	—	—		(13)	(1)		994	1,007	(13)	(1)
Total allowance for credit losses	$2,196	$2,147	$1,878	$1,934	$2,004	$49	2	%	$192	10	%	$2,196	$2,004	$192	10	%

18

CAPITAL AND RATIOS

(in millions, except ratio data)

	AS OF																FOR THE NINE MONTHS ENDED SEPTEMBER 30,
											SEPTEMBER 30, 2022 CHANGE								2022 Change
	Sept 30, 2022		June 30, 2022		Mar 31, 2022		Dec 31, 2021		Sept 30, 2021		June 30, 2022			September 30, 2021			2022	2021	2021
											$	%		$	%				$	%
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY)
CET1 capital	$18,304		$17,946		$15,643		$15,656		$15,584		$358	2	%	$2,720	17	%
Tier 1 capital	20,318		19,960		17,657		17,670		17,598		358	2		2,720	15
Total capital	23,516		23,184		20,301		20,244		20,295		332	1		3,221	16
Risk-weighted assets	187,201		187,727		161,859		158,831		151,796		(526)	—		35,405	23
Adjusted average assets1	220,076		215,727		183,089		181,800		180,528		4,349	2		39,548	22
CET1 capital ratio	9.8	%	9.6	%	9.7	%	9.9	%	10.3	%
Tier 1 capital ratio	10.9		10.6		10.9		11.1		11.6
Total capital ratio	12.6		12.3		12.5		12.7		13.4
Tier 1 leverage ratio	9.2		9.3		9.6		9.7		9.7
TANGIBLE COMMON EQUITY (PERIOD-END)
Common stockholders' equity	$21,132		$22,314		$20,060		$21,406		$21,409		($1,182)	(5	%)	($277)	(1	%)	$21,132	$21,409	($277)	(1	%)
Less: Goodwill	8,160		8,081		7,232		7,116		7,065		79	1		1,095	15		8,160	7,065	1,095	15
Less: Other intangible assets	199		211		115		64		51		(12)	(6)		148	NM		199	51	148	NM
Add: Deferred tax liabilities2	424		422		387		383		384		2	—		40	10		424	384	40	10
Total tangible common equity	$13,197		$14,444		$13,100		$14,609		$14,677		($1,247)	(9	%)	($1,480)	(10	%)	$13,197	$14,677	($1,480)	(10	%)
TANGIBLE COMMON EQUITY (AVERAGE)
Common stockholders' equity	$22,246		$22,383		$20,981		$21,320		$21,326		($137)	(1	%)	$920	4	%	$21,875	$20,926	$949	5	%
Less: Goodwill	8,131		8,015		7,156		7,092		7,055		116	1		1,076	15		7,771	7,052	719	10
Less: Other intangible assets	228		213		80		56		52		15	7		176	NM		174	54	120	222
Add: Deferred tax liabilities2	424		416		383		383		383		8	2		41	11		408	381	27	7
Total tangible common equity	$14,311		$14,571		$14,128		$14,555		$14,602		($260)	(2	%)	($291)	(2	%)	$14,338	$14,201	$137	1	%
INTANGIBLE ASSETS (PERIOD-END)
Goodwill	$8,160		$8,081		$7,232		$7,116		$7,065		$79	1	%	$1,095	15	%	$8,160	$7,065	$1,095	15	%
Other intangible assets	199		211		115		64		51		(12)	(6)		148	NM		199	51	148	NM
Total intangible assets	$8,359		$8,292		$7,347		$7,180		$7,116		$67	1	%	$1,243	17	%	$8,359	$7,116	$1,243	17	%

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

(in millions, except share, per-share and ratio 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, increase comparability of period-to-period results, and 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

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

		QUARTERLY TRENDS											FOR THE NINE MONTHS ENDED SEPTEMBER 30,
							3Q22 Change								2022 Change
		3Q22	2Q22	1Q22	4Q21	3Q21	2Q22			3Q21			2022	2021	2021
							$	%		$	%				$	%
Noninterest income, Underlying:
Noninterest income (GAAP)	A	$512	$494	$498	$594	$514	$18	4	%	($2)	—	%	$1,504	$1,541	($37)	(2	%)
Less: Notable items		—	(31)	—	—	—	31	100		—	—		(31)	—	(31)	(100)
Noninterest income, Underlying (non-GAAP)	B	$512	$525	$498	$594	$514	($13)	(2	%)	($2)	—	%	$1,535	$1,541	($6)	—	%
Total revenue, Underlying:
Total revenue (GAAP)	C	$2,177	$1,999	$1,645	$1,720	$1,659	$178	9	%	$518	31	%	$5,821	$4,927	$894	18	%
Less: Notable items		—	(31)	—	—	—	31	100		—	—		(31)	—	(31)	(100)
Total revenue, Underlying (non-GAAP)	D	$2,177	$2,030	$1,645	$1,720	$1,659	$147	7	%	$518	31	%	$5,852	$4,927	$925	19	%
Noninterest expense, Underlying:
Noninterest expense (GAAP)	E	$1,241	$1,305	$1,106	$1,061	$1,011	($64)	(5	%)	$230	23	%	$3,652	$3,020	$632	21	%
Less: Notable items		46	125	48	51	23	(79)	(63)		23	100		219	54	165	NM
Noninterest expense, Underlying (non-GAAP)	F	$1,195	$1,180	$1,058	$1,010	$988	$15	1	%	$207	21	%	$3,433	$2,966	$467	16	%
Pre-provision profit:
Total revenue (GAAP)	C	$2,177	$1,999	$1,645	$1,720	$1,659	$178	9	%	$518	31	%	$5,821	$4,927	$894	18	%
Less: Noninterest expense (GAAP)	E	1,241	1,305	1,106	1,061	1,011	(64)	(5)		230	23		3,652	3,020	632	21
Pre-provision profit (GAAP)		$936	$694	$539	$659	$648	$242	35	%	$288	44	%	$2,169	$1,907	$262	14	%
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)	D	$2,177	$2,030	$1,645	$1,720	$1,659	$147	7	%	$518	31	%	$5,852	$4,927	$925	19	%
Less: Noninterest expense, Underlying (non-GAAP)	F	1,195	1,180	1,058	1,010	988	15	1		207	21		3,433	2,966	467	16
Pre-provision profit, Underlying (non-GAAP)		$982	$850	$587	$710	$671	$132	16	%	$311	46	%	$2,419	$1,961	$458	23	%
Provision (benefit) for credit losses, Underlying:
Provision (benefit) for credit losses (GAAP)		$123	$216	$3	($25)	($33)	($93)	(43	%)	$156	NM		$342	($386)	$728	NM
Less: Notable items		—	145	24	—	—	(145)	(100)		—	—		169	—	169	100
Provision (benefit) for credit losses, Underlying (non-GAAP)		$123	$71	($21)	($25)	($33)	$52	73	%	$156	NM		$173	($386)	$559	145	%
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)	G	$813	$478	$536	$684	$681	$335	70	%	$132	19	%	$1,827	$2,293	($466)	(20	%)
Less: Expense before income tax benefit related to notable items		(46)	(301)	(72)	(51)	(23)	255	85		(23)	(100)		(419)	(54)	(365)	NM
Income before income tax expense, Underlying (non-GAAP)	H	$859	$779	$608	$735	$704	$80	10	%	$155	22	%	$2,246	$2,347	($101)	(4	%)
Income tax expense, Underlying:
Income tax expense (GAAP)	I	$177	$114	$116	$154	$151	$63	55	%	$26	17	%	$407	$504	($97)	(19	%)
Less: Income tax benefit related to notable items		(13)	(70)	(16)	(12)	(7)	57	81		(6)	(86)		(99)	(15)	(84)	NM
Income tax expense, Underlying (non-GAAP)	J	$190	$184	$132	$166	$158	$6	3	%	$32	20	%	$506	$519	($13)	(3	%)
Net income, Underlying:
Net income (GAAP)	K	$636	$364	$420	$530	$530	$272	75	%	$106	20	%	$1,420	$1,789	($369)	(21	%)
Add: Notable items, net of income tax benefit		33	231	56	39	16	(198)	(86)		17	106		320	39	281	NM
Net income, Underlying (non-GAAP)	L	$669	$595	$476	$569	$546	$74	12	%	$123	23	%	$1,740	$1,828	($88)	(5	%)
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)	M	$611	$332	$396	$498	$504	$279	84	%	$107	21	%	$1,339	$1,708	($369)	(22	%)
Add: Notable items, net of income tax benefit		33	231	56	39	16	(198)	(86)		17	106		320	39	281	NM
Net income available to common stockholders, Underlying (non-GAAP)	N	$644	$563	$452	$537	$520	$81	14	%	$124	24	%	$1,659	$1,747	($88)	(5	%)

21

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

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

		QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
												3Q22 Change												2022 Change
		3Q22		2Q22		1Q22		4Q21		3Q21		2Q22				3Q21				2022		2021		2021
												$/bps		%		$/bps		%						$/bps		%
Operating leverage:
Total revenue (GAAP)	C	$2,177		$1,999		$1,645		$1,720		$1,659		$178		8.88	%	$518		31.19	%	$5,821		$4,927		$894		18.14	%
Less: Noninterest expense (GAAP)	E	1,241		1,305		1,106		1,061		1,011		(64)		(4.89)		230		22.79		3,652		3,020		632		20.92
Operating leverage														13.77	%			8.40	%							(2.78	%)
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)	D	$2,177		$2,030		$1,645		$1,720		$1,659		$147		7.20	%	$518		31.19	%	$5,852		$4,927		$925		18.77	%
Less: Noninterest expense, Underlying (non-GAAP)	F	1,195		1,180		1,058		1,010		988		15		1.19		207		20.96		3,433		2,966		467		15.73
Operating leverage, Underlying (non-GAAP)														6.01	%			10.23	%							3.04	%
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio	E/C	57.02	%	65.27	%	67.23	%	61.68	%	60.92	%	(825)	bps			(390)	bps			62.74	%	61.30	%	144	bps
Efficiency ratio, Underlying (non-GAAP)	F/D	54.90		58.16		64.28		58.71		59.55		(326)	bps			(465)	bps			58.67		60.21		(154)	bps
Noninterest income as a % of total revenue, Underlying:
Noninterest income as a % of total revenue	A/C	23.54	%	24.72	%	30.26	%	34.50	%	31.01	%	(118)	bps			(747)	bps			25.84	%	31.28	%	(544)	bps
Noninterest income as a % of total revenue, Underlying	B/D	23.54		25.88		30.26		34.50		31.01		(234)	bps			(747)	bps			26.24		31.28		(504)	bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate	I/G	21.80	%	23.77	%	21.70	%	22.40	%	22.35	%	(197)	bps			(55)	bps			22.29	%	22.01	%	28	bps
Effective income tax rate, Underlying (non-GAAP)	J/H	22.00		23.69		21.70		22.61		22.45		(169)	bps			(45)	bps			22.50		22.09		41	bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)	O	$22,246		$22,383		$20,981		$21,320		$21,326		($137)		(1	%)	$920		4	%	$21,875		$20,926		$949		5	%
Return on average common equity	M/O	10.91	%	5.95	%	7.65	%	9.26	%	9.39	%	496	bps			152	bps			8.19	%	10.91	%	(272)	bps
Return on average common equity, Underlying (non-GAAP)	N/O	11.52		10.06		8.75		9.97		9.70		146	bps			182	bps			10.15		11.17		(102)	bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)	O	$22,246		$22,383		$20,981		$21,320		$21,326		($137)		(1	%)	$920		4	%	$21,875		$20,926		$949		5	%
Less: Average goodwill (GAAP)		8,131		8,015		7,156		7,092		7,055		116		1		1,076		15		7,771		7,052		719		10
Less: Average other intangibles (GAAP)		228		213		80		56		52		15		7		176		NM		174		54		120		222
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		424		416		383		383		383		8		2		41		11		408		381		27		7
Average tangible common equity	P	$14,311		$14,571		$14,128		$14,555		$14,602		($260)		(2	%)	($291)		(2	%)	$14,338		$14,201		$137		1	%
Return on average tangible common equity	M/P	16.96	%	9.13	%	11.36	%	13.57	%	13.71	%	783	bps			325	bps			12.49	%	16.08	%	(359)	bps
Return on average tangible common equity, Underlying (non-GAAP)	N/P	17.91		15.45		12.99		14.61		14.17		246	bps			374	bps			15.48		16.46		(98)	bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)	Q	$225,473		$220,967		$188,317		$187,228		$186,108		$4,506		2	%	$39,365		21	%	$211,722		$184,391		$27,331		15	%
Return on average total assets	K/Q	1.12	%	0.66	%	0.90	%	1.12	%	1.13	%	46	bps			(1)	bps			0.90	%	1.30	%	(40)	bps
Return on average total assets, Underlying (non-GAAP)	L/Q	1.18		1.08		1.03		1.20		1.16		10	bps			2	bps			1.10		1.33		(23)	bps

22

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

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

		QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
												3Q22 Change												2022 Change
		3Q22		2Q22		1Q22		4Q21		3Q21		2Q22				3Q21				2022		2021		2021
												$/bps		%		$/bps		%						$/bps		%
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)	Q	$225,473		$220,967		$188,317		$187,228		$186,108		$4,506		2	%	$39,365		21	%	$211,722		$184,391		$27,331		15	%
Less: Average goodwill (GAAP)		8,131		8,015		7,156		7,092		7,055		116		1		1,076		15		7,771		7,052		719		10
Less: Average other intangibles (GAAP)		228		213		80		56		52		15		7		176		NM		174		54		120		222
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		424		416		383		383		383		8		2		41		11		408		381		27		7
Average tangible assets	R	$217,538		$213,155		$181,464		$180,463		$179,384		$4,383		2	%	$38,154		21	%	$204,185		$177,666		$26,519		15	%
Return on average total tangible assets	K/R	1.16	%	0.69	%	0.94	%	1.17	%	1.17	%	47	bps			(1)	bps			0.93	%	1.35	%	(42)	bps
Return on average total tangible assets, Underlying (non-GAAP)	L/R	1.22		1.12		1.06		1.25		1.21		10	bps			1	bps			1.14		1.38		(24)	bps
Tangible book value per common share:
Common shares - at period-end (GAAP)	S	495,843,793		495,650,259		423,031,985		422,137,197		426,199,576		193,534		—	%	69,644,217		16	%	495,843,793		426,199,576		69,644,217		16	%
Common stockholders' equity (GAAP)		$21,132		$22,314		$20,060		$21,406		$21,409		($1,182)		(5)		($277)		(1)		$21,132		$21,409		($277)		(1)
Less: Goodwill (GAAP)		8,160		8,081		7,232		7,116		7,065		79		1		1,095		15		8,160		7,065		1,095		15
Less: Other intangible assets (GAAP)		199		211		115		64		51		(12)		(6)		148		NM		199		51		148		NM
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)		424		422		387		383		384		2		—		40		10		424		384		40		10
Tangible common equity	T	$13,197		$14,444		$13,100		$14,609		$14,677		($1,247)		(9	%)	($1,480)		(10	%)	$13,197		$14,677		($1,480)		(10	%)
Tangible book value per common share	T/S	$26.62		$29.14		$30.97		$34.61		$34.44		($2.52)		(9	%)	($7.82)		(23	%)	$26.62		$34.44		($7.82)		(23	%)
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)	U	495,651,083		491,497,026		422,401,747		424,697,880		426,086,717		4,154,057		1	%	69,564,366		16	%	470,118,265		425,996,867		44,121,398		10	%
Average common shares outstanding - diluted (GAAP)	V	497,477,501		493,296,114		424,670,871		426,868,106		427,840,964		4,181,387		1		69,636,537		16		471,958,310		427,679,885		44,278,425		10
Net income per average common share - basic (GAAP)	M/U	$1.23		$0.68		$0.94		$1.17		$1.18		$0.55		81		$0.05		4		$2.85		$4.01		($1.16)		(29)
Net income per average common share - diluted (GAAP)	M/V	1.23		0.67		0.93		1.17		1.18		0.56		84		0.05		4		2.84		3.99		(1.15)		(29)
Net income per average common share - basic, Underlying (non-GAAP)	N/U	1.30		1.14		1.07		1.26		1.22		0.16		14		0.08		7		3.53		4.10		(0.57)		(14)
Net income per average common share - diluted, Underlying (non-GAAP)	N/V	1.30		1.14		1.07		1.26		1.22		0.16		14		0.08		7		3.52		4.09		(0.57)		(14)
Dividend payout ratio and dividend payout ratio, Underlying:
Cash dividends declared and paid per common share	W	$0.42		$0.39		$0.39		$0.39		$0.39		$0.03		8	%	$0.03		8	%	$1.20		$1.17		$0.03		3	%
Dividend payout ratio	W/(M/U)	34	%	57	%	41	%	33	%	33	%	(2,300) bps				100 bps				42	%	29	%	1,300 bps
Dividend payout ratio, Underlying (non-GAAP)	W/(N/U)	32		34		36		31		32		(200) bps				— bps				34		29		500 bps

23

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

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

	QUARTERLY TRENDS											FOR THE NINE MONTHS ENDED SEPTEMBER 30,
						3Q22 Change								2022 Change
	3Q22	2Q22	1Q22	4Q21	3Q21	2Q22			3Q21			2022	2021	2021
						$	%		$	%				$/bps	%
Other income, Underlying:
Other income (GAAP)	$34	($12)	$24	$32	$26	$46	NM		$8	31	%	$46	$57	($11)	(19	%)
Less: Notable items	—	(31)	—	—	—	31	100		—	—		(31)	—	(31)	(100)
Other income, Underlying (non-GAAP)	$34	$19	$24	$32	$26	$15	79		$8	31	%	$77	$57	$20	35	%
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)	$639	$683	$594	$551	$509	($44)	(6	%)	$130	26	%	$1,916	$1,581	$335	21	%
Less: Notable items	17	72	6	5	(13)	(55)	(76)		30	231		95	(13)	108	NM
Salaries and employee benefits, Underlying (non-GAAP)	$622	$611	$588	$546	$522	$11	2	%	$100	19	%	$1,821	$1,594	$227	14	%
Equipment and software, Underlying:
Equipment and software(GAAP)	$159	$169	$150	$146	$157	($10)	(6	%)	$2	1	%	$478	$464	$14	3	%
Less: Notable items	—	6	2	2	7	(6)	(100)		(7)	(100)		8	15	(7)	(47)
Equipment and software, Underlying (non-GAAP)	$159	$163	$148	$144	$150	($4)	(2	%)	$9	6	%	$470	$449	$21	5	%
Outside services, Underlying:
Outside services (GAAP)	$172	$189	$169	$175	$144	($17)	(9	%)	$28	19	%	$530	$420	$110	26	%
Less: Notable items	20	41	35	37	12	(21)	(51)		8	67		96	23	73	NM
Outside services, Underlying (non-GAAP)	$152	$148	$134	$138	$132	$4	3	%	$20	15	%	$434	$397	$37	9	%
Occupancy, Underlying:
Occupancy (GAAP)	$106	$111	$83	$86	$77	($5)	(5	%)	$29	38	%	$300	$247	$53	21	%
Less: Notable items	2	1	—	5	1	1	100		1	100		3	13	(10)	(77)
Occupancy, Underlying (non-GAAP)	$104	$110	$83	$81	$76	($6)	(5	%)	$28	37	%	$297	$234	$63	27	%
Other operating expense, Underlying:
Other operating expense (GAAP)	$165	$153	$110	$103	$124	$12	8	%	$41	33	%	$428	$308	$120	39	%
Less: Notable items	7	5	5	2	16	2	40		(9)	(56)		17	16	1	6
Other operating expense, Underlying (non-GAAP)	$158	$148	$105	$101	$108	$10	7	%	$50	46	%	$411	$292	$119	41	%

24

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS

(in millions, except ratio data)

		THIRD QUARTER 2022							SECOND QUARTER 2022							FIRST QUARTER 2022
		Consumer Banking		Commercial Banking		Other	Consolidated		Consumer Banking		Commercial Banking		Other	Consolidated		Consumer Banking		Commercial Banking		Other	Consolidated
Net income (loss) available to common stockholders:
Net income (loss)	A	$319		$334		($17)	$636		$265		$341		($242)	$364		$209		$271		($60)	$420
Less: Preferred stock dividends		—		—		25	25		—		—		32	32		—		—		24	24
Net income (loss) available to common stockholders	B	$319		$334		($42)	$611		$265		$341		($274)	$332		$209		$271		($84)	$396
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		$77,551		$61,118		$49,648	$188,317
Less: Average goodwill (GAAP)		454		801		6,876	8,131		445		731		6,839	8,015		160		120		6,876	7,156
Average other intangibles (GAAP)		106		38		84	228		74		16		123	213		51		18		11	80
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		6		3		415	424		6		1		409	416		5		1		377	383
Average tangible assets	C	$89,006		$79,231		$49,301	$217,538		$88,368		$77,892		$46,895	$213,155		$77,345		$60,981		$43,138	$181,464
Return on average total tangible assets	A/C	1.43	%	1.68	%	NM	1.16	%	1.20	%	1.75	%	NM	0.69	%	1.10	%	1.81	%	NM	0.94	%
Efficiency ratio:
Noninterest expense (GAAP)	D	$863		$325		$53	$1,241		$881		$308		$116	$1,305		$784		$272		$50	$1,106
Net interest income (GAAP)		1,085		559		21	1,665		995		534		(24)	1,505		857		416		(126)	1,147
Noninterest income (GAAP)		270		213		29	512		280		221		(7)	494		257		213		28	498
Total revenue (GAAP)	E	$1,355		$772		$50	$2,177		$1,275		$755		($31)	$1,999		$1,114		$629		($98)	$1,645
Efficiency ratio	D/E	63.76	%	42.04	%	NM	57.02	%	69.06	%	40.78	%	NM	65.27	%	70.38	%	43.32	%	NM	67.23	%

		FOURTH QUARTER 2021							THIRD QUARTER 2021
		Consumer Banking		Commercial Banking		Other	Consolidated		Consumer Banking		Commercial Banking		Other	Consolidated
Net income (loss) available to common stockholders:
Net income (loss)	A	$279		$336		($85)	$530		$336		$274		($80)	$530
Less: Preferred stock dividends		—		—		32	32		—		—		26	26
Net income (loss) available to common stockholders	B	$279		$336		($117)	$498		$336		$274		($106)	$504
Return on average total tangible assets:
Average total assets (GAAP)		$76,077		$58,501		$52,650	$187,228		$75,070		$56,702		$54,336	$186,108
Less: Average goodwill (GAAP)		122		94		6,876	7,092		122		57		6,876	7,055
Average other intangibles (GAAP)		32		11		13	56		34		5		13	52
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		4		1		378	383		4		2		377	383
Average tangible assets	C	$75,927		$58,397		$46,139	$180,463		$74,918		$56,642		$47,824	$179,384
Return on average total tangible assets	A/C	1.46	%	2.28	%	NM	1.17	%	1.78	%	1.92	%	NM	1.17	%
Efficiency ratio:
Noninterest expense (GAAP)	D	$737		$294		$30	$1,061		$749		$226		$36	$1,011
Net interest income (GAAP)		883		438		(195)	1,126		919		428		(202)	1,145
Noninterest income (GAAP)		274		293		27	594		315		168		31	514
Total revenue (GAAP)	E	$1,157		$731		($168)	$1,720		$1,234		$596		($171)	$1,659
Efficiency ratio	D/E	63.68	%	40.16	%	NM	61.68	%	60.73	%	38.02	%	NM	60.92	%

25

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS (CONTINUED)

(in millions, except ratio data)

		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
		2022							2021
		Consumer Banking		Commercial Banking		Other	Consolidated		Consumer Banking		Commercial Banking		Other	Consolidated
Net income (loss) available to common stockholders:
Net income (loss)	A	$793		$946		($319)	$1,420		$924		$750		$115	$1,789
Less: Preferred stock dividends		—		—		81	81		—		—		81	81
Net income (loss) available to common stockholders	B	$793		$946		($400)	$1,339		$924		$750		$34	$1,708
Return on average total tangible assets:
Average total assets (GAAP)		$85,375		$73,344		$53,003	$211,722		$75,317		$57,318		$51,756	$184,391
Less: Average goodwill (GAAP)		354		553		6,864	7,771		122		54		6,876	7,052
Average other intangibles (GAAP)		77		24		73	174		35		5		14	54
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		6		2		400	408		4		1		376	381
Average tangible assets	C	$84,950		$72,769		$46,466	$204,185		$75,164		$57,260		$45,242	$177,666
Return on average total tangible assets	A/C	1.25	%	1.74	%	NM	0.93	%	1.64	%	1.75	%	NM	1.35	%
Efficiency ratio:
Noninterest expense (GAAP)	D	$2,528		$905		$219	$3,652		$2,250		$679		$91	$3,020
Net interest income (GAAP)		2,937		1,509		(129)	4,317		2,679		1,268		(561)	3,386
Noninterest income (GAAP)		807		647		50	1,504		949		516		76	1,541
Total revenue (GAAP)	E	$3,744		$2,156		($79)	$5,821		$3,628		$1,784		($485)	$4,927
Efficiency ratio	D/E	67.53	%	41.97	%	NM	62.74	%	62.02	%	38.07	%	NM	61.30	%

26

XML

Document and Entity Information Document	Oct. 20, 2022
Document and Entity Information [Line Items]
Entity Registrant Name	CITIZENS FINANCIAL GROUP INC/RI
Amendment Flag	false
Entity Central Index Key	0000759944
Document Type	8-K
Document Period End Date	Oct. 20, 2022
Entity Incorporation, State or Country Code	DE
Entity File Number	001-36636
Entity Tax Identification Number	05-0412693
Entity Address, Address Line One	One Citizens Plaza
Entity Address, City or Town	Providence,
Entity Address, State or Province	RI
Entity Address, Postal Zip Code	02903
City Area Code	203
Local Phone Number	900-6715
Entity Emerging Growth Company	false
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Common Stock [Member]
Document and Entity Information [Line Items]
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	CFG
Security Exchange Name	NYSE
Series D Preferred Stock [Member]
Document and Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/40th interest in a share of 6.350% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D
Trading Symbol	CFG PrD
Security Exchange Name	NYSE
Series E Preferred Stock [Member]
Document and Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/40th interest in a share of 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E
Trading Symbol	CFG PrE
Security Exchange Name	NYSE