BUSINESS SEGMENTS

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

BUSINESS SEGMENTS

NOTE 16 - BUSINESS SEGMENTS

The Company is managed by its CODM, the Chief Executive Officer, on a segment basis. The Company’s three reportable business segments are Consumer Banking, Commercial Banking, and Non-Core. The business segments are determined based on the products and services provided, or the type of customer served. Each business segment has a segment head that reports directly to the Chief Executive Officer, who has final authority over resource allocation decisions and performance assessment. The business segments reflect this management structure and the manner in which financial information is currently evaluated by the Chief Executive Officer.

The CODM utilizes segment pretax profit or loss as the primary measure to allocate resources to the Company’s business segments during the annual budgeting and forecasting process. This measure is also used to assess the performance of each segment, with a focus on monitoring net interest income, noninterest income, and noninterest expense. To ensure effective oversight, the CODM participates in monthly business review meetings, where budget- and forecast-to-actual variances for pretax profit or loss and its components are analyzed. These evaluations inform the CODM’s decisions regarding the allocation of capital and resources across the business segments, ensuring alignment with the Company’s strategic objectives.

Developing and applying methodologies used to allocate items among the business segments is a dynamic process. Accordingly, financial results may be revised periodically as management systems are enhanced, methods of evaluating performance or product lines are updated, or organizational structure changes occur.

For more information on the Company’s business segments, as well as Other non-segment operations, see Note 26 in the Company’s 2024 Form 10-K.

	Three Months Ended June 30, 2025
(dollars in millions)	Consumer Banking	Commercial Banking	Non-Core	Other	Consolidated
Net interest income	$1,218	$439	($5)	($215)	$1,437
Noninterest income	329	232	3	36	600
Total revenue	1,547	671	(2)	(179)	2,037
Direct expenses(1)(2)	679	219	1	420	1,319
Indirect expenses(3)	284	98	14	(396)	—
Noninterest expense	963	317	15	24	1,319
Profit (loss) before provision (benefit) for credit losses	584	354	(17)	(203)	718
Provision (benefit) for credit losses	81	84	2	(3)	164
Income (loss) before income tax expense (benefit)	503	270	(19)	(200)	554
Income tax expense (benefit)	127	64	(5)	(68)	118
Net income (loss)	$376	$206	($14)	($132)	$436
Total average assets	$78,822	$66,284	$5,216	$67,339	$217,661

(1) Represents operating expenses incurred by the business segments and primarily includes salaries and employee benefits, equipment and software, outside services, and occupancy.

(2) Includes depreciation and amortization of $32 million, $5 million, and $77 million, respectively, for the Consumer Banking, Commercial Banking and Other business segments.

(3) Represents allocated corporate overhead from support functions such as information technology, finance, risk, and human resources.

	Three Months Ended June 30, 2024
(dollars in millions)	Consumer Banking	Commercial Banking	Non-Core	Other	Consolidated
Net interest income	$1,120	$494	($31)	($173)	$1,410
Noninterest income	277	242	—	34	553
Total revenue	1,397	736	(31)	(139)	1,963
Direct expenses(1)(2)	566	208	1	526	1,301
Indirect expenses(3)	349	103	25	(477)	—
Noninterest expense	915	311	26	49	1,301
Profit (loss) before provision (benefit) for credit losses	482	425	(57)	(188)	662
Provision (benefit) for credit losses	84	90	10	(2)	182
Income (loss) before income tax expense (benefit)	398	335	(67)	(186)	480
Income tax expense (benefit)	102	76	(17)	(73)	88
Net income (loss)	$296	$259	($50)	($113)	$392
Total average assets	$74,295	$68,958	$9,418	$66,551	$219,222

(1) Represents operating expenses incurred by the business segments and primarily includes salaries and employee benefits, equipment and software, outside services, and occupancy.

(2) Includes depreciation and amortization of $28 million, $7 million, and $78 million, respectively, for the Consumer Banking, Commercial Banking and Other business segments.

(3) Represents allocated corporate overhead from support functions such as information technology, finance, risk, and human resources.

	Six Months Ended June 30, 2025
(dollars in millions)	Consumer Banking	Commercial Banking	Non-Core	Other	Consolidated
Net interest income	$2,411	$880	($20)	($443)	$2,828
Noninterest income	626	447	3	68	1,144
Total revenue	3,037	1,327	(17)	(375)	3,972
Direct expenses(1)(2)	1,348	437	1	847	2,633
Indirect expenses(3)	569	207	30	(806)	—
Noninterest expense	1,917	644	31	41	2,633
Profit (loss) before provision (benefit) for credit losses	1,120	683	(48)	(416)	1,339
Provision (benefit) for credit losses	167	161	39	(50)	317
Income (loss) before income tax expense (benefit)	953	522	(87)	(366)	1,022
Income tax expense (benefit)	241	120	(22)	(126)	213
Net income (loss)	$712	$402	($65)	($240)	$809
Total average assets	$78,182	$65,827	$5,872	$67,108	$216,989

(1) Represents operating expenses incurred by the business segments and primarily includes salaries and employee benefits, equipment and software, outside services, and occupancy.

(2) Includes depreciation and amortization of $61 million, $10 million, and $155 million, respectively, for the Consumer Banking, Commercial Banking and Other business segments.

(3) Represents allocated corporate overhead from support functions such as information technology, finance, risk, and human resources.

	Six Months Ended June 30, 2024
(dollars in millions)	Consumer Banking	Commercial Banking	Non-Core	Other	Consolidated
Net interest income	$2,213	$1,008	($68)	($301)	$2,852
Noninterest income	535	469	—	66	1,070
Total revenue	2,748	1,477	(68)	(235)	3,922
Direct expenses(1)(2)	1,142	421	2	1,094	2,659
Indirect expenses(3)	676	207	49	(932)	—
Noninterest expense	1,818	628	51	162	2,659
Profit (loss) before provision (benefit) for credit losses	930	849	(119)	(397)	1,263
Provision (benefit) for credit losses	165	171	29	(12)	353
Income (loss) before income tax expense (benefit)	765	678	(148)	(385)	910
Income tax expense (benefit)	197	160	(38)	(135)	184
Net income (loss)	$568	$518	($110)	($250)	$726
Total average assets	$74,064	$69,529	$9,986	$66,417	$219,996

(1) Represents operating expenses incurred by the business segments and primarily includes salaries and employee benefits, equipment and software, outside services, and occupancy.

(2) Includes depreciation and amortization of $55 million, $14 million, and $155 million, respectively, for the Consumer Banking, Commercial Banking and Other business segments.

(3) Represents allocated corporate overhead from support functions such as information technology, finance, risk, and human resources.