Citizens Financial Group 3Q26 财报：EPS $1.41 同比+34%、股息上调13%并新增13亿美元回购授权，但盘前股价小幅走低

----- cfg-20261016.htm -----
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 16, 2026
(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 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E
CFG PrE
New York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 7.375% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series H
CFG PrH
New York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 6.500% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series I
CFG PrI
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 2.02   Results of Operations and Financial Condition.
On October 16, 2026, Citizens Financial Group, Inc. (the “Company”) issued a press release announcing its third quarter 2026 earnings and posted on its website the press release and a financial supplement. Copies of the press release and financial supplement are being furnished as Exhibits 99.1 and 99.3, respectively.
Item 7.01 Regulation FD Disclosure.
For the benefit of investors, the Company has posted on its website an investor presentation in connection with its earnings conference call. A copy of the investor presentation is being furnished as Exhibit 99.2.
The information in this Form 8-K and Exhibits attached hereto are being furnished pursuant to Items 2.02 and 7.01, respectively, and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall this information be deemed incorporated by reference into any filings under the Securities Act of 1933, as amended.
Item 9.01   Financial Statements and Exhibits.
Exhibit Number
Description
(d)
Exhibit 99.1
Citizens Financial Group, Inc. press release dated
October
16, 2026
Exhibit 99.2
Citizens Financial Group, Inc. earnings release presentation issued
O
ctober
16, 2026
Exhibit 99.3
Citizens Financial Group, Inc. financial supplement for
third
quarter 2026
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/ Aunoy Banerjee
Aunoy Banerjee
Executive Vice President and Chief Financial Officer
Date:  October 16, 2026

----- a3q26earningspresentatio.htm -----
EX-99.2
3
a3q26earningspresentatio.htm
EX-99.2
a3q26earningspresentatio
3Q26 Financial Results October 16, 2026
2 Forward-looking statements and use of non-GAAP financial measures This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that does not describe historical or current facts is a forward- looking statement. These statements often include the words "believes," "expects," "anticipates," "estimates," "intends," "plans," "goals," "targets," "initiatives," "potentially," "probably," "projects," "outlook," and "guidance", or similar expressions or future conditional verbs such as "may," "will," "likely," "should," "would," and "could." Forward-looking statements are based upon the current beliefs and expectations of management and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation: • Negative economic, business, and political conditions, including as a result of the interest rate environment, supply chain disruptions, tariffs, inflationary pressures, and labor shortages that adversely affect the general economy, housing prices, the job market, consumer confidence, and spending habits; • The general state of the economy and employment, as well as general business and economic conditions, and changes in the competitive environment; • Our capital and liquidity requirements under regulatory standards and our ability to generate capital and liquidity on favorable terms; • The effect of changes in our credit ratings on our cost of funding, access to capital markets, ability to market our securities, and overall liquidity position; • The effect of changes in the level of commercial and consumer deposits on our funding costs and net interest margin; • Our ability to achieve our financial performance goals and execute on our strategic business initiatives, including the continued expansion of Private Bank & Wealth, and our aim to position us as a more innovative, modern, and customer-centric bank; • The effects of geopolitical instability, including the war in Ukraine and the conflict in the Middle East, on economic and market conditions, inflationary pressures and the interest rate environment, commodity price and foreign exchange rate volatility, and heightened cybersecurity risks; • Our ability to comply with supervisory requirements and expectations as well as new or amended regulations; • Liabilities and business restrictions resulting from litigation and regulatory investigations; • The impact of changes in interest rates on our net interest income, net interest margin, mortgage originations, and mortgage servicing rights, as well as on market liquidity, which could affect our funding sources and ability to originate and distribute financial products in the primary and secondary markets; • Financial services reform and other current, pending, or future legislation or regulation that could have a negative effect on our revenue and businesses; • Environmental risks, such as physical or transition risks associated with climate change, and social and governance risks that could adversely affect our reputation, operations, business, and customers; • A failure in, or breach of, our compliance with laws, as well as operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyberattacks; and • Management’s ability to identify and manage these and other risks. In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, balance sheet growth, market conditions, and regulatory considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares from, or pay any dividends to, holders of our common stock, or as to the amount of any such repurchases or dividends. More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 as filed with the Securities and Exchange Commission. Non-GAAP Financial Measures: This document contains non-GAAP financial measures that we believe provide useful information to investors to understand our results of operations or financial condition. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP financial measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP. The Appendix presents reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.
3 3Q26 Earnings highlights 3Q26 2Q26 3Q25 Q/Q Y/Y $s in millions $/bps % $/bps % Net interest income $ 1,675 $ 1,631 $ 1,488 $ 44 3 % $ 187 13 % Noninterest income 647 652 630 (5) (1) 17 3 Total revenue 2,322 2,283 2,118 39 2 204 10 Noninterest expense 1,393 1,394 1,335 (1) — 58 4 Pre-provision profit 929 889 783 40 4 146 19 Provision for credit losses 125 134 154 (9) (7) (29) (19) Income before income tax expense 804 755 629 49 6 175 28 Income tax expense 168 168 135 — — 33 24 Net income $ 636 $ 587 $ 494 $ 49 8 % $ 142 29 % Preferred dividends/other(1) 37 33 37 4 12 — — Net income available to common stockholders $ 599 $ 554 $ 457 $ 45 8 % $ 142 31 % $s in billions Average interest-earning assets $ 208.9 $ 206.8 $ 197.6 $ 2.2 1 % $ 11.3 6 % Average deposits $ 183.7 $ 183.6 $ 176.0 $ 0.1 — % $ 7.8 4 % Performance metrics Net interest margin 3.18 % 3.16 % 2.99 % 2 bps 19 bps Net interest margin, FTE(2) 3.19 3.17 3.00 2 19 Loan-to-deposit ratio (period-end) 80.0 79.5 78.3 56 176 ROTCE 15.1 13.9 11.7 117 333 Efficiency ratio 60.0 61.1 63.0 (110) (305) Noninterest income as a % of total revenue 28 % 29 % 30 % (68) bps (189) bps Operating leverage 1.83 % 5.32 % Per common share Diluted earnings $ 1.41 $ 1.30 $ 1.05 $ 0.11 8 % $ 0.36 34 % Tangible book value $ 35.78 $ 38.29 $ 36.73 $ (2.51) (7) % $ (0.95) (2.6) % Average diluted shares outstanding (in millions) 425.7 426.7 435.5 (1.0) — % (9.8) (2) % See pages 31-32 for notes and important information on Non-GAAP Financial Measures.
4 ■ CET1 ratio of 10.5%(1); 8.7% adjusted for AOCI opt-out removal – Dividend raised 13%, to $0.52 per share; share repurchases of $125 million in 3Q26 ■ Strong liquidity profile; spot LDR of 80%; average and spot deposits broadly stable QoQ – Private Bank spot deposits of $18.5 billion, up ~$750 million, or 4%, QoQ ■ Average loans up 1% QoQ, with growth led by the Private Bank; up 0.5% QoQ on a spot basis ■ Credit continues to be broadly favorable with net charge-offs of 37 bps, stable QoQ; ACL coverage of 1.47% ■ EPS of $1.41, up 8% QoQ and 34% YoY, reflecting strong PPNR growth ■ ROTCE of 15.1%, up 117 bps QoQ; up 333 bps YoY ■ PPNR of $929 million, up 4.5% QoQ; up 18.6% YoY; Record revenue with: – NII up 2.7% QoQ, with NIM up 2 bps to 3.19%; NII up 13% YoY, with NIM up 19 bps – Fees down 1% QoQ reflecting lower Mortgage and Capital Markets, partially offset by record Wealth; up 2.7% YoY, with Wealth up 17% – Efficiency ratio improved 110 bps QoQ to 60.0% Strong 3Q26 results; EPS up 34% YoY, 5.3% positive operating leverage Strong capital and liquidity position while continuing to repurchase shares Maintaining prudent lending and risk posture 3Q26 Overview ■ Private Bank's strong momentum continuing; contributed $0.16 to 3Q26 EPS (11% of total); ROE >25%(2); continuing to add Wealth talent ■ Good visibility and confidence in driving NII higher, with NIM projected to reach 3.30-3.50% by 4Q27 ■ Continued strong execution of strategic initiatives (Private Bank & Wealth, NYC Metro, NExT, Payments) ■ Reimagine the Bank (multi-year transformational program) progressing well; targeting ~$225 million pre-tax run- rate benefit by year-end 2027 and ~$450+ million by year-end 2028 Well positioned to achieve 16-18% ROTCE by end of 2027 PPNR performance 3Q26 QoQ YoY NII $ 1,675 2.7% 12.6% Fees 647 (0.8) 2.7 Expenses 1,393 (0.1) 4.3 PPNR $ 929 4.5% 18.6% See pages 31-32 for notes and important information on Non-GAAP Financial Measures. $s in millions
5 3.17% 0.02% 0.04% (0.04)% 3.19% 2Q26 Terminated swaps Fixed-rate asset repricing & asset yield and mix Funding pricing and mix 3Q26 $197.6B $199.2B $201.9B $206.8B $208.9B $1,488 $1,537 $1,562 $1,631 $1,675 3.00% 3.07% 3.14% 3.17% 3.19% 3Q25 4Q25 1Q26 2Q26 3Q26 ■ NII up 2.7%, reflects higher NIM and a 1% increase in average interest-earning assets – NIM of 3.19%, up 2 bps QoQ, reflecting the benefit of lower terminated swap impacts and fixed-rate asset repricing, partially offset by increased funding costs ■ Interest-earning assets yield of 4.96%, up 6 bps ■ Interest-bearing deposit costs up 5 bps to 2.13% ■ Total deposit costs up 3 bps to 1.66%; total cost of funds up 3 bps to 1.88% Net interest income NII and NIM Average interest-earning assets Net interest income NIM, FTE Linked Quarter NIM 2Q26 to 3Q26 $s in millions, except earning assets
6 $630 $620 $606 $652 $647 3Q25 4Q25 1Q26 2Q26 3Q26 Noninterest income $s in millions Linked Quarter Year-Over-Year Noninterest income $s in millions 3Q26 2Q26 3Q25 $ Q/Q Y/Y Service charges and fees $ 120 $ 117 $ 112 $ 3 $ 8 Capital markets fees 149 153 166 (4) (17) Wealth fees 109 102 93 7 16 Card fees 90 89 87 1 3 Mortgage banking fees 35 42 49 (7) (14) FX and derivative products 49 47 42 2 7 Letter of credit and loan fees 54 52 48 2 6 Securities gains, net 11 6 2 5 9 Other income(1) 30 44 31 (14) (1) Noninterest income $ 647 $ 652 $ 630 $ (5) $ 17 Noninterest income details ■ Noninterest income of $647 million, up 3% – Service charges and fees increased $8 million, primarily reflecting higher overdraft and cash management fees – Capital markets fees decreased $17 million, or 10%, primarily driven by lower M&A relative to particularly strong results in third quarter 2025 – Wealth fees increased $16 million, or 17%, primarily from growth in AUM, reflecting net inflows and market appreciation – Mortgage banking fees decreased $14 million, reflecting lower net MSR valuation results and lower production fees, partially offset by higher servicing revenue +3% YoY -1% QoQ See pages 31-32 for notes. ■ Noninterest income of $647 million, down 1% – Service charges and fees increased $3 million, primarily from higher overdraft fees – Capital markets fees decreased $4 million, reflecting lower loan syndication and debt and equity underwriting fees, largely offset by higher M&A fees – Record wealth fees increased $7 million, primarily reflecting higher advisory fees – FX and derivative products increased $2 million, given higher FX and commodities client hedging activity – Mortgage banking fees decreased $7 million, primarily due to a decline in net MSR valuation of $13 million, partially offset by higher servicing revenue – Other income decreased $14 million, reflecting several modest revenue items in the prior quarter
7 Noninterest expense Linked Quarter Year-Over-Year 3Q26 2Q26 3Q25 $ $s in millions Q/Q Y/Y Salaries & employee benefits $ 750 $ 745 $ 705 $ 5 $ 45 Equipment & software 202 195 197 7 5 Outside services 174 174 161 — 13 Occupancy 107 108 106 (1) 1 Other operating expense 160 172 166 (12) (6) Noninterest expense $ 1,393 $ 1,394 $ 1,335 $ (1) $ 58 Full-time equivalents (FTEs) 17,609 17,727 17,496 (118) 113 Noninterest expense details $1,335 $1,343 $1,378 $1,394 $1,393 63.0% 62.2% 63.6% 61.1% 60.0% Noninterest expense Efficiency ratio 3Q25 4Q25 1Q26 2Q26 3Q26 ■ Noninterest expense of $1.4 billion was stable – Salaries and benefits increased $5 million, primarily reflecting the continued Private Bank & Wealth buildout, an increase in Commercial, as well as higher medical benefit costs – Equipment and software increased $7 million, largely due to higher technology-related costs – Other operating expense decreased $12 million, reflecting the impact of various sundry items ■ Noninterest expense of $1.4 billion, up 4% – Salaries and benefits increased $45 million, reflecting the continued Private Bank & Wealth buildout – Outside services increased $13 million, primarily reflecting costs to implement the Reimagine the Bank program – Other operating expense decreased $6 million, reflecting the impact of various sundry items $s in millions Noninterest expense 3Q26 Reimagine the Bank implementation costs of ~$15 million
8 $140.0 $141.8 $143.4 $146.1 $147.4 $3.3 $2.7 $2.2 $1.8 $1.4 $136.7 $139.1 $141.2 $144.3 $146.0 Non-Core Core Loan yield 3Q25 4Q25 1Q26 2Q26 3Q26 ~20% QoQ ■ Period-end loans up $0.7 billion, or 0.5% – Private Bank growth of $2.0 billion, driven by commercial line utilization, multi-family and residential mortgage – Commercial* down $1.5 billion, or 2%, given CRE paydowns and lower commercial line utilization – Retail* up $565 million, driven by home equity – Non-Core loans down $332 million, reflecting continued auto runoff ■ Average loans up $1.2 billion, or 1% ■ Loan yield of 5.45%, up 9 bps Loans and leases $s in billions Average loans and leases $140.9 $142.7 $143.7 $147.5 $148.2 $3.0 $2.5 $2.0 $1.6 $1.3 $137.9 $140.2 $141.7 $145.9 $146.9 Non-Core Core 3Q25 4Q25 1Q26 2Q26 3Q26 $s in billions Period-end loans and leases 5.35% 5.29% 5.28% 5.36% 5.45% Linked Quarter Year-Over-Year ~21% QoQ ~1%QoQ ~1% QoQ *Excludes Non-Core portfolio and Private Bank. Commercial product includes Business Banking. See page 34 for details. ■ Period-end loans up $7.4 billion, or 5%, including Non-Core runoff of $1.7 billion; Core loans up $9.1 billion, or 7% – Private Bank growth of $5.7 billion, driven primarily by residential mortgage, multi-family, and commercial line utilization – Retail* up $2.1 billion, driven by home equity and mortgage – Commercial* up $1.2 billion, reflecting corporate banking net new money originations and higher line utilization, partially offset by CRE paydowns ■ Average loans up $7.3 billion, or 5%; Core loans up 7%
9 $176.0 $179.9 $181.3 $183.6 $183.7 3Q25 4Q25 1Q26 2Q26 3Q26 Deposit performance and cost of funds $s in billions Average deposits 1.84% 1.72% 1.60% 1.63% 1.66% 2.35% 2.20% 2.04% 2.08% 2.13% Total deposit costs Interest-bearing deposit costs CommercialConsumer Treasury/Other Year-Over-YearPeriod-end deposits Linked Quarter ■ Average deposits broadly stable, primarily reflecting growth in Commercial, largely offset by a decrease in Consumer ■ Period-end deposits broadly stable, reflecting growth in the Private Bank and Commercial, largely offset by a decrease in Consumer – Private Bank deposits increased 4% to $18.5 billion ■ Interest-bearing deposit costs up 5 bps to 2.13% ■ Total deposit costs up 3 bps ■ Total cost of funds up 3 bps $s in billions ■ Average deposits up $7.8 billion, or 4%, largely reflecting growth of $7.5 billion in the Private Bank ■ Period-end deposits up $5.2 billion, or 3%, driven by Private Bank growth of $6.1 billion ■ Interest-bearing deposit costs down 22 bps ■ Total deposit costs down 18 bps ■ Total cost of funds down 17 bps $180.0 $183.3 $184.0 $185.6 $185.2 Consumer Commercial Treasury/Other 3Q25 4Q25 1Q26 2Q26 3Q26
10 Branch deposits 47% Business Banking 12% Citizens Access 4% Private Bank & Wealth 11% Commercial 25% Treasury/ Other 1% As of 9/30/26 Highly diversified and retail-oriented deposit base $185.2B Period-end deposits Peer Avg(1) Business mix Product mix Strong consumer deposit base(1) (as % of total average deposits) 42% 42% 42% 22% 22% 22% 20% 20% 20% NIB Low-cost deposits 3Q25 2Q26 3Q26 NIB and low-cost deposits (2) 57% 64% 63% 2Q26 2Q26 3Q26 See pages 31-32 for notes. NIB 22% Checking With Interest 21% Savings 9% Citizens Access Savings 3% Money Market 34% Time 11% (as % of total deposits at 9/30/26)
11 $1,518 $1,504 $1,497 $1,435 $1,461 $933 $895 $867 $818 $833 $585 $609 $630 $617 $628 Commercial Retail Nonaccrual loans to total loans 3Q25 4Q25 1Q26 2Q26 3Q26 $154 $137 $140 $134 $125 $162 $155 $138 $135 $137 0.46% 0.43% 0.39% 0.37% 0.37% Provision for credit losses Net charge-offs Net c/o ratio 3Q25 4Q25 1Q26 2Q26 3Q26 Credit quality overview $s in millions $s in millions Credit provision expense; net charge-offs Nonaccrual loans Commentary ■ Net charge-offs of $137 million, or 37 bps of average loans, stable QoQ ■ Nonaccrual loans of $1.5 billion are up 2% QoQ, reflecting modest increases in C&I and residential mortgage, and down 4% YoY, largely reflecting an 18% decline in commercial real estate 1.08% 1.05% 1.04% 0.97% 0.99%
12 ■ The allowance for credit losses declined slightly, reflecting improved loan mix, with reductions in the CRE General Office and Multi-family categories, along with lower loss-content originations in Commercial and Private Bank C&I, and residential real estate secured ■ The General Office portfolio continues to be well reserved, with consistent progress on workouts – ACL coverage for CRE General Office of 7.6%, combined with charge-offs taken on the portfolio since March 31, 2023, equates to an expected loss rate of ~19%* on the portfolio Allowance for credit losses $2,201 $2,183 $2,185 $2,184 $2,172 1.37% 1.35% 1.27% 1.27% 1.28% 1.74% 1.70% 1.75% 1.67% 1.64% Retail Commercial Retail ACL Commercial ACL 3Q25 4Q25 1Q26 2Q26 3Q26 $s in millions Allowance for credit losses (1) * Expected loss rate calculated relative to the $4.1B General Office portfolio balance at 3/31/23, the start of loss emergence. Commentary 1.56% 1.53% 1.52% 1.48% 1.47% Total ACL ratio: See pages 31-32 for notes. (1)
13 Strong capital position $s in billions (period-end) 3Q25 4Q25 1Q26 2Q26 3Q26 Basel III basis(1) Common equity tier 1 capital $ 18.0 $ 18.2 $ 18.2 $ 18.4 $ 18.7 Risk-weighted assets $ 168.9 $ 171.5 $ 173.3 $ 176.3 $ 177.3 Common equity tier 1 ratio 10.7 % 10.6 % 10.5 % 10.4 % 10.5 % Tier 1 capital ratio 11.9 % 11.9 % 11.7 % 11.6 % 11.8 % Total capital ratio 13.9 % 13.8 % 13.7 % 13.6 % 13.7 % Tangible common equity ratio 7.4 % 7.5 % 7.3 % 7.2 % 6.7 % TBV/share CET1 $ % 2Q26 10.41% $38.29 Net Income 0.36 1.51 3.9% Common and preferred dividends (0.13) (0.54) (1.4) RWA increase (0.05) Treasury stock (0.07) (0.14) (0.4) Goodwill and intangibles — 0.01 — AOCI — (3.37) (8.8) Other 0.01 0.02 0.1 Total change 0.12 (2.51) (6.6)% 3Q26 10.53% $35.78 CET1 ratio remains strong(2) Highlights ■ 3Q26 CET1 ratio of 10.5% – 8.7% CET1 ratio adjusted for AOCI opt-out removal ■ TBV/share of $35.78 was down 6.6% QoQ, and 2.6% YoY ■ Total capital returned to shareholders was $322 million in 3Q26 – Paid $197 million in common dividends to shareholders – Repurchased $125 million of common stock at a weighted-average price of $70.76 ■ Citizens' board of directors declared an increase in its quarterly common dividend to $0.52 per share, up $0.06 or 13% compared with the prior quarter, payable in 4Q26 ■ The board of directors also increased the capacity of Citizens' common share repurchase program to $1.95 billion, an increase of $1.3 billion above the $650 million of capacity currently remaining under the prior June 2025 authorization See pages 31-32 for notes.
14 ■ Spot deposits up ~$750 million QoQ; average deposits relatively stable reflecting heightened influx of interest- bearing deposits during 2Q26; strong client growth continues ■ ~33% spot DDA; ~2% total deposit cost, down ~7 bps QoQ Deposits $5.3 $8.4 $10.3 $5.9 $9.7 $11.7 Avg Spot 3Q25 2Q26 3Q26 $10.7 $18.3 $18.1$12.5 $17.8 $18.5 Avg Spot 3Q25 2Q26 3Q26 Loans Private Bank buildout continues strong progress Strong momentum in 2026 $s in billions $9.0 $11.2 $12.4 $7.6 $9.6 $10.6 AUM Transactional assets 3Q25 2Q26 3Q26 As of 9/30/26 $s in billions Client Assets ■ Avg. portfolio yield ~6.0%; ~4% spread over deposit cost, stable QoQ ■ 3Q26 loan growth driven by increased commercial line utilization and strong originations in relationship-oriented residential mortgage and multi-family (2) (1) (3) 10 Private Bank Offices opened to date $s in billions ■ 12 advisor teams added since launch across key markets ■ Aim to co-locate Private Wealth teams in all Private Bank markets ■ Total Client Assets of $12.4 billion at 3Q26 includes transactional assets of $1.8 billion See pages 31-32 for notes. Open Planned 2027 expansion San Francisco, CA Boston, MA Mill Valley, CA New York, NY San Diego, CA Palm Beach, FL Newport Beach, CA West Palm Beach, FL Menlo Park, CA Laurel Village, CA Beverly Hills, CA (1H27) Greenwich, CT (1H27) Boca Raton, FL (2H27) Manhattan Beach, CA (2H27) Walnut Creek, CA (2H27) Wellesley, MA (2H27)
15 Reimagine the Bank progressing well Mobilized the program; simplifying the bank Foundation now in place to accelerate program benefits in 2027 and 2028 35+ of 50+ planned initiatives launched to date 500+ colleagues dedicated to execution Corporate office location strategy designed for enhanced collaboration and efficiency Streamlined process for approving new technology, AI tools and vendors AI research and meeting prep now used by ~50% of bankers and analysts in Commercial Banking AI phone support built for the most common reasons credit card customers call; customers get answers faster ~95% of software engineers use AI coding tools, shifting focus to shaping solutions and validating output AI-driven complaint logging for Credit Card; improves service and frees agents for more complex calls Reached ~90% of the 2026 vendor savings target ~25% faster onboarding of cash management products and AI assistance with payment inquiries ■ Expect minimal EPS impact in 2026 as start-up costs offset in-year benefits – ~$100 million pre-tax run-rate benefit by year-end 2026 ■ ~$225 million pre-tax run-rate benefit by year-end 2027 ■ ~$450+ million pre-tax run-rate benefit by year-end 2028 Tracking well with original financial targets provided January 2026 35 applications rationalized YTD; simplifying our technology environment and lowering costs ~30% Reduction in software delivery cycle time, accelerating innovation and enabling new capabilities to reach market faster Efficiency gains Productivity enhancement
16 4Q26 outlook vs. 3Q26 3Q26 4Q26 Outlook Net interest income $1,675MM ■ Up ~2.5% to 3% Noninterest income $647MM ■ Up ~4 to 5% Noninterest expense $1,393MM ■ Up ~1% Net charge-offs $137MM; 37 bps ■ Stable to down slightly CET1 ratio(1) 10.5% ■ ~10.6% to 10.7%; expect ~$200 million in share repurchases Tax rate 20.9% ■ ~22% See pages 31-32 for notes.
17 Meaningful NIM improvement through 2027 Balance sheet progression/macro impacts Projected NIM range Fixed-rate asset repricing benefit Cumulative time-based NIM benefit from terminated swaps vs. 3Q26 4Q26 4Q27 In basis points +5 +9 +5 to +8 -3 to +14 ~3.30 to 3.50% Chart not to scale Net benefit +2 to +22 bps 3.30% 3.50% ■ Terminated swaps ■ Stable-to-improving balance sheet mix – Continued growth in DDA and low-cost deposits – Rotation of loan capital to more attractive portfolios ■ Relatively stable macroeconomic outlook and expectation for higher rates provides less downside risk given our slightly asset sensitive balance sheet Assumes 10-year treasury rate of ~5.00% through the end of 2027 +2 Cumulative NIM impact from starting point 3Q26 3Q24 2.77% 3Q26 3.19% 4Q26 4Q27 +42 bps -3 to 0 ~3.23 to 3.26% 3Q26 to 4Q27 Factors supporting 3.30 to 3.50% NIM target Time-based NIM benefit +9 bps
18 ■ Track record of strong execution; excellence in our capabilities, highly competitive with mega-banks and peers ■ Reimagine the Bank (multi-year transformational program) off to a strong start; targeting ~$100 million pre-tax run-rate benefit by year-end 2026, ~$225 million by year-end 2027, and ~$450+ million by year-end 2028 ■ Strong capital and liquidity position ■ Credit continues to be broadly favorable; strong credit allowance ■ Flexibility to support customers and invest while continuing to return capital to shareholders – Repurchased $125 million of common stock in 3Q26 Citizens is an attractive investment opportunity Maintaining a robust balance sheet Transformed since IPO given strong leadership, differentiated strategy, and customer-focused culture Well positioned to deliver 16 to 18% ROTCE by end of 2027 given strategic initiatives and NII tailwinds ■ Transformed Consumer Bank with leading retail deposit franchise; well positioned in NYC Metro to gain market share; launch of NExT program to accelerate household and deposit growth ■ Well-positioned Commercial Bank ready to serve private capital and high-growth sectors of the U.S. economy ■ Building the premier Private Bank & Wealth franchise – Continued to make strong progress, contributing $0.16 to EPS in 3Q26 – Investing for growth while sustaining attractive returns ■ NIM tailwind and positive balance sheet dynamics to drive higher NII through 2027 ■ Execution of strategic initiatives, positive operating leverage, lower credit costs and share repurchases also contribute to ROTCE improvement Continue to have a series of unique initiatives that will lead to relative medium-term outperformance
Appendix ■ Key performance metrics ■ Private Bank financial performance ■ Interest rate risk management ■ AOCI Accretion ■ Non-Core portfolio ■ Preferred dividend schedule ■ Credit
20 Net income available to common shareholders and EPS $s in millions, except per share data é4% $889 $929 2Q26 3Q26 Linked-quarter results Return on average total tangible assets Return on average tangible common equity Average loans $s in billions Average deposits $s in billions é1% $3.5 2 $3.5 6 é8% $146.1 $147.4 2Q26 3Q26 $183.6 $183.7 2Q26 3Q26 1.06% 1.13% 2Q26 3Q26 13.9% 15.1% 2Q26 3Q26 $554 $599 $1.30 $1.41 2Q26 3Q26 é8% Pre-provision profit $s in millions é117 bps é7 bpsstable Return on average tangible common equity See pages 31-32 for important information on Non-GAAP Financial Measures.
21 Net income available to common shareholders and EPS $s in millions, except per share data é19% $783 $929 3Q25 3Q26 Year-over-year results Return on average total tangible assets Return on average tangible common equity Average loans $s in billions Average deposits $s in billions é5% $3.5 2 $3.5 6 é34% $140.0 $147.4 3Q25 3Q26 $176.0 $183.7 3Q25 3Q26 0.93% 1.13% 3Q25 3Q26 11.7% 15.1% 3Q25 3Q26 $457 $599 $1.05 $1.41 3Q25 3Q26 é31% Pre-provision profit $s in millions é333 bps é20 bpsé4% See pages 31-32 for important information on Non-GAAP Financial Measures. Return on average tangible common equity
22 3Q26 Private Bank financial performance $s in millions 3Q26 2Q26 1Q26 4Q25 3Q25 Net interest income $161.6 $148.8 $134.1 $118.3 $100.2 Noninterest income 26.8 23.1 23.0 23.7 20.2 Total revenue 188.4 171.9 157.1 141.9 120.4 Noninterest expense 98.9 88.4 91.4 85.7 73.0 Pre-provision profit 89.4 83.6 65.7 56.2 47.4 Provision for credit losses — — — — — Income before income tax expense 89.4 83.6 65.7 56.2 47.4 Income tax expense 23.1 21.5 16.9 14.2 12.0 Net income 66.4 62.0 48.8 42.0 35.4 Contribution to total CFG Diluted EPS $0.16 $0.15 $0.11 $0.10 $0.08 $s in billions Interest-earning assets (spot) $11.7 $9.7 $7.7 $7.2 $5.9 Total Commercial $7.7 $6.3 $5.0 $4.9 $4.2 Total Retail $4.0 $3.4 $2.7 $2.3 $1.7 Total loans (spot) $11.7 $9.7 $7.7 $7.2 $5.9 Total deposits (spot) 18.5 17.8 16.6 14.5 12.5 Risk-weighted assets (spot) $11.6 $9.9 $8.2 $7.6 $6.4 Performance metrics: Efficiency ratio 52.5% 51.4% 58.2% 60.4% 60.6% Noninterest income as a % of total revenue 14.2% 13.4% 14.7% 16.7% 16.8% $s in billions Client assets(1) Assets Under Management (AUM)(2) $10.6 $9.6 $8.7 $8.6 $7.6 Transactional assets(3) 1.8 1.6 1.4 1.4 1.4 Total Private Bank client assets $12.4 $11.2 $10.1 $10.0 $9.0 See pages 31-32 for notes.
23 $30.0 $29.2 $31.0 $32.8 $29.2 $29.9 $29.0 $27.4 $8.6 $14.2 $18.7 $23.8 $25.2 $26.9 $26.6 $25.4 1Q26 2Q26 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 $28.6 $30.8 $28.9 $22.9 $10.4 $2.8 $16.4 $26.0 $22.7 2025 2026 2027 2028 2029 Interest rate risk management W.A. receive-fixed rate 3.4% 3.5% 3.6% 3.6% 3.7% 3.7% 3.7% 3.7% 3.2% 3.5% 3.7% 3.7% 3.7% Executed post 6/30/23 3.9% 3.8% 3.8% 3.7% 3.7% 3.8% 3.7% 3.7% 4.0% 3.8% 3.7% 3.7% 3.7% Executed pre 6/30/23 3.2% 3.2% 3.2% 3.3% 3.4% 3.4% 3.3% 3.3% 3.1% 3.2% 3.4% 2.6% —% NII impact from terminated swaps ($MM): In-period impact $(88) $(62) $(52) $(28) $(16) $(10) $(9) $(4) $(457) $(230) $(40) $(3) $0 Sequential benefit $15 $26 $10 $24 $12 $6 $1 $5 $36 $227 $190 $37 $3 Receive-fixed cash flow swaps (average notional in $ billions) ■ Slightly asset sensitive; ~1% impact to NII over the next 12 months with a gradual +/- 100 bps change in rates relative to the forward curve ■ Receive-fixed cash flow swaps represent the primary tool to manage overall asset sensitivity – Well hedged against lower rates through 2027 ■ Pay-fixed swaps against securities portfolio help protect capital by reducing AOCI volatility Receive-fixed swaps executed post 6/30/23 Receive-fixed swaps executed pre 6/30/23 (legacy) Fixed/floating-rate mix 10% 12% 78% Securities $43B 38% 21% 41% Loans $148B Fixed Fixed with hedges Floating Floating with hedges Commentary 15% 15% 70% As of 9/30/26 (1) See pages 31-32 for notes.
24 AOCI accretion Protecting CET1 - AFS marks; duration decreasing with securities portfolio hedging; less sensitivity to rates. Illustrate how sensitivity to a 50 bp move has fallen from 12/31/22 to 9/30/23 to 12/31/23 ...As recent actions limit AOCI volatility to protect capital $(2.8) $(2.3) $(2.0) $(1.8) $(0.2) $(0.2) $(0.2) $(0.2) $(0.6) $(0.5) $(0.2) $(0.1) 9/30/2026 12/31/2026 12/31/2027 12/31/2028 $(3.7) $(2.5) $(2.1) ~44% TCE CET1(2) $(3.1) $(2.3) $(2.0) Commentary ■ Expect benefit to capital via accretion to AOCI as unrealized losses "burn off" – ~$1.1 billion in unrealized losses related to securities and pension expected to "burn off" by YE2028, adding ~60 bps to the CET1 ratio adjusted for AOCI(4) ■ Portfolio management actions focused on managing duration of AFS securities to protect capital by limiting volatility in AOCI – Immediate 50 bp parallel increase in rates would negatively impact CET1 ratio adjusted for AOCI by ~30 bps; a 50 bp parallel decrease would positively impact by ~30 bps Burn-off by YE2028 ~35% (1) Select totals may not sum due to rounding (2) CET1 adjusted for AOCI opt-out removal accretion based on a forward curve with the 10-year Treasury yield of ~5.00% by year-end 2028 (3) Unrealized losses in swap portfolio includes both active and terminated swaps (4) CET1 ratio impact for illustrative purposes assumes the RWA balance at 9/30/26 Projected accretion to TCE and CET1 adjusted for AOCI opt-out removal(1) Accretes to CET1(2) (3) $(3.0) $(2.6) Swaps Pension Securities
25 $13.7 $6.9 $2.5 $2.0 $1.6 $1.3 $1.0 $0.3 $2.0 $3.4 $1.6 $1.3 $0.9 $0.7 $0.4 $— $10.4 $4.7 $3.3 $2.2 2Q23 4Q24 4Q25 1Q26 2Q26 3Q26 4Q26 4Q27 Non-Core portfolio update Non-Core Dedicated structural funding Indirect auto Auto collateralized borrowings As of period end; $s in billions See pages 31-32 for notes. Non-Core portfolio(1) progression Education and other retail (purchased) Non-Core portfolio has been reduced to ~$1.3 billion at 3Q26; expected to decline to ~$1.0 billion by year-end 2026 2026 quarterly progression
26 Preferred dividend schedule See pages 31-32 for notes. Estimated preferred dividend impact(1) $s in millions 4Q26 1Q27 2Q27 3Q27 4Q27 Series B (floating) ~$6 ~$6 ~$6 ~$6 ~$6 Series C (floating) ~$6 ~$6 ~$6 ~$6 ~$6 Series E ~$6 ~$6 ~$6 ~$6 ~$6 Series H ~$7 ~$7 ~$7 ~$7 ~$7 Series I ~$7 ~$7 ~$7 ~$7 ~$7 Series J(2) ~$12 ~$7 ~$7 ~$7 ~$7 Total(3) ~$42 ~$38 ~$38 ~$39 ~$39 (1) Based on currently outstanding preferred shares; estimated preferred dividends for floating rate payments in the periods presented are based on the forward curve as of September 30, 2026 (2) Long first dividend recorded in 4Q26 on the Series J Preferred Stock (3) Select totals may not sum due to rounding
27 $77.2B Commercial credit portfolio(1) Commercial portfolio risk ratings(5) $s in billions 62% 67% 68% 17% 16% 16% 15% 12% 11% 6% 5% 5% 3Q25 2Q26 3Q26 B- and lower B+ to B BB+ to BB- AAA+ to BBB- $77.2 Highlights $77.3 $ Balances % of C&I Finance and Insurance $ 21.0 14 % Capital call facilities $ 10.5 Private Credit Finance 4.5 Other Finance and Insurance 6.0 Other Manufacturing 3.4 2 Technology 3.4 2 Accommodation and Food Services 2.1 2 Health, Pharma, Social Assistance 2.6 2 Professional, Scientific, and Technical 2.5 2 Wholesale Trade 2.9 2 Retail Trade 1.8 1 Other Services 2.3 2 Energy & Related 2.0 1 Rental and Leasing 1.9 1 Consumer Products Manufacturing 0.6 — Administrative and Waste Management 1.6 1 Arts, Entertainment, and Recreation 1.6 1 Automotive 1.0 1 Other (2) 3.2 2 Total C&I $ 53.9 36 % CRE Multi-family $ 8.5 6 % Office 3.6 3 Credit tenant lease and life sciences(3) $ 1.7 Other general office 1.9 Industrial 2.0 1 Retail 2.6 2 Co-op 1.7 1 Data Center(4) 1.5 1 Hospitality 0.3 — Other (2) 3.1 2 Total CRE $ 23.3 16 % Total Commercial loans & leases $ 77.2 52 % Total CFG $ 148.2 Diverse and granular portfolio ■ Disciplined capital allocation and risk appetite – Highly experienced leadership team – Focused client selection ■ C&I portfolio has focused growth on larger, mid-corporate customers, thereby improving overall asset quality – ~84% of C&I portfolio is investment grade equivalent(6) ■ Leveraged loans ~1.2% of total CFG loans, granular hold positions with an average outstanding of ~$10 million ■ CRE portfolio is well diversified across asset type, geography, and borrowers with the emphasis on strong sponsor selection – CRE portfolio down $2.2 billion, or ~9% year-over-year, driven primarily by paydowns $72.5 See pages 31-32 for notes. $s in billions
28 47% 48% 48% 31% 31% 31% 14% 13% 13% 3% 3% 3%5% 5% 5% 3Q25 2Q26 3Q26 $37.0 $20.9 $1.2 $3.1 $4.9 $3.9 $71.0B Retail credit portfolio 800+ 740-799 680-739 640-679 <640 $71.0 $s in billions $70.2 Home equity Retail portfolio(1) Residential mortgage Auto Education - in school Education - refinance Other retail ~95% Super-prime/prime* ~82% Secured ■ Retail portfolio mix continues to improve with focus on high quality relationship lending ■ Core real estate secured increased to 82% of the portfolio as Non-Core reduced significantly from 19% in 2Q23** to 2% in 3Q26 – Mortgage: FICO ~790; weighted-average LTV of ~51% – Home equity: FICO ~765; ~28% secured by 1st lien ◦ ~98% CLTV less than 80%; ~86% CLTV less than 70% ■ Core unsecured relatively stable at 16% of the portfolio; targeting super-prime/high-prime relationship borrowers – Education: FICO ~785 ◦ In-school: ~97% co-signed ◦ Refinance: ~35% advanced degrees – Other retail: consists primarily of Card and Citizens Pay; target high-quality borrowers; loss sharing in Citizens Pay High quality, diverse portfolio *Super-prime/prime defined as FICO of 680 or above at origination Retail portfolio FICOs(2) $68.4 Homeowners ~2/3 See pages 31-32 for notes. As of 9/30/26 62% 82% 19% 16%19% 2% 2Q23** 3Q26 Non-Core (Auto & other indirect lending) Core unsecured (Education, Other retail) Core real estate secured (Mortgage, Home equity) of unsecured retail borrowers(3) of retail portfolio > 680 Improving retail portfolio mix of retail portfolio **2Q23 represents the start of the Non-Core portfolio designation $71.0B$73.0B $s in billions To discuss: provide LTV stratification of 1st mortgages in light of B3E?
29 Allocation of allowance for credit losses by product type September 30, 2026 June 30, 2026 $s in millions Loans and Leases Allowance Coverage Loans and Leases Allowance Coverage Commercial and industrial(1) $ 53,889 $675 1.25 % $ 53,467 $665 1.24 % Commercial real estate 23,334 589 2.52 23,817 628 2.64 Total commercial 77,223 1,264 1.64 77,284 1,293 1.67 Residential mortgages 37,036 228 0.62 36,374 221 0.61 Home equity 20,926 170 0.81 20,276 159 0.78 Automobile 1,170 5 0.46 1,482 6 0.41 Education 7,969 268 3.36 8,044 259 3.22 Other retail 3,903 237 6.08 4,031 246 6.12 Total retail loans 71,004 908 1.28 70,207 891 1.27 Allowance for credit losses(2) $148,227 $2,172 1.47 % $147,491 $2,184 1.48 % See pages 31-32 for notes.
30 Delinquency by product type September 30, 2026 (%) June 30, 2026 (%) Days Past Due and Accruing Days Past Due and Accruing Current 30-59 60-89 90+ Nonaccrual Current 30-59 60-89 90+ Nonaccrual Commercial and industrial 99.47 % 0.04 % 0.02 % — % 0.47 % 99.47 % 0.04 % 0.02 % 0.01 % 0.46 % Commercial real estate 96.64 0.76 0.10 0.02 2.48 97.31 0.02 0.23 0.03 2.41 Total commercial 98.61 0.26 0.04 0.01 1.08 98.82 0.03 0.08 0.01 1.06 Residential mortgages(1) 98.63 0.20 0.12 0.42 0.63 98.63 0.20 0.10 0.47 0.60 Home equity 97.89 0.43 0.15 — 1.53 97.85 0.45 0.14 — 1.56 Automobile 94.36 2.91 1.11 — 1.62 94.80 2.77 1.01 — 1.42 Education 99.04 0.40 0.28 0.03 0.25 99.12 0.39 0.21 0.02 0.26 Other retail 97.98 0.69 0.46 — 0.87 97.99 0.62 0.42 — 0.97 Total retail 98.36 0.36 0.18 0.22 0.88 98.34 0.37 0.16 0.25 0.88 Total 98.48 % 0.31 % 0.11 % 0.11 % 0.99 % 98.60 % 0.19 % 0.12 % 0.12 % 0.97 % See pages 31-32 for notes.
31 Notes on Non-GAAP Financial Measures See important information on our use of Non-GAAP Financial Measures at the beginning of this presentation and reconciliations to GAAP financial measures at the end of this presentation. Allowance coverage ratios for loans and leases includes the allowance for funded loans and leases in the numerator and funded loans and leases in the denominator. Allowance coverage ratios for credit losses includes the allowance for funded loans and leases and allowance for unfunded lending commitments in the numerator and funded loans and leases in the denominator. General Notes a. References to net interest margin are on a fully taxable equivalent ("FTE") basis. b. Throughout this presentation, references to consolidated and/or commercial loans and loan growth include leases. Loans held for sale are also referred to as LHFS. c. Select totals may not sum due to rounding. d. Based on Basel III standardized approach. Capital Ratios are preliminary. e. Throughout this presentation, reference to balance sheet items are on an average basis and loans exclude held for sale unless otherwise noted. Notes Notes on slide 3 - 3Q26 Earnings highlights 1) 3Q26 and 3Q25 include preferred stock early redemption costs of $4 million and $5 million, respectively. 2) See general note a). Notes on slide 4 - 3Q26 Overview 1) See general note d). 2) Represents Return on Regulatory Capital. See page 37 for details. Notes on slide 6 - Noninterest income 1) Includes bank-owned life insurance income and other miscellaneous income for all periods presented. Notes on slide 10 - Highly diversified and retail-oriented deposit base 1) Estimated based on available company disclosures; Citizens stable deposits calculated using average Consumer deposits excluding Private Bank & Wealth. 2) Includes branch-based checking with interest and savings. Notes on slide 12 - Allowance for credit losses 1) Allowance for credit losses to nonaccrual loans and leases. Notes on slide 13 - Strong capital position 1) See general note d). 2) See general note c). Notes on slide 14 - Private Bank buildout continues strong progress 1) Total Client Assets (TCA) include Assets Under Management (AUM) and Transactional Assets. AUM represent assets for which Citizens’ investment advisory affiliates provide continuous and regular supervisory or management services. Transaction assets represent assets for which Citizens' Wealth Management affiliates provide execution, custody, record keeping, reporting and other administrative services. 2) Assets Under Management referenced represents AUM of Citizens Private Wealth & Citizens Wealth Management, our Private Bank advisory affiliates. 3) Transactional assets referenced represents assets of Citizens Wealth Management, our Private Bank brokerage affiliate. Notes on slide 16 - 3Q26 outlook vs. 2Q26 1) See general note d). Notes on slide 22 - 3Q26 Private Bank financial performance 1) Total Client Assets (TCA) include Assets Under Management (AUM) and Transactional Assets. AUM represents assets for which Citizens’ investment advisory affiliates provide continuous and regular supervisory or management services. Transaction assets represent assets for which Citizens' Wealth Management affiliates provide execution, custody, record keeping, reporting and other administrative services. 2) Assets Under Management referenced represent AUM of Citizens Private Wealth & Citizens Wealth Management, our Private Bank advisory affiliates. 3) Transactional assets referenced represent assets of Citizens Wealth Management, our Private Bank brokerage affiliate.
32 Notes continued Notes on slide 23 - Interest rate risk management 1) Represents fair value balances. Notes on slide 25 - Non-Core portfolio update 1) See general note c). Notes on slide 27 - $77.2B Commercial credit portfolio 1) See general note c). 2) Includes deferred fees and costs. 3) Credit tenant lease includes loans to nationally recognized tenants with high credit ratings and life sciences includes loans to provide lab and office space for tenants involved in the study and development of scientific discoveries. 4) In the current quarter, the Data Center portfolio includes loans previously presented within Industrial and Other, reflecting a refinement to the loan industry classification system for the commercial real estate portfolio. 5) Reflects period end balances 6) Represents a rating agency bond-equivalent of Investment Grade based on internal risk ratings. Notes on slide 28 - $71.0B Retail credit portfolio 1) See general note c). 2) Reflects period end balances. 3) Estimated based on 2025 data. Source: Citizens Customer Intelligence Platform (CIP), Experian, Equifax, and Intercontinental Exchange. Notes on slide 29 - Allocation of allowance for credit losses by product type 1) Coverage ratio includes total commercial allowance for unfunded lending commitments and total commercial allowance for loan and lease losses in the numerator and total commercial loans and leases in the denominator. 2) Coverage ratio reflects total allowance for credit losses for the respective portfolio. Notes on slide 30 - Delinquency by product type 1) 90+ days past due and accruing includes $157 million, $172 million,and $114 million of loans fully or partially guaranteed by the FHA, VA, and USDA for September 30, 2026, June 30, 2026, and September 30, 2025, respectively.
33 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 3Q26 Change 3Q26 2Q26 3Q25 2Q26 3Q25 $/bps % $/bps % Pre-provision profit: Total revenue (GAAP) A $2,322 $2,283 $2,118 $39 2% $204 10% Noninterest expense (GAAP) B 1,393 1,394 1,335 (1) — 58 4 Pre-provision profit (non-GAAP) $929 $889 $783 $40 4% $146 19% Return on average common equity and return on average tangible common equity: Net income available to common stockholders (GAAP) C $599 $554 $457 $45 8% $142 31% Average common equity (GAAP) D $23,644 $23,839 $23,288 ($195) (1%) $356 2% Less: Average goodwill (GAAP) 8,220 8,221 8,187 (1) — 33 — Less: Average other intangibles (GAAP) 103 109 126 (6) (6) (23) (18) Add: Average deferred tax liabilities related to goodwill (GAAP) 438 438 440 — — (2) — Average tangible common equity (non-GAAP) E $15,759 $15,947 $15,415 ($188) (1%) $344 2% Return on average common equity C/D 10.05 % 9.31% 7.77 % 74 bps 228 bps Return on average tangible common equity (non-GAAP) C/E 15.08 % 13.91% 11.75 % 117 bps 333 bps Return on average total assets and return on average total tangible assets: Net income (GAAP) F $636 $587 $494 $49 8% $142 29% Average total assets (GAAP) G $231,250 $229,263 $219,117 $1,987 1% $12,133 6% Less: Average goodwill (GAAP) $8,220 $8,221 $8,187 ($1) —% $33 —% Less: Average other intangibles (GAAP) $103 $109 $126 ($6) (6%) ($23) (18%) Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) $438 $438 $440 $— —% ($2) —% Average tangible assets (non-GAAP) H $223,365 $221,371 $211,244 $1,994 1% $12,121 6% Return on average total assets F/G 1.09 % 1.03% 0.90 % 6 bps 19 bps Return on average total tangible assets (non-GAAP) F/H 1.13 % 1.06% 0.93 % 7 bps 20 bps Book value per common share and tangible book value per common share: Common shares - at period-end (GAAP) I 421,219,810 422,677,660 431,453,142 (1,457,850) —% (10,233,332) (2%) Common stockholders' equity (GAAP) J $22,952 $24,072 $23,718 ($1,120) (5) ($766) (3) Less: Goodwill (GAAP) 8,220 8,220 8,187 — — 33 — Less: Other intangible assets (GAAP) 100 105 123 (5) (5) (23) (19) Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 438 438 440 — — (2) — Tangible common equity (non-GAAP) K $15,070 $16,185 $15,848 ($1,115) (7%) ($778) (5%) Book value per common share (GAAP) J/I $54.49 $56.95 $54.97 ($2.46) (4%) ($0.48) (1%) Tangible book value per common share (non-GAAP) K/I $35.78 $38.29 $36.73 ($2.51) (7%) ($0.95) (3%)
34 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 3Q26 Change 3Q26 2Q26 3Q25 2Q26 3Q25 $/bps % $/bps % Common equity ratio and tangible common equity ratio: Total assets (GAAP) L $234,464 $233,836 $222,747 $628 —% $11,717 5% Less: Goodwill (GAAP) 8,220 8,220 8,187 — — 33 — Less: Other intangible assets (GAAP) 100 105 123 (5) (5) (23) (19) Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 438 438 440 — — (2) — Tangible assets (non-GAAP) M $226,582 $225,949 $214,877 $633 —% $11,705 5% Common equity ratio (GAAP) J/L 9.8 % 10.3 % 10.6 % (50) bps (86) bps Tangible common equity ratio (non-GAAP) K/M 6.7 7.2 7.4 (50) bps (70) bps Net interest income and net interest margin on an FTE basis: Net interest income (annualized) (GAAP) N $6,645 $6,542 $5,902 $103 2% $743 13% Average interest-earning assets (GAAP) O 208,942 206,770 197,598 2,172 1 11,344 6 Net interest margin (GAAP) N/O 3.18 % 3.16% 2.99% 2 bps 19 bps Net interest income (GAAP) $1,675 $1,631 $1,488 $44 3% $187 13% FTE adjustment 3 3 4 — — (1) (25) Net interest income on an FTE basis (non-GAAP) 1,678 1,634 1,492 44 3 186 12 Net interest income on an FTE basis (annualized) (non-GAAP) P 6,657 6,555 5,919 102 2 738 12 Net interest margin on an FTE basis (non-GAAP) P/O 3.19 % 3.17% 3.00% 2 bps 19 bps Total Retail loans excluding Private Bank and non-core - at period-end Total Retail loans - at period-end $71,004 $70,207 $68,377 $797 1% $2,627 4% Less: Non-core retail loans - at period-end 1,276 1,608 2,972 (332) (21) (1,696) (57) Less: Private bank retail loans - at period-end 3,972 3,408 1,749 564 17 2,223 127 Total Retail loans excluding Private Bank and non-core - at period-end $65,756 $65,191 $63,656 $565 1% $2,100 3% Total Commercial loans excluding Private Bank - at period-end Total Commercial loans - at period-end $77,223 $77,284 $72,493 ($61) —% $4,730 7% Less: Private bank commercial loans - at period-end $7,684 $6,282 $4,189 $1,402 22 $3,495 83 Total Commercial loans excluding Private Bank - at period-end $69,539 $71,002 $68,304 ($1,463) (2%) $1,235 2% $s in millions, except share, per share and ratio data
35 Financial measures and reconciliations - Efficiency ratio and Operating leverage $s in millions, except share, per share and ratio data QUARTERLY TRENDS 3Q26 Change 3Q26 2Q26 1Q26 4Q25 3Q25 2Q26 3Q25 $/bps % $/bps % Efficiency ratio and Operating leverage: Total revenue (GAAP) A $2,322 $2,283 $2,168 $2,157 $2,118 $39 1.72% $204 9.64% Noninterest expense (GAAP) B 1,393 1,394 $1,378 $1,343 1,335 (1) (0.11) 58 4.32 Efficiency ratio B/A 60.0% 61.1% 63.6 % 62.2% 63.0% (110) bps (305) bps Operating leverage A-B 1.83% 5.32%
36 Non-GAAP financial measures and reconciliations - CET1 adjusted for AOCI opt-out removal QUARTERLY TRENDS 3Q26 2Q26 CET1 Ratio adjusted for AOCI opt-out removal CET1 capital $ 18,673 $ 18,364 Less: AFS securities - AOCI 2,078 1,103 HTM securities - AOCI(1) 748 628 DTA for AFS/HTM securities 47 31 Pension 242 244 DTA for Pension 3 4 CET 1 capital adjusted for AOCI opt-out removal A $15,555 $16,354 Risk-weighted assets 177,258 176,336 Less: HTM securities - AOCI 128 108 AFS securities - AOCI 325 181 DTA for AFS/HTM securities (2,277) (1,385) Pension 242 244 DTA for Pension (213) (214) Risk-weighted assets adjusted for AOCI opt-out removal B $179,053 $177,402 CET1 Ratio adjusted for AOCI opt-out removal A/B 8.7 % 9.2 % $s in millions, except share, per share and ratio data (1) "HTM securities - AOCI" refers to unrealized losses recognized on securities before transfer to HTM
37 Non-GAAP financial measures and reconciliations - Private Bank Return on Regulatory Capital $s in millions, except share, per share and ratio data 3Q26 Net income available to common stockholders: Private Bank Net income available to common stockholders, (GAAP) A $66 Regulatory Capital: Private Bank Average Risk Weighted Assets (1) B $9,965 CFG Capital Allocation Rate (2) C 10.0 % Private Bank Regulatory Capital D=B*C $997 Private Bank Return on Regulatory Capital A/D 26 % (1) RWA is based on the Basel III standardized approach. (2) Capital allocation rate is management-defined for internal performance evaluation. It is not based on GAAP.

----- a3q26earningsrelease.htm -----
EX-99.1
2
a3q26earningsrelease.htm
EX-99.1
Document
Citizens Financial Group, Inc. Reports Third Quarter 2026 Net Income of
$636 million, up 29% YoY,
and EPS of $1.41, up 34% YoY and 8% QoQ
ROTCE of 15.1%; Dividend raised 13%
Positive Operating Leverage of 5.3% YoY
Key Financial Data
3Q26
2Q26
3Q25
Third Quarter 2026 Highlights
Income
Statement
($s in millions)
■
EPS of $1.41; ROTCE of 15.1%
–
Continued strong Private Bank progress, contributing $0.16 to EPS
■
PPNR of $929 million, up 4.5% QoQ, up 18.6% YoY
–
NII up 2.7% QoQ, with NIM up 2 bps to 3.19%; NII up 13% YoY, with NIM up 19 bps
–
Fees down 1% QoQ reflecting lower Mortgage and Capital Markets, partially offset by record Wealth; up 2.7% YoY
–
Positive operating leverage of 1.8% QoQ and 5.3% YoY
■
Average loans up 1% QoQ, with growth led by Private Bank and retail; up 0.5% QoQ on a spot basis
■
Credit continues to be broadly favorable; net charge-offs of 37 bps, stable QoQ; ACL coverage of 1.47%
■
Average and spot deposits broadly stable QoQ
–
Private Bank spot deposits of $18.5 billion, up ~$750 million, or 4%, QoQ
–
Total deposit costs well controlled, up 3 bps QoQ
■
Strong liquidity profile; spot LDR of 80.0%
■
Strong CET1 ratio of 10.5%
■
TBV/share of $35.78, down 6.6% QoQ
Total revenue
$
2,322
$
2,283
$
2,118
Pre-provision profit
929
889
783
Provision for credit losses
125
134
154
Net income
636
587
494
Balance Sheet
&
Credit Quality
($s in billions)
Period-end loans and leases
$
148.2
$
147.5
$
140.9
Average loans and leases
147.4
146.1
140.0
Period-end deposits
185.2
185.6
180.0
Average deposits
183.7
183.6
176.0
Loan-to-deposit ratio (spot)
80.0
%
79.5
%
78.3
%
NCO ratio
0.37
%
0.37
%
0.46
%
Financial Metrics
Diluted EPS
$
1.41
$
1.30
$
1.05
ROTCE
15.1
%
13.9
%
11.7
%
Net interest margin, FTE
3.19
3.17
3.00
Efficiency ratio
60.0
61.1
63.0
CET1
10.5
%
10.4
%
10.7
%
TBV/Share
$
35.78
$
38.29
$
36.73
Comments from Chairman and CEO Bruce Van Saun
“We continued to deliver attractive revenue and earnings growth in the third quarter, notwithstanding significant volatility in the external environment,” said Chairman and CEO Bruce Van Saun. “We remain focused on executing our strategic initiatives, advancing our AI, technology and cybersecurity agenda, and attracting great talent. We remain confident in our positioning and outlook for Q4 and for 2027.”
Citizens also announced today that its board of directors declared a quarterly common stock dividend of $0.52 per share, a $0.06, or 13%, increase compared with the prior quarter. The dividend is payable on November 13, 2026 to shareholders of record at the close of business on October 30, 2026. In addition, Citizens announced today that its board of directors increased
Citizens Financial Group, Inc.
the capacity of its common share repurchase program to $1.95 billion, an increase of $1.3 billion above the $650 million of capacity currently remaining under the prior June 2025 authorization.
Earnings highlights
(1)
:
Quarterly Trends
3Q26 change from
($s in millions, except per share data)
3Q26
2Q26
3Q25
2Q26
3Q25
Earnings
$/bps/%
%
$/bps/%
%
Net interest income
$
1,675
$
1,631
$
1,488
$
44
3
%
$
187
13
%
Noninterest income
647
652
630
(5)
(1)
17
3
Total revenue
2,322
2,283
2,118
39
2
204
10
Noninterest expense
1,393
1,394
1,335
(1)
—
58
4
Pre-provision profit
929
889
783
40
4
146
19
Provision for credit losses
125
134
154
(9)
(7)
(29)
(19)
Net income
636
587
494
49
8
142
29
Preferred dividends/other
(2)
37
33
37
4
12
—
—
Net income available to common stockholders
$
599
$
554
$
457
$
45
8
%
$
142
31
%
Average common shares outstanding
Basic (in millions)
421.1
422.9
431.4
(1.7)
—
(10.2)
(2)
Diluted (in millions)
425.7
426.7
435.5
(1.0)
—
(9.8)
(2)
Diluted earnings per share
1.41
1.30
1.05
0.11
8
0.36
34
Performance metrics
Net interest margin
3.18
%
3.16
%
2.99
%
2
bps
19
bps
Net interest margin, FTE
3.19
3.17
3.00
2
19
Effective income tax rate
20.9
22.3
21.4
(143)
(52)
Efficiency ratio
60.0
61.1
63.0
(110)
(305)
Return on average tangible common equity
15.1
13.9
11.7
117
333
Return on average total tangible assets
1.13
%
1.06
%
0.93
%
7
bps
20
bps
Capital adequacy
(3,4)
Common equity tier 1 capital ratio
10.5
%
10.4
%
10.7
%
Total capital ratio
13.7
13.6
13.9
Tier 1 leverage ratio
9.2
9.2
9.4
Tangible common equity ratio
6.7
7.2
7.4
Allowance for credit losses to loans and leases
1.47
%
1.48
%
1.56
%
(1)
bps
(9)
bps
Asset quality
(4)
Nonaccrual loans and leases to loans and leases
0.99
%
0.97
%
1.08
%
2
bps
(9)
bps
Allowance for credit losses to nonaccrual loans and leases
149
152
145
(3)
%
4
%
Net charge-offs as a % of average loans and leases
0.37
%
0.37
%
0.46
%
—
bps
(9)
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)
3Q26 and 3Q25 include preferred stock early redemption costs of $4 million and $5 million, respectively.
(3)
Current reporting-period regulatory capital ratios are preliminary.
(4)
Capital adequacy and asset-quality ratios calculated on a period-end basis, except net charge-offs.
2
Citizens Financial Group, Inc.
Consolidated balance sheet summary
(1)
:
3Q26 change from
($s in millions)
3Q26
2Q26
3Q25
2Q26
3Q25
$/bps
%
$/bps
%
Total assets
$
234,464
$
233,836
$
222,747
$
628
—
%
$
11,717
5
%
Total loans and leases
148,227
147,491
140,870
736
—
7,357
5
Total loans held for sale
884
1,458
1,334
(574)
(39)
(450)
(34)
Deposits
185,228
185,620
180,011
(392)
—
5,217
3
Stockholders' equity
25,162
26,183
25,829
(1,021)
(4)
(667)
(3)
Stockholders' common equity
22,952
24,072
23,718
(1,120)
(5)
(766)
(3)
Tangible common equity
$
15,070
$
16,185
$
15,848
$
(1,115)
(7)
%
$
(778)
(5)
%
Loan-to-deposit ratio (period-end)
(2)
80.0
%
79.5
%
78.3
%
56
bps
176
bps
Loan-to-deposit ratio (average)
(2)
80.2
%
79.6
%
79.6
%
62
bps
63
bps
(1) Represents period-end unless otherwise noted.
(2) Excludes loans held for sale.
3
Citizens Financial Group, Inc.
Discussion of results:
Net interest income
3Q26 change from
($s in millions)
3Q26
2Q26
3Q25
2Q26
3Q25
$/bps
%
$/bps
%
Interest income:
Interest and fees on loans and leases and loans held for sale
$
2,056
$
1,994
$
1,928
$
62
3
%
$
128
7
%
Investment securities
462
446
433
16
4
29
7
Interest-bearing deposits in banks
103
103
97
—
—
6
6
Total interest income
$
2,621
$
2,543
$
2,458
$
78
3
%
$
163
7
%
Interest expense:
Deposits
$
767
$
747
$
816
$
20
3
%
$
(49)
(6)
%
Short-term borrowed funds
12
9
5
3
33
7
140
Long-term borrowed funds
167
156
149
11
7
18
12
Total interest expense
$
946
$
912
$
970
$
34
4
%
$
(24)
(2)
%
Net interest income
$
1,675
$
1,631
$
1,488
$
44
3
%
$
187
13
%
Net interest margin, FTE
3.19
%
3.17
%
3.00
%
2
bps
19
bps
Third quarter 2026
vs.
second quarter 2026
Net interest income of $1.7 billion increased 2.7%, reflecting a higher net interest margin along with a 1% increase in average interest-earning assets.
•
Net interest margin of 3.19% increased 2 basis points, reflecting the benefit of lower terminated swap impacts and fixed-rate asset repricing, partially offset by increased funding costs.
•
Interest-bearing deposit costs increased 5 basis points to 2.13%; total deposit costs increased 3 basis points to 1.66%; total cost of funds increased 3 basis points to 1.88%.
Third quarter 2026
vs.
third quarter 2025
Net interest income of $1.7 billion increased 13%, primarily reflecting a higher net interest margin, as well as a 6% increase in interest-earning assets.
•
Net interest margin of 3.19% increased 19 basis points, largely driven by the benefit of lower terminated swap impacts and Non-Core runoff, fixed-rate asset repricing and improved funding costs.
4
Citizens Financial Group, Inc.
Noninterest Income
3Q26 change from
($s in millions)
3Q26
2Q26
3Q25
2Q26
3Q25
$
%
$
%
Service charges and fees
$
120
$
117
$
112
$
3
3
%
$
8
7
%
Capital markets fees
149
153
166
(4)
(3)
(17)
(10)
Wealth fees
109
102
93
7
7
16
17
Card fees
90
89
87
1
1
3
3
Mortgage banking fees
35
42
49
(7)
(17)
(14)
(29)
Foreign exchange and derivative products
49
47
42
2
4
7
17
Letter of credit and loan fees
54
52
48
2
4
6
13
Securities gains, net
11
6
2
5
83
9
NM
Other income
(1)
30
44
31
(14)
(32)
(1)
(3)
Noninterest income
$
647
$
652
$
630
$
(5)
(1)
%
$
17
3
%
(1) Includes bank-owned life insurance income and other miscellaneous income for all periods presented.
Third quarter 2026
vs.
second quarter 2026
Noninterest income of $647 million decreased $5 million, or 1%.
•
Service charges and fees increased $3 million, primarily from higher overdraft fees.
•
Capital markets fees decreased $4 million to $149 million, reflecting lower loan syndication and debt and equity underwriting fees, largely offset by higher M&A fees.
•
Wealth fees increased $7 million to $109 million, a new record, primarily reflecting higher advisory fees.
•
FX and derivative products increased $2 million, given higher FX and commodities client hedging activity.
•
Mortgage banking fees decreased $7 million, primarily due to a decline in net MSR valuation of $13 million, partially offset by higher servicing revenue.
•
Other income decreased $14 million, reflecting several modest revenue items in the prior quarter.
Third quarter 2026
vs.
third quarter 2025
Noninterest income of $647 million increased $17 million, or 3%.
•
Service charges and fees increased $8 million, primarily reflecting higher overdraft and cash management fees.
•
Capital markets fees decreased $17 million, primarily driven by lower M&A relative to particularly strong results in third quarter 2025.
•
Wealth fees increased $16 million, primarily from growth in AUM, reflecting net inflows and market appreciation.
•
Mortgage banking fees decreased $14 million, reflecting lower net MSR valuation results and lower production fees, partially offset by higher servicing revenue.
5
Citizens Financial Group, Inc.
Noninterest Expense
3Q26 change from
($s in millions)
3Q26
2Q26
3Q25
2Q26
3Q25
$
%
$
%
Salaries and employee benefits
$
750
$
745
$
705
$
5
1
%
$
45
6
%
Equipment and software
202
195
197
7
4
5
3
Outside services
174
174
161
—
—
13
8
Occupancy
107
108
106
(1)
(1)
1
1
Other operating expense
160
172
166
(12)
(7)
(6)
(4)
Noninterest expense
$
1,393
$
1,394
$
1,335
$
(1)
—
%
$
58
4
%
Third quarter 2026
vs.
second quarter 2026
Noninterest expense of $1.4 billion was stable.
•
Salaries and employee benefits increased $5 million, primarily reflecting the continued Private Bank & Wealth buildout, an increase in Commercial, as well as higher medical benefit costs.
•
Equipment and software increased
$7 million, largely due to higher technology-related costs.
•
Other operating expense decreased $12 million, reflecting the impact of various sundry items.
The effective tax rate of 20.9% in third quarter 2026 compares with 22.3% in second quarter 2026. The lower third quarter tax rate reflected the recognition of discrete tax benefits.
Third quarter 2026
vs.
third quarter 2025
Noninterest expense of $1.4 billion increased 4%.
•
Salaries and employee benefits increased
$45 million, reflecting the continued Private Bank & Wealth buildout.
•
Outside services
increased
$13 million,
primarily reflecting costs to implement the
Reimagine the Bank
program.
•
Other operating expense decreased $6 million, reflecting the impact of various sundry items.
The effective tax rate was 20.9% in third quarter 2026 compared with 21.4% in third quarter 2025.
6
Citizens Financial Group, Inc.
Interest-earning assets
3Q26 change from
($s in millions)
3Q26
2Q26
3Q25
2Q26
3Q25
Period-end interest-earning assets
$
%
$
%
Investments
$
45,690
$
46,345
$
44,456
$
(655)
(1)
%
$
1,234
3
%
Interest-bearing deposits in banks
12,517
12,648
11,090
(131)
(1)
1,427
13
Commercial loans and leases
77,223
77,284
72,493
(61)
—
4,730
7
Retail loans
71,004
70,207
68,377
797
1
2,627
4
Total loans and leases
148,227
147,491
140,870
736
—
7,357
5
Loans held for sale
884
1,458
1,334
(574)
(39)
(450)
(34)
Total loans and leases and loans held for sale
149,111
148,949
142,204
162
—
6,907
5
Total period-end interest-earning assets
$
207,318
$
207,942
$
197,750
$
(624)
—
%
$
9,568
5
%
Average interest-earning assets
(1)
Investments
$
49,211
$
48,088
$
46,453
$
1,123
2
%
$
2,758
6
%
Interest-bearing deposits in banks
10,941
10,839
9,015
102
1
1,926
21
Commercial loans and leases
76,920
76,548
72,150
372
—
4,770
7
Retail loans
70,434
69,580
67,861
854
1
2,573
4
Total loans and leases
147,354
146,128
140,011
1,226
1
7,343
5
Loans held for sale
1,436
1,715
2,119
(279)
(16)
(683)
(32)
Total loans and leases and loans held for sale
148,790
147,843
142,130
947
1
6,660
5
Total average interest-earning assets
$
208,942
$
206,770
$
197,598
$
2,172
1
%
$
11,344
6
%
(1)
Total average interest-earning assets excludes the mark-to-market on investment securities and unsettled purchases or sales of loans and investments.
Third quarter 2026
vs.
second quarter 2026
Period-end interest-earning assets of $207.3 billion decreased $624 million, reflecting a $655 million decrease in investments in securities and $574 million decrease in loans held for sale, partially offset by a $736 million increase in total loans and leases. Total loans and leases increased $736 million, as growth in the Private Bank, and growth in home equity and mortgage, were partially offset by commercial real estate paydowns, lower commercial line utilization, and runoff of Non-Core loans.
Average interest-earning assets of $208.9 billion increased $2.2 billion, or 1%, primarily reflecting a $1.2 billion increase in total loans and leases, and a $1.1 billion increase in investments.
The average effective duration of the securities portfolio was 4.6 years, compared with 4.1 years at June 30, 2026 and 3.6 years at September 30, 2025.
Third quarter 2026
vs.
third quarter 2025
Period-end interest-earning assets of $207.3 billion increased $9.6 billion, or 5%, reflecting a $1.2 billion increase in investments in securities, a $1.4 billion increase in cash held in interest-bearing deposits and a $6.9 billion increase in total loans and leases and loans held for sale. The increase in total loans and leases and loans held for sale was largely driven by growth in the Private Bank and growth in commercial, given net new money originations in corporate banking and higher commercial line utilization, partially offset by commercial real estate paydowns. Retail also grew $2.6 billion, reflecting growth in home equity and mortgage, partially offset by Non-Core portfolio runoff.
Average interest-earning assets of $208.9 billion increased $11.3 billion, primarily reflecting a $6.7 billion increase in total loans and leases and loans held for sale, as well as $1.9 billion increase in cash held in interest-bearing deposits and a $2.8 billion increase in investments in securities.
7
Citizens Financial Group, Inc.
Deposits
3Q26 change from
($s in millions)
3Q26
2Q26
3Q25
2Q26
3Q25
Period-end deposits
$
%
$
%
Noninterest-bearing demand
$
40,916
$
40,939
$
39,472
$
(23)
—
%
$
1,444
4
%
Checking with interest
38,526
40,258
35,219
(1,732)
(4)
3,307
9
Savings
22,424
23,570
24,759
(1,146)
(5)
(2,335)
(9)
Money market
63,379
60,029
59,709
3,350
6
3,670
6
Time
19,983
20,824
20,852
(841)
(4)
(869)
(4)
Total period-end deposits
$
185,228
$
185,620
$
180,011
$
(392)
—
%
$
5,217
3
%
Average deposits
Noninterest-bearing demand
$
40,567
$
39,881
$
38,070
$
686
2
%
$
2,497
7
%
Checking with interest
38,684
38,632
34,748
52
—
3,936
11
Savings
22,923
23,780
25,001
(857)
(4)
(2,078)
(8)
Money market
61,115
60,295
57,783
820
1
3,332
6
Time
20,447
21,032
20,355
(585)
(3)
92
—
Total average deposits
$
183,736
$
183,620
$
175,957
$
116
—
%
$
7,779
4
%
Third quarter 2026
vs.
second quarter 2026
Total period-end deposits of $185.2 billion are broadly stable, reflecting growth in the Private Bank and Commercial, largely offset by a decrease in Consumer. Private Bank deposits increased 4% to $18.5 billion at the end of third quarter 2026.
Average deposits of $183.7 billion are broadly stable, primarily reflecting growth in Commercial, largely offset by a decrease in Consumer.
Third quarter 2026
vs.
third quarter 2025
Total period-end deposits of $185.2 billion increased 3%, driven by Private Bank growth of $6.1 billion.
Average deposits of $183.7 billion were up 4%, largely reflecting growth in the Private Bank.
8
Citizens Financial Group, Inc.
Borrowed Funds
3Q26 change from
($s in millions)
3Q26
2Q26
3Q25
2Q26
3Q25
Period-end borrowed funds
$
%
$
%
Short-term borrowed funds
$
819
$
1,159
$
214
$
(340)
(29) %
$
605
NM
Long-term borrowed funds
FHLB advances
7,613
5,763
14
1,850
32
7,599
NM
Senior debt
7,318
7,078
6,825
240
3
493
7
Subordinated debt and other debt
1,422
1,421
1,620
1
—
(198)
(12)
Auto collateralized borrowings
660
928
1,982
(268)
(29)
(1,322)
(67)
Total borrowed funds
$
17,832
$
16,349
$
10,655
$
1,483
9
%
$
7,177
67
%
Average borrowed funds
Short-term borrowed funds
$
1,627
$
989
$
589
$
638
65 %
$
1,038
176
%
Long-term borrowed funds
FHLB advances
4,718
3,538
1,009
1,180
33 %
3,709
NM
Senior debt
7,117
7,078
6,823
39
1
294
4
Subordinated debt and other debt
1,422
1,419
1,622
3
—
(200)
(12)
Auto collateralized borrowings
784
1,077
2,189
(293)
(27)
(1,405)
(64)
Total average borrowed funds
$
15,668
$
14,101
$
12,232
$
1,567
11
%
$
3,436
28
%
Third quarter 2026
vs.
second quarter 2026
Period-end borrowed funds increased $1.5 billion, primarily reflecting an increase in FHLB advances, partially offset by a decrease in short-term borrowed funds and a decrease in collateralized borrowings on auto loans as the associated portfolio runs down.
Average borrowed funds increased $1.6 billion, driven primarily by an increase in FHLB advances and an increase in short-term borrowed funds, partially offset by a decrease in auto collateralized borrowings.
Third quarter 2026
vs.
third quarter 2025
Period-end borrowed funds increased $7.2 billion, primarily reflecting increases in FHLB advances, short-term borrowed funds and senior debt, partially offset by the decrease in auto collateralized borrowings as the associated portfolio runs down.
Average borrowed funds increased by $3.4 billion, given increases in FHLB advances, short-term borrowed funds and senior debt, partially offset by the decrease in auto collateralized borrowings.
9
Citizens Financial Group, Inc.
Capital
3Q26 change from
($s and shares in millions, except per share data)
3Q26
2Q26
3Q25
2Q26
3Q25
Period-end capital
$
%
$
%
Stockholders' equity
$
25,162
$
26,183
$
25,829
$
(1,021)
(4)
%
$
(667)
(3)
%
Stockholders' common equity
22,952
24,072
23,718
(1,120)
(5)
(766)
(3)
Tangible common equity
15,070
16,185
15,848
(1,115)
(7)
(778)
(5)
Tangible book value per common share
$
35.78
$
38.29
$
36.73
$
(2.51)
(7)
%
$
(0.95)
(3)
%
Common shares - at end of period
421.2
422.7
431.5
(1.5)
—
(10.2)
(2)
Common shares - average (diluted)
425.7
426.7
435.5
(1.0)
—
%
(9.8)
(2)
%
Common equity tier 1 capital ratio
(1)
10.5
%
10.4
%
10.7
%
Total capital ratio
(1)
13.7
13.6
13.9
Tangible common equity ratio
6.7
7.2
7.4
(1) Current reporting-period regulatory capital ratios are preliminary.
Third quarter 2026
•
The CET1 capital ratio of 10.5% as of September 30, 2026 compares with 10.4% at June 30, 2026 and 10.7% at September 30, 2025.
•
Total capital ratio of 13.7% compares with 13.6% at June 30, 2026 and 13.9% as of September 30, 2025.
•
Tangible common equity ratio of 6.7% compares with 7.2% at June 30, 2026 and 7.4% as of September 30, 2025.
•
Tangible book value per common share of $35.78, decreased 6.6% compared with second quarter 2026, and 2.6% versus third quarter 2025, given the negative impact of higher long-term rates on the investment securities and swap portfolios.
•
Total capital returned to shareholders was $322 million in third quarter 2026.
◦
Paid $197 million in common dividends to shareholders during third quarter 2026. This compares with $197 million in common dividends during second quarter 2026 and $184 million during third quarter 2025.
◦
Repurchased $125 million of common shares during third quarter 2026, compared with $225 million in second quarter 2026 and $75 million in third quarter 2025.
•
Citizens’ board of directors declared an increase in its quarterly common dividend to $0.52 per share, up $0.06 or 13% compared with the prior quarter, payable in 4Q26.
•
The board of directors also increased the capacity of Citizens’ common share repurchase program to $1.95 billion, an increase of $1.3 billion above the $650 million of capacity currently remaining under the prior June 2025 authorization.
10
Citizens Financial Group, Inc.
Credit quality review
3Q26 change from
($s in millions)
3Q26
2Q26
3Q25
2Q26
3Q25
$/bps/%
%
$/bps/%
%
Nonaccrual loans and leases
(1)
$
1,461
$
1,435
$
1,518
$
26
2
%
$
(57)
(4)
%
90+ days past due and accruing
(2)
165
183
162
(18)
(10)
3
2
Net charge-offs
137
135
162
2
1
(25)
(15)
Provision for credit losses
125
134
154
(9)
(7)
(29)
(19)
Allowance for credit losses
$
2,172
$
2,184
$
2,201
$
(12)
(1)
%
$
(29)
(1)
%
Nonaccrual loans and leases to loans and leases
0.99
%
0.97
%
1.08
%
2
bps
(9)
bps
Net charge-offs as a % of total loans and leases
0.37
0.37
0.46
—
(9)
Allowance for credit losses to loans and leases
1.47
1.48
1.56
(1)
(9)
Allowance for credit losses to nonaccrual loans and leases
149
%
152
%
145
%
(3)
%
4
%
(1)
Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
(2) 90+ days past due and accruing includes $157 million, $172 million, and $114 million of loans fully or partially guaranteed by the FHA, VA, and USDA for September 30, 2026, June 30, 2026, and September 30, 2025, respectively.
Third quarter 2026
vs.
second quarter 2026
•
Nonaccrual loans of $1.5 billion increased 2%, driven by modest increases in C&I and residential mortgage. The nonaccrual loans to total loans ratio of 0.99% compares with 0.97% at June 30, 2026.
•
Net charge-offs of $137 million, or 37 basis points of average loans and leases, was stable compared with the prior quarter.
•
The third quarter 2026 provision for credit losses of $125 million compares with $134 million for second quarter 2026.
•
The ratio of allowance for credit losses to total loans of 1.47% was down slightly compared with 1.48% as of June 30, 2026 reflecting improved loan mix given a decrease in general office and multi-family commercial real estate balances, with originations primarily in C&I and retail real estate secured that have a lower loss content profile.
•
The allowance for credit losses to nonaccrual loans and leases ratio of 149% declined from 152% at June 30, 2026, reflecting the slight decrease in the allowance for credit losses and the modest increase in nonaccrual loans.
Third quarter 2026
vs.
third quarter 2025
•
Nonaccrual loans decreased 4% driven largely by an 11% decrease in commercial, largely reflecting an 18% decline in commercial real estate. The nonaccrual loans to total loans ratio of 0.99% compares with 1.08% at September 30, 2025.
•
Net charge-offs of $137 million, or 37 basis points of average loans and leases compares with 46 basis points for third quarter 2025, reflecting a decrease in commercial real estate and retail.
•
Provision for credit losses of $125 million decreased compared with a $154 million provision in third quarter 2025 reflecting the runoff of the Non-Core portfolio and improving credit trends and loan mix.
•
Allowance for credit losses of $2.2 billion decreased $29 million compared with September 30, 2025 given the continued Non-Core runoff and other improvements in loan mix. Allowance for credit losses ratio of 1.47% as of September 30, 2026 compares with 1.56% as of September 30, 2025.
•
The allowance for credit losses to nonaccrual loans and leases ratio of 149% compares with 145% as of September 30, 2025.
11
Citizens Financial Group, Inc.
Corresponding Financial Tables and Information
Investors are encouraged to review the foregoing summary and discussion of Citizens’ earnings and financial condition in conjunction with the detailed financial tables and other information available on the Investor Relations portion of the company’s website at www.citizensbank.com/about-us.
Media:
Peter Lucht - (781) 655-2289
Investors:
Chris Emerson – (781) 655-5582
Conference Call
CFG management will host a live conference call today with details as follows:
Time:    9:00 am ET
Dial-in: (800) 369-1703, conference ID 1679767
Webcast/Presentation: The live webcast will be available at http://investor.citizensbank.com under Events & Presentations.
Replay Information: A replay of the conference call will be available beginning at 12:00 pm ET on October 16, 2026 through November 15, 2026. The webcast replay will be available at http://investor.citizensbank.com under Events & Presentations.
About Citizens Financial Group, Inc
.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $234.5 billion in assets as of September 30, 2026. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail, private banking, wealth management and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,000 ATMs and approximately 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. Consumer Banking includes Citizens Private Bank & Wealth, which integrate banking services and wealth management solutions to serve high- and ultra-high-net-worth individuals and families, as well as investors, entrepreneurs and businesses. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on X, LinkedIn or Facebook.
12
Citizens Financial Group, Inc.
Non-GAAP Financial Measures and Reconciliations
Non-GAAP Financial Measures:
This document contains non-GAAP financial measures that we believe provide useful information to investors to understand our results of operations or financial condition. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP financial measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP. See the following pages for reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.
13
Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
3Q26 Change
3Q26
2Q26
3Q25
2Q26
3Q25
$/bps
%
$/bps
%
Pre-provision profit:
Total revenue (GAAP)
A
$2,322
$2,283
$2,118
$39
2
%
$204
10
%
Less: Noninterest expense (GAAP)
B
1,393
1,394
1,335
(1)
—
58
4
Pre-provision profit (non-GAAP)
$929
$889
$783
$40
4
%
$146
19
%
Operating leverage:
Total revenue (GAAP)
A
$2,322
$2,283
$2,118
$39
1.72
%
$204
9.64
%
Less: Noninterest expense (GAAP)
B
1,393
1,394
1,335
(1)
(0.11)
58
4.32
Operating leverage
1.83
%
5.32
%
Efficiency ratio:
Efficiency ratio
B/A
59.98
%
61.08
%
63.03
%
(110)
bps
(305)
bps
Book value per common share and tangible book value per common share:
Common shares - at period-end (GAAP)
C
421,219,810
422,677,660
431,453,142
(1,457,850)
—
%
(10,233,332)
(2
%)
Common stockholders' equity (GAAP)
D
$22,952
$24,072
$23,718
($1,120)
(5)
($766)
(3)
Less: Goodwill (GAAP)
8,220
8,220
8,187
—
—
33
—
Less: Other intangible assets (GAAP)
100
105
123
(5)
(5)
(23)
(19)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)
438
438
440
—
—
(2)
—
Tangible common equity (non-GAAP)
E
$15,070
$16,185
$15,848
($1,115)
(7
%)
($778)
(5
%)
Book value per common share (GAAP)
D/C
$54.49
$56.95
$54.97
($2.46)
(4
%)
($0.48)
(1
%)
Tangible book value per common share (non-GAAP)
E/C
35.78
38.29
36.73
(2.51)
(7)
(0.95)
(3)
Net interest income and net interest margin on an FTE basis:
Net interest income (annualized) (GAAP)
F
$6,645
$6,542
$5,902
$103
2
%
$743
13
%
Average interest-earning assets (GAAP)
G
208,942
206,770
197,598
2,172
1
11,344
6
Net interest margin (GAAP)
F/G
3.18
%
3.16
%
2.99
%
2
bps
19
bps
Net interest income (GAAP)
$1,675
$1,631
$1,488
$44
3
%
$187
13
%
FTE adjustment
3
3
4
—
—
(1)
(25)
Net interest income on an FTE basis (non-GAAP)
1,678
1,634
1,492
44
3
186
12
Net interest income on an FTE basis (annualized) (non-GAAP)
H
6,657
6,555
5,919
102
2
738
12
Net interest margin on an FTE basis (non-GAAP)
H/G
3.19
%
3.17
%
3.00
%
2
bps
19
bps
Return on average common equity and return on average tangible common equity:
Net income available to common stockholders (GAAP)
I
$599
$554
$457
$45
8
%
$142
31
%
Average common equity (GAAP)
J
$23,644
$23,839
$23,288
($195)
(1)
$356
2
Less: Average goodwill (GAAP)
8,220
8,221
8,187
(1)
—
33
—
Less: Average other intangibles (GAAP)
103
109
126
(6)
(6)
(23)
(18)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)
438
438
440
—
—
(2)
—
Average tangible common equity (non-GAAP)
K
$15,759
$15,947
$15,415
($188)
(1
%)
$344
2
%
Return on average common equity (GAAP)
I/J
10.05
%
9.31
%
7.77
%
74
bps
228
bps
Return on average tangible common equity (non-GAAP)
I/K
15.08
%
13.91
%
11.75
%
117
bps
333
bps
Return on average total assets and return on average total tangible assets:
Net income (GAAP)
L
$636
$587
$494
$49
8
%
$142
29
%
Average total assets (GAAP)
M
$231,250
$229,263
$219,117
$1,987
1
$12,133
6
Less: Average goodwill (GAAP)
8,220
8,221
8,187
(1)
—
33
—
Less: Average other intangibles (GAAP)
103
109
126
(6)
(6)
(23)
(18)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)
438
438
440
—
—
(2)
—
Average tangible assets (non-GAAP)
N
$223,365
$221,371
$211,244
$1,994
1
%
$12,121
6
%
Return on average total assets (GAAP)
L/M
1.09
%
1.03
%
0.90
%
6
bps
19
bps
Return on average total tangible assets (non-GAAP)
L/N
1.13
%
1.06
%
0.93
%
7
bps
20
bps
14
Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
3Q26 Change
3Q26
2Q26
3Q25
2Q26
3Q25
$/bps
%
$/bps
%
Common equity ratio and tangible common equity ratio:
Total assets (GAAP)
O
$234,464
$233,836
$222,747
$628
—
%
$11,717
5
%
Less: Goodwill (GAAP)
8,220
8,220
8,187
—
—
33
—
Less: Other intangible assets (GAAP)
100
105
123
(5)
(5)
(23)
(19)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)
438
438
440
—
—
(2)
—
Tangible assets (non-GAAP)
P
$226,582
$225,949
$214,877
$633
—
%
$11,705
5
%
Common equity ratio (GAAP)
D/O
9.8
%
10.3
%
10.6
%
(50) bps
(86) bps
Tangible common equity ratio (non-GAAP)
E/P
6.7
7.2
7.4
(50) bps
(70) bps
15
Citizens Financial Group, Inc.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words "believes," "expects," "anticipates," "estimates," "intends," "plans," "goals," "targets," "initiatives," "potentially," "probably," "projects," "outlook," and "guidance", or similar expressions or future conditional verbs such as "may," "will," "likely," "should," "would," and "could."
Forward-looking statements are based upon the current beliefs and expectations of management and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation:
•
Negative economic, business, and political conditions, including as a result of the interest rate environment, supply chain disruptions, tariffs, inflationary pressures, and labor shortages that adversely affect the general economy, housing prices, the job market, consumer confidence, and spending habits;
•
The general state of the economy and employment, as well as general business and economic conditions, and changes in the competitive environment;
•
Our capital and liquidity requirements under regulatory standards and our ability to generate capital and liquidity on favorable terms;
•
The effect of changes in our credit ratings on our cost of funding, access to capital markets, ability to market our securities, and overall liquidity position;
•
The effect of changes in the level of commercial and consumer deposits on our funding costs and net interest margin;
•
Our ability to achieve our financial performance goals and execute on our strategic business initiatives, including the continued expansion of Private Bank & Wealth, and our aim to position us as a more innovative, modern, and customer-centric bank;
•
The effects of geopolitical instability, including the war in Ukraine and the conflict in the Middle East, on economic and market conditions, inflationary pressures and the interest rate environment, commodity price and foreign exchange rate volatility, and heightened cybersecurity risks;
•
Our ability to comply with supervisory requirements and expectations as well as new or amended regulations;
•
Liabilities and business restrictions resulting from litigation and regulatory investigations;
•
The impact of changes in interest rates on our net interest income, net interest margin, mortgage originations, and mortgage servicing rights, as well as on market liquidity, which could affect our funding sources and ability to originate and distribute financial products in the primary and secondary markets;
•
Financial services reform and other current, pending, or future legislation or regulation that could have a negative effect on our revenue and businesses;
•
Environmental risks, such as physical or transition risks associated with climate change, and social and governance risks that could adversely affect our reputation, operations, business, and customers;
•
A failure in, or breach of, our compliance with laws, as well as operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyberattacks; and
•
Management’s ability to identify and manage these and other risks.
In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, balance sheet growth, market conditions, and regulatory considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares from, or pay any dividends to, holders of our common stock, or as to the amount of any such repurchases or dividends.
More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 as filed with the Securities and Exchange Commission.
Note: Per share amounts and ratios presented in this document are calculated using whole dollars.
16
Citizens Financial Group, Inc.
CFG-IR
17

----- q326financialsupplement.htm -----
EX-99.3
4
q326financialsupplement.htm
EX-99.3
Document
Financial Supplement
Third Quarter 2026
1
Table of Contents
Page
Consolidated Financial Highlights
3
Consolidated Statements of Operations (unaudited)
4
Consolidated Balance Sheets (unaudited)
5
Loans and Deposits
6
Average Balance Sheets, Annualized Yields and Rates
7
Mortgage Banking Fees
9
Segment Financial Highlights
10
Credit-Related Information:
Nonaccrual loans and leases
13
Loans and Leases 90 Days or More Past Due and Accruing
14
Charge-offs, Recoveries, and Related Ratios
15
Summary of Changes in the Components of the Allowance for Credit Losses
17
Capital and Ratios
18
Non-GAAP Financial Measures and Reconciliations
19
The information in this Financial Supplement is preliminary and based on company data available at the time of the earnings presentation. It speaks only as of the particular date or dates included in the accompanying pages. The Company does not undertake an obligation to, and disclaims any duty to, update any of the information provided. Any forward-looking statements in this Financial Supplement are subject to the forward-looking statements language contained in the Company’s reports filed with the SEC pursuant to the Securities Exchange Act of 1934, which can be found on the SEC’s website (
www.sec.gov
) or on the Company’s website (
www.citizensbank.com
). The Company’s future financial performance is subject to the risks and uncertainties described in its SEC filings.
2
CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in millions, except per share data)
QUARTERLY TRENDS
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
3Q26 Change
2026 Change
3Q26
2Q26
1Q26
4Q25
3Q25
2Q26
3Q25
2026
2025
2025
$/bps
%
$/bps
%
$/bps
%
SELECTED OPERATING DATA
Total revenue
A
$2,322
$2,283
$2,168
$2,157
$2,118
$39
2
%
$204
10
%
$6,773
$6,090
$683
11
%
Noninterest expense
B
1,393
1,394
1,378
1,343
1,335
(1)
—
58
4
4,165
3,968
197
5
Pre-provision profit
1
929
889
790
814
783
40
4
146
19
2,608
2,122
486
23
Provision (benefit) for credit losses
125
134
140
137
154
(9)
(7)
(29)
(19)
399
471
(72)
(15)
NET INCOME
636
587
517
528
494
49
8
142
29
1,740
1,303
437
34
Net income available to common stockholders
599
554
484
489
457
45
8
142
31
1,637
1,199
438
37
PER COMMON SHARE DATA
Basic earnings
$1.42
$1.31
$1.14
$1.14
$1.06
$0.11
8
%
$0.36
34
%
$3.87
$2.76
$1.11
40
%
Diluted earnings
1.41
1.30
1.13
1.13
1.05
0.11
8
0.36
34
3.83
2.74
1.09
40
Cash dividends declared and paid per common share
0.46
0.46
0.46
0.46
0.42
—
—
0.04
10
1.38
1.26
0.12
10
Book value per common share
54.49
56.95
56.48
56.39
54.97
(2.46)
(4)
(0.48)
(1)
54.49
54.97
(0.48)
(1)
Tangible book value per common share
1
35.78
38.29
37.94
38.07
36.73
(2.51)
(7)
(0.95)
(3)
35.78
36.73
(0.95)
(3)
Dividend payout ratio
32
%
35
%
40
%
40
%
40
%
(272)
bps
(723)
bps
36
%
46
%
(999)
bps
COMMON SHARES OUTSTANDING
Average: Basic
421,148,362
422,871,137
425,344,491
429,483,110
431,365,552
(1,722,775)
—
%
(10,217,190)
(2
%)
423,105,960
434,416,696
(11,310,736)
(3
%)
Diluted
425,662,538
426,681,848
429,894,837
434,077,960
435,472,350
(1,019,310)
—
(9,809,812)
(2)
427,338,300
437,915,596
(10,577,296)
(2)
Common shares at period-end
421,219,810
422,677,660
426,023,578
429,242,174
431,453,142
(1,457,850)
—
(10,233,332)
(2)
421,219,810
431,453,142
(10,233,332)
(2)
FINANCIAL RATIOS
Net interest margin
3.18
%
3.16
%
3.14
%
3.06
%
2.99
%
2 bps
19 bps
3.16
%
2.94
%
22
bps
Net interest margin, FTE
1,2
3.19
3.17
3.14
3.07
3.00
2
19
3.17
2.95
22
Return on average common equity
10.05
9.31
8.19
8.16
7.77
74
228
9.18
7.07
211
Return on average tangible common equity
1
15.08
13.91
12.19
12.18
11.75
117
333
13.73
10.84
289
Return on average total assets
1.09
1.03
0.94
0.95
0.90
6
19
1.02
0.80
22
Return on average total tangible assets
1
1.13
1.06
0.97
0.98
0.93
7
20
1.06
0.83
23
Effective income tax rate
20.86
22.29
20.46
22.03
21.38
(143)
(52)
21.23
21.06
17
Efficiency ratio
B/A
59.98
61.08
63.55
62.24
63.03
(110)
(305)
61.49
65.16
(367)
Noninterest income as a % of total revenue
27.86
28.54
27.95
28.75
29.75
(68)
(189)
28.12
29.12
(100)
Operating leverage:
Total revenue
$2,322
$2,283
$2,118
$39
1.72
%
$204
9.64
%
$6,773
$6,090
$683
11.22
%
Less: Noninterest expense
1,393
1,394
1,335
(1)
(0.11)
58
4.32
4,165
3,968
197
4.96
Operating leverage
1.83
%
5.32
%
6.26
%
CAPITAL RATIOS - PERIOD-END (PRELIMINARY)
CET1 capital ratio
10.5
%
10.4
%
10.5
%
10.6
%
10.7
%
Tier 1 capital ratio
11.8
11.6
11.7
11.9
11.9
Total capital ratio
13.7
13.6
13.7
13.8
13.9
Tier 1 leverage ratio
9.2
9.2
9.3
9.5
9.4
Common equity ratio
9.8
10.3
10.6
10.7
10.6
Tangible common equity ratio
1
6.7
7.2
7.3
7.5
7.4
SELECTED BALANCE SHEET DATA
Loan-to-deposit ratio (period-end balances)
80.02
%
79.46
%
78.07
%
77.84
%
78.26
%
56
bps
176
bps
80.02
%
78.26
%
176
bps
Loan-to-deposit ratio (average balances)
80.20
79.58
79.09
78.82
79.57
62
bps
63
bps
79.63
80.05
(42)
bps
Full-time equivalent colleagues (period-end)
17,609
17,727
17,380
17,398
17,496
(118)
(1)
%
113
1
%
17,609
17,496
113
1
%
1
These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."
2
Net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21% to adjust for the tax-exempt status of income from certain assets held by the Company.
3
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(dollars in millions)
QUARTERLY TRENDS
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
3Q26 Change
2026 Change
3Q26
2Q26
1Q26
4Q25
3Q25
2Q26
3Q25
2026
2025
2025
$
%
$
%
$
%
INTEREST INCOME
Interest and fees on loans and leases
$2,034
$1,968
$1,884
$1,901
$1,897
$66
3
%
$137
7
%
$5,886
$5,577
$309
6
%
Interest and fees on loans held for sale
22
26
21
22
31
(4)
(15)
(9)
(29)
69
83
(14)
(17)
Investment securities
462
446
424
434
433
16
4
29
7
1,332
1,279
53
4
Interest-bearing deposits in banks
103
103
91
89
97
—
—
6
6
297
278
19
7
Total interest income
2,621
2,543
2,420
2,446
2,458
78
3
163
7
7,584
7,217
367
5
INTEREST EXPENSE
Deposits
767
747
715
781
816
20
3
(49)
(6)
2,229
2,413
(184)
(8)
Short-term borrowed funds
12
9
4
—
5
3
33
7
140
25
22
3
14
Long-term borrowed funds
167
156
139
128
149
11
7
18
12
462
466
(4)
(1)
Total interest expense
946
912
858
909
970
34
4
(24)
(2)
2,716
2,901
(185)
(6)
Net interest income
1,675
1,631
1,562
1,537
1,488
44
3
187
13
4,868
4,316
552
13
NONINTEREST INCOME
Service charges and fees
120
117
112
112
112
3
3
8
7
349
332
17
5
Capital markets fees
149
153
134
140
166
(4)
(3)
(17)
(10)
436
371
65
18
Wealth fees
109
102
100
98
93
7
7
16
17
311
262
49
19
Card fees
90
89
83
86
87
1
1
3
3
262
260
2
1
Mortgage banking fees
35
42
42
52
49
(7)
(17)
(14)
(29)
119
181
(62)
(34)
Foreign exchange and derivative products
49
47
44
34
42
2
4
7
17
140
122
18
15
Letter of credit and loan fees
54
52
50
49
48
2
4
6
13
156
137
19
14
Securities gains, net
11
6
7
7
2
5
83
9
NM
24
14
10
71
Other income
30
44
34
42
31
(14)
(32)
(1)
(3)
108
95
13
14
Total noninterest income
647
652
606
620
630
(5)
(1)
17
3
1,905
1,774
131
7
TOTAL REVENUE
2,322
2,283
2,168
2,157
2,118
39
2
204
10
6,773
6,090
683
11
Provision (benefit) for credit losses
125
134
140
137
154
(9)
(7)
(29)
(19)
399
471
(72)
(15)
NONINTEREST EXPENSE
Salaries and employee benefits
750
745
758
716
705
5
1
45
6
2,253
2,082
171
8
Equipment and software
202
195
197
199
197
7
4
5
3
594
584
10
2
Outside services
174
174
162
148
161
—
—
13
8
510
485
25
5
Occupancy
107
108
114
109
106
(1)
(1)
1
1
329
326
3
1
Other operating expense
160
172
147
171
166
(12)
(7)
(6)
(4)
479
491
(12)
(2)
Total noninterest expense
1,393
1,394
1,378
1,343
1,335
(1)
—
58
4
4,165
3,968
197
5
Income before income tax expense
804
755
650
677
629
49
6
175
28
2,209
1,651
558
34
Income tax expense
168
168
133
149
135
—
—
33
24
469
348
121
35
Net income
$636
$587
$517
$528
$494
$49
8
%
$142
29
%
$1,740
$1,303
$437
34
%
Net income available to common stockholders
$599
$554
$484
$489
$457
$45
8
%
$142
31
%
$1,637
$1,199
$438
37
%
4
CONSOLIDATED BALANCE SHEETS (unaudited)
(dollars in millions, except par value)
PERIOD-END BALANCES
AS OF
SEPTEMBER 30, 2026 CHANGE
Sept 30, 2026
June 30, 2026
Mar 31, 2026
Dec 31, 2025
Sept 30, 2025
June 30, 2026
September 30, 2025
$
%
$
%
ASSETS
Cash and due from banks
$1,041
$1,219
$1,084
$1,464
$1,254
($178)
(15
%)
($213)
(17
%)
Interest-bearing cash and due from banks
11,925
11,541
11,246
11,263
10,396
384
3
1,529
15
Interest-bearing deposits in banks
592
1,107
830
961
694
(515)
(47)
(102)
(15)
Debt securities available for sale, at fair value
36,030
37,448
36,361
35,697
35,419
(1,418)
(4)
611
2
Debt securities held to maturity
8,298
7,638
7,800
7,933
8,124
660
9
174
2
Loans held for sale
884
1,458
1,537
1,198
1,334
(574)
(39)
(450)
(34)
Loans and leases
148,227
147,491
143,667
142,692
140,870
736
—
7,357
5
Less: Allowance for loan and lease losses
(1,905)
(1,969)
(1,958)
(1,943)
(1,972)
64
(3)
67
(3)
Net loans and leases
146,322
145,522
141,709
140,749
138,898
800
1
7,424
5
Premises and equipment
883
873
874
915
857
10
1
26
3
Bank-owned life insurance
3,493
3,470
3,464
3,441
3,422
23
1
71
2
Goodwill
8,220
8,220
8,221
8,187
8,187
—
—
33
—
Other intangible assets
100
105
112
115
123
(5)
(5)
(23)
(19)
Other assets
16,676
15,235
14,680
14,428
14,039
1,441
9
2,637
19
TOTAL ASSETS
$234,464
$233,836
$227,918
$226,351
$222,747
$628
—
%
$11,717
5
%
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing
$40,916
$40,939
$41,672
$40,417
$39,472
($23)
—
%
$1,444
4
%
Interest-bearing
144,312
144,681
142,363
142,896
140,539
(369)
—
3,773
3
Total deposits
185,228
185,620
184,035
183,313
180,011
(392)
—
5,217
3
Short-term borrowed funds
819
1,159
54
58
214
(340)
(29)
605
NM
Long-term borrowed funds:
FHLB advances
7,613
5,763
2,513
2,014
14
1,850
32
7,599
NM
Senior debt
7,318
7,078
7,076
6,328
6,825
240
3
493
7
Subordinated debt and other debt
2,082
2,349
2,671
2,882
3,602
(267)
(11)
(1,520)
(42)
Total long-term borrowed funds
17,013
15,190
12,260
11,224
10,441
1,823
12
6,572
63
Other liabilities
6,242
5,684
5,397
5,439
6,252
558
10
(10)
—
TOTAL LIABILITIES
209,302
207,653
201,746
200,034
196,918
1,649
1
12,384
6
STOCKHOLDERS' EQUITY
Preferred stock:
$25.00 par value, 100,000,000 shares authorized for each of the periods presented
2,210
2,111
2,111
2,111
2,111
99
5
99
5
Common stock:
$0.01 par value, 1,000,000,000 shares authorized for each of the periods presented
7
7
7
7
7
—
—
—
—
Additional paid-in capital
22,546
22,521
22,466
22,476
22,448
25
—
98
—
Retained earnings
12,389
11,987
11,631
11,345
11,056
402
3
1,333
12
Treasury stock, at cost
(8,308)
(8,182)
(7,955)
(7,652)
(7,526)
(126)
(2)
(782)
(10)
Accumulated other comprehensive income (loss)
(3,682)
(2,261)
(2,088)
(1,970)
(2,267)
(1,421)
(63)
(1,415)
(62)
TOTAL STOCKHOLDERS' EQUITY
25,162
26,183
26,172
26,317
25,829
(1,021)
(4)
(667)
(3)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$234,464
$233,836
$227,918
$226,351
$222,747
$628
—
%
$11,717
5
%
Memo: Total tangible common equity
1
$15,070
$16,185
$16,165
$16,341
$15,848
($1,115)
(7
%)
($778)
(5
%)
1
Represents a non-GAAP financial measure. For further information on this measure, refer to "Non-GAAP Financial Measures and Reconciliations."
5
LOANS AND DEPOSITS
(dollars in millions)
PERIOD-END BALANCES
AS OF
SEPTEMBER 30, 2026 CHANGE
Sept 30, 2026
June 30, 2026
Mar 31, 2026
Dec 31, 2025
Sept 30, 2025
June 30, 2026
September 30, 2025
$
%
$
%
LOANS AND LEASES
Commercial and industrial
$53,889
$53,467
$50,307
$49,232
$46,953
$422
1
%
$6,936
15
%
Commercial real estate
23,334
23,817
24,282
24,580
25,540
(483)
(2)
(2,206)
(9)
Total commercial
77,223
77,284
74,589
73,812
72,493
(61)
—
4,730
7
Residential mortgages
37,036
36,374
35,404
35,024
34,477
662
2
2,559
7
Home equity
20,926
20,276
19,449
19,069
18,415
650
3
2,511
14
Automobile
1,170
1,482
1,863
2,310
2,816
(312)
(21)
(1,646)
(58)
Education
7,969
8,044
8,340
8,416
8,556
(75)
(1)
(587)
(7)
Other retail
3,903
4,031
4,022
4,061
4,113
(128)
(3)
(210)
(5)
Total retail
71,004
70,207
69,078
68,880
68,377
797
1
2,627
4
Total loans and leases
$148,227
$147,491
$143,667
$142,692
$140,870
$736
—
%
$7,357
5
%
Loans held for sale
884
1,458
1,537
1,198
1,334
(574)
(39)
(450)
(34)
Loans and leases and loans held for sale
$149,111
$148,949
$145,204
$143,890
$142,204
$162
—
%
$6,907
5
%
DEPOSITS
Noninterest-bearing demand
$40,916
$40,939
$41,672
$40,417
$39,472
($23)
—
%
$1,444
4
%
Checking with interest
38,526
40,258
37,675
37,428
35,219
(1,732)
(4)
3,307
9
Savings
22,424
23,570
24,114
24,353
24,759
(1,146)
(5)
(2,335)
(9)
Money market
63,379
60,029
59,611
60,062
59,709
3,350
6
3,670
6
Time
19,983
20,824
20,963
21,053
20,852
(841)
(4)
(869)
(4)
Total deposits
$185,228
$185,620
$184,035
$183,313
$180,011
($392)
—
%
$5,217
3
%
6
AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)
QUARTERLY TRENDS
3Q26 Change
3Q26
2Q26
3Q25
2Q26
3Q25
Average Balance
Interest
Rate
Average Balance
Interest
Rate
Average Balance
Interest
Rate
Average Balance
Interest
Rate
Average Balance
Interest
Rate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks
$10,941
$103
3.66
%
$10,839
$103
3.78
%
$9,015
$97
4.24
%
$102
$—
(12) bps
$1,926
$6
(58) bps
Taxable investment securities
49,210
462
3.75
48,087
446
3.71
46,452
433
3.71
1,123
16
4
2,758
29
4
Non-taxable investment securities
1
—
2.60
1
—
2.60
1
—
2.60
—
—
—
—
—
—
Total investment securities
49,211
462
3.75
48,088
446
3.71
46,453
433
3.71
1,123
16
4
2,758
29
4
Commercial and industrial
53,179
750
5.53
52,214
707
5.35
46,351
581
4.91
965
43
18
6,828
169
62
Commercial real estate
23,741
332
5.47
24,334
333
5.41
25,799
380
5.76
(593)
(1)
6
(2,058)
(48)
(29)
Total commercial
76,920
1,082
5.51
76,548
1,040
5.37
72,150
961
5.21
372
42
14
4,770
121
30
Residential mortgages
36,604
381
4.16
35,793
367
4.09
34,134
339
3.98
811
14
7
2,470
42
18
Home equity
20,571
334
6.45
19,876
319
6.43
18,027
322
7.07
695
15
2
2,544
12
(62)
Automobile
1,317
16
4.91
1,667
20
4.78
3,096
35
4.44
(350)
(4)
13
(1,779)
(19)
47
Education
7,973
124
6.16
8,183
124
6.11
8,513
129
5.98
(210)
—
5
(540)
(5)
18
Other retail
3,969
97
9.70
4,061
98
9.67
4,091
111
10.92
(92)
(1)
3
(122)
(14)
(122)
Total retail
70,434
952
5.38
69,580
928
5.34
67,861
936
5.49
854
24
4
2,573
16
(11)
Total loans and leases
147,354
2,034
5.45
146,128
1,968
5.36
140,011
1,897
5.35
1,226
66
9
7,343
137
10
Loans held for sale
1,436
22
5.92
1,715
26
6.04
2,119
31
5.73
(279)
(4)
(12)
(683)
(9)
19
Total interest-earning assets
208,942
2,621
4.96
206,770
2,543
4.90
197,598
2,458
4.92
2,172
78
6
11,344
163
4
Noninterest-earning assets
22,308
22,493
21,519
(185)
789
TOTAL ASSETS
$231,250
$229,263
$219,117
$1,987
$12,133
INTEREST-BEARING LIABILITIES
Checking with interest
$38,684
$142
1.46
%
$38,632
$132
1.38
%
$34,748
$134
1.54
%
$52
$10
8
$3,936
$8
(8)
Savings
22,923
56
0.98
23,780
64
1.06
25,001
86
1.36
(857)
(8)
(8)
(2,078)
(30)
(38)
Money market
61,115
395
2.57
60,295
374
2.49
57,783
411
2.82
820
21
8
3,332
(16)
(25)
Time
20,447
174
3.37
21,032
177
3.39
20,355
185
3.61
(585)
(3)
(2)
92
(11)
(24)
Total interest-bearing deposits
143,169
767
2.13
143,739
747
2.08
137,887
816
2.35
(570)
20
5
5,282
(49)
(22)
Short-term borrowed funds
1,627
12
2.86
989
9
3.43
589
5
2.91
638
3
(57)
1,038
7
(5)
FHLB advances
4,718
49
4.01
3,538
35
3.94
1,009
12
4.64
1,180
14
7
3,709
37
(63)
Senior debt
7,117
91
5.12
7,078
89
5.01
6,823
88
5.16
39
2
11
294
3
(4)
Subordinated debt and other debt
2,206
27
5.04
2,496
32
5.09
3,811
49
5.16
(290)
(5)
(5)
(1,605)
(22)
(12)
Total long-term borrowed funds
14,041
167
4.73
13,112
156
4.74
11,643
149
5.11
929
11
(1)
2,398
18
(38)
Total borrowed funds
15,668
179
4.54
14,101
165
4.65
12,232
154
5.01
1,567
14
(11)
3,436
25
(47)
Total interest-bearing liabilities
158,837
946
2.37
157,840
912
2.31
150,119
970
2.56
997
34
6
8,718
(24)
(19)
Noninterest-bearing demand deposits
40,567
39,881
38,070
686
2,497
Other noninterest-bearing liabilities
5,917
5,592
5,387
325
530
TOTAL LIABILITIES
205,321
203,313
193,576
2,008
11,745
STOCKHOLDERS' EQUITY
25,929
25,950
25,541
(21)
388
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$231,250
$229,263
$219,117
$1,987
$12,133
INTEREST RATE SPREAD
2.59
%
2.59
%
2.36
%
—
23
NET INTEREST INCOME AND NET INTEREST MARGIN
$1,675
3.18
%
$1,631
3.16
%
$1,488
2.99
%
$44
2
$187
19
NET INTEREST INCOME AND NET INTEREST MARGIN, FTE
1
$1,678
3.19
%
$1,634
3.17
%
$1,492
3.00
%
$44
2
$186
19
Memo: Total deposits (interest-bearing and noninterest-bearing demand)
$183,736
$767
1.66
%
$183,620
$747
1.63
%
$175,957
$816
1.84
%
$116
$20
3 bps
$7,779
($49)
(18) bps
1
Net interest income and net interest margin are presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21% to adjust for the tax-exempt status of income from certain assets held by the Company and are considered non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."
7
AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
2026 Change
2026
2025
2025
Average Balance
Interest
Rate
Average Balance
Interest
Rate
Average Balance
Interest
Rate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks
$10,623
$297
3.68
%
$8,445
$278
4.35
%
$2,178
$19
(67)
bps
Taxable investment securities
48,084
1,332
3.69
46,354
1,279
3.68
1,730
53
1
Non-taxable investment securities
1
—
2.60
1
—
2.60
—
—
—
Total investment securities
48,085
1,332
3.69
46,355
1,279
3.68
1,730
53
1
Commercial and industrial
51,856
2,101
5.34
44,972
1,645
4.83
6,884
456
51
Commercial real estate
24,156
993
5.42
26,429
1,151
5.74
(2,273)
(158)
(32)
Total commercial
76,012
3,094
5.37
71,401
2,796
5.16
4,611
298
21
Residential mortgages
35,833
1,101
4.10
33,480
984
3.92
2,353
117
18
Home equity
19,898
960
6.45
17,338
923
7.11
2,560
37
(66)
Automobile
1,689
60
4.78
3,727
123
4.41
(2,038)
(63)
37
Education
8,198
375
6.12
9,280
405
5.83
(1,082)
(30)
29
Other retail
4,015
296
9.86
4,285
346
10.83
(270)
(50)
(97)
Total retail
69,633
2,792
5.36
68,110
2,781
5.45
1,523
11
(9)
Total loans and leases
145,645
5,886
5.36
139,511
5,577
5.31
6,134
309
5
Loans held for sale
1,553
69
5.87
2,023
83
5.45
(470)
(14)
42
Total interest-earning assets
205,906
7,584
4.89
196,334
7,217
4.88
9,572
367
1
Noninterest-earning assets
22,365
21,372
993
TOTAL ASSETS
$228,271
$217,706
$10,565
INTEREST-BEARING LIABILITIES
Checking with interest
$38,120
$396
1.39
%
$33,770
$367
1.45
%
$4,350
$29
(6)
Savings
23,596
185
1.05
25,430
260
1.36
(1,834)
(75)
(31)
Money market
60,520
1,119
2.47
55,656
1,144
2.75
4,864
(25)
(28)
Time
20,747
529
3.40
22,093
642
3.89
(1,346)
(113)
(49)
Total interest-bearing deposits
142,983
2,229
2.08
136,949
2,413
2.36
6,034
(184)
(28)
Short-term borrowed funds
1,028
25
3.17
729
22
3.85
299
3
(68)
FHLB advances
3,233
98
3.99
891
31
4.62
2,342
67
(63)
Senior debt
7,014
266
5.06
6,998
264
5.03
16
2
3
Subordinated debt and other debt
2,506
98
5.23
4,374
171
5.22
(1,868)
(73)
1
Total long-term borrowed funds
12,753
462
4.82
12,263
466
5.07
490
(4)
(25)
Total borrowed funds
13,781
487
4.70
12,992
488
5.00
789
(1)
(30)
Total interest-bearing liabilities
156,764
2,716
2.31
149,941
2,901
2.58
6,823
(185)
(27)
Noninterest-bearing demand deposits
39,916
37,326
2,590
Other noninterest-bearing liabilities
5,596
5,618
(22)
TOTAL LIABILITIES
202,276
192,885
9,391
STOCKHOLDERS' EQUITY
25,995
24,821
1,174
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$228,271
$217,706
$10,565
INTEREST RATE SPREAD
2.58
%
2.30
%
28
NET INTEREST INCOME AND NET INTEREST MARGIN
$4,868
3.16
%
$4,316
2.94
%
$552
22
NET INTEREST INCOME AND NET INTEREST MARGIN, FTE
1
$4,877
3.17
%
$4,328
2.95
%
$549
22
Memo: Total deposits (interest-bearing and noninterest-bearing demand)
$182,899
$2,229
1.63
%
$174,275
$2,413
1.85
%
$8,624
($184)
(22)
bps
1
Net interest income and net interest margin are presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21% to adjust for the tax-exempt status of income from certain assets held by the Company and are considered non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."
8
MORTGAGE BANKING FEES SUMMARY
(dollars in millions)
QUARTERLY TRENDS
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
3Q26 Change
2026 Change
3Q26
2Q26
1Q26
4Q25
3Q25
2Q26
3Q25
2026
2025
2025
$/bps
%
$/bps
%
$/bps
%
MORTGAGE BANKING FEES
Production revenue
$11
$15
$21
$19
$18
($4)
(27
%)
($7)
(39
%)
$47
$52
($5)
(10
%)
Mortgage servicing revenue
37
30
24
21
29
7
23
8
28
91
89
2
2
MSR valuation changes, net of hedge impact
(13)
(3)
(3)
12
2
(10)
NM
(15)
NM
(19)
40
(59)
NM
Total mortgage banking fees
$35
$42
$42
$52
$49
($7)
(17
%)
($14)
(29
%)
$119
$181
($62)
(34
%)
Pull-through adjusted locks
$1,394
$2,590
$2,299
$2,486
$2,150
($1,196)
(46
%)
($756)
(35
%)
$6,283
$6,720
($437)
(7
%)
Production revenue as a percentage of Pull-through adjusted locks
0.80
%
0.58
%
0.90
%
0.78
%
0.81
%
22
bps
(1)
bps
0.74
%
0.77
%
(2)
bps
RESIDENTIAL REAL ESTATE ORIGINATIONS
Retail
$2,214
$2,657
$1,944
$2,175
$2,019
($443)
(17
%)
$195
10
%
$6,815
$5,652
$1,163
21
%
Third Party
1,424
2,079
1,854
2,179
1,837
(655)
(32)
(413)
(22)
5,357
5,227
130
2
Total
$3,638
$4,736
$3,798
$4,354
$3,856
($1,098)
(23
%)
($218)
(6
%)
$12,172
$10,879
$1,293
12
%
Originated for sale
$1,924
$2,676
$2,415
$2,748
$2,379
($752)
(28
%)
($455)
(19
%)
$7,015
$6,781
$234
3
%
Originated for investment
1,714
2,060
1,383
1,606
1,477
(346)
(17)
237
16
5,157
4,098
1,059
26
Total
$3,638
$4,736
$3,798
$4,354
$3,856
($1,098)
(23
%)
($218)
(6
%)
$12,172
$10,879
$1,293
12
%
MORTGAGE SERVICING INFORMATION (UPB)
Loans serviced for others
$94,305
$94,589
$94,794
$94,877
$95,244
($284)
—
%
($939)
(1
%)
$94,305
$95,244
($939)
(1
%)
Owned loans serviced
37,260
36,975
35,888
35,599
34,760
285
1
2,500
7
37,260
34,760
2,500
7
Total
$131,565
$131,564
$130,682
$130,476
$130,004
$1
—
%
$1,561
1
%
$131,565
$130,004
$1,561
1
%
MSR at fair value
$1,602
$1,482
$1,462
$1,455
$1,430
$120
8
%
$172
12
%
$1,602
$1,430
$172
12
%
9
SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING
(dollars in millions)
QUARTERLY TRENDS
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
CONSUMER BANKING
3Q26 Change
2026 Change
3Q26
2Q26
1Q26
4Q25
3Q25
2Q26
3Q25
2026
2025
2025
$/bps
%
$/bps
%
$/bps
%
Net interest income
$1,393
$1,348
$1,309
$1,299
$1,262
$45
3
%
$131
10
%
$4,050
$3,673
$377
10
%
Noninterest income
317
314
299
315
311
3
1
6
2
930
937
(7)
(1)
Total revenue
1,710
1,662
1,608
1,614
1,573
48
3
137
9
4,980
4,610
370
8
Noninterest expense
1,015
1,016
1,028
984
979
(1)
—
36
4
3,059
2,896
163
6
Profit (loss) before credit losses
695
646
580
630
594
49
8
101
17
1,921
1,714
207
12
Net charge-offs
74
72
71
80
81
2
3
(7)
(9)
217
248
(31)
(13)
Income (loss) before income tax expense (benefit)
621
574
509
550
513
47
8
108
21
1,704
1,466
238
16
Income tax expense (benefit)
160
148
131
139
130
12
8
30
23
439
371
68
18
Net income (loss)
$461
$426
$378
$411
$383
$35
8
%
$78
20
%
$1,265
$1,095
$170
16
%
AVERAGE BALANCES
Total assets
$87,563
$85,302
$83,870
$82,552
$80,729
$2,261
3
%
$6,834
8
%
$85,592
$79,040
$6,552
8
%
Total loans and leases
1
80,783
78,550
77,089
75,980
74,274
2,233
3
6,509
9
78,821
72,588
6,233
9
Deposits
135,629
136,722
133,126
131,488
128,547
(1,093)
(1)
7,082
6
135,168
127,193
7,975
6
Interest-earning assets
81,400
79,163
77,695
76,583
74,870
2,237
3
6,530
9
79,433
73,176
6,257
9
KEY METRICS
Net interest margin
6.79
%
6.83
%
6.83
%
6.73
%
6.69
%
(4)
bps
10
bps
6.82
%
6.71
%
11
bps
Efficiency ratio
59.33
61.14
63.94
60.98
62.22
(181)
bps
(289)
bps
61.42
62.82
(140)
bps
Loan-to-deposit ratio (period-end balances)
60.21
58.07
56.55
57.28
57.40
214
bps
281
bps
60.21
57.40
281
bps
Loan-to-deposit ratio (average balances)
58.98
56.84
57.36
57.19
57.16
214
bps
182
bps
57.73
56.49
124
bps
1
Includes loans held for sale.
10
SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING
(dollars in millions)
QUARTERLY TRENDS
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
COMMERCIAL BANKING
3Q26 Change
2026 Change
3Q26
2Q26
1Q26
4Q25
3Q25
2Q26
3Q25
2026
2025
2025
$/bps
%
$/bps
%
$/bps
%
Net interest income
$481
$467
$456
$450
$448
$14
3
%
$33
7
%
$1,404
$1,328
$76
6
%
Noninterest income
285
292
263
262
286
(7)
(2)
(1)
—
840
733
107
15
Total revenue
766
759
719
712
734
7
1
32
4
2,244
2,061
183
9
Noninterest expense
333
326
334
357
333
7
2
—
—
993
977
16
2
Profit (loss) before credit losses
433
433
385
355
401
—
—
32
8
1,251
1,084
167
15
Net charge-offs
62
63
64
70
78
(1)
(2)
(16)
(21)
189
239
(50)
(21)
Income (loss) before income tax expense (benefit)
371
370
321
285
323
1
—
48
15
1,062
845
217
26
Income tax expense (benefit)
84
90
78
70
75
(6)
(7)
9
12
252
195
57
29
Net income (loss)
$287
$280
$243
$215
$248
$7
3
%
$39
16
%
$810
$650
$160
25
%
AVERAGE BALANCES
Total assets
$69,091
$69,614
$67,737
$66,750
$66,134
($523)
(1
%)
$2,957
4
%
$68,819
$65,931
$2,888
4
%
Total loans and leases
1
65,485
66,421
64,574
63,356
62,905
(936)
(1)
2,580
4
65,496
62,801
2,695
4
Deposits
45,396
44,064
45,354
45,443
44,482
1,332
3
914
2
44,938
43,056
1,882
4
Interest-earning assets
66,725
67,145
65,345
64,248
63,719
(420)
(1)
3,006
5
66,410
63,485
2,925
5
KEY METRICS
Net interest margin
2.87
%
2.78
%
2.84
%
2.78
%
2.78
%
9
bps
9
bps
2.83
%
2.80
%
3
bps
Efficiency ratio
43.39
42.71
46.66
50.09
45.15
68
bps
(176)
bps
44.21
47.38
(317)
bps
Loan-to-deposit ratio (period-end balances)
137.67
142.67
141.03
132.96
132.70
(500)
bps
497
bps
137.67
132.70
497
bps
Loan-to-deposit ratio (average balances)
142.83
148.75
140.64
138.26
140.06
(592)
bps
277
bps
144.04
144.50
(46)
bps
1
Includes loans held for sale.
11
SEGMENT FINANCIAL HIGHLIGHTS - OTHER
(dollars in millions)
QUARTERLY TRENDS
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
OTHER
1
3Q26 Change
2026 Change
3Q26
2Q26
1Q26
4Q25
3Q25
2Q26
3Q25
2026
2025
2025
$
%
$
%
$
%
Net interest income
($199)
($184)
($203)
($212)
($222)
($15)
(8
%)
$23
10
%
($586)
($685)
$99
14
%
Noninterest income
45
46
44
43
33
(1)
(2)
12
36
135
104
31
30
Total revenue
(154)
(138)
(159)
(169)
(189)
(16)
(12)
35
19
(451)
(581)
130
22
Noninterest expense
45
52
16
2
23
(7)
(13)
22
96
113
95
18
19
Profit (loss) before provision (benefit) for credit losses
(199)
(190)
(175)
(171)
(212)
(9)
(5)
13
6
(564)
(676)
112
17
Provision (benefit) for credit losses
(11)
(1)
5
(13)
(5)
(10)
NM
(6)
(120)
(7)
(16)
9
56
Income (loss) before income tax expense (benefit)
(188)
(189)
(180)
(158)
(207)
1
1
19
9
(557)
(660)
103
16
Income tax expense (benefit)
(76)
(70)
(76)
(60)
(70)
(6)
(9)
(6)
(9)
(222)
(218)
(4)
(2)
Net income (loss)
($112)
($119)
($104)
($98)
($137)
$7
6
%
$25
18
%
($335)
($442)
$107
24
%
AVERAGE BALANCES
Total assets
$74,596
$74,347
$72,617
$71,940
$72,254
$249
—
%
$2,342
3
%
$73,860
$72,735
$1,125
2
%
Total loans and leases
2
2,522
2,872
3,258
3,944
4,950
(350)
(12)
(2,428)
(49)
2,882
6,145
(3,263)
(53)
Deposits
2,711
2,834
2,835
2,926
2,928
(123)
(4)
(217)
(7)
2,793
4,026
(1,233)
(31)
Interest-earning assets
60,818
60,462
58,889
58,336
59,009
356
1
1,809
3
60,063
59,673
390
1
1
Consists primarily of treasury and community development, and includes assets, liabilities, capital, revenues, provision (benefit) for credit losses, expenses, and income tax expense (benefit) not attributed to our Consumer Banking or Commercial Banking segments.
2
Includes loans held for sale.
12
CREDIT-RELATED INFORMATION
(dollars in millions)
AS OF
SEPTEMBER 30, 2026 CHANGE
Sept 30, 2026
June 30, 2026
Mar 31, 2026
Dec 31, 2025
Sept 30, 2025
June 30, 2026
September 30, 2025
$/bps/%
%
$/bps/%
%
NONACCRUAL LOANS AND LEASES
Commercial and industrial
$255
$244
$188
$277
$230
$11
5
%
$25
11
%
Commercial real estate
578
574
679
618
703
4
1
(125)
(18)
Total commercial
833
818
867
895
933
15
2
(100)
(11)
Residential mortgages
1
234
220
217
196
188
14
6
46
24
Home equity
321
316
324
319
297
5
2
24
8
Automobile
19
21
23
28
31
(2)
(10)
(12)
(39)
Education
20
21
21
20
20
(1)
(5)
—
—
Other retail
34
39
45
46
49
(5)
(13)
(15)
(31)
Total retail
628
617
630
609
585
11
2
43
7
Total nonaccrual loans and leases
1,461
1,435
1,497
1,504
1,518
26
2
(57)
(4)
ASSET QUALITY RATIOS
Allowance for loan and lease losses to loans and leases
1.29
%
1.33
%
1.36
%
1.36
%
1.40
%
(4)
bps
(11)
bps
Allowance for credit losses to loans and leases
1.47
1.48
1.52
1.53
1.56
(1)
bps
(9)
bps
Allowance for loan and lease losses to nonaccrual loans and leases
130
137
131
129
130
(7
%)
—
%
Allowance for credit losses to nonaccrual loans and leases
149
152
146
145
145
(3
%)
4
%
Nonaccrual loans and leases to loans and leases
0.99
0.97
1.04
1.05
1.08
2
bps
(9)
bps
1
Loans fully or partially guaranteed by the FHA, VA, and USDA are classified as accruing.
13
CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
AS OF
SEPTEMBER 30, 2026 CHANGE
Sept 30, 2026
June 30, 2026
Mar 31, 2026
Dec 31, 2025
Sept 30, 2025
June 30, 2026
September 30, 2025
$/bps
%
$/bps
%
LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Commercial and industrial
$2
$3
$1
$5
$39
($1)
(33
%)
($37)
(95
%)
Commercial real estate
4
6
26
20
7
(2)
(33)
(3)
(43)
Total commercial
6
9
27
25
46
(3)
(33)
(40)
(87)
Residential mortgages
1
157
172
179
141
114
(15)
(9)
43
38
Home equity
—
—
—
1
—
—
—
—
—
Automobile
—
—
—
—
—
—
—
—
—
Education
2
2
2
2
2
—
—
—
—
Other retail
—
—
—
—
—
—
—
—
—
Total retail
159
174
181
144
116
(15)
(9)
43
37
Total loans and leases
$165
$183
$208
$169
$162
($18)
(10
%)
$3
2
%
1
90+ days past due and accruing includes $157 million, $172 million, $179 million, $141 million, and $114 million of loans fully or partially guaranteed by the FHA, VA, and USDA for September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025, and September 30, 2025, respectively.
14
CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDS
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
3Q26 Change
2026 Change
3Q26
2Q26
1Q26
4Q25
3Q25
2Q26
3Q25
2026
2025
2025
$
%
$
%
$
%
CHARGE-OFFS, RECOVERIES AND RELATED RATIOS
GROSS CHARGE-OFFS
Commercial and industrial
$42
$51
$50
$40
$33
($9)
(18
%)
$9
27
%
$143
$106
$37
35
%
Commercial real estate
33
25
41
42
58
8
32
(25)
(43)
99
163
(64)
(39)
Total commercial
75
76
91
82
91
(1)
(1)
(16)
(18)
242
269
(27)
(10)
Residential mortgages
1
1
1
5
1
—
—
—
—
3
2
1
50
Home equity
5
5
6
5
3
—
—
2
67
16
12
4
33
Automobile
7
8
9
12
13
(1)
(13)
(6)
(46)
24
47
(23)
(49)
Education
26
26
22
26
25
—
—
1
4
74
107
(33)
(31)
Other retail
50
50
54
57
62
—
—
(12)
(19)
154
193
(39)
(20)
Total retail
89
90
92
105
104
(1)
(1)
(15)
(14)
271
361
(90)
(25)
Total gross charge-offs
$164
$166
$183
$187
$195
($2)
(1
%)
($31)
(16
%)
$513
$630
($117)
(19
%)
GROSS RECOVERIES
Commercial and industrial
$1
$2
$15
$6
$3
($1)
(50
%)
($2)
(67
%)
$18
$7
$11
157
%
Commercial real estate
1
3
3
1
3
(2)
(67)
(2)
(67)
7
4
3
75
Total commercial
2
5
18
7
6
(3)
(60)
(4)
(67)
25
11
14
127
Residential mortgages
1
1
3
—
1
—
—
—
—
5
2
3
150
Home equity
5
5
4
5
6
—
—
(1)
(17)
14
17
(3)
(18)
Automobile
6
7
7
9
9
(1)
(14)
(3)
(33)
20
32
(12)
(38)
Education
6
6
6
6
5
—
—
1
20
18
18
—
—
Other retail
7
7
7
5
6
—
—
1
17
21
21
—
—
Total retail
25
26
27
25
27
(1)
(4)
(2)
(7)
78
90
(12)
(13)
Total gross recoveries
$27
$31
$45
$32
$33
($4)
(13
%)
($6)
(18
%)
$103
$101
$2
2
%
NET CHARGE-OFFS (RECOVERIES)
Commercial and industrial
$41
$49
$35
$34
$30
($8)
(16
%)
$11
37
%
$125
$99
$26
26
%
Commercial real estate
32
22
38
41
55
10
45
(23)
(42)
92
159
(67)
(42)
Total commercial
73
71
73
75
85
2
3
(12)
(14)
217
258
(41)
(16)
Residential mortgages
—
—
(2)
5
—
—
—
—
—
(2)
—
(2)
—
Home equity
—
—
2
—
(3)
—
—
3
100
2
(5)
7
NM
Automobile
1
1
2
3
4
—
—
(3)
(75)
4
15
(11)
(73)
Education
20
20
16
20
20
—
—
—
—
56
89
(33)
(37)
Other retail
43
43
47
52
56
—
—
(13)
(23)
133
172
(39)
(23)
Total retail
64
64
65
80
77
—
—
(13)
(17)
193
271
(78)
(29)
Total net charge-offs
$137
$135
$138
$155
$162
$2
1
%
($25)
(15
%)
$410
$529
($119)
(22
%)
15
CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDS
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
3Q26 Change
2026 Change
3Q26
2Q26
1Q26
4Q25
3Q25
2Q26
3Q25
2026
2025
2025
$/bps
%
$/bps
%
$/bps
%
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES
Commercial and industrial
0.31
%
0.38
%
0.28
%
0.28
%
0.26
%
(7)
bps
5
bps
0.32
%
0.30
%
2
bps
Commercial real estate
0.54
0.36
0.64
0.64
0.85
18
(31)
0.51
0.81
(30)
Total commercial
0.38
0.37
0.40
0.40
0.47
1
(9)
0.38
0.48
(10)
Residential mortgages
—
0.01
(0.02)
0.05
—
(1)
—
—
—
—
Home equity
—
0.01
0.04
—
(0.06)
(1)
6
0.02
(0.04)
6
Automobile
0.18
0.19
0.35
0.60
0.43
(1)
(25)
0.26
0.52
(26)
Education
1.01
0.94
0.80
0.94
0.92
7
9
0.92
1.28
(36)
Other retail
4.23
4.22
4.74
5.02
5.45
1
(122)
4.39
5.38
(99)
Total retail
0.36
0.37
0.38
0.46
0.45
(1)
(9)
0.37
0.53
(16)
Total loans and leases
0.37
%
0.37
%
0.39
%
0.43
%
0.46
%
—
bps
(9)
bps
0.38
%
0.51
%
(13)
bps
Memo: Average loans
Commercial and industrial
$53,179
$52,214
$50,140
$48,108
$46,351
$965
2
%
$6,828
15
%
$51,856
$44,972
$6,884
15
%
Commercial real estate
23,741
24,334
24,401
25,043
25,799
(593)
(2)
(2,058)
(8)
24,156
26,429
(2,273)
(9)
Total commercial
76,920
76,548
74,541
73,151
72,150
372
—
4,770
7
76,012
71,401
4,611
6
Residential mortgages
36,604
35,793
35,090
34,752
34,134
811
2
2,470
7
35,833
33,480
2,353
7
Home equity
20,571
19,876
19,230
18,754
18,027
695
3
2,544
14
19,898
17,338
2,560
15
Automobile
1,317
1,667
2,090
2,557
3,096
(350)
(21)
(1,779)
(57)
1,689
3,727
(2,038)
(55)
Education
7,973
8,183
8,442
8,469
8,513
(210)
(3)
(540)
(6)
8,198
9,280
(1,082)
(12)
Other retail
3,969
4,061
4,017
4,074
4,091
(92)
(2)
(122)
(3)
4,015
4,285
(270)
(6)
Total retail
70,434
69,580
68,869
68,606
67,861
854
1
2,573
4
69,633
68,110
1,523
2
Total loans and leases
$147,354
$146,128
$143,410
$141,757
$140,011
$1,226
1
%
$7,343
5
%
$145,645
$139,511
$6,134
4
%
16
CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDS
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
3Q26 Change
2026 Change
3Q26
2Q26
1Q26
4Q25
3Q25
2Q26
3Q25
2026
2025
2025
$
%
$
%
$
%
SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES
Allowance for loan and lease losses - beginning
$1,969
$1,958
$1,943
$1,972
$2,008
$11
1
%
($39)
(2
%)
$1,943
$2,061
($118)
(6
%)
Charge-offs:
Commercial
75
76
91
82
91
(1)
(1)
(16)
(18)
242
269
(27)
(10)
Retail
89
90
92
105
104
(1)
(1)
(15)
(14)
271
361
(90)
(25)
Total charge-offs
164
166
183
187
195
(2)
(1)
(31)
(16)
513
630
(117)
(19)
Recoveries:
Commercial
2
5
18
7
6
(3)
(60)
(4)
(67)
25
11
14
127
Retail
25
26
27
25
27
(1)
(4)
(2)
(7)
78
90
(12)
(13)
Total recoveries
27
31
45
32
33
(4)
(13)
(6)
(18)
103
101
2
2
Net charge-offs
137
135
138
155
162
2
1
(25)
(15)
410
529
(119)
(22)
Provision (benefit) for loan and lease losses:
Commercial
3
72
130
50
62
(69)
(96)
(59)
(95)
205
201
4
2
Retail
70
74
23
76
64
(4)
(5)
6
9
167
239
(72)
(30)
Total provision (benefit) for loan and lease losses
73
146
153
126
126
(73)
(50)
(53)
(42)
372
440
(68)
(15)
Allowance for loan and lease losses - ending
$1,905
$1,969
$1,958
$1,943
$1,972
($64)
(3
%)
($67)
(3
%)
$1,905
$1,972
($67)
(3
%)
Allowance for unfunded lending commitments - beginning
$215
$227
$240
$229
$201
($12)
(5
%)
$14
7
%
$240
$198
$42
21
%
Provision (benefit) for unfunded lending commitments
52
(12)
(13)
11
28
64
NM
24
86
27
31
(4)
(13)
Allowance for unfunded lending commitments - ending
$267
$215
$227
$240
$229
$52
24
%
$38
17
%
$267
$229
$38
17
%
Total allowance for credit losses - ending
$2,172
$2,184
$2,185
$2,183
$2,201
($12)
(1
%)
($29)
(1
%)
$2,172
$2,201
($29)
(1
%)
Memo: Total allowance for credit losses by product
Commercial
$1,264
$1,293
$1,304
$1,252
$1,265
($29)
(2
%)
($1)
—
%
$1,264
$1,265
($1)
—
%
Retail
908
891
881
931
936
17
2
(28)
(3)
908
936
(28)
(3)
Total allowance for credit losses
$2,172
$2,184
$2,185
$2,183
$2,201
($12)
(1
%)
($29)
(1
%)
$2,172
$2,201
($29)
(1
%)
17
CAPITAL AND RATIOS
(dollars in millions)
AS OF
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
SEPTEMBER 30, 2026 CHANGE
2026 Change
Sept 30, 2026
June 30, 2026
Mar 31, 2026
Dec 31, 2025
Sept 30, 2025
June 30, 2026
September 30, 2025
2026
2025
2025
$
%
$
%
$
%
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY)
CET1 capital
$18,673
$18,364
$18,178
$18,240
$18,046
$309
2
%
$627
3
%
Tier 1 capital
20,883
20,475
20,289
20,351
20,157
408
2
726
4
Total capital
24,341
23,933
23,751
23,654
23,455
408
2
886
4
Risk-weighted assets
177,258
176,336
173,268
171,493
168,932
922
1
8,326
5
Adjusted average assets
1
226,047
223,517
218,192
215,321
213,536
2,530
1
12,511
6
CET1 capital ratio
10.5
%
10.4
%
10.5
%
10.6
%
10.7
%
Tier 1 capital ratio
11.8
11.6
11.7
11.9
11.9
Total capital ratio
13.7
13.6
13.7
13.8
13.9
Tier 1 leverage ratio
9.2
9.2
9.3
9.5
9.4
TANGIBLE COMMON EQUITY (PERIOD-END)
Common stockholders' equity
$22,952
$24,072
$24,061
$24,206
$23,718
($1,120)
(5
%)
($766)
(3
%)
$22,952
$23,718
($766)
(3
%)
Less: Goodwill
8,220
8,220
8,221
8,187
8,187
—
—
33
—
8,220
8,187
33
—
Less: Other intangible assets
100
105
112
115
123
(5)
(5)
(23)
(19)
100
123
(23)
(19)
Add: Deferred tax liabilities
2
438
438
437
437
440
—
—
(2)
—
438
440
(2)
—
Total tangible common equity
3
$15,070
$16,185
$16,165
$16,341
$15,848
($1,115)
(7
%)
($778)
(5
%)
$15,070
$15,848
($778)
(5
%)
TANGIBLE COMMON EQUITY (AVERAGE)
Common stockholders' equity
$23,644
$23,839
$23,995
$23,823
$23,288
($195)
(1
%)
$356
2
%
$23,825
$22,661
$1,164
5
%
Less: Goodwill
8,220
8,221
8,198
8,187
8,187
(1)
—
33
—
8,213
8,187
26
—
Less: Other intangible assets
103
109
114
120
126
(6)
(6)
(23)
(18)
108
134
(26)
(19)
Add: Deferred tax liabilities
2
438
438
437
440
440
—
—
(2)
—
437
439
(2)
—
Total tangible common equity
3
$15,759
$15,947
$16,120
$15,956
$15,415
($188)
(1
%)
$344
2
%
$15,941
$14,779
$1,162
8
%
INTANGIBLE ASSETS (PERIOD-END)
Goodwill
$8,220
$8,220
$8,221
$8,187
$8,187
$—
—
%
$33
—
%
$8,220
$8,187
$33
—
%
Other intangible assets
100
105
112
115
123
(5)
(5)
(23)
(19)
100
123
(23)
(19)
Total intangible assets
$8,320
$8,325
$8,333
$8,302
$8,310
($5)
—
%
$10
—
%
$8,320
$8,310
$10
—
%
1
Adjusted average assets include quarterly average assets, less deductions for disallowed goodwill and other intangible assets, net of deferred taxes, and the accumulated other comprehensive
income impact related to the adoption of post-retirement benefit plan guidance under GAAP.
2
Deferred tax liabilities relate to tax-deductible goodwill and other intangible assets.
3
These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."
18
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
(dollars in millions, except per share data)
Non-GAAP Financial Measures
This document contains non-GAAP financial measures that we believe provide useful information to investors to understand our results of operations or financial condition. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP financial measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP. The following tables present reconciliations of our non-GAAP financial measures to the most directly comparable GAAP financial measures.
19
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDS
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
3Q26 Change
2026 Change
3Q26
2Q26
1Q26
4Q25
3Q25
2Q26
3Q25
2026
2025
2025
$
%
$
%
$
%
Pre-provision profit:
Total revenue (GAAP)
A
$2,322
$2,283
$2,168
$2,157
$2,118
$39
2
%
$204
10
%
$6,773
$6,090
$683
11
%
Less: Noninterest expense (GAAP)
B
1,393
1,394
1,378
1,343
1,335
(1)
—
58
4
4,165
3,968
197
5
Pre-provision profit (non-GAAP)
$929
$889
$790
$814
$783
$40
4
%
$146
19
%
$2,608
$2,122
$486
23
%
Book value per common share and tangible book value per common share:
Common shares - at period-end (GAAP)
C
421,219,810
422,677,660
426,023,578
429,242,174
431,453,142
(1,457,850)
—
%
(10,233,332)
(2
%)
421,219,810
431,453,142
(10,233,332)
(2
%)
Common stockholders' equity (GAAP)
D
$22,952
$24,072
$24,061
$24,206
$23,718
($1,120)
(5)
($766)
(3)
$22,952
$23,718
($766)
(3)
Less: Goodwill (GAAP)
8,220
8,220
8,221
8,187
8,187
—
—
33
—
8,220
8,187
33
—
Less: Other intangible assets (GAAP)
100
105
112
115
123
(5)
(5)
(23)
(19)
100
123
(23)
(19)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)
438
438
437
437
440
—
—
(2)
—
438
440
(2)
—
Tangible common equity (non-GAAP)
E
$15,070
$16,185
$16,165
$16,341
$15,848
($1,115)
(7
%)
($778)
(5
%)
$15,070
$15,848
($778)
(5
%)
Book value per common share (GAAP)
D/C
$54.49
$56.95
$56.48
$56.39
$54.97
($2.46)
(4
%)
($0.48)
(1
%)
$54.49
$54.97
($0.48)
(1
%)
Tangible book value per common share (non-GAAP)
E/C
35.78
38.29
37.94
38.07
36.73
(2.51)
(7)
(0.95)
(3)
35.78
36.73
(0.95)
(3)
Net interest income and net interest margin on an FTE basis:
Net interest income (annualized) (GAAP)
F
$6,645
$6,542
$6,337
$6,098
$5,902
$103
2
%
$743
13
%
$6,509
$5,771
$738
13
%
Average interest-earning assets (GAAP)
G
208,942
206,770
201,929
199,167
197,598
2,172
1
11,344
6
205,906
196,334
9,572
5
Net interest margin (GAAP)
F/G
3.18
%
3.16
%
3.14
%
3.06
%
2.99
%
2
bps
19
bps
3.16
%
2.94
%
22
bps
Net interest income (GAAP)
$1,675
$1,631
$1,562
$1,537
$1,488
$44
3
%
$187
13
%
$4,868
$4,316
$552
13
%
FTE adjustment
3
3
3
4
4
—
—
(1)
(25)
9
12
(3)
(25)
Net interest income on an FTE basis (non-GAAP)
1,678
1,634
1,565
1,541
1,492
44
3
186
12
4,877
4,328
549
13
Net interest income on an FTE basis (annualized) (non-GAAP)
H
6,657
6,555
6,350
6,112
5,919
102
2
738
12
6,522
5,787
735
13
Net interest margin on an FTE basis (non-GAAP)
H/G
3.19
%
3.17
%
3.14
%
3.07
%
3.00
%
2
bps
19
bps
3.17
%
2.95
%
22
bps
Return on average common equity and return on average tangible common equity:
Net income available to common stockholders (GAAP)
I
$599
$554
$484
$489
$457
$45
8
%
$142
31
%
$1,637
$1,199
$438
37
%
Average common equity (GAAP)
J
$23,644
$23,839
$23,995
$23,823
$23,288
($195)
(1)
$356
2
$23,825
$22,661
$1,164
5
Less: Average goodwill (GAAP)
8,220
8,221
8,198
8,187
8,187
(1)
—
33
—
8,213
8,187
26
—
Less: Average other intangibles (GAAP)
103
109
114
120
126
(6)
(6)
(23)
(18)
108
134
(26)
(19)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)
438
438
437
440
440
—
—
(2)
—
437
439
(2)
—
Average tangible common equity (non-GAAP)
K
$15,759
$15,947
$16,120
$15,956
$15,415
($188)
(1
%)
$344
2
%
$15,941
$14,779
$1,162
8
%
Return on average common equity (GAAP)
I/J
10.05
%
9.31
%
8.19
%
8.16
%
7.77
%
74
bps
228
bps
9.18
%
7.07
%
211
bps
Return on average tangible common equity (non-GAAP)
I/K
15.08
%
13.91
%
12.19
%
12.18
%
11.75
%
117
bps
333
bps
13.73
%
10.84
%
289
bps
20
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDS
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
3Q26 Change
2026 Change
3Q26
2Q26
1Q26
4Q25
3Q25
2Q26
3Q25
2026
2025
2025
$/bps
%
$/bps
%
$/bps
%
Return on average total assets and return on average total tangible assets:
Net income (GAAP)
L
$636
$587
$517
$528
$494
$49
8
%
$142
29
%
$1,740
$1,303
$437
34
%
Average total assets (GAAP)
M
$231,250
$229,263
$224,224
$221,242
$219,117
$1,987
1
$12,133
6
$228,271
$217,706
$10,565
5
Less: Average goodwill (GAAP)
8,220
8,221
8,198
8,187
8,187
(1)
—
33
—
8,213
8,187
26
—
Less: Average other intangibles (GAAP)
103
109
114
120
126
(6)
(6)
(23)
(18)
108
134
(26)
(19)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)
438
438
437
440
440
—
—
(2)
—
437
439
(2)
—
Average tangible assets (non-GAAP)
N
$223,365
$221,371
$216,349
$213,375
$211,244
$1,994
1
%
$12,121
6
%
$220,387
$209,824
$10,563
5
%
Return on average total assets (GAAP)
L/M
1.09
%
1.03
%
0.94
%
0.95
%
0.90
%
6
bps
19
bps
1.02
%
0.80
%
22
bps
Return on average total tangible assets (non-GAAP)
L/N
1.13
%
1.06
%
0.97
%
0.98
%
0.93
%
7
bps
20
bps
1.06
%
0.83
%
23
bps
Common equity ratio and tangible common equity ratio:
Total assets (GAAP)
O
$234,464
$233,836
$227,918
$226,351
$222,747
$628
—
%
$11,717
5
%
$234,464
$222,747
$11,717
5
%
Less: Goodwill (GAAP)
8,220
8,220
8,221
8,187
8,187
—
—
33
—
8,220
8,187
33
—
Less: Other intangible assets (GAAP)
100
105
112
115
123
(5)
(5)
(23)
(19)
100
123
(23)
(19)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)
438
438
437
437
440
—
—
(2)
—
438
440
(2)
—
Tangible assets (non-GAAP)
P
$226,582
$225,949
$220,022
$218,486
$214,877
$633
—
%
$11,705
5
%
$226,582
$214,877
$11,705
5
%
Common equity ratio (GAAP)
D/O
9.8
%
10.3
%
10.6
%
10.7
%
10.6
%
(50) bps
(86) bps
9.8
%
10.6
%
(86) bps
Tangible common equity ratio (non-GAAP)
E/P
6.7
7.2
7.3
7.5
7.4
(50) bps
(70) bps
6.7
7.4
(70) bps
21