Form 8-K
8-K — CITIZENS FINANCIAL GROUP INC/RI
Accession: 0000759944-26-000206
Filed: 2026-10-16
Period: 2026-10-16
CIK: 0000759944
SIC: 6022 (STATE COMMERCIAL BANKS)
Item: Results of Operations and Financial Condition
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K — cfg-20261016.htm (Primary)
EX-99.1 (a3q26earningsrelease.htm)
EX-99.2 (a3q26earningspresentatio.htm)
EX-99.3 (q326financialsupplement.htm)
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8-K
8-K (Primary)
Filename: cfg-20261016.htm · Sequence: 1
cfg-20261016
CITIZENS FINANCIAL GROUP INC/RI0000759944false00007599442026-10-162026-10-160000759944us-gaap:CommonStockMember2026-10-162026-10-160000759944us-gaap:SeriesEPreferredStockMember2026-10-162026-10-160000759944us-gaap:SeriesHPreferredStockMember2026-10-162026-10-160000759944cfg:SeriesIPreferredStockMember2026-10-162026-10-16
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 October 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
EX-99.1
EX-99.1
Filename: a3q26earningsrelease.htm · Sequence: 2
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 $2.8 billion increase in investments in securities.
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Citizens Financial Group, Inc.
Deposits 3Q26 change from
($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 $3.4 billion, given increases in FHLB advances, short-term borrowed funds and senior debt, partially offset by the decrease in auto collateralized borrowings.
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Citizens Financial Group, Inc.
Capital 3Q26 change from
($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 $650 million of capacity currently remaining under the prior June 2025 authorization.
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Citizens Financial Group, Inc.
Credit quality review 3Q26 change from
($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.
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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.
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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.
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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
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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
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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.
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CFG-IR
17
EX-99.2
EX-99.2
Filename: a3q26earningspresentatio.htm · Sequence: 3
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.
EX-99.3
EX-99.3
Filename: q326financialsupplement.htm · Sequence: 4
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 profit1
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 share1
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, FTE1,2
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 equity1
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 assets1
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 ratio1
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 equity1
$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, FTE1
$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
1Net 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, FTE1
$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 leases1
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 leases1
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,
OTHER1
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 leases2
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 mortgages1
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 mortgages1
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 assets1
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 liabilities2
438 438 437 437 440 — — (2) — 438 440 (2) —
Total tangible common equity3
$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 liabilities2
438 438 437 440 440 — — (2) — 437 439 (2) —
Total tangible common equity3
$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
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v3.26.3
Document and Entity Information Document
Oct. 16, 2026
Document and Entity Information [Line Items]
Entity Registrant Name
CITIZENS FINANCIAL GROUP INC/RI
Amendment Flag
false
Entity Central Index Key
0000759944
Document Type
8-K
Document Period End Date
Oct. 16, 2026
Entity Incorporation, State or Country Code
DE
Entity File Number
001-36636
Entity Tax Identification Number
05-0412693
Entity Address, Address Line One
One Citizens Plaza
Entity Address, City or Town
Providence,
Entity Address, State or Province
RI
Entity Address, Postal Zip Code
02903
City Area Code
203
Local Phone Number
900-6715
Entity Emerging Growth Company
false
Written Communications
false
Soliciting Material
false
Pre-commencement Tender Offer
false
Pre-commencement Issuer Tender Offer
false
Common Stock [Member]
Document and Entity Information [Line Items]
Title of 12(b) Security
Common stock, $0.01 par value per share
Trading Symbol
CFG
Security Exchange Name
NYSE
Series E Preferred Stock [Member]
Document and Entity Information [Line Items]
Title of 12(b) Security
Depositary Shares, each representing a 1/40th interest in a share of 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E
Trading Symbol
CFG PrE
Security Exchange Name
NYSE
Series H Preferred Stock
Document and Entity Information [Line Items]
Title of 12(b) Security
Depositary Shares, each representing a 1/40th interest in a share of 7.375% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series H
Trading Symbol
CFG PrH
Security Exchange Name
NYSE
Series I Preferred Stock
Document and Entity Information [Line Items]
Title of 12(b) Security
Depositary Shares, each representing a 1/40th interest in a share of 6.500% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series I
Trading Symbol
CFG PrI
Security Exchange Name
NYSE
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