Form 8-K
8-K — CITIZENS FINANCIAL GROUP INC/RI
Accession: 0000759944-26-000139
Filed: 2026-07-21
Period: 2026-07-21
CIK: 0000759944
SIC: 6022 (STATE COMMERCIAL BANKS)
Item: Other Events
Item: Financial Statements and Exhibits
Documents
8-K — cfg-20260721.htm (Primary)
EX-99.1 (a2q26postearnings-earnings.htm)
EX-99.2 (q226financialsupplement.htm)
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8-K
8-K (Primary)
Filename: cfg-20260721.htm · Sequence: 1
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CITIZENS FINANCIAL GROUP INC/RI0000759944false00007599442026-07-212026-07-210000759944us-gaap:CommonStockMember2026-07-212026-07-210000759944us-gaap:SeriesEPreferredStockMember2026-07-212026-07-210000759944us-gaap:SeriesHPreferredStockMember2026-07-212026-07-210000759944cfg:SeriesIPreferredStockMember2026-07-212026-07-21
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): July 21, 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 8.01 Other Events.
On July 16, 2026, Citizens Financial Group, Inc. (the “Company”) announced its second quarter 2026 earnings. The Company’s earnings results and financial supplement are being filed as Exhibits 99.1 and 99.2, respectively.
On July 21, 2026, the Company announced the launch of a proposed public offering (the “Offering”) of a new series of Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series J (the “Series J Preferred Stock”). The Offering is subject to pricing, which has not yet occurred. If the Offering is priced and proceeds to closing, the Company intends to use the net proceeds from the sale of the Series J Preferred Stock to redeem some or all outstanding shares of its 4.000% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series G, $1,000 liquidation preference per share (CUSIP No. 174610BD6) (“Series G Preferred Stock”), on the dividend payment date of October 6, 2026.
The pricing of the Offering, and thus whether the redemption of the Series G Preferred Stock will occur, is subject to market conditions and other considerations. There is no assurance that the Offering will price and close or that the Company will decide to redeem the Series G Preferred Stock, or, if it does, the amount to be redeemed and the timing of the redemption. If the Company decides to redeem the Series G Preferred Stock, it intends to announce its decision by press release or 8-K and an appropriate notice of redemption following the closing of the Offering.
The Offering is described in the Company’s preliminary prospectus supplement dated July 21, 2026, which was filed with the Securities and Exchange Commission today.
This Current Report on Form 8-K does not constitute an offer to sell the Series J Preferred Stock.
Cautionary Note on Forward-Looking Statements
This Current Report on Form 8-K contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding the completion of, and the use of proceeds from, the Offering, including the redemption of the Series G Preferred Stock. These statements are based upon the Company’s current beliefs and expectations and are subject to significant risks and uncertainties (some of which are beyond the Company’s control). Actual results may differ, possibly materially, from those expressed or implied as a result of these risks and uncertainties, including, but not limited to, the risk factors and other uncertainties set forth under “Risk Factors” beginning on page 20 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
Item 9.01 Financial Statements and Exhibits.
Exhibit Number Description
(d) Exhibit 99.1
Citizens Financial Group, Inc. earnings results for second quarter 2026
Exhibit 99.2
Citizens Financial Group, Inc. financial supplement for second 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: July 21, 2026
EX-99.1
EX-99.1
Filename: a2q26postearnings-earnings.htm · Sequence: 2
Document
Exhibit 99.1
Key Financial Data 2Q26 1Q26 2Q25
Second Quarter 2026 Highlights
Income
Statement ($s in millions)
■EPS of $1.30; ROTCE of 13.9%
–Continued strong Private Bank progress, contributing $0.15 to EPS, up from $0.11 in 1Q26
■PPNR of $889 million, up 13% QoQ, up 24% YoY
–NII up 4.4% QoQ, with NIM up 3 bps to 3.17%; YoY NII up 14%, with NIM up 22 bps
–Fees up 8% QoQ, up 9% YoY driven by Capital Markets and Wealth
–Positive operating leverage of 4.1% QoQ and 6.4% YoY
■Loans up 3% on a spot basis and 2% on an average basis QoQ, with growth led by Commercial and Private Bank
■Continuing favorable credit trends; net charge-offs of 37 bps, down 2 bps QoQ
■Strong ACL coverage of 1.48%
■Average deposits up $2.3 billion, or 1% QoQ, driven by growth in Private Bank and retail low-cost categories
–Private Bank spot deposits of $17.8 billion
–Total deposit costs well controlled, up 3 bps QoQ
■Strong liquidity profile; spot LDR of 79.5%
■Strong CET1 ratio of 10.4%
■TBV/share of $38.29, up 1% QoQ
Total revenue $ 2,283 $ 2,168 $ 2,037
Pre-provision profit 889 790 718
Provision for credit losses 134 140 164
Net income 587 517 436
Balance Sheet
&
Credit Quality ($s in billions)
Period-end loans and leases $ 147.5 $ 143.7 $ 139.3
Average loans and leases 146.1 143.4 138.8
Period-end deposits 185.6 184.0 175.1
Average deposits 183.6 181.3 174.1
Loan-to-deposit ratio (spot) 79.5 % 78.1 % 79.6 %
NCO ratio 0.37 % 0.39 % 0.48 %
Financial Metrics Diluted EPS $ 1.30 $ 1.13 $ 0.92
ROTCE 13.9 % 12.2 % 11.0 %
Net interest margin, FTE 3.17 3.14 2.95
Efficiency ratio 61.1 63.6 64.8
CET1 10.4 % 10.5 % 10.6 %
TBV/Share $ 38.29 $ 37.94 $ 35.23
Citizens also announced that its board of directors declared a quarterly common stock dividend of $0.46 per share. The dividend is payable on August 13, 2026 to shareholders of record at the close of business on July 30, 2026.
Citizens Financial Group, Inc.
Earnings highlights(1):
Quarterly Trends
2Q26 change from
($s in millions, except per share data) 2Q26 1Q26 2Q25 1Q26 2Q25
Earnings $/bps/% % $/bps/% %
Net interest income $ 1,631 $ 1,562 $ 1,437 $ 69 4 % $ 194 14 %
Noninterest income 652 606 600 46 8 52 9
Total revenue 2,283 2,168 2,037 115 5 246 12
Noninterest expense 1,394 1,378 1,319 16 1 75 6
Pre-provision profit 889 790 718 99 13 171 24
Provision for credit losses 134 140 164 (6) (4) (30) (18)
Net income 587 517 436 70 14 151 35
Preferred dividends/other 33 33 34 — — (1) (3)
Net income available to common stockholders $ 554 $ 484 $ 402 $ 70 14 % $ 152 38 %
Average common shares outstanding
Basic (in millions) 422.9 425.3 433.6 (2.5) (1) (10.8) (2)
Diluted (in millions) 426.7 429.9 436.5 (3.2) (1) (9.9) (2)
Diluted earnings per share 1.30 1.13 0.92 0.17 15 0.38 41
Performance metrics
Net interest margin 3.16 % 3.14 % 2.94 % 2 bps 22 bps
Net interest margin, FTE 3.17 3.14 2.95 3 22
Effective income tax rate 22.3 20.5 21.4 183 92
Efficiency ratio 61.1 63.6 64.8 (247) (368)
Return on average tangible common equity 13.9 12.2 11.0 172 286
Return on average total tangible assets 1.06 % 0.97 % 0.83 % 9 bps 23 bps
Capital adequacy(2,3)
Common equity tier 1 capital ratio 10.4 % 10.5 % 10.6 %
Total capital ratio 13.6 13.7 13.8
Tier 1 leverage ratio 9.2 9.3 9.4
Tangible common equity ratio 7.2 7.3 7.2
Allowance for credit losses to loans and leases 1.48 % 1.52 % 1.59 % (4) bps (11) bps
Asset quality(3)
Nonaccrual loans and leases to loans and leases 0.97 % 1.04 % 1.09 % (7) bps (12) bps
Allowance for credit losses to nonaccrual loans and leases 152 146 145 6 % 7 %
Net charge-offs as a % of average loans and leases 0.37 % 0.39 % 0.48 % (2) bps (11) bps
(1) Unless otherwise noted, references to balance sheet items are on an average basis, loans exclude loans held for sale, earnings per share
represent fully diluted per common share and references to NIM are on a FTE basis.
(2) Current reporting-period regulatory capital ratios are preliminary.
(3) Capital adequacy and asset-quality ratios calculated on a period-end basis, except net charge-offs.
2
Citizens Financial Group, Inc.
Consolidated balance sheet summary(1):
2Q26 change from
($s in millions) 2Q26 1Q26 2Q25 1Q26 2Q25
$/bps % $/bps %
Total assets $ 233,836 $ 227,918 $ 218,310 $ 5,918 3 % $ 15,526 7 %
Total loans and leases 147,491 143,667 139,304 3,824 3 8,187 6
Total loans held for sale 1,458 1,537 2,093 (79) (5) (635) (30)
Deposits 185,620 184,035 175,086 1,585 1 10,534 6
Stockholders' equity 26,183 26,172 25,234 11 — 949 4
Stockholders' common equity 24,072 24,061 23,121 11 — 951 4
Tangible common equity $ 16,185 $ 16,165 $ 15,246 $ 20 — % $ 939 6 %
Loan-to-deposit ratio (period-end)(2)
79.5 % 78.1 % 79.6 % 139 bps (10) bps
Loan-to-deposit ratio (average)(2)
79.6 % 79.1 % 79.7 % 49 bps (14) 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 2Q26 change from
($s in millions) 2Q26 1Q26 2Q25 1Q26 2Q25
$/bps % $/bps %
Interest income:
Interest and fees on loans and leases and loans held for sale $ 1,994 $ 1,905 $ 1,887 $ 89 5 % $ 107 6 %
Investment securities 446 424 428 22 5 18 4
Interest-bearing deposits in banks 103 91 92 12 13 11 12
Total interest income $ 2,543 $ 2,420 $ 2,407 $ 123 5 % $ 136 6 %
Interest expense:
Deposits $ 747 $ 715 $ 802 $ 32 4 % $ (55) (7) %
Short-term borrowed funds 9 4 9 5 125 — —
Long-term borrowed funds 156 139 159 17 12 (3) (2)
Total interest expense $ 912 $ 858 $ 970 $ 54 6 % $ (58) (6) %
Net interest income $ 1,631 $ 1,562 $ 1,437 $ 69 4 % $ 194 14 %
Net interest margin, FTE 3.17 % 3.14 % 2.95 % 3 bps 22 bps
Second quarter 2026 vs. first quarter 2026
Net interest income of $1.6 billion increased 4.4%, reflecting a higher net interest margin along with a 2% increase in average interest-earning assets.
•Net interest margin of 3.17% increased 3 basis points, reflecting the benefit of lower terminated swap impacts and Non-Core runoff, and fixed-rate asset repricing, partially offset by increased funding costs.
•Interest-bearing deposit costs increased 4 basis points to 2.08%; total deposit costs increased 3 basis points to 1.63%; total cost of funds increased 5 basis points to 1.85%.
Second quarter 2026 vs. second quarter 2025
Net interest income of $1.6 billion increased 14%, primarily reflecting a higher net interest margin, as well as a 5% increase in interest-earning assets.
•Net interest margin of 3.17% increased 22 basis points, largely driven by the benefit of terminated swap impacts and Non-Core runoff, fixed-rate asset repricing and improved funding costs, partially offset by lower asset yields.
4
Citizens Financial Group, Inc.
Noninterest Income 2Q26 change from
($s in millions) 2Q26 1Q26 2Q25 1Q26 2Q25
$ % $ %
Service charges and fees $ 117 $ 112 $ 111 $ 5 4 % $ 6 5 %
Capital markets fees 153 134 105 19 14 48 46
Wealth fees 102 100 88 2 2 14 16
Card fees 89 83 90 6 7 (1) (1)
Mortgage banking fees 42 42 73 — — (31) (42)
Foreign exchange and derivative products 47 44 41 3 7 6 15
Letter of credit and loan fees 52 50 45 2 4 7 16
Securities gains, net
6 7 5 (1) (14) 1 20
Other income(1)
44 34 42 10 29 2 5
Noninterest income $ 652 $ 606 $ 600 $ 46 8 % $ 52 9 %
(1) Includes bank-owned life insurance income and other miscellaneous income for all periods presented.
Second quarter 2026 vs. first quarter 2026
Noninterest income of $652 million increased $46 million, or 8%.
•Service charges and fees increased $5 million, primarily from seasonality and growth in account and cash management fees.
•Capital markets fees increased $19 million to $153 million, a record for the second quarter, reflecting higher loan syndication and debt and equity underwriting fees.
•Wealth fees increased $2 million to $102 million, a new record, reflecting higher advisory fees.
•Card fees increased $6 million, reflecting increased seasonal spend across credit and debit cards.
•FX and derivative products increased $3 million, primarily given higher interest rate and FX hedging activity, partially offset by a decline in commodities hedging activity.
•Mortgage banking fees are stable as higher servicing revenue was offset by lower production revenue.
•Other income increased $10 million, reflecting several modest revenue items.
Second quarter 2026 vs. second quarter 2025
Noninterest income of $652 million increased $52 million, or 9%.
•Service charges and fees increased $6 million, primarily driven by higher cash management fees.
•Capital markets fees increased $48 million, driven by higher M&A, loan syndication and debt underwriting fees.
•Wealth fees increased $14 million, primarily from growth in AUM, reflecting net inflows and market appreciation.
•Mortgage banking fees decreased $31 million, largely reflecting lower MSR valuation results, net of hedge impact.
5
Citizens Financial Group, Inc.
Noninterest Expense 2Q26 change from
($s in millions) 2Q26 1Q26 2Q25 1Q26 2Q25
$ % $ %
Salaries and employee benefits $ 745 $ 758 $ 681 $ (13) (2) % $ 64 9 %
Equipment and software 195 197 193 (2) (1) 2 1
Outside services 174 162 169 12 7 5 3
Occupancy 108 114 108 (6) (5) — —
Other operating expense 172 147 168 25 17 4 2
Noninterest expense $ 1,394 $ 1,378 $ 1,319 $ 16 1 % $ 75 6 %
Second quarter 2026 vs. first quarter 2026
Noninterest expense of $1.4 billion increased 1%.
•Salaries and employee benefits decreased $13 million, primarily reflecting lower payroll taxes given seasonality.
•Outside services increased $12 million, largely due to higher technology-related costs.
•Occupancy decreased $6 million, largely reflecting lower branch maintenance costs.
•Other operating expense increased $25 million, reflecting higher insurance and various other modest expense items.
The effective tax rate of 22.3% in second quarter 2026 compares with 20.5% in first quarter 2026. The lower first quarter tax rate reflected the recognition of discrete tax benefits.
Second quarter 2026 vs. second quarter 2025
Noninterest expense of $1.4 billion increased 6%.
•Salaries and employee benefits increased $64 million, reflecting hiring related to the Private Bank and Private Wealth buildout, and compensation associated with growth in Capital Markets fees.
•Outside services increased $5 million, primarily driven by costs to implement the Reimagine the Bank program.
•Other operating expense increased $4 million, reflecting the impact of various sundry items.
The effective tax rate was 22.3% in second quarter 2026 compared with 21.4% in second quarter 2025.
6
Citizens Financial Group, Inc.
Interest-earning assets 2Q26 change from
($s in millions) 2Q26 1Q26 2Q25 1Q26 2Q25
Period-end interest-earning assets $ % $ %
Investments $ 46,345 $ 45,218 $ 43,899 $ 1,127 2 % $ 2,446 6 %
Interest-bearing deposits in banks 12,648 12,076 8,121 572 5 4,527 56
Commercial loans and leases 77,284 74,589 71,642 2,695 4 5,642 8
Retail loans 70,207 69,078 67,662 1,129 2 2,545 4
Total loans and leases 147,491 143,667 139,304 3,824 3 8,187 6
Loans held for sale
1,458 1,537 2,093 (79) (5) (635) (30)
Total loans and leases and loans held for sale 148,949 145,204 141,397 3,745 3 7,552 5
Total period-end interest-earning assets $ 207,942 $ 202,498 $ 193,417 $ 5,444 3 % $ 14,525 8 %
Average interest-earning assets(1)
Investments
$ 48,088 $ 46,929 $ 46,538 $ 1,159 2 % $ 1,550 3 %
Interest-bearing deposits in banks 10,839 10,079 8,217 760 8 2,622 32
Commercial loans and leases 76,548 74,541 71,423 2,007 3 5,125 7
Retail loans 69,580 68,869 67,386 711 1 2,194 3
Total loans and leases 146,128 143,410 138,809 2,718 2 7,319 5
Loans held for sale
1,715 1,511 2,754 204 14 (1,039) (38)
Total loans and leases and loans held for sale 147,843 144,921 141,563 2,922 2 6,280 4
Total average interest-earning assets $ 206,770 $ 201,929 $ 196,318 $ 4,841 2 % $ 10,452 5 %
(1) Total average interest-earning assets excludes the mark-to-market on investment securities and unsettled purchases or sales of loans and investments.
Second quarter 2026 vs. first quarter 2026
Period-end interest-earning assets of $207.9 billion increased $5.4 billion, or 3%, reflecting a $1.1 billion increase in investments in securities and 3% growth in loans and leases. Total loans and leases increased $3.8 billion, as growth in the Private Bank, net new money originations in corporate banking and higher commercial line utilization, as well as growth in home equity and mortgage, were partially offset by commercial real estate paydowns and the runoff of Non-Core loans.
Average interest-earning assets of $206.8 billion increased $4.8 billion, or 2%, reflecting a $2.7 billion increase in total loans and leases, as well as $1.2 billion increase in investments and $760 million increase in cash held in interest-bearing deposits.
The average effective duration of the securities portfolio was 4.1 years, compared with 4.0 years at March 31, 2026 and 3.7 years at June 30, 2025.
Second quarter 2026 vs. second quarter 2025
Period-end interest-earning assets of $207.9 billion increased $14.5 billion, or 8%, reflecting a $2.4 billion increase in investments in securities, a $4.5 billion increase in cash held in interest-bearing deposits and a $7.6 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 $5.6 billion of growth in commercial, given net new money originations in corporate banking and higher commercial line utilization, as well as growth in the Private Bank, partially offset by commercial real estate paydowns. Retail also grew $2.5 billion, reflecting growth in home equity and mortgage, partially offset by Non-Core portfolio runoff.
Average interest-earning assets of $206.8 billion increased $10.5 billion, primarily reflecting a $6.3 billion increase in total loans and leases and loans held for sale, as well as $2.6 billion increase in cash held in interest-bearing deposits and a $1.6 billion increase in investments in securities.
7
Citizens Financial Group, Inc.
Deposits 2Q26 change from
($s in millions) 2Q26 1Q26 2Q25 1Q26 2Q25
Period-end deposits $ % $ %
Noninterest-bearing demand
$ 40,939 $ 41,672 $ 38,001 $ (733) (2) % $ 2,938 8 %
Checking with interest 40,258 37,675 34,918 2,583 7 5,340 15
Savings 23,570 24,114 25,400 (544) (2) (1,830) (7)
Money market 60,029 59,611 55,638 418 1 4,391 8
Time 20,824 20,963 21,129 (139) (1) (305) (1)
Total period-end deposits $ 185,620 $ 184,035 $ 175,086 $ 1,585 1 % $ 10,534 6 %
Average deposits
Noninterest-bearing demand
$ 39,881 $ 39,286 $ 37,350 $ 595 2 % $ 2,531 7 %
Checking with interest 38,632 37,027 33,847 1,605 4 4,785 14
Savings 23,780 24,095 25,536 (315) (1) (1,756) (7)
Money market 60,295 60,141 54,716 154 — 5,579 10
Time 21,032 20,766 22,679 266 1 (1,647) (7)
Total average deposits $ 183,620 $ 181,315 $ 174,128 $ 2,305 1 % $ 9,492 5 %
Second quarter 2026 vs. first quarter 2026
Total period-end deposits of $185.6 billion are up 1%, with growth in the Private Bank and Commercial. Private Bank deposits increased 7% to $17.8 billion at the end of second quarter 2026.
Average deposits of $183.6 billion increased 1%, primarily reflecting growth in the Private Bank, and in retail, primarily low-cost categories.
Second quarter 2026 vs. second quarter 2025
Total period-end deposits of $185.6 billion increased 6%, primarily reflecting growth in the Private Bank of $9.1 billion, and $1.5 billion in Commercial, partially offset by a $0.4 billion reduction in higher-cost Treasury brokered deposits.
Average deposits of $183.6 billion were up 5%.
8
Citizens Financial Group, Inc.
Borrowed Funds 2Q26 change from
($s in millions) 2Q26 1Q26 2Q25 1Q26 2Q25
Period-end borrowed funds $ % $ %
Short-term borrowed funds $ 1,159 $ 54 $ 249 $ 1,105 NM $ 910 NM
Long-term borrowed funds
FHLB advances 5,763 2,513 1,542 3,250 129 4,221 NM
Senior debt 7,078 7,076 6,821 2 — 257 4
Subordinated debt and other debt 1,421 1,419 1,752 2 — (331) (19)
Auto collateralized borrowings 928 1,252 2,411 (324) (26) (1,483) (62)
Total borrowed funds $ 16,349 $ 12,314 $ 12,775 $ 4,035 33 % $ 3,574 28 %
Average borrowed funds
Short-term borrowed funds $ 989 $ 454 $ 925 $ 535 118 % $ 64 7 %
Long-term borrowed funds
FHLB advances 3,538 1,408 1,063 2,130 151 % 2,475 233
Senior debt 7,078 6,843 7,042 235 3 36 1
Subordinated debt and other debt 1,419 1,415 1,759 4 — (340) (19)
Auto collateralized borrowings 1,077 1,409 2,635 (332) (24) (1,558) (59)
Total average borrowed funds $ 14,101 $ 11,529 $ 13,424 $ 2,572 22 % $ 677 5 %
Second quarter 2026 vs. first quarter 2026
Period-end borrowed funds increased $4.0 billion, primarily reflecting an increase in FHLB advances, partially offset by a decrease in collateralized borrowings on auto loans as the associated portfolio runs down.
Average borrowed funds increased $2.6 billion, driven primarily by an increase in FHLB advances, as well as an increase in senior debt as a result of issuance in the first quarter, partially offset by a decrease in auto collateralized borrowings.
Second quarter 2026 vs. second quarter 2025
Period-end borrowed funds were up $3.6 billion, primarily reflecting an increase in FHLB advances, partially offset by the decrease in auto collateralized borrowings, given runoff of the associated portfolio.
Average borrowed funds increased by $677 million, given the increase in FHLB advances, largely offset by the decrease in auto collateralized borrowings.
9
Citizens Financial Group, Inc.
Capital 2Q26 change from
($s and shares in millions, except per share data) 2Q26 1Q26 2Q25 1Q26 2Q25
Period-end capital $ % $ %
Stockholders' equity $ 26,183 $ 26,172 $ 25,234 $ 11 — % $ 949 4 %
Stockholders' common equity 24,072 24,061 23,121 11 — 951 4
Tangible common equity 16,185 16,165 15,246 20 — 939 6
Tangible book value per common share $ 38.29 $ 37.94 $ 35.23 $ 0.35 1 % $ 3.06 9 %
Common shares - at end of period 422.7 426.0 432.8 (3.3) (1) (10.1) (2)
Common shares - average (diluted) 426.7 429.9 436.5 (3.2) (1) % (9.9) (2) %
Common equity tier 1 capital ratio(1)
10.4 % 10.5 % 10.6 %
Total capital ratio(1)
13.6 13.7 13.8
Tangible common equity ratio 7.2 7.3 7.2
Tier 1 leverage ratio(1)
9.2 9.3 9.4
(1) Current reporting-period regulatory capital ratios are preliminary.
Second quarter 2026
•The CET1 capital ratio of 10.4% as of June 30, 2026 compares with 10.5% at March 31, 2026 and 10.6% at June 30, 2025.
•Total capital ratio of 13.6% compares with 13.7% at March 31, 2026 and 13.8% as of June 30, 2025.
•Tangible common equity ratio of 7.2% compares with 7.3% at March 31, 2026 and 7.2% as of June 30, 2025.
•Tangible book value per common share of $38.29, up 1% compared with first quarter 2026, and up 9% versus second quarter 2025.
•Total capital returned to shareholders was $422 million in second quarter 2026.
◦Paid $197 million in common dividends to shareholders during second quarter 2026. This compares with $198 million in common dividends during first quarter 2026 and $185 million during second quarter 2025.
◦Repurchased $225 million of common shares during second quarter 2026, compared with $300 million in first quarter 2026 and $200 million in second quarter 2025.
10
Citizens Financial Group, Inc.
Credit quality review 2Q26 change from
($s in millions) 2Q26 1Q26 2Q25 1Q26 2Q25
$/bps/% % $/bps/% %
Nonaccrual loans and leases(1)
$ 1,435 $ 1,497 $ 1,524 $ (62) (4) % $ (89) (6) %
90+ days past due and accruing(2)
183 208 194 (25) (12) (11) (6)
Net charge-offs 135 138 167 (3) (2) (32) (19)
Provision for credit losses 134 140 164 (6) (4) (30) (18)
Allowance for credit losses $ 2,184 $ 2,185 $ 2,209 $ (1) — % $ (25) (1) %
Nonaccrual loans and leases to loans and leases 0.97 % 1.04 % 1.09 % (7) bps (12) bps
Net charge-offs as a % of total loans and leases 0.37 0.39 0.48 (2) (11)
Allowance for credit losses to loans and leases 1.48 1.52 1.59 (4) (11)
Allowance for credit losses to nonaccrual loans and leases 152 % 146 % 145 % 6 % 7 %
(1) Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
(2) 90+ days past due and accruing includes $172 million, $179 million, and $128 million of loans fully or partially guaranteed by the FHA, VA, and USDA for June 30, 2026, March 31, 2026, and June 30, 2025, respectively.
Second quarter 2026 vs. first quarter 2026
•Nonaccrual loans of $1.4 billion decreased 4%, driven by a decrease in commercial real estate, as we continue to workout the General Office portfolio. The nonaccrual loans to total loans ratio of 0.97% compares with 1.04% at March 31, 2026.
•Net charge-offs of $135 million, or 37 basis points of average loans and leases, compares with 39 basis points in the prior quarter, reflecting decreases in commercial real estate and retail, partially offset by higher C&I.
•The second quarter 2026 provision for credit losses of $134 million compares with $140 million for first quarter 2026.
•The ratio of allowance for credit losses to total loans of 1.48% was down slightly compared with 1.52% as of March 31, 2026 reflecting improved loan mix given the continued reduction in the Non-Core portfolio and a decrease in 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 152% increased from 146% at March 31, 2026, reflecting the decline in nonaccrual loans.
Second quarter 2026 vs. second quarter 2025
•Nonaccrual loans decreased 6% driven largely by a 13% decrease in commercial, reflecting a decline in commercial real estate. The nonaccrual loans to total loans ratio of 0.97% compares with 1.09% at June 30, 2025.
•Net charge-offs of $135 million, or 37 basis points of average loans and leases compares with 48 basis points for second quarter 2025, reflecting a decrease in commercial real estate and retail.
•Provision for credit losses of $134 million decreased compared with a $164 million provision in second 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 $25 million compared with June 30, 2025 given the continued Non-Core runoff and other improvements in loan mix. Allowance for credit losses ratio of 1.48% as of June 30, 2026 compares with 1.59% as of June 30, 2025.
•The allowance for credit losses to nonaccrual loans and leases ratio of 152% compares with 145% as of June 30, 2025.
11
Citizens Financial Group, Inc.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $233.8 billion in assets as of June 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 and Private 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.
12
Citizens Financial Group, Inc.
Non-GAAP Financial Measures and Reconciliations
Non-GAAP Financial Measures:
This document contains non-GAAP financial measures that we believe provide useful information to investors to understand our results of operations or financial condition. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP financial measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP. See the following pages for reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.
13
Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
2Q26 Change
2Q26 1Q26 2Q25 1Q26 2Q25
$/bps % $/bps %
Pre-provision profit:
Total revenue (GAAP) A $2,283 $2,168 $2,037 $115 5 % $246 12 %
Less: Noninterest expense (GAAP) B 1,394 1,378 1,319 16 1 75 6
Pre-provision profit (non-GAAP) $889 $790 $718 $99 13 % $171 24 %
Operating leverage:
Total revenue (GAAP) A $2,283 $2,168 $2,037 $115 5.25 % $246 12.01 %
Less: Noninterest expense (GAAP) B 1,394 1,378 1,319 16 1.15 75 5.64
Operating leverage 4.10 % 6.37 %
Efficiency ratio:
Efficiency ratio B/A 61.08 % 63.55 % 64.76 % (247) bps (368) bps
Book value per common share and tangible book value per common share:
Common shares - at period-end (GAAP) C 422,677,660 426,023,578 432,768,811 (3,345,918) (1 %) (10,091,151) (2 %)
Common stockholders' equity (GAAP) D $24,072 $24,061 $23,121 $11 — $951 4
Less: Goodwill (GAAP) 8,220 8,221 8,187 (1) — 33 —
Less: Other intangible assets (GAAP) 105 112 128 (7) (6) (23) (18)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 438 437 440 1 — (2) —
Tangible common equity (non-GAAP) E $16,185 $16,165 $15,246 $20 — % $939 6 %
Book value per common share (GAAP) D/C $56.95 $56.48 $53.43 $0.47 1 % $3.52 7 %
Tangible book value per common share (non-GAAP) E/C 38.29 37.94 35.23 0.35 1 3.06 9
Net interest income and net interest margin on an FTE basis:
Net interest income (annualized) (GAAP) F $6,542 $6,337 $5,770 $205 3 % $772 13 %
Average interest-earning assets (GAAP) G 206,770 201,929 196,318 4,841 2 10,452 5
Net interest margin (GAAP) F/G 3.16 % 3.14 % 2.94 % 2 bps 22 bps
Net interest income (GAAP) $1,631 $1,562 $1,437 $69 4 % $194 14 %
FTE adjustment 3 3 4 — — (1) (25)
Net interest income on an FTE basis (non-GAAP) 1,634 1,565 1,441 69 4 193 13
Net interest income on an FTE basis (annualized) (non-GAAP) H 6,555 6,350 5,786 204 3 769 13
Net interest margin on an FTE basis (non-GAAP) H/G 3.17 % 3.14 % 2.95 % 3 bps 22 bps
Return on average common equity and return on average tangible common equity:
Net income available to common stockholders (GAAP) I $554 $484 $402 $70 14 % $152 38 %
Average common equity (GAAP) J $23,839 $23,995 $22,494 ($156) (1) $1,345 6
Less: Average goodwill (GAAP) 8,221 8,198 8,187 23 — 34 —
Less: Average other intangibles (GAAP) 109 114 134 (5) (4) (25) (19)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 438 437 438 1 — — —
Average tangible common equity (non-GAAP) K $15,947 $16,120 $14,611 ($173) (1 %) $1,336 9 %
Return on average common equity (GAAP) I/J 9.31 % 8.19 % 7.18 % 112 bps 213 bps
Return on average tangible common equity (non-GAAP) I/K 13.91 % 12.19 % 11.05 % 172 bps 286 bps
Return on average total assets and return on average total tangible assets:
Net income (GAAP) L $587 $517 $436 $70 14 % $151 35 %
Average total assets (GAAP) M $229,263 $224,224 $217,661 $5,039 2 $11,602 5
Less: Average goodwill (GAAP) 8,221 8,198 8,187 23 — 34 —
Less: Average other intangibles (GAAP) 109 114 134 (5) (4) (25) (19)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 438 437 438 1 — — —
Average tangible assets (non-GAAP) N $221,371 $216,349 $209,778 $5,022 2 % $11,593 6 %
Return on average total assets (GAAP) L/M 1.03 % 0.94 % 0.80 % 9 bps 23 bps
Return on average total tangible assets (non-GAAP) L/N 1.06 % 0.97 % 0.83 % 9 bps 23 bps
14
Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
2Q26 Change
2Q26 1Q26 2Q25 1Q26 2Q25
$/bps % $/bps %
Common equity ratio and tangible common equity ratio:
Total assets (GAAP) O $233,836 $227,918 $218,310 $5,918 3 % $15,526 7 %
Less: Goodwill (GAAP) 8,220 8,221 8,187 (1) — 33 —
Less: Other intangible assets (GAAP) 105 112 128 (7) (6) (23) (18)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 438 437 440 1 — (2) —
Tangible assets (non-GAAP) P $225,949 $220,022 $210,435 $5,927 3 % $15,514 7 %
Common equity ratio (GAAP) D/O 10.3 % 10.6 % 10.6 % (27) bps (30) bps
Tangible common equity ratio (non-GAAP) E/P 7.2 7.3 7.2 (10) bps (4) bps
15
Citizens Financial Group, Inc.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words "believes," "expects," "anticipates," "estimates," "intends," "plans," "goals," "targets," "initiatives," "potentially," "probably," "projects," "outlook," and "guidance", or similar expressions or future conditional verbs such as "may," "will," "likely," "should," "would," and "could."
Forward-looking statements are based upon the current beliefs and expectations of management and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation:
•Negative economic, business, and political conditions, including as a result of the interest rate environment, supply chain disruptions, tariffs, inflationary pressures, and labor shortages that adversely affect the general economy, housing prices, the job market, consumer confidence, and spending habits;
•The general state of the economy and employment, as well as general business and economic conditions, and changes in the competitive environment;
•Our capital and liquidity requirements under regulatory standards and our ability to generate capital and liquidity on favorable terms;
•The effect of changes in our credit ratings on our cost of funding, access to capital markets, ability to market our securities, and overall liquidity position;
•The effect of changes in the level of commercial and consumer deposits on our funding costs and net interest margin;
•Our ability to achieve our financial performance goals and execute on our strategic business initiatives, including the continued expansion of Private Bank and Private Wealth, and our aim to position us as a more innovative, modern, and customer-centric bank;
•The effects of geopolitical instability, including the war in Ukraine and the conflict in the Middle East, on economic and market conditions, inflationary pressures and the interest rate environment, commodity price and foreign exchange rate volatility, and heightened cybersecurity risks;
•Our ability to comply with supervisory requirements and expectations as well as new or amended regulations;
•Liabilities and business restrictions resulting from litigation and regulatory investigations;
•The impact of changes in interest rates on our net interest income, net interest margin, mortgage originations, and mortgage servicing rights, as well as on market liquidity, which could affect our funding sources and ability to originate and distribute financial products in the primary and secondary markets;
•Financial services reform and other current, pending, or future legislation or regulation that could have a negative effect on our revenue and businesses;
•Environmental risks, such as physical or transition risks associated with climate change, and social and governance risks that could adversely affect our reputation, operations, business, and customers;
•A failure in, or breach of, our compliance with laws, as well as operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyberattacks; and
•Management’s ability to identify and manage these and other risks.
In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, balance sheet growth, market conditions, and regulatory considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares from, or pay any dividends to, holders of our common stock, or as to the amount of any such repurchases or dividends.
More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 as filed with the Securities and Exchange Commission.
Note: Per share amounts and ratios presented in this document are calculated using whole dollars.
16
EX-99.2
EX-99.2
Filename: q226financialsupplement.htm · Sequence: 3
Document
Exhibit 99.2
Financial Supplement
Second 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 SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
$/bps % $/bps % $/bps %
SELECTED OPERATING DATA
Total revenue A $2,283 $2,168 $2,157 $2,118 $2,037 $115 5 % $246 12 % $4,451 $3,972 $479 12 %
Noninterest expense
B
1,394 1,378 1,343 1,335 1,319 16 1 75 6 2,772 2,633 139 5
Pre-provision profit1
889 790 814 783 718 99 13 171 24 1,679 1,339 340 25
Provision (benefit) for credit losses 134 140 137 154 164 (6) (4) (30) (18) 274 317 (43) (14)
NET INCOME 587 517 528 494 436 70 14 151 35 1,104 809 295 36
Net income available to common stockholders 554 484 489 457 402 70 14 152 38 1,038 742 296 40
PER COMMON SHARE DATA
Basic earnings $1.31 $1.14 $1.14 $1.06 $0.93 $0.17 15 % $0.38 41 % $2.45 $1.70 $0.75 44 %
Diluted earnings 1.30 1.13 1.13 1.05 0.92 0.17 15 0.38 41 2.42 1.69 0.73 43
Cash dividends declared and paid per common share 0.46 0.46 0.46 0.42 0.42 — — 0.04 10 0.92 0.84 0.08 10
Book value per common share 56.95 56.48 56.39 54.97 53.43 0.47 1 3.52 7 56.95 53.43 3.52 7
Tangible book value per common share1
38.29 37.94 38.07 36.73 35.23 0.35 1 3.06 9 38.29 35.23 3.06 9
Dividend payout ratio 35 % 40 % 40 % 40 % 45 % (524) bps (1,005) bps 38 % 49 % (1,186) bps
COMMON SHARES OUTSTANDING
Average: Basic 422,871,137 425,344,491 429,483,110 431,365,552 433,640,210 (2,473,354) (1 %) (10,769,073) (2 %) 424,100,982 435,967,554 (11,866,572) (3 %)
Diluted
426,681,848 429,894,837 434,077,960 435,472,350 436,539,774 (3,212,989) (1) (9,857,926) (2) 428,274,078 439,342,703 (11,068,625) (3)
Common shares at period-end 422,677,660 426,023,578 429,242,174 431,453,142 432,768,811 (3,345,918) (1) (10,091,151) (2) 422,677,660 432,768,811 (10,091,151) (2)
FINANCIAL RATIOS
Net interest margin 3.16 % 3.14 % 3.06 % 2.99 % 2.94 % 2 bps 22 bps 3.15 % 2.91 % 24 bps
Net interest margin, FTE1,2
3.17 3.14 3.07 3.00 2.95 3 22 3.16 2.92 24
Return on average common equity 9.31 8.19 8.16 7.77 7.18 112 213 8.75 6.70 205
Return on average tangible common equity1
13.91 12.19 12.18 11.75 11.05 172 286 13.05 10.35 270
Return on average total assets 1.03 0.94 0.95 0.90 0.80 9 23 0.98 0.75 23
Return on average total tangible assets1
1.06 0.97 0.98 0.93 0.83 9 23 1.02 0.78 24
Effective income tax rate 22.29 20.46 22.03 21.38 21.37 183 92 21.44 20.86 58
Efficiency ratio
B/A
61.08 63.55 62.24 63.03 64.76 (247) (368) 62.28 66.29 (401)
Noninterest income as a % of total revenue 28.54 27.95 28.75 29.75 29.41 59 (87) 28.25 28.79 (54)
Operating leverage:
Total revenue $2,283 $2,168 $2,037 $115 5.25 % $246 12.01 % $4,451 $3,972 $479 12.06 %
Less: Noninterest expense
1,394 1,378 1,319 16 1.15 75 5.64 2,772 2,633 139 5.28
Operating leverage
4.10 % 6.37 % 6.78 %
CAPITAL RATIOS - PERIOD-END (PRELIMINARY)
CET1 capital ratio 10.4 % 10.5 % 10.6 % 10.7 % 10.6 %
Tier 1 capital ratio 11.6 11.7 11.9 11.9 11.9
Total capital ratio 13.6 13.7 13.8 13.9 13.8
Tier 1 leverage ratio 9.2 9.3 9.5 9.4 9.4
Common equity ratio
10.3 10.6 10.7 10.6 10.6
Tangible common equity ratio1
7.2 7.3 7.5 7.4 7.2
SELECTED BALANCE SHEET DATA
Loan-to-deposit ratio (period-end balances) 79.46 % 78.07 % 77.84 % 78.26 % 79.56 % 139 bps (10) bps 79.46 % 79.56 % (10) bps
Loan-to-deposit ratio (average balances) 79.58 79.09 78.82 79.57 79.72 49 bps (14) bps 79.34 80.30 (96) bps
Full-time equivalent colleagues (period-end) 17,727 17,380 17,398 17,496 17,677 347 2 % 50 — % 17,727 17,677 50 — %
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 SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
$ % $ % $ %
INTEREST INCOME
Interest and fees on loans and leases $1,968 $1,884 $1,901 $1,897 $1,851 $84 4 % $117 6 % $3,852 $3,680 $172 5 %
Interest and fees on loans held for sale 26 21 22 31 36 5 24 (10) (28) 47 52 (5) (10)
Investment securities 446 424 434 433 428 22 5 18 4 870 846 24 3
Interest-bearing deposits in banks 103 91 89 97 92 12 13 11 12 194 181 13 7
Total interest income 2,543 2,420 2,446 2,458 2,407 123 5 136 6 4,963 4,759 204 4
INTEREST EXPENSE
Deposits 747 715 781 816 802 32 4 (55) (7) 1,462 1,597 (135) (8)
Short-term borrowed funds 9 4 — 5 9 5 125 — — 13 17 (4) (24)
Long-term borrowed funds 156 139 128 149 159 17 12 (3) (2) 295 317 (22) (7)
Total interest expense 912 858 909 970 970 54 6 (58) (6) 1,770 1,931 (161) (8)
Net interest income 1,631 1,562 1,537 1,488 1,437 69 4 194 14 3,193 2,828 365 13
NONINTEREST INCOME
Service charges and fees 117 112 112 112 111 5 4 6 5 229 220 9 4
Capital markets fees 153 134 140 166 105 19 14 48 46 287 205 82 40
Wealth fees 102 100 98 93 88 2 2 14 16 202 169 33 20
Card fees 89 83 86 87 90 6 7 (1) (1) 172 173 (1) (1)
Mortgage banking fees 42 42 52 49 73 — — (31) (42) 84 132 (48) (36)
Foreign exchange and derivative products 47 44 34 42 41 3 7 6 15 91 80 11 14
Letter of credit and loan fees 52 50 49 48 45 2 4 7 16 102 89 13 15
Securities gains, net 6 7 7 2 5 (1) (14) 1 20 13 12 1 8
Other income 44 34 42 31 42 10 29 2 5 78 64 14 22
Total noninterest income 652 606 620 630 600 46 8 52 9 1,258 1,144 114 10
TOTAL REVENUE 2,283 2,168 2,157 2,118 2,037 115 5 246 12 4,451 3,972 479 12
Provision (benefit) for credit losses 134 140 137 154 164 (6) (4) (30) (18) 274 317 (43) (14)
NONINTEREST EXPENSE
Salaries and employee benefits 745 758 716 705 681 (13) (2) 64 9 1,503 1,377 126 9
Equipment and software 195 197 199 197 193 (2) (1) 2 1 392 387 5 1
Outside services 174 162 148 161 169 12 7 5 3 336 324 12 4
Occupancy 108 114 109 106 108 (6) (5) — — 222 220 2 1
Other operating expense 172 147 171 166 168 25 17 4 2 319 325 (6) (2)
Total noninterest expense 1,394 1,378 1,343 1,335 1,319 16 1 75 6 2,772 2,633 139 5
Income before income tax expense 755 650 677 629 554 105 16 201 36 1,405 1,022 383 37
Income tax expense 168 133 149 135 118 35 26 50 42 301 213 88 41
Net income $587 $517 $528 $494 $436 $70 14 % $151 35 % $1,104 $809 $295 36 %
Net income available to common stockholders $554 $484 $489 $457 $402 $70 14 % $152 38 % $1,038 $742 $296 40 %
4
CONSOLIDATED BALANCE SHEETS (unaudited)
(dollars in millions, except par value)
PERIOD-END BALANCES AS OF JUNE 30, 2026 CHANGE
June 30, 2026 Mar 31, 2026 Dec 31, 2025 Sept 30, 2025 June 30, 2025 March 31, 2026 June 30, 2025
$ % $ %
ASSETS
Cash and due from banks $1,219 $1,084 $1,464 $1,254 $1,107 $135 12 % $112 10 %
Interest-bearing cash and due from banks 11,541 11,246 11,263 10,396 7,441 295 3 4,100 55
Interest-bearing deposits in banks 1,107 830 961 694 680 277 33 427 63
Debt securities available for sale, at fair value 37,448 36,361 35,697 35,419 34,658 1,087 3 2,790 8
Debt securities held to maturity 7,638 7,800 7,933 8,124 8,293 (162) (2) (655) (8)
Loans held for sale
1,458 1,537 1,198 1,334 2,093 (79) (5) (635) (30)
Loans and leases 147,491 143,667 142,692 140,870 139,304 3,824 3 8,187 6
Less: Allowance for loan and lease losses (1,969) (1,958) (1,943) (1,972) (2,008) (11) 1 39 (2)
Net loans and leases 145,522 141,709 140,749 138,898 137,296 3,813 3 8,226 6
Premises and equipment 873 874 915 857 855 (1) — 18 2
Bank-owned life insurance 3,470 3,464 3,441 3,422 3,408 6 — 62 2
Goodwill 8,220 8,221 8,187 8,187 8,187 (1) — 33 —
Other intangible assets 105 112 115 123 129 (7) (6) (24) (19)
Other assets
15,235 14,680 14,428 14,039 14,163 555 4 1,072 8
TOTAL ASSETS $233,836 $227,918 $226,351 $222,747 $218,310 $5,918 3 % $15,526 7 %
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing $40,939 $41,672 $40,417 $39,472 $38,001 ($733) (2 %) $2,938 8 %
Interest-bearing 144,681 142,363 142,896 140,539 137,085 2,318 2 7,596 6
Total deposits 185,620 184,035 183,313 180,011 175,086 1,585 1 10,534 6
Short-term borrowed funds 1,159 54 58 214 249 1,105 NM 910 NM
Long-term borrowed funds:
FHLB advances 5,763 2,513 2,014 14 1,542 3,250 129 4,221 NM
Senior debt 7,078 7,076 6,328 6,825 6,821 2 — 257 4
Subordinated debt and other debt 2,349 2,671 2,882 3,602 4,163 (322) (12) (1,814) (44)
Total long-term borrowed funds 15,190 12,260 11,224 10,441 12,526 2,930 24 2,664 21
Other liabilities
5,684 5,397 5,439 6,252 5,215 287 5 469 9
TOTAL LIABILITIES 207,653 201,746 200,034 196,918 193,076 5,907 3 14,577 8
STOCKHOLDERS' EQUITY
Preferred stock:
$25.00 par value, 100,000,000 shares authorized for each of the periods presented 2,111 2,111 2,111 2,111 2,113 — — (2) —
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 22,521 22,466 22,476 22,448 22,420 55 — 101 —
Retained earnings 11,987 11,631 11,345 11,056 10,783 356 3 1,204 11
Treasury stock, at cost (8,182) (7,955) (7,652) (7,526) (7,450) (227) (3) (732) (10)
Accumulated other comprehensive income (loss) (2,261) (2,088) (1,970) (2,267) (2,639) (173) (8) 378 14
TOTAL STOCKHOLDERS' EQUITY 26,183 26,172 26,317 25,829 25,234 11 — 949 4
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $233,836 $227,918 $226,351 $222,747 $218,310 $5,918 3 % $15,526 7 %
Memo: Total tangible common equity1
$16,185 $16,165 $16,341 $15,848 $15,246 $20 — % $939 6 %
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 JUNE 30, 2026 CHANGE
June 30, 2026 Mar 31, 2026 Dec 31, 2025 Sept 30, 2025 June 30, 2025 Mar 31, 2026 June 30, 2025
$ % $ %
LOANS AND LEASES
Commercial and industrial
$53,467 $50,307 $49,232 $46,953 $45,412 $3,160 6 % $8,055 18 %
Commercial real estate 23,817 24,282 24,580 25,540 26,230 (465) (2) (2,413) (9)
Total commercial 77,284 74,589 73,812 72,493 71,642 2,695 4 5,642 8
Residential mortgages 36,374 35,404 35,024 34,477 33,823 970 3 2,551 8
Home equity 20,276 19,449 19,069 18,415 17,711 827 4 2,565 14
Automobile 1,482 1,863 2,310 2,816 3,407 (381) (20) (1,925) (57)
Education 8,044 8,340 8,416 8,556 8,550 (296) (4) (506) (6)
Other retail 4,031 4,022 4,061 4,113 4,171 9 — (140) (3)
Total retail 70,207 69,078 68,880 68,377 67,662 1,129 2 2,545 4
Total loans and leases $147,491 $143,667 $142,692 $140,870 $139,304 $3,824 3 % $8,187 6 %
Loans held for sale
1,458 1,537 1,198 1,334 2,093 (79) (5) (635) (30)
Loans and leases and loans held for sale $148,949 $145,204 $143,890 $142,204 $141,397 $3,745 3 % $7,552 5 %
DEPOSITS
Noninterest-bearing demand
$40,939 $41,672 $40,417 $39,472 $38,001 ($733) (2 %) $2,938 8 %
Checking with interest 40,258 37,675 37,428 35,219 34,918 2,583 7 5,340 15
Savings 23,570 24,114 24,353 24,759 25,400 (544) (2) (1,830) (7)
Money market 60,029 59,611 60,062 59,709 55,638 418 1 4,391 8
Time
20,824 20,963 21,053 20,852 21,129 (139) (1) (305) (1)
Total deposits $185,620 $184,035 $183,313 $180,011 $175,086 $1,585 1 % $10,534 6 %
6
AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)
QUARTERLY TRENDS 2Q26 Change
2Q26 1Q26 2Q25 1Q26 2Q25
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 $10,839 $103 3.78 % $10,079 $91 3.60 % $8,217 $92 4.40 % $760 $12 18 bps $2,622 $11 (62) bps
Taxable investment securities 48,087 446 3.71 46,928 424 3.62 46,537 428 3.69 1,159 22 9 1,550 18 2
Non-taxable investment securities 1 — 2.60 1 — 2.60 1 — 2.60 — — — — — —
Total investment securities 48,088 446 3.71 46,929 424 3.62 46,538 428 3.69 1,159 22 9 1,550 18 2
Commercial and industrial
52,214 707 5.35 50,140 644 5.14 44,936 549 4.84 2,074 63 21 7,278 158 51
Commercial real estate 24,334 333 5.41 24,401 328 5.38 26,487 384 5.73 (67) 5 3 (2,153) (51) (32)
Total commercial 76,548 1,040 5.37 74,541 972 5.22 71,423 933 5.17 2,007 68 15 5,125 107 20
Residential mortgages 35,793 367 4.09 35,090 353 4.03 33,420 327 3.92 703 14 6 2,373 40 17
Home equity 19,876 319 6.43 19,230 307 6.47 17,324 308 7.14 646 12 (4) 2,552 11 (71)
Automobile 1,667 20 4.78 2,090 24 4.68 3,705 41 4.41 (423) (4) 10 (2,038) (21) 37
Education 8,183 124 6.11 8,442 127 6.08 8,660 128 5.94 (259) (3) 3 (477) (4) 17
Other retail 4,061 98 9.67 4,017 101 10.22 4,277 114 10.66 44 (3) (55) (216) (16) (99)
Total retail 69,580 928 5.34 68,869 912 5.34 67,386 918 5.46 711 16 — 2,194 10 (12)
Total loans and leases 146,128 1,968 5.36 143,410 1,884 5.28 138,809 1,851 5.31 2,718 84 8 7,319 117 5
Loans held for sale
1,715 26 6.04 1,511 21 5.65 2,754 36 5.29 204 5 39 (1,039) (10) 75
Total interest-earning assets 206,770 2,543 4.90 201,929 2,420 4.81 196,318 2,407 4.89 4,841 123 9 10,452 136 1
Noninterest-earning assets 22,493 22,295 21,343 198 1,150
TOTAL ASSETS $229,263 $224,224 $217,661 $5,039 $11,602
INTEREST-BEARING LIABILITIES
Checking with interest $38,632 $132 1.38 % $37,027 $122 1.33 % $33,847 $123 1.46 % $1,605 $10 5 $4,785 $9 (8)
Savings
23,780 64 1.06 24,095 65 1.10 25,536 85 1.34 (315) (1) (4) (1,756) (21) (28)
Money market 60,295 374 2.49 60,141 350 2.36 54,716 376 2.75 154 24 13 5,579 (2) (26)
Time
21,032 177 3.39 20,766 178 3.46 22,679 218 3.85 266 (1) (7) (1,647) (41) (46)
Total interest-bearing deposits 143,739 747 2.08 142,029 715 2.04 136,778 802 2.35 1,710 32 4 6,961 (55) (27)
Short-term borrowed funds 989 9 3.43 454 4 3.74 925 9 3.96 535 5 (31) 64 — (53)
FHLB advances 3,538 35 3.94 1,408 14 4.02 1,063 12 4.64 2,130 21 (8) 2,475 23 (70)
Senior debt 7,078 89 5.01 6,843 86 5.04 7,042 90 5.07 235 3 (3) 36 (1) (6)
Subordinated debt and other debt 2,496 32 5.09 2,824 39 5.50 4,394 57 5.18 (328) (7) (41) (1,898) (25) (9)
Total long-term borrowed funds 13,112 156 4.74 11,075 139 5.03 12,499 159 5.07 2,037 17 (29) 613 (3) (33)
Total borrowed funds 14,101 165 4.65 11,529 143 4.98 13,424 168 5.00 2,572 22 (33) 677 (3) (35)
Total interest-bearing liabilities 157,840 912 2.31 153,558 858 2.26 150,202 970 2.59 4,282 54 5 7,638 (58) (28)
Noninterest-bearing demand deposits
39,881 39,286 37,350 595 2,531
Other noninterest-bearing liabilities 5,592 5,274 5,503 318 89
TOTAL LIABILITIES 203,313 198,118 193,055 5,195 10,258
STOCKHOLDERS' EQUITY 25,950 26,106 24,606 (156) 1,344
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $229,263 $224,224 $217,661 $5,039 $11,602
INTEREST RATE SPREAD 2.59 % 2.55 % 2.30 % 4 29
NET INTEREST INCOME AND NET INTEREST MARGIN
$1,631 3.16 % $1,562 3.14 % $1,437 2.94 % $69 2 $194 22
NET INTEREST INCOME AND NET INTEREST MARGIN, FTE1
$1,634 3.17 % $1,565 3.14 % $1,441 2.95 % $69 3 $193 22
Memo: Total deposits (interest-bearing and noninterest-bearing demand)
$183,620 $747 1.63 % $181,315 $715 1.60 % $174,128 $802 1.85 % $2,305 $32 3 bps $9,492 ($55) (22) 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 SIX MONTHS ENDED JUNE 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 $10,461 $194 3.69 % $8,155 $181 4.41 % $2,306 $13 (72) bps
Taxable investment securities 47,511 870 3.67 46,304 846 3.66 1,207 24 1
Non-taxable investment securities 1 — 2.60 1 — 2.60 — — —
Total investment securities 47,512 870 3.67 46,305 846 3.66 1,207 24 1
Commercial and industrial
51,183 1,351 5.25 44,271 1,064 4.78 6,912 287 47
Commercial real estate 24,367 661 5.39 26,749 771 5.73 (2,382) (110) (34)
Total commercial 75,550 2,012 5.30 71,020 1,835 5.14 4,530 177 16
Residential mortgages 35,442 720 4.06 33,147 645 3.89 2,295 75 17
Home equity 19,555 626 6.45 16,988 601 7.14 2,567 25 (69)
Automobile 1,878 44 4.73 4,047 88 4.40 (2,169) (44) 33
Education 8,312 251 6.09 9,670 276 5.76 (1,358) (25) 33
Other retail 4,039 199 9.94 4,385 235 10.79 (346) (36) (85)
Total retail 69,226 1,840 5.34 68,237 1,845 5.44 989 (5) (10)
Total loans and leases 144,776 3,852 5.32 139,257 3,680 5.29 5,519 172 3
Loans held for sale
1,613 47 5.85 1,975 52 5.30 (362) (5) 55
Total interest-earning assets 204,362 4,963 4.85 195,692 4,759 4.86 8,670 204 (1)
Noninterest-earning assets 22,395 21,297 1,098
TOTAL ASSETS $226,757 $216,989 $9,768
INTEREST-BEARING LIABILITIES
Checking with interest $37,834 $254 1.36 % $33,273 $233 1.41 % $4,561 $21 (5)
Savings
23,937 129 1.08 25,647 174 1.37 (1,710) (45) (29)
Money market 60,218 724 2.43 54,575 733 2.71 5,643 (9) (28)
Time
20,900 355 3.42 22,977 457 4.01 (2,077) (102) (59)
Total interest-bearing deposits 142,889 1,462 2.06 136,472 1,597 2.36 6,417 (135) (30)
Short-term borrowed funds 723 13 3.53 800 17 4.20 (77) (4) (67)
FHLB advances 2,479 49 3.96 831 19 4.62 1,648 30 (66)
Senior debt 6,961 175 5.03 7,087 176 4.96 (126) (1) 7
Subordinated debt and other debt 2,659 71 5.31 4,660 122 5.24 (2,001) (51) 7
Total long-term borrowed funds 12,099 295 4.87 12,578 317 5.04 (479) (22) (17)
Total borrowed funds 12,822 308 4.80 13,378 334 4.99 (556) (26) (19)
Total interest-bearing liabilities 155,711 1,770 2.29 149,850 1,931 2.59 5,861 (161) (30)
Noninterest-bearing demand deposits
39,585 36,948 2,637
Other noninterest-bearing liabilities 5,433 5,736 (303)
TOTAL LIABILITIES 200,729 192,534 8,195
STOCKHOLDERS' EQUITY 26,028 24,455 1,573
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $226,757 $216,989 $9,768
INTEREST RATE SPREAD 2.56 % 2.27 % 29
NET INTEREST INCOME AND NET INTEREST MARGIN
$3,193 3.15 % $2,828 2.91 % $365 24
NET INTEREST INCOME AND NET INTEREST MARGIN, FTE1
$3,199 3.16 % $2,836 2.92 % $363 24
Memo: Total deposits (interest-bearing and noninterest-bearing demand)
$182,474 $1,462 1.62 % $173,420 $1,597 1.86 % $9,054 ($135) (24) 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 SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
$/bps % $/bps % $/bps %
MORTGAGE BANKING FEES
Production revenue $15 $21 $19 $18 $19 ($6) (29 %) ($4) (21 %) $36 $34 $2 6 %
Mortgage servicing revenue 30 24 21 29 28 6 25 2 7 54 60 (6) (10)
MSR valuation changes, net of hedge impact (3) (3) 12 2 26 — — (29) NM (6) 38 (44) NM
Total mortgage banking fees $42 $42 $52 $49 $73 $— — % ($31) (42 %) $84 $132 ($48) (36 %)
Pull-through adjusted locks $2,590 $2,299 $2,486 $2,150 $2,458 $291 13 % $132 5 % $4,889 $4,570 $319 7 %
Production revenue as a percentage of Pull-through adjusted locks 0.58 % 0.90 % 0.78 % 0.81 % 0.78 % (33) bps (21) bps 0.73 % 0.75 % (2) bps
RESIDENTIAL REAL ESTATE ORIGINATIONS
Retail $2,657 $1,944 $2,175 $2,019 $2,189 $713 37 % $468 21 % $4,601 $3,633 $968 27 %
Third Party 2,079 1,854 2,179 1,837 1,916 225 12 163 9 3,933 3,390 543 16
Total $4,736 $3,798 $4,354 $3,856 $4,105 $938 25 % $631 15 % $8,534 $7,023 $1,511 22 %
Originated for sale $2,676 $2,415 $2,748 $2,379 $2,486 $261 11 % $190 8 % $5,091 $4,402 $689 16 %
Originated for investment 2,060 1,383 1,606 1,477 1,619 677 49 441 27 3,443 2,621 822 31
Total $4,736 $3,798 $4,354 $3,856 $4,105 $938 25 % $631 15 % $8,534 $7,023 $1,511 22 %
MORTGAGE SERVICING INFORMATION (UPB)
Loans serviced for others $94,589 $94,794 $94,877 $95,244 $95,422 ($205) — % ($833) (1 %) $94,589 $95,422 ($833) (1 %)
Owned loans serviced 36,975 35,888 35,599 34,760 34,284 1,087 3 2,691 8 36,975 34,284 2,691 8
Total $131,564 $130,682 $130,476 $130,004 $129,706 $882 1 % $1,858 1 % $131,564 $129,706 $1,858 1 %
MSR at fair value $1,482 $1,462 $1,455 $1,430 $1,426 $20 1 % $56 4 % $1,482 $1,426 $56 4 %
9
SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING
(dollars in millions)
QUARTERLY TRENDS FOR THE SIX MONTHS ENDED JUNE 30,
CONSUMER BANKING
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
$/bps % $/bps % $/bps %
Net interest income $1,348 $1,309 $1,299 $1,262 $1,218 $39 3 % $130 11 % $2,657 $2,411 $246 10 %
Noninterest income 314 299 315 311 329 15 5 (15) (5) 613 626 (13) (2)
Total revenue 1,662 1,608 1,614 1,573 1,547 54 3 115 7 3,270 3,037 233 8
Noninterest expense 1,016 1,028 984 979 963 (12) (1) 53 6 2,044 1,917 127 7
Profit (loss) before credit losses 646 580 630 594 584 66 11 62 11 1,226 1,120 106 9
Net charge-offs 72 71 80 81 81 1 1 (9) (11) 143 167 (24) (14)
Income (loss) before income tax expense (benefit) 574 509 550 513 503 65 13 71 14 1,083 953 130 14
Income tax expense (benefit) 148 131 139 130 127 17 13 21 17 279 241 38 16
Net income (loss) $426 $378 $411 $383 $376 $48 13 % $50 13 % $804 $712 $92 13 %
AVERAGE BALANCES
Total assets $85,302 $83,870 $82,552 $80,729 $78,822 $1,432 2 % $6,480 8 % $84,590 $78,182 $6,408 8 %
Total loans and leases1
78,550 77,089 75,980 74,274 72,402 1,461 2 6,148 8 77,824 71,732 6,092 8
Deposits 136,722 133,126 131,488 128,547 127,271 3,596 3 9,451 7 134,934 126,504 8,430 7
Interest-earning assets 79,163 77,695 76,583 74,870 72,988 1,468 2 6,175 8 78,433 72,315 6,118 8
KEY METRICS
Net interest margin 6.83 % 6.83 % 6.73 % 6.69 % 6.69 % — bps 14 bps 6.83 % 6.72 % 11 bps
Efficiency ratio 61.14 63.94 60.98 62.22 62.24 (280) bps (110) bps 62.51 63.13 (62) bps
Loan-to-deposit ratio (period-end balances) 58.07 56.55 57.28 57.40 57.24 152 bps 83 bps 58.07 57.24 83 bps
Loan-to-deposit ratio (average balances) 56.84 57.36 57.19 57.16 56.26 (52) bps 58 bps 57.10 56.15 95 bps
1 Includes loans held for sale.
10
SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING
(dollars in millions)
QUARTERLY TRENDS FOR THE SIX MONTHS ENDED JUNE 30,
COMMERCIAL BANKING
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
$/bps % $/bps % $/bps %
Net interest income $467 $456 $450 $448 $439 $11 2 % $28 6 % $923 $880 $43 5 %
Noninterest income 292 263 262 286 232 29 11 60 26 555 447 108 24
Total revenue 759 719 712 734 671 40 6 88 13 1,478 1,327 151 11
Noninterest expense 326 334 357 333 317 (8) (2) 9 3 660 644 16 2
Profit (loss) before credit losses 433 385 355 401 354 48 12 79 22 818 683 135 20
Net charge-offs 63 64 70 78 84 (1) (2) (21) (25) 127 161 (34) (21)
Income (loss) before income tax expense (benefit) 370 321 285 323 270 49 15 100 37 691 522 169 32
Income tax expense (benefit) 90 78 70 75 64 12 15 26 41 168 120 48 40
Net income (loss) $280 $243 $215 $248 $206 $37 15 % $74 36 % $523 $402 $121 30 %
AVERAGE BALANCES
Total assets $69,614 $67,737 $66,750 $66,134 $66,284 $1,877 3 % $3,330 5 % $68,681 $65,827 $2,854 4 %
Total loans and leases1
66,421 64,574 63,356 62,905 63,057 1,847 3 3,364 5 65,502 62,749 2,753 4
Deposits 44,064 45,354 45,443 44,482 42,481 (1,290) (3) 1,583 4 44,706 42,330 2,376 6
Interest-earning assets 67,145 65,345 64,248 63,719 63,710 1,800 3 3,435 5 66,250 63,366 2,884 5
KEY METRICS
Net interest margin 2.78 % 2.84 % 2.78 % 2.78 % 2.78 % (6) bps — bps 2.81 % 2.81 % — bps
Efficiency ratio 42.71 46.66 50.09 45.15 47.47 (395) bps (476) bps 44.64 48.60 (396) bps
Loan-to-deposit ratio (period-end balances) 142.67 141.03 132.96 132.70 139.59 164 bps 308 bps 142.67 139.59 308 bps
Loan-to-deposit ratio (average balances) 148.75 140.64 138.26 140.06 146.90 811 bps 185 bps 144.66 146.88 (222) bps
1 Includes loans held for sale.
11
SEGMENT FINANCIAL HIGHLIGHTS - OTHER
(dollars in millions)
QUARTERLY TRENDS FOR THE SIX MONTHS ENDED JUNE 30,
OTHER1
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
$ % $ % $ %
Net interest income ($184) ($203) ($212) ($222) ($220) $19 9 % $36 16 % ($387) ($463) $76 16 %
Noninterest income 46 44 43 33 39 2 5 7 18 90 71 19 27
Total revenue (138) (159) (169) (189) (181) 21 13 43 24 (297) (392) 95 24
Noninterest expense 52 16 2 23 39 36 225 13 33 68 72 (4) (6)
Profit (loss) before provision (benefit) for credit losses (190) (175) (171) (212) (220) (15) (9) 30 14 (365) (464) 99 21
Provision (benefit) for credit losses (1) 5 (13) (5) (1) (6) NM — — 4 (11) 15 NM
Income (loss) before income tax expense (benefit) (189) (180) (158) (207) (219) (9) (5) 30 14 (369) (453) 84 19
Income tax expense (benefit) (70) (76) (60) (70) (73) 6 8 3 4 (146) (148) 2 1
Net income (loss) ($119) ($104) ($98) ($137) ($146) ($15) (14 %) $27 18 % ($223) ($305) $82 27 %
AVERAGE BALANCES
Total assets $74,347 $72,617 $71,940 $72,254 $72,555 $1,730 2 % $1,792 2 % $73,486 $72,980 $506 1 %
Total loans and leases2
2,872 3,258 3,944 4,950 6,104 (386) (12) (3,232) (53) 3,064 6,751 (3,687) (55)
Deposits 2,834 2,835 2,926 2,928 4,376 (1) — (1,542) (35) 2,834 4,586 (1,752) (38)
Interest-earning assets 60,462 58,889 58,336 59,009 59,620 1,573 3 842 1 59,680 60,011 (331) (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 JUNE 30, 2026 CHANGE
June 30, 2026 Mar 31, 2026 Dec 31, 2025 Sept 30, 2025 June 30, 2025 Mar 31, 2026 June 30, 2025
$/bps/% % $/bps/% %
NONACCRUAL LOANS AND LEASES
Commercial and industrial
$244 $188 $277 $230 $233 $56 30 % $11 5 %
Commercial real estate 574 679 618 703 706 (105) (15) (132) (19)
Total commercial 818 867 895 933 939 (49) (6) (121) (13)
Residential mortgages1
220 217 196 188 198 3 1 22 11
Home equity 316 324 319 297 282 (8) (2) 34 12
Automobile 21 23 28 31 34 (2) (9) (13) (38)
Education 21 21 20 20 19 — — 2 11
Other retail 39 45 46 49 52 (6) (13) (13) (25)
Total retail 617 630 609 585 585 (13) (2) 32 5
Total nonaccrual loans and leases 1,435 1,497 1,504 1,518 1,524 (62) (4) (89) (6)
ASSET QUALITY RATIOS
Allowance for loan and lease losses to loans and leases 1.33 % 1.36 % 1.36 % 1.40 % 1.44 % (3) bps (11) bps
Allowance for credit losses to loans and leases 1.48 1.52 1.53 1.56 1.59 (4) bps (11) bps
Allowance for loan and lease losses to nonaccrual loans and leases 137 131 129 130 132 6 % 5 %
Allowance for credit losses to nonaccrual loans and leases 152 146 145 145 145 6 % 7 %
Nonaccrual loans and leases to loans and leases 0.97 1.04 1.05 1.08 1.09 (7) bps (12) 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 JUNE 30, 2026 CHANGE
June 30, 2026 Mar 31, 2026 Dec 31, 2025 Sept 30, 2025 June 30, 2025 Mar 31, 2026 June 30, 2025
$/bps % $/bps %
LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Commercial and industrial
$3 $1 $5 $39 $3 $2 200 % $— — %
Commercial real estate 6 26 20 7 60 (20) (77) (54) (90)
Total commercial 9 27 25 46 63 (18) (67) (54) (86)
Residential mortgages1
172 179 141 114 128 (7) (4) 44 34
Home equity — — 1 — — — — — —
Automobile — — — — — — — — —
Education 2 2 2 2 2 — — — —
Other retail — — — — 1 — — (1) (100)
Total retail 174 181 144 116 131 (7) (4) 43 33
Total loans and leases $183 $208 $169 $162 $194 ($25) (12 %) ($11) (6 %)
1 90+ days past due and accruing includes $172 million, $179 million, $141 million, $114 million, and $128 million of loans fully or partially guaranteed by the FHA, VA, and USDA for June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively.
14
CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDS FOR THE SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
$ % $ % $ %
CHARGE-OFFS, RECOVERIES AND RELATED RATIOS
GROSS CHARGE-OFFS
Commercial and industrial
$51 $50 $40 $33 $39 $1 2 % $12 31 % $101 $73 $28 38 %
Commercial real estate 25 41 42 58 54 (16) (39) (29) (54) 66 105 (39) (37)
Total commercial 76 91 82 91 93 (15) (16) (17) (18) 167 178 (11) (6)
Residential mortgages 1 1 5 1 — — — 1 100 2 1 1 100
Home equity 5 6 5 3 4 (1) (17) 1 25 11 9 2 22
Automobile 8 9 12 13 14 (1) (11) (6) (43) 17 34 (17) (50)
Education 26 22 26 25 26 4 18 — — 48 82 (34) (41)
Other retail 50 54 57 62 64 (4) (7) (14) (22) 104 131 (27) (21)
Total retail 90 92 105 104 108 (2) (2) (18) (17) 182 257 (75) (29)
Total gross charge-offs $166 $183 $187 $195 $201 ($17) (9 %) ($35) (17 %) $349 $435 ($86) (20 %)
GROSS RECOVERIES
Commercial and industrial
$2 $15 $6 $3 $— ($13) (87 %) $2 100 % $17 $4 $13 NM
Commercial real estate 3 3 1 3 1 — — 2 200 6 1 5 NM
Total commercial 5 18 7 6 1 (13) (72) 4 NM 23 5 18 NM
Residential mortgages 1 3 — 1 — (2) (67) 1 100 4 1 3 NM
Home equity 5 4 5 6 6 1 25 (1) (17) 9 11 (2) (18)
Automobile 7 7 9 9 11 — — (4) (36) 14 23 (9) (39)
Education 6 6 6 5 8 — — (2) (25) 12 13 (1) (8)
Other retail 7 7 5 6 8 — — (1) (13) 14 15 (1) (7)
Total retail 26 27 25 27 33 (1) (4) (7) (21) 53 63 (10) (16)
Total gross recoveries $31 $45 $32 $33 $34 ($14) (31 %) ($3) (9 %) $76 $68 $8 12 %
NET CHARGE-OFFS (RECOVERIES)
Commercial and industrial
$49 $35 $34 $30 $39 $14 40 % $10 26 % $84 $69 $15 22 %
Commercial real estate 22 38 41 55 53 (16) (42) (31) (58) 60 104 (44) (42)
Total commercial 71 73 75 85 92 (2) (3) (21) (23) 144 173 (29) (17)
Residential mortgages — (2) 5 — — 2 100 — — (2) — (2) —
Home equity — 2 — (3) (2) (2) (100) 2 100 2 (2) 4 NM
Automobile 1 2 3 4 3 (1) (50) (2) (67) 3 11 (8) (73)
Education 20 16 20 20 18 4 25 2 11 36 69 (33) (48)
Other retail 43 47 52 56 56 (4) (9) (13) (23) 90 116 (26) (22)
Total retail 64 65 80 77 75 (1) (2) (11) (15) 129 194 (65) (34)
Total net charge-offs $135 $138 $155 $162 $167 ($3) (2 %) ($32) (19 %) $273 $367 ($94) (26 %)
15
CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDS FOR THE SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
$/bps % $/bps % $/bps %
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES
Commercial and industrial
0.38 % 0.28 % 0.28 % 0.26 % 0.35 % 10 bps 3 bps 0.33 % 0.31 % 2 bps
Commercial real estate 0.36 0.64 0.64 0.85 0.80 (28) (44) 0.50 0.79 (29)
Total commercial 0.37 0.40 0.40 0.47 0.51 (3) (14) 0.39 0.49 (10)
Residential mortgages 0.01 (0.02) 0.05 — — 3 1 (0.01) — (1)
Home equity 0.01 0.04 — (0.06) (0.05) (3) 6 0.03 (0.03) 6
Automobile 0.19 0.35 0.60 0.43 0.36 (16) (17) 0.28 0.56 (28)
Education 0.94 0.80 0.94 0.92 0.86 14 8 0.87 1.44 (57)
Other retail 4.22 4.74 5.02 5.45 5.23 (52) (101) 4.48 5.35 (87)
Total retail 0.37 0.38 0.46 0.45 0.45 (1) (8) 0.38 0.57 (19)
Total loans and leases 0.37 % 0.39 % 0.43 % 0.46 % 0.48 % (2) bps (11) bps 0.38 % 0.53 % (15) bps
Memo: Average loans
Commercial and industrial
$52,214 $50,140 $48,108 $46,351 $44,936 $2,074 4 % $7,278 16 % $51,183 $44,271 $6,912 16 %
Commercial real estate 24,334 24,401 25,043 25,799 26,487 (67) — (2,153) (8) 24,367 26,749 (2,382) (9)
Total commercial 76,548 74,541 73,151 72,150 71,423 2,007 3 5,125 7 75,550 71,020 4,530 6
Residential mortgages 35,793 35,090 34,752 34,134 33,420 703 2 2,373 7 35,442 33,147 2,295 7
Home equity 19,876 19,230 18,754 18,027 17,324 646 3 2,552 15 19,555 16,988 2,567 15
Automobile 1,667 2,090 2,557 3,096 3,705 (423) (20) (2,038) (55) 1,878 4,047 (2,169) (54)
Education 8,183 8,442 8,469 8,513 8,660 (259) (3) (477) (6) 8,312 9,670 (1,358) (14)
Other retail 4,061 4,017 4,074 4,091 4,277 44 1 (216) (5) 4,039 4,385 (346) (8)
Total retail 69,580 68,869 68,606 67,861 67,386 711 1 2,194 3 69,226 68,237 989 1
Total loans and leases $146,128 $143,410 $141,757 $140,011 $138,809 $2,718 2 % $7,319 5 % $144,776 $139,257 $5,519 4 %
16
CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDS FOR THE SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
$ % $ % $ %
SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES
Allowance for loan and lease losses - beginning $1,958 $1,943 $1,972 $2,008 $2,014 $15 1 % ($56) (3 %) $1,943 $2,061 ($118) (6 %)
Charge-offs:
Commercial 76 91 82 91 93 (15) (16) (17) (18) 167 178 (11) (6)
Retail 90 92 105 104 108 (2) (2) (18) (17) 182 257 (75) (29)
Total charge-offs 166 183 187 195 201 (17) (9) (35) (17) 349 435 (86) (20)
Recoveries:
Commercial 5 18 7 6 1 (13) (72) 4 NM 23 5 18 NM
Retail 26 27 25 27 33 (1) (4) (7) (21) 53 63 (10) (16)
Total recoveries 31 45 32 33 34 (14) (31) (3) (9) 76 68 8 12
Net charge-offs 135 138 155 162 167 (3) (2) (32) (19) 273 367 (94) (26)
Provision (benefit) for loan and lease losses:
Commercial 72 130 50 62 50 (58) (45) 22 44 202 139 63 45
Retail 74 23 76 64 111 51 222 (37) (33) 97 175 (78) (45)
Total provision (benefit) for loan and lease losses 146 153 126 126 161 (7) (5) (15) (9) 299 314 (15) (5)
Allowance for loan and lease losses - ending $1,969 $1,958 $1,943 $1,972 $2,008 $11 1 % ($39) (2 %) $1,969 $2,008 ($39) (2 %)
Allowance for unfunded lending commitments - beginning $227 $240 $229 $201 $198 ($13) (5 %) $29 15 % $240 $198 $42 21 %
Provision (benefit) for unfunded lending commitments (12) (13) 11 28 3 1 8 % (15) NM (25) 3 (28) NM
Allowance for unfunded lending commitments - ending $215 $227 $240 $229 $201 ($12) (5 %) $14 7 % $215 $201 $14 7 %
Total allowance for credit losses - ending $2,184 $2,185 $2,183 $2,201 $2,209 ($1) — % ($25) (1 %) $2,184 $2,209 ($25) (1 %)
Memo: Total allowance for credit losses by product
Commercial $1,293 $1,304 $1,252 $1,265 $1,269 ($11) (1 %) $24 2 % $1,293 $1,269 $24 2 %
Retail 891 881 931 936 940 10 1 (49) (5) 891 940 (49) (5)
Total allowance for credit losses $2,184 $2,185 $2,183 $2,201 $2,209 ($1) — % ($25) (1 %) $2,184 $2,209 ($25) (1 %)
17
CAPITAL AND RATIOS
(dollars in millions)
AS OF FOR THE SIX MONTHS ENDED JUNE 30,
JUNE 30, 2026 CHANGE 2026 Change
June 30, 2026 Mar 31, 2026 Dec 31, 2025 Sept 30, 2025 June 30, 2025 Mar 31, 2026 June 30, 2025 2026 2025 2025
$ % $ % $ %
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY)
CET1 capital $18,364 $18,178 $18,240 $18,046 $17,812 $186 1 % $552 3 %
Tier 1 capital 20,475 20,289 20,351 20,157 19,925 186 1 550 3
Total capital 23,933 23,751 23,654 23,455 23,221 182 1 712 3
Risk-weighted assets 176,336 173,268 171,493 168,932 168,017 3,068 2 8,319 5
Adjusted average assets1
223,517 218,192 215,321 213,536 212,450 5,325 2 11,067 5
CET1 capital ratio 10.4 % 10.5 % 10.6 % 10.7 % 10.6 %
Tier 1 capital ratio 11.6 11.7 11.9 11.9 11.9
Total capital ratio 13.6 13.7 13.8 13.9 13.8
Tier 1 leverage ratio 9.2 9.3 9.5 9.4 9.4
TANGIBLE COMMON EQUITY (PERIOD-END)
Common stockholders' equity $24,072 $24,061 $24,206 $23,718 $23,121 $11 — % $951 4 % $24,072 $23,121 $951 4 %
Less: Goodwill 8,220 8,221 8,187 8,187 8,187 (1) — 33 — 8,220 8,187 33 —
Less: Other intangible assets 105 112 115 123 128 (7) (6) (23) (18) 105 128 (23) (18)
Add: Deferred tax liabilities2
438 437 437 440 440 1 — (2) — 438 440 (2) —
Total tangible common equity3
$16,185 $16,165 $16,341 $15,848 $15,246 $20 — % $939 6 % $16,185 $15,246 $939 6 %
TANGIBLE COMMON EQUITY (AVERAGE)
Common stockholders' equity $23,839 $23,995 $23,823 $23,288 $22,494 ($156) (1 %) $1,345 6 % $23,917 $22,342 $1,575 7 %
Less: Goodwill 8,221 8,198 8,187 8,187 8,187 23 — 34 — 8,209 8,187 22 —
Less: Other intangible assets 109 114 120 126 134 (5) (4) (25) (19) 111 138 (27) (20)
Add: Deferred tax liabilities2
438 437 440 440 438 1 — — — 437 438 (1) —
Total tangible common equity3
$15,947 $16,120 $15,956 $15,415 $14,611 ($173) (1 %) $1,336 9 % $16,034 $14,455 $1,579 11 %
INTANGIBLE ASSETS (PERIOD-END)
Goodwill $8,220 $8,221 $8,187 $8,187 $8,187 ($1) — % $33 — % $8,220 $8,187 $33 — %
Other intangible assets 105 112 115 123 128 (7) (6) (23) (18) 105 128 (23) (18)
Total intangible assets $8,325 $8,333 $8,302 $8,310 $8,315 ($8) — % $10 — % $8,325 $8,315 $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 SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
$ % $ % $ %
Pre-provision profit:
Total revenue (GAAP)
A
$2,283 $2,168 $2,157 $2,118 $2,037 $115 5 % $246 12 % $4,451 $3,972 $479 12 %
Less: Noninterest expense (GAAP)
B
1,394 1,378 1,343 1,335 1,319 16 1 75 6 2,772 2,633 139 5
Pre-provision profit (non-GAAP)
$889 $790 $814 $783 $718 $99 13 % $171 24 % $1,679 $1,339 $340 25 %
Book value per common share and tangible book value per common share:
Common shares - at period-end (GAAP)
C
422,677,660 426,023,578 429,242,174 431,453,142 432,768,811 (3,345,918) (1 %) (10,091,151) (2 %) 422,677,660 432,768,811 (10,091,151) (2 %)
Common stockholders' equity (GAAP)
D
$24,072 $24,061 $24,206 $23,718 $23,121 $11 — $951 4 $24,072 $23,121 $951 4
Less: Goodwill (GAAP) 8,220 8,221 8,187 8,187 8,187 (1) — 33 — 8,220 8,187 33 —
Less: Other intangible assets (GAAP) 105 112 115 123 128 (7) (6) (23) (18) 105 128 (23) (18)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 438 437 437 440 440 1 — (2) — 438 440 (2) —
Tangible common equity (non-GAAP)
E
$16,185 $16,165 $16,341 $15,848 $15,246 $20 — % $939 6 % $16,185 $15,246 $939 6 %
Book value per common share (GAAP)
D/C
$56.95 $56.48 $56.39 $54.97 $53.43 $0.47 1 % $3.52 7 % $56.95 $53.43 $3.52 7 %
Tangible book value per common share (non-GAAP)
E/C
38.29 37.94 38.07 36.73 35.23 0.35 1 3.06 9 38.29 35.23 3.06 9
Net interest income and net interest margin on an FTE basis:
Net interest income (annualized) (GAAP)
F
$6,542 $6,337 $6,098 $5,902 $5,770 $205 3 % $772 13 % $6,440 $5,704 $736 13 %
Average interest-earning assets (GAAP)
G
206,770 201,929 199,167 197,598 196,318 4,841 2 10,452 5 204,362 195,692 8,670 4
Net interest margin (GAAP)
F/G
3.16 % 3.14 % 3.06 % 2.99 % 2.94 % 2 bps 22 bps 3.15 % 2.91 % 24 bps
Net interest income (GAAP) $1,631 $1,562 $1,537 $1,488 $1,437 $69 4 % $194 14 % $3,193 $2,828 $365 13 %
FTE adjustment 3 3 4 4 4 — — (1) (25) 6 8 (2) (25)
Net interest income on an FTE basis (non-GAAP) 1,634 1,565 1,541 1,492 1,441 69 4 193 13 3,199 2,836 363 13
Net interest income on an FTE basis (annualized) (non-GAAP)
H
6,555 6,350 6,112 5,919 5,786 204 3 769 13 6,453 5,720 733 13
Net interest margin on an FTE basis (non-GAAP)
H/G
3.17 % 3.14 % 3.07 % 3.00 % 2.95 % 3 bps 22 bps 3.16 % 2.92 % 24 bps
Return on average common equity and return on average tangible common equity:
Net income available to common stockholders (GAAP)
I
$554 $484 $489 $457 $402 $70 14 % $152 38 % $1,038 $742 $296 40 %
Average common equity (GAAP)
J
$23,839 $23,995 $23,823 $23,288 $22,494 ($156) (1) $1,345 6 $23,917 $22,342 $1,575 7
Less: Average goodwill (GAAP) 8,221 8,198 8,187 8,187 8,187 23 — 34 — 8,209 8,187 22 —
Less: Average other intangibles (GAAP) 109 114 120 126 134 (5) (4) (25) (19) 111 138 (27) (20)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 438 437 440 440 438 1 — — — 437 438 (1) —
Average tangible common equity (non-GAAP)
K
$15,947 $16,120 $15,956 $15,415 $14,611 ($173) (1 %) $1,336 9 % $16,034 $14,455 $1,579 11 %
Return on average common equity (GAAP)
I/J
9.31 % 8.19 % 8.16 % 7.77 % 7.18 % 112 bps 213 bps 8.75 % 6.70 % 205 bps
Return on average tangible common equity (non-GAAP)
I/K
13.91 % 12.19 % 12.18 % 11.75 % 11.05 % 172 bps 286 bps 13.05 % 10.35 % 270 bps
20
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDS FOR THE SIX MONTHS ENDED JUNE 30,
2Q26 Change 2026 Change
2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 2026 2025 2025
$/bps
%
$/bps
% $/bps %
Return on average total assets and return on average total tangible assets:
Net income (GAAP)
L
$587 $517 $528 $494 $436 $70 14 % $151 35 % $1,104 $809 $295 36 %
Average total assets (GAAP)
M
$229,263 $224,224 $221,242 $219,117 $217,661 $5,039 2 $11,602 5 $226,757 $216,989 $9,768 5
Less: Average goodwill (GAAP) 8,221 8,198 8,187 8,187 8,187 23 — 34 — 8,209 8,187 22 —
Less: Average other intangibles (GAAP) 109 114 120 126 134 (5) (4) (25) (19) 111 138 (27) (20)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 438 437 440 440 438 1 — — — 437 438 (1) —
Average tangible assets (non-GAAP)
N
$221,371 $216,349 $213,375 $211,244 $209,778 $5,022 2 % $11,593 6 % $218,874 $209,102 $9,772 5 %
Return on average total assets (GAAP)
L/M
1.03 % 0.94 % 0.95 % 0.90 % 0.80 % 9 bps 23 bps 0.98 % 0.75 % 23 bps
Return on average total tangible assets (non-GAAP)
L/N
1.06 % 0.97 % 0.98 % 0.93 % 0.83 % 9 bps 23 bps 1.02 % 0.78 % 24 bps
Common equity ratio and tangible common equity ratio:
Total assets (GAAP)
O
$233,836 $227,918 $226,351 $222,747 $218,310 $5,918 3 % $15,526 7 % $233,836 $218,310 $15,526 7 %
Less: Goodwill (GAAP) 8,220 8,221 8,187 8,187 8,187 (1) — 33 — 8,220 8,187 33 —
Less: Other intangible assets (GAAP) 105 112 115 123 128 (7) (6) (23) (18) 105 128 (23) (18)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 438 437 437 440 440 1 — (2) — 438 440 (2) —
Tangible assets (non-GAAP)
P
$225,949 $220,022 $218,486 $214,877 $210,435 $5,927 3 % $15,514 7 % $225,949 $210,435 $15,514 7 %
Common equity ratio (GAAP)
D/O
10.3 % 10.6 % 10.7 % 10.6 % 10.6 % (27) bps (30) bps 10.3 % 10.6 % (30) bps
Tangible common equity ratio (non-GAAP)
E/P
7.2 7.3 7.5 7.4 7.2 (10) bps (4) bps 7.2 7.2 (4) bps
21
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Document and Entity Information Document
Jul. 21, 2026
Document and Entity Information [Line Items]
Entity Registrant Name
CITIZENS FINANCIAL GROUP INC/RI
Amendment Flag
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Entity Central Index Key
0000759944
Document Type
8-K
Document Period End Date
Jul. 21, 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
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Document and Entity Information [Line Items]
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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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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
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Trading symbol of an instrument as listed on an exchange.
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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
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