Exhibit 99.3 Financial Supplement Fourth Quarter and Full Year 2020 1Exhibit 99.3 Financial Supplement Fourth Quarter and Full Year 2020 1
Table of Contents Page Consolidated Financial Highlights 3 Consolidated Statements of Operations (unaudited) 5 Consolidated Balance Sheets (unaudited) 6 Loans and Deposits 7 Average Balance Sheets 8 Average Annualized Yields and Rates 9 Segment Financial Highlights 10 Credit-Related Information: Nonaccrual loans and leases 14 Loans and Leases 90 Days or More Past Due and Accruing 15 Charge-offs, Recoveries, and Related Ratios 16 Summary of Changes in the Components of the Allowance for Credit Losses 18 Capital and Ratios 19 Non-GAAP Financial Measures and Reconciliations 20 The information in this Financial Supplement is preliminary and based on company data available at the time of the earnings presentation. It speaks only as of the particular date or dates included in the accompanying pages. The Company does not undertake an obligation to, and disclaims any duty to, update any of the information provided. Any forward-looking statements in this Financial Supplement are subject to the forward- looking statements language contained in the Company’s reports filed with the SEC pursuant to the Securities Exchange Act of 1934, which can be found on the SEC’s website (www.sec.gov) or on the Company’s website (www.citizensbank.com). The Company’s future financial performance is subject to the risks and uncertainties described in its SEC filings. 2Table of Contents Page Consolidated Financial Highlights 3 Consolidated Statements of Operations (unaudited) 5 Consolidated Balance Sheets (unaudited) 6 Loans and Deposits 7 Average Balance Sheets 8 Average Annualized Yields and Rates 9 Segment Financial Highlights 10 Credit-Related Information: Nonaccrual loans and leases 14 Loans and Leases 90 Days or More Past Due and Accruing 15 Charge-offs, Recoveries, and Related Ratios 16 Summary of Changes in the Components of the Allowance for Credit Losses 18 Capital and Ratios 19 Non-GAAP Financial Measures and Reconciliations 20 The information in this Financial Supplement is preliminary and based on company data available at the time of the earnings presentation. It speaks only as of the particular date or dates included in the accompanying pages. The Company does not undertake an obligation to, and disclaims any duty to, update any of the information provided. Any forward-looking statements in this Financial Supplement are subject to the forward- looking statements language contained in the Company’s reports filed with the SEC pursuant to the Securities Exchange Act of 1934, which can be found on the SEC’s website (www.sec.gov) or on the Company’s website (www.citizensbank.com). The Company’s future financial performance is subject to the risks and uncertainties described in its SEC filings. 2
CONSOLIDATED FINANCIAL HIGHLIGHTS (in millions, except share, per-share and ratio data) QUARTERLY TRENDS FULL YEAR 4Q20 Change 2020 Change 4Q20 3Q20 2Q20 1Q20 4Q19 3Q20 4Q19 2020 2019 2019 $/bps % $/bps % $/bps % SELECTED OPERATING DATA Total revenue $1,707 $1,791 $1,750 $1,657 $1,637 ($84) (5%) $70 4% $6,905 $6,491 $414 6% Noninterest expense 1,012 988 979 1,012 986 24 2 26 3 3,991 3,847 144 4 Profit before provision for credit losses 695 803 771 645 651 (108) (13) 44 7 2,914 2,644 270 10 Provision for credit losses 124 428 464 600 110 (304) (71) 14 13 1,616 393 1,223 NM NET INCOME 456 314 253 34 450 142 45 6 1 1,057 1,791 (734) (41) 1 Net income, Underlying 480 338 263 59 454 142 42 26 6 1,140 1,808 (668) (37) Net income available to common stockholders 424 289 225 12 427 135 47 (3) (1) 950 1,718 (768) (45) Net income available to common 1 stockholders, Underlying 448 313 235 37 431 135 43 17 4 1,033 1,735 (702) (40) PER COMMON SHARE DATA Basic earnings $0.99 $0.68 $0.53 $0.03 $0.98 $0.31 46% $0.01 1% $2.22 $3.82 ($1.60) (42%) Diluted earnings 0.99 0.68 0.53 0.03 0.98 0.31 46 0.01 1 2.22 3.81 (1.59) (42) 1 Basic earnings, Underlying 1.05 0.73 0.55 0.09 0.99 0.32 44 0.06 6 2.42 3.86 (1.44) (37) 1 Diluted earnings, Underlying 1.04 0.73 0.55 0.09 0.99 0.31 42 0.05 5 2.41 3.84 (1.43) (37) Cash dividends declared and paid per common share 0.39 0.39 0.39 0.39 0.36 — — 0.03 8 1.56 1.36 0.20 15 Book value per common share 48.47 48.01 47.92 47.78 47.63 0.46 1 0.84 2 48.47 47.63 0.84 2 Tangible book value per common share 32.72 32.24 32.13 31.97 32.08 0.48 1 0.64 2 32.72 32.08 0.64 2 Dividend payout ratio 39 % 58 % 74 % 1,398 % 37 % (1,829) bps 265 bps 70 % 36% 3,453 bps 1 Dividend payout ratio, Underlying 37 53 71 451 36 (1,608) bps 82 bps 65 35 2,930 bps COMMON SHARES OUTSTANDING Average: Basic 427,074,822 426,846,096 426,613,053 427,718,421 434,684,606 228,726 —% (7,609,784) (2%) 427,062,537 449,731,453 (22,668,916) (5%) Diluted 428,881,252 427,992,349 427,566,920 429,388,855 436,500,829 888,903 — (7,619,577) (2) 428,157,780 451,213,701 (23,055,921) (5) Common shares at period-end 427,209,831 427,073,084 426,824,594 426,586,533 433,121,083 136,747 — (5,911,252) (1) 427,209,831 433,121,083 (5,911,252) (1) 1 These are non-GAAP financial measures. For further information on these measures, refer to Non-GAAP Financial Measures and Reconciliations. 3CONSOLIDATED FINANCIAL HIGHLIGHTS (in millions, except share, per-share and ratio data) QUARTERLY TRENDS FULL YEAR 4Q20 Change 2020 Change 4Q20 3Q20 2Q20 1Q20 4Q19 3Q20 4Q19 2020 2019 2019 $/bps % $/bps % $/bps % SELECTED OPERATING DATA Total revenue $1,707 $1,791 $1,750 $1,657 $1,637 ($84) (5%) $70 4% $6,905 $6,491 $414 6% Noninterest expense 1,012 988 979 1,012 986 24 2 26 3 3,991 3,847 144 4 Profit before provision for credit losses 695 803 771 645 651 (108) (13) 44 7 2,914 2,644 270 10 Provision for credit losses 124 428 464 600 110 (304) (71) 14 13 1,616 393 1,223 NM NET INCOME 456 314 253 34 450 142 45 6 1 1,057 1,791 (734) (41) 1 Net income, Underlying 480 338 263 59 454 142 42 26 6 1,140 1,808 (668) (37) Net income available to common stockholders 424 289 225 12 427 135 47 (3) (1) 950 1,718 (768) (45) Net income available to common 1 stockholders, Underlying 448 313 235 37 431 135 43 17 4 1,033 1,735 (702) (40) PER COMMON SHARE DATA Basic earnings $0.99 $0.68 $0.53 $0.03 $0.98 $0.31 46% $0.01 1% $2.22 $3.82 ($1.60) (42%) Diluted earnings 0.99 0.68 0.53 0.03 0.98 0.31 46 0.01 1 2.22 3.81 (1.59) (42) 1 Basic earnings, Underlying 1.05 0.73 0.55 0.09 0.99 0.32 44 0.06 6 2.42 3.86 (1.44) (37) 1 Diluted earnings, Underlying 1.04 0.73 0.55 0.09 0.99 0.31 42 0.05 5 2.41 3.84 (1.43) (37) Cash dividends declared and paid per common share 0.39 0.39 0.39 0.39 0.36 — — 0.03 8 1.56 1.36 0.20 15 Book value per common share 48.47 48.01 47.92 47.78 47.63 0.46 1 0.84 2 48.47 47.63 0.84 2 Tangible book value per common share 32.72 32.24 32.13 31.97 32.08 0.48 1 0.64 2 32.72 32.08 0.64 2 Dividend payout ratio 39 % 58 % 74 % 1,398 % 37 % (1,829) bps 265 bps 70 % 36% 3,453 bps 1 Dividend payout ratio, Underlying 37 53 71 451 36 (1,608) bps 82 bps 65 35 2,930 bps COMMON SHARES OUTSTANDING Average: Basic 427,074,822 426,846,096 426,613,053 427,718,421 434,684,606 228,726 —% (7,609,784) (2%) 427,062,537 449,731,453 (22,668,916) (5%) Diluted 428,881,252 427,992,349 427,566,920 429,388,855 436,500,829 888,903 — (7,619,577) (2) 428,157,780 451,213,701 (23,055,921) (5) Common shares at period-end 427,209,831 427,073,084 426,824,594 426,586,533 433,121,083 136,747 — (5,911,252) (1) 427,209,831 433,121,083 (5,911,252) (1) 1 These are non-GAAP financial measures. For further information on these measures, refer to Non-GAAP Financial Measures and Reconciliations. 3
CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED (in millions, except ratio and headcount data) QUARTERLY TRENDS FULL YEAR 4Q20 Change 2020 Change 4Q20 3Q20 2Q20 1Q20 4Q19 3Q20 4Q19 2020 2019 2019 $/bps % $/bps % $/bps % FINANCIAL RATIOS Net interest margin 2.75 % 2.82 % 2.87 % 3.09 % 3.04 % (7) bps (29) bps 2.88 % 3.14 % (26) bps 1 Net interest margin, FTE 2.75 2.83 2.88 3.10 3.06 (8) bps (31) bps 2.89 3.16 (27) bps Return on average common equity 8.20 5.60 4.44 0.24 8.30 260 bps (10) bps 4.65 8.45 (380) bps 2 Return on average common equity, Underlying 8.66 6.05 4.63 0.74 8.36 261 bps 30 bps 5.05 8.53 (348) bps Return on average tangible common equity 12.20 8.33 6.62 0.36 12.39 387 bps (19) bps 6.93 12.64 (571) bps Return on average tangible common equity, 2 Underlying 12.89 9.00 6.90 1.10 12.49 389 bps 40 bps 7.53 12.76 (523) bps Return on average total assets 1.00 0.70 0.57 0.08 1.08 30 bps (8) bps 0.60 1.10 (50) bps 2 Return on average total assets, Underlying 1.05 0.76 0.59 0.14 1.09 29 bps (4) bps 0.65 1.11 (46) bps Return on average total tangible assets 1.04 0.73 0.59 0.09 1.13 31 bps (9) bps 0.62 1.15 (53) bps 2 Return on average total tangible assets, Underlying 1.10 0.79 0.61 0.15 1.14 31 bps (4) bps 0.67 1.16 (49) bps Effective income tax rate 20.16 16.10 17.69 24.13 16.76 406 bps 340 bps 18.54 20.43 (189) bps 2 Effective income tax rate, Underlying 21.70 16.79 19.36 24.52 21.52 491 bps 18 bps 19.92 22.03 (211) bps Efficiency ratio 59.28 55.18 55.91 61.10 60.28 410 bps (100) bps 57.80 59.28 (148) bps 2 Efficiency ratio, Underlying 56.83 53.44 54.85 59.08 58.02 339 bps (119) bps 55.99 58.23 (224) bps Noninterest income as a % of total revenue 34 % 37 % 34 % 30 % 30 % (300) bps 400 bps 34 % 29 % 500 bps CAPITAL RATIOS - PERIOD-END (PRELIMINARY) CET1 capital ratio 10.0 % 9.8 % 9.6 % 9.4 % 10.0 % Tier 1 capital ratio 11.3 11.2 10.9 10.5 11.1 Total capital ratio 13.4 13.3 13.1 12.5 13.0 Tier 1 leverage ratio 9.4 9.5 9.3 9.6 10.0 Tangible common equity ratio 7.9 8.0 7.9 8.0 8.7 SELECTED BALANCE SHEET DATA Loans-to-deposits ratio (period-end balances) 83.64 % 86.81 % 87.53 % 95.54 % 95.03 % (317) bps (1,139) bps 83.64 % 95.03 % (1,139) bps Loans-to-deposits ratio (average balances) 84.99 88.36 90.93 95.60 94.63 (337) bps (964) bps 89.77 95.62 (585) bps Full-time equivalent colleagues 17,584 17,930 18,312 17,863 17,997 (346) (2) (413) (2) 17,584 17,997 (413) (2) 1 Net interest income and net interest margin is presented on a fully taxable-equivalent ( FTE ) basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented. 2 These are non-GAAP financial measures. For further information on these measures, refer to Non-GAAP Financial Measures and Reconciliations. 4CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED (in millions, except ratio and headcount data) QUARTERLY TRENDS FULL YEAR 4Q20 Change 2020 Change 4Q20 3Q20 2Q20 1Q20 4Q19 3Q20 4Q19 2020 2019 2019 $/bps % $/bps % $/bps % FINANCIAL RATIOS Net interest margin 2.75 % 2.82 % 2.87 % 3.09 % 3.04 % (7) bps (29) bps 2.88 % 3.14 % (26) bps 1 Net interest margin, FTE 2.75 2.83 2.88 3.10 3.06 (8) bps (31) bps 2.89 3.16 (27) bps Return on average common equity 8.20 5.60 4.44 0.24 8.30 260 bps (10) bps 4.65 8.45 (380) bps 2 Return on average common equity, Underlying 8.66 6.05 4.63 0.74 8.36 261 bps 30 bps 5.05 8.53 (348) bps Return on average tangible common equity 12.20 8.33 6.62 0.36 12.39 387 bps (19) bps 6.93 12.64 (571) bps Return on average tangible common equity, 2 Underlying 12.89 9.00 6.90 1.10 12.49 389 bps 40 bps 7.53 12.76 (523) bps Return on average total assets 1.00 0.70 0.57 0.08 1.08 30 bps (8) bps 0.60 1.10 (50) bps 2 Return on average total assets, Underlying 1.05 0.76 0.59 0.14 1.09 29 bps (4) bps 0.65 1.11 (46) bps Return on average total tangible assets 1.04 0.73 0.59 0.09 1.13 31 bps (9) bps 0.62 1.15 (53) bps 2 Return on average total tangible assets, Underlying 1.10 0.79 0.61 0.15 1.14 31 bps (4) bps 0.67 1.16 (49) bps Effective income tax rate 20.16 16.10 17.69 24.13 16.76 406 bps 340 bps 18.54 20.43 (189) bps 2 Effective income tax rate, Underlying 21.70 16.79 19.36 24.52 21.52 491 bps 18 bps 19.92 22.03 (211) bps Efficiency ratio 59.28 55.18 55.91 61.10 60.28 410 bps (100) bps 57.80 59.28 (148) bps 2 Efficiency ratio, Underlying 56.83 53.44 54.85 59.08 58.02 339 bps (119) bps 55.99 58.23 (224) bps Noninterest income as a % of total revenue 34 % 37 % 34 % 30 % 30 % (300) bps 400 bps 34 % 29 % 500 bps CAPITAL RATIOS - PERIOD-END (PRELIMINARY) CET1 capital ratio 10.0 % 9.8 % 9.6 % 9.4 % 10.0 % Tier 1 capital ratio 11.3 11.2 10.9 10.5 11.1 Total capital ratio 13.4 13.3 13.1 12.5 13.0 Tier 1 leverage ratio 9.4 9.5 9.3 9.6 10.0 Tangible common equity ratio 7.9 8.0 7.9 8.0 8.7 SELECTED BALANCE SHEET DATA Loans-to-deposits ratio (period-end balances) 83.64 % 86.81 % 87.53 % 95.54 % 95.03 % (317) bps (1,139) bps 83.64 % 95.03 % (1,139) bps Loans-to-deposits ratio (average balances) 84.99 88.36 90.93 95.60 94.63 (337) bps (964) bps 89.77 95.62 (585) bps Full-time equivalent colleagues 17,584 17,930 18,312 17,863 17,997 (346) (2) (413) (2) 17,584 17,997 (413) (2) 1 Net interest income and net interest margin is presented on a fully taxable-equivalent ( FTE ) basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented. 2 These are non-GAAP financial measures. For further information on these measures, refer to Non-GAAP Financial Measures and Reconciliations. 4
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in millions) QUARTERLY TRENDS FULL YEAR 4Q20 Change 2020 Change 4Q20 3Q20 2Q20 1Q20 4Q19 3Q20 4Q19 2020 2019 2019 $ % $ % $ % INTEREST INCOME Interest and fees on loans and leases $1,105 $1,120 $1,192 $1,302 $1,312 ($15) (1%) ($207) (16%) $4,719 $5,441 ($722) (13%) Interest and fees on loans held for sale 19 21 20 15 18 (2) (10) 1 6 75 63 12 19 Interest and fees on other loans held for sale 1 16 7 9 5 (15) (94) (4) (80) 33 13 20 154 Investment securities 121 121 130 147 159 — — (38) (24) 519 642 (123) (19) Interest-bearing deposits in banks 3 2 1 5 7 1 50 (4) (57) 11 30 (19) (63) Total interest income 1,249 1,280 1,350 1,478 1,501 (31) (2) (252) (17) 5,357 6,189 (832) (13) INTEREST EXPENSE Deposits 69 89 124 227 263 (20) (22) (194) (74) 509 1,155 (646) (56) Short-term borrowed funds 1 — — 1 2 1 100 (1) (50) 2 10 (8) (80) Long-term borrowed funds 50 54 66 90 93 (4) (7) (43) (46) 260 410 (150) (37) Total interest expense 120 143 190 318 358 (23) (16) (238) (66) 771 1,575 (804) (51) Net interest income 1,129 1,137 1,160 1,160 1,143 (8) (1) (14) (1) 4,586 4,614 (28) (1) NONINTEREST INCOME Mortgage banking fees 193 287 276 159 80 (94) (33) 113 141 915 302 613 203 Service charges and fees 104 97 84 118 128 7 7 (24) (19) 403 505 (102) (20) Capital markets fees 88 58 61 43 66 30 52 22 33 250 216 34 16 Card fees 56 57 48 56 64 (1) (2) (8) (13) 217 254 (37) (15) Trust and investment services fees 52 53 45 53 52 (1) (2) — — 203 202 1 — Letter of credit and loan fees 38 37 31 34 35 1 3 3 9 140 135 5 4 Foreign exchange and interest rate products 35 27 34 24 49 8 30 (14) (29) 120 155 (35) (23) Securities gains, net — 1 3 — 4 (1) (100) (4) (100) 4 19 (15) (79) Other income 12 37 8 10 16 (25) (68) (4) (25) 67 89 (22) (25) Total noninterest income 578 654 590 497 494 (76) (12) 84 17 2,319 1,877 442 24 TOTAL REVENUE 1,707 1,791 1,750 1,657 1,637 (84) (5) 70 4 6,905 6,491 414 6 Provision for credit losses 124 428 464 600 110 (304) (71) 14 13 1,616 393 1,223 NM NONINTEREST EXPENSE Salaries and employee benefits 537 524 513 549 502 13 2 35 7 2,123 2,026 97 5 Equipment and software expense 141 149 142 133 133 (8) (5) 8 6 565 514 51 10 Outside services 148 139 131 135 142 9 6 6 4 553 498 55 11 Occupancy 84 81 82 84 88 3 4 (4) (5) 331 333 (2) (1) Other operating expense 102 95 111 111 121 7 7 (19) (16) 419 476 (57) (12) Total noninterest expense 1,012 988 979 1,012 986 24 2 26 3 3,991 3,847 144 4 Income before income tax expense 571 375 307 45 541 196 52 30 6 1,298 2,251 (953) (42) Income tax expense 115 61 54 11 91 54 89 24 26 241 460 (219) (48) Net income $456 $314 $253 $34 $450 $142 45% $6 1% $1,057 $1,791 ($734) (41%) 1 Net income, Underlying $480 $338 $263 $59 $454 $142 42% $26 6% $1,140 $1,808 ($668) (37%) Net income available to common stockholders $424 $289 $225 $12 $427 $135 47% ($3) (1%) $950 $1,718 ($768) (45%) 1 Net income available to common stockholders, Underlying $448 $313 $235 $37 $431 $135 43% $17 4% $1,033 $1,735 ($702) (40%) 1 These are non-GAAP financial measures. For further information on these measures, refer to Non-GAAP Financial Measures and Reconciliations. 5CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (in millions) QUARTERLY TRENDS FULL YEAR 4Q20 Change 2020 Change 4Q20 3Q20 2Q20 1Q20 4Q19 3Q20 4Q19 2020 2019 2019 $ % $ % $ % INTEREST INCOME Interest and fees on loans and leases $1,105 $1,120 $1,192 $1,302 $1,312 ($15) (1%) ($207) (16%) $4,719 $5,441 ($722) (13%) Interest and fees on loans held for sale 19 21 20 15 18 (2) (10) 1 6 75 63 12 19 Interest and fees on other loans held for sale 1 16 7 9 5 (15) (94) (4) (80) 33 13 20 154 Investment securities 121 121 130 147 159 — — (38) (24) 519 642 (123) (19) Interest-bearing deposits in banks 3 2 1 5 7 1 50 (4) (57) 11 30 (19) (63) Total interest income 1,249 1,280 1,350 1,478 1,501 (31) (2) (252) (17) 5,357 6,189 (832) (13) INTEREST EXPENSE Deposits 69 89 124 227 263 (20) (22) (194) (74) 509 1,155 (646) (56) Short-term borrowed funds 1 — — 1 2 1 100 (1) (50) 2 10 (8) (80) Long-term borrowed funds 50 54 66 90 93 (4) (7) (43) (46) 260 410 (150) (37) Total interest expense 120 143 190 318 358 (23) (16) (238) (66) 771 1,575 (804) (51) Net interest income 1,129 1,137 1,160 1,160 1,143 (8) (1) (14) (1) 4,586 4,614 (28) (1) NONINTEREST INCOME Mortgage banking fees 193 287 276 159 80 (94) (33) 113 141 915 302 613 203 Service charges and fees 104 97 84 118 128 7 7 (24) (19) 403 505 (102) (20) Capital markets fees 88 58 61 43 66 30 52 22 33 250 216 34 16 Card fees 56 57 48 56 64 (1) (2) (8) (13) 217 254 (37) (15) Trust and investment services fees 52 53 45 53 52 (1) (2) — — 203 202 1 — Letter of credit and loan fees 38 37 31 34 35 1 3 3 9 140 135 5 4 Foreign exchange and interest rate products 35 27 34 24 49 8 30 (14) (29) 120 155 (35) (23) Securities gains, net — 1 3 — 4 (1) (100) (4) (100) 4 19 (15) (79) Other income 12 37 8 10 16 (25) (68) (4) (25) 67 89 (22) (25) Total noninterest income 578 654 590 497 494 (76) (12) 84 17 2,319 1,877 442 24 TOTAL REVENUE 1,707 1,791 1,750 1,657 1,637 (84) (5) 70 4 6,905 6,491 414 6 Provision for credit losses 124 428 464 600 110 (304) (71) 14 13 1,616 393 1,223 NM NONINTEREST EXPENSE Salaries and employee benefits 537 524 513 549 502 13 2 35 7 2,123 2,026 97 5 Equipment and software expense 141 149 142 133 133 (8) (5) 8 6 565 514 51 10 Outside services 148 139 131 135 142 9 6 6 4 553 498 55 11 Occupancy 84 81 82 84 88 3 4 (4) (5) 331 333 (2) (1) Other operating expense 102 95 111 111 121 7 7 (19) (16) 419 476 (57) (12) Total noninterest expense 1,012 988 979 1,012 986 24 2 26 3 3,991 3,847 144 4 Income before income tax expense 571 375 307 45 541 196 52 30 6 1,298 2,251 (953) (42) Income tax expense 115 61 54 11 91 54 89 24 26 241 460 (219) (48) Net income $456 $314 $253 $34 $450 $142 45% $6 1% $1,057 $1,791 ($734) (41%) 1 Net income, Underlying $480 $338 $263 $59 $454 $142 42% $26 6% $1,140 $1,808 ($668) (37%) Net income available to common stockholders $424 $289 $225 $12 $427 $135 47% ($3) (1%) $950 $1,718 ($768) (45%) 1 Net income available to common stockholders, Underlying $448 $313 $235 $37 $431 $135 43% $17 4% $1,033 $1,735 ($702) (40%) 1 These are non-GAAP financial measures. For further information on these measures, refer to Non-GAAP Financial Measures and Reconciliations. 5
CONSOLIDATED BALANCE SHEETS (unaudited) (in millions) PERIOD-END BALANCES AS OF DECEMBER 31, 2020 CHANGE Dec 31, 2020 Sept 30, 2020 June 30, 2020 Mar 31, 2020 Dec 31, 2019 September 30, 2020 December 31, 2019 $ % $ % ASSETS Cash and due from banks $1,037 $904 $1,088 $1,155 $1,175 $133 15% ($138) (12%) Interest-bearing cash and due from banks 11,696 8,312 6,358 2,903 2,211 3,384 41 9,485 NM Interest-bearing deposits in banks 306 328 475 280 297 (22) (7) 9 3 Debt securities available for sale, at fair value 22,942 22,884 22,144 22,307 20,613 58 — 2,329 11 Debt securities held to maturity 3,235 2,578 2,856 3,071 3,202 657 25 33 1 Loans held for sale, at fair value 3,564 3,587 3,631 2,911 1,946 (23) (1) 1,618 83 Other loans held for sale 439 127 1,362 350 1,384 312 246 (945) (68) Loans and leases 123,090 124,071 125,713 127,528 119,088 (981) (1) 4,002 3 Less: Allowance for loan and lease losses (2,443) (2,542) (2,448) (2,171) (1,252) 99 (4) (1,191) 95 Net loans and leases 120,647 121,529 123,265 125,357 117,836 (882) (1) 2,811 2 Derivative assets 1,915 2,030 2,069 1,968 807 (115) (6) 1,108 137 Premises and equipment 759 747 751 746 761 12 2 (2) — Bank-owned life insurance 1,756 1,751 1,739 1,736 1,725 5 — 31 2 Goodwill 7,050 7,050 7,050 7,050 7,044 — — 6 — 1 Other assets 8,003 7,401 7,086 6,885 6,732 602 8 1,271 19 TOTAL ASSETS $183,349 $179,228 $179,874 $176,719 $165,733 $4,121 2% $17,616 11% LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Deposits: Noninterest-bearing $43,831 $41,249 $40,545 $32,398 $29,233 $2,582 6% $14,598 50% Interest-bearing 103,333 101,672 103,073 101,077 96,080 1,661 2 7,253 8 Total deposits 147,164 142,921 143,618 133,475 125,313 4,243 3 21,851 17 Short-term borrowed funds 243 252 255 1,059 274 (9) (4) (31) (11) Derivative liabilities 128 100 198 234 120 28 28 8 7 Deferred taxes, net 629 638 709 782 866 (9) (1) (237) (27) Long-term borrowed funds: FHLB advances 19 19 6 8,007 5,008 — — (4,989) (100) Senior debt 6,740 7,504 7,519 6,775 7,382 (764) (10) (642) (9) Subordinated debt and other debt 1,587 1,586 1,677 1,655 1,657 1 — (70) (4) Total long-term borrowed funds 8,346 9,109 9,202 16,437 14,047 (763) (8) (5,701) (41) 2 Other liabilities 4,166 3,739 3,474 2,782 2,912 427 11 1,254 43 TOTAL LIABILITIES 160,676 156,759 157,456 154,769 143,532 3,917 2 17,144 12 STOCKHOLDERS' EQUITY Preferred stock: $25.00 par value, 100,000,000 shares authorized for each of the periods presented 1,965 1,965 1,965 1,570 1,570 — — 395 25 Common stock: $0.01 par value, 1,000,000,000 shares authorized for each of the periods presented 6 6 6 6 6 — — — — Additional paid-in capital 18,940 18,922 18,908 18,901 18,891 18 — 49 — Retained earnings 6,445 6,189 6,068 6,011 6,498 256 4 (53) (1) Treasury stock, at cost (4,623) (4,623) (4,623) (4,623) (4,353) — — (270) (6) Accumulated other comprehensive (loss) income (60) 10 94 85 (411) (70) NM 351 85 TOTAL STOCKHOLDERS' EQUITY 22,673 22,469 22,418 21,950 22,201 204 1 472 2 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $183,349 $179,228 $179,874 $176,719 $165,733 $4,121 2% $17,616 11% Memo: Total tangible common equity $13,979 $13,771 $13,716 $13,639 $13,893 $208 2% $86 1% 1 In the fourth quarter of 2020, we reclassified due from broker as well as equity securities, at fair value and at cost, to other assets. Prior periods have been adjusted to conform with the current period presentation. 2 In the fourth quarter of 2020, we reclassified due to broker to other liabilities. Prior periods have been adjusted to conform with the current period presentation. 6CONSOLIDATED BALANCE SHEETS (unaudited) (in millions) PERIOD-END BALANCES AS OF DECEMBER 31, 2020 CHANGE Dec 31, 2020 Sept 30, 2020 June 30, 2020 Mar 31, 2020 Dec 31, 2019 September 30, 2020 December 31, 2019 $ % $ % ASSETS Cash and due from banks $1,037 $904 $1,088 $1,155 $1,175 $133 15% ($138) (12%) Interest-bearing cash and due from banks 11,696 8,312 6,358 2,903 2,211 3,384 41 9,485 NM Interest-bearing deposits in banks 306 328 475 280 297 (22) (7) 9 3 Debt securities available for sale, at fair value 22,942 22,884 22,144 22,307 20,613 58 — 2,329 11 Debt securities held to maturity 3,235 2,578 2,856 3,071 3,202 657 25 33 1 Loans held for sale, at fair value 3,564 3,587 3,631 2,911 1,946 (23) (1) 1,618 83 Other loans held for sale 439 127 1,362 350 1,384 312 246 (945) (68) Loans and leases 123,090 124,071 125,713 127,528 119,088 (981) (1) 4,002 3 Less: Allowance for loan and lease losses (2,443) (2,542) (2,448) (2,171) (1,252) 99 (4) (1,191) 95 Net loans and leases 120,647 121,529 123,265 125,357 117,836 (882) (1) 2,811 2 Derivative assets 1,915 2,030 2,069 1,968 807 (115) (6) 1,108 137 Premises and equipment 759 747 751 746 761 12 2 (2) — Bank-owned life insurance 1,756 1,751 1,739 1,736 1,725 5 — 31 2 Goodwill 7,050 7,050 7,050 7,050 7,044 — — 6 — 1 Other assets 8,003 7,401 7,086 6,885 6,732 602 8 1,271 19 TOTAL ASSETS $183,349 $179,228 $179,874 $176,719 $165,733 $4,121 2% $17,616 11% LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Deposits: Noninterest-bearing $43,831 $41,249 $40,545 $32,398 $29,233 $2,582 6% $14,598 50% Interest-bearing 103,333 101,672 103,073 101,077 96,080 1,661 2 7,253 8 Total deposits 147,164 142,921 143,618 133,475 125,313 4,243 3 21,851 17 Short-term borrowed funds 243 252 255 1,059 274 (9) (4) (31) (11) Derivative liabilities 128 100 198 234 120 28 28 8 7 Deferred taxes, net 629 638 709 782 866 (9) (1) (237) (27) Long-term borrowed funds: FHLB advances 19 19 6 8,007 5,008 — — (4,989) (100) Senior debt 6,740 7,504 7,519 6,775 7,382 (764) (10) (642) (9) Subordinated debt and other debt 1,587 1,586 1,677 1,655 1,657 1 — (70) (4) Total long-term borrowed funds 8,346 9,109 9,202 16,437 14,047 (763) (8) (5,701) (41) 2 Other liabilities 4,166 3,739 3,474 2,782 2,912 427 11 1,254 43 TOTAL LIABILITIES 160,676 156,759 157,456 154,769 143,532 3,917 2 17,144 12 STOCKHOLDERS' EQUITY Preferred stock: $25.00 par value, 100,000,000 shares authorized for each of the periods presented 1,965 1,965 1,965 1,570 1,570 — — 395 25 Common stock: $0.01 par value, 1,000,000,000 shares authorized for each of the periods presented 6 6 6 6 6 — — — — Additional paid-in capital 18,940 18,922 18,908 18,901 18,891 18 — 49 — Retained earnings 6,445 6,189 6,068 6,011 6,498 256 4 (53) (1) Treasury stock, at cost (4,623) (4,623) (4,623) (4,623) (4,353) — — (270) (6) Accumulated other comprehensive (loss) income (60) 10 94 85 (411) (70) NM 351 85 TOTAL STOCKHOLDERS' EQUITY 22,673 22,469 22,418 21,950 22,201 204 1 472 2 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $183,349 $179,228 $179,874 $176,719 $165,733 $4,121 2% $17,616 11% Memo: Total tangible common equity $13,979 $13,771 $13,716 $13,639 $13,893 $208 2% $86 1% 1 In the fourth quarter of 2020, we reclassified due from broker as well as equity securities, at fair value and at cost, to other assets. Prior periods have been adjusted to conform with the current period presentation. 2 In the fourth quarter of 2020, we reclassified due to broker to other liabilities. Prior periods have been adjusted to conform with the current period presentation. 6
LOANS AND DEPOSITS (in millions) PERIOD-END BALANCES AS OF DECEMBER 31, 2020 CHANGE Dec 31, 2020 Sept 30, 2020 June 30, 2020 Mar 31, 2020 Dec 31, 2019 Sept 30, 2020 December 31, 2019 $ % $ % LOANS AND LEASES Commercial and industrial¹ $44,173 $45,185 $48,017 $49,092 $41,479 ($1,012) (2%) $2,694 6% Commercial real estate 14,652 14,889 14,485 14,502 13,522 (237) (2) 1,130 8 Leases 1,968 2,288 2,428 2,438 2,537 (320) (14) (569) (22) Total commercial 60,793 62,362 64,930 66,032 57,538 (1,569) (3) 3,255 6 Residential mortgages 19,539 19,633 19,245 18,721 19,083 (94) — 456 2 Home equity 12,149 12,322 12,541 12,992 13,154 (173) (1) (1,005) (8) Automobile 12,153 12,035 12,028 12,157 12,120 118 1 33 — Education 12,308 11,631 10,591 10,887 10,347 677 6 1,961 19 Other retail 6,148 6,088 6,378 6,739 6,846 60 1 (698) (10) Total retail 62,297 61,709 60,783 61,496 61,550 588 1 747 1 Total loans and leases $123,090 $124,071 $125,713 $127,528 $119,088 ($981) (1%) $4,002 3% Loans held for sale, at fair value 3,564 3,587 3,631 2,911 1,946 (23) (1) 1,618 83 Other loans held for sale 439 127 1,362 350 1,384 312 246 (945) (68) Loans and leases and loans held for sale $127,093 $127,785 $130,706 $130,789 $122,418 ($692) (1%) $4,675 4% DEPOSITS Demand $43,831 $41,249 $40,545 $32,398 $29,233 $2,582 6% $14,598 50% Checking with interest 27,204 27,141 27,200 25,358 24,840 63 — 2,364 10 Regular savings 18,044 17,237 16,665 14,702 13,779 807 5 4,265 31 Money market accounts 48,569 46,400 44,965 42,972 38,725 2,169 5 9,844 25 Term deposits 9,516 10,894 14,243 18,045 18,736 (1,378) (13) (9,220) (49) Total deposits $147,164 $142,921 $143,618 $133,475 $125,313 $4,243 3% $21,851 17% 1 The commercial loan class has been renamed commercial and industrial, and the commercial loans and leases loan segment has been renamed commercial. 7LOANS AND DEPOSITS (in millions) PERIOD-END BALANCES AS OF DECEMBER 31, 2020 CHANGE Dec 31, 2020 Sept 30, 2020 June 30, 2020 Mar 31, 2020 Dec 31, 2019 Sept 30, 2020 December 31, 2019 $ % $ % LOANS AND LEASES Commercial and industrial¹ $44,173 $45,185 $48,017 $49,092 $41,479 ($1,012) (2%) $2,694 6% Commercial real estate 14,652 14,889 14,485 14,502 13,522 (237) (2) 1,130 8 Leases 1,968 2,288 2,428 2,438 2,537 (320) (14) (569) (22) Total commercial 60,793 62,362 64,930 66,032 57,538 (1,569) (3) 3,255 6 Residential mortgages 19,539 19,633 19,245 18,721 19,083 (94) — 456 2 Home equity 12,149 12,322 12,541 12,992 13,154 (173) (1) (1,005) (8) Automobile 12,153 12,035 12,028 12,157 12,120 118 1 33 — Education 12,308 11,631 10,591 10,887 10,347 677 6 1,961 19 Other retail 6,148 6,088 6,378 6,739 6,846 60 1 (698) (10) Total retail 62,297 61,709 60,783 61,496 61,550 588 1 747 1 Total loans and leases $123,090 $124,071 $125,713 $127,528 $119,088 ($981) (1%) $4,002 3% Loans held for sale, at fair value 3,564 3,587 3,631 2,911 1,946 (23) (1) 1,618 83 Other loans held for sale 439 127 1,362 350 1,384 312 246 (945) (68) Loans and leases and loans held for sale $127,093 $127,785 $130,706 $130,789 $122,418 ($692) (1%) $4,675 4% DEPOSITS Demand $43,831 $41,249 $40,545 $32,398 $29,233 $2,582 6% $14,598 50% Checking with interest 27,204 27,141 27,200 25,358 24,840 63 — 2,364 10 Regular savings 18,044 17,237 16,665 14,702 13,779 807 5 4,265 31 Money market accounts 48,569 46,400 44,965 42,972 38,725 2,169 5 9,844 25 Term deposits 9,516 10,894 14,243 18,045 18,736 (1,378) (13) (9,220) (49) Total deposits $147,164 $142,921 $143,618 $133,475 $125,313 $4,243 3% $21,851 17% 1 The commercial loan class has been renamed commercial and industrial, and the commercial loans and leases loan segment has been renamed commercial. 7
AVERAGE BALANCE SHEETS (in millions) QUARTERLY TRENDS FULL YEAR 4Q20 Change 2020 Change 4Q20 3Q20 2Q20 1Q20 4Q19 3Q20 4Q19 2020 2019 2019 $ % $ % $ % ASSETS Interest-bearing cash and due from banks and deposits in banks $11,303 $6,250 $5,231 $1,859 $1,970 $5,053 81% $9,333 NM $6,175 $1,544 $4,631 NM Taxable investment securities 25,471 24,654 25,180 25,339 25,305 817 3 166 1 25,160 25,425 (265) (1) Non-taxable investment securities 3 4 4 4 5 (1) (25) (2) (40) 4 5 (1) (20) Total investment securities 25,474 24,658 25,184 25,343 25,310 816 3 164 1 25,164 25,430 (266) (1) Investment securities and interest-bearing deposits 36,777 30,908 30,415 27,202 27,280 5,869 19 9,497 35 31,339 26,974 4,365 16 Commercial and industrial 44,594 46,844 50,443 43,152 42,012 (2,250) (5) 2,582 6 46,255 41,702 4,553 11 Commercial real estate 14,745 14,644 14,540 13,876 13,103 101 1 1,642 13 14,452 13,160 1,292 10 Leases 2,176 2,373 2,426 2,482 2,546 (197) (8) (370) (15) 2,365 2,694 (329) (12) Total commercial 61,515 63,861 67,409 59,510 57,661 (2,346) (4) 3,854 7 63,072 57,556 5,516 10 Residential mortgages 19,543 19,427 18,872 18,866 19,495 116 1 48 — 19,178 19,308 (130) (1) Home equity 12,239 12,416 12,736 13,042 13,265 (177) (1) (1,026) (8) 12,607 13,645 (1,038) (8) Automobile 12,066 12,019 11,998 12,173 12,099 47 — (33) — 12,064 12,047 17 — Education 11,931 10,929 11,183 10,610 9,888 1,002 9 2,043 21 11,165 9,415 1,750 19 Other retail 6,167 6,260 6,557 6,854 6,497 (93) (1) (330) (5) 6,458 5,929 529 9 Total retail 61,946 61,051 61,346 61,545 61,244 895 1 702 1 61,472 60,344 1,128 2 Total loans and leases 123,461 124,912 128,755 121,055 118,905 (1,451) (1) 4,556 4 124,544 117,900 6,644 6 Loans held for sale, at fair value 3,185 3,295 2,710 1,890 2,209 (110) (3) 976 44 2,772 1,689 1,083 64 Other loans held for sale 110 1,061 510 799 517 (951) (90) (407) (79) 620 251 369 147 Total interest-earning assets 163,533 160,176 162,390 150,946 148,911 3,357 2 14,622 10 159,275 146,814 12,461 8 Allowance for loan and lease losses (2,541) (2,444) (2,172) (1,708) (1,260) (97) (4) (1,281) (102) (2,218) (1,244) (974) (78) Goodwill 7,050 7,050 7,050 7,046 7,044 — — 6 — 7,049 7,036 13 — Other noninterest-earning assets 13,019 12,893 12,525 10,893 9,951 126 1 3,068 31 12,336 9,570 2,766 29 TOTAL ASSETS $181,061 $177,675 $179,793 $167,177 $164,646 $3,386 2% $16,415 10% $176,442 $162,176 $14,266 9% LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Checking with interest $26,432 $26,638 $26,312 $24,612 $23,545 ($206) (1%) $2,887 12% $26,002 $23,470 $2,532 11% Money market accounts 48,667 45,187 45,187 39,839 38,809 3,480 8 9,858 25 44,732 36,613 8,119 22 Regular savings 17,566 16,902 15,883 14,201 13,582 664 4 3,984 29 16,144 13,247 2,897 22 Term deposits 10,191 12,032 16,470 18,616 19,788 (1,841) (15) (9,597) (48) 14,309 21,035 (6,726) (32) Total interest-bearing deposits 102,856 100,759 103,852 97,268 95,724 2,097 2 7,132 7 101,187 94,365 6,822 7 Short-term borrowed funds 232 240 222 644 504 (8) (3) (272) (54) 334 665 (331) (50) FHLB advances 19 6 2,595 5,138 3,259 13 217 (3,240) (99) 1,929 3,637 (1,708) (47) Senior debt 6,845 7,515 7,499 7,263 7,914 (670) (9) (1,069) (14) 7,280 7,722 (442) (6) Subordinated debt and other debt 1,586 1,675 1,661 1,656 1,657 (89) (5) (71) (4) 1,644 1,655 (11) (1) Total long-term borrowed funds 8,450 9,196 11,755 14,057 12,830 (746) (8) (4,380) (34) 10,853 13,014 (2,161) (17) Total borrowed funds 8,682 9,436 11,977 14,701 13,334 (754) (8) (4,652) (35) 11,187 13,679 (2,492) (18) Total interest-bearing liabilities 111,538 110,195 115,829 111,969 109,058 1,343 1 2,480 2 112,374 108,044 4,330 4 Total demand deposits 42,411 40,608 37,745 29,362 29,928 1,803 4 12,483 42 37,553 28,936 8,617 30 Other liabilities 4,600 4,374 4,086 4,053 3,819 226 5 781 20 4,280 3,683 597 16 TOTAL LIABILITIES 158,549 155,177 157,660 145,384 142,805 3,372 2 15,744 11 154,207 140,663 13,544 10 STOCKHOLDERS' EQUITY 22,512 22,498 22,133 21,793 21,841 14 — 671 3 22,235 21,513 722 3 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $181,061 $177,675 $179,793 $167,177 $164,646 $3,386 2% $16,415 10% $176,442 $162,176 $14,266 9% Memo: Total loans and leases, including loans held for sale $126,756 $129,268 $131,975 $123,744 $121,631 ($2,512) (2%) $5,125 4% $127,936 $119,840 $8,096 7% Total deposits (interest-bearing and demand) $145,267 $141,367 $141,597 $126,630 $125,652 $3,900 3% $19,615 16% $138,740 $123,301 $15,439 13% Total average tangible common equity $13,814 $13,797 $13,706 $13,484 $13,660 $17 —% $154 1% $13,701 $13,589 $112 1% 8AVERAGE BALANCE SHEETS (in millions) QUARTERLY TRENDS FULL YEAR 4Q20 Change 2020 Change 4Q20 3Q20 2Q20 1Q20 4Q19 3Q20 4Q19 2020 2019 2019 $ % $ % $ % ASSETS Interest-bearing cash and due from banks and deposits in banks $11,303 $6,250 $5,231 $1,859 $1,970 $5,053 81% $9,333 NM $6,175 $1,544 $4,631 NM Taxable investment securities 25,471 24,654 25,180 25,339 25,305 817 3 166 1 25,160 25,425 (265) (1) Non-taxable investment securities 3 4 4 4 5 (1) (25) (2) (40) 4 5 (1) (20) Total investment securities 25,474 24,658 25,184 25,343 25,310 816 3 164 1 25,164 25,430 (266) (1) Investment securities and interest-bearing deposits 36,777 30,908 30,415 27,202 27,280 5,869 19 9,497 35 31,339 26,974 4,365 16 Commercial and industrial 44,594 46,844 50,443 43,152 42,012 (2,250) (5) 2,582 6 46,255 41,702 4,553 11 Commercial real estate 14,745 14,644 14,540 13,876 13,103 101 1 1,642 13 14,452 13,160 1,292 10 Leases 2,176 2,373 2,426 2,482 2,546 (197) (8) (370) (15) 2,365 2,694 (329) (12) Total commercial 61,515 63,861 67,409 59,510 57,661 (2,346) (4) 3,854 7 63,072 57,556 5,516 10 Residential mortgages 19,543 19,427 18,872 18,866 19,495 116 1 48 — 19,178 19,308 (130) (1) Home equity 12,239 12,416 12,736 13,042 13,265 (177) (1) (1,026) (8) 12,607 13,645 (1,038) (8) Automobile 12,066 12,019 11,998 12,173 12,099 47 — (33) — 12,064 12,047 17 — Education 11,931 10,929 11,183 10,610 9,888 1,002 9 2,043 21 11,165 9,415 1,750 19 Other retail 6,167 6,260 6,557 6,854 6,497 (93) (1) (330) (5) 6,458 5,929 529 9 Total retail 61,946 61,051 61,346 61,545 61,244 895 1 702 1 61,472 60,344 1,128 2 Total loans and leases 123,461 124,912 128,755 121,055 118,905 (1,451) (1) 4,556 4 124,544 117,900 6,644 6 Loans held for sale, at fair value 3,185 3,295 2,710 1,890 2,209 (110) (3) 976 44 2,772 1,689 1,083 64 Other loans held for sale 110 1,061 510 799 517 (951) (90) (407) (79) 620 251 369 147 Total interest-earning assets 163,533 160,176 162,390 150,946 148,911 3,357 2 14,622 10 159,275 146,814 12,461 8 Allowance for loan and lease losses (2,541) (2,444) (2,172) (1,708) (1,260) (97) (4) (1,281) (102) (2,218) (1,244) (974) (78) Goodwill 7,050 7,050 7,050 7,046 7,044 — — 6 — 7,049 7,036 13 — Other noninterest-earning assets 13,019 12,893 12,525 10,893 9,951 126 1 3,068 31 12,336 9,570 2,766 29 TOTAL ASSETS $181,061 $177,675 $179,793 $167,177 $164,646 $3,386 2% $16,415 10% $176,442 $162,176 $14,266 9% LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Checking with interest $26,432 $26,638 $26,312 $24,612 $23,545 ($206) (1%) $2,887 12% $26,002 $23,470 $2,532 11% Money market accounts 48,667 45,187 45,187 39,839 38,809 3,480 8 9,858 25 44,732 36,613 8,119 22 Regular savings 17,566 16,902 15,883 14,201 13,582 664 4 3,984 29 16,144 13,247 2,897 22 Term deposits 10,191 12,032 16,470 18,616 19,788 (1,841) (15) (9,597) (48) 14,309 21,035 (6,726) (32) Total interest-bearing deposits 102,856 100,759 103,852 97,268 95,724 2,097 2 7,132 7 101,187 94,365 6,822 7 Short-term borrowed funds 232 240 222 644 504 (8) (3) (272) (54) 334 665 (331) (50) FHLB advances 19 6 2,595 5,138 3,259 13 217 (3,240) (99) 1,929 3,637 (1,708) (47) Senior debt 6,845 7,515 7,499 7,263 7,914 (670) (9) (1,069) (14) 7,280 7,722 (442) (6) Subordinated debt and other debt 1,586 1,675 1,661 1,656 1,657 (89) (5) (71) (4) 1,644 1,655 (11) (1) Total long-term borrowed funds 8,450 9,196 11,755 14,057 12,830 (746) (8) (4,380) (34) 10,853 13,014 (2,161) (17) Total borrowed funds 8,682 9,436 11,977 14,701 13,334 (754) (8) (4,652) (35) 11,187 13,679 (2,492) (18) Total interest-bearing liabilities 111,538 110,195 115,829 111,969 109,058 1,343 1 2,480 2 112,374 108,044 4,330 4 Total demand deposits 42,411 40,608 37,745 29,362 29,928 1,803 4 12,483 42 37,553 28,936 8,617 30 Other liabilities 4,600 4,374 4,086 4,053 3,819 226 5 781 20 4,280 3,683 597 16 TOTAL LIABILITIES 158,549 155,177 157,660 145,384 142,805 3,372 2 15,744 11 154,207 140,663 13,544 10 STOCKHOLDERS' EQUITY 22,512 22,498 22,133 21,793 21,841 14 — 671 3 22,235 21,513 722 3 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $181,061 $177,675 $179,793 $167,177 $164,646 $3,386 2% $16,415 10% $176,442 $162,176 $14,266 9% Memo: Total loans and leases, including loans held for sale $126,756 $129,268 $131,975 $123,744 $121,631 ($2,512) (2%) $5,125 4% $127,936 $119,840 $8,096 7% Total deposits (interest-bearing and demand) $145,267 $141,367 $141,597 $126,630 $125,652 $3,900 3% $19,615 16% $138,740 $123,301 $15,439 13% Total average tangible common equity $13,814 $13,797 $13,706 $13,484 $13,660 $17 —% $154 1% $13,701 $13,589 $112 1% 8
AVERAGE ANNUALIZED YIELDS AND RATES (in millions, except rates) QUARTERLY TRENDS FULL YEAR 4Q20 3Q20 2Q20 1Q20 4Q19 2020 2019 Income/ Income/ Income/ Income/ Income/ Income/ Income/ Rate Expense Rate Expense Rate Expense Rate Expense Rate Expense Rate Expense Rate Expense INTEREST-EARNING ASSETS Interest-bearing cash and due from banks and deposits in banks 0.10% $3 0.10% $2 0.09% $1 1.12% $5 1.49% $7 0.18% $11 1.94% $30 Taxable investment securities 1.89 121 1.95 121 2.15 130 2.32 147 2.47 159 2.06 519 2.51 642 Non-taxable investment securities 2.60 — 2.60 — 2.60 — 2.60 — 2.60 — 2.60 — 2.60 — Total investment securities 1.89 121 1.95 121 2.15 130 2.32 147 2.47 159 2.06 519 2.51 642 Investment securities and interest-bearing deposits 124 123 131 152 166 530 672 Commercial and industrial 3.25 370 3.20 383 3.23 412 3.82 417 3.95 424 3.36 1,582 4.25 1,797 Commercial real estate 2.58 97 2.57 96 2.87 106 3.96 139 4.26 142 2.98 438 4.71 628 Leases 2.58 14 2.65 16 2.75 16 2.83 18 2.77 18 2.71 64 2.84 77 Total commercial 3.07 481 3.03 495 3.14 534 3.81 574 3.97 584 3.25 2,084 4.29 2,502 Residential mortgages 3.08 151 3.15 153 3.19 150 3.47 164 3.40 165 3.22 618 3.56 687 Home equity 3.18 98 3.21 100 3.50 111 4.69 152 4.73 159 3.66 461 5.13 700 Automobile 4.26 129 4.23 128 4.33 129 4.34 131 4.32 132 4.29 517 4.20 506 Education 4.55 136 4.74 130 5.21 145 5.64 149 5.76 143 5.02 560 5.89 555 Other retail 7.10 110 7.22 114 7.52 123 7.77 132 7.83 129 7.41 479 8.27 491 Total retail 4.01 624 4.08 625 4.31 658 4.75 728 4.72 728 4.29 2,635 4.87 2,939 Total loans and leases 3.54 1,105 3.54 1,120 3.69 1,192 4.29 1,302 4.36 1,312 3.76 4,719 4.59 5,441 Loans held for sale, at fair value 2.41 19 2.60 21 2.85 20 3.28 15 3.38 18 2.72 75 3.74 63 Other loans held for sale 3.14 1 6.02 16 4.66 7 4.31 9 3.89 5 5.22 33 5.10 13 Total interest-earning assets 3.02 1,249 3.15 1,280 3.33 1,350 3.91 1,478 3.98 1,501 3.35 5,357 4.19 6,189 INTEREST-BEARING LIABILITIES Checking with interest 0.11 8 0.13 8 0.17 11 0.60 37 0.71 42 0.24 64 0.87 203 Money market accounts 0.22 27 0.28 33 0.35 39 0.94 93 1.12 110 0.43 192 1.23 450 Regular savings 0.15 7 0.24 10 0.39 15 0.51 18 0.52 17 0.31 50 0.57 75 Term deposits 1.09 27 1.25 38 1.44 59 1.70 79 1.88 94 1.42 203 2.03 427 Total interest-bearing deposits 0.27 69 0.35 89 0.48 124 0.94 227 1.09 263 0.50 509 1.22 1,155 Short-term borrowed funds 0.44 1 0.13 — 0.29 — 0.76 1 1.07 2 0.52 2 1.47 10 FHLB advances 0.93 — 1.42 — 0.86 6 1.87 24 1.98 16 1.53 30 2.39 88 Senior debt 1.93 33 1.84 35 2.25 42 2.69 49 3.02 60 2.18 159 3.29 254 Subordinated debt and other debt 4.35 17 4.67 19 4.22 18 4.13 17 4.20 17 4.34 71 4.12 68 Total long-term borrowed funds 2.38 50 2.35 54 2.22 66 2.56 90 2.91 93 2.39 260 3.14 410 Total borrowed funds 2.33 51 2.30 54 2.18 66 2.48 91 2.84 95 2.33 262 3.06 420 Total interest-bearing liabilities 0.43 120 0.52 143 0.66 190 1.14 318 1.30 358 0.69 771 1.46 1,575 INTEREST RATE SPREAD 2.60 2.63 2.67 2.77 2.68 2.66 2.73 NET INTEREST MARGIN AND NET INTEREST INCOME 2.75 % $1,129 2.82 % $1,137 2.87 % $1,160 3.09 % $1,160 3.04 % $1,143 2.88 % $4,586 3.14 % $4,614 1 NET INTEREST MARGIN AND NET INTEREST INCOME, FTE 2.75 % $1,132 2.83 % $1,140 2.88 % $1,163 3.10 % $1,164 3.06 % $1,147 2.89 % $4,599 3.16 % $4,635 Memo: Total deposit costs 0.19 % $69 0.25 % $89 0.35 % $124 0.72 % $227 0.83 % $263 0.37 % $509 0.94 % $1,155 1 Net interest income and net interest margin is presented on a fully taxable-equivalent ( FTE ) basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented. 9AVERAGE ANNUALIZED YIELDS AND RATES (in millions, except rates) QUARTERLY TRENDS FULL YEAR 4Q20 3Q20 2Q20 1Q20 4Q19 2020 2019 Income/ Income/ Income/ Income/ Income/ Income/ Income/ Rate Expense Rate Expense Rate Expense Rate Expense Rate Expense Rate Expense Rate Expense INTEREST-EARNING ASSETS Interest-bearing cash and due from banks and deposits in banks 0.10% $3 0.10% $2 0.09% $1 1.12% $5 1.49% $7 0.18% $11 1.94% $30 Taxable investment securities 1.89 121 1.95 121 2.15 130 2.32 147 2.47 159 2.06 519 2.51 642 Non-taxable investment securities 2.60 — 2.60 — 2.60 — 2.60 — 2.60 — 2.60 — 2.60 — Total investment securities 1.89 121 1.95 121 2.15 130 2.32 147 2.47 159 2.06 519 2.51 642 Investment securities and interest-bearing deposits 124 123 131 152 166 530 672 Commercial and industrial 3.25 370 3.20 383 3.23 412 3.82 417 3.95 424 3.36 1,582 4.25 1,797 Commercial real estate 2.58 97 2.57 96 2.87 106 3.96 139 4.26 142 2.98 438 4.71 628 Leases 2.58 14 2.65 16 2.75 16 2.83 18 2.77 18 2.71 64 2.84 77 Total commercial 3.07 481 3.03 495 3.14 534 3.81 574 3.97 584 3.25 2,084 4.29 2,502 Residential mortgages 3.08 151 3.15 153 3.19 150 3.47 164 3.40 165 3.22 618 3.56 687 Home equity 3.18 98 3.21 100 3.50 111 4.69 152 4.73 159 3.66 461 5.13 700 Automobile 4.26 129 4.23 128 4.33 129 4.34 131 4.32 132 4.29 517 4.20 506 Education 4.55 136 4.74 130 5.21 145 5.64 149 5.76 143 5.02 560 5.89 555 Other retail 7.10 110 7.22 114 7.52 123 7.77 132 7.83 129 7.41 479 8.27 491 Total retail 4.01 624 4.08 625 4.31 658 4.75 728 4.72 728 4.29 2,635 4.87 2,939 Total loans and leases 3.54 1,105 3.54 1,120 3.69 1,192 4.29 1,302 4.36 1,312 3.76 4,719 4.59 5,441 Loans held for sale, at fair value 2.41 19 2.60 21 2.85 20 3.28 15 3.38 18 2.72 75 3.74 63 Other loans held for sale 3.14 1 6.02 16 4.66 7 4.31 9 3.89 5 5.22 33 5.10 13 Total interest-earning assets 3.02 1,249 3.15 1,280 3.33 1,350 3.91 1,478 3.98 1,501 3.35 5,357 4.19 6,189 INTEREST-BEARING LIABILITIES Checking with interest 0.11 8 0.13 8 0.17 11 0.60 37 0.71 42 0.24 64 0.87 203 Money market accounts 0.22 27 0.28 33 0.35 39 0.94 93 1.12 110 0.43 192 1.23 450 Regular savings 0.15 7 0.24 10 0.39 15 0.51 18 0.52 17 0.31 50 0.57 75 Term deposits 1.09 27 1.25 38 1.44 59 1.70 79 1.88 94 1.42 203 2.03 427 Total interest-bearing deposits 0.27 69 0.35 89 0.48 124 0.94 227 1.09 263 0.50 509 1.22 1,155 Short-term borrowed funds 0.44 1 0.13 — 0.29 — 0.76 1 1.07 2 0.52 2 1.47 10 FHLB advances 0.93 — 1.42 — 0.86 6 1.87 24 1.98 16 1.53 30 2.39 88 Senior debt 1.93 33 1.84 35 2.25 42 2.69 49 3.02 60 2.18 159 3.29 254 Subordinated debt and other debt 4.35 17 4.67 19 4.22 18 4.13 17 4.20 17 4.34 71 4.12 68 Total long-term borrowed funds 2.38 50 2.35 54 2.22 66 2.56 90 2.91 93 2.39 260 3.14 410 Total borrowed funds 2.33 51 2.30 54 2.18 66 2.48 91 2.84 95 2.33 262 3.06 420 Total interest-bearing liabilities 0.43 120 0.52 143 0.66 190 1.14 318 1.30 358 0.69 771 1.46 1,575 INTEREST RATE SPREAD 2.60 2.63 2.67 2.77 2.68 2.66 2.73 NET INTEREST MARGIN AND NET INTEREST INCOME 2.75 % $1,129 2.82 % $1,137 2.87 % $1,160 3.09 % $1,160 3.04 % $1,143 2.88 % $4,586 3.14 % $4,614 1 NET INTEREST MARGIN AND NET INTEREST INCOME, FTE 2.75 % $1,132 2.83 % $1,140 2.88 % $1,163 3.10 % $1,164 3.06 % $1,147 2.89 % $4,599 3.16 % $4,635 Memo: Total deposit costs 0.19 % $69 0.25 % $89 0.35 % $124 0.72 % $227 0.83 % $263 0.37 % $509 0.94 % $1,155 1 Net interest income and net interest margin is presented on a fully taxable-equivalent ( FTE ) basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented. 9
SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING (in millions, except ratio data) QUARTERLY TRENDS FULL YEAR CONSUMER BANKING 4Q20 Change 2020 Change 4Q20 3Q20 2Q20 1Q20 4Q19 3Q20 4Q19 2020 2019 2019 $/bps % $/bps % $/bps % Net interest income $859 $845 $814 $793 $796 $14 2% $63 8% $3,311 $3,182 $129 4% Noninterest income 375 495 428 357 296 (120) (24) 79 27 1,655 1,156 499 43 Total revenue 1,234 1,340 1,242 1,150 1,092 (106) (8) 142 13 4,966 4,338 628 14 Noninterest expense 749 742 735 738 718 7 1 31 4 2,964 2,851 113 4 Profit before provision for credit losses 485 598 507 412 374 (113) (19) 111 30 2,002 1,487 515 35 Provision for credit losses 56 55 80 97 97 1 2 (41) (42) 288 325 (37) (11) Income before income tax expense 429 543 427 315 277 (114) (21) 152 55 1,714 1,162 552 48 Income tax expense 107 136 107 79 68 (29) (21) 39 57 429 287 142 49 Net income $322 $407 $320 $236 $209 ($85) (21%) $113 54% $1,285 $875 $410 47% AVERAGE BALANCES Total assets $74,392 $73,605 $71,634 $68,415 $68,069 $787 1% $6,323 9% $72,022 $66,240 $5,782 9% 1 Total loans and leases 69,650 69,719 68,205 65,343 65,157 (69) — 4,493 7 68,237 63,396 4,841 8 Deposits 95,007 94,212 91,648 85,228 85,477 795 1 9,530 11 91,541 84,835 6,706 8 Interest-earning assets 70,529 69,925 68,256 65,393 65,208 604 1 5,321 8 68,535 63,449 5,086 8 KEY METRICS Net interest margin 4.85 % 4.81 % 4.80 % 4.88 % 4.85 % 4 bps — bps 4.83 % 5.02 % (19) bps Efficiency ratio 60.75 55.35 59.19 64.16 65.74 540 bps (499) bps 59.69 65.72 (603) bps Loans-to-deposits ratio (period-end balances) 69.38 70.61 69.17 72.94 74.15 (123) bps (477) bps 69.38 74.15 (477) bps Loans-to-deposits ratio (average balances) 70.12 69.88 71.59 74.07 73.37 24 bps (325) bps 71.34 72.81 (147) bps Return on average total tangible assets 1.72 2.21 1.80 1.39 1.22 (49) bps 50 bps 1.79 1.32 47 bps 1 Includes loans held for sale. 10SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING (in millions, except ratio data) QUARTERLY TRENDS FULL YEAR CONSUMER BANKING 4Q20 Change 2020 Change 4Q20 3Q20 2Q20 1Q20 4Q19 3Q20 4Q19 2020 2019 2019 $/bps % $/bps % $/bps % Net interest income $859 $845 $814 $793 $796 $14 2% $63 8% $3,311 $3,182 $129 4% Noninterest income 375 495 428 357 296 (120) (24) 79 27 1,655 1,156 499 43 Total revenue 1,234 1,340 1,242 1,150 1,092 (106) (8) 142 13 4,966 4,338 628 14 Noninterest expense 749 742 735 738 718 7 1 31 4 2,964 2,851 113 4 Profit before provision for credit losses 485 598 507 412 374 (113) (19) 111 30 2,002 1,487 515 35 Provision for credit losses 56 55 80 97 97 1 2 (41) (42) 288 325 (37) (11) Income before income tax expense 429 543 427 315 277 (114) (21) 152 55 1,714 1,162 552 48 Income tax expense 107 136 107 79 68 (29) (21) 39 57 429 287 142 49 Net income $322 $407 $320 $236 $209 ($85) (21%) $113 54% $1,285 $875 $410 47% AVERAGE BALANCES Total assets $74,392 $73,605 $71,634 $68,415 $68,069 $787 1% $6,323 9% $72,022 $66,240 $5,782 9% 1 Total loans and leases 69,650 69,719 68,205 65,343 65,157 (69) — 4,493 7 68,237 63,396 4,841 8 Deposits 95,007 94,212 91,648 85,228 85,477 795 1 9,530 11 91,541 84,835 6,706 8 Interest-earning assets 70,529 69,925 68,256 65,393 65,208 604 1 5,321 8 68,535 63,449 5,086 8 KEY METRICS Net interest margin 4.85 % 4.81 % 4.80 % 4.88 % 4.85 % 4 bps — bps 4.83 % 5.02 % (19) bps Efficiency ratio 60.75 55.35 59.19 64.16 65.74 540 bps (499) bps 59.69 65.72 (603) bps Loans-to-deposits ratio (period-end balances) 69.38 70.61 69.17 72.94 74.15 (123) bps (477) bps 69.38 74.15 (477) bps Loans-to-deposits ratio (average balances) 70.12 69.88 71.59 74.07 73.37 24 bps (325) bps 71.34 72.81 (147) bps Return on average total tangible assets 1.72 2.21 1.80 1.39 1.22 (49) bps 50 bps 1.79 1.32 47 bps 1 Includes loans held for sale. 10
SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING, CONTINUED (in millions, except ratio data) QUARTERLY TRENDS FULL YEAR 4Q20 Change 2020 Change 4Q20 3Q20 2Q20 1Q20 4Q19 3Q20 4Q19 2020 2019 2019 $/bps % $/bps % $/bps % MORTGAGE BANKING FEES Production revenue $194 $275 $271 $136 $61 ($81) (29%) $133 218% $876 $221 $655 NM Mortgage servicing revenue 3 2 9 17 16 1 50 (13) (81) 31 51 (20) (39) MSR valuation changes, net of hedge impact (3) 10 (4) 6 4 (13) NM (7) NM 9 31 (22) (71) Total mortgage banking fees $194 $287 $276 $159 $81 ($93) (32%) $113 140% $916 $303 $613 202% Gain on sale of secondary originations 2.09 % 3.04 % 3.09 % 2.36 % 0.98 % (95) bps 111 bps 2.67 % 1.18 % 149 bps RESIDENTIAL REAL ESTATE ORIGINATIONS Retail $4,096 $4,300 $3,882 $2,523 $3,196 ($204) (5%) $900 28% $14,801 $9,395 $5,406 58% Third Party 6,762 6,811 7,388 4,813 5,750 (49) (1) 1,012 18 25,774 17,011 8,763 52 Total $10,858 $11,111 $11,270 $7,336 $8,946 ($253) (2%) $1,912 21% $40,575 $26,406 $14,169 54% Originated for sale 85 % 82 % 81 % 83 % 80 % 300 bps 500 bps 83 % 80 % 300 bps Originated for investment 15 18 19 17 20 (300) bps (500) bps 17 20 (300) bps Total 100 % 100 % 100 % 100 % 100 % 100 % 100 % MORTGAGE SERVICING INFORMATION (UPB) Loans serviced for others $81,240 $80,700 $79,942 $79,157 $77,526 $540 1% $3,714 5% $81,240 $77,526 $3,714 5% Owned loans serviced 22,582 22,193 21,642 21,057 20,831 389 2 1,751 8 22,582 20,831 1,751 8 Total $103,822 $102,893 $101,584 $100,214 $98,357 $929 1% $5,465 6% $103,822 $98,357 $5,465 6% 1 MSR CARRYING VALUE MSR at fair value $658 $606 $568 $577 $642 $52 9% $16 2% $658 $642 $16 2% MSR at lower of cost or market — — — — 182 — — (182) (100) — 182 (182) (100) Total $658 $606 $568 $577 $824 $52 9% ($166) (20%) $658 $824 ($166) (20%) 1 Beginning in the first quarter of 2020, mortgage servicing rights previously accounted for at lower of cost or market are now accounted for at fair value. 11SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING, CONTINUED (in millions, except ratio data) QUARTERLY TRENDS FULL YEAR 4Q20 Change 2020 Change 4Q20 3Q20 2Q20 1Q20 4Q19 3Q20 4Q19 2020 2019 2019 $/bps % $/bps % $/bps % MORTGAGE BANKING FEES Production revenue $194 $275 $271 $136 $61 ($81) (29%) $133 218% $876 $221 $655 NM Mortgage servicing revenue 3 2 9 17 16 1 50 (13) (81) 31 51 (20) (39) MSR valuation changes, net of hedge impact (3) 10 (4) 6 4 (13) NM (7) NM 9 31 (22) (71) Total mortgage banking fees $194 $287 $276 $159 $81 ($93) (32%) $113 140% $916 $303 $613 202% Gain on sale of secondary originations 2.09 % 3.04 % 3.09 % 2.36 % 0.98 % (95) bps 111 bps 2.67 % 1.18 % 149 bps RESIDENTIAL REAL ESTATE ORIGINATIONS Retail $4,096 $4,300 $3,882 $2,523 $3,196 ($204) (5%) $900 28% $14,801 $9,395 $5,406 58% Third Party 6,762 6,811 7,388 4,813 5,750 (49) (1) 1,012 18 25,774 17,011 8,763 52 Total $10,858 $11,111 $11,270 $7,336 $8,946 ($253) (2%) $1,912 21% $40,575 $26,406 $14,169 54% Originated for sale 85 % 82 % 81 % 83 % 80 % 300 bps 500 bps 83 % 80 % 300 bps Originated for investment 15 18 19 17 20 (300) bps (500) bps 17 20 (300) bps Total 100 % 100 % 100 % 100 % 100 % 100 % 100 % MORTGAGE SERVICING INFORMATION (UPB) Loans serviced for others $81,240 $80,700 $79,942 $79,157 $77,526 $540 1% $3,714 5% $81,240 $77,526 $3,714 5% Owned loans serviced 22,582 22,193 21,642 21,057 20,831 389 2 1,751 8 22,582 20,831 1,751 8 Total $103,822 $102,893 $101,584 $100,214 $98,357 $929 1% $5,465 6% $103,822 $98,357 $5,465 6% 1 MSR CARRYING VALUE MSR at fair value $658 $606 $568 $577 $642 $52 9% $16 2% $658 $642 $16 2% MSR at lower of cost or market — — — — 182 — — (182) (100) — 182 (182) (100) Total $658 $606 $568 $577 $824 $52 9% ($166) (20%) $658 $824 ($166) (20%) 1 Beginning in the first quarter of 2020, mortgage servicing rights previously accounted for at lower of cost or market are now accounted for at fair value. 11
SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING (in millions, except ratio data) QUARTERLY TRENDS FULL YEAR COMMERCIAL BANKING 4Q20 Change 2020 Change 4Q20 3Q20 2Q20 1Q20 4Q19 3Q20 4Q19 2020 2019 2019 $/bps % $/bps % $/bps % Net interest income $438 $421 $419 $365 $363 $17 4% $75 21% $1,643 $1,466 $177 12% Noninterest income 182 144 144 125 175 38 26 7 4 595 607 (12) (2) Total revenue 620 565 563 490 538 55 10 82 15 2,238 2,073 165 8 Noninterest expense 216 210 213 221 219 6 3 (3) (1) 860 858 2 — Profit before provision for credit losses 404 355 350 269 319 49 14 85 27 1,378 1,215 163 13 Provision for credit losses 124 161 70 43 24 (37) (23) 100 NM 398 97 301 NM Income before income tax expense 280 194 280 226 295 86 44 (15) (5) 980 1,118 (138) (12) Income tax expense 59 41 59 47 64 18 44 (5) (8) 206 248 (42) (17) Net income $221 $153 $221 $179 $231 $68 44% ($10) (4%) $774 $870 ($96) (11%) AVERAGE BALANCES Total assets $58,212 $60,889 $65,280 $59,005 $56,407 ($2,677) (4%) $1,805 3% $60,839 $55,947 $4,892 9% 1 Total loans and leases 55,407 57,796 62,011 56,555 54,523 (2,389) (4) 884 2 57,935 54,355 3,580 7 Deposits 44,920 41,393 41,750 33,545 32,715 3,527 9 12,205 37 40,417 31,085 9,332 30 Interest-earning assets 55,752 58,177 62,422 57,016 54,905 (2,425) (4) 847 2 58,334 54,666 3,668 7 KEY METRICS Net interest margin 3.12 % 2.88 % 2.70 % 2.57 % 2.62 % 24 bps 50 bps 2.82 % 2.68 % 14 bps Efficiency ratio 34.94 37.03 37.93 45.06 40.60 (209) bps (566) bps 38.43 41.38 (295) bps Loans-to-deposits ratio (period-end balances) 121.09 129.43 140.79 164.10 165.24 (834) bps (4,415) bps 121.09 165.24 (4,415) bps Loans-to-deposits ratio (average balances) 122.75 138.48 147.03 167.18 165.80 (1,573) bps (4,305) bps 142.20 173.85 (3,165) bps Return on average total tangible assets 1.51 1.01 1.36 1.22 1.63 50 bps (12) bps 1.27 1.56 (29) bps 1 Includes loans held for sale. 12SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING (in millions, except ratio data) QUARTERLY TRENDS FULL YEAR COMMERCIAL BANKING 4Q20 Change 2020 Change 4Q20 3Q20 2Q20 1Q20 4Q19 3Q20 4Q19 2020 2019 2019 $/bps % $/bps % $/bps % Net interest income $438 $421 $419 $365 $363 $17 4% $75 21% $1,643 $1,466 $177 12% Noninterest income 182 144 144 125 175 38 26 7 4 595 607 (12) (2) Total revenue 620 565 563 490 538 55 10 82 15 2,238 2,073 165 8 Noninterest expense 216 210 213 221 219 6 3 (3) (1) 860 858 2 — Profit before provision for credit losses 404 355 350 269 319 49 14 85 27 1,378 1,215 163 13 Provision for credit losses 124 161 70 43 24 (37) (23) 100 NM 398 97 301 NM Income before income tax expense 280 194 280 226 295 86 44 (15) (5) 980 1,118 (138) (12) Income tax expense 59 41 59 47 64 18 44 (5) (8) 206 248 (42) (17) Net income $221 $153 $221 $179 $231 $68 44% ($10) (4%) $774 $870 ($96) (11%) AVERAGE BALANCES Total assets $58,212 $60,889 $65,280 $59,005 $56,407 ($2,677) (4%) $1,805 3% $60,839 $55,947 $4,892 9% 1 Total loans and leases 55,407 57,796 62,011 56,555 54,523 (2,389) (4) 884 2 57,935 54,355 3,580 7 Deposits 44,920 41,393 41,750 33,545 32,715 3,527 9 12,205 37 40,417 31,085 9,332 30 Interest-earning assets 55,752 58,177 62,422 57,016 54,905 (2,425) (4) 847 2 58,334 54,666 3,668 7 KEY METRICS Net interest margin 3.12 % 2.88 % 2.70 % 2.57 % 2.62 % 24 bps 50 bps 2.82 % 2.68 % 14 bps Efficiency ratio 34.94 37.03 37.93 45.06 40.60 (209) bps (566) bps 38.43 41.38 (295) bps Loans-to-deposits ratio (period-end balances) 121.09 129.43 140.79 164.10 165.24 (834) bps (4,415) bps 121.09 165.24 (4,415) bps Loans-to-deposits ratio (average balances) 122.75 138.48 147.03 167.18 165.80 (1,573) bps (4,305) bps 142.20 173.85 (3,165) bps Return on average total tangible assets 1.51 1.01 1.36 1.22 1.63 50 bps (12) bps 1.27 1.56 (29) bps 1 Includes loans held for sale. 12
SEGMENT FINANCIAL HIGHLIGHTS - OTHER (in millions) QUARTERLY TRENDS FULL YEAR 1 OTHER 4Q20 Change 2020 Change 4Q20 3Q20 2Q20 1Q20 4Q19 3Q20 4Q19 2020 2019 2019 $ % $ % $ % Net interest income ($168) ($129) ($73) $2 ($16) ($39) (30%) ($152) NM ($368) ($34) ($334) NM Noninterest income 21 15 18 15 23 6 40 (2) (9) 69 114 (45) (39) Total revenue (147) (114) (55) 17 7 (33) (29) (154) NM (299) 80 (379) NM Noninterest expense 47 36 31 53 49 11 31 (2) (4) 167 138 29 21 Loss before provision for credit losses (194) (150) (86) (36) (42) (44) (29) (152) NM (466) (58) (408) NM Provision for credit losses (56) 212 314 460 (11) (268) NM (45) NM 930 (29) 959 NM Loss before income tax benefit (138) (362) (400) (496) (31) 224 62 (107) NM (1,396) (29) (1,367) NM Income tax benefit (51) (116) (112) (115) (41) 65 56 (10) (24) (394) (75) (319) NM Net (loss) income ($87) ($246) ($288) ($381) $10 $159 65% ($97) NM ($1,002) $46 ($1,048) NM AVERAGE BALANCES Total assets $48,457 $43,181 $42,879 $39,757 $40,170 $5,276 12% $8,287 21% $43,581 $39,989 $3,592 9% 2 Total loans and leases 1,699 1,753 1,759 1,846 1,951 (54) (3) (252) (13) 1,764 2,089 (325) (16) Deposits 5,340 5,762 8,199 7,857 7,460 (422) (7) (2,120) (28) 6,782 7,381 (599) (8) Interest-earning assets 37,252 32,074 31,712 28,537 28,798 5,178 16 8,454 29 32,406 28,699 3,707 13 1 Includes the financial impact of non-core, liquidating loan portfolios and other non-core assets, our treasury activities, wholesale funding activities, securities portfolio, community development assets and other unallocated assets, liabilities, capital, revenues, provision for credit losses, expenses and income tax expense, not attributed to our Consumer Banking or Commercial Banking segments. 2 Includes loans held for sale. 13SEGMENT FINANCIAL HIGHLIGHTS - OTHER (in millions) QUARTERLY TRENDS FULL YEAR 1 OTHER 4Q20 Change 2020 Change 4Q20 3Q20 2Q20 1Q20 4Q19 3Q20 4Q19 2020 2019 2019 $ % $ % $ % Net interest income ($168) ($129) ($73) $2 ($16) ($39) (30%) ($152) NM ($368) ($34) ($334) NM Noninterest income 21 15 18 15 23 6 40 (2) (9) 69 114 (45) (39) Total revenue (147) (114) (55) 17 7 (33) (29) (154) NM (299) 80 (379) NM Noninterest expense 47 36 31 53 49 11 31 (2) (4) 167 138 29 21 Loss before provision for credit losses (194) (150) (86) (36) (42) (44) (29) (152) NM (466) (58) (408) NM Provision for credit losses (56) 212 314 460 (11) (268) NM (45) NM 930 (29) 959 NM Loss before income tax benefit (138) (362) (400) (496) (31) 224 62 (107) NM (1,396) (29) (1,367) NM Income tax benefit (51) (116) (112) (115) (41) 65 56 (10) (24) (394) (75) (319) NM Net (loss) income ($87) ($246) ($288) ($381) $10 $159 65% ($97) NM ($1,002) $46 ($1,048) NM AVERAGE BALANCES Total assets $48,457 $43,181 $42,879 $39,757 $40,170 $5,276 12% $8,287 21% $43,581 $39,989 $3,592 9% 2 Total loans and leases 1,699 1,753 1,759 1,846 1,951 (54) (3) (252) (13) 1,764 2,089 (325) (16) Deposits 5,340 5,762 8,199 7,857 7,460 (422) (7) (2,120) (28) 6,782 7,381 (599) (8) Interest-earning assets 37,252 32,074 31,712 28,537 28,798 5,178 16 8,454 29 32,406 28,699 3,707 13 1 Includes the financial impact of non-core, liquidating loan portfolios and other non-core assets, our treasury activities, wholesale funding activities, securities portfolio, community development assets and other unallocated assets, liabilities, capital, revenues, provision for credit losses, expenses and income tax expense, not attributed to our Consumer Banking or Commercial Banking segments. 2 Includes loans held for sale. 13
CREDIT-RELATED INFORMATION (in millions, except ratio data) AS OF DECEMBER 31, 2020 CHANGE Dec 31, 2020 Sept 30, 2020 June 30, 2020 Mar 31, 2020 Dec 31, 2019 Sept 30, 2020 December 31, 2019 $/bps % $/bps % 1 NONACCRUAL LOANS AND LEASES Commercial and industrial $280 $435 $366 $305 $240 ($155) (36%) $40 17% Commercial real estate 176 323 61 8 2 (147) (46) 174 NM Leases 2 2 79 1 3 — — (1) (33) Total commercial 458 760 506 314 245 (302) (40) 213 87 2 Residential mortgages 167 131 112 101 93 36 27 74 80 Home equity 276 265 254 242 246 11 4 30 12 Automobile 72 80 67 69 67 (8) (10) 5 7 Education 18 16 18 21 18 2 13 — — Other retail 28 25 33 33 34 3 12 (6) (18) Total retail 561 517 484 466 458 44 9 103 22 Nonaccrual loans and leases 1,019 1,277 990 780 703 (258) (20) 316 45 Repossessed assets 19 27 33 44 45 (8) (30) (26) (58) Nonaccrual loans and leases and repossessed assets $1,038 $1,304 $1,023 $824 $748 ($266) (20%) $290 39% 3 NONACCRUAL LOANS AND LEASES BY PRODUCT Commercial $458 $760 $506 $314 $245 ($302) (40%) $213 87% Retail 580 544 517 510 503 36 7 77 15 Total nonaccrual loans and leases $1,038 $1,304 $1,023 $824 $748 ($266) (20%) $290 39% ASSET QUALITY RATIOS Allowance for loan and lease losses to loans and leases 1.98% 2.05% 1.95% 1.70% 1.05% (7) bps 93 bps Allowance for credit losses to loans and leases 2.17 2.21 2.01 1.73 1.09 (4) 108 Allowance for loan and lease losses to nonaccrual and leases 239.72 199.04 247.40 278.51 177.99 NM NM Allowance for credit losses to nonaccrual loans and leases 262.02 214.22 255.39 283.48 184.31 NM NM Nonaccrual loans and leases to loans and leases 0.83 1.03 0.79 0.61 0.59 (20) 24 1 Beginning in the first quarter of 2020 and upon the adoption of ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, nonperforming loans and leases are now referred to as nonaccrual loans and leases and other nonperforming assets are referred to as repossessed assets. 2 Beginning in the fourth quarter of 2019, nonaccrual balances exclude both fully and partially guaranteed residential mortgage loans sold to Ginnie Mae for which the Company has the right, but not the obligation, to repurchase. Prior periods have been adjusted to exclude partially guaranteed amounts to conform with the current period presentation. 3 Nonaccrual loans and leases by product includes repossessed assets. 14CREDIT-RELATED INFORMATION (in millions, except ratio data) AS OF DECEMBER 31, 2020 CHANGE Dec 31, 2020 Sept 30, 2020 June 30, 2020 Mar 31, 2020 Dec 31, 2019 Sept 30, 2020 December 31, 2019 $/bps % $/bps % 1 NONACCRUAL LOANS AND LEASES Commercial and industrial $280 $435 $366 $305 $240 ($155) (36%) $40 17% Commercial real estate 176 323 61 8 2 (147) (46) 174 NM Leases 2 2 79 1 3 — — (1) (33) Total commercial 458 760 506 314 245 (302) (40) 213 87 2 Residential mortgages 167 131 112 101 93 36 27 74 80 Home equity 276 265 254 242 246 11 4 30 12 Automobile 72 80 67 69 67 (8) (10) 5 7 Education 18 16 18 21 18 2 13 — — Other retail 28 25 33 33 34 3 12 (6) (18) Total retail 561 517 484 466 458 44 9 103 22 Nonaccrual loans and leases 1,019 1,277 990 780 703 (258) (20) 316 45 Repossessed assets 19 27 33 44 45 (8) (30) (26) (58) Nonaccrual loans and leases and repossessed assets $1,038 $1,304 $1,023 $824 $748 ($266) (20%) $290 39% 3 NONACCRUAL LOANS AND LEASES BY PRODUCT Commercial $458 $760 $506 $314 $245 ($302) (40%) $213 87% Retail 580 544 517 510 503 36 7 77 15 Total nonaccrual loans and leases $1,038 $1,304 $1,023 $824 $748 ($266) (20%) $290 39% ASSET QUALITY RATIOS Allowance for loan and lease losses to loans and leases 1.98% 2.05% 1.95% 1.70% 1.05% (7) bps 93 bps Allowance for credit losses to loans and leases 2.17 2.21 2.01 1.73 1.09 (4) 108 Allowance for loan and lease losses to nonaccrual and leases 239.72 199.04 247.40 278.51 177.99 NM NM Allowance for credit losses to nonaccrual loans and leases 262.02 214.22 255.39 283.48 184.31 NM NM Nonaccrual loans and leases to loans and leases 0.83 1.03 0.79 0.61 0.59 (20) 24 1 Beginning in the first quarter of 2020 and upon the adoption of ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, nonperforming loans and leases are now referred to as nonaccrual loans and leases and other nonperforming assets are referred to as repossessed assets. 2 Beginning in the fourth quarter of 2019, nonaccrual balances exclude both fully and partially guaranteed residential mortgage loans sold to Ginnie Mae for which the Company has the right, but not the obligation, to repurchase. Prior periods have been adjusted to exclude partially guaranteed amounts to conform with the current period presentation. 3 Nonaccrual loans and leases by product includes repossessed assets. 14
CREDIT-RELATED INFORMATION, CONTINUED (in millions, except ratio data) AS OF DECEMBER 31, 2020 CHANGE Dec 31, 2020 Sept 30, 2020 June 30, 2020 Mar 31, 2020 Dec 31, 2019 Sept 30, 2020 December 31, 2019 $/bps % $/bps % LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING Commercial and industrial $20 $3 $33 $— $2 $17 NM $18 NM Commercial real estate — — — — — — — — — Leases 1 — — — — 1 100 1 100 Total commercial 21 3 33 — 2 18 NM 19 NM Residential mortgages 30 17 13 14 13 13 76 17 131 Home equity — — — — — — — — — Automobile — — — — — — — — — Education 2 2 2 2 2 — — — — Other retail 9 6 7 11 8 3 50 1 13 Total retail 41 25 22 27 23 16 64 18 78 Total loans and leases $62 $28 $55 $27 $25 $34 121% $37 148% 15CREDIT-RELATED INFORMATION, CONTINUED (in millions, except ratio data) AS OF DECEMBER 31, 2020 CHANGE Dec 31, 2020 Sept 30, 2020 June 30, 2020 Mar 31, 2020 Dec 31, 2019 Sept 30, 2020 December 31, 2019 $/bps % $/bps % LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING Commercial and industrial $20 $3 $33 $— $2 $17 NM $18 NM Commercial real estate — — — — — — — — — Leases 1 — — — — 1 100 1 100 Total commercial 21 3 33 — 2 18 NM 19 NM Residential mortgages 30 17 13 14 13 13 76 17 131 Home equity — — — — — — — — — Automobile — — — — — — — — — Education 2 2 2 2 2 — — — — Other retail 9 6 7 11 8 3 50 1 13 Total retail 41 25 22 27 23 16 64 18 78 Total loans and leases $62 $28 $55 $27 $25 $34 121% $37 148% 15
CREDIT-RELATED INFORMATION, CONTINUED (in millions) QUARTERLY TRENDS FULL YEAR 4Q20 Change 2020 Change 4Q20 3Q20 2Q20 1Q20 4Q19 3Q20 4Q19 2020 2019 2019 $ % $ % $ % CHARGE-OFFS, RECOVERIES AND RELATED RATIOS GROSS CHARGE-OFFS Commercial and industrial $51 $81 $68 $47 $24 ($30) (37%) $27 113 $247 $87 $160 184% Commercial real estate 70 42 — — 9 28 67 61 NM 112 39 73 187 Leases 24 48 6 — 1 (24) (50) 23 NM 78 14 64 NM Total commercial 145 171 74 47 34 (26) (15) 111 NM 437 140 297 212 Residential mortgages 2 2 2 1 2 — — — — 7 8 (1) (13) Home equity 5 6 6 8 10 (1) (17) (5) (50) 25 39 (14) (36) Automobile 22 22 31 39 38 — — (16) (42) 114 143 (29) (20) Education 10 9 14 18 20 1 11 (10) (50) 51 72 (21) (29) Other retail 48 47 53 61 58 1 2 (10) (17) 209 213 (4) (2) Total retail 87 86 106 127 128 1 1 (41) (32) 406 475 (69) (15) Total gross charge-offs $232 $257 $180 $174 $162 ($25) (10%) $70 43% $843 $615 $228 37% GROSS RECOVERIES Commercial and industrial $4 $1 $3 $3 $7 $3 NM ($3) (43%) $11 $24 ($13) (54%) Commercial real estate 1 — — — — 1 100 1 100 1 — 1 100 Leases — — — — — — — — — — — — — Total commercial 5 1 3 3 7 4 NM (2) (29) 12 24 (12) (50) Residential mortgages 2 2 1 1 1 — — 1 100 6 9 (3) (33) Home equity 11 8 8 11 10 3 38 1 10 38 49 (11) (22) Automobile 13 15 11 12 11 (2) (13) 2 18 51 57 (6) (11) Education 4 4 4 4 4 — — — — 16 16 — — Other retail 7 8 6 6 7 (1) (13) — — 27 30 (3) (10) Total retail 37 37 30 34 33 — — 4 12 138 161 (23) (14) Total gross recoveries $42 $38 $33 $37 $40 $4 11% $2 5% $150 $185 ($35) (19%) NET CHARGE-OFFS (RECOVERIES) Commercial and industrial $47 $80 $65 $44 $17 ($33) (41%) $30 176 $236 $63 $173 NM Commercial real estate 69 42 — — 9 27 64 60 NM 111 39 72 185 Leases 24 48 6 — 1 (24) (50) 23 NM 78 14 64 NM Total commercial 140 170 71 44 27 (30) (18) 113 NM 425 116 309 NM Residential mortgages — — 1 — 1 — — (1) (100) 1 (1) 2 NM Home equity (6) (2) (2) (3) — (4) (200) (6) (100) (13) (10) (3) (30) Automobile 9 7 20 27 27 2 29 (18) (67) 63 86 (23) (27) Education 6 5 10 14 16 1 20 (10) (63) 35 56 (21) (38) Other retail 41 39 47 55 51 2 5 (10) (20) 182 183 (1) (1) Total retail 50 49 76 93 95 1 2 (45) (47) 268 314 (46) (15) Total net charge-offs $190 $219 $147 $137 $122 ($29) (13%) $68 56% $693 $430 $263 61% 16CREDIT-RELATED INFORMATION, CONTINUED (in millions) QUARTERLY TRENDS FULL YEAR 4Q20 Change 2020 Change 4Q20 3Q20 2Q20 1Q20 4Q19 3Q20 4Q19 2020 2019 2019 $ % $ % $ % CHARGE-OFFS, RECOVERIES AND RELATED RATIOS GROSS CHARGE-OFFS Commercial and industrial $51 $81 $68 $47 $24 ($30) (37%) $27 113 $247 $87 $160 184% Commercial real estate 70 42 — — 9 28 67 61 NM 112 39 73 187 Leases 24 48 6 — 1 (24) (50) 23 NM 78 14 64 NM Total commercial 145 171 74 47 34 (26) (15) 111 NM 437 140 297 212 Residential mortgages 2 2 2 1 2 — — — — 7 8 (1) (13) Home equity 5 6 6 8 10 (1) (17) (5) (50) 25 39 (14) (36) Automobile 22 22 31 39 38 — — (16) (42) 114 143 (29) (20) Education 10 9 14 18 20 1 11 (10) (50) 51 72 (21) (29) Other retail 48 47 53 61 58 1 2 (10) (17) 209 213 (4) (2) Total retail 87 86 106 127 128 1 1 (41) (32) 406 475 (69) (15) Total gross charge-offs $232 $257 $180 $174 $162 ($25) (10%) $70 43% $843 $615 $228 37% GROSS RECOVERIES Commercial and industrial $4 $1 $3 $3 $7 $3 NM ($3) (43%) $11 $24 ($13) (54%) Commercial real estate 1 — — — — 1 100 1 100 1 — 1 100 Leases — — — — — — — — — — — — — Total commercial 5 1 3 3 7 4 NM (2) (29) 12 24 (12) (50) Residential mortgages 2 2 1 1 1 — — 1 100 6 9 (3) (33) Home equity 11 8 8 11 10 3 38 1 10 38 49 (11) (22) Automobile 13 15 11 12 11 (2) (13) 2 18 51 57 (6) (11) Education 4 4 4 4 4 — — — — 16 16 — — Other retail 7 8 6 6 7 (1) (13) — — 27 30 (3) (10) Total retail 37 37 30 34 33 — — 4 12 138 161 (23) (14) Total gross recoveries $42 $38 $33 $37 $40 $4 11% $2 5% $150 $185 ($35) (19%) NET CHARGE-OFFS (RECOVERIES) Commercial and industrial $47 $80 $65 $44 $17 ($33) (41%) $30 176 $236 $63 $173 NM Commercial real estate 69 42 — — 9 27 64 60 NM 111 39 72 185 Leases 24 48 6 — 1 (24) (50) 23 NM 78 14 64 NM Total commercial 140 170 71 44 27 (30) (18) 113 NM 425 116 309 NM Residential mortgages — — 1 — 1 — — (1) (100) 1 (1) 2 NM Home equity (6) (2) (2) (3) — (4) (200) (6) (100) (13) (10) (3) (30) Automobile 9 7 20 27 27 2 29 (18) (67) 63 86 (23) (27) Education 6 5 10 14 16 1 20 (10) (63) 35 56 (21) (38) Other retail 41 39 47 55 51 2 5 (10) (20) 182 183 (1) (1) Total retail 50 49 76 93 95 1 2 (45) (47) 268 314 (46) (15) Total net charge-offs $190 $219 $147 $137 $122 ($29) (13%) $68 56% $693 $430 $263 61% 16
CREDIT-RELATED INFORMATION, CONTINUED (in millions, except rates) QUARTERLY TRENDS FULL YEAR 4Q20 Change 2020 Change 4Q20 3Q20 2Q20 1Q20 4Q19 3Q20 4Q19 2020 2019 2019 $/bps % $/bps % $/bps % ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES Commercial and industrial 0.41% 0.68% 0.52% 0.41% 0.16% (27) bps 25 bps 0.51% 0.15% 36 bps Commercial real estate 1.88 1.13 — — 0.26 75 bps 162 bps 0.77 0.29 48 bps Leases 4.44 7.99 1.03 0.07 0.19 (355) bps 425 bps 3.32 0.53 279 bps Total commercial 0.91 1.06 0.42 0.30 0.19 (15) bps 72 bps 0.67 0.20 47 bps Residential mortgages — — 0.02 0.01 0.02 — bps (2) bps 0.01 — 1 bps Home equity (0.19) (0.10) (0.05) (0.10) 0.02 (9) bps (21) bps (0.11) (0.07) (4) bps Automobile 0.29 0.24 0.68 0.88 0.85 5 bps (56) bps 0.52 0.71 (19) bps Education 0.18 0.21 0.34 0.55 0.65 (3) bps (47) bps 0.31 0.59 (28) bps Other retail 2.62 2.46 2.93 3.21 3.09 16 bps (47) bps 2.82 3.09 (27) bps Total retail 0.32 0.32 0.50 0.61 0.61 — bps (29) bps 0.44 0.52 (8) bps Total loans and leases 0.61 % 0.70 % 0.46 % 0.46 % 0.41 % (9) bps 20 bps 0.56 % 0.36 % 20 bps Memo: Average loans Commercial and industrial $44,594 $46,844 $50,443 $43,152 $42,012 ($2,250) (5%) $2,582 6% $46,255 $41,702 $4,553 11% Commercial real estate 14,745 14,644 14,540 13,876 13,103 101 1 1,642 13 14,452 13,160 1,292 10 Leases 2,176 2,373 2,426 2,482 2,546 (197) (8) (370) (15) 2,365 2,694 (329) (12) Total commercial 61,515 63,861 67,409 59,510 57,661 (2,346) (4) 3,854 7 63,072 57,556 5,516 10 Residential mortgages 19,543 19,427 18,872 18,866 19,495 116 1 48 — 19,178 19,308 (130) (1) Home equity 12,239 12,416 12,736 13,042 13,265 (177) (1) (1,026) (8) 12,607 13,645 (1,038) (8) Automobile 12,066 12,019 11,998 12,173 12,099 47 — (33) — 12,064 12,047 17 — Education 11,931 10,929 11,183 10,610 9,888 1,002 9 2,043 21 11,165 9,415 1,750 19 Other retail 6,167 6,260 6,557 6,854 6,497 (93) (1) (330) (5) 6,458 5,929 529 9 Total retail 61,946 61,051 61,346 61,545 61,244 895 1 702 1 61,472 60,344 1,128 2 Total loans and leases $123,461 $124,912 $128,755 $121,055 $118,905 ($1,451) (1%) $4,556 4% $124,544 $117,900 $6,644 6% 17CREDIT-RELATED INFORMATION, CONTINUED (in millions, except rates) QUARTERLY TRENDS FULL YEAR 4Q20 Change 2020 Change 4Q20 3Q20 2Q20 1Q20 4Q19 3Q20 4Q19 2020 2019 2019 $/bps % $/bps % $/bps % ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES Commercial and industrial 0.41% 0.68% 0.52% 0.41% 0.16% (27) bps 25 bps 0.51% 0.15% 36 bps Commercial real estate 1.88 1.13 — — 0.26 75 bps 162 bps 0.77 0.29 48 bps Leases 4.44 7.99 1.03 0.07 0.19 (355) bps 425 bps 3.32 0.53 279 bps Total commercial 0.91 1.06 0.42 0.30 0.19 (15) bps 72 bps 0.67 0.20 47 bps Residential mortgages — — 0.02 0.01 0.02 — bps (2) bps 0.01 — 1 bps Home equity (0.19) (0.10) (0.05) (0.10) 0.02 (9) bps (21) bps (0.11) (0.07) (4) bps Automobile 0.29 0.24 0.68 0.88 0.85 5 bps (56) bps 0.52 0.71 (19) bps Education 0.18 0.21 0.34 0.55 0.65 (3) bps (47) bps 0.31 0.59 (28) bps Other retail 2.62 2.46 2.93 3.21 3.09 16 bps (47) bps 2.82 3.09 (27) bps Total retail 0.32 0.32 0.50 0.61 0.61 — bps (29) bps 0.44 0.52 (8) bps Total loans and leases 0.61 % 0.70 % 0.46 % 0.46 % 0.41 % (9) bps 20 bps 0.56 % 0.36 % 20 bps Memo: Average loans Commercial and industrial $44,594 $46,844 $50,443 $43,152 $42,012 ($2,250) (5%) $2,582 6% $46,255 $41,702 $4,553 11% Commercial real estate 14,745 14,644 14,540 13,876 13,103 101 1 1,642 13 14,452 13,160 1,292 10 Leases 2,176 2,373 2,426 2,482 2,546 (197) (8) (370) (15) 2,365 2,694 (329) (12) Total commercial 61,515 63,861 67,409 59,510 57,661 (2,346) (4) 3,854 7 63,072 57,556 5,516 10 Residential mortgages 19,543 19,427 18,872 18,866 19,495 116 1 48 — 19,178 19,308 (130) (1) Home equity 12,239 12,416 12,736 13,042 13,265 (177) (1) (1,026) (8) 12,607 13,645 (1,038) (8) Automobile 12,066 12,019 11,998 12,173 12,099 47 — (33) — 12,064 12,047 17 — Education 11,931 10,929 11,183 10,610 9,888 1,002 9 2,043 21 11,165 9,415 1,750 19 Other retail 6,167 6,260 6,557 6,854 6,497 (93) (1) (330) (5) 6,458 5,929 529 9 Total retail 61,946 61,051 61,346 61,545 61,244 895 1 702 1 61,472 60,344 1,128 2 Total loans and leases $123,461 $124,912 $128,755 $121,055 $118,905 ($1,451) (1%) $4,556 4% $124,544 $117,900 $6,644 6% 17
CREDIT-RELATED INFORMATION, CONTINUED (in millions) QUARTERLY TRENDS FULL YEAR 4Q20 Change 2020 Change 4Q20 3Q20 2Q20 1Q20 4Q19 3Q20 4Q19 2020 2019 2019 $ % $ % $ % SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES Allowance for loan and lease losses - beginning $2,542 $2,448 $2,171 $1,252 $1,263 $94 4% $1,279 101% $1,252 $1,242 $10 1% Cumulative effect of change in accounting principle: Commercial — — — (176) — — — — — (176) — (176) (100) Retail — — — 629 — — — — — 629 — 629 100 Total cumulative effect of change in accounting principle — — — 453 — — — — — 453 — 453 100 Allowance for loan and lease losses - beginning, adjusted 2,542 2,448 2,171 1,705 1,263 94 4 1,279 101 1,705 1,242 463 37 Charge-offs: Commercial 145 171 74 47 34 (26) (15) 111 NM 437 140 297 212 Retail 87 86 106 127 128 1 1 (41) (32) 406 475 (69) (15) Total charge-offs 232 257 180 174 162 (25) (10) 70 43 843 615 228 37 Recoveries: Commercial 5 1 3 3 7 4 NM (2) (29) 12 24 (12) (50) Retail 37 37 30 34 33 — — 4 12 138 161 (23) (14) Total recoveries 42 38 33 37 40 4 11 2 5 150 185 (35) (19) Net charge-offs 190 219 147 137 122 (29) (13) 68 56 693 430 263 61 Provision for loan and lease losses: Commercial 84 224 554 298 (11) (140) (63) 95 NM 1,160 100 1,060 NM Retail 7 89 (130) 305 122 (82) (92) (115) (94) 271 340 (69) (20) Total provision for loan and lease losses 91 313 424 603 111 (222) (71) (20) (18) 1,431 440 991 225 Allowance for loan and lease losses - ending $2,443 $2,542 $2,448 $2,171 $1,252 ($99) (4%) $1,191 95% $2,443 $1,252 $1,191 95% Reserve for unfunded lending commitments - beginning $194 $79 $39 $44 $45 $115 146% $149 NM $44 $91 ($47) (52%) Cumulative effect of change in accounting principle — — — (2) — — — — — (2) — (2) — Provision for unfunded lending commitments 33 115 40 (3) (1) (82) (71) 34 NM 185 (47) 232 NM Reserve for unfunded lending commitments - ending $227 $194 $79 $39 $44 $33 17% $183 NM $227 $44 $183 NM Total allowance for credit losses - ending $2,670 $2,736 $2,527 $2,210 $1,296 ($66) (2%) $1,374 106% $2,670 $1,296 $1,374 106% Memo: Total allowance for credit losses by product Commercial $1,419 $1,441 $1,304 $790 $718 ($22) (2%) $701 98% $1,419 $718 $701 98% Retail 1,251 1,295 1,223 1,420 578 (44) (3) 673 116 1,251 578 673 116 Total allowance for credit losses $2,670 $2,736 $2,527 $2,210 $1,296 ($66) (2%) $1,374 106% $2,670 $1,296 $1,374 106% 18CREDIT-RELATED INFORMATION, CONTINUED (in millions) QUARTERLY TRENDS FULL YEAR 4Q20 Change 2020 Change 4Q20 3Q20 2Q20 1Q20 4Q19 3Q20 4Q19 2020 2019 2019 $ % $ % $ % SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES Allowance for loan and lease losses - beginning $2,542 $2,448 $2,171 $1,252 $1,263 $94 4% $1,279 101% $1,252 $1,242 $10 1% Cumulative effect of change in accounting principle: Commercial — — — (176) — — — — — (176) — (176) (100) Retail — — — 629 — — — — — 629 — 629 100 Total cumulative effect of change in accounting principle — — — 453 — — — — — 453 — 453 100 Allowance for loan and lease losses - beginning, adjusted 2,542 2,448 2,171 1,705 1,263 94 4 1,279 101 1,705 1,242 463 37 Charge-offs: Commercial 145 171 74 47 34 (26) (15) 111 NM 437 140 297 212 Retail 87 86 106 127 128 1 1 (41) (32) 406 475 (69) (15) Total charge-offs 232 257 180 174 162 (25) (10) 70 43 843 615 228 37 Recoveries: Commercial 5 1 3 3 7 4 NM (2) (29) 12 24 (12) (50) Retail 37 37 30 34 33 — — 4 12 138 161 (23) (14) Total recoveries 42 38 33 37 40 4 11 2 5 150 185 (35) (19) Net charge-offs 190 219 147 137 122 (29) (13) 68 56 693 430 263 61 Provision for loan and lease losses: Commercial 84 224 554 298 (11) (140) (63) 95 NM 1,160 100 1,060 NM Retail 7 89 (130) 305 122 (82) (92) (115) (94) 271 340 (69) (20) Total provision for loan and lease losses 91 313 424 603 111 (222) (71) (20) (18) 1,431 440 991 225 Allowance for loan and lease losses - ending $2,443 $2,542 $2,448 $2,171 $1,252 ($99) (4%) $1,191 95% $2,443 $1,252 $1,191 95% Reserve for unfunded lending commitments - beginning $194 $79 $39 $44 $45 $115 146% $149 NM $44 $91 ($47) (52%) Cumulative effect of change in accounting principle — — — (2) — — — — — (2) — (2) — Provision for unfunded lending commitments 33 115 40 (3) (1) (82) (71) 34 NM 185 (47) 232 NM Reserve for unfunded lending commitments - ending $227 $194 $79 $39 $44 $33 17% $183 NM $227 $44 $183 NM Total allowance for credit losses - ending $2,670 $2,736 $2,527 $2,210 $1,296 ($66) (2%) $1,374 106% $2,670 $1,296 $1,374 106% Memo: Total allowance for credit losses by product Commercial $1,419 $1,441 $1,304 $790 $718 ($22) (2%) $701 98% $1,419 $718 $701 98% Retail 1,251 1,295 1,223 1,420 578 (44) (3) 673 116 1,251 578 673 116 Total allowance for credit losses $2,670 $2,736 $2,527 $2,210 $1,296 ($66) (2%) $1,374 106% $2,670 $1,296 $1,374 106% 18
CAPITAL AND RATIOS (in millions, except ratio data) AS OF FULL YEAR DECEMBER 31, 2020 CHANGE 2020 Change Dec 31, Sept 30, June 30, Mar 31, Dec 31, 2020 2020 2020 2020 2019 Sept 30, 2020 December 31, 2019 2020 2019 2019 $ % $ % $ % CAPITAL RATIOS AND COMPONENTS (PRELIMINARY) CET1 capital $14,607 $14,345 $14,154 $14,007 $14,304 $262 2% $303 2% Tier 1 capital 16,572 16,310 16,119 15,577 15,874 262 2 698 4 Total capital 19,602 19,427 19,319 18,592 18,542 175 1 1,060 6 Risk-weighted assets 146,781 146,131 147,260 148,946 142,915 650 — 3,866 3 1 Adjusted average assets 175,370 171,938 174,017 161,715 158,782 3,432 2 16,588 10 CET1 capital ratio 10.0 % 9.8 % 9.6 % 9.4 % 10.0 % Tier 1 capital ratio 11.3 11.2 10.9 10.5 11.1 Total capital ratio 13.4 13.3 13.1 12.5 13.0 Tier 1 leverage ratio 9.4 9.5 9.3 9.6 10.0 TANGIBLE COMMON EQUITY (PERIOD-END) Common stockholders' equity $20,708 $20,504 $20,453 $20,380 $20,631 $204 1% $77 —% $20,708 $20,631 $77 —% Less: Goodwill 7,050 7,050 7,050 7,050 7,044 — — 6 — 7,050 7,044 6 — Less: Other intangible assets 58 60 63 66 68 (2) (3) (10) (15) 58 68 (10) (15) 2 Add: Deferred tax liabilities 379 377 376 375 374 2 1 5 1 379 374 5 1 Total tangible common equity $13,979 $13,771 $13,716 $13,639 $13,893 $208 2% $86 1% $13,979 $13,893 $86 1% TANGIBLE COMMON EQUITY (AVERAGE) Common stockholders' equity $20,547 $20,534 $20,446 $20,223 $20,400 $13 —% $147 1% $20,438 $20,325 $113 1% Less: Goodwill 7,050 7,050 7,050 7,046 7,044 — — 6 — 7,049 7,036 13 — Less: Other intangible assets 60 62 65 67 69 (2) (3) (9) (13) 64 71 (7) (10) 2 Add: Deferred tax liabilities 377 375 375 374 373 2 1 4 1 376 371 5 1 Total tangible common equity $13,814 $13,797 $13,706 $13,484 $13,660 $17 —% $154 1% $13,701 $13,589 $112 1% INTANGIBLE ASSETS (PERIOD-END) Goodwill $7,050 $7,050 $7,050 $7,050 $7,044 $— —% $6 —% $7,050 $7,044 $6 —% Other intangible assets 58 60 63 66 68 (2) (3) (10) (15) 58 68 (10) (15) Total intangible assets $7,108 $7,110 $7,113 $7,116 $7,112 ($2) —% ($4) —% $7,108 $7,112 ($4) —% 1 Adjusted average assets include quarterly average assets, less deductions for disallowed goodwill and other intangible assets, net of deferred tax liabilities related to tax deductible goodwill, 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, which is netted against goodwill when calculating tangible common equity. 19CAPITAL AND RATIOS (in millions, except ratio data) AS OF FULL YEAR DECEMBER 31, 2020 CHANGE 2020 Change Dec 31, Sept 30, June 30, Mar 31, Dec 31, 2020 2020 2020 2020 2019 Sept 30, 2020 December 31, 2019 2020 2019 2019 $ % $ % $ % CAPITAL RATIOS AND COMPONENTS (PRELIMINARY) CET1 capital $14,607 $14,345 $14,154 $14,007 $14,304 $262 2% $303 2% Tier 1 capital 16,572 16,310 16,119 15,577 15,874 262 2 698 4 Total capital 19,602 19,427 19,319 18,592 18,542 175 1 1,060 6 Risk-weighted assets 146,781 146,131 147,260 148,946 142,915 650 — 3,866 3 1 Adjusted average assets 175,370 171,938 174,017 161,715 158,782 3,432 2 16,588 10 CET1 capital ratio 10.0 % 9.8 % 9.6 % 9.4 % 10.0 % Tier 1 capital ratio 11.3 11.2 10.9 10.5 11.1 Total capital ratio 13.4 13.3 13.1 12.5 13.0 Tier 1 leverage ratio 9.4 9.5 9.3 9.6 10.0 TANGIBLE COMMON EQUITY (PERIOD-END) Common stockholders' equity $20,708 $20,504 $20,453 $20,380 $20,631 $204 1% $77 —% $20,708 $20,631 $77 —% Less: Goodwill 7,050 7,050 7,050 7,050 7,044 — — 6 — 7,050 7,044 6 — Less: Other intangible assets 58 60 63 66 68 (2) (3) (10) (15) 58 68 (10) (15) 2 Add: Deferred tax liabilities 379 377 376 375 374 2 1 5 1 379 374 5 1 Total tangible common equity $13,979 $13,771 $13,716 $13,639 $13,893 $208 2% $86 1% $13,979 $13,893 $86 1% TANGIBLE COMMON EQUITY (AVERAGE) Common stockholders' equity $20,547 $20,534 $20,446 $20,223 $20,400 $13 —% $147 1% $20,438 $20,325 $113 1% Less: Goodwill 7,050 7,050 7,050 7,046 7,044 — — 6 — 7,049 7,036 13 — Less: Other intangible assets 60 62 65 67 69 (2) (3) (9) (13) 64 71 (7) (10) 2 Add: Deferred tax liabilities 377 375 375 374 373 2 1 4 1 376 371 5 1 Total tangible common equity $13,814 $13,797 $13,706 $13,484 $13,660 $17 —% $154 1% $13,701 $13,589 $112 1% INTANGIBLE ASSETS (PERIOD-END) Goodwill $7,050 $7,050 $7,050 $7,050 $7,044 $— —% $6 —% $7,050 $7,044 $6 —% Other intangible assets 58 60 63 66 68 (2) (3) (10) (15) 58 68 (10) (15) Total intangible assets $7,108 $7,110 $7,113 $7,116 $7,112 ($2) —% ($4) —% $7,108 $7,112 ($4) —% 1 Adjusted average assets include quarterly average assets, less deductions for disallowed goodwill and other intangible assets, net of deferred tax liabilities related to tax deductible goodwill, 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, which is netted against goodwill when calculating tangible common equity. 19
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (in millions, except share, per-share and ratio data) Non-GAAP Financial Measures This document contains non-GAAP financial measures denoted as Underlying results. Underlying results for any given reporting period exclude certain items that may occur in that period which Management does not consider indicative of the Company’s on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by our Management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe our Underlying results in any given reporting period reflect our on-going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. We further believe the presentation of Underlying results increases comparability of period-to-period results. The following tables present reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP. 20NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (in millions, except share, per-share and ratio data) Non-GAAP Financial Measures This document contains non-GAAP financial measures denoted as Underlying results. Underlying results for any given reporting period exclude certain items that may occur in that period which Management does not consider indicative of the Company’s on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by our Management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe our Underlying results in any given reporting period reflect our on-going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. We further believe the presentation of Underlying results increases comparability of period-to-period results. The following tables present reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP. 20
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED (in millions, except share, per-share and ratio data) QUARTERLY TRENDS FULL YEAR 4Q20 Change 2020 Change 4Q20 3Q20 2Q20 1Q20 4Q19 3Q20 4Q19 2020 2019 2019 $ % $ % $ % Total revenue, Underlying: Total revenue (GAAP) A $1,707 $1,791 $1,750 $1,657 $1,637 ($84) (5%) $70 4% $6,905 $6,491 $414 6% Less: Notable items — — — — — — — — — — — — — Total revenue, Underlying (non-GAAP) B $1,707 $1,791 $1,750 $1,657 $1,637 ($84) (5%) $70 4% $6,905 $6,491 $414 6% Noninterest expense, Underlying: Noninterest expense (GAAP) C $1,012 $988 $979 $1,012 $986 $24 2% $26 3% $3,991 $3,847 $144 4% Less: Notable items 42 31 19 33 37 11 35 5 14 125 68 57 84 Noninterest expense, Underlying (non-GAAP) D $970 $957 $960 $979 $949 $13 1% $21 2% $3,866 $3,779 $87 2% Pre-provision profit: Total revenue (GAAP) A $1,707 $1,791 $1,750 $1,657 $1,637 ($84) (5%) $70 4% $6,905 $6,491 $414 6% Less: Noninterest expense (GAAP) C 1,012 988 979 1,012 986 24 2 26 3 3,991 3,847 144 4 Pre-provision profit (GAAP) $695 $803 $771 $645 $651 ($108) (13%) $44 7% $2,914 $2,644 $270 10% Pre-provision profit, Underlying: Total revenue, Underlying (non-GAAP) B $1,707 $1,791 $1,750 $1,657 $1,637 ($84) (5%) $70 4% $6,905 $6,491 $414 6% Less: Noninterest expense, Underlying (non-GAAP) D 970 957 960 979 949 13 1 21 2 3,866 3,779 87 2 Pre-provision profit, Underlying (non-GAAP) $737 $834 $790 $678 $688 ($97) (12%) $49 7% $3,039 $2,712 $327 12% Income before income tax expense, Underlying: Income before income tax expense (GAAP) E $571 $375 $307 $45 $541 $196 52% $30 6% $1,298 $2,251 ($953) (42%) Less: Expense before income tax benefit related to notable items (42) (31) (19) (33) (37) (11) (35) (5) (14) (125) (68) (57) (84) Income before income tax expense, Underlying (non-GAAP) F $613 $406 $326 $78 $578 $207 51% $35 6% $1,423 $2,319 ($896) (39%) Income tax expense, Underlying: Income tax expense (GAAP) G $115 $61 $54 $11 $91 $54 89% $24 26% $241 $460 ($219) (48%) Less: Income tax benefit related to notable items (18) (7) (9) (8) (33) (11) (157) 15 45 (42) (51) 9 18 Income tax expense, Underlying (non-GAAP) H $133 $68 $63 $19 $124 $65 96% $9 7% $283 $511 ($228) (45%) Net income, Underlying: Net income (GAAP) I $456 $314 $253 $34 $450 $142 45% $6 1% $1,057 $1,791 ($734) (41%) Add: Notable items, net of income tax benefit 24 24 10 25 4 — — 20 NM 83 17 66 NM Net income, Underlying (non-GAAP) J $480 $338 $263 $59 $454 $142 42% $26 6% $1,140 $1,808 ($668) (37%) Net income available to common stockholders, Underlying: Net income available to common stockholders (GAAP) K $424 $289 $225 $12 $427 $135 47% ($3) (1%) $950 $1,718 ($768) (45%) Add: Notable items, net of income tax benefit 24 24 10 25 4 — — 20 NM 83 17 66 NM Net income available to common stockholders, Underlying (non-GAAP) L $448 $313 $235 $37 $431 $135 43% $17 4% $1,033 $1,735 ($702) (40%) 21NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED (in millions, except share, per-share and ratio data) QUARTERLY TRENDS FULL YEAR 4Q20 Change 2020 Change 4Q20 3Q20 2Q20 1Q20 4Q19 3Q20 4Q19 2020 2019 2019 $ % $ % $ % Total revenue, Underlying: Total revenue (GAAP) A $1,707 $1,791 $1,750 $1,657 $1,637 ($84) (5%) $70 4% $6,905 $6,491 $414 6% Less: Notable items — — — — — — — — — — — — — Total revenue, Underlying (non-GAAP) B $1,707 $1,791 $1,750 $1,657 $1,637 ($84) (5%) $70 4% $6,905 $6,491 $414 6% Noninterest expense, Underlying: Noninterest expense (GAAP) C $1,012 $988 $979 $1,012 $986 $24 2% $26 3% $3,991 $3,847 $144 4% Less: Notable items 42 31 19 33 37 11 35 5 14 125 68 57 84 Noninterest expense, Underlying (non-GAAP) D $970 $957 $960 $979 $949 $13 1% $21 2% $3,866 $3,779 $87 2% Pre-provision profit: Total revenue (GAAP) A $1,707 $1,791 $1,750 $1,657 $1,637 ($84) (5%) $70 4% $6,905 $6,491 $414 6% Less: Noninterest expense (GAAP) C 1,012 988 979 1,012 986 24 2 26 3 3,991 3,847 144 4 Pre-provision profit (GAAP) $695 $803 $771 $645 $651 ($108) (13%) $44 7% $2,914 $2,644 $270 10% Pre-provision profit, Underlying: Total revenue, Underlying (non-GAAP) B $1,707 $1,791 $1,750 $1,657 $1,637 ($84) (5%) $70 4% $6,905 $6,491 $414 6% Less: Noninterest expense, Underlying (non-GAAP) D 970 957 960 979 949 13 1 21 2 3,866 3,779 87 2 Pre-provision profit, Underlying (non-GAAP) $737 $834 $790 $678 $688 ($97) (12%) $49 7% $3,039 $2,712 $327 12% Income before income tax expense, Underlying: Income before income tax expense (GAAP) E $571 $375 $307 $45 $541 $196 52% $30 6% $1,298 $2,251 ($953) (42%) Less: Expense before income tax benefit related to notable items (42) (31) (19) (33) (37) (11) (35) (5) (14) (125) (68) (57) (84) Income before income tax expense, Underlying (non-GAAP) F $613 $406 $326 $78 $578 $207 51% $35 6% $1,423 $2,319 ($896) (39%) Income tax expense, Underlying: Income tax expense (GAAP) G $115 $61 $54 $11 $91 $54 89% $24 26% $241 $460 ($219) (48%) Less: Income tax benefit related to notable items (18) (7) (9) (8) (33) (11) (157) 15 45 (42) (51) 9 18 Income tax expense, Underlying (non-GAAP) H $133 $68 $63 $19 $124 $65 96% $9 7% $283 $511 ($228) (45%) Net income, Underlying: Net income (GAAP) I $456 $314 $253 $34 $450 $142 45% $6 1% $1,057 $1,791 ($734) (41%) Add: Notable items, net of income tax benefit 24 24 10 25 4 — — 20 NM 83 17 66 NM Net income, Underlying (non-GAAP) J $480 $338 $263 $59 $454 $142 42% $26 6% $1,140 $1,808 ($668) (37%) Net income available to common stockholders, Underlying: Net income available to common stockholders (GAAP) K $424 $289 $225 $12 $427 $135 47% ($3) (1%) $950 $1,718 ($768) (45%) Add: Notable items, net of income tax benefit 24 24 10 25 4 — — 20 NM 83 17 66 NM Net income available to common stockholders, Underlying (non-GAAP) L $448 $313 $235 $37 $431 $135 43% $17 4% $1,033 $1,735 ($702) (40%) 21
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED (in millions, except share, per-share and ratio data) QUARTERLY TRENDS FULL YEAR 4Q20 Change 2020 Change 4Q20 3Q20 2Q20 1Q20 4Q19 3Q20 4Q19 2020 2019 2019 $/bps % $/bps % $/bps % Operating leverage: Total revenue (GAAP) A $1,707 $1,791 $1,750 $1,657 $1,637 ($84) (4.65%) $70 4.35% $6,905 $6,491 $414 6.38% Less: Noninterest expense (GAAP) C 1,012 988 979 1,012 986 24 2.43 26 2.61 3,991 3,847 144 3.73 Operating leverage (7.08%) 1.74% 2.65% Operating leverage, Underlying: Total revenue, Underlying (non-GAAP) B $1,707 $1,791 $1,750 $1,657 $1,637 ($84) (4.65%) $70 4.35% $6,905 $6,491 $414 6.39% Less: Noninterest expense, Underlying (non-GAAP) D 970 957 960 979 949 13 1.39 21 2.21 3,866 3,779 87 2.30 Operating leverage, Underlying (non-GAAP) (6.04%) 2.14% 4.09% Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio C/A 59.28 % 55.18% 55.91% 61.10% 60.28% 410 bps (100) bps 57.80 % 59.28 % (148) bps Efficiency ratio, Underlying (non-GAAP) D/B 56.83 53.44 54.85 59.08 58.02 339 bps (119) bps 55.99 58.23 (224) bps Effective income tax rate and effective income tax rate, Underlying: Effective income tax rate G/E 20.16% 16.10% 17.69% 24.13% 16.76% 406 bps 340 bps 18.54 % 20.43 % (189) bps Effective income tax rate, Underlying (non-GAAP) H/F 21.70 16.79 19.36 24.52 21.52 491 bps 18 bps 19.92 22.03 (211) bps Return on average common equity and return on average common equity, Underlying: Average common equity (GAAP) M $20,547 $20,534 $20,446 $20,223 $20,400 $13 —% $147 1% $20,438 $20,325 $113 1% Return on average common equity K/M 8.20 % 5.60% 4.44% 0.24% 8.30% 260 bps (10) bps 4.65 % 8.45 % (380) bps Return on average common equity, Underlying (non-GAAP) L/M 8.66 6.05 4.63 0.74 8.36 261 bps 30 bps 5.05 8.53 (348) bps Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) M $20,547 $20,534 $20,446 $20,223 $20,400 $13 —% $147 1% $20,438 $20,325 $113 1% Less: Average goodwill (GAAP) 7,050 7,050 7,050 7,046 7,044 — — 6 — 7,049 7,036 13 — Less: Average other intangibles (GAAP) 60 62 65 67 69 (2) (3) (9) (13) 64 71 (7) (10) Add: Average deferred tax liabilities related to goodwill (GAAP) 377 375 375 374 373 2 1 4 1 376 371 5 1 Average tangible common equity N $13,814 $13,797 $13,706 $13,484 $13,660 $17 —% $154 1% $13,701 $13,589 $112 1% Return on average tangible common equity K/N 12.20 % 8.33% 6.62% 0.36% 12.39% 387 bps (19) bps 6.93 % 12.64 % (571) bps Return on average tangible common equity, Underlying (non- GAAP) L/N 12.89 9.00 6.90 1.10 12.49 389 bps 40 bps 7.53 12.76 (523) bps Return on average total assets and return on average total assets, Underlying: Average total assets (GAAP) O $181,061 $177,675 $179,793 $167,177 $164,646 $3,386 2% $16,415 10% $176,442 $162,176 $14,266 9% Return on average total assets I/O 1.00 % 0.70% 0.57% 0.08% 1.08% 30 bps (8) bps 0.60 % 1.10 % (50) bps Return on average total assets, Underlying (non-GAAP) J/O 1.05 0.76 0.59 0.14 1.09 29 bps (4) bps 0.65 1.11 (46) bps 22NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED (in millions, except share, per-share and ratio data) QUARTERLY TRENDS FULL YEAR 4Q20 Change 2020 Change 4Q20 3Q20 2Q20 1Q20 4Q19 3Q20 4Q19 2020 2019 2019 $/bps % $/bps % $/bps % Operating leverage: Total revenue (GAAP) A $1,707 $1,791 $1,750 $1,657 $1,637 ($84) (4.65%) $70 4.35% $6,905 $6,491 $414 6.38% Less: Noninterest expense (GAAP) C 1,012 988 979 1,012 986 24 2.43 26 2.61 3,991 3,847 144 3.73 Operating leverage (7.08%) 1.74% 2.65% Operating leverage, Underlying: Total revenue, Underlying (non-GAAP) B $1,707 $1,791 $1,750 $1,657 $1,637 ($84) (4.65%) $70 4.35% $6,905 $6,491 $414 6.39% Less: Noninterest expense, Underlying (non-GAAP) D 970 957 960 979 949 13 1.39 21 2.21 3,866 3,779 87 2.30 Operating leverage, Underlying (non-GAAP) (6.04%) 2.14% 4.09% Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio C/A 59.28 % 55.18% 55.91% 61.10% 60.28% 410 bps (100) bps 57.80 % 59.28 % (148) bps Efficiency ratio, Underlying (non-GAAP) D/B 56.83 53.44 54.85 59.08 58.02 339 bps (119) bps 55.99 58.23 (224) bps Effective income tax rate and effective income tax rate, Underlying: Effective income tax rate G/E 20.16% 16.10% 17.69% 24.13% 16.76% 406 bps 340 bps 18.54 % 20.43 % (189) bps Effective income tax rate, Underlying (non-GAAP) H/F 21.70 16.79 19.36 24.52 21.52 491 bps 18 bps 19.92 22.03 (211) bps Return on average common equity and return on average common equity, Underlying: Average common equity (GAAP) M $20,547 $20,534 $20,446 $20,223 $20,400 $13 —% $147 1% $20,438 $20,325 $113 1% Return on average common equity K/M 8.20 % 5.60% 4.44% 0.24% 8.30% 260 bps (10) bps 4.65 % 8.45 % (380) bps Return on average common equity, Underlying (non-GAAP) L/M 8.66 6.05 4.63 0.74 8.36 261 bps 30 bps 5.05 8.53 (348) bps Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) M $20,547 $20,534 $20,446 $20,223 $20,400 $13 —% $147 1% $20,438 $20,325 $113 1% Less: Average goodwill (GAAP) 7,050 7,050 7,050 7,046 7,044 — — 6 — 7,049 7,036 13 — Less: Average other intangibles (GAAP) 60 62 65 67 69 (2) (3) (9) (13) 64 71 (7) (10) Add: Average deferred tax liabilities related to goodwill (GAAP) 377 375 375 374 373 2 1 4 1 376 371 5 1 Average tangible common equity N $13,814 $13,797 $13,706 $13,484 $13,660 $17 —% $154 1% $13,701 $13,589 $112 1% Return on average tangible common equity K/N 12.20 % 8.33% 6.62% 0.36% 12.39% 387 bps (19) bps 6.93 % 12.64 % (571) bps Return on average tangible common equity, Underlying (non- GAAP) L/N 12.89 9.00 6.90 1.10 12.49 389 bps 40 bps 7.53 12.76 (523) bps Return on average total assets and return on average total assets, Underlying: Average total assets (GAAP) O $181,061 $177,675 $179,793 $167,177 $164,646 $3,386 2% $16,415 10% $176,442 $162,176 $14,266 9% Return on average total assets I/O 1.00 % 0.70% 0.57% 0.08% 1.08% 30 bps (8) bps 0.60 % 1.10 % (50) bps Return on average total assets, Underlying (non-GAAP) J/O 1.05 0.76 0.59 0.14 1.09 29 bps (4) bps 0.65 1.11 (46) bps 22
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED (in millions, except share, per-share and ratio data) QUARTERLY TRENDS FULL YEAR 4Q20 Change 2020 Change 4Q20 3Q20 2Q20 1Q20 4Q19 3Q20 4Q19 2020 2019 2019 $/bps % $/bps % $/bps % Return on average total tangible assets and return on average total tangible assets, Underlying: Average total assets (GAAP) P $181,061 $177,675 $179,793 $167,177 $164,646 $3,386 2% $16,415 10% $176,442 $162,176 $14,266 9% Less: Average goodwill (GAAP) 7,050 7,050 7,050 7,046 7,044 — — 6 — 7,049 7,036 13 — Less: Average other intangibles (GAAP) 60 62 65 67 69 (2) (3) (9) (13) 64 71 (7) (10) Add: Average deferred tax liabilities related to goodwill (GAAP) 377 375 375 374 373 2 1 4 1 376 371 5 1 Average tangible assets Q $174,328 $170,938 $173,053 $160,438 $157,906 $3,390 2% $16,422 10% $169,705 $155,440 $14,265 9% Return on average total tangible assets I/Q 1.04 % 0.73% 0.59% 0.09% 1.13% 31 bps (9) bps 0.62 % 1.15 % (53) bps Return on average total tangible assets, Underlying (non-GAAP) J/Q 1.10 0.79 0.61 0.15 1.14 31 bps (4) bps 0.67 1.16 (49) bps Tangible book value per common share: Common shares - at period-end (GAAP) R 427,209,831 427,073,084 426,824,594 426,586,533 433,121,083 136,747 —% (5,911,252) (1%) 427,209,831 433,121,083 (5,911,252) (1%) Common stockholders' equity (GAAP) $20,708 $20,504 $20,453 $20,380 $20,631 $204 1 $77 — $20,708 $20,631 $77 — Less: Goodwill (GAAP) 7,050 7,050 7,050 7,050 7,044 — — 6 — 7,050 7,044 6 — Less: Other intangible assets (GAAP) 58 60 63 66 68 (2) (3) (10) (15) 58 68 (10) (15) Add: Deferred tax liabilities related to goodwill (GAAP) 379 377 376 375 374 2 1 5 1 379 374 5 1 Tangible common equity S $13,979 $13,771 $13,716 $13,639 $13,893 $208 2% $86 1% $13,979 $13,893 $86 1% Tangible book value per common share S/R $32.72 $32.24 $32.13 $31.97 $32.08 $0.48 1% $0.64 2% $32.72 $32.08 $0.64 2% Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying: Average common shares outstanding - basic (GAAP) T 427,074,822 426,846,096 426,613,053 427,718,421 434,684,606 228,726 —% (7,609,784) (2%) 427,062,537 449,731,453 (22,668,916) (5%) Average common shares outstanding - diluted (GAAP) U 428,881,252 427,992,349 427,566,920 429,388,855 436,500,829 888,903 — (7,619,577) (2) 428,157,780 451,213,701 (23,055,921) (5) Net income per average common share - basic (GAAP) K/T $0.99 $0.68 $0.53 $0.03 $0.98 $0.31 46 $0.01 1 $2.22 $3.82 ($1.60) (42) Net income per average common share - diluted (GAAP) K/U 0.99 0.68 0.53 0.03 0.98 0.31 46 0.01 1 2.22 3.81 (1.59) (42) Net income per average common share - basic, Underlying (non-GAAP) L/T 1.05 0.73 0.55 0.09 0.99 0.32 44 0.06 6 2.42 3.86 (1.44) (37) Net income per average common share - diluted, Underlying (non- GAAP) L/U 1.04 0.73 0.55 0.09 0.99 0.31 42 0.05 5 2.41 3.84 (1.43) (37) Dividend payout ratio and dividend payout ratio, Underlying: Cash dividends declared and paid per common share V $0.39 $0.39 $0.39 $0.39 $0.36 $— —% $0.03 8% $1.56 $1.36 $0.20 15% Dividend payout ratio V/(K/T) 39 % 58 % 74 % 1,398 % 37 % (1,829) bps 265 bps 70 % 36 % 3,453 bps Dividend payout ratio, Underlying (non-GAAP) V/(L/T) 37 53 71 451 36 (1,608) bps 82 bps 65 35 2,930 bps 23NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED (in millions, except share, per-share and ratio data) QUARTERLY TRENDS FULL YEAR 4Q20 Change 2020 Change 4Q20 3Q20 2Q20 1Q20 4Q19 3Q20 4Q19 2020 2019 2019 $/bps % $/bps % $/bps % Return on average total tangible assets and return on average total tangible assets, Underlying: Average total assets (GAAP) P $181,061 $177,675 $179,793 $167,177 $164,646 $3,386 2% $16,415 10% $176,442 $162,176 $14,266 9% Less: Average goodwill (GAAP) 7,050 7,050 7,050 7,046 7,044 — — 6 — 7,049 7,036 13 — Less: Average other intangibles (GAAP) 60 62 65 67 69 (2) (3) (9) (13) 64 71 (7) (10) Add: Average deferred tax liabilities related to goodwill (GAAP) 377 375 375 374 373 2 1 4 1 376 371 5 1 Average tangible assets Q $174,328 $170,938 $173,053 $160,438 $157,906 $3,390 2% $16,422 10% $169,705 $155,440 $14,265 9% Return on average total tangible assets I/Q 1.04 % 0.73% 0.59% 0.09% 1.13% 31 bps (9) bps 0.62 % 1.15 % (53) bps Return on average total tangible assets, Underlying (non-GAAP) J/Q 1.10 0.79 0.61 0.15 1.14 31 bps (4) bps 0.67 1.16 (49) bps Tangible book value per common share: Common shares - at period-end (GAAP) R 427,209,831 427,073,084 426,824,594 426,586,533 433,121,083 136,747 —% (5,911,252) (1%) 427,209,831 433,121,083 (5,911,252) (1%) Common stockholders' equity (GAAP) $20,708 $20,504 $20,453 $20,380 $20,631 $204 1 $77 — $20,708 $20,631 $77 — Less: Goodwill (GAAP) 7,050 7,050 7,050 7,050 7,044 — — 6 — 7,050 7,044 6 — Less: Other intangible assets (GAAP) 58 60 63 66 68 (2) (3) (10) (15) 58 68 (10) (15) Add: Deferred tax liabilities related to goodwill (GAAP) 379 377 376 375 374 2 1 5 1 379 374 5 1 Tangible common equity S $13,979 $13,771 $13,716 $13,639 $13,893 $208 2% $86 1% $13,979 $13,893 $86 1% Tangible book value per common share S/R $32.72 $32.24 $32.13 $31.97 $32.08 $0.48 1% $0.64 2% $32.72 $32.08 $0.64 2% Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying: Average common shares outstanding - basic (GAAP) T 427,074,822 426,846,096 426,613,053 427,718,421 434,684,606 228,726 —% (7,609,784) (2%) 427,062,537 449,731,453 (22,668,916) (5%) Average common shares outstanding - diluted (GAAP) U 428,881,252 427,992,349 427,566,920 429,388,855 436,500,829 888,903 — (7,619,577) (2) 428,157,780 451,213,701 (23,055,921) (5) Net income per average common share - basic (GAAP) K/T $0.99 $0.68 $0.53 $0.03 $0.98 $0.31 46 $0.01 1 $2.22 $3.82 ($1.60) (42) Net income per average common share - diluted (GAAP) K/U 0.99 0.68 0.53 0.03 0.98 0.31 46 0.01 1 2.22 3.81 (1.59) (42) Net income per average common share - basic, Underlying (non-GAAP) L/T 1.05 0.73 0.55 0.09 0.99 0.32 44 0.06 6 2.42 3.86 (1.44) (37) Net income per average common share - diluted, Underlying (non- GAAP) L/U 1.04 0.73 0.55 0.09 0.99 0.31 42 0.05 5 2.41 3.84 (1.43) (37) Dividend payout ratio and dividend payout ratio, Underlying: Cash dividends declared and paid per common share V $0.39 $0.39 $0.39 $0.39 $0.36 $— —% $0.03 8% $1.56 $1.36 $0.20 15% Dividend payout ratio V/(K/T) 39 % 58 % 74 % 1,398 % 37 % (1,829) bps 265 bps 70 % 36 % 3,453 bps Dividend payout ratio, Underlying (non-GAAP) V/(L/T) 37 53 71 451 36 (1,608) bps 82 bps 65 35 2,930 bps 23
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED (in millions, except share, per-share and ratio data) QUARTERLY TRENDS FULL YEAR 4Q20 Change 2020 Change 4Q20 3Q20 2Q20 1Q20 4Q19 3Q20 4Q19 2020 2019 2019 $ % $ % $/bps % Salaries and employee benefits, Underlying: Salaries and employee benefits (GAAP) $537 $524 $513 $549 $502 $13 2% $35 7% $2,123 $2,026 $97 5% Less: Notable items 18 13 4 10 6 5 38 12 200 45 14 31 221 Salaries and employee benefits, Underlying (non-GAAP) $519 $511 $509 $539 $496 $8 2% $23 5% $2,078 $2,012 $66 3% Equipment and software expense, Underlying: Equipment and software expense (GAAP) $141 $149 $142 $133 $133 ($8) (5%) $8 6% $565 $514 $51 10% Less: Notable items 1 1 — 1 3 — — (2) (67) 3 3 — — Equipment and software expense, Underlying (non-GAAP) $140 $148 $142 $132 $130 ($8) (5%) $10 8% $562 $511 $51 10% Outside services, Underlying: Outside services (GAAP) $148 $139 $131 $135 $142 $9 6% $6 4% $553 $498 $55 11% Less: Notable items 17 16 12 18 20 1 6 (3) (15) 63 43 20 47 Outside services, Underlying (non-GAAP) $131 $123 $119 $117 $122 $8 7% $9 7% $490 $455 $35 8% Occupancy, Underlying: Occupancy (GAAP) $84 $81 $82 $84 $88 $3 4% ($4) (5%) $331 $333 ($2) (1%) Less: Notable items 6 1 3 4 8 5 NM (2) (25) 14 8 6 75 Occupancy, Underlying (non-GAAP) $78 $80 $79 $80 $80 ($2) (3%) ($2) (3%) $317 $325 ($8) (2%) 24NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED (in millions, except share, per-share and ratio data) QUARTERLY TRENDS FULL YEAR 4Q20 Change 2020 Change 4Q20 3Q20 2Q20 1Q20 4Q19 3Q20 4Q19 2020 2019 2019 $ % $ % $/bps % Salaries and employee benefits, Underlying: Salaries and employee benefits (GAAP) $537 $524 $513 $549 $502 $13 2% $35 7% $2,123 $2,026 $97 5% Less: Notable items 18 13 4 10 6 5 38 12 200 45 14 31 221 Salaries and employee benefits, Underlying (non-GAAP) $519 $511 $509 $539 $496 $8 2% $23 5% $2,078 $2,012 $66 3% Equipment and software expense, Underlying: Equipment and software expense (GAAP) $141 $149 $142 $133 $133 ($8) (5%) $8 6% $565 $514 $51 10% Less: Notable items 1 1 — 1 3 — — (2) (67) 3 3 — — Equipment and software expense, Underlying (non-GAAP) $140 $148 $142 $132 $130 ($8) (5%) $10 8% $562 $511 $51 10% Outside services, Underlying: Outside services (GAAP) $148 $139 $131 $135 $142 $9 6% $6 4% $553 $498 $55 11% Less: Notable items 17 16 12 18 20 1 6 (3) (15) 63 43 20 47 Outside services, Underlying (non-GAAP) $131 $123 $119 $117 $122 $8 7% $9 7% $490 $455 $35 8% Occupancy, Underlying: Occupancy (GAAP) $84 $81 $82 $84 $88 $3 4% ($4) (5%) $331 $333 ($2) (1%) Less: Notable items 6 1 3 4 8 5 NM (2) (25) 14 8 6 75 Occupancy, Underlying (non-GAAP) $78 $80 $79 $80 $80 ($2) (3%) ($2) (3%) $317 $325 ($8) (2%) 24
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS (in millions, except ratio data) FOURTH QUARTER 2020 THIRD QUARTER 2020 SECOND QUARTER 2020 Consumer Commercial Consumer Commercial Consumer Commercial Banking Banking Other Consolidated Banking Banking Other Consolidated Banking Banking Other Consolidated Net income (loss) available to common stockholders: Net income (loss) A $322 $221 ($87) $456 $407 $153 ($246) $314 $320 $221 ($288) $253 Less: Preferred stock dividends — — 32 32 — — 25 25 — — 28 28 Net income (loss) available to common stockholders B $322 $221 ($119) $424 $407 $153 ($271) $289 $320 $221 ($316) $225 Return on average total tangible assets: Average total assets (GAAP) $74,392 $58,212 $48,457 $181,061 $73,605 $60,889 $43,181 $177,675 $71,634 $65,280 $42,879 $179,793 Less: Average goodwill (GAAP) 122 52 6,876 7,050 122 52 6,876 7,050 122 52 6,876 7,050 Average other intangibles (GAAP) 39 5 16 60 40 5 17 62 41 6 18 65 Add: Average deferred tax liabilities related to goodwill (GAAP) 3 1 373 377 2 1 372 375 2 1 372 375 Average tangible assets C $74,234 $58,156 $41,938 $174,328 $73,445 $60,833 $36,660 $170,938 $71,473 $65,223 $36,357 $173,053 Return on average total tangible assets A/C 1.72 % 1.51 % NM 1.04 % 2.21 % 1.01 % NM 0.73 % 1.80 % 1.36 % NM 0.59 % Efficiency ratio: Noninterest expense (GAAP) D $749 $216 $47 $1,012 $742 $210 $36 $988 $735 $213 $31 $979 Net interest income (GAAP) 859 438 (168) 1,129 845 421 (129) 1,137 814 419 (73) 1,160 Noninterest income (GAAP) 375 182 21 578 495 144 15 654 428 144 18 590 Total revenue (GAAP) E $1,234 $620 ($147) $1,707 $1,340 $565 ($114) $1,791 $1,242 $563 ($55) $1,750 Efficiency ratio D/E 60.75 % 34.94 % NM 59.28 % 55.35 % 37.03 % NM 55.18 % 59.19 % 37.93 % NM 55.91 % FIRST QUARTER 2020 FOURTH QUARTER 2019 Consumer Commercial Consumer Commercial Banking Banking Other Consolidated Banking Banking Other Consolidated Net income (loss) available to common stockholders: Net income (loss) A $236 $179 ($381) $34 $209 $231 $10 $450 Less: Preferred stock dividends — — 22 22 — — 23 23 Net income (loss) available to common stockholders B $236 $179 ($403) $12 $209 $231 ($13) $427 Return on average total tangible assets: Average total assets (GAAP) $68,415 $59,005 $39,757 $167,177 $68,069 $56,407 $40,170 $164,646 Less: Average goodwill (GAAP) 122 48 6,876 7,046 122 46 6,876 7,044 Average other intangibles (GAAP) 43 6 18 67 63 6 — 69 Add: Average deferred tax liabilities related to goodwill (GAAP) 1 1 372 374 1 1 371 373 Average tangible assets C $68,251 $58,952 $33,235 $160,438 $67,885 $56,356 $33,665 $157,906 Return on average total tangible assets A/C 1.39 % 1.22 % NM 0.09 % 1.22 % 1.63 % NM 1.13 % Efficiency ratio: Noninterest expense (GAAP) D $738 $221 $53 $1,012 $718 $219 $49 $986 Net interest income (GAAP) 793 365 2 1,160 796 363 (16) 1,143 Noninterest income (GAAP) 357 125 15 497 296 175 23 494 Total revenue (GAAP) E $1,150 $490 $17 $1,657 $1,092 $538 $7 $1,637 Efficiency ratio D/E 64.16 % 45.06 % NM 61.10 % 65.74 % 40.60 % NM 60.28 % 25NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS (in millions, except ratio data) FOURTH QUARTER 2020 THIRD QUARTER 2020 SECOND QUARTER 2020 Consumer Commercial Consumer Commercial Consumer Commercial Banking Banking Other Consolidated Banking Banking Other Consolidated Banking Banking Other Consolidated Net income (loss) available to common stockholders: Net income (loss) A $322 $221 ($87) $456 $407 $153 ($246) $314 $320 $221 ($288) $253 Less: Preferred stock dividends — — 32 32 — — 25 25 — — 28 28 Net income (loss) available to common stockholders B $322 $221 ($119) $424 $407 $153 ($271) $289 $320 $221 ($316) $225 Return on average total tangible assets: Average total assets (GAAP) $74,392 $58,212 $48,457 $181,061 $73,605 $60,889 $43,181 $177,675 $71,634 $65,280 $42,879 $179,793 Less: Average goodwill (GAAP) 122 52 6,876 7,050 122 52 6,876 7,050 122 52 6,876 7,050 Average other intangibles (GAAP) 39 5 16 60 40 5 17 62 41 6 18 65 Add: Average deferred tax liabilities related to goodwill (GAAP) 3 1 373 377 2 1 372 375 2 1 372 375 Average tangible assets C $74,234 $58,156 $41,938 $174,328 $73,445 $60,833 $36,660 $170,938 $71,473 $65,223 $36,357 $173,053 Return on average total tangible assets A/C 1.72 % 1.51 % NM 1.04 % 2.21 % 1.01 % NM 0.73 % 1.80 % 1.36 % NM 0.59 % Efficiency ratio: Noninterest expense (GAAP) D $749 $216 $47 $1,012 $742 $210 $36 $988 $735 $213 $31 $979 Net interest income (GAAP) 859 438 (168) 1,129 845 421 (129) 1,137 814 419 (73) 1,160 Noninterest income (GAAP) 375 182 21 578 495 144 15 654 428 144 18 590 Total revenue (GAAP) E $1,234 $620 ($147) $1,707 $1,340 $565 ($114) $1,791 $1,242 $563 ($55) $1,750 Efficiency ratio D/E 60.75 % 34.94 % NM 59.28 % 55.35 % 37.03 % NM 55.18 % 59.19 % 37.93 % NM 55.91 % FIRST QUARTER 2020 FOURTH QUARTER 2019 Consumer Commercial Consumer Commercial Banking Banking Other Consolidated Banking Banking Other Consolidated Net income (loss) available to common stockholders: Net income (loss) A $236 $179 ($381) $34 $209 $231 $10 $450 Less: Preferred stock dividends — — 22 22 — — 23 23 Net income (loss) available to common stockholders B $236 $179 ($403) $12 $209 $231 ($13) $427 Return on average total tangible assets: Average total assets (GAAP) $68,415 $59,005 $39,757 $167,177 $68,069 $56,407 $40,170 $164,646 Less: Average goodwill (GAAP) 122 48 6,876 7,046 122 46 6,876 7,044 Average other intangibles (GAAP) 43 6 18 67 63 6 — 69 Add: Average deferred tax liabilities related to goodwill (GAAP) 1 1 372 374 1 1 371 373 Average tangible assets C $68,251 $58,952 $33,235 $160,438 $67,885 $56,356 $33,665 $157,906 Return on average total tangible assets A/C 1.39 % 1.22 % NM 0.09 % 1.22 % 1.63 % NM 1.13 % Efficiency ratio: Noninterest expense (GAAP) D $738 $221 $53 $1,012 $718 $219 $49 $986 Net interest income (GAAP) 793 365 2 1,160 796 363 (16) 1,143 Noninterest income (GAAP) 357 125 15 497 296 175 23 494 Total revenue (GAAP) E $1,150 $490 $17 $1,657 $1,092 $538 $7 $1,637 Efficiency ratio D/E 64.16 % 45.06 % NM 61.10 % 65.74 % 40.60 % NM 60.28 % 25
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS (CONTINUED) (in millions, except ratio data) FULL YEAR 2020 2019 Consumer Commercial Consumer Commercial Banking Banking Other Consolidated Banking Banking Other Consolidated Net income (loss) available to common stockholders: Net income (loss) A $1,285 $774 ($1,002) $1,057 $875 $870 $46 $1,791 Less: Preferred stock dividends — — 107 107 — — 73 73 Net income (loss) available to common stockholders B $1,285 $774 ($1,109) $950 $875 $870 ($27) $1,718 Return on average total tangible assets: Average total assets (GAAP) $72,022 $60,839 $43,581 $176,442 $66,240 $55,947 $39,989 $162,176 Less: Average goodwill (GAAP) 122 51 6,876 7,049 120 40 6,876 7,036 Average other intangibles (GAAP) 41 6 17 64 65 6 — 71 Add: Average deferred tax liabilities related to goodwill (GAAP) 2 1 373 376 — — 371 371 Average tangible assets C $71,861 $60,783 $37,061 $169,705 $66,055 $55,901 $33,484 $155,440 Return on average total tangible assets A/C 1.79 % 1.27 % NM 0.62 % 1.32 % 1.56 % NM 1.15 % Efficiency ratio: Noninterest expense (GAAP) D $2,964 $860 $167 $3,991 $2,851 $858 $138 $3,847 Net interest income (GAAP) 3,311 1,643 (368) 4,586 3,182 1,466 (34) 4,614 Noninterest income (GAAP) 1,655 595 69 2,319 1,156 607 114 1,877 Total revenue (GAAP) E $4,966 $2,238 ($299) $6,905 $4,338 $2,073 $80 $6,491 Efficiency ratio D/E 59.69 % 38.43 % NM 57.80 % 65.72 % 41.38 % NM 59.28 % 26NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS (CONTINUED) (in millions, except ratio data) FULL YEAR 2020 2019 Consumer Commercial Consumer Commercial Banking Banking Other Consolidated Banking Banking Other Consolidated Net income (loss) available to common stockholders: Net income (loss) A $1,285 $774 ($1,002) $1,057 $875 $870 $46 $1,791 Less: Preferred stock dividends — — 107 107 — — 73 73 Net income (loss) available to common stockholders B $1,285 $774 ($1,109) $950 $875 $870 ($27) $1,718 Return on average total tangible assets: Average total assets (GAAP) $72,022 $60,839 $43,581 $176,442 $66,240 $55,947 $39,989 $162,176 Less: Average goodwill (GAAP) 122 51 6,876 7,049 120 40 6,876 7,036 Average other intangibles (GAAP) 41 6 17 64 65 6 — 71 Add: Average deferred tax liabilities related to goodwill (GAAP) 2 1 373 376 — — 371 371 Average tangible assets C $71,861 $60,783 $37,061 $169,705 $66,055 $55,901 $33,484 $155,440 Return on average total tangible assets A/C 1.79 % 1.27 % NM 0.62 % 1.32 % 1.56 % NM 1.15 % Efficiency ratio: Noninterest expense (GAAP) D $2,964 $860 $167 $3,991 $2,851 $858 $138 $3,847 Net interest income (GAAP) 3,311 1,643 (368) 4,586 3,182 1,466 (34) 4,614 Noninterest income (GAAP) 1,655 595 69 2,319 1,156 607 114 1,877 Total revenue (GAAP) E $4,966 $2,238 ($299) $6,905 $4,338 $2,073 $80 $6,491 Efficiency ratio D/E 59.69 % 38.43 % NM 57.80 % 65.72 % 41.38 % NM 59.28 % 26