Dollars in millions, except per share data
	Three Months Ended
Summary Financial Data & Key Metrics	March 31, 2024			December 31, 2023			March 31, 2023
Results of Operations:
Net interest income	$	1,817		$	1,911		$	850
Provision for credit losses	64			249			783
Net interest income after provision for credit losses	1,753			1,662			67
Noninterest income	627			543			10,259
Noninterest expense	1,376			1,492			855
Income before income taxes	1,004			713			9,471
Income tax expense (benefit)	273			199			(47)
Net income	731			514			9,518
Preferred stock dividends	15			15			14
Net income available to common stockholders	$	716		$	499		$	9,504
Adjusted net income available to common stockholders(1)	$	769		$	678		$	292
Pre-tax, pre-provision net revenue (PPNR)(1)	$	1,068		$	962		$	10,254
Per Share Information:
Diluted earnings per common share (EPS)	$	49.26		$	34.33		$	653.64
Adjusted diluted EPS(1)	52.92			46.58			20.09
Book value per common share at period end	1,443.03			1,403.12			1,262.76
Tangible book value per common share (TBV)(1) at period end	1,398.88			1,357.77			1,213.82
Key Performance Metrics:
Return on average assets (ROA)	1.36		%	0.95		%	33.23		%
Adjusted ROA(1)	1.46			1.28			1.07
PPNR ROA(1)	1.99			1.78			35.80
Adjusted PPNR ROA(1)	2.12			2.27			1.69
Return on average common equity (ROE)	13.97			9.97			367.47
Adjusted ROE(1)	15.01			13.53			11.30
Return on average tangible common equity (ROTCE)(1)	14.42			10.32			386.69
Adjusted ROTCE(1)	15.50			14.00			11.89
Efficiency ratio	56.30			60.80			7.70
Adjusted efficiency ratio(1)	50.29			48.00			58.39
Net interest margin (NIM)(2)	3.67			3.86			3.41
Select Balance Sheet Items at Period End:
Total investment securities	$	35,044		$	29,999		$	19,527
Total loans and leases	135,370			133,302			138,288
Total operating lease equipment, net	8,811			8,746			8,331
Total deposits	149,609			145,854			140,050
Total borrowings	37,540			37,654			46,094
Loan to deposit ratio	90.48		%	91.39		%	98.74		%
Noninterest-bearing deposits to total deposits	26.25			27.29			39.02
Capital Ratios at Period End: (3)
Total risk-based capital ratio	15.66		%	15.75		%	14.86		%
Tier 1 risk-based capital ratio	14.00			13.94			13.13
Common equity Tier 1 ratio	13.44			13.36			12.53
Tier 1 leverage capital ratio	10.11			9.83			16.72
Asset Quality at Period End:
Nonaccrual loans to total loans and leases	0.79		%	0.73		%	0.60		%
Allowance for loan and lease losses (ALLL) to loans and leases	1.28			1.31			1.16
Net charge-off ratio for the period	0.31			0.53			0.27
(1) Denotes a non-GAAP measure. Refer to the non-GAAP reconciliation subsequently included in these materials for a reconciliation to the most directly comparable GAAP measure. “Adjusted” items exclude the impact of Notable Items.
(2) Calculated net of average credit balances and deposits of factoring clients.
(3) Capital ratios as of the current quarter-end are preliminary pending completion of quarterly regulatory filings.

Dollars in millions, except share and per share data
	Three Months Ended
Income Statement (unaudited)	March 31, 2024		December 31, 2023		March 31, 2023
Interest income
Interest and fees on loans	$	2,354	$	2,391	$	1,017
Interest on investment securities	282		241		107
Interest on deposits at banks	448		485		87
Total interest income	3,084		3,117		1,211
Interest expense
Deposits	928		865		288
Borrowings	339		341		73
Total interest expense	1,267		1,206		361
Net interest income	1,817		1,911		850
Provision for credit losses	64		249		783
Net interest income after provision for credit losses	1,753		1,662		67
Noninterest income
Rental income on operating lease equipment	255		252		233
Fee income and other service charges	75		80		47
Client investment fees	50		51		2
Wealth management services	51		48		40
International fees	28		30		4
Service charges on deposit accounts	44		44		24
Factoring commissions	17		22		19
Cardholder services, net	40		36		21
Merchant services, net	12		12		10
Insurance commissions	15		14		13
Realized loss on sale of investment securities available for sale, net	—		—		(14)
Fair value adjustment on marketable equity securities, net	(4)		9		(9)
Gain on sale of leasing equipment, net	10		2		4
Gain on acquisition	—		(83)		9,824
Loss on extinguishment of debt	(2)		—		—
Other noninterest income	36		26		41
Total noninterest income	627		543		10,259
Noninterest expense
Depreciation on operating lease equipment	96		96		89
Maintenance and other operating lease expenses	45		59		56
Salaries and benefits	744		714		420
Net occupancy expense	62		65		50
Equipment expense	114		114		58
Professional fees	25		28		11
Third-party processing fees	60		66		30
FDIC insurance expense	41		82		18
Marketing expense	14		24		15
Acquisition-related expenses	58		116		28
Intangible asset amortization	17		17		5
Other noninterest expense	100		111		75
Total noninterest expense	1,376		1,492		855
Income before income taxes	1,004		713		9,471
Income tax expense (benefit)	273		199		(47)
Net income	$	731	$	514	$	9,518
Preferred stock dividends	15		15		14
Net income available to common stockholders	$	716	$	499	$	9,504
Basic earnings per common share	$	49.27	$	34.36	$	654.22
Diluted earnings per common share	$	49.26	$	34.33	$	653.64
Weighted average common shares outstanding (basic)	14,533,302		14,528,447		14,526,693
Weighted average common shares outstanding (diluted)	14,536,442		14,539,838		14,539,709

Dollars in millions
Balance Sheet (unaudited)	March 31, 2024		December 31, 2023		March 31, 2023
Assets
Cash and due from banks	$	698	$	908	$	1,598
Interest-earning deposits at banks	30,792		33,609		38,522
Securities purchased under agreements to resell	394		473		—
Investment in marketable equity securities	79		84		85
Investment securities available for sale	24,915		19,936		9,061
Investment securities held to maturity	10,050		9,979		10,381
Assets held for sale	86		76		94
Loans and leases	135,370		133,302		138,288
Allowance for loan and lease losses	(1,737)		(1,747)		(1,605)
Loans and leases, net of allowance for loan and lease losses	133,633		131,555		136,683
Operating lease equipment, net	8,811		8,746		8,331
Premises and equipment, net	1,906		1,877		1,743
Goodwill	346		346		346
Other intangible assets, net	295		312		364
Other assets	5,831		5,857		7,450
Total assets	$	217,836	$	213,758	$	214,658
Liabilities
Deposits:
Noninterest-bearing	$	39,276	$	39,799	$	54,649
Interest-bearing	110,333		106,055		85,401
Total deposits	149,609		145,854		140,050
Credit balances of factoring clients	1,152		1,089		1,126
Borrowings:
Short-term borrowings	395		485		1,009
Long-term borrowings	37,145		37,169		45,085
Total borrowings	37,540		37,654		46,094
Other liabilities	7,687		7,906		8,172
Total liabilities	$	195,988	$	192,503	$	195,442
Stockholders’ equity
Preferred stock	881		881		881
Common stock:
Class A - $1 par value	14		14		14
Class B - $1 par value	1		1		1
Additional paid in capital	4,099		4,108		4,104
Retained earnings	17,435		16,742		14,885
Accumulated other comprehensive loss	(582)		(491)		(669)
Total stockholders’ equity	21,848		21,255		19,216
Total liabilities and stockholders’ equity	$	217,836	$	213,758	$	214,658

Dollars in millions, except share per share data
Notable Items (1)	Three Months Ended
	March 31, 2024		December 31, 2023		March 31, 2023
Noninterest income
Rental income on operating lease equipment (2)	$	(141)	$	(155)	$	(145)
Realized loss on sale of investment securities available for sale, net	—		—		14
Fair value adjustment on marketable equity securities, net	4		(9)		9
Gain on sale of leasing equipment, net	(10)		(2)		(4)
Gain on acquisition	—		83		(9,824)
Loss on extinguishment of debt	2		—		—
Other noninterest income (3)	(4)		(5)		—
Impact of notable items on adjusted noninterest income	$	(149)	$	(88)	$	(9,950)
Noninterest expense
Depreciation on operating lease equipment (2)	(96)		(96)		(89)
Maintenance and other operating lease equipment expense (2)	(45)		(59)		(56)
Professional fees (4)	(3)		(5)		—
FDIC insurance special assessment	(9)		(64)		—
Acquisition-related expenses	(58)		(116)		(28)
Intangible asset amortization	(17)		(17)		(5)
Other noninterest expense (5)	6		—		—
Impact of notable items on adjusted noninterest expense	$	(222)	$	(357)	$	(178)
Day 2 provisions for loan and lease losses and off-balance sheet credit exposure	$	—	$	—	$	(716)
Provision for credit losses on investment securities available for sale	—		—		(4)
Impact of notable items on adjusted provision for credit losses	$	—	$	—	$	(720)
Impact of notable items on adjusted pre-tax income	$	73	$	269	$	(9,052)
Income tax impact (6)	20		90		160
Impact of notable items on adjusted net income	$	53	$	179	$	(9,212)
Impact of notable items on adjusted diluted EPS	$	3.66	$	12.25	$	(633.55)

(1) Notable items include income and expense for infrequent transactions and certain recurring items (typically noncash) that management believes should be excluded from adjusted measures (non-GAAP) to enhance understanding of operations and comparability to historical periods. Management utilizes both GAAP and adjusted measures (non-GAAP) to analyze BancShares’ performance. Refer to subsequent pages of this financial supplement for a reconciliation of non-GAAP measures to the most directly comparable GAAP measures.

(2)Depreciation and maintenance and other operating lease expenses are reclassified from noninterest expense to a reduction of rental income on operating lease equipment. There is no net impact to earnings for this notable item as adjusted noninterest income and expense are reduced by the same amount. Adjusted rental income on operating lease equipment (non-GAAP) is net of depreciation and maintenance expense for operating lease equipment. Management believes this measure is meaningful because it helps management monitor the performance and profitability of the operating leases after deducting direct expenses. Refer to subsequent pages of this financial supplement for a reconciliation of non-GAAP measures to the most directly comparable GAAP measure.

(3)Notable items included in other noninterest income consist of a gain from a litigation settlement in 1Q24 and a gain on sale of insurance accounts in 4Q23.

(4) Professional fees related to other integration activities.

(5) Litigation reserve release in 1Q24.

(6) For the periods presented, the income tax impact may include tax discrete items and changes in the estimated annualized effective tax rate.

Dollars in millions, except share and per share data
Condensed Income Statements (unaudited) - Adjusted for Notable Items (1)	Three Months Ended
	March 31, 2024		December 31, 2023		March 31, 2023
Interest income	$	3,084	$	3,117	$	1,211
Interest expense	1,267		1,206		361
Net interest income	1,817		1,911		850
Provision for credit losses	64		249		63
Net interest income after provision for credit losses	1,753		1,662		787
Noninterest income	478		455		309
Noninterest expense	1,154		1,135		677
Income before income taxes	1,077		982		419
Income tax expense	293		289		113
Net income	$	784	$	693	$	306
Preferred stock dividends	15		15		14
Net income available to common stockholders	$	769	$	678	$	292
Basic earnings per common share	$	52.94	$	46.62	$	20.11
Diluted earnings per common share	52.92		46.58		20.09
Weighted average common shares outstanding (basic)	14,533,302		14,528,447		14,526,693
Weighted average common shares outstanding (diluted)	14,536,442		14,539,838		14,539,709

(1)The GAAP income statements and notable items are included previously in this financial supplement. The condensed adjusted income statements above (non-GAAP) exclude the impacts of notable items. Refer to the non-GAAP reconciliation table(s) at the end of this financial supplement for a reconciliation of non-GAAP measures to the most directly comparable GAAP measure.

Dollars in millions
Loans and Leases by Class (end of period)	March 31, 2024		December 31, 2023		March 31, 2023
Loans and Leases by Class
Commercial
Commercial construction	$	4,062	$	3,918	$	3,386
Owner-occupied commercial mortgages	15,979		15,471		14,411
Non-owner-occupied commercial mortgages	15,329		14,995		13,403
Commercial and industrial	30,164		29,794		26,763
Leases	2,067		2,054		2,163
Total commercial	$	67,601	$	66,232	$	60,126
Consumer
Residential mortgage	$	22,901	$	22,776	$	21,706
Revolving mortgage	2,240		2,165		2,067
Consumer auto	1,476		1,442		1,452
Consumer other	1,306		1,176		1,235
Total consumer	$	27,923	$	27,559	$	26,460
SVB
Global fund banking	$	26,518	$	25,553	$	36,097
Investor dependent - early stage	1,293		1,403		1,994
Investor dependent - growth stage	2,696		2,897		4,418
Innovation C&I and cash flow dependent	9,339		9,658		9,193
Total SVB	$	39,846	$	39,511	$	51,702
Total loans and leases	$	135,370	$	133,302	$	138,288
Less: allowance for loan and lease losses	(1,737)		(1,747)		(1,605)
Total loans and leases, net of allowance for loan and lease losses	$	133,633	$	131,555	$	136,683
Deposits by Type (end of period)	March 31, 2024		December 31, 2023		March 31, 2023
Demand	$	39,276	$	39,799	$	54,649
Checking with interest	24,244		23,754		23,743
Money market	31,393		30,611		30,597
Savings	37,688		35,258		18,132
Time	17,008		16,432		12,929
Total deposits	$	149,609	$	145,854	$	140,050

Dollars in millions
	Three Months Ended
Credit Quality and Allowance for Loan and Lease Losses (ALLL)	March 31, 2024			December 31, 2023			March 31, 2023
Nonaccrual loans at period end	$	1,074		$	969		$	828
Ratio of nonaccrual loans to total loans at period end	0.79		%	0.73		%	0.60		%
Charge-offs	$	(128)		$	(201)		$	(62)
Recoveries	25			24			12
Net charge-offs	$	(103)		$	(177)		$	(50)
Net charge-off ratio	0.31		%	0.53		%	0.27		%
ALLL to loans ratio at period end	1.28		%	1.31		%	1.16		%
ALLL at beginning of period	$	1,747		$	1,673		$	922
Initial PCD ALLL	—			—			200
Day 2 provision for loan and lease losses	—			—			462
Provision for loan and lease losses	93			251			71
Net charge-offs	(103)			(177)			(50)
ALLL at end of period	$	1,737		$	1,747		$	1,605

Dollars in millions	Three Months Ended
Average Balance Sheets, Yields and Rates	March 31, 2024						December 31, 2023						March 31, 2023
	Average Balance		Income/Expense		Yield/Rate		Average Balance		Income/Expense		Yield/Rate		Average Balance		Income/Expense		Yield/Rate
Loans and leases (1)(2)	$	132,313	$	2,354	7.15	%	$	131,594	$	2,391	7.21	%	$	73,592	$	1,017	5.59	%
Investment securities	32,647		279		3.42		28,722		239		3.30		19,416		107		2.21
Securities purchased under agreements to resell	244		3		5.40		225		2		5.36		—		—		—
Interest-earning deposits at banks	33,383		448		5.39		35,712		485		5.39		7,585		87		4.61
Total interest-earning assets (2)	$	198,587	$	3,084	6.23	%	$	196,253	$	3,117	6.30	%	$	100,593	$	1,211	4.86	%
Operating lease equipment, net	$	8,806					$	8,715					$	8,236
Cash and due from banks	785						846						595
Allowance for loan and lease losses	(1,796)						(1,717)						(936)
All other noninterest-earning assets	9,699						10,515						7,676
Total assets	$	216,081					$	214,612					$	116,164
Interest-bearing deposits
Checking with interest	$	23,963	$	130	2.18	%	$	23,820	$	128	2.14	%	$	16,494	$	22	0.55	%
Money market	30,929		232		3.02		30,173		211		2.77		21,216		80		1.53
Savings	36,493		391		4.31		34,166		362		4.20		17,730		110		2.51
Time deposits	16,679		175		4.21		16,558		164		3.94		11,917		76		2.59
Total interest-bearing deposits	108,064		928		3.45		104,717		865		3.28		67,357		288		1.73
Borrowings:
Securities sold under customer repurchase agreements	431		1		0.47		455		1		0.44		455		—		0.30
Short-term FHLB borrowings	—		—		—		—		—		—		328		4		4.67
Short-term borrowings	431		1		0.47		455		1		0.44		783		4		2.13
Federal Home Loan Bank borrowings	—		—		2.00		—		—		1.99		3,284		40		4.96
Senior unsecured borrowings	376		2		2.50		377		3		2.46		883		5		2.06
Subordinated debt	911		8		3.29		1,038		10		3.82		1,048		9		3.54
Other borrowings	35,859		328		3.66		35,845		327		3.65		1,978		15		2.93
Long-term borrowings	37,146		338		3.64		37,260		340		3.65		7,193		69		3.84
Total borrowings	37,577		339		3.60		37,715		341		3.61		7,976		73		3.67
Total interest-bearing liabilities	$	145,641	$	1,267	3.49	%	$	142,432	$	1,206	3.37	%	$	75,333	$	361	1.94	%
Noninterest-bearing deposits	$	39,651					$	41,599					$	26,482
Credit balances of factoring clients	1,105						1,275						1,007
Other noninterest-bearing liabilities	8,186						8,566						1,973
Stockholders' equity	21,498						20,740						11,369
Total liabilities and stockholders’ equity	$	216,081					$	214,612					$	116,164
Net interest income			$	1,817					$	1,911					$	850
Net interest spread (2)					2.74	%					2.93	%					2.92	%
Net interest margin (2)					3.67	%					3.86	%					3.41	%
(1) Loans and leases include non-PCD and PCD loans, nonaccrual loans, and loans held for sale. Interest income on loans and leases includes accretion income and loan fees.
(2) The balance and rate presented is calculated net of average credit balances and deposits of factoring clients.
Note: Certain items above do not precisely recalculate as presented due to rounding.

Dollars in millions, except share and per share data
		Three Months Ended
Non-GAAP Reconciliations		March 31, 2024		December 31, 2023		March 31, 2023
Net income and EPS
Net income (GAAP)	a	$	731	$	514	$	9,518
Preferred stock dividends		15		15		14
Net income available to common stockholders (GAAP)	b	716		499		9,504
Total notable items, after income tax	c	53		179		(9,212)
Adjusted net income (non-GAAP)	d = (a+c)	784		693		306
Adjusted net income available to common stockholders (non-GAAP)	e = (b+c)	$	769	$	678	$	292
Weighted average common shares outstanding
Basic	f	14,533,302		14,528,447		14,526,693
Diluted	g	14,536,442		14,539,838		14,539,709
EPS (GAAP)
Basic	b/f	$	49.27	$	34.36	$	654.22
Diluted	b/g	49.26		34.33		653.64
Adjusted EPS (non-GAAP)
Basic	e/f	$	52.94	$	46.62	$	20.11
Diluted	e/g	52.92		46.58		20.09
Noninterest income and expense
Noninterest income	h	$	627	$	543	$	10,259
Impact of notable items, before income tax		(149)		(88)		(9,950)
Adjusted noninterest income (non-GAAP)	i	$	478	$	455	$	309
Noninterest expense	j	$	1,376	$	1,492	$	855
Impact of notable items, before income tax		(222)		(357)		(178)
Adjusted noninterest expense (non-GAAP)	k	$	1,154	$	1,135	$	677
Provision for credit losses
Provision for credit losses		$	64	$	249	$	783
Less: day 2 provision for loan and lease losses and off-balance sheet exposure		—		—		716
Less: provision for credit losses on investment securities available for sale		—		—		4
Adjusted provision for credit losses (non-GAAP)		$	64	$	249	$	63
PPNR
Net income (GAAP)	a	$	731	$	514	$	9,518
Plus:
Provision for credit losses		64		249		783
Income tax expense		273		199		(47)
PPNR (non-GAAP)	l	$	1,068	$	962	$	10,254
Impact of notable items (1)		73		269		(9,772)
Adjusted PPNR (non-GAAP)	m	$	1,141	$	1,231	$	482
(1) Excludes the notable items for the provision for credit losses and income taxes as these items are excluded from PPNR as presented in the table above.
Note: Certain items above do not precisely recalculate as presented due to rounding.

Dollars in millions
		Three Months Ended
Non-GAAP Reconciliations (continued)		March 31, 2024			December 31, 2023			March 31, 2023
ROA
Net income (GAAP)	a	$	731		$	514		$	9,518
Annualized net income	n = a annualized	2,942			2,041			38,602
Adjusted net income (non-GAAP)	d	784			693			306
Annualized adjusted net income	p = d annualized	3,156			2,748			1,244
Average assets	o	216,081			214,612			116,164
ROA	n/o	1.36		%	0.95		%	33.23		%
Adjusted ROA (non-GAAP)	p/o	1.46			1.28			1.07
PPNR ROA
PPNR (non-GAAP)	l	$	1,068		$	962		$	10,254
Annualized PPNR	q = l annualized	4,296			3,818			41,586
Adjusted PPNR (non-GAAP)	m	1,141			1,231			482
Annualized adjusted PPNR	r = m annualized	4,589			4,882			1,954
PPNR ROA	q/o	1.99		%	1.78		%	35.80		%
Adjusted PPNR ROA (non-GAAP)	r/o	2.12			2.27			1.69
ROE and ROTCE
Annualized net income available to common stockholders	s = b annualized	$	2,880		$	1,980		$	38,543
Annualized adjusted net income available to common stockholders	t = e annualized	$	3,094		$	2,687		$	1,185
Average stockholders' equity (GAAP)		$	21,498		$	20,740		$	11,369
Less: average preferred stock		881			881			881
Average common stockholders' equity (non-GAAP)	u	$	20,617		$	19,859		$	10,488
Less: average goodwill		346			346			346
Less: average other intangible assets		304			322			175
Average tangible common equity (non-GAAP)	v	$	19,967		$	19,191		$	9,967
ROE	s/u	13.97		%	9.97		%	367.47		%
Adjusted ROE (non-GAAP)	t/u	15.01			13.53			11.30
ROTCE	s/v	14.42			10.32			386.69
Adjusted ROTCE (non-GAAP)	t/v	15.50			14.00			11.89
Tangible common equity to tangible assets at period end
Stockholders' equity (GAAP)	w	$	21,848		$	21,255		$	19,216
Less: preferred stock		881			881			881
Common equity (non-GAAP)	x	$	20,967		$	20,374		$	18,335
Less: goodwill		346			346			346
Less: other intangible assets		295			312			364
Tangible common equity (non-GAAP)	y	$	20,326		$	19,716		$	17,625
Total assets (GAAP)	z	217,836			213,758			214,658
Tangible assets (non-GAAP)	aa	217,195			213,100			213,948
Total equity to total assets	w/z	10.03		%	9.94		%	8.95		%
Tangible common equity to tangible assets (non-GAAP)	y/aa	9.36			9.25			8.24
Note: Certain items above do not precisely recalculate as presented due to rounding.

Dollars in millions, except share and per share data
		Three Months Ended
Non-GAAP Reconciliations (continued)		March 31, 2024			December 31, 2023			March 31, 2023
Book value and tangible book value per common share at period end
Common shares outstanding at period end	bb	14,529,735			14,520,118			14,519,993
Book value per share	x/bb	$	1,443.03		$	1,403.12		$	1,262.76
Tangible book value per share (non-GAAP)	y/bb	1,398.88			1,357.77			1,213.82
Efficiency ratio
Net interest income	cc	$	1,817		$	1,911		$	850
Efficiency ratio (GAAP)	j / (h + cc)	56.30		%	60.80		%	7.70		%
Adjusted efficiency ratio (non-GAAP)	k / (i + cc)	50.29			48.00			58.39
Rental income on operating lease equipment
Rental income on operating lease equipment		$	255		$	252		$	233
Less: depreciation on operating lease equipment		96			96			89
Less: maintenance and other operating lease expenses		45			59			56
Adjusted rental income on operating lease equipment (non-GAAP)		$	114		$	97		$	88
Note: Certain items above do not precisely recalculate as presented due to rounding.