8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 19, 2018

CITIZENS FINANCIAL GROUP, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-36636	05-0412693
(State or other jurisdiction of incorporation )	(Commission File No.)	(IRS Employer Identification No.)

One Citizens Plaza Providence, RI	02903
(Address of principal executive offices)	(Zip code)

Registrant’s telephone number, including area code: (401) 456-7000

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On October 19, 2018, Citizens Financial Group, Inc. issued a press release reporting third quarter 2018 earnings and posted on its website the press release, an earnings release presentation, and a financial supplement. Copies of the press release, earnings release presentation, and financial supplement are being furnished as Exhibits 99.1, 99.2 and 99.3, respectively.

Item 9.01 Financial Statements and Exhibits.

	Exhibit Number	Description
(d)	Exhibit 99.1	Citizens Financial Group, Inc. press release dated October 19, 2018
	Exhibit 99.2	Citizens Financial Group, Inc. earnings release presentation issued October 19, 2018
	Exhibit 99.3	Citizens Financial Group, Inc. financial supplement for third quarter 2018

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CITIZENS FINANCIAL GROUP, INC.
By:	/s/ John F. Woods
	John F. Woods
	Chief Financial Officer

Date: October 19, 2018

EX-99.1

Exhibit 99.1

Citizens Financial Group, Inc. Reports Third Quarter Net Income of $443 Million

with Diluted EPS of $0.91 up 34% Year over Year; Underlying Net Income of $450 million

and EPS of $0.93, up 37% Year over Year*

Year-over-year revenue growth of 8%

13.3% ROTCE; Underlying ROTCE of 13.5%, up 3.4% year over year*

4.4% year-over-year positive operating leverage, excluding the impact of the

Franklin American Mortgage Company Acquisition*

PROVIDENCE, RI (October 19, 2018) Citizens Financial Group, Inc. (NYSE: CFG or “Citizens”) today reports third quarter net income of $443 million, up 27% from $348 million in third quarter 2017 with earnings per diluted common share of $0.91, up 34% from $0.68 in third quarter 2017. Third quarter 2018 net income increased $18 million, or 4%, from second quarter 2018 and diluted earnings per common share increased $0.03, or 3%. Third quarter 2018 Return on Average Tangible Common Equity* (“ROTCE”) of 13.3% increased 3.2% from third quarter 2017 and increased from 12.9% in second quarter 2018. Third quarter 2018 results reflect the impact of the Franklin American Mortgage Company (“FAMC”) acquisition on August 1, 2018 and include a $7 million after-tax, or $0.02 earnings per share, impact of notable items tied to the FAMC integration.*

Excluding notable items, Underlying* third quarter 2018 net income of $450 million increased $102 million, or 29%, and earnings per diluted common share of $0.93 increased $0.25, or 37%, from third quarter 2017. Third quarter 2018 net income increased $25 million, or 6%, and earnings per diluted common share increased $0.05, or 6%, from second quarter 2018. ROTCE* of 13.5% improved from 10.1% in third quarter 2017 and 12.9% in second quarter 2018.

“We are highly pleased that we continue to execute well and deliver strong top-line growth and positive operating leverage, which has powered underlying year-on-year EPS growth of 37% and ROTCE improvement to 13.5%,” said Chairman and Chief Executive Officer Bruce Van Saun. “We are doing a good job with balance sheet management, as we remain highly prudent and selective on where we deploy capital to support loan growth, and we are building new deposit-gathering capabilities, such as Citizens Access. In addition, we continue to invest in broadening and building our fee-based capabilities, highlighted by the closing of the Franklin American Mortgage Company acquisition, and in the development of robust technology offerings, including strong digital and data capabilities.”

Citizens also announced today that its board of directors declared a fourth quarter 2018 cash dividend of $0.27 per common share. The dividend is payable on November 14, 2018 to stockholders of record at the close of business on October 31, 2018.

* Please see important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, at the end of this release for an explanation of our use of these metrics and non-GAAP financial measures and their reconciliations to GAAP financial measures. “Underlying” results exclude the impact of notable items. Where there is a reference to Underlying results in a paragraph, all measures that follow these references are on the same basis, when applicable. References to Underlying results excluding FAMC adjust for the impact of the August 1, 2018 FAMC acquisition. Additional information regarding the impact of the FAMC acquisition and notable items may be found in the Discussion of Results portion of this release. Throughout this release, references to consolidated and/or commercial loans and loan growth include leases. Loans held for sale are also referred to as LHFS. Current reporting-period regulatory capital ratios are preliminary. Select totals may not foot due to rounding.

Citizens Financial Group, Inc.

Third Quarter 2018 vs. Second Quarter 2018

Key Highlights

• Third quarter highlights include 2% growth in net interest income, reflecting higher loan yields, and 7% growth in noninterest income, driven by growth in mortgage banking fees, service charges and fees, trust and investment services fees, other income and card fees. Mortgage banking fees increased $22 million, driven by the FAMC acquisition.

• Efficiency ratio of 58.2% remained relatively stable, despite the 1.25% increase tied to the FAMC acquisition. Excluding the impact of FAMC, the Underlying efficiency ratio* improved by 100 basis points to 57.0%, given expense discipline, and positive operating leverage was 1.8%.

• ROTCE improved to 13.3% from 12.9%; 13.5% on an Underlying basis.*

• Tangible book value per common share of $27.66 remained relatively stable. Fully diluted average common shares outstanding decreased 8.5 million shares, or 2%.

Results

• Total revenue of $1.6 billion increased 4%, reflecting strength in net interest income and noninterest income.

• Net interest income of $1.1 billion increased $27 million, or 2%, driven by higher loan yields, loan growth and the benefit of day count.

• Net interest margin of 3.19% reflects two basis points of net interest margin expansion, largely tied to higher loan yields, partially offset by a one basis point reduction tied to the FAMC acquisition. Net interest margin, excluding the impact of FAMC,* improved two basis points to 3.20%.

• Noninterest income of $416 million increased $28 million, or 7%, driven by the $24 million impact of the FAMC acquisition, largely in mortgage banking fees, as well as higher service charges and fees and trust and investment services fees. Noninterest income, excluding the impact of FAMC,* of $392 million increased $4 million, or 1%.

• Noninterest expense of $910 million increased $35 million, or 4%, driven by the $34 million impact of the FAMC acquisition and notable items.* Underlying* noninterest expense, excluding the impact of FAMC, of $876 million was stable, reflecting continued execution against our efficiency initiatives.

• Provision for credit losses of $78 million decreased $7 million, or 8%, given a decrease in reserves tied to improvements in credit quality in retail real estate-secured products.

Balance Sheet

• Average interest-earning assets increased $1.6 billion, or 1%, which includes a $790 million increase tied to the FAMC acquisition, largely in loans held for sale. Results also reflect loan growth of 1% with particular strength in retail including residential mortgage, unsecured and education as well as growth in selective commercial categories and commercial real estate.

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Citizens Financial Group, Inc.

• Average deposits grew $1.9 billion, or 2%, with strength in most categories. Results include a $442 million increase tied to the FAMC acquisition and $551 million tied to Citizens Access^(TM).

• Nonperforming loans and leases (“NPLs”) to total loans and leases ratio of 0.73% decreased from 0.75%, and the allowance coverage of NPL ratio improved to 149% from 148%.

• Net charge-offs increased modestly to 30 basis points from 27 basis points, driven by seasonally higher retail auto net charge-offs, as well as a modest increase in commercial.

• Capital strength remains robust, with a common equity tier 1 (“CET1”) risk-based capital ratio of 10.8%, which includes an approximately 18 basis point reduction tied to the FAMC acquisition.*

• Repurchased $400 million of common stock at a weighted-average effective price of $39.83, and including common dividends, returned $529 million to stockholders.

Third Quarter 2018 vs. Third Quarter 2017

Key Highlights

• Third quarter results reflect a 28% increase in net income available to common stockholders, driven by 8% revenue growth, with 8% growth in net interest income and 9% growth in noninterest income. Underlying* net income available to common stockholders increased 30%, while revenue, excluding the impact of FAMC,* increased 7%.

• Continued focus on top-line growth and expense management helped deliver 2.2% operating leverage and a 121 basis point improvement in the efficiency ratio to 58.2%. Underlying* operating leverage, excluding the impact of FAMC, was 4.4%, with a 246 basis point improvement in the efficiency ratio to 57.0%.

• ROTCE of 13.3% improved 3.2% from 10.1%. Underlying ROTCE of 13.5% improved 3.4%.*

• Tangible book value per common share improved to $27.66, up 2%. Fully-diluted average common shares outstanding decreased 24.6 million shares, or 5%.

Results

• Total revenue of $1.6 billion increased $121 million, or 8%, driven by strength in net interest income and noninterest income. Total revenue, excluding the impact of FAMC,* of $1.5 billion, increased $95 million, or 7%.

• Net interest income increased $86 million, or 8%, driven by a 14 basis point improvement in net interest margin and 4% average loan growth. Net interest margin, excluding the impact of FAMC,* improved 15 basis points to 3.20%.

• Noninterest income of $416 million increased $35 million, or 9%, driven by strength in mortgage banking and trust and investment services fees. Noninterest income, excluding the impact of FAMC,* of $392 million, increased$11 million, or 3%, reflecting higher trust and investment services fees, foreign exchange and interest rate products fees and card fees.

• Noninterest expense increased $52 million, or 6%, driven by the $34 million impact of the FAMC acquisition and notable items.* Underlying* noninterest expense, excluding the impact of FAMC,* increased $18 million, or 2%, driven by higher salary and employee benefits tied to higher revenue-based compensation and the impact of our strategic-growth initiatives.

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Citizens Financial Group, Inc.

• Provision for credit losses of $78 million increased $6 million, or 8%, reflecting higher commercial net charge-offs from third quarter 2017 levels that included higher recoveries in the prior period and higher retail net charge-offs tied to expected seasoning in unsecured products.

Balance Sheet

• Average interest-earning assets increased $4.7 billion, or 3%, driven by 4% loan growth, reflecting a 6% increase in commercial loans and a 2% increase in retail loans, partially offset by a $423 million, or 2% reduction in investments. The FAMC acquisition added $790 million in average interest-earning assets. Interest-earning assets, excluding the impact of FAMC,* increased 3%.

• Average deposits increased $4.1 billion, or 4%, driven by strength in term, demand and savings.

• NPL ratio of 0.73% improved from 0.85%, reflecting improvement in commercial NPLs. Allowance coverage of NPLs of 149% improved from 131%.

• Net charge-offs of 30 basis points increased 6 basis points, given higher net charge-offs in commercial from third quarter 2017 levels that included higher recoveries in the prior period, as well as seasoning in retail growth portfolios.

Year-Over-Year Update on Plan Execution

Consumer Banking segment

• Continued balance sheet momentum, with 3% average loan growth, highlighted by improving mix toward more attractive risk-adjusted return categories and 4% average deposit growth.

• Successful launch of Citizens Access™, a nationwide, digital-deposit platform with approximately $1.0 billion raised through third quarter 2018. All key metrics tracking favorable to, or on, plan.

• Closed the previously announced FAMC transaction, which is expected to expand origination capabilities, help drive scale in servicing and generate increased fee income. The FAMC transaction added a $612 million mortgage servicing rights portfolio; conforming mix improved to 74%.

• Continued progress in Wealth with 18% fee growth; managed money revenue up 23%, assets under management up 15% and number of financial advisors up 5%.

Commercial Banking segment

• Continued strong balance sheet performance with average loan growth of 7%, driven by our geographic-expansion strategies and our focus on Industry Verticals as well as by strength in Private Equity and in Commercial Real Estate. Average deposits up 2% with solid growth in savings and demand deposits.

• Continue to benefit from investments to drive fee income, highlighted by a 30% increase in foreign exchange and interest rate products and an 18% increase in Commercial card fees. Capital Markets’ pipeline remains robust.

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Citizens Financial Group, Inc.

Efficiency and balance sheet optimization initiatives

• Launched TOP V Program, which includes efficiency and revenue initiatives, targeting pre-tax benefit of approximately $90 – $100 million by end of 2019. TOP IV Program initiatives are largely complete; on track to deliver end of 2018 run-rate pre-tax benefit of approximately $105 – $110 million.

• Continued progress on Balance Sheet Optimization (“BSO”) designed to improve the loan portfolio mix toward higher-return categories and help manage deposit costs. BSO delivered approximately 4 basis points of the 14 basis point net interest margin improvement year over year, or 5 basis points excluding the impact of FAMC.*

Earnings highlights										3Q18 change from
($s in millions, except per share data)	3Q18			2Q18			3Q17			2Q18						3Q17
Earnings										$			%			$			%
Net interest income	$	1,148		$	1,121		$	1,062		$	27			2	%	$	86			8	%
Noninterest income		416			388			381			28			7			35			9
Total revenue		1,564			1,509			1,443			55			4			121			8
Noninterest expense		910			875			858			35			4			52			6
Pre-provision profit		654			634			585			20			3			69			12
Provision for credit losses		78			85			72			(7	)		(8	)		6			8
Pre-tax net income		576			549			513			27			5			63			12
Net income		443			425			348			18			4			95			27
Preferred dividends		7			—			7			7			100			—			—
Net income available to common stockholders	$	436		$	425		$	341		$	11			3	%	$	95			28	%
After-tax Notable Items*		7			—			—			7			NM			7			NM
Underlying net income available to common stockholders*	$	443		$	425		$	341		$	18			4	%	$	102			30	%
Average common shares outstanding
Basic (in millions)		476.0			484.7			500.9			(8.8	)		(2	)%		(24.9	)		(5	)%
Diluted (in millions)		477.6			486.1			502.2			(8.5	)		(2	)		(24.6	)		(5	)
Diluted earnings per share	$	0.91		$	0.88		$	0.68		$	0.03			3	%	$	0.23			34	%
Underlying diluted earnings per share*	$	0.93		$	0.88		$	0.68		$	0.05			6	%	$	0.25			37	%
Key performance metrics*
Net interest margin		3.19	%		3.18	%		3.05	%		1	bps					14 bps
Effective income tax rate		23.2			22.6			32.2			58						(902	)
Efficiency ratio		58			58			59			25						(121	)
Underlying efficiency ratio*		58			58			59			(33	)					(179	)
Return on average common equity		8.8			8.7			6.9			17						195
Return on average tangible common equity		13.3			12.9			10.1			36						316
Underlying return on average tangible common equity*		13.5			12.9			10.1			57						337
Return on average total assets		1.13			1.11			0.92			2						21
Underlying return on average total tangible assets*		1.20	%		1.16	%		0.96	%		4	bps					24	bps
Capital adequacy(1,2)
Common equity tier 1 capital ratio		10.8	%		11.2	%		11.1	%
Total capital ratio		13.4			13.8			13.8
Tier 1 leverage ratio		9.9	%		10.2	%		9.9	%
Asset quality(2)
Total nonperforming loans and leases as a % of total loans and leases		0.73	%		0.75	%		0.85	%		(2	) bps					(12	) bps
Allowance for loan and lease losses as a % of loans and leases		1.08			1.10			1.11			(2	)					(3	)
Allowance for loan and lease losses as a % of nonperforming loans and leases		149			148			131			109						NM
Net charge-offs as a % of average loans and leases		0.30	%		0.27	%		0.24	%		3	bps					6	bps

1) Current reporting-period regulatory capital ratios are preliminary.

2) Capital adequacy and asset-quality ratios calculated on a period-end basis, except net charge-offs.

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Citizens Financial Group, Inc.

Discussion of Results:

Third quarter 2018 net income available to common stockholders of $436 million increased $11 million, or 3%, and fully diluted earnings per common share increased $0.03 to $0.91, up 3% compared to second quarter 2018 results, reflecting growth in revenue and expense as well as a reduction in provision expense. Third quarter 2018 results reflect solid revenue growth and higher noninterest expense largely tied to the FAMC acquisition as well as lower provision expense. The FAMC acquisition contributed $2 million of net interest income, $24 million of noninterest income and $25 million of noninterest expense, as well as $790 million of average interest-earning assets and $442 million in average deposits. Additionally, CFG recorded $9 million pre-tax, or $7 million after-tax, of notable items tied to the FAMC integration. Third quarter 2018 EPS reflect an 8.5 million reduction in fully diluted average common shares outstanding compared to second quarter 2018.

Compared with second quarter 2018, third quarter 2018 reported results were highlighted by revenue growth of 4%, with net interest income growth of 2% and net interest margin of 3.19%, given 1% loan growth and one basis point of net interest margin expansion. Results also reflect noninterest income growth of 7% and a 4% increase in noninterest expense, a relatively stable efficiency ratio of 58.2%, and relatively stable operating leverage. Provision for credit losses decreased 8%, given a decrease in reserves tied to improvements in credit quality in retail real estate-secured products. ROTCE improved to 13.3% from 12.9%.*

Compared with third quarter 2017, net income available to common stockholders increased $95 million, or 28%, and fully diluted earnings per share increased $0.23, or 34%. Fully diluted average common shares outstanding were lower by 24.6 million shares given buyback activity. Results were highlighted by revenue growth of 8% with net interest income growth of 8%, given 4% loan growth and 14 basis points of net interest margin to 3.19%. Results also reflect noninterest income growth of 9% and a 6% increase in noninterest expense, 2.2% operating leverage and a 1.2% improvement in the efficiency ratio to 58.2%. Provision for credit losses increased 8%, reflecting higher commercial net charge-offs from third quarter 2017 levels that included higher recoveries in the prior period, and higher retail net charge-offs tied to expected seasoning in unsecured products. ROTCE of 13.3% improved 3.2% from 10.1%.*

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Citizens Financial Group, Inc.

Underlying results/FAMC impact										3Q18 change from
($s in millions, except per share data)	3Q18			2Q18			3Q17			2Q18			3Q17
Net interest income	$	1,148		$	1,121		$	1,062			2	%		8	%
Noninterest income		416			388			381			7			9
Total revenue	$	1,564			1,509			1,443			4	%		8	%
FAMC impact		26			—			—			NM			NM
Revenue excluding FAMC impact	$	1,538			1,509			1,443			2	%		7	%
Noninterest expense	$	910		$	875		$	858			4	%		6	%
Notable items tied to FAMC*		9			—			—			NM			NM
Underlying noninterest expense*		901		$	875		$	858			3	%		5
Base FAMC impact		25			—			—			NM			NM
Underlying noninterest expense excluding FAMC*	$	876		$	875		$	858			—	%		2	%
Pre-provision profit	$	654		$	634		$	585			3	%		12	%
Underlying pre-provision profit *		663			634			585			5			13
Underlying pre-provision profit excluding FAMC*		662			634			585			4			13
Provision for credit losses		78			85			72			(8	)		8
Net income available to common stockholders		436			425			341			3			28
Underlying net income available to common stockholders*		443			425			341			4			30
Key performance metrics*
Diluted EPS	$	0.91		$	0.88		$	0.68			3	%		34	%
Underlying EPS*	$	0.93		$	0.88		$	0.68			6			37
Efficiency ratio		58	%		58	%		59	%		25	bps		(121	) bps
Underlying efficiency ratio*		58			58			59			(33	)		(179	)
Underlying efficiency ratio excluding FAMC *		57	%		58	%		59	%		(100	) bps		(246	) bps
Operating leverage											(0.4	)%		2.2	%
Underlying operating leverage*											0.6			3.3
Underlying operating leverage excluding FAMC*											1.8	%		4.4	%

On an Underlying basis,* which excludes the impact of notable items, third quarter 2018 net income available to common stockholders of $443 million increased $18 million, or 4%, and fully diluted earnings per common share increased $0.05, or 6%, compared to second quarter 2018.

On an Underlying basis and excluding the impact of the FAMC acquisition,* results were highlighted by 2% revenue growth with a 2% increase in net interest income and two basis points of net interest margin expansion to 3.20%, as well as noninterest income growth of 1%. Results reflect continued strong execution against our efficiency initiatives, with relatively stable noninterest expense, a 1% improvement in the efficiency ratio to 57.0% and operating leverage of 1.8%. ROTCE of 13.4% improved from 12.9%.*

On an Underlying basis,* which excludes the impact of notable items, net income available to common shareholders increased $102 million, or 30%, and fully diluted earnings per common share increased $0.25, or 37%, compared to third quarter 2017. ROTCE improved to 13.5% from 10.1%.

On an Underlying basis and excluding the impact of FAMC,* year-over-year results were highlighted by continued strong top line growth, with revenue growth of 7%, led by net interest income growth of 8% and net interest margin expansion of 15 basis points to 3.20% and noninterest income growth of 3%. Noninterest expense growth of 2% reflects strong expense discipline, as the efficiency ratio improved 246 basis points to 57.0%, with positive operating leverage of 4.4%.

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Citizens Financial Group, Inc.

Net interest income										3Q18 change from
($s in millions)	3Q18			2Q18			3Q17			2Q18						3Q17
										$			%			$			%
Interest income:
Interest and fees on loans and leases and loans held for sale	$	1,303		$	1,238		$	1,104		$	65			5	%	$	199			18	%
Investment securities		167			165			155			2			1			12			8
Interest-bearing deposits in banks		7			8			5			(1	)		(13	)		2			40
Total interest income	$	1,477		$	1,411		$	1,264		$	66			5	%	$	213			17	%
Interest expense:
Deposits	$	214		$	181		$	123		$	33			18	%	$	91			74	%
Federal funds purchased and securities sold under agreements to repurchase		2			1			1			1			100			1			100	%
Other short-term borrowed funds		19			14			7			5			36			12			171
Long-term borrowed funds		94			94			71			—			—			23			32
Total interest expense	$	329		$	290		$	202		$	39			13	%	$	127			63	%
Net interest income	$	1,148		$	1,121		$	1,062		$	27			2	%	$	86			8	%
Net interest margin		3.19	%		3.18	%		3.05	%		1	bps					14	bps

Third quarter 2018 net interest income of $1.1 billion increased $27 million, or 2%, from second quarter 2018, given a 1% increase in average loans and loans held for sale and a one basis point improvement in net interest margin to 3.19%. The improvement in net interest margin reflects higher loan yields tied to higher rates, partially offset by increased deposit and funding costs. Net interest margin, excluding the impact of FAMC,* improved two basis points to 3.20%.

Compared with third quarter 2017, net interest income increased $86 million, or 8%, driven by a 14 basis point improvement in net interest margin and 4% average loan growth. The improvement in net interest margin reflects higher interest-earning asset yields given higher rates and continued mix shift towards higher-yielding assets, partially offset by higher deposit and funding costs. Net interest margin, excluding the impact of FAMC,* improved 15 basis points to 3.20%.

Noninterest Income							3Q18 change from
($s in millions)	3Q18		2Q18		3Q17		2Q18						3Q17
							$			%			$			%
Service charges and fees	$	131	$	127	$	131	$	4			3	%	$	—			—	%
Card fees		61		60		58		1			2			3			5
Capital markets fees		47		48		53		(1	)		(2	)		(6	)		(11	)
Trust and investment services fees		45		43		38		2			5			7			18
Letter of credit and loan fees		32		32		30		—			—			2			7
Foreign exchange and interest rate products		31		34		24		(3	)		(9	)		7			29
Mortgage banking fees		49		27		27		22			81			22			81
Securities gains, net		3		2		2		1			50			1			50
Other income(1)		17		15		18		2			13			(1	)		(6	)
Noninterest income	$	416	$	388	$	381	$	28			7	%	$	35			9	%
FAMC impact	$	24	$	—	$	—	$	24			NM		$	24			NM
Noninterest income excluding FAMC	$	392	$	388	$	381	$	4			1	%	$	11			3	%

1) Other income includes bank owned life insurance and other income.

Noninterest income of $416 million increased $28 million, or 7%, from second quarter 2018, driven by the $24 million impact of the FAMC acquisition in mortgage banking fees. Noninterest income, excluding the impact of FAMC,* of $392 million increased $4 million, or 1%, largely as seasonally higher service charges and fees and growth in trust and investment services fees, given increased sales volumes and growth in managed money balances were partially offset by a $3 million reduction in foreign exchange and interest rate products fees from record second quarter 2018 levels, reflecting a $3 million adjustment tied to a credit-valuation adjustment methodology change.

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Citizens Financial Group, Inc.

Compared to third quarter 2017, noninterest income increased $35 million, or 9%, including a $24 million impact of the FAMC acquisition. Noninterest income, excluding the impact of FAMC,* of $392 million increased $11 million, or 3%, driven by growth in trust and investment services fees, reflecting increased sales volumes and growth in managed money balances, foreign exchange and interest rate products and card fees. These results were partially offset by lower capital markets fees, driven by lower loan syndication fees, in-line with overall market activity.

Noninterest expense							3Q18 change from
($s in millions)	3Q18		2Q18		3Q17		2Q18					3Q17
							$		%			$			%
Salaries and employee benefits	$	474	$	453	$	438	$	21		5	%	$	36			8	%
Outside services		107		106		99		1		1			8			8
Occupancy		81		79		78		2		3			3			4
Equipment expense		70		64		65		6		9			5			8
Amortization of software		47		46		45		1		2			2			4
Other operating expense		131		127		133		4		3			(2	)		(2	)
Noninterest expense	$	910	$	875	$	858	$	35		4	%	$	52			6	%
Notable items related to FAMC*	$	9	$	—	$	—	$	9		NM		$	9			NM
Underlying, as applicable
Salaries and employee benefits*	$	469	$	453	$	438	$	16		4	%	$	31			7	%
Underlying outside services*		106	$	106		99		—		—			7			7
Occupancy		81	$	79		78		2		3			3			4
Equipment expense		70	$	64		65		6		9			5			8
Amortization of software		47	$	46		45		1		2			2			4
Other operating expense*		128	$	127		133		1		1			(5	)		(4	)
Underlying noninterest expense*	$	901	$	875	$	858	$	26		3	%	$	43			5	%
FAMC expense impact		25	$	—	$	—		25		NM		$	25			NM
Underlying noninterest expense excluding FAMC*	$	876	$	875	$	858	$	1		—	%	$	18			2	%

Noninterest expense of $910 million increased $35 million, or 4%, from second quarter 2018, including a $25 million impact of the FAMC acquisition, and $9 million of pre-tax notable items tied to integration, largely in salaries and employee benefits. Underlying* noninterest expense, excluding the impact of FAMC, remained relatively stable, reflecting continued focus on expense discipline as stable salaries and employee benefits and a reduction in outside services offset an increase in equipment expense.

Compared with third quarter 2017, noninterest expense increased $52 million, or 6%, driven by the impact of the FAMC acquisition and notable items. Noninterest expense, excluding the impact of FAMC,* increased $18 million, or 2%, reflecting a $15 million increase in salaries and employee benefits tied to higher revenue-based compensation and the impact of our strategic growth initiatives. Results also reflected higher equipment expense, outside services, occupancy and amortization of software tied to investments in our strategic-growth initiatives, partially offset by lower other expense, reflecting lower legal and regulatory costs and insurance costs that more than offset higher advertising costs.

The third quarter 2018 effective tax rate of 23.2% increased modestly from second quarter 2018 and decreased from 32.2% in third quarter 2017, reflecting the impact of December 2017 Tax Legislation.

9

Citizens Financial Group, Inc.

Consolidated balance sheet review(1)										3Q18 change from
($s in millions)	3Q18			2Q18			3Q17			2Q18						3Q17
										$			%			$			%
Total assets	$	158,598		$	155,431		$	151,356		$	3,167			2	%	$	7,242			5	%
Total loans and leases		114,720			113,407			110,151			1,313			1			4,569			4
Loans held for sale, at fair value		1,303			521			500			782			150			803			161
Deposits		117,075			117,073			113,235			2			—			3,840			3
Average interest-earning assets		142,163			140,525			137,479			1,638			1			4,684			3
Stockholders’ equity		20,276			20,467			20,109			(191	)		(1	)		167			1
Stockholders’ common equity		19,733			19,924			19,862			(191	)		(1	)		(129	)		(1	)
Tangible common equity	$	13,117		$	13,394		$	13,512		$	(277	)		(2	)%	$	(395	)		(3	)%
Loan-to-deposit ratio (period-end)(2)		98.0	%		96.9	%		97.3	%		112	bps					71	bps
Loans to deposits ratio (avg balances)(2)		97.4			98.0			96.9			(63	) bps					45	bps
Common equity tier 1 capital ratio(3)		10.8			11.2			11.1
Total capital ratio(3)		13.4	%		13.8	%		13.8	%

1) Represents period end unless otherwise noted.

2) Excludes loans held for sale.

3) Current reporting-period regulatory capital ratios are preliminary.

Total assets of $158.6 billion as of September 30, 2018 increased $3.2 billion, or 2%, from June 30, 2018, reflecting a $1.3 billion, or 1%, increase in loans and leases and a $1.7 billion increase tied to the FAMC acquisition, largely $828 million in loans held for sale and the $612 million mortgage servicing rights portfolio in non-interest earning assets. Compared to September 30, 2017, total assets increased $7.2 billion, or 5%, including the increase tied to the FAMC acquisition. Results also include a $4.6 billion, or 4%, increase in loans and leases, a $1.3 billion, or 5%, increase in investments and interest-bearing deposits as well as a $502 million increase in non-interest-earning assets, partially offset by a decrease in other loans held for sale.

Interest-earning assets							3Q18 change from
($s in millions)	3Q18		2Q18		3Q17		2Q18						3Q17
Period-end interest-earning assets							$			%			$			%
Investments and interest-bearing deposits	$	28,642	$	28,495	$	27,368	$	147			1	%	$	1,274			5	%
Commercial loans and leases		55,405		54,888		52,381		517			1			3,024			6
Retail loans		59,315		58,519		57,770		796			1			1,545			3
Total loans and leases		114,720		113,407		110,151		1,313			1			4,569			4
Loans held for sale, at fair value		1,303		521		500		782			150			803			161
Other loans held for sale		27		189		724		(162	)		(86	)		(697	)		(96	)
Total loans and leases and loans held for sale		116,050		114,117		111,375		1,933			2			4,675			4
Total period-end interest-earning assets	$	144,692	$	142,612	$	138,743	$	2,080			1	%	$	5,949			4	%
Average interest-earning assets
Investments and interest-bearing deposits	$	26,835	$	27,004	$	27,258	$	(169	)		(1	)%	$	(423	)		(2	)%
Commercial loans and leases		55,276		54,543		52,151		733			1			3,125			6
Retail loans		58,695		58,313		57,333		382			1			1,362			2
Total loans and leases		113,971		112,856		109,484		1,115			1			4,487			4
Loans held for sale, at fair value		1,228		470		503		758			161			725			144
Other loans held for sale		129		195		234		(66	)		(34	)		(105	)		(45	)
Total loans and leases and loans held for sale		115,328		113,521		110,221		1,807			2			5,107			5
Total average interest-earning assets	$	142,163	$	140,525	$	137,479	$	1,638			1	%	$	4,684			3	%

Period-end investments and interest-bearing deposits of $28.6 billion as of September 30, 2018 increased 1% from June 30, 2018. Compared with September 30, 2017, period-end investments and interest-bearing deposits increased$1.3 billion, or 5%, driven by an increase in cash positions. As of September 30, 2018, the average effective duration of the securities portfolio increased to 4.7 years compared to 4.5 years as of June 30, 2018, given higher long-term rates that drove an expected decrease in securities pre-payment speeds. As of September 30, 2017, the securities portfolio average effective duration was 3.8 years.

10

Citizens Financial Group, Inc.

Period-end loans and leases and loans held for sale of $116.1 billion as of September 30, 2018 increased $1.9 billion, or 2%, from $114.1 billion as of June 30, 2018, including an $828 million increase in loans held for sale tied to the FAMC acquisition. Results also reflect a $796 million increase in retail loans and a $517 million increase in commercial loans. Excluding the impact of FAMC,* period-end loans and leases and loans held for sale increased 1% from June 30, 2018.

Compared to September 30, 2017, period-end loans and leases and loans held for sale increased $4.7 billion, or 4%, including the impact of the FAMC acquisition. Results also reflect a $3.0 billion increase in commercial loans and leases as well as a $1.5 billion increase in retail loans. Excluding the impact of FAMC,* period-end loans and leases and loans held for sale increased 3% from September 30, 2017.

Average interest-earning assets of $142.2 billion increased $1.6 billion, or 1%, compared to second quarter 2018, and included a $790 million impact from the August 1, 2018 FAMC acquisition. Results reflect a $1.1 billion increase in loans and leases and a $692 million increase in loans held for sale, driven by the $724 million average impact of the FAMC acquisition. Commercial loan growth largely reflects strength in commercial real estate and selective commercial categories. Retail loan growth was driven by strength in residential mortgage, unsecured and education, partially offset by the planned reduction in auto, as well as lower home equity balances. Excluding the impact of FAMC,* average loan growth was 1%.

Compared to third quarter 2017, average interest-earning assets increased $4.7 billion, or 3%, driven by a $4.5 billion increase in loans and leases and a $620 million increase in loans held for sale, driven by the impact of the FAMC acquisition. These results were partially offset by a $423 million decrease in the investment securities portfolio and interest-bearing deposits, largely reflecting the impact of rising rates on securities valuations and lower cash balances. Average loans increased $4.5 billion, driven by a $3.1 billion increase in commercial loans with strength in Commercial Real Estate and in mid-corporate and middle market given geographic and industry expansion strategies, partially offset by the continued planned reduction in leasing. Results also reflected a $1.4 billion increase in retail loans, driven by strength in residential mortgage, education, unsecured and merchant-finance products, partially offset by a planned reduction in auto and lower home equity balances. Excluding the impact of FAMC,* average loan growth was 4%.

Deposits							3Q18 change from
($s in millions)	3Q18		2Q18		3Q17		2Q18						3Q17
Period-end deposits							$			%			$			%
Demand deposits	$	29,785	$	29,439	$	28,643	$	346			1	%	$	1,142			4	%
Checking with interest		22,323		22,775		21,756		(452	)		(2	)		567			3
Savings		10,523		9,902		9,470		621			6			1,053			11
Money market accounts		35,613		36,139		37,070		(526	)		(1	)		(1,457	)		(4	)
Term deposits		18,831		18,818		16,296		13			—			2,535			16
Total period-end deposits	$	117,075	$	117,073	$	113,235	$	2			—	%	$	3,840			3	%
Average deposits
Demand deposits	$	29,703	$	28,834	$	28,041	$	869			3	%	$	1,662			6	%
Checking with interest		21,780		22,185		21,909		(405	)		(2	)		(129	)		(1	)
Savings		10,198		9,889		9,491		309			3			707			7
Money market accounts		36,593		36,396		37,535		197			1			(942	)		(3	)
Term deposits		18,764		17,838		15,971		926			5			2,793			17
Total average deposits	$	117,038	$	115,142	$	112,947	$	1,896			2	%	$	4,091			4	%

11

Citizens Financial Group, Inc.

Total period-end deposits of $117.1 billion as of September 30, 2018 were stable with June 30, 2018, as growth in savings and demand deposits was partially offset by reductions in money market accounts and checking with interest. Compared to September 30, 2017, period-end deposits increased $3.8 billion, or 3%, reflecting growth in term deposits, demand deposits, savings and checking with interest, partially offset by lower money market accounts. The increase in demand deposits includes $624 million tied to the FAMC acquisition. Excluding the impact of FAMC,* sequential period-end deposit growth was relatively stable and year-over-year growth was 3%.

Third quarter 2018 average deposits of $117.0 billion increased $1.9 billion, or 2%, from second quarter 2018, reflecting growth in term deposits, demand deposits, savings and money market accounts, partially offset by lower checking with interest. Compared to third quarter 2017, average deposits increased $4.1 billion, or 4%, reflecting growth in term deposits, demand deposits and savings, partially offset by lower money market accounts and checking with interest. The increase in demand deposits includes $442 million tied to the FAMC acquisition. Excluding the impact of FAMC,* sequential average deposit growth was 1% and year-over-year growth was 3%.

Borrowed funds							3Q18 change from
($s in millions)	3Q18		2Q18		3Q17		2Q18						3Q17
Period-end borrowed funds							$			%			$			%
Federal funds purchased and securities sold under agreements to repurchase	$	374	$	326	$	453	$	48			15	%	$	(79	)		(17	)%
Other short-term borrowed funds		2,006		1,499		1,505		507			34			501			33
Long-term Borrowed funds
FHLB advances		8,012		6,010		5,361		2,002			33			2,651			49
Senior debt		5,977		5,981		6,045		(5	)		NM			(68	)		NM
Subordinated debt and other debt		1,650		1,650		1,994		—			NM			(344	)		NM
Total borrowed funds	$	18,019	$	15,466	$	15,358	$	2,553			17	%	$	2,661			17	%
Average borrowed funds	$	15,675	$	15,575	$	14,567	$	100			1	%	$	1,108			8	%

Total period-end borrowed funds of $18.0 billion as of September 30, 2018 increased $2.6 billion, or 17%, compared to June 30, 2018, primarily reflecting a $500 million increase in short-term Federal Home Loan Bank “FHLB” borrowings, and a $2.0 billion increase in long-term FHLB borrowings.

Compared to September 30, 2017, total period-end borrowed funds increased $2.7 billion, or 17%, primarily reflecting a $2.7 billion increase in long-term FHLB borrowings and a $501 million increase in other short-term borrowed funds, partially offset by a $344 million decrease in subordinated debt and other debt.

Capital										3Q18 change from
($s and shares in millions except per share data)	3Q18			2Q18			3Q17			2Q18						3Q17
Period-end capital										$			%			$			%
Stockholders’ equity	$	20,276		$	20,467		$	20,109		$	(191	)		(1	)%	$	167			1	%
Stockholders’ common equity		19,733			19,924			19,862			(191	)		(1	)		(129	)		(1	)
Tangible common equity		13,117			13,394			13,512			(277	)		(2	)		(395	)		(3	)
Tangible book value per common share	$	27.66		$	27.67		$	27.05		$	(0.01	)		—		$	0.61			2
Common shares - at end of period		474.1			484.1			499.5			(9.9	)		(2	)		(25.4	)		(5	)
Common shares - average (diluted)		477.6			486.1			502.2			(8.5	)		(2	)%		(24.6	)		(5	)%
Common equity tier 1 capital ratio(1)		10.8	%		11.2	%		11.1	%
Total capital ratio(1)		13.4			13.8			13.8
Tier 1 leverage ratio(1)		9.9	%		10.2	%		9.9	%

1) Current reporting-period regulatory capital ratios are preliminary.

12

Citizens Financial Group, Inc.

As of September 30, 2018, our Basel III capital ratios remained well in excess of applicable regulatory requirements with a CET1 ratio of 10.8% compared to 11.2% as of June 30, 2018 and 11.1% as of September 30, 2017, and a total capital ratio of 13.4% versus total capital ratios of 13.8% as of June 30, 2018 and 13.8% as of September 30, 2017. Our capital ratios continue to reflect progress towards our objective of aligning our capital profile with that of peer regional banks, while maintaining a strong capital base to continue to drive future performance.

As part of CFG’s 2018 Capital Plan (the “Plan”), during third quarter 2018, the company increased its dividend by 23% and repurchased $400 million of common shares at a weighted-average price of $39.83. Total capital returned to stockholders was $529 million. The Plan also anticipates the potential to raise the quarterly common dividend per share an additional 19% to $0.32 per share beginning in first quarter 2019. Future capital actions are subject to consideration and approval by CFG’s Board of Directors.

Credit quality review										3Q18 change from
($s in millions)	3Q18			2Q18			3Q17			2Q18						3Q17
										$			%			$			%
Nonperforming loans and leases	$	832		$	845		$	932		$	(13	)		(2	)%	$	(100	)		(11	)%
Net charge-offs		86			76			65			10			13			21			32
Provision for credit losses		78			85			72			(7	)		(8	)		6			8
Allowance for loan and lease losses	$	1,242		$	1,253		$	1,224		$	(11	)		(1	)%	$	18			1	%
Total nonperforming loans and leases as a % of total loans and leases		0.73	%		0.75	%		0.85	%		(2	) bps					(12	) bps
Net charge-offs as % of total loans and leases		0.30			0.27			0.24			3	bps					6	bps
Allowance for loan and lease losses as a % of total loans and leases		1.08	%		1.10	%		1.11	%		(2	) bps					(3	) bps
Allowance for loan and lease losses as a % of nonperforming loans and leases		149.3	%		148.2	%		131.4	%		109	bps					NM

Overall credit quality remains strong, reflecting the benefit of continued growth in lower-risk retail loan portfolios and a relatively stable risk profile in commercial. As of September 30, 2018, nonperforming loans and leases (“NPLs”) of $832 million decreased $13 million, or 2%, from June 30, 2018, reflecting a reduction in commercial NPLs, primarily driven by a reduction in non-performing commodities-related credits and a modest increase in retail reflecting the impact of the FAMC acquisition and a seasonal increase in auto. Compared to September 30, 2017, NPLs decreased $100 million, or 11%, reflecting a $67 million decrease in commercial, driven by a reduction in non-performing commodities-related credits, and a $33 million decrease in retail tied to improvement in real estate secured portfolios, partially offset by the impact of FAMC. The non-performing loans and leases to total loans and leases ratio of 0.73% as of September 30, 2018 improved from 0.75% as of June 30, 2018 and improved from 0.85% as of September 30, 2017.

Third quarter 2018 net charge-offs of $86 million increased $10 million, or 13%, from second quarter 2018, largely reflecting a $6 million increase in retail, driven by seasonally higher auto charge-offs and expected seasoning in growth categories, partially offset by seasonally lower education losses, and a $4 million increase in commercial. Compared to third quarter 2017, net charge-offs increased $21 million, or 32%, reflecting a $16 million increase in commercial, driven by lower recoveries, and a $5 million increase in retail, driven by expected seasoning in growth portfolios.

The third quarter 2018 allowance for loan and lease losses of $1.2 billion decreased $11 million compared to second quarter 2018 and increased $18 million compared to third quarter 2017.

13

Citizens Financial Group, Inc.

The allowance for loan and lease losses to total loans and leases ratio of 1.08% as of September 30, 2018 remained relatively stable with June 30, 2018 and September 30, 2017 levels. The allowance for loan and lease losses to non-performing loans and leases ratio of 149% as of September 30, 2018 improved from 148% as of June 30, 2018 and 131% as of September 30, 2017.

Corresponding Financial Tables and Information

Investors are encouraged to review the foregoing summary and discussion of Citizens’ earnings and financial condition in conjunction with the detailed financial tables and other information available on the Investor Relations portion of the company’s website at www.citizensbank.com/about-us.

Media:      Peter Lucht - 781.655.2289

Investors: Ellen A. Taylor - 203.900.6854

Conference Call

CFG management will host a live conference call today with details as follows:

Time:        9:00 am ET

Dial-in:    (800) 230-1074, conference ID 443613

Webcast/Presentation: The live webcast will be available at http://investor.citizensbank.com under Events & Presentations.

Replay Information: A replay of the conference call will be available beginning at 11:00 am ET on October 19, 2018 through November 19, 2018. Please dial (800) 475-6701 and enter access code 443613. The webcast replay will be available at http://investor.citizensbank.com under Events & Presentations.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $158.6 billion in assets as of September 30, 2018. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 2,900 ATMs and approximately 1,150 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services, including lending and deposits, capital markets, treasury services, foreign exchange and interest rate products and asset finance. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.

14

Citizens Financial Group, Inc.

Key Performance Metrics and Non-GAAP Financial Measures and Reconciliations

(in millions, except share, per-share and ratio data)

Key Performance Metrics:

Our Management uses certain key performance metrics (KPMs) to gauge our progress against strategic and operational goals, as well as to compare our performance against peers. The KPMs are referred to in our Registration Statements on Form S-1 and our external financial reports filed with the Securities and Exchange Commission. The KPMs include:

• Return on average tangible common equity (ROTCE);

• Return on average total tangible assets (ROTA);

• Efficiency ratio;

• Operating leverage; and

• Common equity tier 1 capital ratio.

Established targets for the KPMs are based on Management-reporting results and are referred to by the Company as “Underlying” results. We believe that “Underlying” results, which exclude notable items, as applicable, provide the best representation of our underlying financial progress toward the KPMs as they exclude items that our Management does not consider indicative of our on-going financial performance. We have consistently shown these metrics on this basis to investors since our initial public offering in September of 2014. KPMs that reflect “Underlying” results are considered non-GAAP financial measures.

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.

15

Citizens Financial Group, Inc.

Key performance metrics, non-GAAP financial measures and reconciliations

(in millions, except share, per-share and ratio data)

		QUARTERLY TRENDS
														3Q18 Change
		3Q18			2Q18		1Q18		4Q17			3Q17		2Q18						3Q17
														$			%			$			%
Noninterest income, Underlying:
Noninterest income (GAAP)		$	416		$	388	$	371	$	404		$	381	$	28			7	%	$	35			9	%
Less: Notable items			—			—		—		17			—		—			—			—			—
Noninterest income, Underlying (non-GAAP)		$	416		$	388	$	371	$	387		$	381	$	28			7	%	$	35			9	%
Total revenue, Underlying:
Total revenue (GAAP)	A	$	1,564		$	1,509	$	1,462	$	1,484		$	1,443	$	55			4	%	$	121			8	%
Less: Notable items			—			—		—		17			—		—			—			—			—
Total revenue, Underlying (non-GAAP)	B	$	1,564		$	1,509	$	1,462	$	1,467		$	1,443	$	55			4	%	$	121			8	%
Noninterest expense, Underlying:
Noninterest expense (GAAP)	C	$	910		$	875	$	883	$	898		$	858	$	35			4	%	$	52			6	%
Less: Notable items			9			—		—		40			—		9			100			9			100
Noninterest expense, Underlying (non-GAAP)	D	$	901		$	875	$	883	$	858		$	858	$	26			3	%	$	43			5	%
Pre-provision profit:
Total revenue (GAAP)	A	$	1,564		$	1,509	$	1,462	$	1,484		$	1,443	$	55			4	%	$	121			8	%
Less: Noninterest expense (GAAP)	C		910			875		883		898			858		35			4			52			6
Pre-provision profit (GAAP)		$	654		$	634	$	579	$	586		$	585	$	20			3	%	$	69			12	%
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)	B	$	1,564		$	1,509	$	1,462	$	1,467		$	1,443	$	55			4	%	$	121			8	%
Less: Noninterest expense, Underlying (non-GAAP)	D		901			875		883		858			858		26			3			43			5
Pre-provision profit, Underlying (non-GAAP)		$	663		$	634	$	579	$	609		$	585	$	29			5	%	$	78			13	%
Total credit-related costs, Underlying:
Provision for credit losses (GAAP)		$	78		$	85	$	78	$	83		$	72	($	7	)		(8	%)	$	6			8	%
Add: Notable items			—			—		—		—			—		—			—			—			—
Total credit-related costs, Underlying (non-GAAP)		$	78		$	85	$	78	$	83		$	72	($	7	)		(8	%)	$	6			8	%
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)	E	$	576		$	549	$	501	$	503		$	513	$	27			5	%	$	63			12	%
Less: Income before income tax expense (benefit) related to notable items			(9	)		—		—		(23	)		—		(9	)		(100	)		(9	)		(100	)
Income before income tax expense, Underlying (non-GAAP)	F	$	585		$	549	$	501	$	526		$	513	$	36			7	%	$	72			14	%
Income tax expense, Underlying:
Income tax expense (benefit) (GAAP)	G	$	133		$	124	$	113	($	163	)	$	165	$	9			7	%	($	32	)		(19	%)
Less: Income tax expense (benefit) related to notable items			(2	)		—		—		(340	)		—		(2	)		(100	)		(2	)		(100	)
Income tax expense, Underlying (non-GAAP)	H	$	135		$	124	$	113	$	177		$	165	$	11			9	%	($	30	)		(18	%)
Net income, Underlying:
Net income (GAAP)	I	$	443		$	425	$	388	$	666		$	348	$	18			4	%	$	95			27	%
Add: Notable items, net of income tax expense (benefit)			7			—		—		(317	)		—		7			100			7			100
Net income, Underlying (non-GAAP)	J	$	450		$	425	$	388	$	349		$	348	$	25			6	%	$	102			29	%
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)	K	$	436		$	425	$	381	$	666		$	341	$	11			3	%	$	95			28	%
Add: Notable items, net of income tax expense (benefit)			7			—		—		(317	)		—		7			100			7			100
Net income available to common stockholders, Underlying (non-GAAP)	L	$	443		$	425	$	381	$	349		$	341	$	18			4	%	$	102			30	%

16

Citizens Financial Group, Inc.

Key performance metrics, non-GAAP financial measures and reconciliations (continued)

(in millions, except share, per-share and ratio data)

		QUARTERLY TRENDS
																	3Q18 Change
		3Q18			2Q18			1Q18			4Q17			3Q17			2Q18						3Q17
																	$/bps			%			$/bps			%
Operating leverage:
Total revenue (GAAP)	A	$	1,564		$	1,509		$	1,462		$	1,484		$	1,443		$	55			3.65	%	$	121			8.44	%
Less: Noninterest expense (GAAP)	C		910			875			883			898			858			35			4.09			52			6.23
Operating leverage																					(0.44	%)					2.21	%
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)	B	$	1,564		$	1,509		$	1,462		$	1,467		$	1,443		$	55			3.67	%	$	121			8.46	%
Less: Noninterest expense, Underlying (non-GAAP)	D		901			875			883			858			858			26			3.08			43			5.20
Operating leverage, Underlying (non-GAAP)																					0.59	%					3.26	%
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio	C/A		58.20	%		57.95	%		60.43	%		60.52	%		59.41	%		25	bps					(121	) bps
Efficiency ratio, Underlying (non-GAAP)	D/B		57.62			57.95			60.43			58.50			59.41			(33	) bps					(179	) bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate	G/E		23.16	%		22.58	%		22.52	%		(32.40	%)		32.18	%		58	bps					(902	) bps
Effective income tax rate, Underlying (non-GAAP)	H/F		23.20			22.58			22.52			33.68			32.18			62	bps					(898	) bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)	M	$	19,599		$	19,732		$	19,732		$	19,624		$	19,728		($	133	)		(1	%)	($	129	)		(1	%)
Return on average common equity	K/M		8.82	%		8.65	%		7.83	%		13.46	%		6.87	%		17	bps					195	bps
Return on average common equity, Underlying (non-GAAP)	L/M		8.96			8.65			7.83			7.05			6.87			31	bps					209	bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)	M	$	19,599		$	19,732		$	19,732		$	19,624		$	19,728		($	133	)		(1	%)	($	129	)		(1	%)
Less: Average goodwill (GAAP)			6,926			6,887			6,887			6,887			6,887			39			1			39			1
Less: Average other intangibles (GAAP)			22			2			2			2			2			20			NM			20			NM
Add: Average deferred tax liabilities related to goodwill (GAAP)			360			357			355			531			537			3			1			(177	)		(33	)
Average tangible common equity	N	$	13,011		$	13,200		$	13,198		$	13,266		$	13,376		($	189	)		(1	%)	($	365	)		(3	%)
Return on average tangible common equity	K/N		13.29	%		12.93	%		11.71	%		19.92	%		10.13	%		36	bps					316	bps
Return on average tangible common equity, Underlying (non-GAAP)	L/N		13.50			12.93			11.71			10.43			10.13			57	bps					337	bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)	O	$	155,624		$	153,253		$	151,523		$	151,111		$	150,012		$	2,371			2	%	$	5,612			4	%
Return on average total assets	I/O		1.13	%		1.11	%		1.04	%		1.75	%		0.92	%		2	bps					21	bps
Return on average total assets, Underlying (non-GAAP)	J/O		1.15			1.11			1.04			0.92			0.92			4	bps					23	bps
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)	O	$	155,624		$	153,253		$	151,523		$	151,111		$	150,012		$	2,371			2	%	$	5,612			4	%
Less: Average goodwill (GAAP)			6,926			6,887			6,887			6,887			6,887			39			1			39			1
Less: Average other intangibles (GAAP)			22			2			2			2			2			20			NM			20			NM
Add: Average deferred tax liabilities related to goodwill (GAAP)			360			357			355			531			537			3			1			(177	)		(33	)
Average tangible assets	P	$	149,036		$	146,721		$	144,989		$	144,753		$	143,660		$	2,315			2	%	$	5,376			4	%
Return on average total tangible assets	I/P		1.18	%		1.16	%		1.08	%		1.83	%		0.96	%		2	bps					22	bps
Return on average total tangible assets, Underlying (non-GAAP)	J/P		1.20			1.16			1.08			0.96			0.96			4	bps					24	bps

17

Citizens Financial Group, Inc.

Key performance metrics, non-GAAP financial measures and reconciliations (continued)

(in millions, except share, per-share and ratio data)

		QUARTERLY TRENDS
																	3Q18 Change
		3Q18			2Q18			1Q18			4Q17			3Q17			2Q18						3Q17
																	$/bps			%			$/bps			%
Tangible book value per common share:
Common shares - at period-end (GAAP)	Q		474,120,616			484,055,194			487,551,444			490,812,912			499,505,285			(9,934,578	)		(2	%)		(25,384,669	)		(5	%)
Common stockholders’ equity (GAAP)		$	19,733		$	19,924		$	19,812		$	20,023		$	19,862		($	191	)		(1	)	($	129	)		(1	)
Less: Goodwill (GAAP)			6,946			6,887			6,887			6,887			6,887			59			1			59			1
Less: Other intangible assets (GAAP)			33			2			2			2			2			31			NM			31			NM
Add: Deferred tax liabilities related to goodwill (GAAP)			363			359			357			355			539			4			1			(176	)		(33	)
Tangible common equity	R	$	13,117		$	13,394		$	13,280		$	13,489		$	13,512		($	277	)		(2	%)	($	395	)		(3	%)
Tangible book value per common share	R/Q	$	27.66		$	27.67		$	27.24		$	27.48		$	27.05		($	0.01	)		—	%	$	0.61			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)	S		475,957,526			484,744,354			487,500,618			492,149,763			500,861,076			(8,786,828	)		(2	%)		(24,903,550	)		(5	%)
Average common shares outstanding - diluted (GAAP)	T		477,599,917			486,141,695			489,266,826			493,788,007			502,157,384			(8,541,778	)		(2	)		(24,557,467	)		(5	)
Net income per average common share - basic (GAAP)	K/S	$	0.92		$	0.88		$	0.78		$	1.35		$	0.68		$	0.04			5		$	0.24			35
Net income per average common share - diluted (GAAP)	K/T		0.91			0.88			0.78			1.35			0.68			0.03			3			0.23			34
Net income per average common share - basic, Underlying (non-GAAP)	L/S		0.93			0.88			0.78			0.71			0.68			0.05			6			0.25			37
Net income per average common share - diluted, Underlying (non-GAAP)	L/T		0.93			0.88			0.78			0.71			0.68			0.05			6			0.25			37
Dividend payout ratio and dividend payout ratio, Underlying:
Cash dividends declared and paid per common share	U	$	0.27		$	0.22		$	0.22		$	0.18		$	0.18		$	0.05			23	%	$	0.09			50	%
Dividend payout ratio	U/(K/S)		29	%		25	%		28	%		13	%		26	%		400	bps					300	bps
Dividend payout ratio, Underlying (non-GAAP)	U/(L/S)		29			25			28			25			26			400	bps					300	bps
Other income, Underlying
Other income (GAAP)		$	17		$	15		$	17		$	40		$	18		$	2			13	%	($	1	)		(6	%)
Less: Notable items			—			—			—			17			—			—			—			—			—
Other income, Underlying (non-GAAP)		$	17		$	15		$	17		$	23		$	18		$	2			13	%	($	1	)		(6	%)
Salaries and employee benefits, Underlying1:
Salaries and employee benefits (GAAP)		$	474		$	453		$	470		$	450		$	438		$	21			5	%	$	36			8	%
Less: Notable items			5			—			—			17			—			5			100			5			100
Salaries and employee benefits, Underlying (non-GAAP)1		$	469		$	453		$	470		$	433		$	438		$	16			4	%	$	31			7	%
Outside services, Underlying:
Outside services (GAAP)		$	107		$	106		$	99		$	118		$	99		$	1			1	%	$	8			8	%
Less: Notable items			1			—			—			12			—			1			100			1			100
Outside services, Underlying (non-GAAP)		$	106		$	106		$	99		$	106		$	99		$	—			—	%	$	7			7	%
Other operating expense, Underlying1:
Other operating expense (GAAP)1		$	131		$	127		$	120		$	137		$	133		$	4			3	%	($	2	)		(2	%)
Less: Notable items			3			—			—			11			—			3			100			3			100
Other operating expense, Underlying (non-GAAP)1		$	128		$	127		$	120		$	126		$	133		$	1			1	%	($	5	)		(4	%)

¹  As of January 1, 2018, we retrospectively adopted ASU 2017-07, Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which requires the service cost component of net periodic pension and postretirement benefit cost to be reported separately in the Consolidated Statements of Operations from the other components. Prior periods have been adjusted to conform with the current period presentation.

18

Citizens Financial Group, Inc.

Key performance metrics, non-GAAP financial measures and reconciliations – Underlying excluding FAMC

(in millions, except share, per-share and ratio data)

		QUARTERLY TRENDS
																	3Q18 Change
		3Q18			2Q18			1Q18			4Q17			3Q17			2Q18						3Q17
																	$			%			$			%
Net interest income, Underlying excluding FAMC:
Net interest income (GAAP)		$	1,148		$	1,121		$	1,091		$	1,080		$	1,062		$	27			2	%	$	86			8	%
Less: FAMC Impact			2			—			—			—			—			2			100			2			100
Net interest income, Underlying excluding FAMC (non-GAAP)		$	1,146		$	1,121		$	1,091		$	1,080		$	1,062		$	25			2	%	$	84			8	%
Net interest margin, Underlying excluding FAMC:
Net interest margin (GAAP)			3.19	%		3.18	%		3.16	%		3.08	%		3.05	%		1	bps					14	bps
Less: FAMC impact			(0.01	)		—			—			—			—			(1	) bps					(1	) bps
Net interest margin, Underlying excluding FAMC (non-GAAP)			3.20	%		3.18	%		3.16	%		3.08	%		3.05	%		2	bps					15	bps
Noninterest income, Underlying excluding FAMC:
Noninterest income (GAAP)		$	416		$	388		$	371		$	404		$	381		$	28			7	%	$	35			9	%
Less: Notable items			—			—			—			17			—			—			—			—			—
Less: FAMC impact			24			—			—			—			—			24			100			24			100
Noninterest income, Underlying excluding FAMC (non-GAAP)		$	392		$	388		$	371		$	387		$	381		$	4			1	%	$	11			3	%
Total revenue, Underlying excluding FAMC:
Total revenue (GAAP)	A	$	1,564		$	1,509		$	1,462		$	1,484		$	1,443		$	55			4	%	$	121			8	%
Less: Notable items			—			—			—			17			—			—			—			—			—
Less: FAMC impact			26			—			—			—			—			26			100			26			100
Total revenue, Underlying excluding FAMC (non-GAAP)	B	$	1,538		$	1,509		$	1,462		$	1,467		$	1,443		$	29			2	%	$	95			7	%
Noninterest expense, Underlying excluding FAMC:
Noninterest expense (GAAP)	C	$	910		$	875		$	883		$	898		$	858		$	35			4	%	$	52			6	%
Less: Notable items			9			—			—			40			—			9			100			9			100
Less: FAMC impact			25			—			—			—			—			25			100			25			100
Noninterest expense, Underlying excluding FAMC (non-GAAP)	D	$	876		$	875		$	883		$	858		$	858		$	1			—	%	$	18			2	%
Pre-provision profit:
Total revenue (GAAP)	A	$	1,564		$	1,509		$	1,462		$	1,484		$	1,443		$	55			4	%	$	121			8	%
Less: Noninterest expense (GAAP)	C		910			875			883			898			858			35			4			52			6
Pre-provision profit (GAAP)		$	654		$	634		$	579		$	586		$	585		$	20			3	%	$	69			12	%
Pre-provision profit, Underlying excluding FAMC:
Total revenue, Underlying excluding FAMC (non-GAAP)	B	$	1,538		$	1,509		$	1,462		$	1,467		$	1,443		$	29			2	%	$	95			7	%
Less: Noninterest expense, Underlying excluding FAMC (non-GAAP)	D		876			875			883			858			858			1			—			18			2
Pre-provision profit, Underlying excluding FAMC (non-GAAP)		$	662		$	634		$	579		$	609		$	585		$	28			4	%	$	77			13	%
Income before income tax expense, Underlying excluding FAMC:
Income before income tax expense (GAAP)		$	576		$	549		$	501		$	503		$	513		$	27			5	%	$	63			12	%
Less: Income before income tax expense (benefit) related to notable items			(9	)		—			—			(23	)		—			(9	)		(100	)		(9	)		(100	)
Less: Income before income tax expense (benefit) related to FAMC impact			1			—			—			—			—			1			100			1			100
Income before income tax expense, Underlying excluding FAMC (non-GAAP)		$	584		$	549		$	501		$	526		$	513		$	35			6	%	$	71			14	%
Income tax expense, Underlying excluding FAMC:
Income tax expense (benefit) (GAAP)		$	133		$	124		$	113		($	163	)	$	165		$	9			7	%	($	32	)		(19	%)
Less: Income tax expense (benefit) related to notable items			(2	)		—			—			(340	)		—			(2	)		(100	)		(2	)		(100	)
Less: Income tax expense (benefit) related to FAMC			—			—			—			—			—			—			—			—			—
Income tax expense, Underlying excluding FAMC (non-GAAP)		$	135		$	124		$	113		$	177		$	165		$	11			9	%	$	(30	)		(18	%)
Net income, Underlying excluding FAMC:
Net income (GAAP)		$	443		$	425		$	388		$	666		$	348		$	18			4	%	$	95			27	%
Add: Notable items, net of income tax expense (benefit)			7			—			—			(317	)		—			7			100			7			100
Add: FAMC impact, net of income tax expense (benefit)			(1	)		—			—			—			—			(1	)		(100	)		(1	)		(100	)
Net income, Underlying excluding FAMC (non-GAAP)		$	449		$	425		$	388		$	349		$	348		$	24			6	%	$	101			29	%

19

Citizens Financial Group, Inc.

Key performance metrics, non-GAAP financial measures and reconciliations – Underlying excluding FAMC (continued)

(in millions, except share, per-share and ratio data)

		QUARTERLY TRENDS
																	3Q18 Change
		3Q18			2Q18			1Q18			4Q17			3Q17			2Q18						3Q17
																	$			%			$			%
Net income available to common stockholders, Underlying excluding FAMC:
Net income available to common stockholders (GAAP)	E	$	436		$	425		$	381		$	666		$	341		$	11			3	%	$	95			28	%
Add: Notable items, net of income tax expense (benefit)			7			—			—			(317	)		—			7			100			7			100
Add: FAMC impact, net of income tax expense (benefit)			(1	)		—			—			—			—			(1	)		(100	)		(1	)		(100	)
Net income available to common stockholders, Underlying excluding FAMC (non-GAAP)	F	$	442		$	425		$	381		$	349		$	341		$	17			4	%	$	101			30	%
Operating leverage:
Total revenue (GAAP)	A	$	1,564		$	1,509		$	1,462		$	1,484		$	1,443		$	55			3.65	%	$	121			8.44	%
Less: Noninterest expense (GAAP)	C		910			875			883			898			858			35			4.09			52			6.23
Operating leverage																					(0.44	%)					2.21	%
Operating leverage, Underlying excluding FAMC:
Total revenue, Underlying excluding FAMC (non-GAAP)	B	$	1,538		$	1,509		$	1,462		$	1,467		$	1,443		$	29			1.91	%	$	95			6.62	%
Less: Noninterest expense, Underlying excluding FAMC (non-GAAP)	D		876			875			883			858			858			1			0.14			18			2.20
Operating leverage, Underlying excluding FAMC (non-GAAP)																					1.77	%					4.42	%
Efficiency ratio and efficiency ratio, Underlying excluding FAMC:
Efficiency ratio	C/A		58.20	%		57.95	%		60.43	%		60.52	%		59.41	%		25	bps					(121	) bps
Efficiency ratio, Underlying excluding FAMC (non-GAAP)	D/B		56.95			57.95			60.43			58.50			59.41			(100	) bps					(246	) bps
Return on average tangible common equity:
Average common equity (GAAP)		$	19,599		$	19,732		$	19,732		$	19,624		$	19,728		($	133	)		(1	%)	($	129	)		(1	%)
Less: Average goodwill (GAAP)			6,926			6,887			6,887			6,887			6,887			39			1			39			1
Less: Average other intangibles (GAAP)			22			2			2			2			2			20			NM			20			NM
Add: Average deferred tax liabilities related to goodwill (GAAP)			360			357			355			531			537			3			1			(177	)		(33	)
Average tangible common equity	G	$	13,011		$	13,200		$	13,198		$	13,266		$	13,376		($	189	)		(1	%)	($	365	)		(3	%)
Return on average tangible common equity	E/G		13.29	%		12.93	%		11.71	%		19.92	%		10.13	%		36	bps					316	bps
Return on average tangible common equity, Underlying excluding FAMC:
Average common equity, Underlying excluding FAMC (non-GAAP)		$	19,600		$	19,732		$	19,732		$	19,624		$	19,728		($	132	)		(1	%)	($	128	)		(1	%)
Less: Average goodwill, Underlying excluding FAMC (non-GAAP)			6,887			6,887			6,887			6,887			6,887			—			—			—			—
Less: Average other intangibles, Underlying excluding FAMC (non-GAAP)			2			2			2			2			2			—			—			—			—
Add: Average deferred tax liabilities related to goodwill, Underlying excluding FAMC (non-GAAP)			360			357			355			531			537			3			1			(177	)		(33	)
Average tangible common equity, Underlying excluding FAMC (non-GAAP)	H	$	13,071		$	13,200		$	13,198		$	13,266		$	13,376		($	129	)		(1	%)	($	305	)		(2	%)
Return on average tangible common equity, Underlying excluding FAMC (non-GAAP)	F/H		13.41	%		12.93	%		11.71	%		10.43	%		10.13	%		48	bps					328	bps

20

Citizens Financial Group, Inc.

Key performance metrics, non-GAAP financial measures and reconciliations – Underlying excluding FAMC (continued)

(in millions, except share, per-share and ratio data)

	QUARTERLY TRENDS
											3Q18 Change
	3Q18		2Q18		1Q18		4Q17		3Q17		2Q18						3Q17
											$			%			$			%
Mortgage banking fees, Underlying excluding FAMC:
Mortgage banking fees (GAAP)	$	49	$	27	$	25	$	28	$	27	$	22			81	%	$	22			81	%
Less: FAMC impact		24		—		—		—		—		24			100			24			100
Mortgage banking fees, Underlying excluding FAMC (non-GAAP)	$	25	$	27	$	25	$	28	$	27	($	2	)		(7	%)	($	2	)		(7	%)
Other income, Underlying excluding FAMC:
Other income (GAAP)	$	17	$	15	$	17	$	40	$	18	$	2			13	%	($	1	)		(6	%)
Less: Notable items		—		—		—		17		—		—			—			—			—
Less: FAMC impact		—		—		—		—		—		—			—			—			—
Other income, Underlying excluding FAMC (non-GAAP)	$	17	$	15	$	17	$	23	$	18	$	2			13	%	($	1	)		(6	%)
Salaries and employee benefits, Underlying excluding FAMC1:
Salaries and employee benefits (GAAP)	$	474	$	453	$	470	$	450	$	438	$	21			5	%	$	36			8	%
Less: Notable items		5		—		—		17		—		5			100			5			100
Less: FAMC impact		16		—		—		—		—		16			100			16			100
Salaries and employee benefits, Underlying excluding FAMC (non-GAAP)1	$	453	$	453	$	470	$	433	$	438	$	—			—	%	$	15			3	%
Outside services, Underlying excluding FAMC:
Outside services (GAAP)	$	107	$	106	$	99	$	118	$	99	$	1			1	%	$	8			8	%
Less: Notable items		1		—		—		12		—		1			100			1			100
Less: FAMC impact		5		—		—		—		—		5			100			5			100
Outside services, Underlying excluding FAMC (non-GAAP)	$	101	$	106	$	99	$	106	$	99	($	5	)		(5	%)	$	2			2	%
Occupancy, Underlying excluding FAMC:
Occupancy (GAAP)	$	81	$	79	$	81	$	80	$	78	$	2			3	%	$	3			4	%
Less: Notable items		—		—		—		—		—		—			—			—			—
Less: FAMC impact		1		—		—		—		—		1			100			1			100
Occupancy, Underlying excluding FAMC (non-GAAP)	$	80	$	79	$	81	$	80	$	78	$	1			1	%	$	2			3	%
Equipment expense, Underlying excluding FAMC:
Equipment expense (GAAP)	$	70	$	64	$	67	$	67	$	65	$	6			9	%	$	5			8	%
Less: Notable items		—		—		—		—		—		—			—			—			—
Less: FAMC impact		1		—		—		—		—		1			100			1			100
Equipment expense, Underlying excluding FAMC (non-GAAP)	$	69	$	64	$	67	$	67	$	65	$	5			8	%	$	4			6	%
Other operating expense, Underlying excluding FAMC1:
Other operating expense (GAAP)1	$	131	$	127	$	120	$	137	$	133	$	4			3	%	($	2	)		(2	%)
Less: Notable items		3		—		—		11		—		3			100			3			100
Less: FAMC impact		2		—		—		—		—		2			100			2			100
Other operating expense, Underlying excluding FAMC (non-GAAP)1	$	126	$	127	$	120	$	126	$	133	($	1	)		(1	%)	($	7	)		(5	%)

1 As of January 1, 2018, we retrospectively adopted ASU 2017-07, Compensation - Retirement Benefits (Topic 715): improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which requires the service cost component of net periodic pension and postretirement benefit cast to be reported separately in the Consolidated Statements of Operations from the other components. Prior periods have been adjusted to conform with the current period presentation.

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Citizens Financial Group, Inc.

Key performance metrics, non-GAAP financial measures and reconciliations – Underlying excluding FAMC (continued)

(in millions, except share, per-share and ratio data)

	QUARTERLY TRENDS
											3Q18 Change
	3Q18		2Q18		1Q18		4Q17		3Q17		2Q18						3Q17
											$			%			$		%
Total assets, Underlying excluding FAMC (period-end):
Total assets (GAAP)	$	158,598	$	155,431	$	153,453	$	152,336	$	151,356	$	3,167			2	%	$	7,242		5	%
Less: FAMC impact		1,721		—		—		—		—		1,721			100			1,721		100
Total assets, Underlying excluding FAMC (non-GAAP) (period-end)	$	156,877	$	155,431	$	153,453	$	152,336	$	151,356	$	1,446			1	%	$	5,521		4	%
Loans and leases and loans held for sale, Underlying excluding FAMC (period-end):
Loans and Leases and loans held for sale (GAAP)	$	116,050	$	114,117	$	112,225	$	111,335	$	111,375	$	1,933			2	%	$	4,675		4	%
Less: FAMC impact		932		—		—		—		—		932			100			932		100
Total loans and leases and loans held for sale, Underlying excluding FAMC (non-GAAP) (period-end)	$	115,118	$	114,117	$	112,225	$	111,335	$	111,375	$	1,001			1	%	$	3,743		3	%
Average loans and leases and loans held for sale, Underlying excluding FAMC:
Average loans and leases and loans held for sale (GAAP)	$	115,328	$	113,521	$	111,790	$	111,217	$	110,221	$	1,807			2	%	$	5,107		5	%
Less: FAMC impact		790		—		—		—		—		790			100			790		100
Total average loans and leases and loans held for sale, Underlying excluding FAMC (non-GAAP)	$	114,538	$	113,521	$	111,790	$	111,217	$	110,221	$	1,017			1	%	$	4,317		4	%
Total average loans and leases, Underlying excluding FAMC:
Total average loans (GAAP)	$	113,971	$	112,856	$	111,115	$	110,450	$	109,484	$	1,115			1	%	$	4,487		4	%
Less: FAMC impact		66		—		—		—		—		66			100			66		100
Total average loans and leases, Underlying excluding FAMC (non-GAAP)	$	113,905	$	112,856	$	111,115	$	110,450	$	109,484	$	1,049			1	%	$	4,421		4	%
Total average interest-earning assets, Underlying excluding FAMC:
Average interest-earning assets (GAAP)	$	142,163	$	140,525	$	138,671	$	138,429	$	137,479	$	1,638			1	%	$	4,684		3	%
Less: FAMC impact		790		—		—		—		—		790			100			790		100
Total average interest-earning assets, Underlying excluding FAMC (non-GAAP)	$	141,373	$	140,525	$	138,671	$	138,429	$	137,479	$	848			1	%	$	3,894		3	%
Total deposits, Underlying excluding FAMC (period-end):
Total deposits (GAAP)	$	117,075	$	117,073	$	115,730	$	115,089	$	113,235	$	2			—	%	$	3,840		3	%
Less: FAMC impact		624		—		—		—		—		624			100			624		100
Total deposits, Underlying excluding FAMC (non-GAAP) (period-end)	$	116,451	$	117,073	$	115,730	$	115,089	$	113,235	($	622	)		(1	%)	$	3,216		3	%
Total average deposits, Underlying excluding FAMC:
Total average deposits (GAAP)	$	117,038	$	115,142	$	113,423	$	113,753	$	112,947	$	1,896			2	%	$	4,091		4	%
Less: FAMC impact		442		—		—		—		—		442			100			442		100
Total average deposits, Underlying excluding FAMC (non-GAAP)	$	116,596	$	115,142	$	113,423	$	113,753	$	112,947	$	1,454			1	%	$	3,649		3	%
Total average demand deposits, Underlying excluding FAMC:
Total average demand deposits (GAAP)	$	29,703	$	28,834	$	28,544	$	28,868	$	28,041	$	869			3	%	$	1,662		6	%
Less: FAMC impact		442		—		—		—		—		442			100			442		100
Total average demand deposits, Underlying excluding FAMC (non-GAAP)	$	29,261	$	28,834	$	28,544	$	28,868	$	28,041	$	427			1	%	$	1,220		4	%

22

Citizens Financial Group, Inc.

Forward-Looking Statements

This document contains forward-looking statements within the Private Securities Litigation Reform Act of 1995. Statements regarding potential future share repurchases and future dividends are forward-looking statements. Also, any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.”

Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation:

• Negative economic and political conditions that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits which may affect, among other things, the level of nonperforming assets, charge-offs and provision expense;

• The rate of growth in the economy and employment levels, as well as general business and economic conditions, and changes in the competitive environment;

• Our ability to implement our business strategy, including the cost savings and efficiency components, and achieve our financial performance goals;

• Our ability to meet heightened supervisory requirements and expectations;

• Liabilities and business restrictions resulting from litigation and regulatory investigations;

• Our capital and liquidity requirements (including under regulatory capital standards, such as the U.S. Basel III capital rules) and our ability to generate capital internally or raise capital on favorable terms;

• The effect of changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale;

• Changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources and affect the ability to originate and distribute financial products in the primary and secondary markets;

23

Citizens Financial Group, Inc.

• The effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin;

• Financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including the Dodd-Frank Act and other legislation and regulation relating to bank products and services;

• A failure in or breach of our operational or security systems or infrastructure, or those of our third party vendors or other service providers, including as a result of cyber-attacks; and

• Management’s ability to identify and manage these and other risks.

In addition to the above factors, we also caution that the amount and timing of any future common stock dividends or share repurchases will depend on our financial condition, earnings, cash needs, regulatory constraints, capital requirements (including requirements of our subsidiaries), and any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends.

More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2017.

Note: Percentage changes, per share amounts and ratios presented in this document are calculated using whole dollars.

CFG-IR

24

EX-99.2

3Q18 Financial Results October 19, 2018 Exhibit 99.2

Forward-looking statements and use of key performance metrics and non-GAAP financial measures This document contains forward-looking statements within the Private Securities Litigation Reform Act of 1995. Statements regarding potential future share repurchases and future dividends are forward-looking statements. Also, any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation: Negative economic and political conditions that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits which may affect, among other things, the level of nonperforming assets, charge-offs and provision expense; The rate of growth in the economy and employment levels, as well as general business and economic conditions, and changes in the competitive environment; Our ability to implement our business strategy, including the cost savings and efficiency components, and achieve our financial performance goals; Our ability to meet heightened supervisory requirements and expectations; Liabilities and business restrictions resulting from litigation and regulatory investigations; Our capital and liquidity requirements (including under regulatory capital standards, such as the U.S. Basel III capital rules) and our ability to generate capital internally or raise capital on favorable terms; The effect of changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale; Changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources and affect the ability to originate and distribute financial products in the primary and secondary markets; The effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin; Financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including the Dodd-Frank Act and other legislation and regulation relating to bank products and services; A failure in or breach of our operational or security systems or infrastructure, or those of our third party vendors or other service providers, including as a result of cyber-attacks; and Management’s ability to identify and manage these and other risks. In addition to the above factors, we also caution that the amount and timing of any future common stock dividends or share repurchases will depend on our financial condition, earnings, cash needs, regulatory constraints, capital requirements (including requirements of our subsidiaries), and any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends. More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2017. Key Performance Metrics and Non-GAAP Financial Measures and Reconciliations Key Performance Metrics:   Our Management uses certain key performance metrics (KPMs) to gauge our progress against strategic and operational goals, as well as to compare our performance against peers. The KPMs are referred to in our Registration Statements on Form S-1 and our external financial reports filed with the Securities and Exchange Commission. The KPMs include:   Return on average tangible common equity (ROTCE); Return on average total tangible assets (ROTA); Efficiency ratio; Operating leverage; and Common equity tier 1 capital ratio. Established targets for the KPMs are based on Management-reporting results and are referred to by the Company as “Underlying” results. We believe that “Underlying” results, which exclude notable items, as applicable, provide the best representation of our underlying financial progress toward the KPMs as they exclude items that our Management does not consider indicative of our on-going financial performance. We have consistently shown these metrics on this basis to investors since our initial public offering in September of 2014. KPMs that reflect “Underlying” results are considered non-GAAP financial measures.   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 tables in the appendix 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.

Robust capital levels with a common equity tier 1 (“CET1”) ratio of 10.8%; TBV per share of $27.66 remained relatively stable QoQ(1) 3Q18 average deposits increased $4.1 billion, or 4% YoY; average loan-to-deposit ratio of 97.4% Repurchased $400 million of common shares; including common dividends, returned $529 million to stockholders 3Q18 common dividend increase of 23% from 2Q18 Provision expense of $78 million down 8% QoQ, largely reflecting improvement in retail real estate-secured products, partially offset by modestly higher net charge-offs Overall credit quality remains strong; NPLs 73 bps of loans, down 2 bps QoQ and 12 bps YoY NPL coverage ratio of 149% compares with 148% in 2Q18 and 131% in 3Q17 Allowance to loans and leases of 1.08% remained relatively stable with 2Q18 and 3Q17 Generated 4% average loan and deposit growth YoY Average loan yields of 4.46% improved 50 bps YoY, reflecting higher rates and improved mix Average deposit costs remained in-line with expectations, up 30 bps YoY Consumer Banking — Continued balance sheet momentum with average loans up 3% and average deposits up 4% YoY; Wealth Managed Money revenue up 23% YoY. Completed FAMC acquisition, adding scale in mortgage; 3Q18 conforming mortgage origination mix of 74% Commercial Banking — Average loan growth of 7% YoY; Particular strength in FX & IRP and card fees; capital markets’ pipelines remain robust; well-positioned with expanded M&A and underwriting capabilities 3Q18 highlights Improving profitability and returns Strong capital, liquidity and funding Strong credit quality Continued progress on strategic growth, efficiency and balance sheet optimization initiatives Net income available to common of $436 million, up 28% YoY and 3% QoQ; EPS of $0.91, up 34% YoY and 3% QoQ Results reflect the impact of the August 1, 2018 acquisition of Franklin American Mortgage Company (“FAMC”) and $7 million of after-tax notable items Underlying net income available to common of $443 million, up 30% YoY and 4% QoQ, with Underlying EPS of $0.93, up 37% YoY and 6% QoQ(1) Revenue of $1.6 billion, up 8% YoY and 4% QoQ NII up 8% YoY and 2% QoQ, with NIM of 3.19% up 14 bps YOY and 1 bp QoQ; NIM excluding FAMC of 3.20%(1) Noninterest income up 9% YoY and 7% QoQ, including $24 million impact of FAMC Operating leverage of 2.2% YoY; 4.4% on an Underlying basis excluding FAMC(1) Efficiency ratio of 58.2%; 57.0% on an Underlying basis excluding FAMC(1) ROTCE of 13.3%, up 316 bps YoY and 36 bps QoQ; Underlying ROTCE of 13.5%, up 337 bps YoY and 57 bps QoQ(1) Note: Throughout this release, references to consolidated and/or commercial loans and loan growth include leases. Loans held for sale are also referred to as LHFS. Select totals may not foot due to rounding. In 3Q18, we revised our method of calculating the loan-to-deposit ratio to exclude loans held for sale, consistent with general industry practice. Prior periods have been adjusted to conform with current period presentation. Current period regulatory capital ratios are preliminary. Any mention of EPS refers to diluted EPS. Please see important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, at the beginning and end of this presentation for an explanation of our use of these metrics and non-GAAP financial measures and their reconciliations to GAAP financial measures. “Underlying” results exclude the impact of notable items. Where there is a reference to Underlying results in a paragraph or table, all measures that follow these references are on the same basis, when applicable. References to Underlying results excluding FAMC adjust for the impact of the August 1, 2018 FAMC acquisition. Additional information regarding the impact of the FAMC acquisition and notable items may be found on page 3 and throughout this presentation.

Notable Items(1) 3Q18 reported results included $9 million in pre-tax integration costs associated with the August 1, 2018 FAMC acquisition. Please see important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, at the beginning and end of this presentation for an explanation of our use of these metrics and non-GAAP financial measures and their reconciliations to GAAP financial measures. “Underlying” results exclude the impact of notable items. Where there is a reference to Underlying results in a paragraph or table, all measures that follow these references are on the same basis, when applicable. References to Underlying results excluding FAMC adjust for the impact of the August 1, 2018 FAMC acquisition. Additional information regarding the impact of the FAMC acquisition and notable items may be found throughout this presentation. Total estimated after-tax integration costs are in the $30-$45 million range, with completion targeted by year-end 2019.

Linked quarter: Net income available to common stockholders up $11 million, or 3%, and EPS up $0.03, or 3%, reflecting growth in revenue and expense, including the impact of the FAMC acquisition, as well as lower provision expense ROTCE improved 36 bps(1) NII up $27 million, or 2%, reflecting 1% average loan growth and a 1 bp improvement in NIM, given higher rates and improved loan mix Noninterest income increased $28 million, including the $24 million impact of the FAMC acquisition Noninterest expense increased $35 million, including the $34 million impact of the FAMC acquisition and notable items Efficiency ratio relatively stable at 58.2%(1) Prior-year quarter: Net income available to common stockholders up 28% and EPS up 34%; ROTCE up 316 bps(1) NII up $86 million, or 8%, reflecting 4% average loan growth and a 14 bp improvement in NIM, given higher rates and improved loan mix Noninterest income up $35 million, including the $24 million impact of the FAMC acquisition Noninterest expense up $52 million, including the $34 million impact of the FAMC acquisition and notable items Underlying excluding FAMC up $18 million, or 2%(1) Positive operating leverage of 3.3% on an Underlying basis and 4.4% on a Underlying basis excluding FAMC(1) Provision for credit losses increased $6 million GAAP financial summary Please see important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, at the beginning and end of this presentation for an explanation of our use of these metrics and non-GAAP financial measures and their reconciliations to GAAP financial measures. “Underlying” results exclude the impact of notable items. Where there is a reference to Underlying results in a paragraph or table, all measures that follow these references are on the same basis, when applicable. References to Underlying results excluding FAMC adjust for the impact of the August 1, 2018 FAMC acquisition. Additional information regarding the impact of the FAMC acquisition and notable items may be found on page 3 and throughout this presentation. In 3Q18, we revised our method of calculating the loan-to-deposit ratio to exclude loans held for sale, consistent with general industry practice. Prior periods have been adjusted to conform with current period presentation. Loan-to-deposit ratio is period end. Full-time equivalent employees. Highlights YoY Underlying(1) á 5% á 8% á 9% 3.3% operating leverage YoY Underlying excluding FAMC(1) á 2% á 7% á 3% 4.4% operating leverage

4.4% operating leverage Please see important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, at the beginning and end of this presentation for an explanation of our use of these metrics and non-GAAP financial measures and their reconciliations to GAAP financial measures. “Underlying” results exclude the impact of notable items. Where there is a reference to Underlying results in a paragraph or table, all measures that follow these references are on the same basis, when applicable. References to Underlying results excluding FAMC adjust for the impact of the August 1, 2018 FAMC acquisition. Additional information regarding the impact of the FAMC acquisition and notable items may be found on page 3 and throughout this presentation. Highlights 3Q18 Underlying financial summary(1) YoY Underlying excluding FAMC(1) á 2% á 7% á 3% Linked quarter: Underlying net income available to common stockholders up 4%, and EPS of $0.93 up 6%(1) ROTCE increased 57 bps to 13.5%(1) NII up $27 million, or 2%, reflecting 1% average loan growth; NIM excluding FAMC up 2 bps given higher rates and improved loan mix, partially offset by a 1 bp decrease tied to FAMC(1) Noninterest income increased $28 million, or 7%, given the FAMC acquisition; Underlying excluding FAMC up $4 million, or 1%(1) Noninterest expense increased $26 million, reflecting a $25 million impact of the FAMC acquisition Underlying excluding FAMC remained stable, largely reflecting continued execution of our efficiency initiatives(1) Underlying operating leverage excluding FAMC of 1.8%; efficiency ratio improved to 57.0% excluding FAMC(1) Prior-year quarter: Net income available to common stockholders up 30% and EPS up 37%; ROTCE improved 337 bps(1) NII up $86 million, or 8%, driven by 4% average loan growth and a 14 bp improvement in NIM, given higher rates and improved loan mix NIM excluding FAMC improved 15 bps(1) Noninterest income up $35 million, driven by $24 million impact of the FAMC acquisition; Underlying excluding FAMC up $11 million, or 3%(1) Noninterest expense up $43 million, including the $25 million impact of the FAMC acquisition(1) Underlying excluding FAMC up $18 million, or 2%(1) Positive operating leverage of 3.3% on an Underlying basis and 4.4% on a Underlying basis excluding FAMC(1)

Highlights Net interest income Linked quarter: NII up $27 million, or 2% Reflects 1% average loan growth and increase in NIM NIM of 3.19% up from 3.18%, and reflected a 1 bp reduction tied to the FAMC acquisition; NIM excluding FAMC of 3.20%(1) Reflects higher loan yields tied to higher rates, partially offset by increased deposit and funding costs Prior-year quarter: NII up $86 million, or 8% Reflects 4% growth in average loans, and a 14 bp improvement in NIM; NIM excluding FAMC improved 15 bps(1) NIM improvement reflects higher interest-earning asset yields given higher rates and continued mix shift towards higher-yielding assets, partially offset by higher deposit and funding costs Includes ~5 bp benefit from Balance Sheet Optimization “BSO” initiatives excluding the impact of FAMC Net interest income $s in millions, except earning assets Average interest-earning assets Net interest income Net interest margin References to Underlying results excluding FAMC adjust for the impact of the August 1, 2018 FAMC acquisition. Additional information regarding the impact of the FAMC acquisition and notable items may be found on page 3 and throughout this presentation. Underlying NIM excluding FAMC of 3.20%(1) NIM Impact of

Note: Other income includes bank-owned life insurance and other income. Please see important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, at the beginning and end of this presentation for an explanation of our use of these metrics and non-GAAP financial measures and their reconciliations to GAAP financial measures. “Underlying” results exclude the impact of notable items. Where there is a reference to Underlying results in a paragraph or table, all measures that follow these references are on the same basis, when applicable. References to Underlying results excluding FAMC adjust for the impact of the August 1, 2018 FAMC acquisition. Additional information regarding the impact of the FAMC acquisition and notable items may be found on page 3 and throughout this presentation. Noninterest income $s in millions Linked quarter: Noninterest income up $28 million, or 7%, including a $24 million impact of the FAMC acquisition; Underlying noninterest income excluding FAMC up 1%(1) Mortgage banking fees up $22 million, or 81%, driven by the impact of the FAMC acquisition; mortgage fees excluding FAMC were relatively stable(1) Service charges and fees up $4 million, or 3%, given seasonality Card fees were relatively stable Capital markets fees were relatively stable as a reduction in loan syndication fees given lower overall market activity was largely offset by higher underwriting and advisory fees; pipelines strong for Q4 Trust and investments services fees up $2 million, or 5%, driven by increased sales volumes and growth in managed money accounts FX & IRP decreased $3 million, or 9%, from record 2Q18 levels, reflecting a $3 million adjustment tied to a credit-valuation adjustment methodology change Prior-year quarter Noninterest income up $35 million, or 9% Mortgage banking fees up $22 million, or 81%, driven by the impact of the FAMC acquisition; mortgage fees excluding FAMC were relatively stable(1) Service charges and fees were stable Capital market fees were down $6 million, or 11%, given lower loan syndication fees in line with market activity Trust and investment services fees up $7 million, or 18%, given increased sales volumes and growth in managed money accounts FX & IRP fees up $7 million, or 29%, partially offset by a $3 million adjustment tied to a credit-valuation adjustment methodology change Highlights Underlying noninterest income(1) GAAP noninterest income(1) YoY â 7% â6% QoQ â 7% á 13% Underlying excluding FAMC(1) YOY Underlying excluding FAMC(1) 3%

â 1% $s in millions Noninterest expense Please see important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, at the beginning and end of this presentation for an explanation of our use of these metrics and non-GAAP financial measures and their reconciliations to GAAP financial measures. “Underlying” results exclude the impact of notable items. Where there is a reference to Underlying results in a paragraph or table, all measures that follow these references are on the same basis, when applicable. References to Underlying results excluding FAMC adjust for the impact of the August 1, 2018 FAMC acquisition. Additional information regarding the impact of the FAMC acquisition and notable items may be found on page 3 and throughout this presentation. Highlights Linked quarter: Noninterest expense up $35 million, or 4%, including a $34 million impact of FAMC acquisition and notable items; stable performance excluding FAMC reflects continued discipline and the benefit of TOP efficiency initiatives Salaries and employee benefits increased $21 million, given a $16 million increase tied to FAMC and $5 million of notable items FTEs up a net 633 as the 798 increase tied to FAMC was partially offset by the continued benefit of our TOP initiatives Equipment expense up $6 million, or 9% Outside services up $1 million, or 1%; Underlying excluding FAMC down $5 million, or 5%(1) Other expense increased $4 million, or 3%; Underlying expense excluding FAMC was stable(1) Results reflect $9 million of pre-tax integration costs related to the FAMC acquisition Prior-year quarter: Noninterest expense up $52 million, or 6% Underlying noninterest expense increased $43 million, or 5%; Underlying noninterest expense excluding FAMC increased $18 million, or 2%(1) Salaries and employee benefits up $36 million, or 8%, reflecting FAMC and higher revenue-based compensation, along with the impact of our strategic-growth initiatives Underlying salary and employee benefit expense up $31 million; Underlying excluding FAMC up $15 million(1) Outside services expense up $8 million, or 8%; Underlying excluding FAMC up 2%(1) Underlying efficiency ratio(1) GAAP efficiency ratio(1) á 3% á 6% á 2% á 4% â 5% á3% á 1% á 8% â 5% á 2% — YoY QoQ Underlying excluding FAMC(1) Underlying excluding FAMC of 57.0%(1) — á 2%

Average Loans and Leases Linked quarter: Average core loans and leases up $1.2 billion, or 1% Core retail up $453 million, with growth in residential mortgage, unsecured and education, partially offset by planned reductions in auto and lower home equity Core commercial loans up $763 million, or 1%, with growth paced by commercial real estate and selective commercial categories Average loans held for sale increased $692 million, given a $724 million impact of the FAMC acquisition Total loan yields improved 11 bps, given the impact of continued mix shift towards higher-returning categories, as well as the benefit of higher short-term rates Prior-year quarter: Average core loans and leases up $4.9 billion, or 5% Core retail loans up $1.7 billion, or 3%, driven by strength in residential mortgage, education and unsecured, partially offset by lower home equity and a planned reduction in auto Core commercial up $3.2 billion, or 6%, with strength in Commercial Real Estate, mid-corporate and middle market given geographic and industry expansion strategies, partially offset by a planned reduction in leasing Total loan yields improved 50 bps, given the impact of continued mix shift toward higher-returning categories and the benefit of higher short-term rates Highlights YoY Loan Growth á 5% á 3% á 6% Total Core Total Core Retail Total Core Commercial Total core commercial loans and leases Total core retail loans (1) Note: Numbers may not foot due to rounding. Non-core loans are primarily liquidating loan and lease portfolios inconsistent with our strategic priorities, generally as a result of geographic location, industry, product type or risk level and are included in Other.

Average funding and cost of funds Highlights $s in billions Average interest-bearing liabilities and DDA Total long-term borrowings Fed funds, repo, ST borrowed funds Term deposits Checking with interest DDA Money market & savings Linked quarter: Total average deposits up $1.9 billion, or 2% Largely reflects growth in term deposits, demand, savings and money market, partially offset by a reduction in checking with interest FAMC added $442 million in escrow demand deposits Citizens AccessTM raised ~$1 billion at quarter end with an average balance impact of $551 million Total deposit costs increased 10 bps to 0.73%, in-line with expectations, given higher rates, and favorable to 11bps of growth in 2Q18 Total cost of funds increased 9 bps given higher rates, down from 15 bps growth in 2Q18 Prior-year quarter: Average total deposits up $4.1 billion, or 4% DDA up 6%, up 4% excluding FAMC Reflects strength in term, demand, and savings, partially offset by lower money market balances and checking with interest Total deposit costs increased 30 bps as the impact of higher rates was partially offset by growth in lower-cost categories and continued pricing discipline Total cost of funds increased 35 bps, reflecting the impact of the shift towards a more balanced mix of long-term and short-term funding along with the impact of higher interest rates á 4% YOY DDA excl. FAMC

Strong credit-quality trends continue Allowance for loan and lease losses to nonperforming loans and leases. $s in millions (1) Nonperforming loans Allowance for loan and lease losses Highlights Provision for credit losses, net charge-offs Provision for credit losses Total net c/os Net c/o ratio Core c/o ratio Overall credit quality remains strong, reflecting growth in lower-risk retail portfolios and a stable risk profile in commercial NPLs to total loans and leases ratio of 0.73% remained relatively stable with 2Q18 and improved from 0.85% in 3Q17 NPLs of $832 million decreased 2%, from 2Q18 and 11% from 3Q17, driven by a 21% decrease in commercial and a 5% decrease in retail Net charge-offs of 0.30% of average loans and leases remained relatively stable Commercial net charge-offs of $16 million, up modestly YoY given lower recoveries Retail net charge-offs of $70 million, up modestly YoY given expected portfolio seasoning Provision for credit losses of $78 million down $7 million from 2Q18, driven by improvement in retail real estate-secured products; YoY results reflect strong portfolio credit quality, lower commercial recoveries and expected retail portfolio seasoning Allowance to total loans and leases of 1.08% remained relatively stable Allowance to NPL coverage ratio improved to 149% from 148% in 2Q18 and 131% in 3Q17

Capital and liquidity remain strong Highlights Capital levels remain at the higher end of the range for regional peers 3Q18 CET1 ratio of 10.8% down 0.4% compared with 2Q18 largely tied to FAMC acquisition and higher stock repurchases(1) LDR of 98.0% compares with 96.9% in 2Q18(3) Fully compliant with LCR(2) 2018 CCAR plan reflects further commitment towards prudent return of capital During 3Q18, repurchased 10 million common shares at a weighted-average effective price of $39.83; including common dividends, returned $529 million to shareholders Increased the quarterly dividend by 23% in 3Q18 to $0.27 per share; ability to increase the quarterly dividend by another 19%, to $0.32 per share, beginning in 1Q19 Current reporting period regulatory capital ratios are preliminary. Based on the September 2014 release of the U.S. version of the Liquidity Coverage Ratio (LCR). Note that as a modified LCR company, CFG’s minimal LCR requirement is 100% as of January 2017. In 3Q18, we revised our method of calculating the loan-to-deposit ratio to exclude loans held for sale, consistent with general industry practice. Prior periods have been adjusted to conform with current period presentation. Capital Ratio trend(1) Loan-to-deposit ratio(3)

Strategic initiatives update Balance Sheet Optimization Grow more attractive risk-adjusted return portfolios NIM up 15 bps YoY excluding FAMC; ~5 bps of this is from our BSO efforts excluding FAMC(1) Core Education, personal unsecured and merchant financing up 20% YoY Industry Verticals’ loans up 19% YoY; CRE yield up 89 bps YoY Average non-core loans down 18% YoY Reposition select portfolios Optimize Auto and Leasing portfolios: core yields up 43 bps and 25 bps YoY, respectively, and portfolios down 7% and 12%, respectively Optimize deposit mix Targeting increased DDA and lower-cost deposits; average DDA balances up 4% YoY excluding FAMC Fee growth Consumer Enhance Mortgage platform FAMC acquisition adds $612 million mortgage servicing rights portfolio; conforming mix improved to 74% Expand Wealth Managed money revenue up 23% YoY; continue to add FCs to increase investment penetration Commercial Expand Capital & Global Market capabilities FX and interest rate products up 30% YoY; Capital Markets pipelines remain robust Build out Treasury Solutions Commercial card fees up 18% YoY, driven by strong increase in purchase volume Foundational TOP IV Program efficiency & revenue initiatives on track to deliver end of 2018 run-rate pre-tax benefit of ~$105-$110 million; TOP V Program estimated to deliver end of 2019 run-rate pre-tax benefit of ~$90-$100 million Launched next phase of process re-engineering opportunities with focus on Consumer operations, mortgage and project delivery Leveraging enhanced data analytics/transformative technology — APIs, robotics, cloud Capital Continue capital normalization — Returned $529 million to common shareholders in 3Q18, including dividends and share repurchases; increased quarterly dividend by $0.05, or 23%, to $0.27 for 3Q18 Strategic & business highlights Forbes Best employer for New Grads; third highest-rated financial institution Received Community Reinvestment Act (CRA) rating of “Outstanding” from OCC Consumer Completed Franklin American Mortgage Company acquisition Added $612 million of mortgage servicing rights and expanded distribution channels Substantial progress with Citizens AccessTM $1.0 billion raised with average account balance of ~$70,000 Launched “Cash Back Plus” credit card offering Commercial 95% Corporate Banking client satisfaction score and improved net promoter score(2) Continue to build and up-tier talent in geographic and industry expansion strategies Further progress in sales and trading capabilities References to Underlying results excluding FAMC adjust for the impact of the August 1, 2018 FAMC acquisition. Additional information regarding the impact of the FAMC acquisition and notable items may be found on page 3 and throughout this presentation. Barlow Research Associates, Inc. October 2018 Voice of the Client Survey, top-2 box.

Balancing investment for long-term with need to deliver consistently improving results Commercial Consumer Investing in enhanced data analytics capabilities to enable increased personalization, improved insights, and stronger customer value propositions Creating a partner ecosystem with FinTechs to expedite product development and enhance customer experience by building out Application Programming Interfaces (APIs) Expanding number of Agile pods to accelerate speed of delivery, quality, productivity and colleague engagement Investing in new real-time payments hub to enable new payment types and services Strengthening our cyber-security posture to better protect Citizens and our customers Prioritizing and encouraging innovation and experimentation across the bank Building out hybrid-cloud capability with a cloud first strategy for improved efficiency and scalability Enterprise Building a new, flexible mobile/online banking platform to enable increased digital functionality and speed to market Successful launch of Citizens AccessTM targeting deposit accounts to out-of-footprint customers; future phases planned to broaden offerings, deepen relationships Revamping end-to-end customer experiences across account opening, fraud resolution, problem resolution and home buying. Will bolster customer satisfaction and retention while reducing costs Transforming the physical network and work-force to support advice-based model Upgrading core cash management infrastructure and diversifying our offering to service full spectrum of treasury needs Investing in new escrow capabilities to help attract low cost deposits Enhancing end-to-end customer experience for business payments Expanding into new, attractive geographic markets Further build out of Capital Markets and Global Markets capabilities

Making consistent progress against our financial goals Adjusted/ Underlying efficiency ratio(1) ~13 - 15% Key Indicators Adjusted/ Underlying ROTCE(1) EPS Adjusted/Underlying diluted EPS(1) Common equity tier 1 ratio(2) (3) Underlying results(1) Reported results(1) Adjusted results(1) Please see important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, at the beginning and end of this presentation for an explanation of our use of these metrics and non-GAAP financial measures and their reconciliations to GAAP financial measures. “Underlying” results exclude the impact of notable items. Where there is a reference to Underlying results in a paragraph or table, all measures that follow these references are on the same basis, when applicable. References to Underlying results excluding FAMC adjust for the impact of the August 1, 2018 FAMC acquisition. Additional information regarding the impact of the FAMC acquisition and notable items may be found on page 3 and throughout this presentation. Common equity tier 1 ("CET1") capital under Basel III replaced tier 1 common capital under Basel I effective January 1, 2015. Current period regulatory capital ratios are preliminary. Commencement of separation effort from RBS. Medium-term targets 15 mid-50s% ~10.0 – 10.25%

4Q18 outlook Net interest income, net interest margin Noninterest expense Credit trends, tax rate 4Q18 Underlying outlook (excludes expected notable items) Capital, liquidity and funding Noninterest income $901 million; $876 million excluding FAMC $78 million provision expense 23.2% effective tax rate 3Q18 Underlying results(1) 10.8% CET1 ratio(2) 97.4% avg.; 98% spot LDR(3) $416 million; $392 million excluding FAMC $114.0 billion average loans 3.19% NIM Note: Growth rates reflect impact of an additional 1 month of FAMC. Please see important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, at the beginning and end of this presentation for an explanation of our use of these metrics and non-GAAP financial measures and their reconciliations to GAAP financial measures. “Underlying” results exclude the impact of notable items. Where there is a reference to Underlying results in a paragraph or table, all measures that follow these references are on the same basis, when applicable. References to Underlying results excluding FAMC adjust for the impact of the August 1, 2018 FAMC acquisition. Additional information regarding the impact of the FAMC acquisition and notable items may be found on page 3 and throughout this presentation. Current period regulatory capital ratios are preliminary. In 3Q18, we revised our method of calculating the loan-to-deposit ratio to exclude loans held for sale, consistent with general industry practice. Prior periods have been adjusted to conform with current period presentation. Prior to any true-ups associated with December 2017 tax reform. ~2-3% increase; ~1-2% excluding FAMC Continued positive operating leverage and efficiency ratio improvement Provision expense ~$85-$95 million Effective tax rate of ~23%(4) Quarter-end CET1 ratio ~10.8% Average LDR of ~98% ~5-7% increase; ~2-4% excluding FAMC ~1-1.25% average loan growth ~3-4 bps in NIM expansion

Key messages Strong 3Q18 results demonstrate continuing disciplined execution Driving attractive top-line growth coupled with strong expense management Delivered Underlying EPS growth of 37% YoY, with Underlying ROTCE improvement to 13.5%(1) Underlying operating leverage excluding FAMC of 4.4% YoY(1) Continue to execute well on TOP and BSO programs Robust balance sheet position Remain focused on growing more attractive risk-adjusted return portfolios and controlling deposit costs Credit quality and key coverage metrics remain strong; highly prudent and selective in capital deployment 10.8% CET1 ratio allows for strong balance sheet growth and targeted small acquisitions while delivering attractive return of capital to shareholders(1)(2) Strong top line growth and benefit of TOP programs allow for significant investments in technology, digital and data capabilities, talent and growth initiatives Building out fee-based capabilities to deepen relationships Focused on delivering enhanced customer experiences Instilled a mindset of continuous improvement Continue to balance short-term execution with long-term vision and investments for sustainable success Please see important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, at the beginning and end of this presentation for an explanation of our use of these metrics and non-GAAP financial measures and their reconciliations to GAAP financial measures. “Underlying” results exclude the impact of notable items. Where there is a reference to Underlying results in a paragraph or table, all measures that follow these references are on the same basis, when applicable. References to Underlying results excluding FAMC adjust for the impact of the August 1, 2018 FAMC acquisition. Additional information regarding the impact of the FAMC acquisition and notable items may be found on page 3 and throughout this presentation. Current period regulatory capital ratios are preliminary.

Appendix

Year-over-year results Excludes loans held for sale. Please see important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, at the beginning and end of this presentation for an explanation of our use of these metrics and non-GAAP financial measures and their reconciliations to GAAP financial measures. “Underlying” results exclude the impact of notable items. Where there is a reference to Underlying results in a paragraph or table, all measures that follow these references are on the same basis, when applicable. References to Underlying results excluding FAMC adjust for the impact of the August 1, 2018 FAMC acquisition. Additional information regarding the impact of the FAMC acquisition and notable items may be found on page 3 and throughout this presentation. GAAP results Underlying results(2) $663 á 13% á 4% Average loans(1) $s in billions á 4% Average deposits $s in billions á 12% Pre-provision profit $s in millions á316 bps NI á 28% $0.93 Underlying á 30% Net income available to common shareholders and EPS $s in millions, except per share data Return on average tangible common equity(2) 9.0% Underlying á 273 bps EPS á34% $0.91 $0.68 $443 Underlying á 37% á22 bps Return on average total tangible assets(2) Underlying á 337 bps Underlying á 13% 1.20% Underlying á 24 bps 13.5%

13.5% 1.20% Linked-quarter results Net income available to common shareholders and EPS $s in millions, except per share data Return on average tangible common equity(2) NI á 3% Underlying á 4% Underlying á 128 bps EPS á 3% Underlying á 6% 10.4% $443 $0.93 $0.91 $0.88 GAAP results Underlying results(2) Average loans(1) $s in billions á 1% Average deposits $s in billions $663 á 3% Pre-provision profit $s in millions Underlying á 5% á 2 bps Return on average total tangible assets(2) Underlying á 4 bps 0.96% Excludes loans held for sale. Please see important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, at the beginning and end of this presentation for an explanation of our use of these metrics and non-GAAP financial measures and their reconciliations to GAAP financial measures. “Underlying” results exclude the impact of notable items. Where there is a reference to Underlying results in a paragraph or table, all measures that follow these references are on the same basis, when applicable. References to Underlying results excluding FAMC adjust for the impact of the August 1, 2018 FAMC acquisition. Additional information regarding the impact of the FAMC acquisition and notable items may be found on page 3 and throughout this presentation. á 2% á 36 bps Underlying á 57 bps

Key performance metrics, Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data

Key performance metrics, Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data

Key performance metrics, Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data

Key performance metrics, Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data

Key performance metrics, Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data

Key performance metrics, Non-GAAP financial measures and reconciliations – Underlying excluding FAMC $s in millions, except share, per share and ratio data

Key performance metrics, Non-GAAP financial measures and reconciliations – Underlying excluding FAMC $s in millions, except share, per share and ratio data

Key performance metrics, Non-GAAP financial measures and reconciliations – Underlying excluding FAMC $s in millions, except share, per share and ratio data

Key performance metrics, Non-GAAP financial measures and reconciliations – Underlying excluding FAMC $s in millions, except share, per share and ratio data

EX-99.3

Exhibit 99.3

Financial Supplement

Third Quarter 2018

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 and Annualized Yields		8
Segment Financial Highlights		10
Credit-Related Information:
Credit Exposure		18
Nonperforming Assets		19
Charge-offs, Recoveries and Related Ratios		20
Summary of Changes in the Components of the Allowance for Credit Losses		22
Capital and Ratios		23
Key Performance Metrics, Non-GAAP Financial Measures and Reconciliations		24
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																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
											3Q18 Change												2018 Change
	3Q18		2Q18		1Q18		4Q17		3Q17		2Q18				3Q17				2018		2017		2017
											$		%		$		%						$		%
SELECTED OPERATING DATA
Total revenue		$1,564		$1,509		$1,462		$1,484		$1,443		$55		4%		$121		8%		$4,535		$4,223		$312		7%
Noninterest expense		910		875		883		898		858		35		4		52		6		2,668		2,576		92		4
Profit before provision for credit losses		654		634		579		586		585		20		3		69		12		1,867		1,647		220		13
Provision for credit losses		78		85		78		83		72		(7)		(8)		6		8		241		238		3		1
NET INCOME		443		425		388		666		348		18		4		95		27		1,256		986		270		27
Net income, Underlying1		450		425		388		349		348		25		6		102		29		1,263		963		300		31
Net income available to common stockholders		436		425		381		666		341		11		3		95		28		1,242		972		270		28
Net income available to common stockholders, Underlying1		443		425		381		349		341		18		4		102		30		1,249		949		300		32
PER COMMON SHARE DATA
Basic earnings		$0.92		$0.88		$0.78		$1.35		$0.68		$0.04		5%		$0.24		35%		$2.57		$1.92		$0.65		34%
Diluted earnings		0.91		0.88		0.78		1.35		0.68		0.03		3		0.23		34		2.57		1.92		0.65		34
Basic earnings, Underlying1		0.93		0.88		0.78		0.71		0.68		0.05		6		0.25		37		2.59		1.88		0.71		38
Diluted earnings, Underlying1		0.93		0.88		0.78		0.71		0.68		0.05		6		0.25		37		2.58		1.87		0.71		38
Cash dividends declared and paid per common share		0.27		0.22		0.22		0.18		0.18		0.05		23		0.09		50		0.71		0.46		0.25		54
Book value per common share		41.62		41.16		40.64		40.80		39.76		0.46		1		1.86		5		41.62		39.76		1.86		5
Tangible book value per common share		27.66		27.67		27.24		27.48		27.05		(0.01)		—		0.61		2		27.66		27.05		0.61		2
Dividend payout ratio		29%		25%		28%		13%		26%		400 bps				300 bps				28%		24%		400 bps
Dividend payout ratio, Underlying1		29		25		28		25		26		400 bps				300 bps				27		24		300 bps
COMMON SHARES OUTSTANDING
Average: Basic		475,957,526		484,744,354		487,500,618		492,149,763		500,861,076		(8,786,828)		(2%)		(24,903,550)		(5%)		482,691,884		505,529,991		(22,838,107)		(5%)
Diluted		477,599,917		486,141,695		489,266,826		493,788,007		502,157,384		(8,541,778)		(2)		(24,557,467)		(5)		484,250,843		507,062,805		(22,811,962)		(4)
Common shares at period-end		474,120,616		484,055,194		487,551,444		490,812,912		499,505,285		(9,934,578)		(2)		(25,384,669)		(5)		474,120,616		499,505,285		(25,384,669)		(5)
SHARE PRICE
High		$41.76		$43.62		$48.23		$42.93		$38.06		($1.86)		(4%)		$3.70		10%		$48.23		$39.75		$8.48		21%
Low		38.47		38.84		40.80		36.10		31.51		(0.37)		(1)		6.96		22		38.47		31.51		6.96		22
Close		38.57		38.90		41.98		41.98		37.87		(0.33)		(1)		0.70		2		38.57		37.87		0.70		2
Market capitalization		18,287		18,830		20,467		20,604		18,916		(543)		(3)		(629)		(3)		18,287		18,916		(629)		(3)
SEGMENT NET INCOME
Consumer Banking		$207		$197		$170		$117		$122		$10		5%		$85		70%		$574		$335		$239		71%
Commercial Banking		234		237		215		206		201		(3)		(1)		33		16		686		568		118		21
Other		2		(9)		3		343		25		11		122		(23)		(92)		(4)		83		(87)		(105)
NET INCOME		$443		$425		$388		$666		$348		$18		4%		$95		27%		$1,256		$986		$270		27%

¹ These are non-GAAP financial measures. For further information on these measures, refer to “Key Performance Metrics, Non-GAAP Financial Measures and Reconciliations” at the end of this document.

3

CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED

(in millions, except ratio and headcount data)

	QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
											3Q18 Change												2018 Change
	3Q18		2Q18		1Q18		4Q17		3Q17		2Q18				3Q17				2018		2017		2017
											$/bps		%		$/bps		%						$/bps		%
FINANCIAL RATIOS
Net interest margin		3.19%		3.18%		3.16%		3.08%		3.05%		1 bps				14 bps				3.18%		3.00%		18 bps
Return on average common equity		8.82		8.65		7.83		13.46		6.87		17 bps				195 bps				8.44		6.63		181 bps
Return on average common equity, Underlying1		8.96		8.65		7.83		7.05		6.87		31 bps				209 bps				8.48		6.47		201 bps
Return on average tangible common equity		13.29		12.93		11.71		19.92		10.13		36 bps				316 bps				12.64		9.80		284 bps
Return on average tangible common equity, Underlying1		13.50		12.93		11.71		10.43		10.13		57 bps				337 bps				12.71		9.57		314 bps
Return on average total assets		1.13		1.11		1.04		1.75		0.92		2 bps				21 bps				1.09		0.88		21 bps
Return on average total assets, Underlying1		1.15		1.11		1.04		0.92		0.92		4 bps				23 bps				1.10		0.86		24 bps
Return on average total tangible assets		1.18		1.16		1.08		1.83		0.96		2 bps				22 bps				1.14		0.92		22 bps
Return on average total tangible assets, Underlying1		1.20		1.16		1.08		0.96		0.96		4 bps				24 bps				1.15		0.90		25 bps
Effective income tax rate		23.16		22.58		22.52		(32.40)		32.18		58 bps				(902) bps				22.77		30.04		(727) bps
Effective income tax rate, Underlying1		23.20		22.58		22.52		33.68		32.18		62 bps				(898) bps				22.78		31.65		(887) bps
Efficiency ratio		58.20		57.95		60.43		60.52		59.41		25 bps				(121) bps				58.84		60.99		(215) bps
Efficiency ratio, Underlying1		57.62		57.95		60.43		58.50		59.41		(33) bps				(179) bps				58.64		60.47		(183) bps
CAPITAL RATIOS - PERIOD-END (PRELIMINARY)2
CET1 capital ratio		10.8%		11.2%		11.2%		11.2%		11.1%
Tier 1 capital ratio		11.2		11.6		11.4		11.4		11.3
Total capital ratio		13.4		13.8		13.9		13.9		13.8
Tier 1 leverage ratio		9.9		10.2		10.0		10.0		9.9
SELECTED BALANCE SHEET DATA (PERIOD-END)
Total assets		$158,598		$155,431		$153,453		$152,336		$151,356		$3,167		2%		$7,242		5%		$158,598		$151,356		$7,242		5%
Loans and leases:
Commercial		55,405		54,888		53,144		52,031		52,381		517		1		3,024		6		55,405		52,381		3,024		6
Retail		59,315		58,519		58,281		58,586		57,770		796		1		1,545		3		59,315		57,770		1,545		3
Total loans and leases		114,720		113,407		111,425		110,617		110,151		1,313		1		4,569		4		114,720		110,151		4,569		4
Deposits		117,075		117,073		115,730		115,089		113,235		2		—		3,840		3		117,075		113,235		3,840		3
Long-term borrowed funds		15,639		13,641		13,486		11,765		13,400		1,998		15		2,239		17		15,639		13,400		2,239		17
Total stockholders’ equity		20,276		20,467		20,059		20,270		20,109		(191)		(1)		167		1		20,276		20,109		167		1
Loans-to-deposits ratio (period-end balances)3		97.99%		96.87%		96.28%		96.11%		97.28%		112 bps				71 bps				97.99%		97.28%		71 bps
Loans-to-deposits ratio (average balances)3		97.38		98.01		97.96		97.10		96.93		(63) bps				45 bps				97.78		97.90		(12) bps
Full-time equivalent colleagues		18,332		17,699		17,546		17,594		17,696		633		4		636		4		18,332		17,696		636		4

¹ These are non-GAAP financial measures. For further information on these measures, refer to “Key Performance Metrics, Non-GAAP Financial Measures and Reconciliations” at the end of this document.

² The December 31, 2017 capital ratios reflect the retrospective adoption of FASB ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.

³ In the third quarter of 2018, we revised our method of calculating the loans-to-deposits ratio to exclude loans held for sale. Prior periods have been adjusted to conform with the current period presentation.

4

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in millions)

	QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
											3Q18 Change												2018 Change
	3Q18		2Q18		1Q18		4Q17		3Q17		2Q18				3Q17				2018		2017		2017
											$		%		$		%						$		%
INTEREST INCOME:
Interest and fees on loans and leases		$1,287		$1,230		$1,146		$1,121		$1,096		$57		5%		$191		17%		$3,663		$3,128		$535		17%
Interest and fees on loans held for sale		14		5		4		5		5		9		180		9		180		23		13		10		77
Interest and fees on other loans held for sale		2		3		4		4		3		(1)		(33)		(1)		(33)		9		6		3		50
Investment securities		167		165		168		156		155		2		1		12		8		500		469		31		7
Interest-bearing deposits in banks		7		8		6		5		5		(1)		(13)		2		40		21		13		8		62
Total interest income		1,477		1,411		1,328		1,291		1,264		66		5		213		17		4,216		3,629		587		16
INTEREST EXPENSE:
Deposits		214		181		145		130		123		33		18		91		74		540		311		229		74
Federal funds purchased and securities sold under agreements to repurchase		2		1		1		1		1		1		100		1		100		4		2		2		100
Other short-term borrowed funds		19		14		9		9		7		5		36		12		171		42		22		20		91
Long-term borrowed funds		94		94		82		71		71		—		—		23		32		270		201		69		34
Total interest expense		329		290		237		211		202		39		13		127		63		856		536		320		60
Net interest income		1,148		1,121		1,091		1,080		1,062		27		2		86		8		3,360		3,093		267		9
NONINTEREST INCOME:
Service charges and fees		131		127		124		131		131		4		3		—		—		382		385		(3)		(1)
Card fees		61		60		61		56		58		1		2		3		5		182		177		5		3
Capital markets fees		47		48		39		42		53		(1)		(2)		(6)		(11)		134		152		(18)		(12)
Trust and investment services fees		45		43		40		42		38		2		5		7		18		128		116		12		10
Letter of credit and loan fees		32		32		30		31		30		—		—		2		7		94		90		4		4
Foreign exchange and interest rate products		31		34		27		32		24		(3)		(9)		7		29		92		77		15		19
Mortgage banking fees		49		27		25		28		27		22		81		22		81		101		80		21		26
Securities gains, net		3		2		8		2		2		1		50		1		50		13		9		4		44
Other income		17		15		17		40		18		2		13		(1)		(6)		49		44		5		11
Total noninterest income		416		388		371		404		381		28		7		35		9		1,175		1,130		45		4
TOTAL REVENUE		1,564		1,509		1,462		1,484		1,443		55		4		121		8		4,535		4,223		312		7
Provision for credit losses		78		85		78		83		72		(7)		(8)		6		8		241		238		3		1
NONINTEREST EXPENSE:
Salaries and employee benefits1		474		453		470		450		438		21		5		36		8		1,397		1,316		81		6
Outside services		107		106		99		118		99		1		1		8		8		312		286		26		9
Occupancy		81		79		81		80		78		2		3		3		4		241		239		2		1
Equipment expense		70		64		67		67		65		6		9		5		8		201		196		5		3
Amortization of software		47		46		46		46		45		1		2		2		4		139		134		5		4
Other operating expense1		131		127		120		137		133		4		3		(2)		(2)		378		405		(27)		(7)
Total noninterest expense		910		875		883		898		858		35		4		52		6		2,668		2,576		92		4
Income before income tax expense (benefit)		576		549		501		503		513		27		5		63		12		1,626		1,409		217		15
Income tax expense (benefit)		133		124		113		(163)		165		9		7		(32)		(19)		370		423		(53)		(13)
Net income		$443		$425		$388		$666		$348		$18		4%		$95		27%		$1,256		$986		$270		27%
Net income, Underlying2		$450		$425		$388		$349		$348		$25		6%		$102		29%		$1,263		$963		$300		31%
Net income available to common stockholders		$436		$425		$381		$666		$341		$11		3%		$95		28%		$1,242		$972		$270		28%
Net income available to common stockholders, Underlying2		$443		$425		$381		$349		$341		$18		4%		$102		30%		$1,249		$949		$300		32%

¹  As of January 1, 2018, we retrospectively adopted ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which requires the service cost component of net periodic pension and postretirement benefit cost to be reported separately in the Consolidated Statements of Operations from the other components. Prior periods have been adjusted to conform with the current period presentation.

² These are non-GAAP financial measures. For further information on these measures, refer to “Key Performance Metrics, Non-GAAP Financial Measures and Reconciliations” at the end of this document.

5

CONSOLIDATED BALANCE SHEETS (unaudited)

(in millions)

PERIOD-END BALANCES	AS OF										SEPTEMBER 30, 2018 CHANGE
	Sept 30, 2018		June 30, 2018		Mar 31, 2018		Dec 31, 2017		Sept 30, 2017		June 30, 2018				Sept 30, 2017
											$		%		$		%
ASSETS:
Cash and due from banks		$976		$997		$1,172		$987		$781		($21)		(2%)		$195		25%
Interest-bearing cash and due from banks		3,015		2,868		2,687		2,045		1,339		147		5		1,676		125
Interest-bearing deposits in banks		142		114		142		192		287		28		25		(145)		(51)
Debt securities available for sale, at fair value1		20,152		20,157		19,958		20,157		19,982		(5)		—		170		1
Debt securities held to maturity1		4,284		4,417		4,555		4,685		4,823		(133)		(3)		(539)		(11)
Equity securities, at fair value1		175		170		172		169		165		5		3		10		6
Equity securities, at cost1		874		769		748		722		772		105		14		102		13
Loans held for sale, at fair value		1,303		521		478		497		500		782		150		803		161
Other loans held for sale		27		189		322		221		724		(162)		(86)		(697)		(96)
Loans and leases		114,720		113,407		111,425		110,617		110,151		1,313		1		4,569		4
Less: Allowance for loan and lease losses		(1,242)		(1,253)		(1,246)		(1,236)		(1,224)		11		1		(18)		(1)
Net loans and leases		113,478		112,154		110,179		109,381		108,927		1,324		1		4,551		4
Derivative assets		173		224		274		617		596		(51)		(23)		(423)		(71)
Premises and equipment		753		720		687		685		618		33		5		135		22
Bank-owned life insurance		1,687		1,677		1,669		1,656		1,646		10		1		41		2
Goodwill		6,946		6,887		6,887		6,887		6,887		59		1		59		1
Due from broker		—		—		84		6		226		—		—		(226)		(100)
Other assets		4,613		3,567		3,439		3,429		3,083		1,046		29		1,530		50
TOTAL ASSETS		$158,598		$155,431		$153,453		$152,336		$151,356		$3,167		2%		$7,242		5%
LIABILITIES AND STOCKHOLDERS’ EQUITY:
LIABILITIES:
Deposits:
Noninterest-bearing		$29,785		$29,439		$28,437		$29,279		$28,643		$346		1%		$1,142		4%
Interest-bearing		87,290		87,634		87,293		85,810		84,592		(344)		—		2,698		3
Total deposits		117,075		117,073		115,730		115,089		113,235		2		—		3,840		3
Federal funds purchased and securities sold under agreements to repurchase2		374		326		315		815		453		48		15		(79)		(17)
Other short-term borrowed funds		2,006		1,499		1,494		1,856		1,505		507		34		501		33
Derivative liabilities		449		425		331		310		242		24		6		207		86
Deferred taxes, net		430		456		475		571		744		(26)		(6)		(314)		(42)
Long-term borrowed funds		15,639		13,641		13,486		11,765		13,400		1,998		15		2,239		17
Due to broker		381		—		84		—		—		381		100		381		100
Other liabilities		1,968		1,544		1,479		1,660		1,668		424		27		300		18
TOTAL LIABILITIES		138,322		134,964		133,394		132,066		131,247		3,358		2		7,075		5
STOCKHOLDERS’ EQUITY:
Preferred stock:
$25.00 par value, 100,000,000 shares authorized for each of the periods presented		543		543		247		247		247		—		—		296		120
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		18,816		18,806		18,797		18,781		18,768		10		—		48		—
Retained earnings3		5,062		4,755		4,437		4,164		3,442		307		6		1,620		47
Treasury stock, at cost		(2,833)		(2,433)		(2,283)		(2,108)		(1,773)		(400)		(16)		(1,060)		(60)
Accumulated other comprehensive loss3		(1,318)		(1,210)		(1,145)		(820)		(581)		(108)		(9)		(737)		(127)
TOTAL STOCKHOLDERS’ EQUITY		20,276		20,467		20,059		20,270		20,109		(191)		(1)		167		1
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$158,598		$155,431		$153,453		$152,336		$151,356		$3,167		2%		$7,242		5%
Memo: Total tangible common equity		$13,117		$13,394		$13,280		$13,489		$13,512		($277)		(2%)		($395)		(3%)

¹  As of January 1, 2018, we adopted ASU 2016-01, Financial Instruments, Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which requires separate presentation of financial assets and financial liabilities by measurement category and form of financial assets on the balance sheet.

²  Balances are net of certain short-term receivables associated with reverse repurchase agreements.

³  The December 31, 2017 balances reflect the retrospective adoption of FASB ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.

6

LOANS AND DEPOSITS

(in millions)

PERIOD-END BALANCES	AS OF										SEPTEMBER 30, 2018 CHANGE
	Sept 30, 2018		June 30, 2018		Mar 31, 2018		Dec 31, 2017		Sept 30, 2017		June 30, 2018				Sept 30, 2017
											$		%		$		%
LOANS AND LEASES:
Commercial		$39,770		$39,278		$38,277		$37,562		$37,706		$492		1%		$2,064		5%
Commercial real estate		12,630		12,528		11,775		11,308		11,426		102		1		1,204		11
Leases		3,005		3,082		3,092		3,161		3,249		(77)		(2)		(244)		(8)
Total commercial loans and leases		55,405		54,888		53,144		52,031		52,381		517		1		3,024		6
Residential mortgages		18,493		17,814		17,346		17,045		16,619		679		4		1,874		11
Home equity loans		1,131		1,211		1,298		1,392		1,483		(80)		(7)		(352)		(24)
Home equity lines of credit		12,863		13,014		13,190		13,483		13,555		(151)		(1)		(692)		(5)
Home equity loans serviced by others1		429		465		504		542		599		(36)		(8)		(170)		(28)
Home equity lines of credit serviced by others1		114		124		136		149		166		(10)		(8)		(52)		(31)
Automobile		12,255		12,517		12,794		13,204		13,311		(262)		(2)		(1,056)		(8)
Education		8,712		8,450		8,324		8,134		8,014		262		3		698		9
Credit card		1,911		1,877		1,808		1,848		1,754		34		2		157		9
Other retail		3,407		3,047		2,881		2,789		2,269		360		12		1,138		50
Total retail loans		59,315		58,519		58,281		58,586		57,770		796		1		1,545		3
Total loans and leases		$114,720		$113,407		$111,425		$110,617		$110,151		$1,313		1%		$4,569		4%
Loans held for sale, at fair value		1,303		521		478		497		500		782		150		803		161
Other loans held for sale		27		189		322		221		724		(162)		(86)		(697)		(96)
Loans and leases and loans held for sale		$116,050		$114,117		$112,225		$111,335		$111,375		$1,933		2%		$4,675		4%
DEPOSITS:
Demand		$29,785		$29,439		$28,437		$29,279		$28,643		$346		1%		$1,142		4%
Checking with interest		22,323		22,775		21,767		22,229		21,756		(452)		(2)		567		3
Regular savings		10,523		9,902		9,896		9,518		9,470		621		6		1,053		11
Money market accounts		35,613		36,139		38,880		37,454		37,070		(526)		(1)		(1,457)		(4)
Term deposits		18,831		18,818		16,750		16,609		16,296		13		—		2,535		16
Total deposits		$117,075		$117,073		$115,730		$115,089		$113,235		$2		—%		$3,840		3%

¹ Our Serviced by Others (“SBO”) portfolio consists of purchased loans and lines of credit that were originally serviced by others.

7

AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS

(in millions)

	QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
AVERAGE BALANCES											3Q18 Change												2018 Change
	3Q18		2Q18		1Q18		4Q17		3Q17		2Q18				3Q17				2018		2017		2017
											$		%		$		%						$		%
ASSETS:
Interest-bearing cash and due from banks and deposits in banks		$1,604		$1,801		$1,442		$1,528		$1,663		($197)		(11%)		($59)		(4%)		$1,616		$1,902		($286)		(15%)
Taxable investment securities		25,225		25,197		25,433		25,678		25,588		28		—		(363)		(1)		25,284		25,702		(418)		(2)
Non-taxable investment securities		6		6		6		6		7		—		—		(1)		(14)		6		7		(1)		(14)
Total investment securities		25,231		25,203		25,439		25,684		25,595		28		—		(364)		(1)		25,290		25,709		(419)		(2)
Investment securities and interest-bearing deposits		26,835		27,004		26,881		27,212		27,258		(169)		(1)		(423)		(2)		26,906		27,611		(705)		(3)
Commercial		39,592		39,399		37,960		37,713		37,448		193		—		2,144		6		38,990		37,603		1,387		4
Commercial real estate		12,656		12,071		11,549		11,396		11,401		585		5		1,255		11		12,096		11,105		991		9
Leases		3,028		3,073		3,114		3,201		3,302		(45)		(1)		(274)		(8)		3,071		3,517		(446)		(13)
Total commercial loans and leases		55,276		54,543		52,623		52,310		52,151		733		1		3,125		6		54,157		52,225		1,932		4
Residential mortgages		18,147		17,488		17,162		16,794		16,323		659		4		1,824		11		17,603		15,755		1,848		12
Home equity loans		1,168		1,252		1,342		1,437		1,547		(84)		(7)		(379)		(24)		1,253		1,668		(415)		(25)
Home equity lines of credit		12,925		13,112		13,353		13,501		13,608		(187)		(1)		(683)		(5)		13,129		13,775		(646)		(5)
Home equity loans serviced by others1		444		480		520		564		618		(36)		(8)		(174)		(28)		481		668		(187)		(28)
Home equity lines of credit serviced by others1		118		130		142		156		173		(12)		(9)		(55)		(32)		130		189		(59)		(31)
Automobile		12,379		12,657		13,015		13,277		13,349		(278)		(2)		(970)		(7)		12,681		13,563		(882)		(7)
Education		8,481		8,374		8,283		8,071		7,814		107		1		667		9		8,380		7,384		996		13
Credit cards		1,909		1,854		1,828		1,803		1,738		55		3		171		10		1,864		1,699		165		10
Other retail		3,124		2,966		2,847		2,537		2,163		158		5		961		44		2,980		1,976		1,004		51
Total retail loans		58,695		58,313		58,492		58,140		57,333		382		1		1,362		2		58,501		56,677		1,824		3
Total loans and leases		113,971		112,856		111,115		110,450		109,484		1,115		1		4,487		4		112,658		108,902		3,756		3
Loans held for sale, at fair value		1,228		470		420		482		503		758		161		725		144		709		492		217		44
Other loans held for sale		129		195		255		285		234		(66)		(34)		(105)		(45)		193		158		35		22
Interest-earning assets		142,163		140,525		138,671		138,429		137,479		1,638		1		4,684		3		140,466		137,163		3,303		2
Allowance for loan and lease losses		(1,255)		(1,246)		(1,236)		(1,222)		(1,220)		(9)		(1)		(35)		(3)		(1,246)		(1,226)		(20)		(2)
Goodwill		6,926		6,887		6,887		6,887		6,887		39		1		39		1		6,900		6,882		18		—
Other noninterest-earning assets		7,790		7,087		7,201		7,017		6,866		703		10		924		13		7,362		6,744		618		9
TOTAL ASSETS		$155,624		$153,253		$151,523		$151,111		$150,012		$2,371		2%		$5,612		4%		$153,482		$149,563		$3,919		3%
LIABILITIES AND STOCKHOLDERS’ EQUITY:
LIABILITIES:
Checking with interest		$21,780		$22,185		$21,665		$21,459		$21,909		($405)		(2%)		($129)		(1%)		$21,877		$21,457		$420		2%
Money market accounts		36,593		36,396		37,084		37,483		37,535		197		1		(942)		(3)		36,689		37,439		(750)		(2)
Regular savings		10,198		9,889		9,627		9,473		9,491		309		3		707		7		9,907		9,355		552		6
Term deposits		18,764		17,838		16,503		16,470		15,971		926		5		2,793		17		17,710		15,104		2,606		17
Total interest-bearing deposits		87,335		86,308		84,879		84,885		84,906		1,027		1		2,429		3		86,183		83,355		2,828		3
Federal funds purchased and securities sold under agreements to repurchase2		643		504		645		685		733		139		28		(90)		(12)		598		807		(209)		(26)
Other short-term borrowed funds		2,239		1,677		1,481		2,432		1,624		562		34		615		38		1,802		2,283		(481)		(21)
Long-term borrowed funds		12,793		13,394		13,549		11,658		12,210		(601)		(4)		583		5		13,242		12,755		487		4
Total borrowed funds		15,675		15,575		15,675		14,775		14,567		100		1		1,108		8		15,642		15,845		(203)		(1)
Total interest-bearing liabilities		103,010		101,883		100,554		99,660		99,473		1,127		1		3,537		4		101,825		99,200		2,625		3
Total demand deposits		29,703		28,834		28,544		28,868		28,041		869		3		1,662		6		29,031		27,886		1,145		4
Other liabilities		2,769		2,433		2,446		2,712		2,523		336		14		246		10		2,551		2,613		(62)		(2)
TOTAL LIABILITIES		135,482		133,150		131,544		131,240		130,037		2,332		2		5,445		4		133,407		129,699		3,708		3
STOCKHOLDERS’ EQUITY		20,142		20,103		19,979		19,871		19,975		39		—		167		1		20,075		19,864		211		1
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$155,624		$153,253		$151,523		$151,111		$150,012		$2,371		2%		$5,612		4%		$153,482		$149,563		$3,919		3%
Memo: Total average tangible common equity		$13,011		$13,200		$13,198		$13,266		$13,376		($189)		(1%)		($365)		(3%)		$13,136		$13,268		($132)		(1%)
Total deposits (interest-bearing and demand)		$117,038		$115,142		$113,423		$113,753		$112,947		$1,896		2%		$4,091		4%		$115,214		$111,241		$3,973		4%

¹ Our SBO portfolio consists of purchased loans and lines of credit that were originally serviced by others.

²  Balances are net of certain short-term receivables associated with reverse repurchase agreements.

8

AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS, CONTINUED

(in millions, except rates)

AVERAGE ANNUALIZED YIELDS AND RATES	QUARTERLY TRENDS																				FOR THE NINE MONTHS  ENDED SEPTEMBER 30,
	3Q18				2Q18				1Q18				4Q17				3Q17				2018				2017
	Rate		Income/ Expense		Rate		Income/ Expense		Rate		Income/ Expense		Rate		Income/ Expense		Rate		Income/ Expense		Rate		Income/ Expense		Rate		Income/ Expense
INTEREST-EARNING ASSETS:
Interest-bearing deposits in banks		1.85%		$7		1.77%		$8		1.61%		$6		1.30%		$5		1.14%		$5		1.75%		$21		0.87%		$13
Taxable investment securities		2.65		167		2.62		165		2.64		168		2.44		156		2.42		155		2.64		500		2.43		469
Non-taxable investment securities		2.60		—		2.60		—		2.60		—		2.60		—		2.60		—		2.60		—		2.60		—
Total investment securities		2.65		167		2.62		165		2.64		168		2.44		156		2.42		155		2.64		500		2.43		469
Investment securities and interest-bearing deposits				174				173				174				161				160				521				482
Commercial		4.14		419		4.07		405		3.77		357		3.65		352		3.61		344		3.99		1,181		3.45		982
Commercial real estate		4.56		147		4.39		134		4.11		119		3.80		110		3.69		108		4.36		400		3.46		292
Leases		2.74		21		2.69		21		2.61		20		2.48		20		2.54		21		2.68		62		2.50		66
Total commercial loans and leases		4.16		587		4.06		560		3.77		496		3.61		482		3.56		473		4.00		1,643		3.39		1,340
Residential mortgages		3.62		164		3.57		156		3.56		153		3.57		149		3.57		146		3.58		473		3.57		422
Home equity loans		5.93		18		5.91		18		5.76		19		5.60		20		5.72		22		5.86		55		5.71		71
Home equity lines of credit		4.66		152		4.40		144		4.20		138		3.97		135		3.93		135		4.42		434		3.68		379
Home equity loans serviced by others1		7.45		8		7.23		9		7.31		9		7.20		11		7.04		11		7.33		26		7.06		35
Home equity lines of credit serviced by others1		4.89		2		3.62		1		3.98		1		4.32		1		4.05		2		4.14		4		4.00		6
Automobile		3.74		117		3.60		113		3.47		112		3.39		114		3.31		111		3.60		342		3.23		328
Education		5.78		124		5.71		119		5.58		114		5.43		111		5.36		106		5.69		357		5.29		292
Credit cards		10.77		52		10.74		50		10.70		48		10.46		47		10.69		47		10.74		150		10.85		138
Other retail		8.10		63		8.10		60		7.97		56		7.92		51		7.88		43		8.06		179		7.94		117
Total retail loans		4.73		700		4.61		670		4.49		650		4.37		639		4.32		623		4.61		2,020		4.21		1,788
Total loans and leases		4.46		1,287		4.34		1,230		4.15		1,146		4.01		1,121		3.96		1,096		4.32		3,663		3.82		3,128
Loans held for sale, at fair value		4.49		14		4.15		5		3.84		4		3.70		5		3.69		5		4.27		23		3.53		13
Other loans held for sale		6.44		2		6.38		3		6.21		4		5.49		4		4.72		3		6.32		9		5.29		6
Total interest-earning assets		4.11		1,477		4.00		1,411		3.85		1,328		3.69		1,291		3.64		1,264		3.99		4,216		3.52		3,629
INTEREST-BEARING LIABILITIES:
Checking with interest		0.67		36		0.61		34		0.48		26		0.41		23		0.43		23		0.59		96		0.35		56
Money market accounts		1.03		95		0.87		79		0.71		65		0.61		58		0.57		54		0.87		239		0.50		140
Regular savings		0.12		3		0.05		1		0.05		1		0.05		1		0.04		1		0.07		5		0.04		3
Term deposits		1.68		80		1.50		67		1.30		53		1.18		48		1.09		45		1.51		200		0.99		112
Total interest-bearing deposits		0.98		214		0.84		181		0.69		145		0.61		130		0.58		123		0.84		540		0.50		311
Federal funds purchased and securities sold under agreements to repurchase2		0.93		2		0.73		1		0.68		1		0.45		1		0.50		1		0.78		4		0.36		2
Other short-term borrowed funds		3.21		19		3.48		14		2.40		9		1.58		9		1.55		7		3.08		42		1.23		22
Long-term borrowed funds		2.94		94		2.77		94		2.44		82		2.42		71		2.31		71		2.71		270		2.10		201
Total borrowed funds		2.90		115		2.78		109		2.36		92		2.19		81		2.14		79		2.68		316		1.88		225
Total interest-bearing liabilities		1.27		329		1.14		290		0.95		237		0.84		211		0.80		202		1.12		856		0.72		536
INTEREST RATE SPREAD		2.84				2.87				2.90				2.85				2.84				2.87				2.80
NET INTEREST MARGIN		3.19%				3.18%				3.16%				3.08%				3.05%				3.18%				3.00%
Memo: Total deposit costs		0.73%		$214		0.63%		$181		0.52%		$145		0.45%		$130		0.43%		$123		0.63%		$540		0.37%		$311

¹ Our SBO portfolio consists of purchased loans and lines of credit that were originally serviced by others.

² Balances are net of certain short-term receivables associated with reverse repurchase agreements; interest expense includes the full cost of the repurchase agreements and certain hedging costs.

9

SEGMENT FINANCIAL HIGHLIGHTS - CONSOLIDATING

(in millions, except ratio data)

	THIRD QUARTER 2018								SECOND QUARTER 2018								CHANGE
																	3Q18 from 2Q18
	Consumer   Banking		Commercial   Banking		Other1		Consolidated		Consumer   Banking		Commercial   Banking		Other1		Consolidated		$/bps		%
Net interest income		$776		$380		($8)		$1,148		$759		$376		($14)		$1,121		$27		2%
Noninterest income		258		140		18		416		228		140		20		388		28		7
Total revenue		1,034		520		10		1,564		987		516		6		1,509		55		4
Noninterest expense		686		202		22		910		658		200		17		875		35		4
Profit (loss) before provision for credit losses		348		318		(12)		654		329		316		(11)		634		20		3
Provision for credit losses		71		14		(7)		78		66		9		10		85		(7)		(8)
Income (loss) before income tax expense (benefit)		277		304		(5)		576		263		307		(21)		549		27		5
Income tax expense (benefit)		70		70		(7)		133		66		70		(12)		124		9		7
Net income (loss)		$207		$234		$2		$443		$197		$237		($9)		$425		$18		4%
Average Balances
Total assets		$62,974		$52,871		$39,779		$155,624		$61,232		$52,170		$39,851		$153,253		$2,371		2%
Total loans and leases2		61,045		51,881		2,402		115,328		59,830		51,202		2,489		113,521		1,807		2
Deposits		78,128		31,224		7,686		117,038		77,402		30,214		7,526		115,142		1,896		2
Interest-earning assets		61,097		52,137		28,929		142,163		59,880		51,404		29,241		140,525		1,638		1
Key Metrics
Net interest margin		5.04%		2.89%		NM		3.19%		5.08%		2.93%		NM		3.18%		1  bps
Efficiency ratio		66.29		38.83		NM		58.20		66.68		38.80		NM		57.95		25  bps
Loans-to-deposits ratio (period-end balances)3		77.15		169.64		NM		97.99		76.56		167.02		NM		96.87		112  bps
Loans-to-deposits ratio (average balances)3		76.79		165.17		NM		97.38		76.92		168.23		NM		98.01		(63) bps
Return on average total tangible assets		1.31		1.75		NM		1.18		1.29		1.82		NM		1.16		2  bps

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 and expenses, including income tax expense, not attributed to our Consumer Banking or Commercial Banking segments.

²  Includes loans held for sale.

³  In the third quarter of 2018, we revised our method of calculating the loans-to-deposits ratio to exclude loans held for sale. Prior periods have been adjusted to conform with the current period presentation.

10

SEGMENT FINANCIAL HIGHLIGHTS - CONSOLIDATING, CONTINUED

(in millions, except ratio data)

	THIRD QUARTER 2018								THIRD QUARTER 2017								CHANGE
																	3Q18 from 3Q17
	Consumer   Banking		Commercial   Banking		Other1		Consolidated		Consumer   Banking		Commercial   Banking		Other1		Consolidated		$/bps		%
Net interest income		$776		$380		($8)		$1,148		$674		$354		$34		$1,062		$86		8%
Noninterest income		258		140		18		416		227		136		18		381		35		9
Total revenue		1,034		520		10		1,564		901		490		52		1,443		121		8
Noninterest expense		686		202		22		910		648		195		15		858		52		6
Profit (loss) before provision for credit losses		348		318		(12)		654		253		295		37		585		69		12
Provision for credit losses		71		14		(7)		78		65		—		7		72		6		8
Income (loss) before income tax expense (benefit)		277		304		(5)		576		188		295		30		513		63		12
Income tax expense (benefit)		70		70		(7)		133		66		94		5		165		(32)		(19)
Net income		$207		$234		$2		$443		$122		$201		$25		$348		$95		27%
Average Balances
Total assets		$62,974		$52,871		$39,779		$155,624		$60,012		$49,833		$40,167		$150,012		$5,612		4%
Total loans and leases2		61,045		51,881		2,402		115,328		58,679		48,746		2,796		110,221		5,107		5
Deposits		78,128		31,224		7,686		117,038		75,085		30,751		7,111		112,947		4,091		4
Interest-earning assets		61,097		52,137		28,929		142,163		58,729		48,875		29,875		137,479		4,684		3
Key Metrics
Net interest margin		5.04%		2.89%		NM		3.19%		4.55%		2.88%		NM		3.05%		14  bps
Efficiency ratio		66.29		38.83		NM		58.20		71.88		39.39		NM		59.41		(121) bps
Loans-to-deposits ratio (period-end balances)3		77.15		169.64		NM		97.99		78.13		157.87		NM		97.28		71  bps
Loans-to-deposits ratio (average balances)3		76.79		165.17		NM		97.38		77.69		157.26		NM		96.93		45  bps
Return on average total tangible assets		1.31		1.75		NM		1.18		0.81		1.60		NM		0.96		22  bps

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 and expenses, including income tax expense, not attributed to our Consumer Banking or Commercial Banking segments.

²  Includes loans held for sale.

³  In the third quarter of 2018, we revised our method of calculating the loans-to-deposits ratio to exclude loans held for sale. Prior periods have been adjusted to conform with the current period presentation.

11

SEGMENT FINANCIAL HIGHLIGHTS - CONSOLIDATING, CONTINUED

(in millions, except ratio data)

	FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018								FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2017								CHANGE
																	2018 from 2017
	Consumer   Banking		Commercial   Banking		Other1		Consolidated		Consumer   Banking		Commercial   Banking		Other1		Consolidated		$/bps		%
Net interest income2		$2,268		$1,113		($21)		$3,360		$1,969		$1,044		$80		$3,093		$267		9%
Noninterest income		708		405		62		1,175		676		400		54		1,130		45		4
Total revenue		2,976		1,518		41		4,535		2,645		1,444		134		4,223		312		7
Noninterest expense		2,000		610		58		2,668		1,939		577		60		2,576		92		4
Profit (loss) before provision for credit losses		976		908		(17)		1,867		706		867		74		1,647		220		13
Provision for credit losses		209		19		13		241		189		20		29		238		3		1
Income (loss) before income tax expense (benefit)		767		889		(30)		1,626		517		847		45		1,409		217		15
Income tax expense (benefit)		193		203		(26)		370		182		279		(38)		423		(53)		(13)
Net income (loss)		$574		$686		($4)		$1,256		$335		$568		$83		$986		$270		27%
Average Balances
Total assets		$61,857		$51,820		$39,805		$153,482		$59,310		$49,604		$40,649		$149,563		$3,919		3%
Total loans and leases3		60,277		50,799		2,484		113,560		57,975		48,560		3,017		109,552		4,008		4
Deposits		76,992		30,736		7,486		115,214		74,778		29,496		6,967		111,241		3,973		4
Interest-earning assets		60,328		51,016		29,122		140,466		58,026		48,696		30,441		137,163		3,303		2
Key Metrics
Net interest margin		5.03%		2.92%		NM		3.18%		4.54%		2.87%		NM		3.00%		18  bps
Efficiency ratio		67.20		40.16		NM		58.84		73.28		39.89		NM		60.99		(215) bps
Loans-to-deposits ratio (period-end balances)4		77.15		169.64		NM		97.99		78.13		157.87		NM		97.28		71  bps
Loans-to-deposits ratio (average balances)4		77.59		164.08		NM		97.78		77.04		163.72		NM		97.90		(12) bps
Return on average total tangible assets		1.24		1.77		NM		1.14		0.76		1.53		NM		0.92		22  bps

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 and expenses, including income tax expense, not attributed to our Consumer Banking or Commercial Banking segments.

²  We periodically evaluate and refine our methodologies used to allocate items among our business operating segments. In the first quarter of 2018, we enhanced our assumptions for the liquidity and deposit component within our Funds Transfer Pricing (“FTP”) methodology which provides a credit for sources of funds and a charge for the use of funds by each business operating segment. The enhancement largely provides increased credit for the stability of deposit composition, and an increased charge for unused commitments under lending arrangements. Prior periods have not been adjusted for this change.

³  Includes loans held for sale.

⁴  In the third quarter of 2018, we revised our method of calculating the loans-to-deposits ratio to exclude loans held for sale. Prior periods have been adjusted to conform with the current period presentation.

12

SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING

(in millions, except ratio data)

	QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
CONSUMER BANKING											3Q18 Change												2018 Change
	3Q18		2Q18		1Q18		4Q17		3Q17		2Q18				3Q17				2018		2017		2017
											$/bps		%		$/bps		%						$/bps		%
Net interest income1		$776		$759		$733		$682		$674		$17		2%		$102		15%		$2,268		$1,969		$299		15%
Noninterest income		258		228		222		229		227		30		13		31		14		708		676		32		5
Total revenue		1,034		987		955		911		901		47		5		133		15		2,976		2,645		331		13
Noninterest expense		686		658		656		654		648		28		4		38		6		2,000		1,939		61		3
Profit before provision for credit losses		348		329		299		257		253		19		6		95		38		976		706		270		38
Provision for credit losses		71		66		72		76		65		5		8		6		9		209		189		20		11
Income before income tax expense		277		263		227		181		188		14		5		89		47		767		517		250		48
Income tax expense		70		66		57		64		66		4		6		4		6		193		182		11		6
Net income		$207		$197		$170		$117		$122		$10		5%		$85		70%		$574		$335		$239		71%
Average Balances
Total assets		$62,974		$61,232		$61,348		$60,911		$60,012		$1,742		3%		$2,962		5%		$61,857		$59,310		$2,547		4%
Total loans and leases2		61,045		59,830		59,942		59,547		58,679		1,215		2		2,366		4		60,277		57,975		2,302		4
Deposits		78,128		77,402		75,416		75,154		75,085		726		1		3,043		4		76,992		74,778		2,214		3
Interest-earning assets		61,097		59,880		59,994		59,598		58,729		1,217		2		2,368		4		60,328		58,026		2,302		4
Key Metrics
Net interest margin		5.04%		5.08%		4.96%		4.54%		4.55%		(4) bps				49  bps				5.03%		4.54%		49  bps
Efficiency ratio		66.29		66.68		68.72		71.90		71.88		(39) bps				(559) bps				67.20		73.28		(608) bps
Loans-to-deposits ratio (period-end balances)3		77.15		76.56		76.43		79.05		78.13		59 bps				(98) bps				77.15		78.13		(98) bps
Loans-to-deposits ratio (average balances)3		76.79		76.92		79.14		78.80		77.69		(13) bps				(90) bps				77.59		77.04		55  bps
Return on average total tangible assets		1.31		1.29		1.12		0.76		0.81		2  bps				50  bps				1.24		0.76		48  bps

¹  We periodically evaluate and refine our methodologies used to allocate items among our business operating segments. In the first quarter of 2018, we enhanced our assumptions for the liquidity and deposit component within our Funds Transfer Pricing (“FTP”) methodology which provides a credit for sources of funds and a charge for the use of funds by each business operating segment. The enhancement largely provides increased credit for the stability of deposit composition, and an increased charge for unused commitments under lending arrangements. Prior periods have not been adjusted for this change.

² Includes loans held for sale.

³  In the third quarter of 2018, we revised our method of calculating the loans-to-deposits ratio to exclude loans held for sale. Prior periods have been adjusted to conform with the current period presentation.

13

SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING, CONTINUED

(in millions, except ratio data)

	QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
											3Q18 Change												2018 Change
	3Q18		2Q18		1Q18		4Q17		3Q17		2Q18				3Q17				2018		2017		2017
											$/bps		%		$/bps		%						$/bps		%
Mortgage Banking Fees1
Production revenue		$31		$18		$15		$21		$22		$13		72%		$9		41%		$64		$63		$1		2%
Mortgage servicing revenue		16		9		7		6		5		7		78		11		220		32		16		16		100
MSR valuation changes, net of hedge impact		2		—		3		1		—		2		100		2		100		5		1		4		NM
Total mortgage banking fees		$49		$27		$25		$28		$27		$22		81%		$22		81%		$101		$80		$21		26%
Gain on sale of secondary originations1,2		0.96%		2.24%		2.17%		2.47%		2.64%		(128) bps				(168) bps				1.30%		2.52%		(122) bps
Residential Real Estate Originations1
Retail		$1,939		$1,729		$1,367		$1,687		$1,875		$210		12%		$64		3%		$5,035		$5,490		($455)		(8%)
Third Party		2,178		—		—		—		—		2,178		100		$2,178		100		2,178		—		2,178		100
Total		$4,117		$1,729		$1,367		$1,687		$1,875		$2,388		138%		$2,242		120%		$7,213		$5,490		$1,723		31%
Originated for sale		74%		42%		45%		45%		41%		3,200  bps				3,300  bps				61%		39%		2,200  bps
Originated for investment		26		58		55		55		59		(3,200) bps				(3,300) bps				39		61		(2,200) bps
Total		100%		100%		100%		100%		100%										100%		100%
Mortgage Servicing Information (UPB)1
Loans serviced for others		$67,520		$21,589		$20,248		$17,904		$17,718		$45,931		213%		$49,802		NM		$67,520		$17,718		$49,802		NM
Owned loans serviced		17,709		16,553		15,963		15,598		15,197		1,156		7		2,512		17		17,709		15,197		2,512		17
Total		$85,229		$38,142		$36,211		$33,502		$32,915		$47,087		123%		$52,314		159%		$85,229		$32,915		$52,314		159%
MSR carrying value1,3		$831		$217		$201		$198		$167		$614		NM		$664		NM		$831		$167		$664		NM

¹  Beginning in the third quarter of 2018, results reflect the impact of the August 1, 2018 Franklin American Mortgage Company acquisition.

²  In the first quarter 2018, we revised our method of calculating the gain on sale of secondary originations. Prior periods have been adjusted to conform with the current period presentation.

³  The MSR carrying value as of September 30, 2018 reflects $612 million held at fair value and $219 million held at the lower of cost or market. The MSR carrying value for all prior periods is at the lower of cost or market.

14

SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING

(in millions, except ratio data)

	QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
COMMERCIAL BANKING											3Q18 Change												2018 Change
	3Q18		2Q18		1Q18		4Q17		3Q17		2Q18				3Q17				2018		2017		2017
											$/bps		%		$/bps		%						$/bps		%
Net interest income1		$380		$376		$357		$367		$354		$4		1%		$26		7%		$1,113		$1,044		$69		7%
Noninterest income		140		140		125		138		136		—		—		4		3		405		400		5		1
Total revenue		520		516		482		505		490		4		1		30		6		1,518		1,444		74		5
Noninterest expense		202		200		208		195		195		2		1		7		4		610		577		33		6
Profit before provision for credit losses		318		316		274		310		295		2		1		23		8		908		867		41		5
Provision for credit losses		14		9		(4)		(1)		—		5		56		14		100		19		20		(1)		(5)
Income before income tax expense		304		307		278		311		295		(3)		(1)		9		3		889		847		42		5
Income tax expense		70		70		63		105		94		—		—		(24)		(26)		203		279		(76)		(27)
Net income		$234		$237		$215		$206		$201		($3)		(1%)		$33		16%		$686		$568		$118		21%
Average Balances
Total assets		$52,871		$52,170		$50,393		$50,169		$49,833		$701		1%		$3,038		6%		$51,820		$49,604		$2,216		4%
Total loans and leases2		51,881		51,202		49,285		48,938		48,746		679		1		3,135		6		50,799		48,560		2,239		5
Deposits		31,224		30,214		30,766		31,514		30,751		1,010		3		473		2		30,736		29,496		1,240		4
Interest-earning assets		52,137		51,404		49,479		49,118		48,875		733		1		3,262		7		51,016		48,696		2,320		5
Key Metrics
Net interest margin		2.89%		2.93%		2.93%		2.96%		2.88%		(4) bps				1  bps				2.92%		2.87%		5  bps
Efficiency ratio		38.83		38.80		43.07		38.84		39.39		3  bps				(56) bps				40.16		39.89		27  bps
Loans-to-deposits ratio (period-end balances)3		169.64		167.02		160.16		151.54		157.87		262  bps				1,177  bps				169.64		157.87		NM
Loans-to-deposits ratio (average balances)3		165.17		168.23		158.84		154.03		157.26		(306) bps				791  bps				164.08		163.72		36  bps
Return on average total tangible assets		1.75		1.82		1.73		1.62		1.60		(7) bps				15  bps				1.77		1.53		24  bps

¹  We periodically evaluate and refine our methodologies used to allocate items among our business operating segments. In the first quarter of 2018, we enhanced our assumptions for the liquidity and deposit component within our Funds Transfer Pricing (“FTP”) methodology which provides a credit for sources of funds and a charge for the use of funds by each business operating segment. The enhancement largely provides increased credit for the stability of deposit composition, and an increased charge for unused commitments under lending arrangements. Prior periods have not been adjusted for this change.

²  Includes loans held for sale.

³  In the third quarter of 2018, we revised our method of calculating the loans-to-deposits ratio to exclude loans held for sale. Prior periods have been adjusted to conform with the current period presentation.

15

SEGMENT FINANCIAL HIGHLIGHTS - OTHER

(in millions)

	QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
OTHER1											3Q18 Change												2018 Change
	3Q18		2Q18		1Q18		4Q17		3Q17		2Q18				3Q17				2018		2017		2017
											$/bps		%		$/bps		%						$/bps		%
Net interest income		($8)		($14)		$1		$31		$34		$6		43%		($42)		(124%)		($21)		$80		($101)		(126%)
Noninterest income		18		20		24		37		18		(2)		(10)		—		—		62		54		8		15
Total revenue		10		6		25		68		52		4		67		(42)		(81)		41		134		(93)		(69)
Noninterest expense		22		17		19		49		15		5		29		7		47		58		60		(2)		(3)
(Loss) profit before provision for credit losses		(12)		(11)		6		19		37		(1)		(9)		(49)		(132)		(17)		74		(91)		(123)
Provision for credit losses		(7)		10		10		8		7		(17)		(170)		(14)		(200)		13		29		(16)		(55)
(Loss) income before income tax (benefit) expense		(5)		(21)		(4)		11		30		16		76		(35)		(117)		(30)		45		(75)		(167)
Income tax (benefit) expense		(7)		(12)		(7)		(332)		5		5		42		(12)		(240)		(26)		(38)		12		32
Net income (loss)		$2		($9)		$3		$343		$25		$11		122%		($23)		(92%)		($4)		$83		($87)		(105%)
Average Balances
Total assets		$39,779		$39,851		$39,782		$40,031		$40,167		($72)		—%		($388)		(1%)		$39,805		$40,649		($844)		(2%)
Total loans and leases2		2,402		2,489		2,563		2,732		2,796		(87)		(3)		(394)		(14)		2,484		3,017		(533)		(18)
Deposits		7,686		7,526		7,241		7,085		7,111		160		2		575		8		7,486		6,967		519		7
Interest-earning assets		28,929		29,241		29,198		29,713		29,875		(312)		(1)		(946)		(3)		29,122		30,441		(1,319)		(4)

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 and expenses, including income tax expense, not attributed to our Consumer Banking or Commercial Banking segments.

²  Includes loans held for sale.

16

SEGMENT FINANCIAL HIGHLIGHTS - CONSOLIDATED

(in millions, except ratio data)

	QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
CONSOLIDATED											3Q18 Change												2018 Change
	3Q18		2Q18		1Q18		4Q17		3Q17		2Q18				3Q17				2018		2017		2017
											$/bps		%		$/bps		%						$/bps		%
Net interest income		$1,148		$1,121		$1,091		$1,080		$1,062		$27		2%		$86		8%		$3,360		$3,093		$267		9%
Noninterest income		416		388		371		404		381		28		7		35		9		1,175		1,130		45		4
Total revenue		1,564		1,509		1,462		1,484		1,443		55		4		121		8		4,535		4,223		312		7
Noninterest expense		910		875		883		898		858		35		4		52		6		2,668		2,576		92		4
Profit before provision for credit losses		654		634		579		586		585		20		3		69		12		1,867		1,647		220		13
Provision for credit losses		78		85		78		83		72		(7)		(8)		6		8		241		238		3		1
Income before income tax expense (benefit)		576		549		501		503		513		27		5		63		12		1,626		1,409		217		15
Income tax expense (benefit)		133		124		113		(163)		165		9		7		(32)		(19)		370		423		(53)		(13)
Net income		$443		$425		$388		$666		$348		$18		4%		$95		27%		$1,256		$986		$270		27%
Average Balances
Total assets		$155,624		$153,253		$151,523		$151,111		$150,012		$2,371		2%		$5,612		4%		$153,482		$149,563		$3,919		3%
Total loans and leases1		115,328		113,521		111,790		111,217		110,221		1,807		2		5,107		5		113,560		109,552		4,008		4
Deposits		117,038		115,142		113,423		113,753		112,947		1,896		2		4,091		4		115,214		111,241		3,973		4
Interest-earning assets		142,163		140,525		138,671		138,429		137,479		1,638		1		4,684		3		140,466		137,163		3,303		2
Key Metrics
Net interest margin		3.19%		3.18%		3.16%		3.08%		3.05%		1 bps				14 bps				3.18%		3.00%		18 bps
Efficiency ratio		58.20		57.95		60.43		60.52		59.41		25 bps				(121) bps				58.84		60.99		(215) bps
Loans-to-deposits ratio (period-end balances)2		97.99		96.87		96.28		96.11		97.28		112 bps				71 bps				97.99		97.28		71 bps
Loans-to-deposits ratio (average balances)2		97.38		98.01		97.96		97.10		96.93		(63) bps				45 bps				97.78		97.90		(12) bps
Return on average total tangible assets		1.18		1.16		1.08		1.83		0.96		2 bps				22 bps				1.14		0.92		22 bps

¹ Includes loans held for sale.

²  In the third quarter of 2018, we revised our method of calculating the loans-to-deposits ratio to exclude loans held for sale. Prior periods have been adjusted to conform with the current period presentation.

17

CREDIT-RELATED INFORMATION

(in millions)

	AS OF										SEPTEMBER 30, 2018 CHANGE
	Sept 30, 2018		June 30, 2018		Mar 31, 2018		Dec 31, 2017		Sept 30, 2017		June 30, 2018				Sept 30, 2017
											$		%		$		%
CREDIT EXPOSURE:
Loans and leases:
Commercial		$39,770		$39,278		$38,277		$37,562		$37,706		$492		1%		$2,064		5%
Commercial real estate		12,630		12,528		11,775		11,308		11,426		102		1		1,204		11
Leases		3,005		3,082		3,092		3,161		3,249		(77)		(2)		(244)		(8)
Total commercial loans and leases		55,405		54,888		53,144		52,031		52,381		517		1		3,024		6
Residential mortgages		18,493		17,814		17,346		17,045		16,619		679		4		1,874		11
Home equity loans		1,131		1,211		1,298		1,392		1,483		(80)		(7)		(352)		(24)
Home equity lines of credit		12,863		13,014		13,190		13,483		13,555		(151)		(1)		(692)		(5)
Home equity loans serviced by others1		429		465		504		542		599		(36)		(8)		(170)		(28)
Home equity lines of credit serviced by others1		114		124		136		149		166		(10)		(8)		(52)		(31)
Automobile		12,255		12,517		12,794		13,204		13,311		(262)		(2)		(1,056)		(8)
Education		8,712		8,450		8,324		8,134		8,014		262		3		698		9
Credit card		1,911		1,877		1,808		1,848		1,754		34		2		157		9
Other retail		3,407		3,047		2,881		2,789		2,269		360		12		1,138		50
Total retail loans		59,315		58,519		58,281		58,586		57,770		796		1		1,545		3
Total loans and leases		114,720		113,407		111,425		110,617		110,151		1,313		1		4,569		4
Derivative receivable:
Derivative receivable - commercial		166		217		268		611		588		(51)		(24)		(422)		(72)
Derivative receivable - retail		7		7		6		6		8		—		—		(1)		(13)
Total derivative receivable		173		224		274		617		596		(51)		(23)		(423)		(71)
Total credit-related assets		114,893		113,631		111,699		111,234		110,747		1,262		1		4,146		4
Lending-related arrangements:
Undrawn commitments to extend credit - commercial		38,982		37,657		35,915		35,745		34,871		1,325		4		4,111		12
Financial standby letters of credit		1,934		1,974		1,966		2,036		2,080		(40)		(2)		(146)		(7)
Performance letters of credit		131		120		109		47		42		11		9		89		212
Commercial letters of credit		74		56		43		53		68		18		32		6		9
Marketing rights		37		39		41		41		41		(2)		(5)		(4)		(10)
Risk participation agreements		14		14		18		16		20		—		—		(6)		(30)
Total commercial lending-related arrangements		41,172		39,860		38,092		37,938		37,122		1,312		3		4,050		11
Undrawn commitments to extend credit - retail		27,747		27,732		27,192		27,214		27,063		15		—		684		3
Residential mortgage loans sold with recourse		6		6		6		7		7		—		—		(1)		(14)
Total retail lending-related arrangements		27,753		27,738		27,198		27,221		27,070		15		—		683		3
Total lending-related arrangements		68,925		67,598		65,290		65,159		64,192		1,327		2		4,733		7
Total credit exposure		$183,818		$181,229		$176,989		$176,393		$174,939		$2,589		1%		$8,879		5%
Memo: Total credit exposure by product:
Commercial exposure		$96,743		$94,965		$91,504		$90,580		$90,091		$1,778		2%		$6,652		7%
Retail exposure		87,075		86,264		85,485		85,813		84,848		811		1		2,227		3
Total credit exposure		$183,818		$181,229		$176,989		$176,393		$174,939		$2,589		1%		$8,879		5%

¹  Our SBO portfolio consists of purchased loans and lines of credit that were originally serviced by others.

18

CREDIT-RELATED INFORMATION, CONTINUED

(in millions, except ratio data)

	AS OF										SEPTEMBER 30, 2018 CHANGE
	Sept 30, 2018		June 30, 2018		Mar 31, 2018		Dec 31, 2017		Sept 30, 2017		June 30, 2018				Sept 30, 2017
											$/bps		%		$/bps		%
NONPERFORMING ASSETS:
Commercial		$228		$249		$244		$238		$297		($21)		(8%)		($69)		(23%)
Commercial real estate		30		31		30		27		28		(1)		(3)		2		7
Leases		—		—		—		—		—		—		—		—		—
Total commercial loans and leases		258		280		274		265		325		(22)		(8)		(67)		(21)
Residential mortgages		136		119		128		128		124		17		14		12		10
Home equity loans		53		59		66		72		76		(6)		(10)		(23)		(30)
Home equity lines of credit		221		225		235		233		236		(4)		(2)		(15)		(6)
Home equity loans serviced by others1		19		19		23		25		26		—		—		(7)		(27)
Home equity lines of credit serviced by others1		16		17		17		18		21		(1)		(6)		(5)		(24)
Automobile		67		62		60		70		66		5		8		1		2
Education		38		40		41		38		38		(2)		(5)		—		—
Credit card		17		17		18		17		15		—		—		2		13
Other retail		7		7		6		5		5		—		—		2		40
Total retail loans		574		565		594		606		607		9		2		(33)		(5)
Nonperforming loans and leases		832		845		868		871		932		(13)		(2)		(100)		(11)
Other nonperforming assets - Retail		31		29		34		36		37		2		7		(6)		(16)
Nonperforming assets		$863		$874		$902		$907		$969		($11)		(1%)		($106)		(11%)
NONPERFORMING ASSETS  BY PRODUCT:
Commercial		$258		$280		$274		$265		$325		($22)		(8%)		($67)		(21%)
Retail		605		594		628		642		644		11		2		(39)		(6)
Total nonperforming assets		$863		$874		$902		$907		$969		($11)		(1%)		($106)		(11%)
ASSET QUALITY RATIOS:
Allowance for loan and lease losses to loans and leases		1.08%		1.10%		1.12%		1.12%		1.11%		(2) bps				(3) bps
Allowance for loan and lease losses to nonperforming loans and leases		149.29		148.20		143.60		141.96		131.35		109 bps				NM
Nonperforming loans and leases to loans and leases		0.73		0.75		0.78		0.79		0.85		(2) bps				(12) bps
Nonperforming assets to total assets		0.54		0.56		0.59		0.60		0.64		(2) bps				(10) bps

¹  Our SBO portfolio consists of purchased loans and lines of credit that were originally serviced by others.

19

CREDIT-RELATED INFORMATION, CONTINUED

(in millions)

	QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
											3Q18 Change												2018 Change
	3Q18		2Q18		1Q18		4Q17		3Q17		2Q18				3Q17				2018		2017		2017
											$		%		$		%						$		%
CHARGE-OFFS, RECOVERIES AND RELATED  RATIOS
GROSS CHARGE-OFFS:
Commercial		$14		$14		$3		$15		$3		$—		—%		$11		NM		$31		$47		($16)		(34%)
Commercial real estate		4		—		—		—		9		4		100		(5)		(56)		4		13		(9)		(69)
Leases		—		—		—		—		—		—		—		—		—		—		—		—		—
Total commercial loans and leases		18		14		3		15		12		4		29		6		50		35		60		(25)		(42)
Residential mortgages		2		2		2		2		3		—		—		(1)		(33)		6		9		(3)		(33)
Home equity loans		1		1		3		2		4		—		—		(3)		(75)		5		9		(4)		(44)
Home equity lines of credit		6		7		7		7		8		(1)		(14)		(2)		(25)		20		27		(7)		(26)
Home equity loans serviced by others1		1		2		3		3		3		(1)		(50)		(2)		(67)		6		12		(6)		(50)
Home equity lines of credit serviced by others1		1		1		1		—		1		—		—		—		—		3		5		(2)		(40)
Automobile		39		36		46		50		46		3		8		(7)		(15)		121		131		(10)		(8)
Education		17		19		15		19		13		(2)		(11)		4		31		51		40		11		28
Credit card		17		18		16		15		15		(1)		(6)		2		13		51		46		5		11
Other retail		25		20		20		18		15		5		25		10		67		65		42		23		55
Total retail loans		109		106		113		116		108		3		3		1		1		328		321		7		2
Total gross charge-offs		$127		$120		$116		$131		$120		$7		6%		$7		6%		$363		$381		($18)		(5%)
GROSS RECOVERIES:
Commercial		$2		$2		$5		$13		$12		$—		—%		($10)		(83%)		$9		$24		($15)		(63%)
Commercial real estate		—		—		1		—		—		—		—		—		—		1		3		(2)		(67)
Leases		—		—		—		—		—		—		—		—		—		—		—		—		—
Total commercial loans and leases		2		2		6		13		12		—		—		(10)		(83)		10		27		(17)		(63)
Residential mortgages		1		1		2		1		2		—		—		(1)		(50)		4		5		(1)		(20)
Home equity loans		2		4		3		3		4		(2)		(50)		(2)		(50)		9		10		(1)		(10)
Home equity lines of credit		4		4		4		4		4		—		—		—		—		12		12		—		—
Home equity loans serviced by others1		4		3		4		4		5		1		33		(1)		(20)		11		14		(3)		(21)
Home equity lines of credit serviced by others1		2		2		1		1		2		—		—		—		—		5		6		(1)		(17)
Automobile		16		18		18		18		18		(2)		(11)		(2)		(11)		52		55		(3)		(5)
Education		4		4		4		5		3		—		—		1		33		12		10		2		20
Credit card		2		3		1		1		2		(1)		(33)		—		—		6		6		—		—
Other retail		4		3		3		3		3		1		33		1		33		10		9		1		11
Total retail loans		39		42		40		40		43		(3)		(7)		(4)		(9)		121		127		(6)		(5)
Total gross recoveries		$41		$44		$46		$53		$55		($3)		(7%)		($14)		(25%)		$131		$154		($23)		(15%)
NET CHARGE-OFFS (RECOVERIES):
Commercial		$12		$12		($2)		$2		($9)		$—		—%		$21		233%		$22		$23		($1)		(4%)
Commercial real estate		4		—		(1)		—		9		4		100		(5)		(56)		3		10		(7)		(70)
Leases		—		—		—		—		—		—		—		—		—		—		—		—		—
Total commercial loans and leases		16		12		(3)		2		—		4		33		16		100		25		33		(8)		(24)
Residential mortgages		1		1		—		1		1		—		—		—		—		2		4		(2)		(50)
Home equity loans		(1)		(3)		—		(1)		—		2		67		(1)		100		(4)		(1)		(3)		NM
Home equity lines of credit		2		3		3		3		4		(1)		(33)		(2)		(50)		8		15		(7)		(47)
Home equity loans serviced by others1		(3)		(1)		(1)		(1)		(2)		(2)		(200)		(1)		(50)		(5)		(2)		(3)		(150)
Home equity lines of credit serviced by others1		(1)		(1)		—		(1)		(1)		—		—		—		—		(2)		(1)		(1)		(100)
Automobile		23		18		28		32		28		5		28		(5)		(18)		69		76		(7)		(9)
Education		13		15		11		14		10		(2)		(13)		3		30		39		30		9		30
Credit card		15		15		15		14		13		—		—		2		15		45		40		5		13
Other retail		21		17		17		15		12		4		24		9		75		55		33		22		67
Total retail loans		70		64		73		76		65		6		9		5		8		207		194		13		7
Total net charge-offs (recoveries)		$86		$76		$70		$78		$65		$10		13%		$21		32%		$232		$227		$5		2%

¹ Our SBO portfolio consists of purchased loans and lines of credit that were originally serviced by others.

20

CREDIT-RELATED INFORMATION, CONTINUED

(in millions, except rates)

	QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
											3Q18 Change												2018 Change
	3Q18		2Q18		1Q18		4Q17		3Q17		2Q18				3Q17				2018		2017		2017
											$/bps		%		$/bps		%						$/bps		%
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES
Commercial		0.13%		0.12%		(0.02%)		0.02%		(0.09%)		1 bps				22 bps				0.08%		0.08%		— bps
Commercial real estate		0.11		—		(0.02)		(0.01)		0.33		11 bps				(22) bps				0.04		0.12		(8) bps
Leases		—		—		(0.01)		—		—		— bps				— bps				—		—		— bps
Total commercial loans and leases		0.12		0.09		(0.02)		0.01		0.01		3 bps				11 bps				0.06		0.09		(3) bps
Residential mortgages		0.02		0.02		—		0.01		0.03		— bps				(1) bps				0.01		0.03		(2) bps
Home equity loans		(0.50)		(0.71)		0.04		(0.40)		(0.05)		21 bps				(45) bps				(0.38)		(0.07)		(31) bps
Home equity lines of credit		0.04		0.10		0.10		0.07		0.12		(6) bps				(8) bps				0.08		0.15		(7) bps
Home equity loans serviced by others1		(2.03)		(1.53)		(0.62)		(0.92)		(0.99)		(50) bps				(104) bps				(1.36)		(0.37)		(99) bps
Home equity lines of credit serviced by others1		(4.97)		(3.33)		0.31		(1.01)		(2.51)		(164) bps				(246) bps				(2.52)		(0.59)		(193) bps
Automobile		0.76		0.57		0.87		0.95		0.83		19 bps				(7) bps				0.73		0.75		(2) bps
Education		0.61		0.72		0.53		0.75		0.48		(11) bps				13 bps				0.62		0.53		9 bps
Credit card		3.06		3.36		3.22		2.95		2.93		(30) bps				13 bps				3.21		3.16		5 bps
Other retail		2.64		2.31		2.40		2.50		2.13		33 bps				51 bps				2.46		2.23		23 bps
Total retail loans		0.47		0.44		0.50		0.52		0.44		3 bps				3 bps				0.47		0.46		1 bps
Total loans and leases		0.30%		0.27%		0.26%		0.28%		0.24%		3 bps				6 bps				0.27%		0.28%		(1) bps
Memo: Average loans:
Commercial		$39,592		$39,399		$37,960		$37,713		$37,448		$193		—%		$2,144		6%		$38,990		$37,603		$1,387		4%
Commercial real estate		12,656		12,071		11,549		11,396		11,401		585		5		1,255		11		12,096		11,105		991		9
Leases		3,028		3,073		3,114		3,201		3,302		(45)		(1)		(274)		(8)		3,071		3,517		(446)		(13)
Total commercial loans and leases		55,276		54,543		52,623		52,310		52,151		733		1		3,125		6		54,157		52,225		1,932		4
Residential mortgages		18,147		17,488		17,162		16,794		16,323		659		4		1,824		11		17,603		15,755		1,848		12
Home equity loans		1,168		1,252		1,342		1,437		1,547		(84)		(7)		(379)		(24)		1,253		1,668		(415)		(25)
Home equity lines of credit		12,925		13,112		13,353		13,501		13,608		(187)		(1)		(683)		(5)		13,129		13,775		(646)		(5)
Home equity loans serviced by others1		444		480		520		564		618		(36)		(8)		(174)		(28)		481		668		(187)		(28)
Home equity lines of credit serviced by others1		118		130		142		156		173		(12)		(9)		(55)		(32)		130		189		(59)		(31)
Automobile		12,379		12,657		13,015		13,277		13,349		(278)		(2)		(970)		(7)		12,681		13,563		(882)		(7)
Education		8,481		8,374		8,283		8,071		7,814		107		1		667		9		8,380		7,384		996		13
Credit card		1,909		1,854		1,828		1,803		1,738		55		3		171		10		1,864		1,699		165		10
Other retail		3,124		2,966		2,847		2,537		2,163		158		5		961		44		2,980		1,976		1,004		51
Total retail loans		58,695		58,313		58,492		58,140		57,333		382		1		1,362		2		58,501		56,677		1,824		3
Total loans and leases		$113,971		$112,856		$111,115		$110,450		$109,484		$1,115		1%		$4,487		4%		$112,658		$108,902		$3,756		3%

¹ Our SBO portfolio consists of purchased loans and lines of credit that were originally serviced by others.

21

CREDIT-RELATED INFORMATION, CONTINUED

(in millions)

	QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
											3Q18 Change												2018 Change
	3Q18		2Q18		1Q18		4Q17		3Q17		2Q18				3Q17				2018		2017		2017
											$		%		$		%						$		%
SUMMARY OF CHANGES IN THE COMPONENTS OF  THE ALLOWANCE FOR CREDIT LOSSES
Allowance for loan and lease losses - beginning		$1,253		$1,246		$1,236		$1,224		$1,219		$7		1%		$34		3%		$1,236		$1,236		$—		—%
Charge-offs:
Commercial		18		14		3		15		12		4		29		6		50		35		60		(25)		(42)
Retail		109		106		113		116		108		3		3		1		1		328		321		7		2
Total charge-offs		127		120		116		131		120		7		6		7		6		363		381		(18)		(5)
Recoveries:
Commercial		2		2		6		13		12		—		—		(10)		(83)		10		27		(17)		(63)
Retail		39		42		40		40		43		(3)		(7)		(4)		(9)		121		127		(6)		(5)
Total recoveries		41		44		46		53		55		(3)		(7)		(14)		(25)		131		154		(23)		(15)
Net charge-offs		86		76		70		78		65		10		13		21		32		232		227		5		2
Provision for loan and lease losses:
Commercial		8		16		23		49		24		(8)		(50)		(16)		(67)		47		8		39		NM
Retail		67		67		57		41		46		—		—		21		46		191		207		(16)		(8)
Total provision for loan and lease losses		75		83		80		90		70		(8)		(10)		5		7		238		215		23		11
Allowance for loan and lease losses - ending		$1,242		$1,253		$1,246		$1,236		$1,224		($11)		(1%)		$18		1%		$1,242		$1,224		$18		1%
Reserve for unfunded lending commitments - beginning		$88		$86		$88		$95		$93		$2		2%		($5)		(5%)		$88		$72		$16		22%
Provision for unfunded lending commitments		3		2		(2)		(7)		2		1		50		1		50		3		23		(20)		(87)
Reserve for unfunded lending commitments - ending		$91		$88		$86		$88		$95		$3		3%		($4)		(4%)		$91		$95		($4)		(4%)
Total allowance for credit losses - ending		$1,333		$1,341		$1,332		$1,324		$1,319		($8)		(1%)		$14		1%		$1,333		$1,319		$14		1%
Memo: Total allowance for credit losses by product:
Commercial		$798		$803		$797		$773		$733		($5)		(1%)		$65		9%		$798		$733		$65		9%
Retail		535		538		535		551		586		(3)		(1)		(51)		(9)		535		586		(51)		(9)
Total allowance for credit losses		$1,333		$1,341		$1,332		$1,324		$1,319		($8)		(1%)		$14		1%		$1,333		$1,319		$14		1%

22

CAPITAL AND RATIOS

(in millions, except ratio data)

	AS OF																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
											SEPTEMBER 30, 2018 CHANGE												2018 Change
	Sept 30,   2018		June 30, 2018		Mar 31, 2018		Dec 31, 2017		Sept 30, 2017		June 30, 2018				Sept 30, 2017				2018		2017		2017
											$		%		$		%						$		%
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY)1:
CET1 capital		$14,435		$14,604		$14,425		$14,309		$14,093		($169)		(1%)		$342		2%
Tier 1 capital		14,978		15,147		14,672		14,556		14,340		(169)		(1)		638		4
Total capital		17,810		18,056		17,905		17,781		17,560		(246)		(1)		250		1
Risk-weighted assets		133,249		130,621		129,066		127,692		127,203		2,628		2		6,046		5
Adjusted average assets2		150,717		148,341		146,441		145,601		144,500		2,376		2		6,217		4
CET1 capital ratio		10.8%		11.2%		11.2%		11.2%		11.1%
Tier 1 capital ratio		11.2		11.6		11.4		11.4		11.3
Total capital ratio		13.4		13.8		13.9		13.9		13.8
Tier 1 leverage ratio		9.9		10.2		10.0		10.0		9.9
TANGIBLE COMMON EQUITY (PERIOD-END):
Common stockholders’ equity		$19,733		$19,924		$19,812		$20,023		$19,862		($191)		(1%)		($129)		(1%)		$19,733		$19,862		($129)		(1%)
Less: Goodwill		6,946		6,887		6,887		6,887		6,887		59		1		59		1		6,946		6,887		59		1
Less: Other intangible assets		33		2		2		2		2		31		NM		31		NM		33		2		31		NM
Add: Deferred tax liabilities3		363		359		357		355		539		4		1		(176)		(33)		363		539		(176)		(33)
Total tangible common equity		$13,117		$13,394		$13,280		$13,489		$13,512		($277)		(2%)		($395)		(3%)		$13,117		$13,512		($395)		(3%)
TANGIBLE COMMON EQUITY (AVERAGE):
Common stockholders’ equity		$19,599		$19,732		$19,732		$19,624		$19,728		($133)		(1%)		($129)		(1%)		$19,687		$19,617		$70		—%
Less: Goodwill		6,926		6,887		6,887		6,887		6,887		39		1		39		1		6,900		6,882		18		—
Less: Other intangible assets		22		2		2		2		2		20		NM		20		NM		9		2		7		NM
Add: Deferred tax liabilities3		360		357		355		531		537		3		1		(177)		(33)		358		535		(177)		(33)
Total tangible common equity		$13,011		$13,200		$13,198		$13,266		$13,376		($189)		(1%)		($365)		(3%)		$13,136		$13,268		($132)		(1%)
INTANGIBLE ASSETS (PERIOD-END):
Goodwill		$6,946		$6,887		$6,887		$6,887		$6,887		$59		1%		$59		1%		$6,946		$6,887		$59		1%
Other intangible assets		33		2		2		2		2		31		NM		31		NM		33		2		31		NM
Total intangible assets		$6,979		$6,889		$6,889		$6,889		$6,889		$90		1%		$90		1%		$6,979		$6,889		$90		1%

¹  The December 31, 2017 capital ratios reflect the retrospective adoption of FASB ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.

²  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.

³ Deferred tax liabilities relate to tax-deductible goodwill, which is netted against goodwill when calculating tangible common equity.

23

KEY PERFORMANCE METRICS, NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

(in millions, except share, per-share and ratio data)

Key Performance Metrics:

Our Management uses certain key performance metrics (KPMs) to gauge our progress against strategic and operational goals, as well as to compare our performance against peers. The KPMs are referred to in our Registration Statements on Form S-1 and our external financial reports filed with the Securities and Exchange Commission. The KPMs include:

•   Return on average tangible common equity (ROTCE);

•   Return on average total tangible assets (ROTA);

•   Efficiency ratio;

•   Operating leverage; and

•   Common equity tier 1 capital ratio.

Established targets for the KPMs are based on Management-reporting results and are referred to by the Company as “Underlying” results. We believe that “Underlying” results, which exclude notable items, as applicable, provide the best representation of our underlying financial progress toward the KPMs as they exclude items that our Management does not consider indicative of our on-going financial performance. We have consistently shown these metrics on this basis to investors since our initial public offering in September of 2014. KPMs that reflect “Underlying” results are considered non-GAAP financial measures.

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.

24

KEY PERFORMANCE METRICS, NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (CONTINUED)

(in millions, except share, per-share and ratio data)

		QUARTERLY TRENDS																				FOR THE NINE MONTHS ENDED SEPTEMBER 30,
												3Q18 Change														2018 Change
		3Q18		2Q18		1Q18		4Q17		3Q17		2Q18					3Q17					2018		2017		2017
												$		%			$		%							$		%
Noninterest income, Underlying:
Noninterest income (GAAP)			$416		$388		$371		$404		$381		$28		7%			$35		9%			$1,175		$1,130		$45		4%
Less: Notable items			—		—		—		17		—		—		—			—		—			—		(11)		11		100
Noninterest income, Underlying (non-GAAP)			$416		$388		$371		$387		$381		$28		7%			$35		9%			$1,175		$1,141		$34		3%
Total revenue, Underlying:
Total revenue (GAAP)	A		$1,564		$1,509		$1,462		$1,484		$1,443		$55		4%			$121		8%			$4,535		$4,223		$312		7%
Less: Notable items			—		—		—		17		—		—		—			—		—			—		(11)		11		100
Total revenue, Underlying (non-GAAP)	B		$1,564		$1,509		$1,462		$1,467		$1,443		$55		4%			$121		8%			$4,535		$4,234		$301		7%
Noninterest expense, Underlying:
Noninterest expense (GAAP)	C		$910		$875		$883		$898		$858		$35		4%			$52		6%			$2,668		$2,576		$92		4%
Less: Notable items			9		—		—		40		—		9		100			9		100			9		15		(6)		(40)
Noninterest expense, Underlying (non-GAAP)	D		$901		$875		$883		$858		$858		$26		3%			$43		5%			$2,659		$2,561		$98		4%
Pre-provision profit:
Total revenue (GAAP)	A		$1,564		$1,509		$1,462		$1,484		$1,443		$55		4%			$121		8%			$4,535		$4,223		$312		7%
Less: Noninterest expense (GAAP)	C		910		875		883		898		858		35		4			52		6			2,668		2,576		92		4
Pre-provision profit (GAAP)			$654		$634		$579		$586		$585		$20		3%			$69		12%			$1,867		$1,647		$220		13%
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)	B		$1,564		$1,509		$1,462		$1,467		$1,443		$55		4%			$121		8%			$4,535		$4,234		$301		7%
Less: Noninterest expense, Underlying (non-GAAP)	D		901		875		883		858		858		26		3			43		5			2,659		2,561		98		4
Pre-provision profit, Underlying (non-GAAP)			$663		$634		$579		$609		$585		$29		5%			$78		13%			$1,876		$1,673		$203		12%
Total credit-related costs, Underlying:
Provision for credit losses (GAAP)			$78		$85		$78		$83		$72		($7)		(8%	)		$6		8%			$241		$238		$3		1%
Add: Notable items			—		—		—		—		—		—		—			—		—			—		26		(26)		(100)
Total credit-related costs, Underlying (non-GAAP)			$78		$85		$78		$83		$72		($7)		(8%	)		$6		8%			$241		$264		($23)		(9%)
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)	E		$576		$549		$501		$503		$513		$27		5%			$63		12%			$1,626		$1,409		$217		15%
Less: Income before income tax expense (benefit) related to notable items			(9)		—		—		(23)		—		(9)		(100)			(9)		(100)			(9)		—		(9)		(100)
Income before income tax expense, Underlying (non-GAAP)	F		$585		$549		$501		$526		$513		$36		7%			$72		14%			$1,635		$1,409		$226		16%
Income tax expense, Underlying:
Income tax expense (benefit) (GAAP)	G		$133		$124		$113		($163)		$165		$9		7%			($32)		(19%	)		$370		$423		($53)		(13%	)
Less: Income tax expense (benefit) related to notable items			(2)		—		—		(340)		—		(2)		(100)			(2)		(100)			(2)		(23)		21		91
Income tax expense, Underlying (non-GAAP)	H		$135		$124		$113		$177		$165		$11		9%			($30)		(18%	)		$372		$446		($74)		(17%	)
Net income, Underlying:
Net income (GAAP)	I		$443		$425		$388		$666		$348		$18		4%			$95		27%			$1,256		$986		$270		27%
Add: Notable items, net of income tax expense (benefit)			7		—		—		(317)		—		7		100			7		100			7		(23)		30		130
Net income, Underlying (non-GAAP)	J		$450		$425		$388		$349		$348		$25		6%			$102		29%			$1,263		$963		$300		31%
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)	K		$436		$425		$381		$666		$341		$11		3%			$95		28%			$1,242		$972		$270		28%
Add: Notable items, net of income tax expense (benefit)			7		—		—		(317)		—		7		100			7		100			7		(23)		30		130
Net income available to common stockholders, Underlying (non-GAAP)	L		$443		$425		$381		$349		$341		$18		4%			$102		30%			$1,249		$949		$300		32%

25

KEY PERFORMANCE METRICS, NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (CONTINUED)

(in millions, except share, per-share and ratio data)

		QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
												3Q18 Change												2018 Change
		3Q18		2Q18		1Q18		4Q17		3Q17		2Q18				3Q17				2018		2017		2017
												$/bps		%		$/bps		%						$/bps		%
Operating leverage:
Total revenue (GAAP)	A		$1,564		$1,509		$1,462		$1,484		$1,443		$55		3.65%		$121		8.44%		$4,535		$4,223		$312		7.40%
Less: Noninterest expense (GAAP)	C		910		875		883		898		858		35		4.09		52		6.23		2,668		2,576		92		3.61
Operating leverage															(0.44%)				2.21%								3.79%
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)	B		$1,564		$1,509		$1,462		$1,467		$1,443		$55		3.67%		$121		8.46%		$4,535		$4,234		$301		7.12%
Less: Noninterest expense, Underlying (non-GAAP)	D		901		875		883		858		858		26		3.08		43		5.20		2,659		2,561		98		3.88
Operating leverage, Underlying (non-GAAP)															0.59%				3.26%								3.24%
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio	C/A		58.20%		57.95%		60.43%		60.52%		59.41%		25 bps				(121) bps				58.84%		60.99%		(215) bps
Efficiency ratio, Underlying (non-GAAP)	D/B		57.62		57.95		60.43		58.50		59.41		(33) bps				(179) bps				58.64		60.47		(183) bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate	G/E		23.16%		22.58%		22.52%		(32.40%)		32.18%		58 bps				(902) bps				22.77%		30.04%		(727) bps
Effective income tax rate, Underlying (non-GAAP)	H/F		23.20		22.58		22.52		33.68		32.18		62 bps				(898) bps				22.78		31.65		(887) bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)	M		$19,599		$19,732		$19,732		$19,624		$19,728		($133)		(1%)		($129)		(1%)		$19,687		$19,617		$70		—%
Return on average common equity	K/M		8.82%		8.65%		7.83%		13.46%		6.87%		17 bps				195 bps				8.44%		6.63%		181 bps
Return on average common equity, Underlying (non-GAAP)	L/M		8.96		8.65		7.83		7.05		6.87		31 bps				209 bps				8.48		6.47		201 bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)	M		$19,599		$19,732		$19,732		$19,624		$19,728		($133)		(1%)		($129)		(1%)		$19,687		$19,617		$70		—%
Less: Average goodwill (GAAP)			6,926		6,887		6,887		6,887		6,887		39		1		39		1		6,900		6,882		18		—
Less: Average other intangibles (GAAP)			22		2		2		2		2		20		NM		20		NM		9		2		7		NM
Add: Average deferred tax liabilities related to goodwill (GAAP)			360		357		355		531		537		3		1		(177)		(33)		358		535		(177)		(33)
Average tangible common equity	N		$13,011		$13,200		$13,198		$13,266		$13,376		($189)		(1%)		($365)		(3%)		$13,136		$13,268		($132)		(1%)
Return on average tangible common equity	K/N		13.29%		12.93%		11.71%		19.92%		10.13%		36 bps				316 bps				12.64%		9.80%		284 bps
Return on average tangible common equity, Underlying (non-GAAP)	L/N		13.50		12.93		11.71		10.43		10.13		57 bps				337 bps				12.71		9.57		314 bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)	O		$155,624		$153,253		$151,523		$151,111		$150,012		$2,371		2%		$5,612		4%		$153,482		$149,563		$3,919		3%
Return on average total assets	I/O		1.13%		1.11%		1.04%		1.75%		0.92%		2 bps				21 bps				1.09%		0.88%		21 bps
Return on average total assets, Underlying (non-GAAP)	J/O		1.15		1.11		1.04		0.92		0.92		4 bps				23 bps				1.10		0.86		24 bps
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)	O		$155,624		$153,253		$151,523		$151,111		$150,012		$2,371		2%		$5,612		4%		$153,482		$149,563		$3,919		3%
Less: Average goodwill (GAAP)			6,926		6,887		6,887		6,887		6,887		39		1		39		1		6,900		6,882		18		—
Less: Average other intangibles (GAAP)			22		2		2		2		2		20		NM		20		NM		9		2		7		NM
Add: Average deferred tax liabilities related to goodwill (GAAP)			360		357		355		531		537		3		1		(177)		(33)		358		535		(177)		(33)
Average tangible assets	P		$149,036		$146,721		$144,989		$144,753		$143,660		$2,315		2%		$5,376		4%		$146,931		$143,214		$3,717		3%
Return on average total tangible assets	I/P		1.18%		1.16%		1.08%		1.83%		0.96%		2 bps				22 bps				1.14%		0.92%		22 bps
Return on average total tangible assets, Underlying (non-GAAP)	J/P		1.20		1.16		1.08		0.96		0.96		4 bps				24 bps				1.15		0.90		25 bps

26

KEY PERFORMANCE METRICS, NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (CONTINUED)

(in millions, except share, per-share and ratio data)

		QUARTERLY TRENDS																			FOR THE NINE MONTHS ENDED SEPTEMBER 30,
												3Q18 Change													2018 Change
		3Q18		2Q18		1Q18		4Q17		3Q17		2Q18					3Q17				2018		2017		2017
												$/bps		%			$/bps		%						$/bps		%
Tangible book value per common share:
Common shares - at period-end (GAAP)	Q		474,120,616		484,055,194		487,551,444		490,812,912		499,505,285		(9,934,578)		(2%	)		(25,384,669)		(5%)		474,120,616		499,505,285		(25,384,669)		(5%)
Common stockholders’ equity (GAAP)			$19,733		$19,924		$19,812		$20,023		$19,862		($191)		(1)			($129)		(1)		$19,733		$19,862		($129)		(1)
Less: Goodwill (GAAP)			6,946		6,887		6,887		6,887		6,887		59		1			59		1		6,946		6,887		59		1
Less: Other intangible assets (GAAP)			33		2		2		2		2		31		NM			31		NM		33		2		31		NM
Add: Deferred tax liabilities related to goodwill (GAAP)			363		359		357		355		539		4		1			(176)		(33)		363		539		(176)		(33)
Tangible common equity	R		$13,117		$13,394		$13,280		$13,489		$13,512		($277)		(2%)			($395)		(3%)		$13,117		$13,512		($395)		(3%)
Tangible book value per common share	R/Q		$27.66		$27.67		$27.24		$27.48		$27.05		($0.01)		—%			$0.61		2%		$27.66		$27.05		$0.61		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)	S		475,957,526		484,744,354		487,500,618		492,149,763		500,861,076		(8,786,828)		(2%)			(24,903,550)		(5%)		482,691,884		505,529,991		(22,838,107)		(5%)
Average common shares outstanding - diluted (GAAP)	T		477,599,917		486,141,695		489,266,826		493,788,007		502,157,384		(8,541,778)		(2)			(24,557,467)		(5)		484,250,843		507,062,805		(22,811,962)		(4)
Net income per average common share - basic (GAAP)	K/S		$0.92		$0.88		$0.78		$1.35		$0.68		$0.04		5			$0.24		35		2.57		1.92		0.65		34
Net income per average common share - diluted (GAAP)	K/T		0.91		0.88		0.78		1.35		0.68		0.03		3			0.23		34		2.57		1.92		0.65		34
Net income per average common share - basic, Underlying (non-GAAP)	L/S		0.93		0.88		0.78		0.71		0.68		0.05		6			0.25		37		2.59		1.88		0.71		38
Net income per average common share - diluted, Underlying (non-GAAP)	L/T		0.93		0.88		0.78		0.71		0.68		0.05		6			0.25		37		2.58		1.87		0.71		38
Dividend payout ratio and dividend payout ratio, Underlying:
Cash dividends declared and paid per common share	U		$0.27		$0.22		$0.22		$0.18		$0.18		$0.05		23%			$0.09		50%		$0.71		$0.46		$0.25		54%
Dividend payout ratio	U/(K/S)		29%		25%		28%		13%		26%		400 bps					300 bps				28%		24%		400 bps
Dividend payout ratio, Underlying (non-GAAP)	U/(L/S)		29		25		28		25		26		400 bps					300 bps				27		24		300 bps

27

KEY PERFORMANCE METRICS, NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS (CONTINUED)

(in millions, except share, per-share and ratio data)

	QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
											3Q18 Change												2018 Change
	3Q18		2Q18		1Q18		4Q17		3Q17		2Q18				3Q17				2018		2017		2017
											$/bps		%		$/bps		%						$/bps		%
Other income, Underlying:
Other income (GAAP)		$17		$15		$17		$40		$18		$2		13%		($1)		(6%)		$49		$44		$5		11%
Less: Notable items		—		—		—		17		—		—		—		—		—		—		(11)		11		100
Other income, Underlying (non-GAAP)		$17		$15		$17		$23		$18		$2		13%		($1)		(6%)		$49		$55		($6)		(11%)
Salaries and employee benefits, Underlying1:
Salaries and employee benefits (GAAP)1		$474		$453		$470		$450		$438		$21		5%		$36		8%		$1,397		$1,316		$81		6%
Less: Notable items		5		—		—		17		—		5		100		5		100		5		—		5		100
Salaries and employee benefits, Underlying (non-GAAP)1		$469		$453		$470		$433		$438		$16		4%		$31		7%		$1,392		$1,316		$76		6%
Outside services, Underlying:
Outside services (GAAP)		$107		$106		$99		$118		$99		$1		1%		$8		8%		$312		$286		$26		9%
Less: Notable items		1		—		—		12		—		1		100		1		100		1		—		1		100
Outside services, Underlying (non-GAAP)		$106		$106		$99		$106		$99		$—		—%		$7		7%		$311		$286		$25		9%
Other operating expense, Underlying1:
Other operating expense (GAAP)1		$131		$127		$120		$137		$133		$4		3%		($2)		(2%)		$378		$405		($27)		(7%)
Less: Notable items		3		—		—		11		—		3		100		3		100		3		15		(12)		(80)
Other operating expense, Underlying (non-GAAP)1		$128		$127		$120		$126		$133		$1		1%		($5)		(4%)		$375		$390		($15)		(4%)

¹  As of January 1, 2018, we retrospectively adopted ASU 2017-07, Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, which requires the service cost component of net periodic pension and postretirement benefit cost to be reported separately in the Consolidated Statements of Operations from the other components. Prior periods have been adjusted to conform with the current period presentation.

28

KEY PERFORMANCE METRICS, NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS

(in millions, except ratio data)

		THIRD QUARTER 2018								SECOND QUARTER 2018								FIRST QUARTER 2018
		Consumer     Banking		Commercial     Banking		Other		Consolidated		Consumer     Banking		Commercial     Banking		Other		Consolidated		Consumer     Banking		Commercial     Banking		Other		Consolidated
Net income available to common stockholders:
Net income (loss) (GAAP)	A		$207		$234		$2		$443		$197		$237		($9)		$425		$170		$215		$3		$388
Less: Preferred stock dividends			—		—		7		7		—		—		—		—		—		—		7		7
Net income (loss) available to common stockholders	B		$207		$234		($5)		$436		$197		$237		($9)		$425		$170		$215		($4)		$381
Return on average total tangible assets:
Average total assets (GAAP)			$62,974		$52,871		$39,779		$155,624		$61,232		$52,170		$39,851		$153,253		$61,348		$50,393		$39,782		$151,523
Less: Average goodwill (GAAP)			—		—		6,926		6,926		—		—		6,887		6,887		—		—		6,887		6,887
Average other intangibles (GAAP)			—		—		22		22		—		—		2		2		—		—		2		2
Add: Average deferred tax liabilities related to goodwill (GAAP)			—		—		360		360		—		—		357		357		—		—		355		355
Average tangible assets	C		$62,974		$52,871		$33,191		$149,036		$61,232		$52,170		$33,319		$146,721		$61,348		$50,393		$33,248		$144,989
Return on average total tangible assets	A/C		1.31%		1.75%		NM		1.18%		1.29%		1.82%		NM		1.16%		1.12%		1.73%		NM		1.08%
Efficiency ratio:
Noninterest expense (GAAP)	D		$686		$202		$22		$910		$658		$200		$17		$875		$656		$208		$19		$883
Net interest income (GAAP)			776		380		(8)		1,148		759		376		(14)		1,121		733		357		1		1,091
Noninterest income (GAAP)			258		140		18		416		228		140		20		388		222		125		24		371
Total revenue (GAAP)	E		$1,034		$520		$10		$1,564		$987		$516		$6		$1,509		$955		$482		$25		$1,462
Efficiency ratio	D/E		66.29%		38.83%		NM		58.20%		66.68%		38.80%		NM		57.95%		68.72%		43.07%		NM		60.43%
		FOURTH QUARTER 2017								THIRD QUARTER 2017
		Consumer     Banking		Commercial   Banking		Other		Consolidated		Consumer   Banking		Commercial   Banking		Other		Consolidated
Net income available to common stockholders:
Net income (GAAP)	A		$117		$206		$343		$666		$122		$201		$25		$348
Less: Preferred stock dividends			—		—		—		—		—		—		7		7
Net income available to common stockholders	B		$117		$206		$343		$666		$122		$201		$18		$341
Return on average total tangible assets:
Average total assets (GAAP)			$60,911		$50,169		$40,031		$151,111		$60,012		$49,833		$40,167		$150,012
Less: Average goodwill (GAAP)			—		—		6,887		6,887		—		—		6,887		6,887
Average other intangibles (GAAP)			—		—		2		2		—		—		2		2
Add: Average deferred tax liabilities related to goodwill (GAAP)			—		—		531		531		—		—		537		537
Average tangible assets	C		$60,911		$50,169		$33,673		$144,753		$60,012		$49,833		$33,815		$143,660
Return on average total tangible assets	A/C		0.76%		1.62%		NM		1.83%		0.81%		1.60%		NM		0.96%
Efficiency ratio:
Noninterest expense (GAAP)	D		$654		$195		$49		$898		$648		$195		$15		$858
Net interest income (GAAP)			682		367		31		1,080		674		354		34		1,062
Noninterest income (GAAP)			229		138		37		404		227		136		18		381
Total revenue (GAAP)	E		$911		$505		$68		$1,484		$901		$490		$52		$1,443
Efficiency ratio	D/E		71.90%		38.84%		NM		60.52%		71.88%		39.39%		NM		59.41%

29

KEY PERFORMANCE METRICS, NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS (CONTINUED)

(in millions, except ratio data)

		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
		2018								2017
		Consumer         Banking		Commercial         Banking		Other		Consolidated		Consumer         Banking		Commercial         Banking		Other		Consolidated
Net income available to common stockholders:
Net income (loss) (GAAP)	A		$574		$686		($4)		$1,256		$335		$568		$83		$986
Less: Preferred stock dividends			—		—		14		14		—		—		14		14
Net income (loss) available to common stockholders	B		$574		$686		($18)		$1,242		$335		$568		$69		$972
Return on average total tangible assets:
Average total assets (GAAP)			$61,857		$51,820		$39,805		$153,482		$59,310		$49,604		$40,649		$149,563
Less: Average goodwill (GAAP)			—		—		6,900		6,900		—		—		6,882		6,882
Average other intangibles (GAAP)			—		—		9		9		—		—		2		2
Add: Average deferred tax liabilities related to goodwill (GAAP)			—		—		358		358		—		—		535		535
Average tangible assets	D		$61,857		$51,820		$33,254		$146,931		$59,310		$49,604		$34,300		$143,214
Return on average total tangible assets	A/D		1.24%		1.77%		NM		1.14%		0.76%		1.53%		NM		0.92%
Efficiency ratio:
Noninterest expense (GAAP)	E		$2,000		$610		$58		$2,668		$1,939		$577		$60		$2,576
Net interest income (GAAP)			2,268		1,113		(21)		3,360		1,969		1,044		80		3,093
Noninterest income (GAAP)			708		405		62		1,175		676		400		54		1,130
Total revenue (GAAP)	F		$2,976		$1,518		$41		$4,535		$2,645		$1,444		$134		$4,223
Efficiency ratio	E/F		67.20%		40.16%		NM		58.84%		73.28%		39.89%		NM		60.99%

30