EX-99.2 3 a1q22earningsconferencec.htm EX-99.2
First Citizens BancShares, Inc. First Quarter 2022 Earnings Conference Call April 28, 2022

Page(s) Section I – Merger Integration Update 4 – 6 Section II – First Quarter 2022 Financial Results 7 – 23 1Q22 Take-aways 8 1Q22 Financial Highlights 9 – 11 Net interest income and margin 12 – 14 Noninterest income and expense 15 – 16 Balance Sheet Highlights 17 Loans and Leases HFI 18 Deposits and Funding Mix 19 – 20 Quarterly Credit Quality Trends and Capital 21 – 23 Section III – Financial Outlook 24 – 25 Section IV – Appendix 26 – 44 Combined Balance Sheets and Income Statements 27 – 30 Debt Securities Overview 31 Quarterly Average Balances and Yields 32 Noninterest income and expense 33 – 34 Segment Reports 35 – 37 Preliminary Purchase Accounting Summary 38 Credit Ratings 39 Non-GAAP Reconciliations 40 – 43 2 Agenda

3 Important Notices Forward Looking Statements This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans and future performance of First Citizens BancShares, Inc. ("BancShares"). Words such as “anticipates,” “believes,” “estimates,” “expects,” “predicts,” “forecasts,” “intends,” “plans,” “projects,” “targets,” “designed,” “could,” “may,” “should,” “will,” “potential,” “continue” or other similar words and expressions are intended to identify these forward-looking statements. These forward-looking statements are based on BancShares’ current expectations and assumptions regarding BancShares’ business, the economy, and other future conditions. Because forward-looking statements relate to future results and occurrences, they are subject to inherent risks, uncertainties, changes in circumstances and other risk factors that are difficult to predict. Many possible events or factors could affect BancShares’ future financial results and performance and could cause the actual results, performance or achievements of BancShares to differ materially from any anticipated results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, general competitive, economic, political, geopolitical events (including the military conflict between Russia and Ukraine) and market conditions, the impacts of the global COVID-19 pandemic on BancShares’ business and customers, the financial success or changing conditions or strategies of BancShares’ customers or vendors, fluctuations in interest rates, actions of government regulators, the availability of capital and personnel, and the failure to realize the anticipated benefits of BancShares’ previous acquisition transaction(s), including the recently completed transaction with CIT Group Inc. (“CIT”), which acquisition risks include (1) disruption from the transaction, or recently completed mergers, with customer, supplier or employee relationships, (2) the possibility that the amount of the costs, fees, expenses and charges related to the transaction may be greater than anticipated, including as a result of unexpected or unknown factors, events or liabilities, (3) reputational risk and the reaction of the parties’ customers to the transaction, (4) the risk that the cost savings and any revenue synergies from the transaction may not be realized or take longer than anticipated to be realized, and (5) difficulties experienced in the integration of the businesses. In addition, statements in this presentation related to future plans involving possible commencement of a share repurchase program remain subject to board and relevant regulatory approvals. Except to the extent required by applicable laws or regulations, BancShares disclaims any obligation to update forward-looking statements or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. Additional factors which could affect the forward-looking statements can be found in BancShares’ Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and its other filings with the Securities and Exchange Commission (the “SEC”). The information presented for the period ended March 31, 2022 is consolidated. Bancshares acquired CIT on January 3, 2022. The information for prior periods, unless otherwise noted, represents combined information for BancShares and CIT. Non-GAAP Measures NG Certain measures in this presentation are noted as “NG” and are "Non-GAAP,“ meaning they are not presented in accordance with generally accepted accounting principles in the U.S. and also are not codified in U.S. banking regulations currently applicable to BancShares. BancShares believes that Non-GAAP financial measures, when reviewed in conjunction with GAAP financial information, can provide transparency about or an alternative means of assessing its operating results and financial position to its investors, analysts and management. The Non-GAAP measures presented in this presentation are reconciled to the most comparable GAAP measure, in the Non-GAAP reconciliation table(s) appearing in the Appendix.

Merger Integration Update Section I

5 Merger Integration is on Track We are committed to successful execution of our integration plan to deliver a timely and smooth transition for our customers and associates. Integration Framework 1Q22 Successes Next Steps ▪ Announced key role to lead the development, execution and oversight of the Large Bank Program efforts. ▪ Established a workstream specific to cultural alignment and affecting change in the combined organization. ▪ Refreshed our Integration Roadmap reflective of a phased approach whereby operational conversion activities are separated into individual workstreams to reduce risk. People: ▪ Completed the CIT to FCB payroll conversion. ▪ Provided a single suite of Health and Welfare Benefit offerings, completed active open enrollment and transmitted associate files to carriers to establish new benefit plans. ▪ Finalized and published HR policies, procedures and standards and completed merger compliance training. ▪ 2022 goals established for all associates. ▪ Complete the mortgage origination conversion and the direct tax system integration (expected 2Q22). ▪ Execute on One West Bank and CIT Treasury Management operational conversion (expected July 15th). ▪ Execute on CIT Bank Branch (former Mutual of Omaha Bank) operational conversion (expected November 11th). Systems / Ops: ▪ Migrated ~3,800 legacy CIT employees to our systems to facilitate the payroll conversion. ▪ Created active directory accounts for all legacy CIT associates. ▪ Provisioned cross application access to continue critical business functions at legal close. ▪ Established processes across both service desks to facilitate technology support for associates. ▪ Completed April refresh of the integration roadmap. ▪ Announced conversion date for CIT Bank Branches Financial / Treasury: ▪ Completed activities to allow for combined HQLA reporting and short- term liquidity reporting and forecasting. ▪ Combined capital management and administration to the FCB framework. ▪ Loaded all historical CIT financial data to the new combined financial reporting tool. ▪ Completed first quarter close including booking of preliminary purchase accounting adjustments. (1) (1) The CIT Merger has been accounted for as a business combination under the acquisition method of accounting. Accordingly, the assets acquired and liabilities assumed were recorded at their estimated fair values based on initial valuations as of January 3, 2022. While BancShares believes that the information provided a reasonable basis for estimating fair value, BancShares expects to finalize its analysis of the acquired assets and assumed liabilities within one year of the merger date.

6 Key Messages 1 Integration efforts are on track and anticipate finalizing CIT merger conversions by 2H23. 2 Merger cost savings are on track and are anticipated to be fully realized by the end of 2023. 3 Net interest income expansion and positive operating leverage contributed to first quarter profitability and an increase in pre-provision net revenue. 4 Our balance sheet is asset sensitive and expected rate increases are accretive to both net interest income and margin.

First Quarter 2022 Financial Results Section II

8 1Q22 Take-aways Strong core deposit growth. 1 Loan growth in first quarter of merger driven by growth in the branch network. 2 Redeployed excess liquidity into the investment portfolio at attractive entry points. 3 Net interest margin expanded, and we expect it to continue. 4 Continual positive momentum in rail, card, merchant and wealth. 5 Noninterest expense was well-controlled, and we expect to achieve our cost savings target. 6 Generated positive operating leverage and grew pre-provision net revenue. 7 Credit quality remained strong. 8 Capital and liquidity positions are strong; supports resumption of stock repurchases in the second half of the year. 9 Merger integration is going well and is on track. 10

Current Quarter Linked Quarter Same Quarter – Prior Year EPS (1) $ 16.70% $ 18.95% $ 12.09% $ 12.82% $ 14.53% $ 13.36% ROE (1) 11.18% 12.67% 10.96% 11.63% 14.70% 13.51% ROTCE (1) 11.83% 13.41% 12.00% 12.72% 16.28% 14.96% ROA (1) 1.00% 1.12% 0.84% 0.89% 1.16% 1.07% NIM (2) 2.73% 2.73% 2.56% 2.56% 2.58% 2.58% Net charge-off ratio (2) 0.09% 0.09% 0.05% 0.05% 0.09% 0.09% Note – adjusted metrics account for certain notable items outlined on pages 10 and 11. Adjusted metrics are non-GAAP measures. See non-GAAP reconciliations in the Appendix. 9 Reported Adjusted (Non-GAAP) Adjusted (Non-GAAP) Reported Adjusted (Non-GAAP) Reported 1Q22 4Q21 1Q21 (1) For 4Q21 and 1Q21, reported and adjusted (non-GAAP) metrics for EPS, ROE, ROTCE and ROA are for legacy BancShares and do not include legacy CIT results. (2) For 4Q21 and 1Q21, reported and adjusted (non-GAAP) metrics for NIM and net charge-off ratio are presented as if legacy BancShares and legacy CIT were combined during the historical periods. 1Q22 Financial Highlights

($ in millions) 1Q22 4Q21 1Q21 $ % $ % Net interest income $ 649 $ 619 $ 607 $ 30 5% $ 42 7% Noninterest income 850 464 561 386 83% 289 52% Net revenue 1,499 1,083 1,168 416 38% 331 28% Noninterest expense 810 709 707 101 14% 103 15% Pre-provision net revenue 689 374 461 315 84% 228 49% Provision (benefit) for credit losses 464 (78) (130) 542 (695%) 594 (457%) Income before income taxes 225 452 591 (227) (50%) (366) (62%) Income taxes (46) 113 140 (159) (141%) (186) (133%) Net income 271 339 451 (68) (20%) (180) (40%) Preferred stock dividends 7 16 7 (9) (56%) - - Net income available to common shareholders $ 264 $ 323 $ 444 $ (59) (18%) $ (180) (41%) Adjustments for notable items (1) ($ in millions) 1Q22 4Q21 1Q21 Noninterest income $ (570) $ (200) $ (317) Noninterest expense (238) (157) (159) Provision for credit losses (513) - - Income taxes 146 (11) (37) ($ in millions) 1Q22 4Q21 1Q21 $ % $ % Net interest income $ 649 $ 619 $ 607 $ 30 5% $ 42 7% Noninterest income 280 264 244 16 6% 36 15% Net revenue 929 883 851 46 5% 78 9% Noninterest expense 572 552 548 20 4% 24 4% Pre-provision net revenue 357 331 303 26 8% 54 18% Provision (benefit) for credit losses (49) (78) (130) 29 (37%) 81 (62%) Income before income taxes 406 409 433 (3) (1%) (27) (6%) Income taxes 100 102 103 (2) (2%) (3) (3%) Net income 306 307 330 (1) - (24) (7%) Preferred stock dividends 7 16 7 (9) (56%) - - Net income available to common shareholders $ 299 $ 291 $ 323 $ 8 3% $ (24) (7%) Increase (decrease) Adjusted 4Q21 1Q21 Increase (decrease) Reported 4Q21 1Q21 Highlights 10 1Q22 Earnings Highlights Note: The commentary below relates to the “Adjusted” income statement. The difference between “Reported” and “Adjusted” is due to adjustments for notable items, which are detailed on the following page. 1Q22 vs. 4Q21 ▪ Net interest income increased by $30 million due to a $54 million decrease in interest expense, partially offset by a $24 million decline in interest income. The decline in interest income was due to lower interest income on loans, only partially offset by an increase in interest income on investment securities. ▪ Noninterest income increased by $16 million primarily due to an increase in net rental income on operating leases and card and merchant fees; partially offset by a decline in factoring commissions. ▪ Net provision benefit of $49 million during 1Q22 primarily due to a reserve release related to improvements in macroeconomic scenarios and reductions in reserves on specifically reviewed loans, partially offset by reserve maintenance for net charge-offs and organic loan growth during the quarter. ▪ Noninterest expense increased by $20 million primarily due to an increase in personnel expense. 1Q22 vs. 1Q21 ▪ Net interest income increased by $42 million due to similar reasons stated above for the linked quarter. ▪ Noninterest income increased by $36 million due to the same factors stated above for the linked quarter, with the exception of factoring commissions which increased over the comparable quarter. ▪ Noninterest expense increased by $24 million primarily due to an increase in personnel expense and increases in third party processing and marketing expenses. Note – the financial information provided for 4Q21 and 1Q21 are presented as if legacy BancShares and legacy CIT were combined for the historical periods. The combining schedules are located in the Appendix. (1) Notable items are detailed on the following page.

11 Notable items affecting 1Q22, 4Q21 and 1Q21 results Note – the 4Q21 and 1Q21 financial information is presented as if legacy BancShares and legacy CIT were combined for the historical periods. Totals may not foot due to rounding. (1) A blended tax rate was applied to each period to arrive at the adjusted net income. 1Q22 reported tax rate includes certain discrete items. The EPS impact for prior quarters is not shown given different share totals for each legacy institution. ($ in millions, except per share data) Pre-tax After-tax Diluted EPS impact Pre-tax After-tax Pre-tax After-tax Depreciation on operating lease equipment $ (81) $ (61) $ (3.87) $ (88) $ (66) $ (85) $ (63) Maintenance and other operating lease expenses (43) (32) (2.05) (52) (39) (52) (39) Gains on leasing equipment, net of impairment (6) (5) (0.31) (27) (20) (28) (21) Realized gains on investment securities available for sale, net - - - - - (114) (85) Marketable equity securities gains, net (3) (2) (0.12) (7) (5) (16) (12) Gain on acquisitions (estimated) (431) (431) (27.34) - - - - Gain on extinguishment of debt (6) (5) (0.29) - - - - Legacy consumer mortgage loan sales - - - (26) (19) (22) (16) Noninterest income - total adjustments $ (570) $ (536) $ (33.98) $ (200) $ (150) $ (317) $ (237) Depreciation on operating lease equipment $ (81) (61) $ 3.87 $ (88) $ (66) $ (85) (63) Maintenance and other operating lease expenses (43) (32) 2.05 (52) (39) (52) (39) Restructuring costs - 0 - 6 4 - - Merger-related expenses (135) (102) 6.45 (13) (10) (11) (8) Intangible asset amortization (6) (5) 0.29 (10) (7) (11) (8) Employee benefits expense 27 20 (1.28) - - - - Noninterest expense - total adjustments $ (238) $ (180) $ 11.38 $ (157) (117) $ (159) (119) CECL Day 2 provision and reserve for unfunded commitments (513) (387) 24.50 - - - - Provision for credit losses - total adjustments $ (513) $ (387) $ 24.50 - - - - Total impact of notable items $ 181 $ 31 $ 1.90 (43) (33) (158) (118) 1Q22 4Q21 1Q21 (1)

$607 $611 $603 $619 $649 2.58% 2.56% 2.53% 2.56% 2.73% 2.00%$0 $100 $200 $300 $400 $500 $600 $700 1Q21 2Q21 3Q21 4Q21 1Q22 Net interest income NIM 12 Net interest income and margin (NIM) ($ in millions) 1Q22 vs. 1Q21 ▪ Net interest income increased by $42 million due to a $74 million decrease in interest expense, partially offset by a $32 million decline in interest income. Net interest margin improved from 2.58% to 2.73%. The primary drivers of the net positive changes are included below for net interest income are on the following page for NIM. ▪ Interest income on loans declined $66 million due to lower accretion on legacy CIT loans ($23 million reduction), lower SBA-PPP income ($21 million reduction) and lower loan balances, partially offset by higher loan yields. ▪ Interest income on investments increased $31 million due to the impact of purchase accounting ($7 million increase), as well as higher investment yields and balances. ▪ Interest expense on deposits declined $30 million due to the impact of purchase accounting ($10 million reduction), as well as lower deposit rates. ▪ Interest expense on borrowings declined $44 million due to the impact of purchase accounting ($21 million reduction), as well as lower borrowings balances and rates. Highlights 1Q22 vs. 4Q21 ▪ Net interest income increased by $30 million due to a $54 million decrease in interest expense, partially offset by a $24 million decline in interest income. NIM improved from 2.56% to 2.73%. The primary drivers of the net positive changes are included below for net interest income are on the following page for NIM. ▪ Interest income on loans declined $48 million due to lower accretion on legacy CIT loans ($23 million reduction), lower SBA-PPP income ($17 million reduction) and a lower day count. ▪ Interest income on investments increased $23 million due to the impact of purchase accounting ($7 million increase), as well as higher investment yields and balances. ▪ Interest expense on deposits declined $14 million due to the impact of purchase accounting ($10 million reduction), as well as lower deposit rates. ▪ Interest expense on borrowings declined $40 million due to the impact of purchase accounting ($21 million reduction), as well as lower average borrowings due to the ~$3 billion debt redemption in February. Note – the financial data and/or ratios provided on this slide are presented as if legacy BancShares and legacy CIT were combined for the historical periods.

13 NIM rollforward – drivers of margin expansion ($ in millions) 4Q21 1Q22Debt redemption Preliminary purchase accounting Earning asset mix Investment yield (0.09%) Deposit rate Note – the financial data and/or ratios provided on this slide are presented as if legacy BancShares and legacy CIT were combined for the historical periods. The impact of purchase accounting compares the current period impact to legacy CIT impact. SBA-PPP 1Q21 1Q22Deposit rate Debt volume Loan yield Preliminary purchase accounting Investment yield SBA-PPP 4Q21 to 1Q22 1Q21 to 1Q22 Earning asset mix (0.11%) (0.07%) 0.04%

($ in millions) NII NIM (1) NII NIM (1) NII NIM (1) NII NIM (1) +100 bps shock $ 31 0.13% $ 44 0.19% $ 46 0.20% $ 47 0.20% +100 bps ramp $ 1 0.01% $ 11 0.05% $ 23 0.10% $ 34 0.14% 1Q23 Illustrative impacts to NII & NIM 2Q22 3Q22 4Q22 1Q22 interest rate sensitivity 14 Net interest income and margin rate sensitivity (0.6%) 0.6% 2.5% 5.1% -7.0% -4.0% -1.0% 2.0% 5.0% 8.0% 11.0% 14.0% Down 25 Up 25 Up 100 Up 200 Shock Ramp (1.5%) 1.6% 6.1% 12.2% Note – The above information is an illustrative example of changes in net interest income and net interest margin using a static balance sheet and forward swap curves in place as of the end of March. Actual results may differ from the above. (1) NIM is calculated on an annualized basis for the quarter. Highlights ▪ BancShares continues to have an asset sensitive interest rate risk profile. ▪ The projected increase in net interest income over the next 12 months is 6.1% for an immediate 100 bps parallel shift (shock) in the yield curve and 2.5% for a gradual shift (ramp) of 100 bps. ▪ Potential upside to forecasted earnings in both scenarios is largely driven by the composition of the balance sheet (primarily due to floating rate commercial loans and cash) as well as modest deposit betas. ▪ Deposit betas for the combined company are modeled and have a portfolio average of approximately 20% - 25%. ▪ Approximately 45% of our loans are floating indexed primarily to 1-month LIBOR, 3-month LIBOR, Prime and SOFR. ▪ Impacts to NII and NIM may change due to actual results being different than modeled expectations.

$244 $252 $245 $264 $280 $180 $94 $54 $60 $446 $424 $346 $299 $324 $726 1Q21 2Q21 3Q21 4Q21 1Q22 Core Non-core 30% 14% 12% 12% 12% 10% 10% Rental income on operating leases, net ($84) Other income - core ($38) Wealth ($35) Cardholder and merchant, net ($35) Fee income and other revenue ($33) Service charges on deposit accounts ($28) Factoring commissions ($27) 15 Noninterest income ($ in millions) 1Q22 vs. 1Q21 ▪ Core noninterest income increased $36 million. Significant components of the change were: o Rental income on operating leases, net, increased $26 million, due to a combination of an increase in gross rental income and a reduction in depreciation and maintenance expenses. o Card and merchant services increased $6 million. o Service charges on deposit accounts and factoring commissions were both up $5 million. o Wealth management fees were up $3 million. o Mortgage income was down $10 million due to reduced sales volumes and margins. ▪ Non-core noninterest income increased $266 million. Significant components of the change were: o Preliminary bargain purchase gain on acquisition of $431 million. o Gain on extinguishment of debt totaling $6 million related to the redemption of ~$3 billion in CIT legacy borrowings. o Decrease in realized gains on investment securities of $114 million and a decline in fair value adjustments on equity securities of $13 million. o Decrease in gains on sales of consumer mortgages loans of $22 million and a decrease in gains on sale of operating leases, net of impairments of $22 million. Highlights 1Q22 vs. 4Q21 ▪ Core noninterest income increased $16 million. Significant components of the change were: o Rental income on operating leases, net, increased $20 million, mostly due to a reduction in depreciation and maintenance expenses. o Card and merchant services income increased $7 million. o Factoring commissions were down $6 million due to seasonal fluctuations in volume. ▪ Non-core noninterest income increased $386 million. Significant components of the change were: o Preliminary bargain purchase gain on acquisition of $431 million. o Gain on extinguishment of debt totaling $6 million related to the redemption of ~$3 billion in CIT legacy borrowings. o Decrease in gains on sale of operating lease equipment, net of impairments of $21 million. o Decrease in gains on the sale of consumer mortgage loans of $26 million. 1Q22 core noninterest income composition: Core: 15% increase Core: 6% increase Note – the financial data and/or ratios provided on this slide are presented as if legacy BancShares and legacy CIT were combined for the historical periods. (1) Core noninterest income includes rental income on operating leases net of depreciation and maintenance as well as other notable adjustments detailed on page 11. (1) (NG)

$548 $544 $564 $552 $572 $22 $11 $19 $17 $114 $570 $555 $583 $569 $686 1Q21 2Q21 3Q21 4Q21 1Q22 Core Non-core 61% 18% 17% 4% Personnel ($352) Occupancy & equipment ($101) Other expenses - core ($95) Third-party processing fees ($24) 1Q22 core noninterest expense composition: 16 Noninterest expense ($ in millions) 1Q22 vs. 1Q21 ▪ Core noninterest expense increased $24 million. Significant components of the increase were: o Personnel costs increased $12 million due to a combination of factors including higher 401(k) and insurance costs, and higher performance/revenue-based incentives. o Third-party processing fees increased by $7 million. o Marketing costs increased by $2 million. ▪ Non-core noninterest expense increased $92 million primarily due to a $124 million increase in merger-related expenses and the $27 million reversal referenced in the linked quarter, partially offset by a $5 million decrease in intangible asset amortization. ▪ Efficiency ratio improved from 64.39% to 61.57% due to a 9% core net revenue growth versus a 4% core noninterest expense growth. Highlights 1Q22 vs. 4Q21 ▪ Core noninterest expense increased $20 million. This was primarily driven by a $21 million increase in personnel costs. Personnel costs increased due to a combination of factors including higher performance/revenue-based incentives, seasonally higher FICA and 401(k) expenses and lower deferred loan origination costs, all partially offset by lower salaries expense. ▪ Non-core noninterest expense increased $97 million primarily related to a $122 million increase in merger-related expenses, partially offset by a $27 million reversal of expense related to a legacy retiree benefit plan. ▪ Efficiency ratio improved from 62.51% to 61.57% due to 5% core net revenue growth versus 4% core noninterest expense growth. Efficiency Ratio 64.39% 63.04% 66.51% 62.51% 61.57% Note – the financial data and/or ratios provided on this slide are presented as if legacy BancShares and legacy CIT were combined for the historical periods. (1) Core noninterest expense does not include depreciation and maintenance on operating leases or other notable items defined on page 11. (1) (NG)(NG)

(Actual balances; $ in millions, expect for per share data) 1Q22 Increase (decrease) 1Q22 vs. 4Q21 Increase (decrease) 1Q22 vs. 1Q21 Actual $ %) $ %) Interest-earning deposits at banks $9,285 ($2,705) (22.6%) ($3,495) (27.4%) Investment securities 19,469 (238) (1.2%) 4,430 29.5%) Loans and leases 65,524 313) 0.5%) (2,615) (3.8%) Operating lease equipment, net (1) 7,972 (52) (0.6%) 238) 3.1%) Deposits 91,597 833) 0.9%) 2,241) 2.5%) Borrowings 3,292 (2,743) (45.5%) (3,459) (51.2%) Common stockholders’ equity 9,689 (487) (4.8%) 416) 4.5%) Tangible common equity (NG) 9,186 (522) (5.4%) 419) 4.8%) Total stockholders’ equity 10,570 (471) (4.3%) 432) 4.3%) 1Q22 Key metrics: Actual 4Q21 Change 1Q21 Change Common equity Tier 1 (CET1) capital ratio (2) 11.34% 11.50% (0.16%) 11.50% (0.16%) Book value per common share (2) (NG) $605.48 $447.95 $157.53 $405.59 $199.89 Tangible book value per common share (2) (NG) $574.09 $410.74 $163.35 $367.07 $207.02 Tangible common equity to tangible assets (NG) 8.50% 8.74% (0.24%) 8.01% 0.49%) Loan to deposit ratio 71.54% 71.85% (0.31%) 76.26% (4.72%) ACL to total loans and leases 1.29% 1.36% (0.07%) 1.69% (0.40%) Noninterest bearing deposits to total deposits 28.27% 27.19% (1.09%) 26.69% 1.58%) 17 Balance Sheet Highlights (1) Operating lease equipment, net includes $7.4 billion of rail assets. (2) For 4Q21 and 1Q21, reported and adjusted (non-GAAP) metrics for CET1, book value per common share and tangible book value per common share are legacy BancShares and do not include legacy CIT balances.

24% 10% 7% 41% 12% 2% 4% Commmercial Finance ($15.7 B) Real Estate Finance ($6.3 B) Business Capital ($4.6 B) Branch Network & Wealth ($26.7 B) Mortgage ($8.2 B) Consumer Indirect ($1.1 B) Other General Banking ($2.8 B) $51,602 $50,152 $49,818 $49,250 $50,101 $16,537 $16,249 $16,159 $15,961 $15,423 $68,139 $66,401 $65,977 $65,211 $65,524 $0 $10 ,000 $20 ,000 $30 ,000 $40 ,000 $50 ,000 $60 ,000 $70 ,000 $80 ,000 1Q21 2Q21 3Q21 4Q21 1Q22 Commercial Consumer 34% 21% 18% 14% 4% 3% 3% 3% Commercial & industrial ($22.4 B) Owner occupied commercial mortgage ($13.6 B) Residential mortgage ($11.7 B) Non-owner occupied commercial mortgage ($9.3 B) Commercial construction ($2.6 B) Leases ($2.2 B) Revolving mortgage ($1.8 B) Consumer other ($1.9 B) 18 Loans and Leases HFI ($ in millions, unless otherwise indicated) Segment Note – the financial data and/or ratios provided on this slide are presented as if legacy BancShares and legacy CIT were combined for the historical periods. Rail assets / operating leases are not included in the loan totals. The Commercial Bank segment includes Commercial Finance, Real Estate Finance and Business Capital. The General Bank segment includes Branch Network & Wealth, Mortgage, Consumer Indirect, Direct Bank, Community Association Banking and Other General Banking. Type 1Q22 loan composition by: Highlights 1Q22 vs. 4Q21 ▪ Loans increased from $65.2 billion to $65.5 billion or 1.9% annualized. ▪ Loans, excluding the impact of purchase accounting and SBA-PPP, increased from $64.7 billion to $65.2 billion or 2.8% annualized. ▪ The adjusted increase was due primarily to growth in commercial and business loans in our branch network, residential mortgage loans and commercial finance loans, partially offset by declines in real estate finance loans. ▪ The drivers of the adjusted increase by loan type include commercial & industrial loans, residential mortgage loans, and owner occupied commercial real estate loans. 1Q22 vs. 1Q21 ▪ Loans declined from $68.1 billion to $65.5 billion or 3.8%. ▪ Loans, excluding the impact of purchase accounting and SBA-PPP, declined from $65.4 billion to $65.2 billion or 0.3%. Commercial Bank: General Bank:

69% 16% 8% 5% 2% Branch Network, Wealth & Other General Banking ($63.5 B) Direct Bank ($14.4 B) Community Association Banking ($7.6 B) Commercial Bank ($4.7 B) Corporate & Other ($1.4 B) 44% 28% 18% 10% Money market & savings ($39.8 B) Noninterest-bearing demand ($25.9 B) Checking with interest ($16.7 B) Time deposits ($9.2 B) $65,504 $65,191 $65,408 $66,087 $65,699 $23,852 $24,491 $24,895 $24,677 $25,898 $89,356 $89,682 $90,303 $90,764 $91,597 - 10,0 00 20,0 00 30,0 00 40,0 00 50,0 00 60,0 00 70,0 00 80,0 00 90,0 00 100 ,000 1Q21 2Q21 3Q21 4Q21 1Q22 Interest-bearing Noninterest-bearing 19 Deposits ($ in millions, unless otherwise indicated) Highlights 1Q22 vs. 4Q21 ▪ Total deposits were $91.6 billion and increased $833 million or 3.7%. ▪ Noninterest-bearing deposits increased $1.2 billion. ▪ Interest-bearing deposits decreased $388 million, primarily due to a $763 million decline in time deposits, partially offset by a $450 million increase in checking accounts with interest. ▪ The reductions in interest-bearing deposits were primarily in the Direct Bank, partially offset by growth in interest-bearing and noninterest-bearing deposits in the branch network and Community Association Banking. Type 1Q22 deposit composition by: Total deposit cost Note – the financial data and/or ratios provided on this slide are presented as if legacy BancShares and legacy CIT were combined for the historical periods. The Commercial Bank segment includes Commercial Finance, Real Estate Finance and Business Capital. The General Bank segment includes Branch Network & Wealth, Mortgage, Consumer Indirect, Direct Bank, Community Association Banking and Other General Banking. 33 bps 27 bps 25 bps 23 bps 17 bps 1Q22 vs. 1Q21 ▪ Total deposits increased $2.2 billion or 2.5%. ▪ Noninterest-bearing deposits increased $2.0 billion. ▪ Interest-bearing deposits increased by $195 million, primarily driven by increases in checking accounts with interest, partially offset by decreases to time deposit accounts. ▪ The reductions in interest-bearing deposits were primarily in the Direct Bank, partially offset by growth in interest-bearing and noninterest-bearing deposits in the branch network and Community Association Banking. Segment Commercial Bank: General Bank: Corporate:

0.74% 0.67% 0.64% 0.62% 0.35% 0.44% 0.37% 0.34% 0.32% 0.24% 0.33% 0.27% 0.25% 0.23% 0.17% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1Q21 2Q21 3Q21 4Q21 1Q22 Chart Title Cost of interest-bearing liabilities Cost of interest-bearing deposits Cost of deposits $ Change vs. 1Q22 4Q21 3Q21 2Q21 1Q21 4Q21 1Q21 Total deposits $91,597 96.5% $90,764 93.7% $90,303 93.6% $89,682 93.6% $89,356 93.0% $833 $2,241 Securities sold under customer repurchase agreements 616 0.6% 589 0.6% 664 0.7% 693 0.7% 681 0.7% 27 (65) FHLB advances 639 0.7% 645 0.7% 646 0.7% 647 0.7% 1,249 1.3% (6) (610) Senior unsecured borrowings 895 0.9% 3,742 3.9% 3,741 3.9% 3,738 3.9% 3,738 3.9% (2,847) (2,843) Subordinated debt 1,058 1.2% 972 1.0% 992 1.0% 992 1.0% 992 1.0% 86 66 Other borrowings 84 0.1% 87 0.1% 88 0.1% 90 0.1% 91 0.1% (3) (7) Total deposits and borrowed funds $94,889 100.0% $96,799 100.0% $96,434 100.0% $95,842 100.0% $96,107 100.0% ($1,910) ($1,218) 20 Funding Mix Summary Additional sources of liquidity Categories $ in millions FHLB $13,143 FRB 4,214 Total $17,357 Cost of funds Note – the financial data and/or ratios provided on this slide are presented as if legacy BancShares and legacy CIT were combined for the historical periods. ($ in millions)

($130) ($94) ($70) ($78) $464 ($49) ($200) ($100) $0 $100 $200 $300 $400 $500 1Q21 2Q21 3Q21 4Q21 1Q22 Provision (benefit) for credit losses $16 $28 $10 $9 $15 $0 $5 $10 $15 $20 $25 $30 1Q21 2Q21 3Q21 4Q21 1Q22 NCO $ $859 $736 $569 $518 $538 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 1Q21 2Q21 3Q21 4Q21 1Q22 Nonaccrual loans $1,153 $1,040 $973 $890 $848 5 25 45 65 85 105 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 1Q21 2Q21 3Q21 4Q21 1Q22 ACL 21 Quarterly Credit Quality Trends Net charge-offs (NCO) & NCO ratio Provision (benefit) for credit losses NCO ratio Nonaccrual loans to total loans ratio 1.26% Nonaccrual loans / total loans & leases HFI Allowance for Credit Loss (ACL) & ACL ratio 1.69% 1.57% 1.47% 1.36% 1.29% ACL ratio 1.11% 0.86% 0.79% 0.82% 0.09% 0.17% 0.06% 0.05% 0.09% Note – the financial data and/or ratios provided on this slide are presented as if legacy BancShares and legacy CIT were combined for the historical periods. $513 ($ in millions)

22 Allowance for credit losses (ACL) ($ in millions) 4Q21 to 1Q22 ACL Highlights 1Q22 vs. 4Q21 ▪ Total ACL declined $42 million compared to the linked quarter. ▪ The net impact of allowances established in the CIT merger was a $26 million addition to the legacy CIT ACL. ▪ The $68 million reserve release during the quarter was driven by improvements in macroeconomic scenarios supporting the ACL models and reductions in the ACL on specifically reviewed loans, partially offset by reserve maintenance for net charge-offs and organic loan growth during the quarter. ▪ The ACL provided 14.3 times coverage of annualized quarterly net charge- offs. ACL / Net charge-offs 4Q21 Day 1 PCD gross up – CIT merger Day 2 non-PCD provision – CIT merger Net charge- offs Portfolio & model changes 1Q22Economic scenario 0 6 12 18 24 30 1Q21 2Q21 3Q21 4Q21 1Q22 ACL / NCO ratio 18.8x 9.2x 24.5x 27.2x 14.3x Day 1 CIT ACL reversal Note – the financial data and/or ratios provided on this slide are presented as if legacy BancShares and legacy CIT were combined for the historical periods. ($15) $7

Tier 1 Total Tier 1 CET1 Leverage December 31, 2021 14.35% 12.47% 11.50% 7.59% CIT acquisition - net -0.04% -0.27% -0.36% 1.51% Pro forma combined - January 3, 2022 14.31% 12.20% 11.14% 9.10% Net income 0.27% 0.27% 0.27% 0.21% Common dividends -0.01% -0.01% -0.01% -0.01% Preferred dividends -0.01% -0.01% -0.01% -0.01% Change in risk-weighted/average assets -0.06% -0.05% -0.05% 0.16% Other -0.04% -0.01% 0.00% -0.02% March 31, 2022 14.46% 12.39% 11.34% 9.43% Change since 4Q21 0.11% -0.08% -0.16% 1.84% Risk-Based Capital CIT acquisition 11.50% 11.14% 11.34% 11.50% 11.34% 12.02% 12.13% 12.32% 12.47% 12.39% 14.14% 14.15% 14.30% 14.35% 14.46% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 1Q21 2Q21 3Q21 4Q21 1Q22 CET1 Tier 1 Total Note – the historical information provided on this slide is representative of legacy BancShares and does not include legacy CIT results. (1) The impact of the CIT acquisition was estimated using the addition to equity created in the transaction, the preliminary bargain purchase gain and Day 2 CECL as well as the impact of the additional risk- weighted (RWA) and average assets. The acquisition caused a small decline in risk-based capital ratios as the positive capital impact was offset by the RWA increase. The increase in Tier 1 leverage was due to higher RWA as a percentage of average assets at legacy CIT. 23 Capital 4Q21 CIT acquisition Earnings retained Dividends AOCI adjustments 1Q224Q21 Net income Dividends 1Q22 Tangible book value per shareCommon equity tier 1 ratio (CET1) Capital ratio rollforwardTrending risk-based capital ratios 11.50% (0.36%) 0.27% (0.02%) (0.05%) 11.34% Change in risk- weighted / avg. assets (1) $410.74 $14.52 ($0.94) ($19.69) $169.46 $574.09 Note - Capital ratios are preliminary pending completion of quarterly regulatory filings.

Financial Outlook Section III

25 Key Earnings Estimate Assumptions (1) Adjusted noninterest income includes net rental income on operating lease assets (net of depreciation and maintenance) and excludes fair value adjustments on marketable equity securities, realized gains/losses on sales of AFS securities, realized gains/losses on sales of leasing equipment and legacy consumer loans, realized gains/losses on extinguishment of debt and acquisition accounting gains. (2) Adjusted noninterest expense excludes depreciation and maintenance on operating lease assets, merger-related expenses and amortization of intangibles. (3) Estimated annual effective tax rate is 24.6%, excluding discrete items. (4) The FY21 effective tax rate is a blended rate between legacy CIT and BancShares using prior period reported numbers. Metric 1Q22 – adjusted baseline 2Q22 FY21– adjusted baseline FY22 Loans $65.5 billion Mid-single digit % growth $65.2 billion Mid-single digit % growth Deposits $91.6 billion Flat to slightly negative % growth on seasonal outflows $90.8 billion Flat to low-single digit % growth, as core deposits replace higher priced deposits Interest rates Expectation is for two rate hikes in 2Q22 Expectation is for seven hikes in 2022 Net charge-off ratio (annualized/annual) 9 bps 10 – 20 bps 9 bps 15 – 25 bps Net interest income $649 million Mid-single digit % growth $2.4 billion Low to mid-teens % growth Noninterest income (1) $280 million Flat $1.0 billion Upper-single digit % growth Noninterest expense (2) $572 million Flat to slightly negative % growth $2.2 billion Low-single digit % growth Effective tax rate 24.6% (3) 24.6% (3) 23.9% (4) 24.6% (3) Note – the financial data and/or ratios provided on this slide are presented as if legacy BancShares and legacy CIT were combined for the historical periods.

Appendix Section IV

1Q22 $s in millions Reported FCB GAAP CIT GAAP Reclass FCB/CIT Combined FCB GAAP CIT GAAP Reclass FCB/CIT Combined Assets Cash and due from banks 523$ 338$ 142$ -$ 480$ 410$ 158$ -$ 568$ Interest-earning deposits at banks 9,285 9,115 2,875 - 11,990 7,589 5,191 - 12,780 Investment securities 19,469 13,110 6,814 (217) 19,707 10,222 5,013 (196) 15,039 Loans and leases 65,524 32,372 32,839 - 65,211 33,181 34,958 - 68,139 Allowance for credit losses (848) (178) (712) - (890) (211) (942) - (1,153) Loans and leases, net of allowance for credit losses 64,676 32,194 32,127 - 64,321 32,970 34,016 - 66,986 Operating lease equipment, net 7,972 - 8,024 - 8,024 - 7,734 - 7,734 Bank owned life insurance 1,326 116 1,202 - 1,318 115 1,177 - 1,292 Other assets 5,346 3,435 2,056 217 5,708 2,603 2,760 196 5,559 Total assets 108,597$ 58,308$ 53,240$ -$ 111,548$ 53,909$ 56,049$ -$ 109,958$ Liabilities Total deposits 91,597$ 51,406$ 39,358$ -$ 90,764$ 47,331$ 42,025$ -$ 89,356$ Credit balances of factoring clients 1,150 - 1,533 - 1,533 - 1,471 - 1,471 Total borrowings 3,292 1,784 4,251 - 6,035 1,911 4,840 - 6,751 Other liabilities 1,988 381 1,794 - 2,175 345 1,897 - 2,242 Total liabilities 98,027 53,571 46,936 - 100,507 49,587 50,233 - 99,820 Stockholders’ equity Preferred stock 881 340 525 - 865 340 525 - 865 Common stock 16 10 2 - 12 10 2 - 12 Surplus 5,344 - 3,761 - 3,761 - 3,742 - 3,742 Retained earnings 4,634 4,377 2,180 - 6,557 4,006 1,695 - 5,701 Accumulated other comprehensive income (loss) (305) 10 (164) - (154) (34) (148) - (182) Total stockholders’ equity 10,570 4,737 6,304 - 11,041 4,322 5,816 - 10,138 Total liabilities and stockholders’ equity 108,597$ 58,308$ 53,240$ -$ 111,548$ 53,909$ 56,049$ -$ 109,958$ 1Q214Q21 27 Balance Sheet (unaudited)

1Q22 $s in millions Reported FCB GAAP CIT GAAP Reclass FCB/CIT Combined FCB GAAP CIT GAAP Reclass FCB/CIT Combined Assets Cash and due from banks 523$ 338$ 170$ -$ 508$ 395$ 147$ -$ 542$ Interest-earning deposits at banks 9,285 9,875 4,429 - 14,304 7,871 5,134 - 13,005 Investment securities 19,469 10,875 5,875 (212) 16,538 10,895 5,446 (212) 16,129 Loans and leases 65,524 32,516 33,461 - 65,977 32,690 33,711 - 66,401 Allowance for credit losses (848) (183) (790) - (973) (189) (851) - (1,040) Loans and leases, net of allowance for credit losses 64,676 32,333 32,671 - 65,004 32,501 32,860 - 65,361 Operating lease equipment, net 7,972 - 7,937 - 7,937 - 7,782 - 7,782 Bank owned life insurance 1,326 116 1,193 - 1,309 115 1,185 - 1,300 Other assets 5,346 3,365 2,145 212 5,722 3,398 2,150 212 5,760 Total assets 108,597$ 56,902$ 54,420$ -$ 111,322$ 55,175$ 54,704$ -$ 109,879$ Liabilities Total deposits 91,597$ 50,066$ 40,237$ -$ 90,303$ 48,411$ 41,271$ -$ 89,682$ Credit balances of factoring clients 1,150 - 1,556 - 1,556 - 1,531 - 1,531 Total borrowings 3,292 1,883 4,248 - 6,131 1,916 4,244 - 6,160 Other liabilities 1,988 372 2,204 - 2,576 371 1,622 - 1,993 Total liabilities 98,027 52,321 48,245 - 100,566 50,698 48,668 - 99,366 Stockholders’ equity Preferred stock 881 340 525 - 865 340 525 - 865 Common stock 16 10 2 - 12 10 2 - 12 Surplus 5,344 - 3,758 - 3,758 - 3,750 - 3,750 Retained earnings 4,634 4,263 2,011 - 6,274 4,149 1,874 - 6,023 Accumulated other comprehensive income (loss) (305) (32) (121) - (153) (22) (115) - (137) Total stockholders’ equity 10,570 4,581 6,175 - 10,756 4,477 6,036 - 10,513 Total liabilities and stockholders’ equity 108,597$ 56,902$ 54,420$ -$ 111,322$ 55,175$ 54,704$ -$ 109,879$ 2Q213Q21 28 Balance Sheet (unaudited)

1Q22 $s in millions Reported FCB GAAP CIT GAAP Reclass FCB/CIT Combined FCB GAAP CIT GAAP Reclass FCB/CIT Combined Interest income Interest and fees on loans 621$ 328$ 341$ -$ 669$ 323$ 364$ -$ 687$ Interest on investment securities 83 40 20 - 60 31 21 - 52 Other interest and dividends 6 4 1 - 5 1 3 (1) 3 Total interest income 710 372 362 - 734 355 388 (1) 742 Interest expense - - Deposits 39 8 45 - 53 9 61 - 70 Total interest expense on borrowings 22 7 55 - 62 7 58 65 Total interest expense 61 15 100 - 115 16 119 - 135 Net interest income 649 357 262 619 339 269 (1) 607 Provision (benefit) for credit losses 464 (5) (71) (2) (78) (11) (117) (2) (130) Net interest income after provision for credit losses 185 362 333 2 697 350 386 1 737 Noninterest income - - Rental income on operating leases 208 - 204 - 204 - 195 - 195 Fee income and other revenue 33 9 36 (8) 37 8 30 (8) 30 Wealth management services 35 33 - - 33 32 - - 32 Gains on leasing equipment, net 6 - 27 - 27 - 28 - 28 Service charges on deposit accounts 28 27 - 1 28 22 - 1 23 Factoring commissions 27 - 33 - 33 - 24 - 24 Cardholder services, net 25 21 - - 21 20 - - 20 Merchant services, net 10 7 - - 7 9 - - 9 Realized gains on investment securities available for sale, net - - - - - 9 105 - 114 Marketable equity securities gains, net 3 3 4 - 7 16 - - 16 Gain on acquisition 431 - - - - - - - - Gain on extinguishment of debt 6 - - - - - - - - Other noninterest income 38 14 48 5 67 21 43 6 70 Total noninterest income 850 114 352 (2) 464 137 425 (1) 561 Noninterest expenses Depreciation on operating lease equipment 81 - 88 - 88 - 85 - 85 Maintenance and other operating lease expenses 43 - 52 - 52 - 52 - 52 Salaries and benefits 352 193 131 1 325 184 155 1 340 Net occupancy expense 49 30 17 1 48 30 18 - 48 Equipment expense 52 30 33 (12) 51 30 33 (10) 53 Third-party processing 24 16 - 8 24 14 - 7 21 FDIC insurance expense 12 4 12 (4) 12 3 15 (5) 13 Merger-related expenses 135 10 3 - 13 7 4 - 11 Intangible asset amortization 6 2 8 - 10 3 8 - 11 Other noninterest expense 56 38 42 6 86 25 39 9 73 Total noninterest expense 810 323 386 - 709 296 409 2 707 Income before income taxes 225 153 299 - 452 191 402 (2) 591 Income taxes (46) 30 83 - 113 44 96 - 140 Net income 271 123 216 - 339 147 306 (2) 451 Preferred stock dividends 7 4 12 - 16 4 3 - 7 Net income available to common shareholders 264$ 119$ 204$ -$ 323$ 143$ 303$ (2)$ 444$ 4Q21 1Q21 29 Income Statement (unaudited)

1Q22 $s in millions Reported FCB GAAP CIT GAAP Reclass FCB/CIT Combined FCB GAAP CIT GAAP Reclass FCB/CIT Combined Interest income Interest and fees on loans 621$ 319$ 342$ -$ 661$ 324$ 356$ -$ 680$ Interest on investment securities 83 39 16 - 55 35 15 - 50 Other interest and dividends 6 4 2 (1) 5 2 2 (1) 3 Total interest income 710 362 360 (1) 721 361 373 (1) 733 Interest expense - - Deposits 39 8 47 - 55 8 51 - 59 Total interest expense on borrowings 22 7 56 - 63 7 56 - 63 Total interest expense 61 15 103 - 118 15 107 - 122 Net interest income 649 347 257 (1) 603 346 266 (1) 611 Provision (benefit) for credit losses 464 (1) (67) (2) (70) (20) (72) (2) (94) Net interest income after provision for credit losses 185 348 324 1 673 366 338 1 705 Noninterest income - - Rental income on operating leases 208 - 186 - 186 - 188 - 188 Fee income and other revenue 33 9 33 (7) 35 9 36 (7) 38 Wealth management services 35 32 - - 32 32 - - 32 Gains on leasing equipment, net 6 - 21 - 21 - 29 - 29 Service charges on deposit accounts 28 25 - 1 26 22 - 1 23 Factoring commissions 27 - 28 - 28 - 27 - 27 Cardholder services, net 25 23 - - 23 22 - - 22 Merchant services, net 10 8 - - 8 9 - - 9 Realized gains on investment securities available for sale, net - 3 6 - 9 16 4 - 20 Marketable equity securities gains, net 3 8 - - 8 12 - - 12 Gain on acquisition 431 - - - - - - - - Gain on extinguishment of debt 6 - - - - - - - - Other noninterest income 38 15 37 7 59 12 65 7 84 Total noninterest income 850 123 311 1 435 134 349 1 484 Noninterest expenses Depreciation on operating lease equipment 81 - 85 - 85 - 83 - 83 Maintenance and other operating lease expenses 43 - 51 - 51 - 55 - 55 Salaries and benefits 352 193 153 1 347 189 141 1 331 Net occupancy expense 49 29 17 1 47 28 16 1 45 Equipment expense 52 30 32 (11) 51 29 33 (9) 53 Third-party processing 24 16 - 7 23 14 8 22 FDIC insurance expense 12 4 14 (5) 13 3 14 (5) 12 Merger-related expenses 135 7 1 - 8 6 2 - 8 Intangible asset amortization 6 3 8 - 11 3 8 - 11 Other noninterest expense 56 31 43 9 83 30 43 1 73 Total noninterest expense 810 313 404 2 719 302 395 (3) 693 Income before income taxes 225 158 231 - 389 199 293 5 496 Income taxes (46) 34 55 - 89 46 72 - 118 Net income 271 124 176 - 300 153 221 5 378 Preferred stock dividends 7 4 3 - 7 4 12 - 16 Net income available to common shareholders 264$ 120$ 173$ -$ 293$ 149$ 209$ 5$ 362$ 3Q21 2Q21 30 Income Statement (unaudited)

($ in millions) Carrying Value (2) % of Porfolio Duration (Yrs) Yield (3) AFS portfolio U.S. Treasury securities $ 1,931 10% 2.8 0.96% Government agency securities 206 1 0.7 2.79 Residential mortgage-backed securities 5,052 26 4.4 1.51 Commerical mortgage-backed securities 1,520 8 2.6 2.2 Corporate bonds 586 3 2.6 5.46 Total AFS portfolio $ 9,295 48% 3.6 1.77% HTM portfolio U.S. Treasury $ 471 2% 5.0 1.38% Government agency 1,541 8 4.4 1.49 Residential mortgage-backed securities 4,776 25 6.0 1.74 Commerical mortgage-backed securities 2,988 15 4.0 1.84 Other investments 298 2 6.7 1.53 Total HTM portfolio $ 10,074 52% 5.1 1.71% Grand total $ 19,369 100% 4.4 1.74% 1Q22 31 Debt Securities Overview (1) (1) Includes the debt securities portfolio; excludes marketable equity securities. (2) Carrying value represents amortized cost for HTM securities and fair value for AFS securities. (3) Yield represents book yield as of March 31, 2022.

($ in millions) Avg. Balance Income / Expense Yield / Rate Avg. Balance Income / Expense Yield / Rate Avg. Balance Income / Expense Yield / Rate Avg. Balance Income / Expense Yield / Rate Avg. Balance Income / Expense Yield / Rate Loans & leases $ 64,144 $ 621 3.88% $ 63,962 $ 669 4.14% $ 67,679 $ 687 4.06% $ 182 $ (48) -0.26% $ (3,535) $ (66) -0.18% Investment securities 19,492 83 1.71% 17,618 60 1.35% 15,639 52 1.33% 1,874 23 0.36% 3,853 31 0.38% Interest-earning deposits at banks 11,476 6 0.19% 14,391 5 0.14% 10,505 3 0.10% (2,915) 1 0.05% 971 3 0.09% Total interest-earning assets 95,112 710 2.99% 95,971 734 3.03% 93,823 742 3.16% (859) (24) -0.04% 1,289 (32) -0.17% Interest-bearing deposits 66,258 39 0.24% 65,354 53 0.32% 65,323 69 0.44% 904 (14) -0.08% 935 (30) -0.20% Securities sold under customer repuchase agreements 600 - 0.16% 650 - 0.16% 641 - 0.21% (50) - 0.00% (41) - -0.05% Borrowings 4,506 22 1.95% 5,466 62 4.54% 6,689 66 3.92% (960) (40) -2.59% (2,183) (44) -1.97% Total interest-bearing liabilities $ 71,364 $ 61 0.35% $ 71,470 $ 115 0.62% $ 72,653 $ 135 0.74% $ (106) $ (54) -0.27% $ (1,289) $ (74) -0.39% Net interest income $ 649 $ 619 $ 607 $ 30 $ 42 Net interest spread 2.64% 2.40% 2.42% 0.24% 0.22% Net interest margin 2.73% 2.56% 2.58% 0.17% 0.15% Change vs. 1Q22 4Q21 1Q21 4Q21 1Q21 32 Quarterly Average Balances and Yields Note – The totals may not foot due to rounding.

$s in millions 1Q22 4Q21 3Q21 2Q21 1Q21 $ % $ % Rental income on operating leases 208 204 186 188 195 4 2.0% 13 6.7% Fee income and other revenue 33 37 35 38 30 (4) (10.8%) 3 10.0% Wealth management services 35 33 32 32 32 2 6.1% 3 9.4% Gains on leasing equipment, net 6 27 21 29 28 (21) (77.8%) (22) (78.6%) Service charges on deposit accounts 28 28 26 23 23 - 0.0% 5 21.7% Factoring commissions 27 33 28 27 24 (6) (18.2%) 3 12.5% Cardholder services, net 25 21 23 22 20 4 19.0% 5 25.0% Merchant services, net 10 7 8 9 9 3 42.9% 1 11.1% Realized gains on investment securities available for sale, net - - 9 20 114 - NM (114) (100.0%) Marketable equity securities gains, net 3 7 8 12 16 (4) (57.1%) (13) (81.3%) Gain on acquisition 431 - - - - 431 NM 431 NM Gain on extinguishment of debt 6 - - - - 6 NM 6 NM Other noninterest income 38 67 59 84 70 (29) (43.3%) (32) (45.7%) Total noninterest income - GAAP 850$ 464$ 435$ 484$ 561$ 386$ 83.2% 289$ 51.5% Depreciation on operating leases 81 88 85 83 85 (7) (8.0%) (4) (4.7%) Maintenance on operating leases 43 52 51 55 52 (9) (17.3%) (9) (17.3%) Gains on leasing equipment, net 6 27 21 29 28 (21) (77.8%) (22) (78.6%) Realized gains on investment securities available for sale, net - - 9 20 114 - NM (114) (100.0%) Marketable equity securities gains, net 3 7 8 12 16 (4) (57.1%) (13) (81.3%) Gains on acquisition 431 - - - - 431 NM 431 NM Gain on extinguishment of debt 6 - - - - 6 NM 6 NM Other noninterest income - CTA Release - - (13) - - - NM - NM Other noninterest income - Legacy consumer mortgage loan sales - 26 29 33 22 (26) (100.0%) (22) (100.0%) Total notable items 570$ 200$ 190$ 232$ 317$ 370$ 185.0% 253$ 79.8% Rental income on operating leases 84 64 50 50 58 20 31.3% 26 44.8% Fee income and other revenue 33 37 35 38 30 (4) (10.8%) 3 10.0% Wealth management services 35 33 32 32 32 2 6.1% 3 9.4% Service charges on deposit accounts 28 28 26 23 23 - NM 5 21.7% Factoring commissions 27 33 28 27 24 (6) (18.2%) 3 12.5% Cardholder services, net 25 21 23 22 20 4 19.0% 5 25.0% Merchant services, net 10 7 8 9 9 3 42.9% 1 11.1% Other noninterest income 38 41 43 51 48 (3) (7.3%) (10) (20.8%) Total noninterest income - adjusted 280$ 264$ 245$ 252$ 244$ 16$ 6.1% 36$ 14.8% 1Q22 Change vs. Quarter to date 4Q21 1Q21 33 Noninterest income Note – the financial data provided on this slide is presented as if legacy BancShares and legacy CIT were combined for the historical periods.

$s in millions 1Q22 4Q21 3Q21 2Q21 1Q21 $ % $ % Depreciation on operating lease equipment 81 88 85 83 85 (7) (8.0%) (4) (4.7%) Maintenance and other operating lease expenses 43 52 51 55 52 (9) (17.3%) (9) (17.3%) Salaries and benefits 352 325 347 331 340 27 8.3% 12 3.5% Net occupancy expense 49 48 47 45 48 1 2.1% 1 2.1% Equipment expense 52 51 51 53 53 1 2.0% (1) (1.9%) Third-party processing 24 24 23 22 21 - 0.0% 3 14.3% FDIC insurance expense 12 12 13 12 13 - 0.0% (1) (7.7%) Merger-related expenses 135 13 8 8 11 122 938.5% 124 1127.3% Intangible asset amortization 6 10 11 11 11 (4) (40.0%) (5) (45.5%) Other noninterest expense 56 86 83 73 73 (30) (34.9%) (17) (23.3%) Total noninterest expense - GAAP 810$ 709$ 719$ 693$ 707$ 101$ 14.2% 103$ 14.6% Depreciation on operating lease equipment 81 88 85 83 85 (7) (8.0%) (4) (4.7%) Maintenance and other operating lease expenses 43 52 51 55 52 (9) (17.3%) (9) (17.3%) Salaries and benefits - (6) - (8) - 6 NM - NM Merger-related expenses 135 13 8 8 11 122 938.5% 124 1127.3% Intangible asset amortization 6 10 11 11 11 (4) (40.0%) (5) (45.5%) Other expenses (27) - - - - (27) NM (27) NM - - - - - # - # - - Total notable items 238$ 157$ 155$ 149$ 159$ 81$ 51.6% 79$ 49.7% Salaries and benefits 352 331 347 339 340 21 6.3% 12 3.5% Net occupancy expense 49 48 47 45 48 1 2.1% 1 2.1% Equipment expense 52 51 51 53 53 1 2.0% (1) (1.9%) Third-party processing 24 24 23 22 21 - 0.0% 3 14.3% FDIC insurance expense 12 12 13 12 13 - 0.0% (1) (7.7%) Other noninterest expense 83 86 83 73 73 (3) (3.5%) 10 13.7% Total noninterest expense - adjusted 572$ 552$ 564$ 544$ 548$ 20$ 3.6% 24$ 4.4% 1Q22 Change vs. Quarter to date 4Q21 1Q21 34 Noninterest expense Note – the financial data provided on this slide is presented as if legacy BancShares and legacy CIT were combined for the historical periods.

(Actual balances; $ in millions) 1Q22 Net interest income $ 207 Noninterest income 112 Net revenue 319 Noninterest expense 191 Pre-provision net revenue 128 Provision (benefit) for credit losses (35) Segment income before taxes 163 Income taxes 41 Segment net income $ 122 Balance Sheet Loans and leases $ 26,672 Deposits 4,687 Factoring volume 6,443 Income Statement 35 Commercial Banking Segment Highlights ▪ While total loans were relatively flat from the linked quarter as repayment levels remain elevated across the industry, pipelines continue to build in all markets, and we are seeing robust referral activity to the business lines from legacy First Citizens. ▪ Factoring revenue remains favorable on a year over year basis, offsetting some of the competitive pressures felt in the capital markets space due to lower overall industry issuance and intense competition to lead transactions. ▪ Additional market challenges include an abundance of market liquidity, supply chain disruptions and inflation coupled with rising interest rates. ▪ Net charge-offs remain below historical levels, and portfolios do not show any warning signs of deterioration. ▪ We continue to focus on building out the combined organization’s Middle Market banking business and remain focused on relationship building in regional markets where First Citizens and CIT have a presence and brand recognition. Note – the Commercial Bank segment includes Commercial Finance, Real Estate Finance and Business Capital. The totals may not foot due to rounding.

(Actual balances; $ in millions) 1Q22 Net interest income $ 437 Noninterest income 123 Net revenue 560 Noninterest expense 409 Pre-provision net revenue 151 Provision (benefit) for credit losses (16) Segment income before taxes 167 Income taxes 40 Segment net income $ 127 Loans and leases $ 38,778 Deposits 85,469 Number of branches 603 Wealth management assets under management $ 32,200 Card volume 3,582 Merchant volume 1,650 Other Key Metrics Income Statement Balance Sheet 36 General Banking Segment Highlights ▪ The Branch Network has seen strong balance sheet growth when adjusted for the impact of SBA-PPP loan forgiveness ($2.6 billion reduction from the same quarter in the prior year), continuing to deliver on mid-single digit organic growth, consistent with prior years. ▪ Noninterest income growth across wealth, cardholder services continues to remain strong. Mortgage income is declining based on lower overall production due to the rate environment. In addition, the absence of legacy consumer mortgage (LCM) loan sales in 2022 provides a headwind relative to the elevated amount of LCM sales in 2021. ▪ The largest driver of loan growth is commercial loans, while business and consumer branch loans delivered mid to upper single digit loan growth. Noninterest bearing deposit growth was the primary driver of deposit growth in the quarter, offsetting declines in time deposits from the expiration of higher-rate time deposits. ▪ Credit quality remains strong in the General Bank segment, with low absolute levels of net charge-offs. ▪ General bank lines of business have demonstrated resiliency in recent recessionary periods: branch-based loans and deposits growing have grown steadily in these periods, and wealth transaction-driven revenue and bond portfolios are able to moderate revenue impacts from stock market declines. Note – the General Bank segment includes Branch Network & Wealth, Mortgage, Consumer Indirect, Direct Bank, Community Association Banking and Other General Banking. The totals may not foot due to rounding.

(Actual balances; $ in millions) 1Q22 Rental income on operating leases $ 159 Depreciation on operating lease equipment 41 Maintenance and other operating lease expenses 43 Net revenue on operating leases 75 Interest expense, net 19 Noninterest income 3 Noninterest expense 16 Segment income before taxes 43 Income taxes 11 Segment net income $ 32 Operating lease equipment, net $ 7,251 Number of rail cars 121,800 Utilization 95.5% Average age of rail cars 14 years Renewal rate to current rate 108% Other Key Metrics Income Statement Balance Sheet 37 Rail Segment Highlights ▪ Net revenue on operating leases is increasing, as fleet utilization increased to 95.5%, up 2.4% from the linked quarter and represents the highest level since 2Q19. Furthermore, operating leases are renewing at an improved rate compared to previous rates, which is also providing momentum to increasing gross rental income on operating leases. ▪ Noninterest income includes lower levels of operating lease sales compared to prior periods, and is reflective of the on- going strategy to keep quality earning assets on the balance sheet, which will reduce absolute levels of gains on the sale of rail operating leases. ▪ Industry wide, the number of railcars in the North American fleet stored dropped by almost 16,000 cars in March, which is a positive for rail car demand. ▪ On potential concerns of a recession, the rail portfolio is driven by the industrial sector business cycle. The expiration profiles of leases (approximately 25-30% expiring per year) helps to mitigate risk in the near term, as the portfolio generally lags the economic cycle – up and down. The short- term outlook is mixed- but overall positive for the rail portfolio as there remains strong demand for lumber, steel and grain. Note – totals may not foot due to rounding.

38 Preliminary Purchase Accounting Marks Note – balances above include the impact of the merger with CIT as well as other acquisitions prior to December 31, 2021. The summary only includes select information and is not intended to represent all purchase accounting adjustments. While BancShares believes that the information provided a reasonable basis for estimating fair value, BancShares expects to finalize its analysis of the acquired assets and assumed liabilities within one year of the Merger Date. (1) Preliminary purchase accounting marks on loans and leases is comprised of credit, interest and liquidity components, and are generally recognized using the level-yield or straight-line method over the remaining life of the receivable or in full in the event of prepayment. (2) Preliminary purchase accounting marks on deposits and borrowings represent interest rate marks and are recognized using the level-yield method over the remaining term of the liability. (3) On February 24, 2022, approximately $3.0 billion in legacy CIT debt was redeemed. $s in millions March 31, 2022 December 31, 2021 Loans and leases (1) Beginning balance - unamortized fair value mark (40)$ (65)$ Additions - Merger with CIT Group Inc. (388) - PCD "gross up" 284 Accretion (1) 25 Ending Balance (145)$ (40)$ Core deposits and other intangibles Beginning balance 19$ 31$ Additions - Merger with CIT Group Inc. 143 - Amortization (6) (12) Ending Balance 156$ 19$ Deposits (2) Beginning balance - unamortized fair value mark (2)$ (4)$ Additions - Merger with CIT Group Inc. (66) - Amortization 11 2 Ending Balance (57)$ (2)$ Borrowings (2) Beginning balance unamortized fair value mark 2$ 4$ Additions - Merger with CIT Group Inc. (258) - Amortization 21 (2) Adjustments (3) 128 - Ending Balance (107)$ 2$

39 Key takeaways - ratings progression Rating agency focus Credit Ratings ✓ Successful execution of CIT merger, reducing integration and execution risks. ✓ Recognized sustained improvement to the profitability and combined funding profile along with maintaining ample liquidity and strong capital levels. S&P Moody’s Fitch First Citizens BancShares, Inc. BBB Baa2 BBB First-Citizens Bank & Trust Company BBB+ Baa1 BBB Outlook Negative Stable Stable ▪ Solid business profile, strong franchise and diversified business model. ▪ Historically conservative risk appetite with low credit losses over time. ▪ Solid balance sheet, including healthy liquidity and capitalization. ▪ Strong deposit platform. ▪ BancShares’ ownership structure allows the company to prioritize longer-term strategic objectives over short-term performance. ▪ Successful integration of CIT merger remains key focus. Successful execution will be key to ensuring funding, risk and profitability profiles remain strong.

40 Non-GAAP Reconciliations (Prior periods are legacy BancShares standalone) ($ in millions, except per share data) 1Q22 4Q21 1Q21 Net income (GAAP measure) 271$ 123$ 147$ Less: Preferred dividends 7 5 5 Net income available to common stockholders (GAAP measure) a 264 118 142 Plus: Total tax-effected notable items 35 8 (11) Adjusted net income available to common stockholders (non-GAAP measure) b 299$ 126$ 131$ Weighted average common shares outstanding c 15,779,153 9,816,405 9,816,405 Basic earnings per share (GAAP measure) a/c 16.70$ 12.09$ 14.53$ Adjusted basic earnings per share (non-GAAP measure) b/c 18.95$ 12.82$ 13.36$ Total average stockholders' equity (GAAP measure) 10,423 4,633 4,275 Less: Preferred stock 863 340 340 Total average common stockholders' equity (GAAP measure) e 9,560$ 4,293$ 3,935$ Return on equity (GAAP measure) a/e 11.18% 10.96% 14.70% Adjusted return on equity (non-GAAP measure) b/e 12.67% 11.63% 13.51% Total average common stockholders' equity (GAAP measure) 9,560 4,293 3,935 Less: Average goodwill 346 350 350 Less: Average intangible assets 182 21 30 Total tangible common stockholders' equity (non-GAAP measure) f 9,032$ 3,922$ 3,555$ Return on tangible common equity (non-GAAP measure) a/f 11.83% 12.00% 16.28% Adjusted return on tangible common equity (non-GAAP measure) b/f 13.43% 12.72% 14.96% Total average assets (GAAP measure) g 110,395$ 58,116$ 51,410$ Net income (GAAP measure) h 271 123 147 Plus: Total tax-effected notable items 35 8 (11) Adjusted net income (non-GAAP measure) i 306$ 132$ 137$ Return on assets (GAAP measure) h/g 1.00% 0.84% 1.16% Adjusted return on assets (non-GAAP meausre) h/i 1.12% 0.89% 1.07%

41 Non-GAAP Reconciliations (Prior periods include CIT) ($ in millions) 1Q22 4Q21 3Q21 2Q21 1Q21 Total noninterest income (GAAP measure) 850$ 464$ 435$ 484$ 561$ Less: Depreciation and maintenance on operating leases 124 140 136 138 137 Subtotal 726$ 324$ 299$ 346$ 424$ Less: Other notable items 446 60 54 94 180 Total core noninterest income (non-GAAP measure) 280$ 264$ 245$ 252$ 244$ Total noninterest expense (GAAP measure) 810 709 719 693 707 Less: Depreciation and maintenance on operating leases 124 140 136 138 137 Subtotal 686$ 569$ 583$ 555$ 570$ Less: Other notable items 114 17 19 11 22 Total core noninterest expense (non-GAAP measure) a 572$ 552$ 564$ 544$ 548$ Net interest income (GAAP measure) 649 619 603 611 607 Total core noninterest income (non-GAAP measure) 280 264 245 252 244 Total efficiency revenue b 929$ 883$ 848$ 863$ 851$ Efficiency ratio (non-GAAP measure) b/a 61.57% 62.51% 66.51% 63.04% 64.39%

($ in millions) 1Q22 4Q21 1Q21 4Q21 1Q21 Total stockholders' equity (GAAP measure) a 10,570$ 4,737$ 4,322$ 11,041$ 10,137$ Less: Preferred stock 881 340 340 865 865 Common stockholders' equity (non-GAAP measure) b 9,689$ 4,397$ 3,982$ 10,176$ 9,272$ Common stockholders' equity (non-GAAP measure) 9,689 4,397 3,982 10,176 9,272 Less: Goodwill 346 346 350 346 350 Less: Intangible assets 156 19 28 121 154 Tangible common stockholders' equity or tangible capital (non-GAAP measure) 9,186$ 4,032$ 3,604$ 9,708$ 8,768$ Total shares outstanding d 16,001,510 9,816,405 9,816,405 NA NA Book value per common share (non-GAAP measure) b/d 605.48$ 447.95$ 405.59$ NA NA Tangible book value per common share (non-GAAP measure) c/d 574.09$ 410.74$ 367.07$ NA NA Total assets (GAAP measure) 108,597 NA NA 111,548 109,958 Less: Goodwill 346 NA NA 346 350 Less: Intangible assets 156 NA NA 121 154 Total tangible assets (non-GAAP measure) e 108,094$ NA NA 111,080$ 109,453$ Total equity to total assets (GAAP measure) a/e 9.73% NA NA 9.90% 9.22% Tangible capital to total tangible assets (non-GAAP measure) c/e 8.50% NA NA 8.74% 8.01% 42 Non-GAAP Reconciliations (Prior periods include CIT) (Periods are BancShares only)

43 Non-GAAP Reconciliations ($ in millions) Commercial Banking Segment General Banking Segment Net income (GAAP measure) 122$ 127$ Plus: Provision for income taxes 41 40 Plus: Provision (benefit) for credit losses (35) (16) Pre-provision net revenue (non-GAAP measure) 128$ 151$ ($ in millions) Rail Segment Net income (GAAP measure) 32 Plus: Rental income on operating leases 159 Less: Depreciation on operating lease equipment 41 Less: Maintenance and other operating lease expenses 43 Less: Interest expense, net 19 Plus: Noninterest income 3 Less: Noninterest expense 16 Net revenue on operating leases (non-GAAP measure) 75$ 1Q22