EX-99.2 4 a4q22investorpresentatio.htm EX-99.2
First Citizens BancShares, Inc. Fourth Quarter 2022 Earnings Conference Call January 26, 2023

2 Agenda Page(s) Section I – 2022 Accomplishments and 2023 Strategic Objectives 4 – 6 Section II – Fourth Quarter 2022 Financial Results 7 – 29 Financial Highlights 8 Earnings Highlights 9 – 11 Notable Items 12 Net interest income and margin 13 – 15 Deposit Betas 16 Noninterest income and expense 17 – 19 Balance Sheet Highlights 20 Loans and Leases HFI 21 – 22 Deposits and Funding Mix 23 – 25 ACL and Credit Quality Trends 26 – 27 Capital 28 BOLI Early Surrender 29 Section III – Financial Outlook 30 – 31 Key Earnings Estimate Assumptions 31 Section IV – Appendix 32 – 44 Section V – Non-GAAP Reconciliations 45 – 55

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”, “aims” 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, including the recent and projected interest rate hikes by the Board of Governors of the Federal Reserve Board (the “Federal Reserve”), the potential impact of decisions by the Federal Reserve on BancShares’ capital plans, adverse developments with respect to U.S. or global economic conditions, including the significant turbulence in the capital or financial markets, the impact of the current inflationary environment, the impact of implementation and compliance with current or proposed laws, regulations and regulatory interpretations, the availability of capital and personnel, the timing and authorization of any future repurchases of our Class A common under potential share repurchase programs 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. 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”). Non-GAAP Measures Certain measures in this presentation 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. Refer to Section V of this presentation for a reconciliation of Non-GAAP measures to the most directly comparable GAAP measure. BancShares completed the acquisition of CIT on January 3, 2022 (the “CIT Merger”). BancShares’ financial information presented for the periods ended December 31, 2022 reflects the acquisition of CIT. Certain 2021 financial information referenced as “Combined” in this presentation reflects the combination of BancShares and CIT for historical periods prior to completion of the CIT Merger. Certain financial results referenced as “Adjusted” in this presentation exclude notable items. The Combined and Adjusted financial measures are Non-GAAP. The Combined (Non-GAAP) financial measures are based on the combined historical information as reported by each company and do not constitute “pro forma” measures prepared and presented in accordance with Article 11 of Regulation S-X. Refer to Section V of this presentation for a reconciliation of the Combined (Non-GAAP) to BancShares (GAAP) measures.

2022 Accomplishments and 2023 Strategic Objectives Section I

5 First Citizens 2022 Accomplishments 2022 was a highly successful year driven by our complementary merger with CIT that positioned us well for continued growth given our diverse products, services and markets. Integrated CIT • Merger integration is substantially complete. • Focused on capitalizing on opportunities to create positive operating leverage by growing revenues and optimizing operations. • Achieved ~$200 million in cost savings in 2022 and expect to recognize the remaining ~$50 million of targeted cost savings in 2023. • Repurchased 1.5 million Class A common shares for $1.2 billion during the third and fourth quarters. • Repurchase estimated to be ~10% accretive to 2023 EPS with TBV earnback period of ~3 years. Distributed capital Focused on our customers Upheld our risk culture Produced strong operating leverage • Adjusted pre-provision net revenue was up $557 million, or by 45.5% over 2021. • Net interest margin expanded driven by strong loan growth and a higher yield on earning assets. • Full year operating leverage was 14.7%. • Our adjusted efficiency ratio declined from 64.3% in 2021 to 56.4% in 2022. Our fourth quarter ratio was 54.1%. • Credit quality remains strong despite economic uncertainty. • Risk management practices continue to evolve to position us to meet the requirements of the large financial institution framework. • Loans grew by $5.6 billion, or 8.5%, driven by solid performance in both the General and Commercial banks. • Despite a challenging environment for deposits driven by unprecedented quantitative tightening, we experienced modest growth in noninterest-bearing accounts and only a slight decline in total deposits. Note – Pre-provision net revenue, operating leverage and efficiency ratio are adjusted (Non-GAAP). Refer to Section V of this presentation for a reconciliation of Non-GAAP measures to the most directly comparable GAAP measure. Changes between periods are calculated as if BancShares and CIT were combined on January 1, 2021. The Combined measures are Non-GAAP. Refer to Section V of this presentation for a reconciliation of the Combined (Non-GAAP) to BancShares (GAAP) measures. For the BancShares 2021 reported data, refer to page 33-35 of the Appendix

6 First Citizens 2023 Strategic Objectives Grow Core Lines of Business – Allocate capital and investments to grow lines of business with the highest returns and opportunity. Scale Talent with an Eye Toward the Future – Attract, retain and develop associates who align with our long-term direction and culture while scaling for continued growth. Optimize Capital & Core Funding – Continue to optimize core funding by growing lower cost deposits. – Use innovation to facilitate growth, expand revenue opportunities and reduce cost of delivery while building a foundation for the future. Manage Risk Effectively – Continue to manage risk within our defined risk appetite. – Align risk management activities to support our move to the large financial institution framework. Maintain Positive Operating Leverage – Identify areas to enhance revenue and control costs beyond merger synergy goals.

Fourth Quarter 2022 Financial Results Section II

8 (1) For QTD & YTD December 2021, reported and adjusted (Non-GAAP) ratios for EPS, ROE and ROTCE are for BancShares and do not include CIT results. (2) For QTD & YTD December 2021, reported and adjusted (Non-GAAP) ratios for ROA, PPNR ROA, NIM, net charge-off ratio and efficiency ratio are presented as if BancShares and CIT were combined during the 2021 historical period. The Combined measures are Non-GAAP. Refer to Section V of this presentation for a reconciliation of the Combined (Non-GAAP) to BancShares (GAAP) measures. For the BancShares 2021 reported ratios (GAAP), refer to page 35 of the Appendix. Quarter-to-date Year-to-date Dec 22 Sep 22 Dec 21 Dec 22 Dec 21 EPS (1) $ 16.67 $ 20.94 $ 19.25 $ 20.77 $ 12.09 $ 12.82 $ 67.40 $ 77.24 $ 53.88 $ 51.88 ROE (1) 11.05 % 13.89 % 12.49 % 13.47 % 10.96 % 11.63 % 11.15 % 12.78 % 12.84 % 12.36 % ROTCE (1) 11.70 % 14.71 % 13.17 % 14.20 % 12.00 % 12.72 % 11.78 % 13.50 % 14.12 % 13.60 % ROA (2) 0.93 % 1.15 % 1.16 % 1.24 % 1.20 % 1.09 % 1.01 % 1.15 % 1.33 % 1.10 % PPNR ROA (2) 1.70 % 1.81 % 1.72 % 1.86 % 1.33 % 1.17 % 1.84 % 1.64 % 1.41 % 1.11 % NIM (2) 3.36 % 3.36 % 3.40 % 3.40 % 2.56 % 2.56 % 3.14 % 3.14 % 2.55 % 2.55 % Net charge-off ratio (2) 0.14 % 0.14 % 0.10 % 0.10 % 0.04 % 0.04 % 0.12 % 0.12 % 0.08 % 0.08 % Efficiency ratio (2) 61.74 % 54.08 % 61.91 % 53.32 % 65.40 % 62.51 % 60.50 % 56.40 % 64.43 % 64.34 % Reported Adjusted (Non-GAAP) Reported Adjusted (Non-GAAP) Reported Adjusted (Non-GAAP) Reported Adjusted (Non-GAAP) Reported Adjusted (Non-GAAP) Note – Adjusted ratios exclude notable items outlined on page 12. Refer to Section V of this presentation for a reconciliation of Non-GAAP measures to the most directly comparable GAAP measure. Financial Highlights

9 Reported Increase (decrease) QTD 3Q22 4Q21 4Q22 3Q22 4Q21 $ % $ % Net interest income $ 802 $ 795 $ 619 $ 7 0.9 % $ 183 29.6 % Noninterest income 429 433 464 (4) (0.9) (35) (7.5) Net revenue 1,231 1,228 1,083 3 0.2 148 13.7 Noninterest expense 760 760 709 0 0.0 51 7.2 Pre-provision net revenue 471 468 374 3 0.6 97 25.9 Provision (benefit) for credit losses 79 60 (78) 19 31.7 157 (201.3) Income before income taxes 392 408 452 (16) (3.9) (60) (13.3) Income taxes 135 93 113 42 45.2 22 19.5 Net income 257 315 339 (58) (18.4) (82) (24.2) Preferred stock dividends 14 12 16 2 16.7 (2) (12.5) Net income available to common stockholders $ 243 $ 303 $ 323 $ (60) (19.8) % $ (80) (24.8) % Adjustment for notable items 4Q22 3Q22 4Q21 Noninterest income $ (139) $ (145) $ (200) Noninterest expense (170) (183) (157) Provision for credit losses — — — Income taxes (32) 15 (11) Adjusted (Non-GAAP) Increase (decrease) QTD 3Q22 4Q21 4Q22 3Q22 4Q21 $ % $ % Net interest income $ 802 $ 795 $ 619 $ 7 0.9 % $ 183 29.6 % Noninterest income 290 288 264 2 0.7 26 9.8 Net revenue 1,092 1,083 883 9 0.8 209 23.7 Noninterest expense 590 577 552 13 2.3 38 6.9 Pre-provision net revenue 502 506 331 (4) (0.8) 171 51.7 Provision (benefit) for credit losses 79 60 (78) 19 31.7 157 (201.3) Income before income taxes 423 446 409 (23) (5.2) 14 3.4 Income taxes 103 108 102 (5) (4.6) 1 1.0 Net income 320 338 307 (18) (5.3) 13 4.2 Preferred stock dividends 14 12 16 2 16.7 (2) (12.5) Net income available to common stockholders $ 306 $ 326 $ 291 $ (20) (6.1) % $ 15 5.2 % Highlights Note: The commentary below relates to “Reported (GAAP)” income statements. 4Q22 vs. 3Q22 • Net interest income increased by $7 million primarily due to a higher yield on earning assets and loan growth, partially offset by higher funding costs and average balances. • Noninterest income declined by $4 million. The change was primarily due to declines in other noninterest income (spread among various accounts), partially offset by higher rental income on operating leases, factoring commissions, service charges on deposit accounts and insurance commissions. • Noninterest expense was unchanged. Marketing costs related to the Direct Bank increased, but were offset by a net decline in other operating expenses. • Provision for credit losses increased by $19 million primarily due to changes in reserves on individually evaluated loans, an increase in net charge-offs, loan growth and deterioration in the economic outlook, partially offset by a change in portfolio mix. • Income tax expense includes a $55 million charge related to the strategic surrender of $1.2 billion in BOLI policies. (1) 4Q22 vs. 4Q21 • Net interest income increased by $183 million primarily due to a higher yield on earning assets and loan growth, partially offset by higher funding costs. • Noninterest income declined by $35 million primarily due to lower other income (spread among various accounts), lower gains on asset and loan sales, factoring commissions and service charges on deposits, partially offset by higher rental income on operating leases, other fee income and cardholder services income. • Noninterest expense increased $51 million primarily due to higher personnel, merger and marketing expenses, partially offset by lower professional fees and FDIC insurance expense. • Provision for credit losses increased by $157 million due to a net provision build in 2022 versus a net provision benefit in 2021. Note – Adjusted amounts exclude notable items detailed on page 12. Refer to Section V of this presentation for a reconciliation of Non-GAAP measures to the most directly comparable GAAP measure. The financial data provided for 2021 is presented as if BancShares and CIT were combined for the 2021 historical period. The Combined measures are Non-GAAP. Refer to Section V of this presentation for a reconciliation of the Combined (Non-GAAP) to BancShares (GAAP) measures. For the BancShares 2021 reported data, refer to page 34 of the Appendix. (1) Page 29 provides additional details on the impacts of the BOLI surrender. Quarter-to-Date Earnings Highlights ($ in millions)

10 Reported Increase (decrease) QTD 3Q22 4Q21 4Q22 3Q22 4Q21 $ % $ % Net interest income $ 802 $ 795 $ 619 $ 7 0.9 % $ 183 29.6 % Noninterest income 429 433 464 (4) (0.9) (35) (7.5) Net revenue 1,231 1,228 1,083 3 0.2 148 13.7 Noninterest expense 760 760 709 0 0.0 51 7.2 Pre-provision net revenue 471 468 374 3 0.6 97 25.9 Provision (benefit) for credit losses 79 60 (78) 19 31.7 157 (201.3) Income before income taxes 392 408 452 (16) (3.9) (60) (13.3) Income taxes 135 93 113 42 45.2 22 19.5 Net income 257 315 339 (58) (18.4) (82) (24.2) Preferred stock dividends 14 12 16 2 16.7 (2) (12.5) Net income available to common stockholders $ 243 $ 303 $ 323 $ (60) (19.8) % $ (80) (24.8) % Adjustment for notable items 4Q22 3Q22 4Q21 Noninterest income $ (139) $ (145) $ (200) Noninterest expense (170) (183) (157) Provision for credit losses — — — Income taxes (32) 15 (11) Adjusted (Non-GAAP) Increase (decrease) QTD 3Q22 4Q21 4Q22 3Q22 4Q21 $ % $ % Net interest income $ 802 $ 795 $ 619 $ 7 0.9 % $ 183 29.6 % Noninterest income 290 288 264 2 0.7 26 9.8 Net revenue 1,092 1,083 883 9 0.8 209 23.7 Noninterest expense 590 577 552 13 2.3 38 6.9 Pre-provision net revenue 502 506 331 (4) (0.8) 171 51.7 Provision (benefit) for credit losses 79 60 (78) 19 31.7 157 (201.3) Income before income taxes 423 446 409 (23) (5.2) 14 3.4 Income taxes 103 108 102 (5) (4.6) 1 1.0 Net income 320 338 307 (18) (5.3) 13 4.2 Preferred stock dividends 14 12 16 2 16.7 (2) (12.5) Net income available to common stockholders $ 306 $ 326 $ 291 $ (20) (6.1) % $ 15 5.2 % Highlights Note: The commentary below relates to “Adjusted (Non- GAAP)” income statements. 4Q22 vs. 3Q22 • Net interest income increased by $7 million due to the same reasons outlined on the reported slide. • Noninterest income increased by $2 million. The increase was primarily due to higher rental income on operating leases, factoring commissions, service charges on deposits and insurance commissions, partially offset by a decline in other noninterest income (spread among various accounts). • Noninterest expense increased by $13 million primarily due to a $6 million increase in marketing costs related to the Direct Bank, with the remainder spread among various accounts. • Provision for credit losses increased by $19 million due to the same reasons outlined on the reported slide. 4Q22 vs. 4Q21 • Net interest income increased by $183 million due to the same reasons outlined on the reported slide. • Noninterest income increased by $26 million primarily due to higher rental income on operating leases, other fee income and cardholder services income, partially offset by lower factoring commissions and service charges on deposits. • Noninterest expense increased $38 million primarily due to higher personnel and marketing expenses, partially offset by lower FDIC insurance expense and professional fees. • Provision for credit losses increased by $157 million due to the same reasons outlined on the reported slide. Note – Adjusted amounts exclude notable items detailed on page 12. Refer to Section V of this presentation for a reconciliation of Non-GAAP measures to the most directly comparable GAAP measure. The financial data provided for 2021 is presented as if BancShares and CIT were combined for the 2021 historical period. The Combined measures are Non-GAAP. Refer to Section V of this presentation for a reconciliation of the Combined (Non-GAAP) to BancShares (GAAP) measures. For the BancShares 2021 reported data, refer to page 34 of the Appendix. Quarter-to-Date Earnings Highlights ($ in millions)

11 Reported YTD Dec Increase (decrease) 2022 2021 vs. YTD 21 $ % Net interest income $ 2,946 $ 2,441 $ 505 20.7 % Noninterest income 2,136 1,940 196 10.1 Net revenue 5,082 4,381 701 16.0 Noninterest expense 3,075 2,823 252 8.9 Pre-provision net revenue 2,007 1,558 449 28.8 Provision (benefit) for credit losses 645 (373) 1,018 (272.9) Income before income taxes 1,362 1,931 (569) (29.5) Income taxes 264 461 (197) (42.7) Net income 1,098 1,470 (372) (25.3) Preferred stock dividends 50 48 2 4.2 Net income available to common stockholders $ 1,048 $ 1,422 $ (374) (26.3) % Adjustment for notable items YTD Dec 22 YTD Dec 21 Noninterest income $ (995) $ (944) Noninterest expense (770) (611) Provision for credit losses (513) — Income taxes 135 (79) Adjusted (Non-GAAP) YTD Dec Increase (decrease) 2022 2021 vs. YTD 21 $ % Net interest income $ 2,946 $ 2,441 $ 505 20.7 % Noninterest income 1,141 996 145 14.6 Net revenue 4,087 3,437 650 18.9 Noninterest expense 2,305 2,212 93 4.2 Pre-provision net revenue 1,782 1,225 557 45.5 Provision (benefit) for credit losses 132 (373) 505 (135.4) Income before income taxes 1,650 1,598 52 3.3 Income taxes 399 382 17 4.5 Net income 1,251 1,216 35 2.9 Preferred stock dividends 50 48 2 4.2 Net income available to common stockholders $ 1,201 $ 1,168 $ 33 2.8 % Highlights Note: The commentary below relates to “Reported (GAAP)” income statements. YTD 22 vs. YTD 21 • Net interest income increased by $505 million primarily due to a higher yield on earning assets, loan growth and lower borrowings costs, partially offset by higher deposit costs, lower SBA-PPP interest and fee income and lower accretion income. • Noninterest income increased by $196 million primarily due to higher rental income on operating leases, card income, other fee income and wealth management fees. Other changes included a $431 million bargain purchase gain, partially offset by lower gains on asset and loan sales and lower other income. • Noninterest expense increased by $252 million due to higher merger expenses, personnel costs, marketing costs associated with the Direct Bank and third-party processing fees, partially offset by lower intangible asset amortization, FDIC insurance expense and professional fees. • Provision for credit loss, adjusted for the Day 2 CECL provision of $513 million, increased by $505 million due to a net provision build in 2022 driven primarily by deterioration in CECL macroeconomic forecasts and loan growth, versus a net provision benefit in 2021. Note: The commentary below relates to “Adjusted (Non-GAAP)” income statements. YTD 22 vs. YTD 21 • Noninterest income increased by $145 million primarily due to higher rental income on operating leases, other fee income, wealth management fees and card income. • Noninterest expense increased by $93 million due to higher personnel costs, marketing costs associated with the Direct Bank and third-party processing fees, partially offset by lower FDIC insurance expense and professional fees. Note – Adjusted amounts exclude notable items detailed on page 12. Refer to Section V of this presentation for a reconciliation of Non-GAAP measures to the most directly comparable GAAP measure. The financial data provided for 2021 is presented as if BancShares and CIT were combined for the 2021 historical period. The Combined measures are Non-GAAP. Refer to Section V of this presentation for a reconciliation of the Combined (Non-GAAP) to BancShares (GAAP) measures. For the BancShares 2021 reported data, refer to page 34 of the Appendix. Year-to-Date Earnings Highlights ($ in millions)

12 BancShares 4Q22 BancShares 3Q22 Combined 4Q21 BancShares YTD 22 Combined YTD 21 Rental income on operating lease equipment (2) $ (135) $ (139) $ (140) $ (534) $ (550) Realized gain on sale of investment securities available for sale, net — — — — (147) Fair value adjustment on marketable equity securities, net (2) 2 (7) 3 (38) Gain on sale of leasing equipment, net (2) (2) (26) (15) (104) Gain on acquisition — — — (431) — Gain on extinguishment of debt — (1) — (7) — Other noninterest income (3) — (5) (27) (11) (105) Impact on adjusted noninterest income $ (139) $ (145) $ (200) $ (995) $ (944) Depreciation on operating lease equipment (2) $ (88) $ (87) $ (88) $ (345) $ (341) Maintenance and other operating lease expenses (2) (47) (52) (52) (189) (209) Salaries and benefits — — 6 — 14 Merger-related expenses (29) (33) (12) (231) (37) Intangible asset amortization (6) (5) (11) (23) (45) Other noninterest expense (4) — (6) — 18 7 Impact on adjusted noninterest expense $ (170) $ (183) $ (157) $ (770) $ (611) CECL Day 2 provision and reserve for unfunded commitments — — — (513) — Provision for credit losses - total adjustments $ — $ — $ — $ (513) $ — Impact on adjusted pre-tax income $ 31 $ 38 $ (43) $ 288 $ (333) Income tax impact (5) (6) (32) 15 (11) 135 (79) Impact on adjusted net income $ 63 $ 23 $ (32) $ 153 $ (254) Impact on adjusted diluted EPS $ 4.27 $ 1.52 N/A (7) $ 9.84 N/A (7) (1) Notable items include income and expense for infrequent transactions and certain recurring items (typically noncash) that Management believes should be excluded from adjusted measures (non-GAAP) to enhance understanding of operations and comparability to historical periods. Management utilizes both GAAP and adjusted measures (non-GAAP) to analyze the Company’s performance. Refer to Section V of this presentation for a reconciliation of Non-GAAP measures to the most directly comparable GAAP measures. (2) Depreciation and maintenance and other operating lease expenses are reclassified from noninterest expense to a reduction of rental income on operating lease equipment. There is no net impact to earnings for this notable item as adjusted noninterest income and expense are reduced by the same amount. Adjusted rental income on operating lease equipment (non- GAAP) is net of depreciation and maintenance expense for operating lease equipment. Management believes this measure enhances comparability to banking peers, primarily due to the extent of our rail and other equipment rental activities. Refer to Section V of this presentation for a reconciliation of Non-GAAP measures to the most directly comparable GAAP measure. (3) Primarily includes the following: 3Q22- contract settlement with a rail customer; YTD22- contract settlement with rail customer and gain on sale of other assets; 2021 periods- legacy CIT notables related to the non-GAAP Combined results of operations. (4) Primarily includes the following: 3Q22- impairment of a bank owned facility; YTD22- impairment of a bank owned facility and termination of two post retirement benefit plans; 2021 periods- legacy CIT notables related to the non-GAAP Combined results of operations. (5) Includes $55 million of tax expense related to the early surrender of BOLI policies. During 4Q22, management decided to early surrender $1.2 billion of BOLI policies. This triggered a taxable gain of $160 million and resulted in tax expense of $55 million. (6) For the non-GAAP Combined periods of 2021, a blended tax rate was applied to each period to arrive at the adjusted net income. For 2022 periods the income tax impact includes tax discrete items and changes in the estimated annualized effective tax rate. (7) The non-GAAP Combined EPS impact for 2021 periods is not shown given different share totals for each legacy institution. Notable Items (1) ($ in millions, except per share data) Note – Refer to the Non-GAAP Section V of this presentation.

13 $2,441 $2,946 2.55% 3.14% YTD Dec 21 YTD Dec 22 $619 $649 $700 $795 $802 2.56% 2.73% 3.04% 3.40% 3.36% 4Q21 1Q22 2Q22 3Q22 4Q22 4Q22 vs 3Q22 Net interest income increased by $7 million due to a $134 million increase in interest income, partially offset by a $127 million increase in interest expense. The change in net interest income was primarily due to the following: ◦ $107 million increase in interest income on loans due to a higher yield and growth, ◦ $25 million increase in interest income on overnight investments due to a higher yield; partially offset by, ◦ $98 million increase in interest expense on deposits due to a higher rate paid and average balance, and ◦ $29 million increase in borrowing costs due to a higher rate and an increase in average balance. NIM declined 4 basis points from 3.40% to 3.36% due to a 53 basis points increase in the cost of funding earning assets, only partially offset by a 49 basis points increase in the yield on earnings assets. See the following page for a rollforward of NIM between 3Q22 and 4Q22. YTD December 2022 vs YTD December 2021 Net interest income increased by $505 million due to a $483 million increase in interest income and a $22 million decrease in interest expense. The change in net interest income was primarily due to the following: ◦ $256 million increase on interest income on loans due to a higher yield and growth offset by lower SBA- PPP interest and fee income and lower accretion income, ◦ $138 million increase in interest income on investment securities due to higher yield and average balance, ◦ $118 million decline in interest expense on borrowings due to a lower rate and average balance, ◦ $89 million increase in interest income on overnight investments due to a higher yield despite a lower average balance; partially offset by a ◦ $96 million increase in interest expense on deposits due to a higher rate paid. NIM expanded from 2.55% to 3.14%. $505 million & 59 bps Highlights $7 million & (4 bps) 4Q22 vs 4Q21 Net interest income increased by $183 million due to a $307 million increase in interest income, partially offset by a $124 million increase in interest expense. The change in net interest income was primarily due to the following: ◦ $224 million increase in interest income on loans due to a higher yield and growth, partially offset by lower SBA- PPP interest and fee income, ◦ $51 million increase in interest income on overnight investments due to a higher yield, despite a lower average balance, ◦ $32 million increase in interest income on investment securities due to a higher yield and average balance; partially offset by, ◦ $123 million increase in interest expense on deposits due to a higher rate paid. NIM expanded from 2.56% to 3.36%. See the following page for a rollforward of NIM between 4Q21 and 4Q22. Note – The financial data and ratios provided on this slide are presented as if BancShares and CIT were combined for the 2021 historical period. The Combined measures are Non-GAAP. Refer to Section V of this presentation for a reconciliation of the Combined (Non-GAAP) to BancShares (GAAP) measures. For the BancShares 2021 reported data and ratios, refer to pages 33-35 of the Appendix. The primary drivers of the changes in net interest income are included above and a rollforward of NIM is on the following page. Net interest income and margin (NIM) ($ in millions)

14 3.40% 0.34% 0.10% 0.05% 0.02% (0.41)% (0.14)% 3.36% 3Q22 Loan yield Yield on investments & overnight Loan volume Purchase accounting Deposit rate / volume Debt rate / volume 4Q22 2.56% 0.86% 0.31% 0.23% 0.07% 0.02% (0.55)% (0.11)% (0.03)% 3.36% 4Q21 Loan yield Yield on investments & overnight Loan volume Purchase accounting Investment volume Deposit rate / volume SBA-PPP Debt rate / volume 4Q22 4Q21 to 4Q22 (+ 80 bps) 3Q22 to 4Q22 (- 4 bps) (1) (1) The share repurchase plan had a 4 bps negative impact on NIM in the fourth quarter. Note – The financial ratios provided on this slide are presented as if BancShares and CIT were combined for the 2021 historical period. The Combined measures are Non-GAAP. Refer to Section V of this presentation for a reconciliation of the Combined (Non-GAAP) to BancShares (GAAP) measures. For the BancShares 2021 reported ratios, refer to page 35 of the Appendix. NIM Rollforward (1)

15 4Q22 Interest Rate Sensitivity 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 December. Actual results may differ from above. (1) Impacts to NII and NIM may change due to actual results being different than modeled expectations. 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 3.4% for an immediate 100 bps parallel shift (shock) in the yield curve and 1.5% for a gradual shift (ramp) of 100 bps. • Asset sensitivity is largely driven by the composition of the balance sheet, primarily due to floating rate loans and cash, as well as a strong core deposit base with modest betas. • Deposit betas are modeled at approximately 25%. • Approximately 45% of our loans are floating indexed primarily to 1-month LIBOR, 3-month LIBOR, Prime and SOFR. • The duration of our investment portfolio is ~4.3 years and helps to mitigate earnings risk in a down rate environment. (4.0)% (0.9)% 0.8% 3.4% 6.7% (1.7)% (0.4)% 0.4% 1.5% 2.9% Shock Ramp Down 100 Down 25 Up 25 Up 100 Up 200 (6.0)% (3.0)% 0.0% 3.0% 6.0% 9.0% 12.0% Illustrative impacts to NII & NIM 1Q23 2Q23 3Q23 4Q23 ($ in millions) NII NIM NII NIM NII NIM NII NIM +100 bps shock $ 19 0.08 % $ 30 0.13 % $ 29 0.13 % $ 31 0.13 % +100 bps ramp $ 1 — % $ 8 0.03 % $ 15 0.06 % $ 23 0.10 % -100 bps ramp $ (1) — % $ (8) (0.03) % $ (17) (0.07) % $ (29) (0.12) % -100 bps shock $ (23) (0.10) % $ (33) (0.14) % $ (35) (0.15) % $ (38) (0.16) % (1) Net interest income and margin rate sensitivity

16 Deposit Beta Performance and Estimates Highlights • Expect 1Q23 cumulative deposit beta to increase 8% over the current quarter. • We expect full cycle deposit beta to be approximately 25%. • Mid/higher beta categories: ◦ 30% + beta on Direct Bank money market, savings and time deposit accounts. ◦ 10 to 30% beta on branch network money market accounts and time deposits. • Lower beta categories: ◦ 0 to 10% beta on total noninterest bearing deposits, branch network, checking with interest and savings accounts. 4Q22 - Actual 1Q23 - Estimated Cumulative Fed Funds increase 425 bps 475 bps Fed Funds target range (quarter end) 4.25 to 4.50% 4.75 to 5.00% Cumulative deposit beta 14% 22% Deposit Betas 59% 56% 41% 44% Mid/higher beta categories Lower beta categories 3Q22 4Q22

17 Noninterest income ($ in millions) $1,940 $2,136 $996 $1,141 $944 $995 YTD Dec 21 YTD Dec 22 $464 $850 $424 $433 $429 $264 $280 $283 $288 $290 $200 $570 $141 $145 $139 4Q21 1Q22 2Q22 3Q22 4Q22 4Q22 vs 3Q22 Noninterest income decreased $4 million. Significant components of the change were: ◦ Rental income on operating leases increased $5 million driven by continued improvement in utilization and a higher lease rate. Depreciation and maintenance expense on operating lease equipment declined $4 million resulting in an increase in adjusted rental income of $9 million. ◦ Fee income generating lines of business increased $8 million (service charges on deposit accounts, factoring and insurance commissions, card services, and fee income and other service charges). ◦ More than offset by a $17 million decrease in other noninterest income spread among various accounts, including a prior quarter $5 million contract settlement. YTD22 vs YTD21 Noninterest income increased $196 million. Significant components of the change were: ◦ Rental income on operating leases increased $91 million due to the same reasons as in the linked quarter. Expenses on operating lease equipment declined $16 million resulting in a $107 million increase in adjusted rental income. ◦ Cardholder services income, net increased $15 million due to higher volume and fee income and other service charges increased $14 million, primarily due to higher capital markets and portfolio servicing fees. ◦ Wealth management services increased $13 million due to increased brokerage transactions and higher assets under management. ◦ Other noninterest income increased $63 million spread among various line items, including a $431 million bargain purchase gain, partially offset by a $147 million decline in investment gains and a $188 million decline in gains on asset and loan sales. Highlights Core: #N/A increase 4Q22 vs 4Q21 Noninterest income decreased $35 million. Significant components of the change were: ◦ Gains on loan and asset sales declined $52 million. ◦ Factoring commissions declined $7 million due to the elimination of COVID related surcharges. ◦ Service charges on deposit accounts declined $4 million due to the elimination of certain NSF/OD fees in 2022. ◦ Other noninterest income declined $3 million spread among various accounts. ◦ Partially offset by a $20 million increase in rental income on operating leases due to the same reasons as the linked quarter. A $5 million decline in depreciation and maintenance expense on operating lease equipment resulting in an increase in adjusted rental income of $25 million. ◦ Fee income and other service charges increased $6 million, primarily due to higher capital markets and portfolio servicing fees while cardholder services income increased by $5 million driven by increased volume. Note – The financial data provided on this slide is presented as if BancShares and CIT were combined for the 2021 historical period. The Combined measures are Non-GAAP. Refer to Section V of this presentation for a reconciliation of the Combined (Non-GAAP) to BancShares (GAAP) measures. For the BancShares 2021 reported data, refer to page 34 of the Appendix. (1) Adjusted noninterest income is Non-GAAP and excludes notable items as detailed on page 12. Adjusted (Non-GAAP) (1) Notable items

18 $709 $810 $745 $760 $760 $552 $572 $566 $577 $590 $157 $238 $179 $183 $170 4Q21 1Q22 2Q22 3Q22 4Q22 Highlights 4Q22 vs 4Q21 Noninterest expense increased $51 million. Significant components of the change were: ◦ Salaries and benefits expense increased $26 million, primarily due to net staff additions, wage increases and revenue-based incentives. ◦ Merger-related expenses increased $17 million. ◦ Marketing costs increased $13 million for the same reason as the linked quarter increase. ◦ Other operating expenses were up $13 million spread among various line items; ◦ Partially offset by a $7 million decline in professional fees, a $6 million reduction in FDIC insurance premiums, and a $5 million decline in maintenance and depreciation expenses on operating leases. Efficiency ratio improved from 65.40% to 61.74%. Adjusted efficiency ratio improved from 62.51% to 54.08% as adjusted net revenue grew 24% and adjusted noninterest expense grew 7%. 4Q22 vs 3Q22 Noninterest expense was unchanged for the quarter. Significant components within noninterest expense changed as follows: ◦ Marketing costs increased $6 million due to higher expenses in the Direct Bank. ◦ Net occupancy expense increased $3 million primarily due to increased repairs and utilities costs. ◦ Maintenance and depreciation expenses on operating leases declined $4 million. ◦ Merger-related expenses declined $4 million. ◦ Other noninterest expenses declined $1 million spread among various accounts. Efficiency ratio declined slightly from 61.91% to 61.74%. Adjusted efficiency ratio increased modestly from 53.32% to 54.08%. YTD22 vs YTD21 Noninterest expense increased $252 million. Significant components of the change were: ◦ Merger-related expenses increased $194 million. ◦ Salaries and benefits expense increased $53 million as a result of merger-related costs, wage increases, revenue- based incentives and temporary personnel costs, partially offset by net staff reductions. ◦ Marketing costs increased $23 million due to the same reasons as the quarterly increases. ◦ Third-party processing expenses increased $14 million and other operating expenses increased $14 million; ◦ Partially offset by an $18 million reduction in FDIC insurance premiums, a $16 million decline in expenses on operating leases, and a $12 million reduction in professional fees. Efficiency ratio improved from 64.43% to 60.50%. Adjusted efficiency ratio improved from 64.34% to 56.40% as adjusted net revenue grew 19% and adjusted noninterest expense grew 4%. Note – The financial data and ratios provided on this slide are presented as if BancShares and CIT were combined for the 2021 historical period. The Combined measures are Non-GAAP. Refer to Section V of this presentation for a reconciliation of the Combined (Non-GAAP) to BancShares (GAAP) measures. For the BancShares 2021 reported data and ratios, refer to pages 34-35 of the Appendix. (1) Adjusted noninterest expense is Non-GAAP and excludes notable items as detailed on page 12. Noninterest expense ($ in millions) $2,823 $3,075 $2,212 $2,305 $611 $770 YTD Dec 21 YTD Dec 22 Adjusted (Non-GAAP) (1) Notable items

19 60%18% 18% 4% Personnel ($352) Other expense ($107) Occupancy & equipment ($105) Third-party processing fees ($26) 31% 15% 12% 12% 9% 9% 8% 4% Adjusted rental income on operating lease equipment ($89) Fee income and other service charges ($45) Wealth management services ($35) Cardholder and merchant services, net ($34) Factoring commissions ($26) Other income ($25) Service charges on deposit accounts ($23) Insurance commissions ($13) Adjusted noninterest income (Non-GAAP) Adjusted noninterest expense (Non-GAAP) Note - Adjusted noninterest income and adjusted noninterest expense are Non-GAAP and exclude notable items as detailed on page 12. Refer to Section V of this presentation for a reconciliation of the Non-GAAP to GAAP measures. 4Q22 Noninterest income and expense composition ($ in millions)

20 20 Increase (decrease) 4Q22 vs 3Q22 (4) 4Q22 vs 4Q21 (4) SELECT BALANCES (1) 4Q22 3Q22 4Q21 $ % $ % Interest-earning deposits at banks $ 5,025 $ 6,172 $ 11,989 $ (1,147) (73.8) % $ (6,964) (58.1) % Investment securities 19,369 18,841 19,707 528 11.1 (338) (1.7) Loans and leases 70,781 69,790 65,211 991 5.6 5,570 8.5 Operating lease equipment, net (2) 8,156 7,984 8,024 172 8.6 132 1.6 Deposits 89,408 87,553 90,777 1,855 8.4 (1,369) (1.5) Borrowings 6,645 8,343 6,035 (1,698) (80.7) 610 10.1 Tangible common stockholders’ equity (non-GAAP) 8,295 8,461 9,709 (166) (7.7) (1,414) (14.6) Common stockholders' equity 8,781 8,952 10,176 (171) (7.6) (1,395) (13.7) Total stockholders' equity 9,662 9,833 11,041 (171) (6.9) (1,379) (12.5) Increase (decrease) KEY METRICS 4Q22 3Q22 4Q21 4Q22 vs 3Q22 4Q22 vs 4Q21 Common equity Tier 1 (CET1) capital ratio (3) 10.08 % 10.37 % 11.50 % (0.29) % (1.42) % Book value per common share (3) $ 605.36 $ 597.75 $ 447.95 $ 7.61 $ 157.41 Tangible book value per common share (non-GAAP) (3) $ 571.89 $ 564.97 $ 410.74 $ 6.92 $ 161.15 Tangible capital to tangible assets (1) 7.62 % 7.78 % 8.74 % (0.16) % (1.12) % Loan to deposit ratio (1) 79.17 % 79.71 % 71.84 % (0.54) % 7.33 % ACL to total loans and leases (1) 1.30 % 1.26 % 1.37 % 0.04 % (0.07) % Noninterest bearing deposits to total deposits (1) 27.87 % 30.37 % 27.20 % (2.50) % 0.67 % Balance Sheet Highlights ($ in millions, except per share data) (1) The financial data and ratios provided are presented as if BancShares and CIT were combined for the 2021 historical period. The Combined measures are Non-GAAP. Refer to Section V of this presentation for a reconciliation of the Combined (Non-GAAP) to BancShares (GAAP) measures. For the BancShares 2021 reported data and ratios, refer to pages 33 - 35 of the Appendix. (2) Operating lease equipment, net includes $7.4 billion of rail assets. (3) 4Q21 ratios for CET1, book value per common share and tangible book value per common share are BancShares and do not include legacy CIT balances. (4) Percent change is annualized and is calculated using unrounded numbers.

21 $65,211 $65,524 $67,735 $69,790 $70,781 $50,079 $50,101 $51,477 $52,960 $53,455 $15,132 $15,423 $16,258 $16,830 $17,326 Commercial Consumer 4Q21 1Q22 2Q22 3Q22 4Q22 Note – The financial data provided on this slide is presented as if BancShares and CIT were combined for the 2021 historical period. The Combined measures are Non- GAAP. Refer to Section V of this presentation for a reconciliation of the Combined (Non-GAAP) to BancShares (GAAP) measures. For the BancShares 2021 reported data, refer to page 33 of the Appendix. Rail assets / operating leases are not included in the loan totals. Highlights 4Q22 vs 3Q22 • Loans grew $1.0 billion, or by 5.6% on an annualized basis. • Growth was driven primarily by our branch network, Mortgage and Business Capital, partially offset by declines in Commercial Services and Real Estate Finance. • The primary drivers of the growth by loan type were residential mortgage loans, owner occupied commercial mortgage loans and non-owner occupied commercial mortgage loans. 4Q22 vs 4Q21 • Loans grew $5.6 billion, or by 8.5%. • Growth was driven primarily by our branch network, Commercial Finance and Mortgage, partially offset by declines in Real Estate Finance. • The primary drivers of the growth by loan type were residential mortgage loans, commercial & industrial, owner occupied commercial mortgage loans and non- owner occupied commercial mortgage loans. Loans and Leases HFI ($ in millions)

22 34% 20% 19% 14% 4% 3% 3% 3% Commercial & industrial ($24.1) Owner-occupied commercial mortgage ($14.5) Residential mortgage ($13.3) Non-owner-occupied commercial mortgage ($9.9) Commercial construction ($2.8) Leases ($2.2) Consumer other ($2.1) Revolving mortgage ($1.9) Note – Rail assets / operating leases are not included in the loan totals. The Commercial Banking segment includes Commercial Finance, Real Estate Finance and Business Capital. The General Banking segment includes Branch Network & Wealth, Mortgage, Consumer Indirect, Direct Bank, Community Association Banking and Other General Banking. 23% 9% 8% 42% 13% 2% 3% Commercial Finance ($16.5) Real Estate Finance ($6.0) Business Capital ($5.3) Branch Network & Wealth ($29.9) Mortgage ($9.5) Consumer Indirect ($1.2) Other ($2.4) Commercial Banking: General Banking: Type Segment 4Q22 Loans and Leases HFI Composition ($ in billions)

23 $90,777 $91,597 $89,329 $87,553 $89,408 $66,088 $65,730 $62,753 $60,966 $64,486 $24,689 $25,867 $26,576 $26,587 $24,922 23 bps 17 bps 19 bps 35 bps 78 bps Interest-bearing Noninterest-bearing Cost of deposits 4Q21 1Q22 2Q22 3Q22 4Q22 Highlights 4Q22 vs. 3Q22 • Total deposits increased $1.9 billion, or by 8.4% on an annualized basis. • Interest-bearing deposits increased $3.5 billion, primarily due to a $2.3 billion increase in time deposits and a $1.9 billion increase in savings accounts, partially offset by a $0.8 billion decrease in money market deposits. • Noninterest-bearing deposits declined $1.7 billion driven by a reduction in commercial deposit balances. 4Q22 vs. 4Q21 • Total deposits decreased $1.4 billion, or by 1.5%. • Interest-bearing deposits decreased $1.6 billion, primarily driven by decreases of $4.9 billion in money market deposits, partially offset by a $2.8 billion increase in savings accounts and a $0.6 billion increase in time deposits. • The reduction in money market accounts was primarily concentrated in acquired higher cost Direct Bank accounts and acquired branches. • Noninterest-bearing deposits increased by $0.2 billion. Note – The financial data and ratios provided on this slide are presented as if BancShares and CIT were combined for the 2021 historical period. The Combined measures are Non-GAAP. Refer to Section V of this presentation for a reconciliation of the Combined (Non-GAAP) to BancShares (GAAP) measures. For the BancShares 2021 reported data, refer to pages 33 - 35 of the Appendix. Deposits ($ in millions)

24 68% 18% 8% 4% 2% Branch Network, Wealth & Other ($60.7) Direct Bank ($16.5) Community Association Banking ($7.2) Commercial Bank ($3.2) Corporate ($1.8) Note – The Commercial Banking segment includes Commercial Finance, Real Estate Finance and Business Capital. The General Banking segment includes Branch Network & Wealth, Mortgage, Consumer Indirect, Direct Bank, Community Association Banking and Other General Banking. 42% 28% 18% 12% Money market & savings ($37.7) Noninterest-bearing demand ($24.9) Checking with interest ($16.2) Time deposits ($10.6) General Banking: Commercial Banking and Corporate: Type Segment 4Q22 Deposit Composition ($ in billions)

25 0.62% 0.35% 0.34% 0.65% 1.35% 0.32% 0.24% 0.26% 0.50% 1.12% 0.23% 0.17% 0.19% 0.35% 0.78% Cost of interest-bearing liabilities Cost of interest-bearing deposits Cost of deposits 4Q21 1Q22 2Q22 3Q22 4Q22 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% Cost of funds Additional sources of liquidity Categories $ in millions FHLB $ 9,218 FRB 4,203 Line of credit 100 Total $ 13,521 QTD Change 4Q22 3Q22 2Q22 1Q22 4Q21 Linked Quarter Prior Year Quarter Total deposits $ 89,408 93.1 % $ 87,553 91.3 % $ 89,329 95.2 % $ 91,597 96.5 % $ 90,777 93.8 % $ 1,855 $ (1,369) Securities sold under customer repurchase agreements 436 0.5 578 0.6 646 0.7 616 0.6 589 0.6 (142) (153) Federal Home Loan Bank borrowings 4,250 4.3 5,800 6.0 1,785 1.9 639 0.7 645 0.7 (1,550) 3,605 Senior unsecured borrowings 885 0.9 888 0.9 892 1.0 895 1.0 3,742 3.8 (3) (2,857) Subordinated debt 1,049 1.1 1,052 1.1 1,055 1.1 1,058 1.1 973 1.0 (3) 76 Other borrowings 25 0.1 25 0.1 81 0.1 84 0.1 86 0.1 0 (61) Total deposits and borrowed funds $ 96,053 100 % $ 95,896 100 % $ 93,788 100 % $ 94,889 100 % $ 96,812 100 % $ 157 $ (759) Note – The financial data and ratios provided on this slide are presented as if BancShares and CIT were combined for the 2021 historical period. The Combined measures are Non-GAAP. Refer to Section V of this presentation for a reconciliation of the Combined (Non-GAAP) to BancShares (GAAP) measures. For the BancShares 2021 reported data, refer to pages 33-35 of the Appendix. Totals may not foot due to rounding. Funding Mix ($ in millions)

26 $(78) $(49) $42 $60 $79 Provision (benefit) for credit losses 4Q21 1Q22 2Q22 3Q22 4Q22 $(100) $(50) $0 $50 $100 ACL and Credit Quality Trends ($ in millions) Net charge-offs (NCO) & NCO ratio Provision (benefit) for credit losses $7 $15 $22 $18 $24 0.04% 0.09% 0.13% 0.10% 0.14% NCO $ NCO ratio 4Q21 1Q22 2Q22 3Q22 4Q22 $0 $5 $10 $15 $20 $25 $30 $518 $538 $513 $454 $627 0.79% 0.82% 0.76% 0.65% 0.89% Nonaccrual loans Nonaccrual loans to total loans 4Q21 1Q22 2Q22 3Q22 4Q22 $0 $100 $200 $300 $400 $500 $600 $700 $800 Nonaccrual loans / total loans & leases HFI ACL & ACL ratio $891 $848 $850 $882 $922 1.37% 1.29% 1.26% 1.26% 1.30% ACL ACL ratio 4Q21 1Q22 2Q22 3Q22 4Q22 $0 $200 $400 $600 $800 $1,000 $1,200 (1) Note – The financial data and ratios provided on this slide are presented as if BancShares and CIT were combined for the 2021 historical period. The Combined measures are Non-GAAP. Refer to Section V of this presentation for a reconciliation of the Combined (Non-GAAP) to BancShares (GAAP) measures. For the BancShares reported data and ratios, refer to pages 33-35 of the Appendix. (1) Excludes $513 million of CECL Day 2 provision expense.

27 Highlights 4Q22 vs 3Q22 • Total ACL increased $40 million compared to the linked quarter. • Factors contributing to the increase in the ACL were an increase in specific reserves on individually evaluated loans, portfolio growth and deterioration in the CECL macroeconomic outlook. • These were partially offset by a decline related to portfolio mix due to a shift to portfolios with lower reserve rates. • The ACL provided 9.3 times coverage of annualized quarterly net charge- offs. $882 $12 $29 $922 3Q22 Portfolio mix Economic outlook Loan growth Change in specific reserves 4Q22 ACL / Net charge-offs 32.4x 14.4x 9.4x 12.9x 9.3x ACL / NCO ratio 4Q21 1Q22 2Q22 3Q22 4Q22 3Q22 to 4Q22 Note – The financial ratios provided on this slide are presented as if BancShares and CIT were combined for the 2021 historical period. The Combined measures are Non- GAAP. Refer to Section V of this presentation for a reconciliation of the Combined (Non-GAAP) to BancShares (GAAP) measures. For the BancShares 2021 reported data and ratios, refer to pages 33-35 of the Appendix. Allowance for credit losses (ACL) ($ in millions) $(8) $7

28 7.59% 9.55% 9.85% 9.31% 9.06% Tier 1 Leverage ratio 4Q21 1Q22 2Q22 3Q22 4Q22 Risk-based capital ratios Capital ratio rollforward Tier 1 Leverage ratio Tangible book value per share (Non-GAAP) Capital Risk-Based Capital Tier 1 LeverageTotal Tier 1 CET1 December 31, 2021 14.35% 12.47% 11.50% 7.59% CIT acquisition - net (0.04)% (0.26)% (0.36)% 1.50% Pro forma combined - January 3, 2022 14.31% 12.21% 11.14% 9.09% Net income 1.23% 1.23% 1.23% 0.97% Common dividends (0.04)% (0.04)% (0.04)% (0.04)% Preferred dividends (0.06)% (0.06)% (0.06)% (0.05)% Stock repurchases (1.43)% (1.43)% (1.43)% (1.15)% Risk-weighted/average assets (0.99)% (0.84)% (0.77)% 0.09% SBA-PPP decline 0.00% 0.00% 0.00% 0.13% Other 0.16% (0.01)% 0.01% 0.02% December 31, 2022 13.18% 11.06% 10.08% 9.06% Change since 4Q21 (1.17)% (1.41)% (1.42)% 1.47% $410.74 $169.52 $69.15 ($49.70) ($25.66) ($2.16) $571.89 4Q21 CIT acquisition Retained earnings AOCI Share repurchases Common dividends 4Q22 11.50% 11.34% 11.35% 10.37% 10.08% 12.47% 12.39% 12.37% 11.36% 11.06% 14.35% 14.47% 14.46% 13.46% 13.18% CET1 Tier 1 Total 4Q21 1Q22 2Q22 3Q22 4Q22 Note – The financial ratios provided on this slide are BancShares and do not include CIT balances. Capital ratios are preliminary pending completion of quarterly regulatory filings. Refer to Section V of this presentation for a reconciliation of Non-GAAP measures to the most directly comparable GAAP measure.

29 BOLI Early Surrender Summary • Liquidity feature of BOLI provides option to early surrender the policies back to the insurance carrier • Surrendering the policies triggers a taxable event ($55 million charge)(1) Benefits • Material benefit to balance sheet liquidity on day one • Capital accretive on day one • Earnings accretive after day one • Cumulative earnings earnback approximately 2 years (1) During 4Q22, management decided to early surrender $1.2 billion of BOLI policies which triggered a taxable gain of $160 million and resulted in tax expense of $55 million.

Financial Outlook Section III

31 Metric 4Q22 1Q23 - Projected FY23 - Projected Loans and leases $70.8 billion Flat to low-single digit % annualized growth Mid-single digit % annualized growth Deposits $89.4 billion High-single digit % annualized growth Mid-single digit % annualized growth Interest rates 50 bps increase in FFR in 1Q23 (ending FF effective rate of 4.75% - 5.00%) FFR to peak at 5.00% - 5.25%, with 50 bps of cuts in 2H23 Net interest income $802 million Flat to slightly low-single digit % decline; margin stable Mid-teens % growth YoY; margin stable to moderately increasing Net charge-off ratio (annualized/annual) 14 bps 15 - 25 bps 20 - 30 bps Adjusted noninterest income (1) $290 million Flat to low-single digit % decline Flat to low-single digit % growth Adjusted noninterest expense (2) $590 million Mid-single digit % growth Mid-single digit % growth Effective tax rate 35% 24.5% - 25% 24.5% - 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. Note - Management does not provide a reconciliation for forward-looking non-GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of BancShares’ control, or cannot be reasonably predicted. For the same reasons, management is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

Appendix Section IV

33 4Q22 3Q22 2Q22 1Q22 4Q21 BancShares BancShares BancShares BancShares BancShares ASSETS Cash and due from banks $ 518 $ 481 $ 583 $ 523 $ 338 Interest-earning deposits at banks 5,025 6,172 6,476 9,285 9,115 Investment in marketable equity securities 95 92 94 100 98 Investment securities available for sale 8,995 9,088 9,210 9,295 9,203 Investment securities held to maturity 10,279 9,661 9,832 10,074 3,809 Assets held for sale 60 21 38 83 99 Loans and leases 70,781 69,790 67,735 65,524 32,372 Allowance for credit losses (922) (882) (850) (848) (178) Loans and leases, net of allowance for credit losses 69,859 68,908 66,885 64,676 32,194 Operating lease equipment, net 8,156 7,984 7,971 7,972 — Premises and equipment, net 1,456 1,410 1,415 1,431 1,233 Goodwill 346 346 346 346 346 Other intangible assets 140 145 150 156 19 Other assets 4,369 5,002 4,673 4,656 1,855 Total assets $ 109,298 $ 109,310 $ 107,673 $ 108,597 $ 58,309 LIABILITIES Deposits: Noninterest-bearing $ 24,922 $ 26,587 $ 26,576 $ 25,867 $ 21,405 Interest-bearing 64,486 60,966 62,753 65,730 30,001 Total deposits 89,408 87,553 89,329 91,597 51,406 Credit balances of factoring clients 995 1,147 1,070 1,150 — Short-term borrowings 2,186 3,128 646 616 589 Long-term borrowings 4,459 5,215 3,813 2,676 1,195 Total borrowings 6,645 8,343 4,459 3,292 1,784 Other liabilities 2,588 2,434 2,173 1,988 381 Total liabilities 99,636 99,477 97,031 98,027 53,571 STOCKHOLDERS’ EQUITY Preferred stock 881 881 881 881 340 Common stock 15 15 16 16 10 Additional paid in capital 4,109 4,506 5,345 5,344 — Retained earnings 5,392 5,160 4,865 4,634 4,378 Accumulated other comprehensive (loss) income (735) (729) (465) (305) 10 Total stockholders’ equity 9,662 9,833 10,642 10,570 4,738 Total liabilities and stockholders’ equity $ 109,298 $ 109,310 $ 107,673 $ 108,597 $ 58,309 BancShares Balance Sheets (unaudited) ($ in millions)

34 4Q22 3Q22 2Q22 1Q22 4Q21 YTD22 YTD21 BancShares BancShares BancShares BancShares BancShares BancShares BancShares INTEREST INCOME Interest and fees on loans $ 892 $ 785 $ 655 $ 621 $ 328 $ 2,953 $ 1,295 Interest on investment securities 92 90 89 83 39 354 145 Interest on deposits at banks 56 31 13 6 4 106 11 Total interest income 1,040 906 757 710 371 3,413 1,451 INTEREST EXPENSE Deposits 176 78 42 39 8 335 33 Borrowings 62 33 15 22 6 132 28 Total interest expense 238 111 57 61 14 467 61 Net interest income 802 795 700 649 357 2,946 1,390 Provision (benefit) for credit losses 79 60 42 464 (5) 645 (37) Net interest income after provision for credit losses 723 735 658 185 362 2,301 1,427 NONINTEREST INCOME Rental income on operating lease equipment 224 219 213 208 — 864 — Fee income and other service charges 45 44 39 35 11 163 42 Wealth management services 35 35 37 35 33 142 129 Service charges on deposit accounts 23 21 28 28 26 100 95 Factoring commissions 26 24 27 27 — 104 — Cardholder services, net 26 25 26 25 22 102 87 Merchant services, net 8 8 9 10 7 35 33 Insurance commissions 13 11 11 12 4 47 16 Realized gain on sale of investment securities available for sale, net — — — — — — 33 Fair value adjustment on marketable equity securities, net 2 (2) (6) 3 3 (3) 34 Bank-owned life insurance 7 8 9 8 1 32 3 Gain on sale of leasing equipment, net 2 2 5 6 — 15 — Gain on acquisition — — — 431 — 431 — Gain on extinguishment of debt — 1 — 6 — 7 — Other noninterest income 18 37 26 16 7 97 36 Total noninterest income 429 433 424 850 114 2,136 508 NONINTEREST EXPENSE Depreciation on operating lease equipment 88 87 89 81 — 345 — Maintenance and other operating lease expenses 47 52 47 43 — 189 — Salaries and benefits 352 351 341 352 193 1,396 759 Net occupancy expense 50 47 48 49 30 194 117 Equipment expense 55 55 54 52 30 216 119 Professional fees 13 13 15 16 7 57 20 Third-party processing fees 26 27 26 24 16 103 60 FDIC insurance expense 5 5 9 12 4 31 14 Marketing 21 15 9 8 3 53 10 Merger-related expenses 29 33 34 135 9 231 29 Intangible asset amortization 6 5 6 6 3 23 12 Other noninterest expense 68 70 67 32 28 237 94 Total noninterest expense 760 760 745 810 323 3,075 1,234 Income before income taxes 392 408 337 225 153 1,362 701 Income tax (benefit) expense 135 93 82 (46) 30 264 154 Net income $ 257 $ 315 $ 255 $ 271 $ 123 $ 1,098 $ 547 Preferred stock dividends $ 14 $ 12 $ 17 $ 7 $ 4 $ 50 $ 18 Net income available to common stockholders $ 243 $ 303 $ 238 $ 264 $ 119 $ 1,048 $ 529 BancShares Income Statements (unaudited) ($ in millions)

35 4Q21 YTD21 BancShares BancShares ROA 0.84 % 1.00 % PPNR ROA 1.01 % 1.21 % NIM 2.58 % 2.66 % Net charge-off ratio (0.01) % 0.03 % Efficiency ratio 66.31 % 65.11 % Tangible capital to tangible assets (2) 6.96 % 6.96 % Loan to deposits ratio (2) 62.97 % 62.97 % ACL to total loans and leases (2) 0.55 % 0.55 % Noninterest bearing deposits to total deposits (2) 41.64 % 41.64 % Cost of deposits (2) 0.06 % 0.07 % Cost of interest bearing deposits (2) 0.11 % 0.12 % Cost of interest bearing liabilities (2) 0.19 % 0.21 % Nonaccrual loans to total loans and leases (2) 0.37 % 0.37 % ACL / Net charge-offs (2) NM 19.9 x BancShares Financial Ratios (unaudited) (1) (1) The above table includes ratios for legacy BancShares 2021 historical period. Within the presentation, these ratios are presented as if legacy BancShares and legacy CIT were combined for the 2021 historical period. (2) Ratios are not provided for periods not included in the presentation.

36 4Q22 Change vs Quarter-to-date 3Q22 4Q22 3Q22 2Q22 1Q22 $ % BancShares BancShares BancShares BancShares Rental income on operating lease equipment $ 224 $ 219 $ 213 $ 208 $ 5 2.4 % Fee income and other service charges 45 44 39 35 1 4.6 Wealth management services 35 35 37 35 — 0.5 Service charges on deposit accounts 23 21 28 28 2 12.7 Factoring commissions 26 24 27 27 2 5.2 Cardholder services, net 26 25 26 25 1 3.0 Merchant services, net 8 8 9 10 — (0.1) Insurance commissions 13 11 11 12 2 8.9 Fair value adjustment on marketable equity securities, net 2 (2) (6) 3 4 (179.5) Bank-owned life insurance 7 8 9 8 (1) (14.9) Gain on sale of leasing equipment, net 2 2 5 6 — 25.1 Gain on acquisition — — — 431 — — Gain on extinguishment of debt — 1 — 6 (1) (126.0) Other noninterest income 18 37 26 16 (19) (50.9) Total noninterest income - GAAP $ 429 $ 433 $ 424 $ 850 $ (4) (0.8) % Depreciation on operating lease equipment $ (88) $ (87) $ (89) $ (81) $ (1) 1.1 % Maintenance and other operating lease expenses (47) (52) (47) (43) 5 (9.6) Fair value adjustment on marketable equity securities, net (2) 2 6 (3) (4) (200.0) Gain on sale of leasing equipment, net (2) (2) (5) (6) — — Gain on acquisition — — — (431) — — Gain on extinguishment of debt — (1) — (6) 1 (100.0) Other noninterest income — (5) (6) — 5 (100.0) % Total notable items $ (139) $ (145) $ (141) $ (570) $ 6 (4.1) % Rental income on operating lease equipment $ 89 $ 80 $ 77 $ 84 $ 9 2.4 % Fee income and other service charges 45 44 39 35 1 4.6 Wealth management services 35 35 37 35 — 0.5 Service charges on deposit accounts 23 21 28 28 2 12.7 Factoring commissions 26 24 27 27 2 5.2 Cardholder services, net 26 25 26 25 1 3.0 Merchant services, net 8 8 9 10 — (0.1) Insurance commissions 13 11 11 12 2 8.9 Bank-owned life insurance 7 8 9 8 (1) (14.9) Other noninterest income 18 32 20 16 (14) (42.7) % Total noninterest income - adjusted $ 290 $ 288 $ 283 $ 280 $ 2 (0.5) % Note – Adjusted noninterest income is Non-GAAP and excludes notable items as detailed on page 12. Noninterest income ($ in millions)

37 4Q22 Change vs Quarter-to-date 3Q22 4Q22 3Q22 2Q22 1Q22 $ % BancShares BancShares BancShares BancShares Depreciation on operating lease equipment $ 88 $ 87 $ 89 $ 81 $ 1 1.3 % Maintenance and other operating lease expenses 47 52 47 43 (5) (8.7) Salaries and benefits 352 351 341 352 1 0.6 Net occupancy expense 50 47 48 49 3 4.4 Equipment expense 55 55 54 52 — 1.0 Professional fees 13 13 15 16 — 3.1 Third-party processing fees 26 27 26 24 (1) (1.0) FDIC insurance expense 5 5 9 12 — (6.1) Marketing 21 15 9 8 6 45.3 Merger-related expenses 29 33 34 135 (4) (11.6) Intangible asset amortization 6 5 6 6 1 (2.9) Other noninterest expense 68 70 67 32 (2) (4.7) Total noninterest expense - GAAP $ 760 $ 760 $ 745 $ 810 $ — 0.1 % Depreciation on operating lease equipment $ (88) $ (87) $ (89) $ (81) $ (1) 1.1 % Maintenance and other operating lease expenses (47) (52) (47) (43) 5 (9.6) Merger-related expenses (29) (33) (34) (135) 4 (12.1) Intangible asset amortization (6) (5) (6) (6) (1) 20.0 Other noninterest expense — (6) (3) 27 6 (100.0) Total notable items $ (170) $ (183) $ (179) $ (238) $ 13 (7.1) % Salaries and benefits $ 352 $ 351 $ 341 $ 352 $ 1 0.6 % Net occupancy expense 50 47 48 49 3 4.4 Equipment expense 55 55 54 52 — 1.0 Professional fees 13 13 15 16 — 3.1 Third-party processing fees 26 27 26 24 (1) (1.0) FDIC insurance expense 5 5 9 12 — (6.1) Marketing 21 15 9 8 6 45.3 Other noninterest expense 68 64 64 59 4 2.7 Total nontinterest expense - adjusted $ 590 $ 577 $ 566 $ 572 $ 13 1.3 % Noninterest expense ($ in millions) Note – Adjusted noninterest expense is Non-GAAP and excludes notable items as detailed on page 12.

38 (1) (1) Includes the debt securities portfolio; excludes marketable equity securities. (2) Carrying value represents fair value for AFS and amortized cost for HTM portfolios. (3) Yield represents actual accounting yield recognized during the quarter. 4Q22 (1) ($ in millions) Carrying Value (2) % of Portfolio Yield (3) Duration (Years) AFS Portfolio U.S. Treasury $ 1,898 10 % 1.08 % 2.0 Government agency 162 1 3.51 0.4 Commerical mortgage-backed securities 1,604 8 2.92 2.3 Residential mortgage-backed securities 4,795 25 2.05 4.8 Corporate bonds 536 3 5.74 2.1 Total AFS portfolio $ 8,995 47 % 2.25 % 3.5 HTM portfolio U.S. Treasury $ 474 2 % 1.37 % 4.3 Government agency 1,548 8 1.50 4.2 Commerical mortgage-backed securities 3,355 17 1.76 3.3 Residential mortgage-backed securities 4,605 24 1.74 6.6 Other investments 297 2 1.56 5.9 Total HTM portfolio $ 10,279 53 % 1.69 % 5.0 Grand total $ 19,724 100 % 1.95 % 4.3 Debt Securities Overview

39 Change vs. 4Q22 3Q22 4Q21 3Q22 4Q21 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 and leases (1) $ 69,290 $ 892 5.09 % $ 67,733 $ 785 4.58 % $ 63,962 $ 668 4.13 % $ 1,557 $ 107 0.51 % $ 5,328 $ 224 0.96 % Investment securities 18,876 92 1.95 19,119 90 1.88 17,618 60 1.34 (243) 2 0.07 1,258 32 0.61 Interest-earning deposits at banks 6,193 56 3.60 5,685 31 2.17 14,481 5 0.14 508 25 1.43 (8,288) 51 3.46 Total interest-earning assets (1) $ 94,359 $ 1,040 4.36 % $ 92,537 $ 906 3.87 % $ 96,061 $ 733 3.01 % $ 1,822 $ 134 0.49 % $ (1,702) $ 307 1.35 % Interest-bearing deposits $ 62,532 $ 176 1.12 % $ 61,545 $ 78 0.50 % $ 65,354 $ 53 0.32 % $ 987 $ 98 0.62 % $ (2,822) $ 123 0.80 % Securities sold under customer repurchase agreements 514 — 0.27 617 1 0.16 650 1 0.16 (103) (1) 0.11 (136) (1) 0.11 Other short-term borrowings 2,080 20 3.72 1,188 8 2.57 — — — 892 12 1.15 2,080 20 3.72 Long-term borrowings 4,800 42 3.42 3,803 24 2.59 5,467 60 4.40 997 18 0.83 (667) (18) (0.98) Total borrowings $ 7,394 $ 62 3.28 % $ 5,608 $ 33 2.32 % $ 6,117 $ 61 3.94 % $ 1,786 $ 29 0.96 % $ 1,277 $ 1 (0.66) % Total interest-bearing liabilities $ 69,926 $ 238 1.35 % $ 67,153 $ 111 0.65 % $ 71,471 $ 114 0.62 % $ 2,773 $ 127 0.70 % $ 67,153 $ 124 0.73 % Net interest income $ 802 $ 795 $ 619 $ 7 $ 183 Net interest spread (1) 3.01 % 3.22 % 2.39 % -0.21 % 0.62 % Net interest margin (1) 3.36 % 3.40 % 2.56 % -0.04 % 0.80 % Note – The financial data and/or ratios provided on this page are presented as if legacy BancShares and legacy CIT were combined for the 2021 historical period. The Combined measures are Non-GAAP. Refer to Section V of this presentation for a reconciliation of the Combined (Non-GAAP) to BancShares (GAAP) measures (1) The balance and rate presented is calculated net of average credit balances of factoring clients. Change vs. YTD22 YTD21 YTD21 Avg. Balance Income / Expense Yield / Rate Avg. Balance Income / Expense Yield / Rate Avg. Balance Income / Expense Yield / Rate Loans and leases (1) $ 66,634 $ 2,953 4.41 % $ 65,639 $ 2,697 4.09 % $ 995 $ 256 0.32 % Investment securities 19,166 354 1.85 16,110 216 1.32 3,056 138 0.53 Interest-earning deposits at banks 7,726 106 1.38 13,246 17 0.13 (5,520) 89 1.25 Total interest-earning assets (1) $ 93,526 $ 3,413 3.63 % $ 94,995 $ 2,930 3.07 % $ (1,469) $ 483 0.56 % Interest-bearing deposits $ 63,598 $ 335 0.53 % $ 65,295 $ 239 0.37 % $ (1,697) $ 96 0.16 % Securities sold under customer repurchase agreements 590 1 0.19 660 1 0.20 (70) — (0.01) Other short-term borrowings 824 28 3.30 — — — 824 28 3.30 Long-term borrowings 3,882 103 2.64 5,915 249 4.15 (2,033) (146) (1.51) Total borrowings $ 5,296 $ 132 2.47 % $ 6,575 $ 250 3.75 % $ (1,279) $ (118) (1.28) % Total interest-bearing liabilities $ 68,894 $ 467 0.68 % $ 71,870 $ 489 0.68 % $ (2,976) $ (22) — % Net interest income $ 2,946 $ 2,441 $ 505 Net interest spread (1) 2.95 % 2.39 % 0.56 % Net interest margin (1) 3.14 % 2.55 % 0.59 % Average Balances and Yields ($ in millions)

40 Highlights • The Commercial Banking segment saw a slight decline in loan balances as Commercial Services (factoring) balances declined $448 million compared to the linked quarter due to seasonal declines from the third quarter high mark. This decline was partially offset by Business Capital which increased loans $193 million (15% annualized). • Commercial Services (factoring) volume totaled $6.5 billion, which was a decrease of approximately $300 million from the prior quarter as a result of seasonal changes and slowed customer orders resulting from the macroeconomic environment. • Business Capital had another strong quarter of growth. Outlook remains solid, but we expect flattening compared to the prior year given macroeconomic factors and sustained inflation. • Credit quality does not show any meaningful signs of deterioration outside of a few pockets in Business Capital and Real Estate Finance. Total net charge-offs increased to 32 bps, up from 24 bps in the third quarter. Note – The Commercial Banking segment includes Commercial Finance, Real Estate Finance and Business Capital. (Actual balances; $ in millions) 4Q22 3Q22 Income Statement Net interest income $ 244 $ 230 Noninterest income 141 133 Net revenue 385 363 Noninterest expenses 188 186 Pre-provision net revenue 197 177 Provision (benefit) for credit losses 59 58 Segment income before taxes 138 119 Income taxes 39 25 Segment net income $ 99 $ 94 Balance Sheet Loans and leases $ 27,782 $ 28,023 Deposits 3,225 3,682 Factoring volume 6,497 6,801 Commercial Banking Segment

41 Highlights • The General Banking segment had strong loan growth over the prior quarter (15% annualized) driven primarily by business & commercial loan growth in the branch network and growth in Mortgage due to both strong loan production and slowing prepay speeds on existing balances. • Deposits increased by $1.7 billion compared to the third quarter, primarily driven by increases in the Direct Bank ($2.5 billion, 72% annualized). • Net interest income increased $52 million, or by 10%, compared to the linked quarter due to positive loan growth in the quarter and increases to funding credit in the deposit portfolios. • Credit quality remains strong, with no apparent stresses on the portfolio. • We continue to place an emphasis on strengthening digital capabilities and refining our branch network to ensure sales strategies align with client preferences regarding channel selection and declines in transactional activity. Note – The General Banking segment includes Branch Network & Wealth, Mortgage, Consumer Indirect, Direct Bank, Community Association Banking and Other General Banking. (Actual balances; $ in millions) 4Q22 3Q22 Income Statement Net interest income $ 546 $ 495 Noninterest income 111 118 Net revenue 657 613 Noninterest expenses 360 410 Pre-provision net revenue 297 203 Provision (benefit) for credit losses 15 2 Segment income before taxes 282 201 Income taxes 70 55 Segment net income $ 212 $ 146 Balance Sheet Loans and leases $ 42,921 $ 41,693 Deposits 84,361 82,730 Other Key Metrics Number of branches 550 559 Wealth management assets under management ($B) $ 34.2 $ 31.8 Card volume 4,131 4,001 Merchant volume 1,640 1,728 General Banking Segment

42 Highlights • Fleet utilization increased to 97.7% in the fourth quarter from 96.2% in the linked quarter. Utilization represents the highest level since 4Q18. • In the fourth quarter, the renewal re-pricing rate was 130% of the prior rate driven by broad-based strength across the portfolio. • Net revenue on operating leases increased by $6 million due to higher rental income and lower maintenance plus depreciation expenses. • Short-term outlook continues to be positive but is mixed across commodity markets. Overall, any further improvement in conditions will likely be limited and/or uneven as velocity improves and/or economic softness seeps into the carload markets. • The Rail portfolio is driven by the industrial sector business cycle, and financial performance generally lags the economic cycle. (Actual balances ; $ in millions) 4Q22 3Q22 Income Statement Rental income on operating lease equipment $ 168 $ 165 Depreciation on operating lease equipment 45 44 Maintenance and other operating lease expenses 47 52 Adjusted rental income on operating lease equipment 76 69 Interest expense, net 23 20 Noninterest income (5) 6 Noninterest expense 15 15 Segment income before income taxes 33 40 Provision for income taxes 9 10 Segment net income $ 24 $ 30 Balance Sheet Operating lease equipment, net $ 7,433 $ 7,248 Other Key Metrics Railcars and locomotives 119,169 118,515 Utilization 97.7 % 96.2 % Average age of cars in years 15 14 Renewal rate to previous rate 130 % 105 % Rail Segment

43 December 31, 2022 September 30, 2022 June 30, 2022 March 31, 2022 December 31, 2021 Loans and leases (1) Beginning balance - unamortized fair value mark $ (131) $ (146) $ (145) $ (40) $ (65) Additions - Merger with CIT Group Inc. — — — (388) — PCD “gross up” — — — 284 — Accretion 13 15 (1) (1) 25 Ending balance $ (118) $ (131) $ (146) $ (145) $ (40) Core deposits and other intangibles Beginning balance $ 145 $ 150 $ 156 $ 19 $ 31 Additions - Merger with CIT Group Inc. — — — 143 — Amortization (5) (5) (6) (6) (12) Ending balance $ 140 $ 145 $ 150 $ 156 $ 19 Deposits (2) Beginning balance - unamortized fair value mark $ (41) $ (49) $ (57) $ (2) $ (4) Additions - Merger with CIT Group Inc. — — — (66) — Amortization 7 8 8 11 2 Ending balance $ (34) $ (41) $ (49) $ (57) $ (2) Borrowings (2) Beginning balance - unamortized fair value mark $ (93) $ (100) $ (107) $ 2 $ 4 Additions - Merger with CIT Group Inc. — — — (258) — Amortization 7 7 7 21 (2) Adjustments (3) — — — 128 — Ending balance $ (86) $ (93) $ (100) $ (107) $ 2 Note – The 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. (1) 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) 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 $3.0 billion in legacy CIT debt was redeemed. Purchase accounting marks ($ in millions)

44 Rating agency focusS&P Moody’s First Citizens BancShares, Inc. BBB Baa2 First-Citizens Bank & Trust Company BBB+ Baa2 Outlook Negative 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. • BancShares’ ownership structure allows the company to prioritize longer-term strategic objectives over short-term performance. • Successful integration of CIT merger remains a key focus. • Successful execution will be key to ensuring funding, risk and profitability profiles remain strong. Note – Credit ratings were last updated on the following dates: S&P - 3/25/2022, and Moody’s - 8/2/2022. Note that First Citizens withdrew its rating from Fitch in January 2023. Credit Ratings

Non-GAAP Reconciliations Section V

46 Note – The balance sheet for periods in 2021 reflects the historical balance sheets of BancShares and CIT on a combined basis to facilitate more meaningful comparisons to historical periods prior to the CIT Merger. Combined Balance Sheets (unaudited) ($ in millions) 4Q21 BancShares (GAAP) CIT Combined (Non-GAAP) Assets Cash and due from banks $ 338 $ 141 $ 479 Interest-earning deposits at banks 9,115 $ 2,874 11,989 Securities purchased under agreements to resell — $ — — Investment in marketable equity securities 98 $ — 98 Investment securities available for sale 9,203 $ 6,594 15,797 Investment securities held to maturity 3,809 $ 3 3,812 Assets held for sale 99 53 152 Loans and leases 32,372 32,839 65,211 Allowance for credit losses (178) (713) (891) Loans and leases, net of allowance for credit losses $ 32,194 $ 32,126 $ 64,320 Operating lease equipment, net — 8,024 8,024 Premises and equipment, net 1,233 169 1,402 Goodwill 346 — 346 Other intangible assets 177 368 545 Other assets 1,855 3,154 5,009 Total assets $ 58,309 $ 53,240 $ 111,549 Liabilities Deposits: Noninterest-bearing $ 21,405 $ 3,284 $ 24,689 Interest-bearing 30,001 36,087 66,088 Total deposits 51,406 39,371 90,777 Credit balances of factoring clients — 1,533 1,533 Short-term borrowings 589 — 589 Long-term borrowings 1,195 4,251 5,446 Total borrowings 1,784 4,251 6,035 Other liabilities 381 1,782 2,163 Total liabilities 53,571 46,937 100,508 Stockholders’ equity Preferred stock 340 525 865 Total common stock 10 2 12 Additional paid in capital — 3,760 3,760 Retained earnings 4,378 2,180 6,558 Accumulated other comprehensive (loss) income 10 (164) (154) Total stockholders’ equity 4,738 6,303 11,041 Total liabilities and stockholders’ equity 58,309 53,240 111,549

47 Combined Income Statements (unaudited) ($ in millions) Note – The income statements for periods in 2021 reflects the historical income statements of BancShares and CIT on a combined basis to facilitate more meaningful comparisons to historical periods prior to the CIT Merger. 4Q21 YTD 12/31/21 BancShares (GAAP) CIT Combined (Non-GAAP) BancShares (GAAP) CIT Combined (Non-GAAP) Interest income 371 362 733 1,451 1,479 2,930 Interest expense 14 100 114 61 428 489 Net interest income 357 262 619 1,390 1,051 2,441 Provision (benefit) for credit losses (5) (73) (78) (37) (336) (373) Net interest income after provision for credit losses 362 335 697 1,427 1,387 2,814 Noninterest income 114 350 464 508 1,432 1,940 Noninterest expense 323 386 709 1,234 1,589 2,823 Income before income taxes 153 299 452 701 1,230 1,931 Income tax (benefit) expense 30 83 113 154 307 461 Net income 123 216 339 547 923 1,470 Preferred stock dividends 4 12 16 18 30 48 Net income available to common stockholders 119 204 323 529 893 1,422

48 BancShares 4Q22 BancShares 3Q22 Combined 4Q21 BancShares YTD 22 Combined YTD 21 Rental income on operating lease equipment (2) $ (135) $ (139) $ (140) $ (534) $ (550) Realized gain on sale of investment securities available for sale, net — — — — (147) Fair value adjustment on marketable equity securities, net (2) 2 (7) 3 (38) Gain on sale of leasing equipment, net (2) (2) (26) (15) (104) Gain on acquisition — — — (431) — Gain on extinguishment of debt — (1) — (7) — Other noninterest income(3) — (5) (27) (11) (105) Impact on adjusted noninterest income $ (139) $ (145) $ (200) $ (995) $ (944) Depreciation on operating lease equipment (2) $ (88) $ (87) $ (88) $ (345) $ (341) Maintenance and other operating lease expenses (2) (47) (52) (52) (189) (209) Salaries and benefits — — 6 — 14 Merger-related expenses (29) (33) (12) (231) (37) Intangible asset amortization (6) (5) (11) (23) (45) Other noninterest expense (4) — (6) — 18 7 Impact on adjusted noninterest expense $ (170) $ (183) $ (157) $ (770) $ (611) CECL Day 2 provision and reserve for unfunded commitments — — — (513) — Provision for credit losses - total adjustments $ — $ — $ — $ (513) $ — Impact on adjusted pre-tax income $ 31 $ 38 $ (43) $ 288 $ (333) Income tax impact (5) (6) (32) 15 (11) 135 (79) Impact on adjusted net income $ 63 $ 23 $ (32) $ 153 $ (254) Impact on adjusted diluted EPS $ 4.27 $ 1.52 N/A (7) $ 9.84 N/A (7) Notable Items (1) ($ in millions, except per share data) (1) Notable items include income and expense for infrequent transactions and certain recurring items (typically noncash) that Management believes should be excluded from adjusted measures (non-GAAP) to enhance understanding of operations and comparability to historical periods. Management utilizes both GAAP and adjusted measures (non-GAAP) to analyze the Company’s performance. Refer to Section V of this presentation for a reconciliation of Non-GAAP measures to the most directly comparable GAAP measures. (2) Depreciation and maintenance and other operating lease expenses are reclassified from noninterest expense to a reduction of rental income on operating lease equipment. There is no net impact to earnings for this notable item as adjusted noninterest income and expense are reduced by the same amount. Adjusted rental income on operating lease equipment (non- GAAP) is net of depreciation and maintenance expense for operating lease equipment. Management believes this measure enhances comparability to banking peers, primarily due to the extent of our rail and other equipment rental activities. Refer to Section V of this presentation for a reconciliation of Non-GAAP measures to the most directly comparable GAAP measure. (3) Primarily includes the following: 3Q22- contract settlement with a rail customer; YTD22- contract settlement with rail customer and gain on sale of other assets; 2021 periods- legacy CIT notables related to the non-GAAP Combined results of operations. (4) Primarily includes the following: 3Q22- impairment of a bank owned facility; YTD22- impairment of a bank owned facility and termination of two post retirement benefit plans; 2021 periods- legacy CIT notables related to the non-GAAP Combined results of operations. (5) Includes $55 million of tax expense related to the early surrender of BOLI policies. During 4Q22, management decided to early surrender $1.2 billion of BOLI policies. This triggered a taxable gain of $160 million and resulted in tax expense of $55 million. (6) For the non-GAAP Combined periods of 2021, a blended tax rate was applied to each period to arrive at the adjusted net income. For 2022 periods the income tax impact includes tax discrete items and changes in the estimated annualized effective tax rate. (7) The non-GAAP Combined EPS impact for 2021 periods is not shown given different share totals for each legacy institution.

49 BancShares BancShares BancShares BancShares BancShares BancShares BancShares QTD QTD QTD QTD QTD YTD YTD Non-GAAP Reconciliations 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021 Net income and EPS Net income (GAAP) a $ 257 315 255 271 123 1,098 547 Preferred stock dividends 14 12 17 7 4 50 18 Net income available to common stockholders (GAAP) b 243 303 238 264 119 1,048 529 Total notable items, after income tax c 63 23 32 35 7 153 (20) Adjusted net income (non-GAAP) d = (a+c) 320 338 287 306 130 1,251 527 Adjusted net income available to common stockholders (non-GAAP) e = (b+c) $ 306 326 270 299 126 1,201 509 Weighted average common shares outstanding Basic f 14,590,387 15,711,976 16,023,613 15,779,153 9,816,405 15,531,924 9,816,405 Diluted g 14,607,426 15,727,993 16,035,090 15,779,153 9,816,405 15,549,944 9,816,405 EPS (GAAP) Basic b/f $ 16.69 19.27 14.87 16.70 12.09 67.47 53.88 Diluted b/g 16.67 19.25 14.86 16.70 12.09 67.40 53.88 Adjusted EPS (non-GAAP) Basic e/f $ 20.97 20.79 16.87 18.95 12.82 77.33 51.88 Diluted e/g 20.94 20.77 16.86 18.95 12.82 77.24 51.88 Noninterest income and expense Noninterest income h $ 429 433 424 850 114 2,136 508 Impact of notable items, before income tax (139) (145) (141) (570) (3) (995) (67) Adjusted noninterest income i $ 290 288 283 280 111 1,141 441 Noninterest expense j $ 760 760 745 810 323 3,075 1,234 Impact of notable items, before income tax (170) (183) (179) (238) (12) (770) (41) Adjusted noninterest expense k $ 590 577 566 572 311 2,305 1,193 Provision (benefit) for credit losses $ 79 60 42 464 (5) 645 (37) Plus: Day 2 provision for credit losses — — — (513) — (513) — Adjusted provision (benefit) for credit losses $ 79 60 42 (49) (5) 132 (37) Non-GAAP Reconciliations (BancShares Metrics) ($ in millions, except share and per share data)

50 Non-GAAP Reconciliations (BancShares Metrics) ($ in millions, except share and per share data) BancShares BancShares BancShares BancShares BancShares BancShares BancShares QTD QTD QTD QTD QTD YTD YTD Non-GAAP Reconciliations 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021 PPNR Net income (GAAP) a $ 257 315 255 271 123 1,098 547 Plus: Provision (benefit) for credit losses 79 60 42 464 (5) 645 (37) Income tax expense (benefit) 135 93 82 (46) 30 264 154 PPNR (non-GAAP) l $ 471 468 379 689 148 2,007 664 Plus: total notable items, before income tax 31 38 38 (332) 9 (225) (26) Adjusted PPNR (non-GAAP) m $ 502 506 417 358 157 1,782 638 ROA Net income (GAAP) a $ 257 315 255 271 123 1,098 547 Annualized net income n = a annualized 1,020 1,250 1,023 1,099 488 1,098 547 Adjusted net income (non-GAAP) d 320 338 287 306 130 1,251 527 Annualized adjusted net income p = d annualized 1,270 1,341 1,151 1,242 516 1,251 527 Average assets o 109,792 107,987 107,575 110,394 58,116 108,933 54,983 ROA n/o 0.93 % 1.16 % 0.95 % 1.00 % 0.84 % 1.01 % 1.00 % Adjusted ROA p/o 1.15 % 1.24 % 1.07 % 1.12 % 0.89 % 1.15 % 0.96 % PPNR ROA PPNR (non-GAAP) l $ 471 468 379 689 148 2,007 664 Annualized PPNR q = l annualized 1,868 1,858 1,519 2,796 589 2,007 664 Adjusted PPNR (non-GAAP) m 502 506 417 358 157 1,782 638 Annualized PPNR r = m annualized 1,992 2,009 1,672 1,452 622 1,782 638 PPNR ROA q/o 1.70 % 1.72 % 1.41 % 2.54 % 1.01 % 1.84 % 1.21 % Adjusted PPNR ROA r/o 1.81 % 1.86 % 1.56 % 1.31 % 1.08 % 1.64 % 1.16 %

51 Non-GAAP Reconciliations (BancShares Metrics) ($ in millions, except share and per share data) BancShares BancShares BancShares BancShares BancShares BancShares BancShares QTD QTD QTD QTD QTD YTD YTD Non-GAAP Reconciliations 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021 ROE and ROTCE Annualized net income available to common stockholders s = b annualized $ 964 1,202 955 1,071 472 1,048 529 Annualized adjusted net income available to common stockholders t = e annualized $ 1,214 1,293 1,083 1,214 500 1,201 509 Average stockholders' equity (GAAP) $ 9,621 10,499 10,567 10,423 4,633 10,276 4,461 Less: average preferred stock 881 881 881 863 340 878 340 Average common stockholders' equity (non-GAAP) u $ 8,740 9,618 9,686 9,560 4,293 9,398 4,121 Less: average goodwill 346 346 346 346 350 346 350 Less: average other intangible assets 143 148 153 182 21 156 25 Average tangible common equity (non-GAAP) v $ 8,251 9,124 9,186 9,032 3,922 8,896 3,746 ROE s/u 11.05 % 12.49 % 9.87 % 11.18 % 10.96 % 11.15 % 12.84 % Adjusted ROE t/u 13.89 % 13.47 % 11.19 % 12.67 % 11.63 % 12.78 % 12.36 % ROTCE s/v 11.70 % 13.17 % 10.40 % 11.83 % 12.00 % 11.78 % 14.12 % Adjusted ROTCE t/v 14.71 % 14.20 % 11.80 % 13.41 % 12.72 % 13.50 % 13.60 % Tangible common equity to tangible assets Stockholders' equity (GAAP) w $ 9,662 9,833 10,642 10,570 4,738 9,662 4,738 Less: preferred stock 881 881 881 881 340 881 340 Common equity (non-GAAP) x $ 8,781 8,952 9,761 9,689 4,398 8,781 4,398 Less: goodwill 346 346 346 346 346 346 346 Less: other intangible assets 140 145 150 156 19 140 19 Tangible common equity (non-GAAP) y $ 8,295 8,461 9,265 9,186 4,033 8,295 4,033 Total assets (GAAP) z 109,298 109,310 107,673 108,597 58,309 109,298 58,309 Tangible assets (non-GAAP) aa 108,812 108,819 107,177 108,095 57,944 108,812 57,944 Total equity to total assets w/z 8.84 % 9.00 % 9.88 % 9.73 % 8.13 % 8.84 % 8.13 % Tangible common equity to tangible assets (non-GAAP) y/aa 7.62 % 7.78 % 8.64 % 8.50 % 6.96 % 7.62 % 6.96 %

52 Non-GAAP Reconciliations (BancShares Metrics) ($ in millions, except share and per share data) BancShares BancShares BancShares BancShares BancShares BancShares BancShares QTD QTD QTD QTD QTD YTD YTD Non-GAAP Reconciliations 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021 Book value and tangible book value per common share Common shares outstanding at period end bb 14,506,200 14,976,127 16,002,385 16,001,508 9,816,405 14,506,200 9,816,405 Book value per share x/bb $ 605.36 597.75 609.95 605.48 447.95 605.36 447.95 Tangible book value per share y/bb $ 571.89 564.97 578.92 574.09 410.74 571.89 410.74 Efficiency ratio Net interest income cc $ 802 795 700 649 357 2,946 1,390 Efficiency ratio (GAAP) j / (h + cc) 61.74 % 61.91 % 66.34 % 53.96 % 68.52 % 60.50 % 64.98 % Adjusted efficiency ratio (non-GAAP) k / (i + cc) 54.08 % 53.32 % 57.55 % 61.50 % 66.31 % 56.40 % 65.11 % Rental income on operating lease equipment Rental income on operating lease equipment $ 224 219 213 208 — 864 — Less: Depreciation on operating lease equipment 88 87 89 81 — 345 — Maintenance and other operating lease expenses 47 52 47 43 — 189 — Adjusted rental income on operating lease equipment 89 80 77 84 — 330 — Rental income on operating lease equipment: Rail segment Rental income on operating lease equipment $ 168 165 160 159 — 652 — Less: Depreciation on operating lease equipment 45 44 47 41 — 176 — Maintenance and other operating lease expenses 47 52 47 43 — 189 — Adjusted rental income on operating lease equipment 76 69 66 75 — 287 —

53 Non-GAAP Reconciliations (Combined Metrics) ($ in millions) Combined Combined QTD YTD Non-GAAP Reconciliations 12/31/2021 12/31/2021 Net income Net income (GAAP) a $ 339 1,470 Preferred stock dividends 16 48 Net income available to common stockholders (GAAP) b 323 1,422 Total notable items, after income tax c (32) (254) Adjusted net income (non-GAAP) d = (a+c) 307 1,216 Adjusted net income available to common stockholders (non-GAAP) e = (b+c) $ 291 1,168 Noninterest income and expense Noninterest income h 464 1,940 Impact of notable items, before income tax (200) (944) Adjusted noninterest income i 264 996 Noninterest expense j 709 2,823 Impact of notable items, before income tax (157) (611) Adjusted noninterest expense k 552 2,212 Provision (benefit) for credit losses Provision (benefit) for credit losses (78) (373) Plus: Day 2 provision for credit losses — — Adjusted provision (benefit) for credit losses (78) (373)

54 Non-GAAP Reconciliations (Combined Metrics) ($ in millions, except share and per share data) Combined Combined QTD YTD Non-GAAP Reconciliations 12/31/2021 12/31/2021 PPNR Net income (GAAP) a $ 339 1,470 Plus: Provision (benefit) for credit losses (78) (373) Income tax expense (benefit) 113 461 PPNR (non-GAAP) l $ 374 1,558 Plus: total notable items, before income tax (43) (333) Adjusted PPNR (non-GAAP) m $ 331 1,225 ROA Net income (GAAP) a $ 339 1,470 Annualized net income n = a annualized 1,345 1,470 Adjusted net income (non-GAAP) d 307 1,216 Annualized adjusted net income p = d annualized 1,218 1,216 Average assets o 112,076 110,437 ROA n/o 1.20 % 1.33 % Adjusted ROA p/o 1.09 % 1.10 % PPNR ROA PPNR (non-GAAP) l $ 374 1,558 Annualized PPNR q = l annualized 1,484 1,558 Adjusted PPNR (non-GAAP) m 331 1,225 Annualized PPNR r = m annualized 1,315 1,225 PPNR ROA q/o 1.33 % 1.41 % Adjusted PPNR ROA r/o 1.17 % 1.11 %

55 Non-GAAP Reconciliations (Combined Metrics) ($ in millions, except share and per share data) Combined Combined QTD YTD Non-GAAP Reconciliations 12/31/2021 12/31/2021 Efficiency ratio Net interest income cc $ 619 2,441 Efficiency ratio (GAAP) j / (h + cc) 65.40 % 64.43 % Adjusted efficiency ratio (non-GAAP) k / (i + cc) 62.51 % 64.34 % Rental income on operating lease equipment Rental income on operating lease equipment $ 204 773 Less: Depreciation on operating lease equipment 88 341 Maintenance and other operating lease expenses 52 209 Adjusted rental income on operating lease equipment 64 223