NEWS RELEASE

For Immediate Release

Contact:

Deanna Hart

Barbara Thompson

October 26, 2023

Investor Relations

Corporate Communications

919-716-2137

919-716-2716

FIRST CITIZENS BANCSHARES REPORTS THIRD QUARTER 2023 EARNINGS

RALEIGH, N.C. -- First Citizens BancShares, Inc. (“BancShares”) (Nasdaq: FCNCA) reported earnings for the third quarter ended September 30, 2023.

Chairman and CEO Frank B. Holding, Jr. said: “Our third quarter financial results were solid, marked by strong revenue growth and disciplined expense management. We continued to make great progress in our integration efforts with SVB. We continue to increase awareness that SVB is open for business and that we remain dedicated to supporting the innovation economy. We remain focused on managing credit risk prudently and our capital and liquidity positions remained solid due to strong earnings performance and our continued focus on core deposit gathering. We believe we are well-positioned to continue generating long-term tangible book value growth for our stockholders.”

PURCHASE AND ASSUMPTION OF CERTAIN ASSETS AND LIABILITIES OF SILICON VALLEY BRIDGE BANK FROM THE FDIC

On March 27, 2023, BancShares announced that through its banking subsidiary, First-Citizens Bank & Trust Company, it assumed all customer deposits and certain other liabilities and acquired substantially all loans and certain other assets of Silicon Valley Bridge Bank, N.A. (the “Acquisition”), as successor to Silicon Valley Bank, from the Federal Deposit Insurance Corporation (the "FDIC"). In connection with the Acquisition, BancShares identified a new business segment (the “SVB segment”) which includes the assets, liabilities and results of operations related to the Acquisition.

The Acquisition included total assets with estimated fair values of approximately $107.54 billion, total loans with estimated fair values of approximately $68.47 billion, including the Global Fund Banking, Private Bank and Technology & Life Science and Healthcare loan portfolios, and $35.31 billion in cash and interest-earning deposits at banks. BancShares also assumed approximately $56.01 billion in customer deposits and entered into a five-year note payable to the FDIC (the “Purchase Money Note”) of approximately $36.07 billion, bearing an interest rate of 3.50%. The deposits were acquired without a premium and the assets were acquired at a discount of $16.45 billion.

FINANCIAL HIGHLIGHTS

Measures referenced as adjusted below are non-GAAP financial measures (refer to the supporting tables for a reconciliation of each non-GAAP measure to the most directly comparable GAAP measure). Net income for the three months ended September 30, 2023 was $752 million compared to $682 million for the three months ended June 30, 2023. Net income available to common stockholders for the three months ended September 30, 2023 was $737 million, or $50.67 per diluted common share, a $70 million increase from $667 million, or $45.87 per diluted common share, in the second quarter of 2023.

For the third quarter, adjusted net income available to common stockholders was $813 million, or $55.92 per diluted common share, a $48 million increase from $765 million, or $52.60 per diluted common share, in the second quarter of 2023.

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Third quarter 2023 results were impacted by the following notable items:

•Acquisition-related expenses of $121 million,

•Additional preliminary gain on acquisition of $12 million (net of tax),

•Intangible asset amortization of $17 million,

•Gain on sale of leasing equipment of $10 million, and

•Realized loss on sales of investment securities available for sale of $12 million.

Financial highlights comparing significant components of net income and adjusted net income from the third quarter of 2023 to the second quarter of 2023 are summarized below:

•Net interest income totaled $1.99 billion, up from $1.96 billion in the second quarter. The $29 million increase in net interest income was due to a $157 million increase in interest income, partially offset by a $128 million increase in interest expense.

•The increase in interest income of $157 million was due to increases of $73 million for interest on loans, $60 million for interest on investment securities, and $24 million for interest on interest-earning deposits at banks. The increase in interest on loans was attributable to an increase in loan accretion of $32 million, primarily related to the Acquisition, a higher yield, and loan growth in both the General Bank and Commercial Bank. The increase in interest income on investment securities was a result of a higher average balance and a higher yield. The increase in interest income on interest-earning deposits at banks was due to a higher yield.

•The $128 million increase in interest expense was due to a $194 million increase in interest expense on deposits from growth in the Direct Bank and a higher rate paid, partially offset by a $66 million decrease in borrowing costs from a lower average balance and rate paid.

•Net interest margin was 4.07%, a decrease of 3 basis points compared to the second quarter. The yield on interest-earning assets was 6.36%, an increase of 18 basis points over the second quarter. The increase in yield on interest-earning assets was primarily due to a 22 basis points increase in the yield on loans. The increase was mostly related to variable rate loan resets and the previously discussed increase in accretion on acquired loans. The increase in the yield on interest-earning assets was partially offset by a 20 basis points increase in the rate paid on interest-bearing liabilities.

•Noninterest income totaled $615 million compared to $658 million in the second quarter. The decrease was mainly related to a $43 million lower adjustment to the gain on acquisition as we further refined our estimates for the fair value of net assets acquired and liabilities assumed in the Acquisition. Additionally, the $12 million realized loss from the sale of the municipal bond portfolio acquired in the Acquisition was offset by increases of $10 million in rental income on operating lease equipment and $2 million in fee income and other service charges. Adjusted noninterest income totaled $468 million compared to $462 million in the second quarter, an increase of $6 million. The previously discussed increases from rental income on operating lease equipment and fee income and other service charges were partially offset by slight declines of $2 million in wealth management services, $2 million in merchant services, and $2 million in mortgage income.

•Noninterest expense totaled $1.42 billion compared to $1.57 billion in the second quarter, a decrease of $156 million. The decline was largely related to a reduction of $84 million in acquisition-related expenses. Adjusted noninterest expense totaled $1.13 billion compared to $1.20 billion in the second quarter, a decrease of $70 million. The decreases in noninterest expense and adjusted noninterest expense were primarily due to declines of $48 million in salaries and benefits, $16 million in equipment expense, $16 million in marketing expense, and $9 million in professional fees. The declines were partially offset by an increase of $14 million in FDIC insurance expense.

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BALANCE SHEET SUMMARY

•Loans totaled $133.20 billion at September 30, 2023, an increase of $187 million compared to $133.02 billion as of June 30, 2023. The increases were mostly related to $1.10 billion of growth in the General Bank (9.7% annualized) and $1.05 billion of growth in the Commercial Bank (14.3% annualized). The growth in the Commercial Bank was broad-based given strong performance in many of our industry verticals. The increases were partially offset by a $1.94 billion decline in the SVB segment, mostly concentrated in Global Fund Banking.

•Total investment securities were $26.82 billion at September 30, 2023, an increase of $4.65 billion compared to $22.17 billion as of June 30, 2023. The increase was primarily due to purchases of approximately $5.38 billion in short duration U.S. Treasury and U.S. agency mortgage-backed investment securities available for sale during the quarter.

•Deposits totaled $146.23 billion at September 30, 2023, an increase of $5.07 billion, or 14.2% on an annualized basis, compared to $141.16 billion as of June 30, 2023. The increase was concentrated in Direct Bank deposits, which grew by $6.42 billion, partially offset by an $890 million decline in the SVB segment. Deposits in the SVB segment totaled $39.97 billion at September 30, 2023 compared to $40.86 billion as of June 30, 2023. Noninterest-bearing deposits represented 29.5% of total deposits as of September 30, 2023, compared to 31.6% of total deposits at June 30, 2023. The cost of average total deposits was 2.12% for the third quarter, up 44 basis points compared to the second quarter.

•Total borrowings decreased $2.43 billion during the third quarter, reflecting the payoff of borrowings from the Federal Home Loan Bank.

PROVISION FOR CREDIT LOSSES AND CREDIT QUALITY

•Provision for credit losses totaled $192 million for the third quarter compared to $151 million in the second quarter, an increase of $41 million. The third quarter total provision for credit losses of $192 million included a $212 million provision for loan and lease losses, partially offset by benefits for credit losses of $3 million for investment securities available for sale and $17 million for off-balance sheet credit exposure. The provision for loan and lease losses increased $43 million compared to the second quarter as a result of deterioration in macroeconomic factors, credit quality, and higher net charge-offs. The benefit for losses for off-balance sheet credit exposure was $17 million in the second and third quarters.

•Net charge-offs totaled $176 million, representing 0.53% of average loans, compared to $157 million, or 0.47% of average loans, during the second quarter. Net charge-offs in the SVB segment were $100 million, an increase of $3 million from the second quarter, and were primarily in early and growth stage investor dependent portfolios. Net charge-offs in the Commercial Bank were $58 million, an increase of $9 million from the second quarter. Consistent with prior quarters, Commercial Bank net charge-offs occurred primarily in the general office and small ticket equipment leasing portfolios.

•Nonaccrual loans were $899 million, or 0.68% of average loans, at September 30, 2023, compared to $929 million, or 0.70% of average loans, at June 30, 2023.

•The allowance for loan and lease losses totaled $1.67 billion, or 1.26% of total loans, at September 30, 2023, an increase of $36 million compared to the second quarter of 2023. The $36 million reserve build for the quarter was a result of deteriorating macroeconomic forecasts, specifically related to declining corporate profits and deterioration in the commercial real estate portfolio. These increases were partially offset by lower specific reserves and lower loan balances in the SVB segment.

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CAPITAL AND LIQUIDITY

•Capital position remains strong and capital ratios are well above regulatory requirements. The estimated total risk-based capital, Tier 1 risk-based capital, Common equity Tier 1 risk-based capital, and Tier 1 leverage ratios were 15.64%, 13.82% , 13.23% , and 9.72%, respectively, at September 30, 2023.

•During the third quarter, a dividend of $0.75 per share of common stock was declared.

•Liquidity position remains strong as liquid assets were $57.02 billion at September 30, 2023 compared to $53.42 billion at June 30, 2023.

EARNINGS CALL DETAILS

BancShares will host a conference call to discuss the company's financial results on Thursday, October 26, 2023, at 9:00 a.m. Eastern time.

To access this call, dial:

United States: 1-833-470-1428

Canada: 1-833-950-0062

All other locations: 1-929-526-1599

Access code: 109282

The third quarter 2023 earnings presentation and this news release are available on the company’s website at ir.firstcitizens.com. After the event, a replay of the call will be available via webcast at ir.firstcitizens.com.

ABOUT FIRST CITIZENS BANCSHARES

First Citizens BancShares, Inc., a top 20 U.S. financial institution with more than $200 billion in assets, is the financial holding company for First-Citizens Bank & Trust Company ("First Citizens Bank"). Headquartered in Raleigh, N.C., and now celebrating the 125th anniversary of its founding, First Citizens Bank has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. First Citizens Bank, Member FDIC. Discover more at firstcitizens.com.

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, asset quality, future performance, and other strategic goals of 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 conflicts in Ukraine, Israel and the Gaza Strip) and market conditions, including changes in competitive pressures among financial institutions and the impacts related to or

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resulting from recent bank failures and other volatility, the financial success or changing conditions or strategies of BancShares’ vendors or customers, including changes in demand for deposits, loans and other financial services, fluctuations in interest rates, changes in the quality or composition of BancShares’ loan or investment portfolio, 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”), changes to estimates of future costs and benefits of actions taken by BancShares, BancShares’ ability to maintain adequate sources of funding and liquidity, 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, including the interagency proposed rule on regulatory capital, along with the risk that such laws, regulations and regulatory interpretations may change, the availability of capital and personnel, and the failure to realize the anticipated benefits of BancShares’ previous acquisition transactions, including the Acquisition and the previously completed transaction with CIT Group Inc. (“CIT”), which acquisition risks include (1) disruption from the transactions with customer, supplier or employee relationships, (2) the possibility that the amount of the costs, fees, expenses and charges related to the transactions may be greater than anticipated, including as a result of unexpected or unknown factors, events or liabilities or increased regulatory compliance obligations or oversight, (3) reputational risk and the reaction of the parties’ customers to the transactions, (4) the risk that the cost savings and any revenue synergies from the transactions may not be realized or take longer than anticipated to be realized, (5) difficulties experienced in completing the integration of the businesses, (6) the ability to retain customers following the transactions and (7) adjustments to BancShares’ estimated purchase accounting impacts of the Acquisition.

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, 2022, its Quarterly Reports on Form 10-Q for the periods ended March 31, 2023 and June 30, 2023, and its other filings with the Securities and Exchange Commission (the “SEC”).

NON-GAAP MEASURES

Certain measures in this release and supporting tables, including those referenced as “Adjusted,” 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. Each non-GAAP measure is reconciled to the most comparable GAAP measure in the non-GAAP reconciliation table below and notable items are summarized in a separate table.

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Dollars in millions, except per share data
															YTD			YTD
Summary Financial Data & Key Metrics						3Q23			2Q23			3Q22			9/30/23			9/30/22
Results of Operations:
Net interest income						$	1,990		$	1,961		$	795		$	4,801		$	2,144
Provision for credit losses						192			151			60			1,126			566
Net interest income after provision for credit losses						1,798			1,810			735			3,675			1,578
Noninterest income						615			658			433			11,532			1,707
Noninterest expense						1,416			1,572			760			3,843			2,315
Income before income taxes						997			896			408			11,364			970
Income tax expense						245			214			93			412			129
Net income						752			682			315			10,952			841
Preferred stock dividends						15			15			12			44			36
Net income available to common stockholders						$	737		$	667		$	303		$	10,908		$	805
Adjusted net income available to common stockholders(1)						$	813		$	765		$	326		$	1,870		$	895
Pre-tax, pre-provision net revenue (PPNR)(1)						$	1,189		$	1,047		$	468		$	12,490		$	1,536
Per Share Information:
Diluted earnings per common share (EPS)						$	50.67		$	45.87		$	19.25		$	750.19		$	50.70
Adjusted diluted earnings per common share (EPS)(1)						55.92			52.60			20.77			128.64			56.40
Book value per common share						1,343.52			1,300.93			597.75			1,343.52			597.75
Tangible book value per common share (TBV)(1)						1,297.00			1,253.20			564.97			1,297.00			564.97
Key Performance Metrics:
Return on average assets (ROA)						1.41		%	1.31		%	1.16		%	7.81		%	1.04		%
Adjusted ROA(1)						1.55			1.49			1.24			1.37			1.15
PPNR ROA(1)						2.23			2.00			1.72			8.91			1.89
Adjusted PPNR ROA(1)						2.48			2.34			1.86			2.16			1.58
Return on average common equity (ROE)						15.20			14.35			12.49			90.46			11.18
Adjusted ROE(1)						16.77			16.46			13.47			15.51			12.44
Return on average tangible common equity (ROTCE)(1)						15.76			14.91			13.17			94.17			11.80
Adjusted ROTCE(1)						17.39			17.10			14.20			16.15			13.13
Efficiency ratio						54.34			60.06			61.91			23.53			60.10
Adjusted efficiency ratio(1)						46.04			49.65			53.32			49.85			57.25
Net interest margin (NIM)(2)						4.07			4.10			3.42			3.94			3.08
Select Balance Sheet Items at Period End:
Total investment securities						$	26,818		$	22,171		$	18,841
Total loans and leases						133,202			133,015			69,790
Total operating lease equipment, net						8,661			8,531			7,984
Total deposits						146,233			141,164			87,553
Total borrowings						37,712			40,139			8,343
Loan to deposit ratio						91.09		%	94.23		%	79.71		%
Noninterest-bearing deposits to total deposits						29.50			31.56			30.37
Capital Ratios at Period End: (3)
Total risk-based capital ratio						15.64		%	15.84		%	13.46		%
Tier 1 risk-based capital ratio						13.82			14.00			11.36
Common equity Tier 1 ratio						13.23			13.38			10.37
Tier 1 leverage capital ratio						9.72			9.50			9.31
Asset Quality at Period End:
Nonaccrual loans to total loans and leases						0.68		%	0.70		%	0.65		%	0.68		%	0.65		%
Allowance for loan and lease losses (ALLL) to loans and leases						1.26			1.23			1.26			1.26			1.26
Net charge-off ratio						0.53			0.47			0.10			0.45			0.11
(1) Denotes a non-GAAP measure. Refer to the non-GAAP reconciliation subsequently included in these materials for a reconciliation to the most directly comparable GAAP measure. “Adjusted” items exclude the impact of Notable Items.
(2) Calculated net of credit balances of factoring clients and credit balances of factoring deposits.
(3) Capital ratios for the current quarter are preliminary pending completion of quarterly regulatory filings.

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Dollars in millions, except share and per share data
															YTD			YTD
Income Statement (unaudited)						3Q23			2Q23			3Q22			9/30/23			9/30/22
Interest income
Interest and fees on loans						$	2,426		$	2,353		$	785		$	5,796		$	2,061
Interest on investment securities						180			120			90			407			262
Interest on deposits at banks						504			480			31			1,071			50
Total interest income						3,110			2,953			906			7,274			2,373
Interest expense
Deposits						769			575			78			1,632			159
Borrowings						351			417			33			841			70
Total interest expense						1,120			992			111			2,473			229
Net interest income						1,990			1,961			795			4,801			2,144
Provision for credit losses						192			151			60			1,126			566
Net interest income after provision for credit losses						1,798			1,810			735			3,675			1,578
Noninterest income
Rental income on operating lease equipment						248			238			219			719			640
Fee income and other service charges						70			68			41			185			112
Client investment fees						52			52			—			106			—
Wealth management services						49			51			35			140			107
International fees						34			33			3			71			7
Service charges on deposit accounts						44			44			21			112			76
Factoring commissions						21			20			24			60			78
Cardholder services, net						41			41			25			103			76
Merchant services, net						12			14			8			36			27
Insurance commissions						13			14			11			40			34
Realized loss on sale of investment securities available for sale, net						(12)			—			—			(26)			—
Fair value adjustment on marketable equity securities, net						(1)			(10)			(2)			(20)			(5)
Bank-owned life insurance						1			2			8			8			25
Gain on sale of leasing equipment, net						10			4			2			18			13
Gain on acquisition						12			55			—			9,891			431
Gain on extinguishment of debt						—			—			1			—			7
Other noninterest income						21			32			37			89			79
Total noninterest income						615			658			433			11,532			1,707
Noninterest expense
Depreciation on operating lease equipment						95			91			87			275			257
Maintenance and other operating lease expenses						51			56			52			163			142
Salaries and benefits						727			775			353			1,922			1,054
Net occupancy expense						65			64			47			179			143
Equipment expense						117			133			55			308			161
Professional fees						12			21			11			44			34
Third-party processing fees						54			54			27			138			77
FDIC insurance expense						36			22			5			76			26
Marketing expense						25			41			15			81			32
Acquisition-related expenses						121			205			33			354			202
Intangible asset amortization						17			18			5			40			17
Other noninterest expense						96			92			70			263			170
Total noninterest expense						1,416			1,572			760			3,843			2,315
Income before income taxes						997			896			408			11,364			970
Income tax expense						245			214			93			412			129
Net income						$	752		$	682		$	315		$	10,952		$	841
Preferred stock dividends						15			15			12			44			36
Net income available to common stockholders						$	737		$	667		$	303		$	10,908		$	805
Basic earnings per common share						$	50.71		$	45.90		$	19.27		$	750.79		$	50.76
Diluted earnings per common share						$	50.67		$	45.87		$	19.25		$	750.19		$	50.70
Weighted average common shares outstanding (basic)						14,528,310			14,528,134			15,711,976			14,527,718			15,849,219
Weighted average common shares outstanding (diluted)						14,539,133			14,537,938			15,727,993			14,539,383			15,867,314

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Dollars in millions
Balance Sheet (unaudited)						September 30, 2023			June 30, 2023			September 30, 2022
Assets
Cash and due from banks						$	791		$	917		$	481
Interest-earning deposits at banks						36,704			37,846			6,172
Securities purchased under agreements to resell						549			298			—
Investment in marketable equity securities						75			76			92
Investment securities available for sale						16,661			11,894			9,088
Investment securities held to maturity						10,082			10,201			9,661
Assets held for sale						58			117			21
Loans and leases						133,202			133,015			69,790
Allowance for loan and lease losses						(1,673)			(1,637)			(882)
Loans and leases, net of allowance for loan and lease losses						131,529			131,378			68,908
Operating lease equipment, net						8,661			8,531			7,984
Premises and equipment, net						1,768			1,782			1,410
Goodwill						346			346			346
Other intangible assets						329			347			145
Other assets						6,212			5,769			5,002
Total assets						$	213,765		$	209,502		$	109,310
Liabilities
Deposits:
Noninterest-bearing						$	43,141		$	44,547		$	26,587
Interest-bearing						103,092			96,617			60,966
Total deposits						146,233			141,164			87,553
Credit balances of factoring clients						1,282			1,067			1,147
Borrowings:
Short-term borrowings						453			454			3,128
Long-term borrowings						37,259			39,685			5,215
Total borrowings						37,712			40,139			8,343
Other liabilities						8,149			7,361			2,434
Total liabilities						$	193,376		$	189,731		$	99,477
Stockholders’ equity
Preferred stock						881			881			881
Common stock:
Class A - $1 par value						14			14			14
Class B - $1 par value						1			1			1
Additional paid in capital						4,106			4,106			4,506
Retained earnings						16,267			15,541			5,160
Accumulated other comprehensive loss						(880)			(772)			(729)
Total stockholders’ equity						20,389			19,771			9,833
Total liabilities and stockholders’ equity						$	213,765		$	209,502		$	109,310

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Dollars in millions, except share per share data
Notable Items (1)																		YTD			YTD
						3Q23			2Q23			3Q22						9/30/23			9/30/22
Noninterest income
Rental income on operating lease equipment (2)						$	(146)		$	(147)		$	(139)					$	(438)		$	(399)
Realized loss on sale of investment securities available for sale, net						12			—			—						26			—
Fair value adjustment on marketable equity securities, net						1			10			2						20			5
Gain on sale of leasing equipment, net						(10)			(4)			(2)						(18)			(13)
Gain on acquisition						(12)			(55)			—						(9,891)			(431)
Gain on extinguishment of debt						—			—			(1)						—			(7)
Other noninterest income (3)						8			—			(5)						8			(11)
Impact of notable items on adjusted noninterest income						$	(147)		$	(196)		$	(145)					$	(10,293)		$	(856)
Noninterest expense
Depreciation on operating lease equipment (2)						(95)			(91)			(87)						(275)			(257)
Maintenance and other operating lease equipment expense (2)						(51)			(56)			(52)						(163)			(142)
Acquisition-related expenses						(121)			(205)			(33)						(354)			(202)
Intangible asset amortization						(17)			(18)			(5)						(40)			(17)
Other noninterest expense (4)						—			—			(6)						—			18
Impact of notable items on adjusted noninterest expense						$	(284)		$	(370)		$	(183)					$	(832)		$	(600)
Day 2 provision for loan and lease losses and off-balance sheet exposure						$	—		$	—		$	—					$	(716)		$	(513)
Benefit for credit losses on investment securities available for sale						3			1			—						—			—
Impact of notable items on adjusted provision for credit losses						$	3		$	1		$	—					$	(716)		$	(513)
Impact of notable items on adjusted pre-tax income						$	134		$	173		$	38					$	(8,745)		$	257
Income tax impact (5)						58			75			15						293			167
Impact of notable items on adjusted net income						$	76		$	98		$	23					$	(9,038)		$	90
Impact of notable items on adjusted diluted EPS						$	5.25		$	6.73		$	1.52					$	(621.55)		$	5.70

(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 subsequent pages of this earnings release 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 subsequent pages of this earnings release for a reconciliation of Non-GAAP measures to the most directly comparable GAAP measure.

(3) Notable items included in other noninterest income consist of a measurement period adjustment related to FX translation in 3Q23 and YTD23 and a railcar lease settlement in 3Q22 in addition to the gain on sale of the corporate jet in YTD22.

(4) Notable items included in other noninterest expense consist of an impairment on corporate real estate in 3Q22 in addition to the termination of legacy CIT post-retirement plans in YTD22.

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

9

Dollars in millions, except share and per share data
Condensed Income Statements (unaudited) - Adjusted for Notable Items (1)																		YTD			YTD
						3Q23			2Q23						3Q22			9/30/23			9/30/22
Interest income						$	3,110		$	2,953					$	906		$	7,274		$	2,373
Interest expense						1,120			992						111			2,473			229
Net interest income						1,990			1,961						795			4,801			2,144
Provision for credit losses						195			152						60			410			53
Net interest income after provision for credit losses						1,795			1,809						735			4,391			2,091
Noninterest income						468			462						288			1,239			851
Noninterest expense						1,132			1,202						577			3,011			1,715
Income before income taxes						1,131			1,069						446			2,619			1,227
Income tax expense						303			289						108			705			296
Net income						$	828		$	780					$	338		$	1,914		$	931
Preferred stock dividends						15			15						12			44			36
Net income available to common stockholders						$	813		$	765					$	326		$	1,870		$	895
Basic earnings per common share						$	55.96		$	52.64					$	20.79		$	128.74		$	56.46
Diluted earnings per common share						55.92			52.60						20.77			128.64			56.40
Weighted average common shares outstanding (basic)						14,528,310			14,528,134						15,711,976			14,527,718			15,849,219
Weighted average common shares outstanding (diluted)						14,539,133			14,537,938						15,727,993			14,539,383			15,867,314

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

10

Dollars in millions
Loans and Leases by Class (end of period)						September 30, 2023			June 30, 2023			September 30, 2022
Loans and Leases by Class
Commercial
Commercial construction						$	3,382		$	3,182		$	2,752
Owner-occupied commercial mortgages						15,230			14,748			14,053
Non-owner-occupied commercial mortgages						10,941			10,733			9,683
Commercial and industrial						26,389			25,376			24,288
Leases						2,108			2,130			2,184
Total commercial						$	58,050		$	56,169		$	52,960
Consumer
Residential mortgage						$	14,287		$	14,065		$	12,910
Revolving mortgage						1,909			1,900			1,923
Consumer auto						1,411			1,425			1,385
Consumer other						681			657			612
Total consumer						$	18,288		$	18,047		$	16,830
SVB
Global fund banking						$	27,516		$	29,333		$	—
Investor dependent - early stage						1,718			1,840			—
Investor dependent - growth stage						3,948			4,052			—
Innovation C&I and cash flow dependent						8,724			8,905			—
Private Bank						9,648			9,580			—
CRE						2,629			2,530			—
Other						2,681			2,559			—
Total SVB						$	56,864		$	58,799		$	—
Total loans and leases						$	133,202		$	133,015		$	69,790
Less: allowance for loan and lease losses						(1,673)			(1,637)			(882)
Total loans and leases, net of allowance for loan and lease losses						$	131,529		$	131,378		$	68,908
Deposits by Type (end of period)						September 30, 2023			June 30, 2023			September 30, 2022
Demand						$	43,141		$	44,547		$	26,587
Checking with interest						23,461			24,809			16,118
Money market						30,082			29,149			21,818
Savings						32,513			26,389			14,722
Time						17,036			16,270			8,308
Total deposits						$	146,233		$	141,164		$	87,553

11

Dollars in millions
																								YTD			YTD
Credit Quality and Allowance for Loan and Lease Losses															3Q23			2Q23			3Q22			9/30/23			9/30/22
Nonaccrual loans															$	899		$	929		$	454
Ratio of nonaccrual loans to total loans															0.68		%	0.70		%	0.65		%
Charge-offs															$	(199)		$	(176)		$	(33)		$	(437)		$	(107)
Recoveries															23			19			15			54			52
Net charge-offs															$	(176)		$	(157)		$	(18)		$	(383)		$	(55)
Net charge-off ratio															0.53		%	0.47		%	0.10		%	0.45		%	0.11		%
Allowance for loan and lease losses to loans ratio															1.26		%	1.23		%	1.26		%
Allowance for loan and lease losses - beginning															$	1,637		$	1,605		$	850		$	922		$	178
Initial PCD ALLL															—			20			—			220			272
Day 2 provision for loan and lease losses															—			—			—			462			454
Provision for loan and lease losses															212			169			50			452			33
Net charge-offs															(176)			(157)			(18)			(383)			(55)
Allowance for loan and lease losses - ending															$	1,673		$	1,637		$	882		$	1,673		$	882

12

Dollars in millions
Average Balance Sheets, Yields and Rates			3Q23									2Q23									3Q22
			Avg Balance			Income/Expense			Yield/Rate			Avg Balance			Income/Expense			Yield/Rate			Avg Balance			Income/Expense			Yield/Rate
Loans and leases (1)(2)			$	131,926		$	2,426		7.29		%	$	133,407		$	2,353		7.07		%	$	67,413		$	785		4.63		%
Investment securities			24,388			177			2.90			19,806			117			2.36			19,119			90			1.88
Securities purchased under agreements to resell			223			3			5.28			191			3			4.92			—			—			—
Interest-earning deposits at banks			37,456			504			5.34			38,014			480			5.07			5,685			31			2.17
Total interest-earning assets (2)			$	193,993		$	3,110		6.36		%	$	191,418		$	2,953		6.18		%	$	92,217		$	906		3.90		%
Operating lease equipment, net (including held for sale)			$	8,617								$	8,405								$	7,981
Cash and due from banks			911									1,161									489
Allowance for loan and lease losses			(1,714)									(1,600)									(851)
All other noninterest-earning assets			10,187									9,925									8,133
Total assets			$	211,994								$	209,309								$	107,969
Interest-bearing deposits
Checking with interest			$	24,600		$	134		2.10		%	$	24,164		$	118		1.92		%	$	16,160		$	7		0.14		%
Money Market			29,684			179			2.40			29,066			148			2.04			22,993			32			0.55
Savings			29,988			303			4.01			21,979			188			3.44			13,956			28			0.78
Time deposits			16,686			153			3.64			14,958			121			3.24			8,436			11			0.54
Total interest-bearing deposits			100,958			769			3.02			90,167			575			2.56			61,545			78			0.50
Borrowings:
Securities sold under customer repurchase agreements			454			—			0.35			456			1			0.31			617			1			0.16
ST FHLB Borrowings			—			—			—			110			1			5.17			1,188			8			2.60
Short-term borrowings			454			—			0.35			566			2			1.26			1,805			9			1.77
Federal Home Loan Bank borrowings			444			6			5.47			5,558			74			5.35			1,784			11			2.48
Senior unsecured borrowings			382			2			2.46			798			4			2.11			898			5			2.05
Subordinated debt			1,042			10			3.65			1,045			10			3.59			1,054			8			3.21
Other borrowings			35,831			333			3.68			35,168			327			3.74			67			—			4.47
Long-term borrowings			37,699			351			3.69			42,569			415			3.91			3,803			24			2.62
Total borrowings			38,153			351			3.65			43,135			417			3.88			5,608			33			2.34
Total interest-bearing liabilities			$	139,111		$	1,120		3.19		%	$	133,302		$	992		2.99		%	$	67,153		$	111		0.66		%
Noninterest-bearing deposits			$	43,085								$	47,271								$	26,877
Credit balances of factoring clients			1,209									1,168									1,089
Other noninterest-bearing liabilities			8,473									8,047									2,351
Stockholders' equity			20,116									19,521									10,499
Total liabilities and stockholders’ equity			$	211,994								$	209,309								$	107,969
Net interest income						$	1,990								$	1,961								$	795
Net interest spread (2)									3.17		%							3.19		%							3.24		%
Net interest margin (2)									4.07		%							4.10		%							3.42		%
(1) Loans and leases include non-PCD and PCD loans, nonaccrual loans and held for sale. Interest income on loans and leases includes accretion income and loan fees.
(2) The balance and rate presented is calculated net of credit balances of factoring clients.
Note: Certain items above do not precisely recalculate as presented due to rounding.

13

Dollars in millions
Average Balance Sheets, Yields and Rates			YTD 9/30/2023												YTD 9/30/2022
			Avg Balance			Income/Expense			Yield/Rate												Avg Balance			Income/Expense			Yield/Rate
Loans and leases (1)(2)			$	113,189		$	5,796		6.84		%										$	65,411		$	2,061		4.21		%
Investment securities			21,222			401			2.52												19,264			262			1.81
Securities purchased under agreements to resell			139			6			5.12												—			—			—
Interest-earning deposits at banks			27,794			1,071			5.15												8,242			50			0.81
Total interest-earning assets (2)			$	162,344		$	7,274		5.98		%										$	92,917		$	2,373		3.41		%
Operating lease equipment, net (including held for sale)			$	8,421																	$	7,960
Cash and due from banks			891																		517
Allowance for loan and lease losses			(1,420)																		(871)
All other noninterest-earning assets			17,193																		8,102
Total assets			$	187,429																	$	108,625
Interest-bearing deposits
Checking with interest			$	21,783		$	274		1.63		%										$	16,437		$	16		0.11		%
Money Market			26,686			407			2.04												24,875			65			0.35
Savings			23,208			601			3.46												13,640			48			0.47
Time deposits			14,606			350			3.20												9,004			30			0.45
Total interest-bearing deposits			86,283			1,632			2.53												63,956			159			0.33
Borrowings:
Securities sold under customer repurchase agreements			455			1			0.32												615			1			0.16
ST FHLB Borrowings			145			5			4.79												400			8			2.60
Short-term borrowings			600			6			1.40												1,015			9			1.12
Federal Home Loan Bank borrowings			3,084			120			5.22												941			15			2.10
Senior unsecured borrowings			686			11			2.16												1,497			21			1.85
Subordinated debt			1,045			29			3.59												1,057			24			3.07
Other borrowings			24,450			675			3.69												79			1			2.87
Long-term borrowings			29,265			835			3.81												3,574			61			2.30
Total borrowings			29,865			841			3.76												4,589			70			2.04
Total interest-bearing liabilities			$	116,148		$	2,473		2.85		%										$	68,545		$	229		0.45		%
Noninterest-bearing deposits			$	39,007																	$	26,253
Credit balances of factoring clients			1,129																		1,146
Other noninterest-bearing liabilities			14,143																		2,184
Stockholders' equity			17,002																		10,497
Total liabilities and stockholders’ equity			$	187,429																	$	108,625
Net interest income						$	4,801																	$	2,144
Net interest spread (2)									3.13		%																2.96		%
Net interest margin (2)									3.94		%																3.08		%
(1) Loans and leases include non-PCD and PCD loans, nonaccrual loans and held for sale. Interest income on loans and leases includes accretion income and loan fees.
(2) The balance and rate presented is calculated net of credit balances of factoring clients.
Note: Certain items above do not precisely recalculate as presented due to rounding.

14

Dollars in millions, except share and per share data
																					YTD			YTD
Non-GAAP Reconciliations												3Q23			2Q23			3Q22			9/30/2023			9/30/2022
Net income and EPS
Net income (GAAP)						a						$	752		$	682		$	315		$	10,952		$	841
Preferred stock dividends												15			15			12			44			36
Net income available to common stockholders (GAAP)						b						737			667			303			10,908			805
Total notable items, after income tax						c						76			98			23			(9,038)			90
Adjusted net income (non-GAAP)						d = (a+c)						828			780			338			1,914			931
Adjusted net income available to common stockholders (non-GAAP)						e = (b+c)						$	813		$	765		$	326		$	1,870		$	895
Weighted average common shares outstanding
Basic						f						14,528,310			14,528,134			15,711,976			14,527,718			15,849,219
Diluted						g						14,539,133			14,537,938			15,727,993			14,539,383			15,867,314
EPS (GAAP)
Basic						b/f						$	50.71		$	45.90		$	19.27		$	750.79		$	50.76
Diluted						b/g						50.67			45.87			19.25			750.19			50.70
Adjusted EPS (non-GAAP)
Basic						e/f						$	55.96		$	52.64		$	20.79		$	128.74		$	56.46
Diluted						e/g						55.92			52.60			20.77			128.64			56.40
Noninterest income and expense
Noninterest income						h						$	615		$	658		$	433		$	11,532		$	1,707
Impact of notable items, before income tax												(147)			(196)			(145)			(10,293)			(856)
Adjusted or core noninterest income						i						$	468		$	462		$	288		$	1,239		$	851
Noninterest expense						j						$	1,416		$	1,572		$	760		$	3,843		$	2,315
Impact of notable items, before income tax												(284)			(370)			(183)			(832)			(600)
Adjusted or core noninterest expense						k						$	1,132		$	1,202		$	577		$	3,011		$	1,715
Provision for credit losses
Provision for credit losses												$	192		$	151		$	60		$	1,126		$	566
Less: Day 2 provision for loan and lease losses and off-balance sheet exposure												—			—			—			716			513
Plus: Benefit for credit losses on investment securities available for sale												3			1			—			—			—
Adjusted provision for credit losses												$	195		$	152		$	60		$	410		$	53
PPNR
Net income (GAAP)						a						$	752		$	682		$	315		$	10,952		$	841
Plus:
Provision for credit losses												192			151			60			1,126			566
Income tax expense (benefit)												245			214			93			412			129
PPNR (non-GAAP)						l						$	1,189		$	1,047		$	468		$	12,490		$	1,536
Impact of notable items (1)												137			174			38			(9,461)			(256)
Adjusted PPNR (non-GAAP)						m						$	1,326		$	1,221		$	506		$	3,028		$	1,279
(1) Excludes the notable items for the provision for credit losses and income taxes as these items are excluded from PPNR as presented in the table above.
Note: Certain items above do not precisely recalculate as presented due to rounding.

15

Dollars in millions, except share and per share data
																					YTD			YTD
Non-GAAP Reconciliations (continued)												3Q23			2Q23			3Q22			9/30/2023			9/30/2022
ROA
Net income (GAAP)						a						$	752		$	682		$	315		$	10,952		$	841
Annualized net income						n = a annualized						2,983			2,734			1,250			14,642			1,124
Adjusted net income (non-GAAP)						d						828			780			338			1,914			931
Annualized adjusted net income						p = d annualized						3,286			3,126			1,341			2,560			1,245
Average assets						o						211,994			209,309			107,969			187,429			108,625
ROA						n/o						1.41		%	1.31		%	1.16		%	7.81		%	1.04		%
Adjusted ROA						p/o						1.55			1.49			1.24			1.37			1.15
PPNR ROA
PPNR (non-GAAP)						l						$	1,189		$	1,047		$	468		$	12,490		$	1,536
Annualized PPNR						q = l annualized						4,717			4,200			1,858			16,699			2,054
Adjusted PPNR (non-GAAP)						m						1,326			1,221			506			3,028			1,279
Annualized PPNR						r = m annualized						5,261			4,893			2,009			4,049			1,710
PPNR ROA						q/o						2.23		%	2.00		%	1.72		%	8.91		%	1.89		%
Adjusted PPNR ROA						r/o						2.48			2.34			1.86			2.16			1.58
ROE and ROTCE
Annualized net income available to common stockholders						s = b annualized						$	2,923		$	2,675		$	1,202		$	14,583		$	1,076
Annualized adjusted net income available to common stockholders						t = e annualized						$	3,225		$	3,067		$	1,293		$	2,501		$	1,197
Average stockholders' equity (GAAP)												$	20,116		$	19,521		$	10,499		$	17,002		$	10,497
Less: average preferred stock												881			881			881			881			875
Average common stockholders' equity (non-GAAP)						u						$	19,235		$	18,640		$	9,618		$	16,121		$	9,622
Less: average goodwill												346			346			346			346			346
Less: average other intangible assets												338			357			148			290			162
Average tangible common equity (non-GAAP)						v						$	18,551		$	17,937		$	9,124		$	15,485		$	9,114
ROE						s/u						15.20		%	14.35		%	12.49		%	90.46		%	11.18		%
Adjusted ROE						t/u						16.77			16.46			13.47			15.51			12.44
ROTCE						s/v						15.76			14.91			13.17			94.17			11.80
Adjusted ROTCE						t/v						17.39			17.10			14.20			16.15			13.13
Tangible common equity to tangible assets
Stockholders' equity (GAAP)						w						$	20,389		$	19,771		$	9,833
Less: preferred stock												881			881			881
Common equity (non-GAAP)						x						$	19,508		$	18,890		$	8,952
Less: goodwill												346			346			346
Less: other intangible assets												329			347			145
Tangible common equity (non-GAAP)						y						$	18,833		$	18,197		$	8,461
Total assets (GAAP)						z						213,765			209,502			109,310
Tangible assets (non-GAAP)						aa						213,090			208,809			108,819
Total equity to total assets						w/z						9.54		%	9.44		%	9.00		%
Tangible common equity to tangible assets (non-GAAP)						y/aa						8.84			8.71			7.78
Note: Certain items above do not precisely recalculate as presented due to rounding.

16

Dollars in millions, except share and per share data
																					YTD			YTD
Non-GAAP Reconciliations (continued)												3Q23			2Q23			3Q22			9/30/2023			9/30/2022
Book value and tangible book value per common share
Common shares outstanding at period end						bb						14,520,103			14,520,034			14,976,129
Book value per share						x/bb						$	1,343.52		$	1,300.93		$	597.75
Tangible book value per share						y/bb						1,297.00			1,253.20			564.97
Efficiency ratio
Net interest income						cc						$	1,990		$	1,961		$	795		$	4,801		$	2,144
Efficiency ratio (GAAP)						j / (h + cc)						54.34		%	60.06		%	61.91		%	23.53		%	60.10		%
Adjusted efficiency ratio (non-GAAP)(1)						k / (i + cc)						46.04			49.65			53.32			49.85		%	57.25		%
Rental income on operating lease equipment
Rental income on operating lease equipment												$	248		$	238		$	219		$	719		$	640
Less:
Depreciation on operating lease equipment												95			91			87			275			257
Maintenance and other operating lease expenses												51			56			52			163			142
Adjusted rental income on operating lease equipment												$	102		$	91		$	80		$	281		$	241
Income tax expense
Income tax expense												$	245		$	214		$	93		$	412		$	129
Impact of notable items												58			75			15			293			167
Adjusted income tax expense												$	303		$	289		$	108		$	705		$	296
Note: Certain items above do not precisely recalculate as presented due to rounding.

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