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Dollars in millions, except per share dataThree Months EndedNine Months Ended
Summary Financial Data & Key MetricsSeptember 30, 2025June 30, 2025September 30, 2024September 30, 2025September 30, 2024
Results of Operations:
Net interest income$1,734 $1,695 $1,796 $5,092 $5,434 
Provision for credit losses191 115 117 460 276 
Net interest income after provision for credit losses1,543 1,580 1,679 4,632 5,158 
Noninterest income699 678 650 2,012 1,916 
Noninterest expense1,491 1,500 1,456 4,484 4,218 
Income before income taxes751 758 873 2,160 2,856 
Income tax expense183 183 234 534 779 
Net income568 575 639 1,626 2,077 
Preferred stock dividends14 14 15 43 46 
Net income available to common stockholders$554 $561 $624 $1,583 $2,031 
Adjusted net income available to common stockholders (1)
$573 $593 $660 $1,679 $2,168 
Pre-tax, pre-provision net revenue (PPNR) (1)
942 873 990 2,620 3,132 
Adjusted PPNR (1)
973 929 1,041 2,767 3,314 
Per Share Information:
Diluted earnings per common share (EPS)$43.08 $42.36 $43.42 $119.70 $140.26 
Adjusted diluted EPS (1)
44.62 44.78 45.87 127.03 149.71 
Book value per common share at period end1,672.54 1,637.72 1,547.81 
Tangible book value per common share (TBV) (1) at period end
1,628.64 1,594.38 1,504.75 
Key Performance Metrics:
Return on average assets (ROA)0.98  %1.01  %1.15  %0.95  %1.27  %
Adjusted ROA (1)
1.01 1.07 1.22 1.01 1.35 
PPNR ROA (1)
1.62 1.54 1.79 1.54 1.91 
Adjusted PPNR ROA (1)
1.67 1.64 1.88 1.62 2.03 
Return on average common equity (ROE)10.26 10.41 11.30 9.82 12.73 
Adjusted ROE (1)
10.62 11.00 11.94 10.43 13.59 
Return on average tangible common equity (ROTCE) (1)
10.53 10.69 11.63 10.09 13.12 
Adjusted ROTCE (1)
10.91 11.30 12.29 10.71 14.00 
Efficiency ratio61.27 63.22 59.49 63.12 57.38 
Adjusted efficiency ratio (1)
56.78 57.92 54.15 58.08 51.72 
Net interest margin (NIM) (2)
3.26 3.26 3.53 3.26 3.62 
NIM, excluding purchase accounting accretion (PAA) (1) (2)
3.15 3.14 3.33 3.13 3.35 
Select Balance Sheet Items at Period End:
Total investment securities$45,124 $43,346 $38,663 
Total loans and leases144,758 141,269 138,695 
Total operating lease equipment, net9,446 9,466 9,186 
Total deposits163,190 159,935 151,574 
Total borrowings38,675 38,112 37,161 
Loan to deposit ratio88.71  %88.33  %91.50  %
Noninterest-bearing deposits to total deposits26.20 25.56 25.99 
Capital Ratios at Period End: (3)
Total risk-based capital ratio14.05  %14.25  %15.36  %
Tier 1 risk-based capital ratio12.15 12.63 13.78 
Common equity Tier 1 ratio11.65 12.12 13.24 
Tier 1 leverage capital ratio9.34 9.62 10.17 
Asset Quality at Period End:
Nonaccrual loans to total loans and leases0.97  %0.93  %0.90  %
Allowance for loan and lease losses (ALLL) to loans and leases1.14 1.18 1.21 
Net charge-off ratio for the period0.65 0.33 0.42 0.47 0.37 
(1) Denotes a non-GAAP measure. Refer to the non-GAAP reconciliation tables included at the end of this financial supplement for a reconciliation to the most directly comparable GAAP measure. “Adjusted” items exclude the impacts of Notable Items.
(2) Calculated net of average credit balances of factoring clients to appropriately reflect the interest-earning portion of factoring receivables.
(3) Capital ratios as of the current quarter-end are preliminary pending completion of quarterly regulatory filings.
1

Dollars in millions, except share and per share dataThree Months EndedNine Months Ended
Income Statement (unaudited) September 30, 2025June 30, 2025September 30, 2024September 30, 2025September 30, 2024
Interest income
Interest and fees on loans$2,300 $2,270 $2,430 $6,806 $7,206 
Interest on investment securities433 419 358 1,266 970 
Interest on deposits at banks265 256 350 766 1,176 
Total interest income2,998 2,945 3,138 8,838 9,352 
Interest expense
Deposits911 894 1,004 2,698 2,907 
Borrowings353 356 338 1,048 1,011 
Total interest expense1,264 1,250 1,342 3,746 3,918 
Net interest income1,734 1,695 1,796 5,092 5,434 
Provision for credit losses191 115 117 460 276 
Net interest income after provision for credit losses1,543 1,580 1,679 4,632 5,158 
Noninterest income
Rental income on operating lease equipment273 272 262 815 776 
Lending-related fees67 69 67 202 189 
Deposit fees and service charges61 59 57 178 172 
Client investment fees58 52 55 163 159 
Wealth management services57 55 54 168 157 
International fees34 33 29 99 86 
Factoring commissions18 18 19 53 55 
Cardholder services, net39 41 42 121 122 
Merchant services, net12 13 12 39 36 
Insurance commissions13 14 14 41 42 
Realized gain on sale of investment securities, net— — 4 — 4 
Fair value adjustment on marketable equity securities, net13 2 9 10 3 
Gain on sale of leasing equipment, net3 8 5 16 19 
Loss on extinguishment of debt— — — — (2)
Other noninterest income 51 42 21 107 98 
Total noninterest income699 678 650 2,012 1,916 
Noninterest expense
Depreciation on operating lease equipment98 100 99 296 293 
Maintenance and other operating lease expenses67 55 59 180 164 
Personnel cost817 810 788 2,445 2,277 
Net occupancy expense58 61 62 177 182 
Equipment expense137 131 128 404 368 
Professional fees26 30 42 81 91 
Third-party processing fees67 63 55 193 173 
FDIC insurance expense38 38 31 114 105 
Marketing expense33 32 20 97 52 
Acquisition-related expenses28 38 46 108 148 
Intangible asset amortization13 13 15 41 47 
Other noninterest expense109 129 111 348 318 
Total noninterest expense1,491 1,500 1,456 4,484 4,218 
Income before income taxes751 758 873 2,160 2,856 
Income tax expense183 183 234 534 779 
Net income$568 $575 $639 $1,626 $2,077 
Preferred stock dividends14 14 15 43 46 
Net income available to common stockholders$554 $561 $624 $1,583 $2,031 
Basic earnings per common share$43.08 $42.36 $43.42 $119.70 $140.27 
Diluted earnings per common share $43.08 $42.36 $43.42 $119.70 $140.26 
Weighted average common shares outstanding (basic) 12,849,33913,237,22614,375,97413,217,94014,480,874
Weighted average common shares outstanding (diluted) 12,849,33913,237,22614,375,97413,217,94014,481,919


2

Dollars in millions, except share data
Balance Sheet (unaudited) September 30, 2025June 30, 2025September 30, 2024
Assets
Cash and due from banks$874 $889 $862 
Interest-earning deposits at banks24,798 26,184 25,640 
Securities purchased under agreements to resell83 300 455 
Investment in marketable equity securities110 97 82 
Investment securities available for sale34,963 33,060 28,190 
Investment securities held to maturity10,051 10,189 10,391 
Assets held for sale112 125 68 
Loans and leases144,758 141,269 138,695 
Allowance for loan and lease losses(1,652)(1,672)(1,678)
Loans and leases, net of allowance for loan and lease losses143,106 139,597 137,017 
Operating lease equipment, net9,446 9,466 9,186 
Premises and equipment, net2,283 2,115 1,974 
Goodwill346 346 346 
Other intangible assets, net208 221 265 
Other assets7,108 7,064 6,091 
Total assets$233,488 $229,653 $220,567 
Liabilities
Deposits:
Noninterest-bearing$42,752 $40,879 $39,396 
Interest-bearing120,438 119,056 112,178 
Total deposits163,190 159,935 151,574 
Credit balances of factoring clients1,326 1,077 1,250 
Borrowings:
Short-term borrowings423 471 391 
Long-term borrowings38,252 37,641 36,770 
Total borrowings38,675 38,112 37,161 
Other liabilities8,311 8,233 7,754 
Total liabilities$211,502 $207,357 $197,739 
Stockholders’ equity
Preferred stock881881 881 
Common stock:
Class A - $1 par value12 12 13
Class B - $1 par value1 1 1 
Additional paid in capital270 1,179 3,389 
Retained earnings20,866 20,337 18,703 
Accumulated other comprehensive loss(44)(114)(159)
Total stockholders’ equity21,986 22,296 22,828 
Total liabilities and stockholders’ equity$233,488 $229,653 $220,567 

3

Dollars in millions, except share per share dataThree Months EndedNine Months Ended
Notable Items (1)
September 30, 2025June 30, 2025September 30, 2024September 30, 2025September 30, 2024
Noninterest income
Rental income on operating lease equipment (2)
$(165)$(155)$(158)$(476)$(457)
Realized gain on sale of investment securities, net— — (4)— (4)
Fair value adjustment on marketable equity securities, net(13)(2)(9)(10)(3)
Gain on sale of leasing equipment, net(3)(8)(5)(16)(19)
Loss on extinguishment of debt— — — — 2 
Other noninterest income (3)
— — — — (4)
Impact of notable items on adjusted noninterest income$(181)$(165)$(176)$(502)$(485)
Noninterest expense
Depreciation on operating lease equipment (2)
(98)(100)(99)(296)(293)
Maintenance and other operating lease equipment expense (2)
(67)(55)(59)(180)(164)
Personnel cost (4)
(6)— — (6)— 
Professional fees (5)
— — — — (4)
FDIC insurance special assessment— — — — (11)
Acquisition-related expenses(28)(38)(46)(108)(148)
Intangible asset amortization(13)(13)(15)(41)(47)
Other noninterest expense (6)
— (15)(8)(18)— 
Impact of notable items on adjusted noninterest expense$(212)$(221)$(227)$(649)$(667)
Impact of notable items on adjusted pre-tax income$31 $56 $51 $147 $182 
Income tax impact (7)
1224 15 51 45 
Impact of notable items on adjusted net income$19 $32 $36 $96 $137 
Impact of notable items on adjusted diluted EPS$1.54 $2.42 $2.45 $7.33 $9.45 
(1) Notable items include income and expense for infrequent transactions and certain recurring items (typically noncash) that management believes should be excluded from adjusted measures (non-GAAP) to enhance understanding of operations and comparability to historical periods. Management utilizes both GAAP and adjusted measures (non-GAAP) to analyze BancShares’ performance. Refer to subsequent pages of this financial supplement for a reconciliation of non-GAAP measures to the most directly comparable GAAP measures.
(2) Depreciation and maintenance and other operating lease expenses are deducted from rental income on operating lease equipment to calculate adjusted rental income on operating lease equipment (non-GAAP). There is no net impact to earnings for this non-GAAP item because adjusted noninterest income and expense are reduced by the same amount. Management believes adjusted rental income on operating lease equipment (non-GAAP) is meaningful because it helps management monitor the performance and profitability of the operating leases after deducting direct expenses. Refer to subsequent pages of this financial supplement for a reconciliation of non-GAAP measures to the most directly comparable GAAP measures.
(3) Other noninterest income includes a gain on settlement of litigation in 1Q24.
(4) Personnel cost includes impairment of internal use software under development in 3Q25.
(5) Professional fees include expenses related to integration activities in 1Q24 and 2Q24.
(6) Other noninterest expense includes an accrual resulting from a vendor dispute and an increase in litigation reserve in 2Q25, impairment of capitalized software and related projects in 1Q25, litigation reserve releases in 1Q24 and 2Q24, and a technology fee in 3Q24.
(7) For the periods presented, the income tax impact may include tax discrete items and changes in the estimated annualized effective tax rate.





4

Dollars in millions, except share and per share dataThree Months EndedNine Months Ended
Condensed Income Statements (unaudited) - Adjusted for Notable Items (1)
September 30, 2025June 30, 2025September 30, 2024September 30, 2025September 30, 2024
Interest income$2,998 $2,945 $3,138 $8,838 $9,352 
Interest expense1,264 1,250 1,342 3,746 3,918 
Net interest income1,734 1,695 1,796 5,092 5,434 
Provision for credit losses191 115 117 460 276 
Net interest income after provision for credit losses1,543 1,580 1,679 4,632 5,158 
Noninterest income518 513 474 1,510 1,431 
Noninterest expense1,279 1,279 1,229 3,835 3,551 
Income before income taxes782 814 924 2,307 3,038 
Income tax expense195 207 249 585 824 
Net income$587 $607 $675 $1,722 $2,214 
Preferred stock dividends14 14 15 43 46 
Net income available to common stockholders$573 $593 $660 $1,679 $2,168 
Basic earnings per common share $44.62 $44.78 $45.87 $127.03 $149.72 
Diluted earnings per common share44.62 44.78 45.87 127.03 149.71 
Weighted average common shares outstanding (basic)12,849,33913,237,22614,375,97413,217,94014,480,874
Weighted average common shares outstanding (diluted)12,849,33913,237,22614,375,97413,217,94014,481,919
(1) The GAAP income statements and notable items are included previously in this financial supplement. The condensed adjusted income statements above (non-GAAP) exclude the impact of notable items. Refer to the non-GAAP reconciliation tables at the end of this financial supplement for a reconciliation of non-GAAP measures to the most directly comparable GAAP measure.











5

Dollars in millions
Loans and Leases by Class (end of period)September 30, 2025June 30, 2025September 30, 2024
Commercial
Commercial construction$5,926 $5,714 $4,924 
Owner occupied commercial mortgages17,232 17,053 16,372 
Non-owner occupied commercial mortgages15,645 16,100 16,078 
Commercial and industrial (1)
41,172 40,658 40,043 
Leases2,066 2,028 2,020 
Global fund banking (1)
31,615 28,677 27,114 
Investor dependent (1)
2,772 2,777 3,562 
Total commercial$116,428 $113,007 $110,113 
Consumer
Residential mortgage$23,036 $23,059 $23,237 
Revolving mortgage2,794 2,736 2,455 
Consumer auto1,463 1,490 1,543 
Consumer other1,037 977 1,347 
Total consumer$28,330 $28,262 $28,582 
Total loans and leases$144,758 $141,269 $138,695 
Less: allowance for loan and lease losses(1,652)(1,672)(1,678)
Total loans and leases, net of allowance for loan and lease losses$143,106 $139,597 $137,017 

(1) During the second quarter of 2025, the loan classes which were reported in the SVB portfolio in the 2024 Form 10-K, were recast to the Commercial portfolio (the “2025 Loan Class Changes”) as summarized below.
•Global fund banking remained a separate loan class, but is reported under the Commercial portfolio.
•Investor dependent–early stage and investor dependent–growth stage were combined into a single investor dependent loan class, which is reported under the Commercial portfolio.
•Cash flow dependent and innovation C&I was combined with the commercial and industrial loan class, which is reported under the Commercial portfolio.
Loan and lease disclosures for all periods presented in this Financial Supplement were recast to reflect the 2025 Loan Class Changes.

Dollars in millions
Deposits by Type (end of period)September 30, 2025June 30, 2025September 30, 2024
Noninterest-bearing demand$42,752 $40,879 $39,396 
Checking with interest23,731 23,283 23,216 
Money market38,718 37,654 34,574 
Savings46,915 46,877 40,259 
Time11,074 11,242 14,129 
Total deposits$163,190 $159,935 $151,574 



6

Three Months EndedNine Months Ended
Credit Quality and Allowance for Loan and Lease Losses (ALLL)September 30, 2025June 30, 2025September 30, 2024September 30, 2025September 30, 2024
Nonaccrual loans at period end$1,406 $1,319 $1,244 
Ratio of nonaccrual loans to total loans at period end0.97 %0.93 %0.90 %
Charge-offs$(256)$(144)$(177)$(567)$(464)
Recoveries22 25 32 70 84 
Net charge-offs$(234)$(119)$(145)$(497)$(380)
Net charge-off ratio0.65 %0.33 %0.42 %0.47 %0.37 %
ALLL to loans ratio at period end1.14 %1.18 %1.21 %
ALLL at beginning of period$1,672 $1,680 $1,700 $1,676 $1,747 
Provision for loan and lease losses214 111 123 473 311 
Net charge-offs(234)(119)(145)(497)(380)
ALLL at end of period$1,652 $1,672 $1,678 $1,652 $1,678 

7

Dollars in millionsThree Months Ended
September 30, 2025June 30, 2025September 30, 2024
Average Balance Sheets, Yields and RatesAverage BalanceIncome/ExpenseYield/RateAverage BalanceIncome/ExpenseYield/RateAverage BalanceIncome/ExpenseYield/Rate
Loans and leases (1) (2)
$141,785 $2,300 6.44 %$140,699 $2,270 6.47 %$137,602 $2,430 7.03 %
Investment securities44,827 430 3.83 43,935 416 3.79 38,189 354 3.70 
Securities purchased under agreements to resell284 3 4.32 237 3 4.34 241 4 5.34 
Interest-earning deposits at banks24,146 265 4.36 23,304 256 4.40 26,167 350 5.33 
Total interest-earning assets (2)
$211,042 $2,998 5.64 %$208,175 $2,945 5.67 %$202,199 $3,138 6.18 %
Operating lease equipment, net$9,463 $9,419 $9,028 
Cash and due from banks757 804 717 
Allowance for loan and lease losses(1,702)(1,713)(1,725)
All other noninterest-earning assets10,969 10,867 10,247 
Total assets$230,529 $227,552 $220,466 
Interest-bearing deposits
Checking with interest$23,028 $99 1.70 %$22,929 $97 1.69 %$23,946 $134 2.23 %
Money market39,396 280 2.82 37,980 269 2.84 34,132 278 3.24 
Savings47,005 435 3.66 46,163 428 3.72 39,939 436 4.34 
Time deposits11,146 97 3.45 11,510 100 3.48 14,429 156 4.29 
Total interest-bearing deposits120,575 911 3.00 118,582 894 3.02 112,446 1,004 3.55 
Borrowings:
Securities sold under customer repurchase agreements442 1 0.51 471 — 0.57 384 — 0.55 
Senior unsecured borrowings555 7 5.27 555 8 5.27 361 2 2.59 
Subordinated debt1,350 17 5.02 1,473 19 5.23 900 8 3.34 
Other borrowings35,911 328 3.66 35,880 329 3.66 35,803 328 3.66 
Long-term borrowings37,816 352 3.73 37,908 356 3.74 37,064 338 3.64 
Total borrowings38,258 353 3.70 38,379 356 3.71 37,448 338 3.61 
Total interest-bearing liabilities$158,833 $1,264 3.16 %$156,961 $1,250 3.19 %$149,894 $1,342 3.57 %
Noninterest-bearing deposits$40,049 $39,082 $39,026 
Credit balances of factoring clients1,175 1,157 1,195 
Other noninterest-bearing liabilities8,181 7,864 7,500 
Stockholders' equity22,291 22,488 22,851 
Total liabilities and stockholders’ equity$230,529 $227,552 $220,466 
Net interest income$1,734 $1,695 $1,796 
Net interest spread (2)
2.48 %2.48 %2.61 %
Net interest margin (2)
3.26 %3.26 %3.53 %
(1) Loans and leases include nonaccrual loans and loans held for sale. Interest income on loans and leases includes loan PAA income and loan fees.
(2) The average balances and yields for loans and leases are calculated net of average credit balances of factoring clients to appropriately reflect the interest-earning portion of factoring receivables.
Note: Certain items above do not precisely recalculate as presented due to rounding.


8

Dollars in millionsNine Months Ended
Average Balance Sheets, Yields and RatesSeptember 30, 2025September 30, 2024
Average BalanceIncome/ExpenseYield/RateAverage BalanceIncome/ExpenseYield/Rate
Loans and leases (1) (2)
$140,668 $6,806 6.46 %$135,302 $7,206 7.11 %
Investment securities44,110 1,257 3.80 35,769 960 3.58 
Securities purchased under agreements to resell268 9 4.34 240 10 5.37 
Interest-earning deposits at banks23,386 766 4.38 29,192 1,176 5.38 
Total interest-earning assets (2)
$208,432 $8,838 5.66 %$200,503 $9,352 6.22 %
Operating lease equipment, net$9,412 $8,908 
Cash and due from banks785 751 
Allowance for loan and lease losses(1,707)(1,762)
All other noninterest-earning assets10,940 10,087 
Total assets$227,862 $218,487 
Interest-bearing deposits
Checking with interest$23,292 $300 1.72 %$24,112 $401 2.22 %
Money market38,055 806 2.83 32,364 760 3.14 
Savings45,707 1,280 3.74 38,290 1,242 4.33 
Time deposits11,752 312 3.55 15,712 504 4.28 
Total interest-bearing deposits118,806 2,698 3.04 110,478 2,907 3.51 
Borrowings:
Securities sold under customer repurchase agreements447 2 0.53 398 1 0.49 
Senior unsecured borrowings428 17 5.20 371 7 2.53 
Subordinated debt1,262 44 4.68 904 23 3.32 
Other borrowings35,878 985 3.66 35,829 980 3.65 
Long-term borrowings37,568 1,046 3.71 37,104 1,010 3.63 
Total borrowings38,015 1,048 3.67 37,502 1,011 3.59 
Total interest-bearing liabilities$156,821 $3,746 3.19 %$147,980 $3,918 3.53 %
Noninterest-bearing deposits$39,431 $39,339 
Credit balances of factoring clients1,141 1,178 
Other noninterest-bearing liabilities8,058 7,793 
Stockholders' equity22,411 22,197 
Total liabilities and stockholders’ equity$227,862 $218,487 
Net interest income$5,092 $5,434 
Net interest spread (2)
2.47 %2.69 %
Net interest margin (2)
3.26 %3.62 %
(1) Loans and leases include nonaccrual loans and loans held for sale. Interest income on loans and leases includes loan PAA income and loan fees.
(2) The average balances and yields for loans and leases are calculated net of average credit balances of factoring clients to appropriately reflect the interest-earning portion of factoring receivables.
Note: Certain items above do not precisely recalculate as presented due to rounding.
9


Dollars in millions, except share and per share dataThree Months EndedNine Months Ended
Non-GAAP ReconciliationsSeptember 30, 2025June 30, 2025September 30, 2024September 30, 2025September 30, 2024
Net income and EPS
Net income (GAAP)a$568 $575 $639 $1,626 $2,077 
Preferred stock dividends14 14 15 43 46 
Net income available to common stockholders (GAAP)b$554 $561 $624 $1,583 $2,031 
Total notable items, after income taxc19 32 36 96 137 
Adjusted net income (non-GAAP)d = (a+c)587 607 675 1,722 2,214 
Adjusted net income available to common stockholders (non-GAAP)e = (b+c)$573 $593 $660 $1,679 $2,168 
Weighted average common shares outstanding
Basicf12,849,339 13,237,226 14,375,974 13,217,940 14,480,874 
Dilutedg12,849,339 13,237,226 14,375,974 13,217,940 14,481,919 
EPS (GAAP)
Basicb/f$43.08 $42.36 $43.42 $119.70 $140.27 
Dilutedb/g43.08 42.36 43.42 119.70 140.26 
Adjusted EPS (non-GAAP)
Basice/f$44.62 $44.78 $45.87 $127.03 $149.72 
Dilutede/g44.62 44.78 45.87 127.03 149.71 
Noninterest income and expense
Noninterest income (GAAP)h$699 $678 $650 $2,012 $1,916 
Impact of notable items, before income tax(181)(165)(176)(502)(485)
Adjusted noninterest income (non-GAAP)i$518 $513 $474 $1,510 $1,431 
Noninterest expense (GAAP)j$1,491 $1,500 $1,456 $4,484 $4,218 
Impact of notable items, before income tax(212)(221)(227)(649)(667)
Adjusted noninterest expense (non-GAAP)k$1,279 $1,279 $1,229 $3,835 $3,551 
PPNR
Net income (GAAP)a$568 $575 $639 $1,626 $2,077 
Plus: provision for credit losses191 115 117 460 276 
Plus: income tax expense183 183 234 534 779 
PPNR (non-GAAP)l$942 $873 $990 $2,620 $3,132 
Impact of notable items (1)
31 56 51 147 182 
Adjusted PPNR (non-GAAP)m$973 $929 $1,041 $2,767 $3,314 
(1) Excludes the impact of notable items on income taxes as this is excluded from PPNR as presented in the table above.
Note: Certain items above do not precisely recalculate as presented due to rounding.
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Dollars in millionsThree Months EndedNine Months Ended
Non-GAAP Reconciliations (continued) September 30, 2025June 30, 2025September 30, 2024September 30, 2025September 30, 2024
ROA
Net income (GAAP)a$568 $575 $639 $1,626 $2,077 
Annualized net incomen = a annualized2,254 2,307 2,544 2,173 2,775 
Adjusted net income (non-GAAP)d587 607 675 1,722 2,214 
Annualized adjusted net incomep = d annualized2,332 2,435 2,684 2,303 2,958 
Average assetso230,529 227,552 220,466 227,862 218,487 
ROAn/o0.98 %1.01 %1.15 %0.95 %1.27 %
Adjusted ROA (non-GAAP)p/o1.01 1.07 1.22 1.01 1.35 
PPNR ROA
PPNR (non-GAAP)l$942 $873 $990 $2,620 $3,132 
Annualized PPNRq = l annualized3,738 3,501 3,942 3,503 4,184 
Adjusted PPNR (non-GAAP)m973 929 1,041 2,767 3,314 
Annualized adjusted PPNRr = m annualized3,860 3,728 4,141 3,700 4,427 
PPNR ROA (non-GAAP)q/o1.62 %1.54 %1.79 %1.54 %1.91 %
Adjusted PPNR ROA (non-GAAP)r/o1.67 1.64 1.88 1.62 2.03 
ROE and ROTCE
Annualized net income available to common stockholderss = b annualized$2,196 $2,249 $2,483 $2,115 $2,713 
Annualized adjusted net income available to common stockholderst = e annualized$2,275 $2,377 $2,623 $2,245 $2,896 
Average stockholders' equity (GAAP)$22,291 $22,488 $22,851 $22,411 $22,197 
Less: average preferred stock881 881 881 881 881 
Average common stockholders' equityu$21,410 $21,607 $21,970 $21,530 $21,316 
Less: average goodwill346 346 346 346 346 
Less: average other intangible assets216 229 275 230 290 
Average tangible common equity (non-GAAP)v$20,848 $21,032 $21,349 $20,954 $20,680 
ROEs/u10.26 %10.41 %11.30 %9.82 %12.73 %
Adjusted ROE (non-GAAP)t/u10.62 11.00 11.94 10.43 13.59 
ROTCE (non-GAAP)s/v10.53 10.69 11.63 10.09 13.12 
Adjusted ROTCE (non-GAAP)t/v10.91 11.30 12.29 10.71 14.00 
Tangible common equity to tangible assets at period end
Stockholders' equity (GAAP)w$21,986 $22,296 $22,828 
Less: preferred stock881 881 881 
Common equityx$21,105 $21,415 $21,947 
Less: goodwill346 346 346 
Less: other intangible assets208 221 265 
Tangible common equity (non-GAAP)y$20,551 $20,848 $21,336 
Total assets (GAAP)z233,488 229,653 220,567 
Tangible assets (non-GAAP)aa232,934 229,086 219,956 
Total equity to total assets (GAAP)w/z9.42 %9.71 %10.35 %
Tangible common equity to tangible assets (non-GAAP)y/aa8.82 9.10 9.70 
Note: Certain items above do not precisely recalculate as presented due to rounding.
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Dollars in millions, except share and per share dataThree Months EndedNine Months Ended
Non-GAAP Reconciliations (continued) September 30, 2025June 30, 2025September 30, 2024September 30, 2025September 30, 2024
Book value and tangible book value per common share at period end
Common shares outstanding at period endbb12,618,629 13,075,979 14,179,208 
Book value per sharex/bb$1,672.54 $1,637.72 $1,547.81 
Tangible book value per common share (non-GAAP)y/bb1,628.64 1,594.38 1,504.75 
Efficiency ratio
Net interest incomecc$1,734 $1,695 $1,796 $5,092 $5,434 
Efficiency ratio (GAAP)j / (h + cc)61.27 %63.22 %59.49 %63.12 %57.38 %
Adjusted efficiency ratio (non-GAAP)k / (i + cc)56.78 57.92 54.15 58.08 %51.72 %
Rental income on operating lease equipment
Rental income on operating lease equipment (GAAP)$273 $272 $262 $815 $776 
Less: depreciation on operating lease equipment98 100 99 296 293 
Less: maintenance and other operating lease expenses67 55 59 180 164 
Plus: accelerated depreciation on impaired operating lease equipment— — — — — 
Adjusted rental income on operating lease equipment (non-GAAP)$108 $117 $104 $339 $319 
Net interest income & Net interest margin
Net interest income (GAAP)cc$1,734 $1,695 $1,796 $5,092 $5,434 
Loan PAAdd71 75 107 230 415 
Other PAAee(10)(9)(6)(28)(16)
PAAff = (dd + ee)$61 $66 $101 $202 $399 
Net interest income, excluding PAA (non-GAAP)gg = (cc - ff)$1,673 $1,629 $1,695 $4,890 $5,035 
Annualized net interest incomehh = cc annualized$6,878 $6,800 $7,147 $6,808 $7,259 
Annualized net interest income, excluding PAAii = gg annualized6,637 6,533 6,746 6,537 6,726 
Average interest-earning assetsjj211,042 208,175 202,199 208,432 200,503 
NIM (GAAP)hh/jj3.26 %3.26 %3.53 %3.26 %3.62 %
NIM, excluding PAA (non-GAAP)ii/jj3.15 3.14 3.33 3.13 3.35 
Interest income on loans (GAAP)$2,300 $2,270 $2,430 $6,806 $7,206 
Less: loan PAAdd71 75 107 230 415 
Interest income on loans, excluding loan PAA (non-GAAP)$2,229 $2,195 $2,323 $6,576 $6,791 
Income tax expense
Income tax expense$183 $183 $234 $534 $779 
Impact of notable items 12 24 15 51 45 
Adjusted income tax expense (non-GAAP)$195 $207 $249 $585 $824 
Note: Certain items above do not precisely recalculate as presented due to rounding.

12