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Summary Financial Data and Metrics
Three Months Ended
Dollars in millions, except per share dataMarch 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025
Increase (Decrease) from LQ (4)
Results of Operations:
Net interest income$1,621 $1,722 $1,734 $1,695 $1,663 $(101)(5.9)%
Provision for credit losses72 54 191 115 154 18 33.4 
Net interest income after provision for credit losses1,549 1,668 1,543 1,580 1,509 (119)(7.2)
Noninterest income692 715 699 678 635 (23)(3.2)
Noninterest expense1,536 1,572 1,491 1,500 1,493 (36)(2.3)
Income before income taxes705 811 751 758 651 (106)(13.0)
Income tax expense171 231 183 183 168 (60)(25.5)
Net income534 580 568 575 483 (46)(8.1)
Preferred stock dividends26 14 14 14 15 12 78.0 
Net income available to common stockholders$508 $566 $554 $561 $468 $(58)(10.2)%
Adjusted net income available to common stockholders (1)
$534 $634 $573 $593 $513 $(100)(15.6)%
Pre-tax, pre-provision net revenue (PPNR) (1)
777 865 942 873 805 (88)(10.1)
Adjusted PPNR (1)
811 883 973 929 865 (72)(8.2)
Per Share Information:
Diluted earnings per common share (EPS)$42.63 $45.81 $43.08 $42.36 $34.47 $(3.18)(6.9)%
Adjusted diluted EPS (1)
44.86 51.27 44.62 44.78 37.79 (6.41)(12.5)
Book value per common share at period end1,735.18 1,718.71 1,672.54 1,637.72 1,596.30 16.47 1.0 
Tangible book value per common share (TBV) (1) at period end
1,689.96 1,674.11 1,628.64 1,594.38 1,553.06 15.85 1.0 
Key Performance Metrics:
in bps (5):
Return on average assets (ROA)0.93  %0.99  %0.98  %1.01  %0.87  %(6)
Adjusted ROA (1)
0.97 1.10 1.01 1.07 0.95 (13)
PPNR ROA (1)
1.35 1.47 1.62 1.54 1.45 (12)
Adjusted PPNR ROA (1)
1.41 1.50 1.67 1.64 1.56 (9)
Return on average common equity (ROE)9.88 10.66 10.26 10.41 8.79 (78)
Adjusted ROE (1)
10.39 11.93 10.62 11.00 9.64 (154)
Return on average tangible common equity (ROTCE) (1)
10.14 10.94 10.53 10.69 9.04 (80)
Adjusted ROTCE (1)
10.67 12.25 10.91 11.30 9.91 (158)
Efficiency ratio66.41 64.53 61.27 63.22 64.97 188
Adjusted efficiency ratio (1)
62.13 60.79 56.78 57.92 59.62 134
Net interest margin (NIM) (2)
3.09 3.20 3.26 3.26 3.26 (11)
NIM, excluding purchase accounting accretion (PAA) (1) (2)
3.01 3.11 3.15 3.14 3.12 (10)
Select Balance Sheet Items at Period End:
Total investment securities$42,986 $41,564 $45,124 $43,346 $44,319 $1,422 3.40 %
Total loans and leases148,692 147,930 144,758 141,269 141,358 762 0.50 
Total operating lease equipment, net9,685 9,621 9,446 9,466 9,371 64 0.70 
Total deposits170,842 161,578 163,190 159,935 159,325 9,264 5.70 
Total borrowings33,962 36,008 38,675 38,112 38,406 (2,046)(5.70)
Loan to deposit ratio87.04  %91.55  %88.71  %88.33  %88.72  %(4.51)
Noninterest-bearing deposits to total deposits25.52 25.16 26.20 25.56 25.59 0.36 
Capital Ratios at Period End: (3)
in bps:
Total risk-based capital ratio13.51  %13.71  %14.05  %14.25  %15.23  %(20)
Tier 1 risk-based capital ratio11.79 11.91 12.15 12.63 13.35 (12)
Common equity Tier 1 ratio10.83 11.15 11.65 12.12 12.81 (32)
Tier 1 leverage capital ratio9.30 9.29 9.34 9.62 9.75 1
Asset Quality at Period End:in bps:
Nonaccrual loans to total loans and leases0.96  %0.88  %0.97  %0.93  %0.85  %8
Allowance for loan and lease losses (ALLL) to loans and leases1.05 1.06 1.14 1.18 1.19 (1)
Net charge-off ratio for the period0.30 0.39 0.65 0.33 0.41 (9)
(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.
(4) Linked quarter (LQ)
(5) Basis points (bps)
1
Consolidated Statements of Income (Unaudited)
Three Months Ended
Dollars in millions, except share and per share dataMarch 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025Increase (Decrease) from LQ
Interest income
Loans and leases$2,206 $2,290 $2,300 $2,270 $2,236 $(84)(3.7)%
Investment securities384 424 433 419 414 (40)(9.4)
Deposits at banks196 226 265 256 245 (30)(13.5)
Total interest income2,786 2,940 2,998 2,945 2,895 (154)(5.3)
Interest expense
Deposits833 861 911 894 893 (28)(3.3)
Borrowings332 357 353 356 339 (25)(7.1)
Total interest expense1,165 1,218 1,264 1,250 1,232 (53)(4.4)
Net interest income1,621 1,722 1,734 1,695 1,663 (101)(5.9)
Provision for credit losses72 54 191 115 154 18 33.4 
Net interest income after provision for credit losses1,549 1,668 1,543 1,580 1,509 (119)(7.2)
Noninterest income
Rental income on operating lease equipment281 281 273 272 270 — — 
Lending-related fees69 64 67 69 66 5 9.3 
Deposit fees and service charges70 63 61 59 58 7 11.5 
Client investment fees53 54 58 52 53 (1)(3.1)
Wealth management services59 61 57 55 56 (2)(2.7)
International fees35 37 34 33 32 (2)(3.6)
Factoring commissions17 20 18 18 17 (3)(15.5)
Cardholder services, net38 37 39 41 41 1 0.3 
Merchant services, net13 13 12 13 14 — — 
Insurance commissions13 12 13 14 14 1 8.0 
Realized gain on sale of investment securities, net— 3 — — — (3)(100.0)
Fair value adjustment on marketable equity securities, net3 12 13 2 (5)(9)(72.8)
Gain on sale of leasing equipment, net11 14 3 8 5 (3)(20.3)
Loss on extinguishment of debt(8)(9)— — — 1 10.6 
Other noninterest income 38 53 51 42 14 (15)(29.8)
Total noninterest income692 715 699 678 635 (23)(3.2)
Noninterest expense
Depreciation on operating lease equipment101 102 98 100 98 (1)(0.5)
Maintenance and other operating lease expenses65 64 67 55 58 1 1.4 
Personnel cost869 849 817 810 818 20 2.3 
Net occupancy expense60 61 58 61 58 (1)(2.1)
Equipment expense136 151 137 131 136 (15)(9.9)
Professional fees24 34 26 30 25 (10)(28.1)
Third-party processing fees93 75 67 63 63 18 25.1 
FDIC insurance expense38 27 38 38 38 11 42.6 
Marketing expense30 45 33 32 32 (15)(33.6)
Acquisition-related expenses5 33 28 38 42 (28)(86.5)
Intangible asset amortization13 13 13 13 15 — — 
Other noninterest expense102 118 109 129 110 (16)(14.8)
Total noninterest expense1,536 1,572 1,491 1,500 1,493 (36)(2.3)
Income before income taxes705 811 751 758 651 (106)(13.0)
Income tax expense171 231 183 183 168 (60)(25.5)
Net income$534 $580 $568 $575 $483 $(46)(8.1)%
Preferred stock dividends26 14 14 14 15 12 78.0 
Net income available to common stockholders$508 $566 $554 $561 $468 $(58)(10.2)%
Basic earnings per common share$42.63 $45.81 $43.08 $42.36 $34.47 $(3.18)(6.9)%
Diluted earnings per common share $42.63 $45.81 $43.08 $42.36 $34.47 $(3.18)(6.9)
Weighted average common shares outstanding (basic) 11,924,89912,363,02812,849,33913,237,22613,575,231(438,129)(3.5)
Weighted average common shares outstanding (diluted) 11,924,89912,363,02812,849,33913,237,22613,575,231(438,129)(3.5)


2
Consolidated Balance Sheets (Unaudited)
Dollars in millions, except share dataMarch 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025Increase (Decrease) from LQ
Assets
Cash and due from banks$1,080 $801 $874 $889 $812 $279 34.8 %
Interest-earning deposits at banks23,189 19,801 24,798 26,184 24,692 3,388 17.1 
Securities purchased under agreements to resell223 232 83 300 345 (9)(4.0)
Investment in marketable equity securities130 127 110 97 95 3 2.5 
Investment securities available for sale33,314 31,790 34,963 33,060 33,900 1,524 4.8 
Investment securities held to maturity9,542 9,647 10,051 10,189 10,324 (105)(1.1)
Assets held for sale1,122 804 112 125 185 318 39.5 
Loans and leases148,692 147,930 144,758 141,269 141,358 762 0.5 
Allowance for loan and lease losses(1,558)(1,566)(1,652)(1,672)(1,680)(8)(0.5)
Loans and leases, net of allowance for loan and lease losses147,134 146,364 143,106 139,597 139,678 770 0.5 
Operating lease equipment, net9,685 9,621 9,446 9,466 9,371 64 0.7 
Premises and equipment, net2,499 2,447 2,283 2,115 2,044 52 2.1 
Goodwill346 346 346 346 346 — — 
Other intangible assets, net182 195 208 221 234 (13)(6.5)
Other assets7,513 7,523 7,108 7,064 6,796 (10)(0.1)
Total assets$235,959 $229,698 $233,488 $229,653 $228,822 $6,261 2.7 %
Liabilities
Deposits:
Noninterest-bearing$43,606 $40,653 $42,752 $40,879 $40,767 $2,953 7.3 %
Interest-bearing127,236 120,925 120,438 119,056 118,558 6,311 5.2 
Total deposits170,842 161,578 163,190 159,935 159,325 9,264 5.7 
Credit balances of factoring clients1,284 1,148 1,326 1,077 1,145 136 11.8 
Borrowings:
Short-term borrowings170 224 423 471 450 (54)(24.0)
Long-term borrowings33,792 35,784 38,252 37,641 37,956 (1,992)(5.6)
Total borrowings33,962 36,008 38,675 38,112 38,406 (2,046)(5.7)
Other liabilities7,823 8,726 8,311 8,233 7,651 (903)(10.3)
Total liabilities213,911 207,460 211,502 207,357 206,527 6,451 3.1 
Stockholders’ equity
Preferred stock1,7651,375 881 881 881 390 28.4 
Common stock:
Class A - $1 par value11 11121212— — 
Class B - $1 par value1 1 1 1 1 — — 
Additional paid in capital— — 270 1,179 1,798 — — 
Retained earnings20,343 20,768 20,866 20,337 19,802 (425)(2.0)
Accumulated other comprehensive (loss) income(72)83 (44)(114)(199)(155)(186.2)
Total stockholders’ equity22,048 22,238 21,986 22,296 22,295 (190)(0.9)
Total liabilities and stockholders’ equity$235,959 $229,698 $233,488 $229,653 $228,822 $6,261 2.7 %
    

3
Notable Items
Dollars in millions, except share per share dataThree Months EndedIncrease (Decrease) from LQ
Notable Items (1)
March 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025
Noninterest income
Rental income on operating lease equipment (2)
$(166)$(166)$(165)$(155)$(156)$— 
Realized gain on sale of investment securities, net— (3)— — — 3 
Fair value adjustment on marketable equity securities, net(3)(12)(13)(2)5 9 
Gain on sale of leasing equipment, net(11)(14)(3)(8)(5)3 
Loss on extinguishment of debt8 9 — — — (1)
Impact of notable items on adjusted noninterest income(172)(186)(181)(165)(156)14 
Noninterest expense
Depreciation on operating lease equipment (2)
(101)(102)(98)(100)(98)1 
Maintenance and other operating lease equipment expense (2)
(65)(64)(67)(55)(58)(1)
Personnel cost (3)
(12)— (6)— — (12)
Professional fees (4)
(6)— — — — (6)
FDIC insurance special assessment— 12 — — — (12)
Acquisition-related expenses(5)(33)(28)(38)(42)28 
Intangible asset amortization(13)(13)(13)(13)(15)— 
Other noninterest expense (5)
(4)(4)— (15)(3)— 
Impact of notable items on adjusted noninterest expense(206)(204)(212)(221)(216)(2)
Impact of notable items on adjusted pre-tax income34 18 31 56 60 16 
Income tax impact (6)
8 (50)12 24 15 58 
Impact of notable items on adjusted net income$26 $68 $19 $32 $45 $(42)
Impact of notable items on adjusted diluted EPS$2.23 $5.46 $1.54 $2.42 $3.32 
(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) Personnel cost in 1Q26 includes severance and retention costs; 3Q25 includes impairment of internal use software under development.
(4) Professional fees include costs for risk transformation and enhancements to technology in 1Q26.
(5) Other noninterest expense includes a write-off of other assets in 1Q26, a technology fee in 4Q25, an accrual resulting from a vendor dispute and an increase in litigation reserve in 2Q25, and impairment of capitalized software and related projects in 1Q25.
(6) For the periods presented, the income tax impact may include tax discrete items and changes in the estimated annualized effective tax rate.





4
Condensed Adjusted Statements of Income (Unaudited) (1)
Three Months Ended
Dollars in millions, except share and per share dataMarch 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025Increase (Decrease) from LQ
Interest income$2,786 $2,940 $2,998 $2,945 $2,895 $(154)(5.3)%
Interest expense1,165 1,218 1,264 1,250 1,232 (53)(4.4)
Net interest income1,621 1,722 1,734 1,695 1,663 (101)(5.9)
Provision for credit losses72 54 191 115 154 18 33.4 
Net interest income after provision for credit losses1,549 1,668 1,543 1,580 1,509 (119)(7.2)
Noninterest income520 529 518 513 479 (9)(1.9)
Noninterest expense1,330 1,368 1,279 1,279 1,277 (38)(2.9)
Income before income taxes739 829 782 814 711 (90)(10.9)
Income tax expense179 181 195 207 183 (2)(1.4)
Net income$560 $648 $587 $607 $528 $(88)(13.5)%
Preferred stock dividends26 14 14 14 15 12 78.0 
Net income available to common stockholders$534 $634 $573 $593 $513 $(100)(15.6)%
Basic earnings per common share $44.86 $51.27 $44.62 $44.78 $37.79 $(6.41)(12.5)%
Diluted earnings per common share44.86 51.27 44.62 44.78 37.79 (6.41)(12.5)
Weighted average common shares outstanding (basic)11,924,89912,363,02812,849,33913,237,22613,575,231(438,129)(3.5)
Weighted average common shares outstanding (diluted)11,924,89912,363,02812,849,33913,237,22613,575,231(438,129)(3.5)
(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
Average Balance Sheets
Three Months EndedIncrease (Decrease) from LQ
Dollars in millionsMarch 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025
Loans and leases (1) (2)
$148,666 $145,689 $141,785 $140,699 $139,491 $2,977 2.0 %
Investment securities41,757 44,306 44,827 43,935 43,555 (2,549)(5.8)
Securities purchased under agreements to resell305 285 284 237 283 20 7.0 
Interest-earning deposits at banks21,824 23,014 24,146 23,304 22,699 (1,190)(5.2)
Total interest-earning assets (2)
$212,552 $213,294 $211,042 $208,175 $206,028 $(742)(0.3)%
Operating lease equipment, net$9,660 $9,495 $9,463 $9,419 $9,350 $165 1.7 %
Cash and due from banks921 847 757 804 787 74 8.8 
Allowance for loan and lease losses(1,587)(1,649)(1,702)(1,713)(1,705)62 3.7 
All other noninterest-earning assets11,635 11,445 10,969 10,867 10,989 190 1.7 
Total assets$233,181 $233,432 $230,529 $227,552 $225,449 $(251)(0.1)%
Interest-bearing deposits
Checking with interest$25,341 $23,907 $23,028 $22,929 $23,931 $1,434 6.0 %
Money market41,196 39,792 39,396 37,980 36,760 1,404 3.5 
Savings46,720 46,618 47,005 46,163 43,918 102 0.2 
Time deposits11,946 11,116 11,146 11,510 12,615 830 7.5 
Total interest-bearing deposits125,203 121,433 120,575 118,582 117,224 3,770 3.1 
Borrowings:
Securities sold under customer repurchase agreements$197 $265 $442 $471 $428 $(68)(25.6)%
Senior unsecured borrowings718 556 555 555 169 162 29.3 
Subordinated debt1,771 1,774 1,350 1,473 959 (3)(0.2)
Other borrowings32,648 35,601 35,911 35,880 35,842 (2,953)(8.3)
Long-term borrowings35,137 37,931 37,816 37,908 36,970 (2,794)(7.4)
Total borrowings35,334 38,196 38,258 38,379 37,398 (2,862)(7.5)
Total interest-bearing liabilities$160,537 $159,629 $158,833 $156,961 $154,622 $908 0.6 %
Noninterest-bearing deposits$40,724 $41,758 $40,049 $39,082 $39,154 $(1,034)(2.5)%
Credit balances of factoring clients1,224 1,358 1,175 1,157 1,089 (134)9.9 
Other noninterest-bearing liabilities8,209 8,490 8,181 7,864 8,127 (281)(3.3)
Stockholders' equity22,487 22,197 22,291 22,488 22,457 290 1.3 
Total liabilities and stockholders’ equity$233,181 $233,432 $230,529 $227,552 $225,449 $(251)(0.1)%
(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.
6
Net Interest Income


Three Months EndedIncrease (Decrease) from LQ
Dollars in millionsMarch 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025
Loans and leases (1) (2)
$2,206 $2,290 $2,300 $2,270 $2,236 $(84)(3.7)%
Investment securities382 421 430 416 411 (39)(9.5)
Securities purchased under agreements to resell2 3 3 3 3 (1)(4.6)
Interest-earning deposits at banks196 226 265 256 245 (30)(13.5)
Total interest-earning assets (2)
$2,786 $2,940 $2,998 $2,945 $2,895 $(154)(5.3)%
Interest-bearing deposits
Checking with interest$95 $94 $99 $97 $104 $1 0.2 %
Money market242 260 280 269 257 (18)(6.6)
Savings398 412 435 428 417 (14)(3.4)
Time deposits98 95 97 100 115 3 3.1 
Total interest-bearing deposits833 861 911 894 893 (28)(3.3)
Borrowings:
Securities sold under customer repurchase agreements— — 1 — 1 — — 
Senior unsecured borrowings10 7 7 8 2 3 28.4 
Subordinated debt23 24 17 19 8 (1)1.3 
Other borrowings299 326 328 329 328 (27)(8.4)
Long-term borrowings332 357 352 356 338 (25)(7.0)
Total borrowings332 357 353 356 339 (25)(7.1)
Total interest-bearing liabilities$1,165 $1,218 $1,264 $1,250 $1,232 $(53)(4.4)%
Net interest income$1,621 $1,722 $1,734 $1,695 $1,663 $(101)(5.9)%
(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.
7
Yields, Rates, Net Interest Margin, and Deposits by Type
Three Months EndedIncrease (Decrease) from LQ in bps
March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025		March 31,
2025
Loans and leases (1) (2)
6.01 %6.24 %6.44 %6.47 %6.49 %(23)
Investment securities3.67 3.80 3.83 3.79 3.79 (13)
Securities purchased under agreements to resell3.65 4.00 4.32 4.34 4.37 (35)
Interest-earning deposits at banks3.64 3.90 4.36 4.40 4.38 (26)
Total interest-earning assets (2)
5.30 %5.48 %5.64 %5.67 %5.68 %(18)
Interest-bearing deposits
Checking with interest1.52 %1.57 %1.70 %1.69 %1.77 %(5)
Money market2.38 2.59 2.82 2.84 2.83 (21)
Savings3.46 3.51 3.66 3.72 3.85 (5)
Time deposits3.31 3.38 3.45 3.48 3.71 (7)
Total interest-bearing deposits2.70 2.81 3.00 3.02 3.09 (11)
Borrowings:
Securities sold under customer repurchase agreements0.37 0.52 0.51 0.57 0.52 (15)
Senior unsecured borrowings5.23 5.27 5.27 5.27 4.88 (4)
Subordinated debt5.28 5.20 5.02 5.23 3.36 8
Other borrowings3.66 3.67 3.66 3.66 3.66 (1)
Long-term borrowings3.78 3.76 3.73 3.74 3.66 2
Total borrowings3.76 3.74 3.70 3.71 3.62 2
Total interest-bearing liabilities2.93 %3.03 %3.16 %3.19 %3.22 %(10)
Net interest income
Net interest spread (2)
2.37 %2.45 %2.48 %2.48 %2.46 %(8)
Net interest margin (2)
3.09 %3.20 %3.26 %3.26 %3.26 %(11)
(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.
Deposits by Type
Dollars in millionsMarch 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025Increase (Decrease) from LQ
Noninterest-bearing demand$43,606 $40,653 $42,752 $40,879 $40,767 $2,953 7.3 %
Checking with interest25,599 24,377 23,731 23,283 23,041 1,222 5.0 
Money market41,136 38,687 38,718 37,654 37,705 2,449 6.3 
Savings47,258 46,625 46,915 46,877 45,817 633 1.4 
Time13,243 11,236 11,074 11,242 11,995 2,007 17.9 
Total deposits$170,842 $161,578 $163,190 $159,935 $159,325 $9,264 5.7 %



8
Loans and Credit Quality
Loans and Leases by Class
Dollars in millionsMarch 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025Increase (Decrease) from LQ
Commercial
Commercial and industrial$45,753 $44,721 $44,909 $43,929 $43,930 $1,032 2.3 %
Capital call lines32,274 31,791 28,643 26,036 26,144 483 1.5 
Owner occupied commercial mortgage17,502 17,660 17,232 17,053 16,951 (158)(0.9)
Investor dependent2,714 2,778 2,772 2,777 2,958 (64)(2.3)
Commercial real estate23,707 23,784 23,255 23,614 23,620 (77)(0.3)
Total commercial121,950 120,734 116,811 113,409 113,603 1,216 1.0 
Consumer
Residential mortgage21,698 21,861 22,653 22,657 22,668 (163)(0.7)
Revolving mortgage2,863 2,863 2,794 2,736 2,635 — — 
Auto1,332 1,416 1,463 1,490 1,487 (84)(5.9)
Other consumer849 1,056 1,037 977 965 (207)(19.6)
Total consumer26,742 27,196 27,947 27,860 27,755 (454)(1.7)
Total loans and leases148,692 147,930 144,758 141,269 141,358 762 0.5 
Less: allowance for loan and lease losses(1,558)(1,566)(1,652)(1,672)(1,680)(8)(0.5)
Total loans and leases, net of allowance for loan and lease losses$147,134 $146,364 $143,106 $139,597 $139,678 $770 0.5 %

Accruing Loans, 30-89 Days Past Due
Dollars in millionsMarch 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025Increase (Decrease) from LQ
Commercial
Commercial and industrial$251 $288 $325 $180 $363 $(37)(13.0)%
Capital call lines31 — — — — 31 100.0 
Owner occupied commercial mortgage89 97 52 86 66 (8)(8.0)
Investor dependent8 12 3 4 11 (4)(31.9)
Commercial real estate97 252 119 115 199 (155)(61.2)
Total commercial476 649 499 385 639 (173)(26.6)
Consumer
Residential mortgage173 210 151 169 214 (37)(17.8)
Revolving mortgage27 29 19 16 22 (2)(11.0)
Auto12 18 12 11 12 (6)(30.1)
Other consumer6 8 7 9 8 (2)(19.3)
Total consumer218 265 189 205 256 (47)(17.9)
Total loans and leases$694 $914 $688 $590 $895 $(220)(24.0)%
As a percentage of total loans
Commercialin bps:
Commercial and industrial0.55 %0.65 %0.72 %0.41 %0.83 %(10)
Capital call lines0.10 — — — — 10
Owner occupied commercial mortgage0.51 0.55 0.30 0.50 0.39 (4)
Investor dependent0.30 0.44 0.09 0.13 0.37 (14)
Commercial real estate0.41 1.06 0.51 0.49 0.84 (65)
Total commercial0.39 0.54 0.43 0.34 0.56 (15)
Consumer
Residential mortgage0.79 0.96 0.67 0.75 0.95 (17)
Revolving mortgage0.92 1.04 0.69 0.60 0.82 (12)
Auto0.92 1.24 0.84 0.73 0.79 (32)
Other consumer0.76 0.76 0.63 0.85 0.78 —
Total consumer0.81 0.97 0.68 0.73 0.92 (16)
Total loans and leases0.47 0.62 %0.48 %0.42 %0.63 %(15)

9
Loans and Credit Quality
Accruing Loans, 90+ Days Past Due
Dollars in millionsMarch 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025Increase (Decrease) from LQ
Commercial
Commercial and industrial$35 $63 $10 $10 $10 $(28)(44.2)%
Capital call lines— — — — — — — 
Owner occupied commercial mortgage16 1 — 8 3 15 nm
Investor dependent— — — — — — — 
Commercial real estate185 171 191 113 112 14 8.2 
Total commercial236 235 201 131 125 1 0.7 
Consumer
Residential mortgage7 7 6 5 6 — — 
Revolving mortgage— — — — — — — 
Auto— — — — — — — 
Other consumer2 2 2 2 3 — — 
Total consumer9 9 8 7 9 — — 
Total loans and leases$245 $244 $209 $138 $134 $1 0.8 %
As a percentage of total loans
Commercialin bps:
Commercial and industrial0.08 %0.14 %0.02 %0.02 %0.02 %(6)
Capital call lines— — — — — —
Owner occupied commercial mortgage0.09 — — 0.04 0.02 9
Investor dependent— — — — — —
Commercial real estate0.78 0.72 0.82 0.48 0.47 6
Total commercial0.19 0.19 0.17 0.12 0.11 —
Consumer
Residential mortgage0.03 0.03 0.03 0.02 0.03 —
Revolving mortgage0.01 — — — — 1
Auto— — — — — —
Other consumer0.24 0.20 0.22 0.26 0.33 4
Total consumer0.04 0.03 0.03 0.03 0.03 1
Total loans and leases0.17 %0.16 %0.15 %0.10 %0.09 %1

10
Loans and Credit Quality
Nonaccrual Loans
Dollars in millionsMarch 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025Increase (Decrease) from LQ
Commercial
Commercial and industrial$461 $456 $595 $583 $487 $5 1.3 %
Capital call lines— — — — — — — 
Owner occupied commercial mortgage162 159 158 92 76 3 1.6 
Investor dependent37 49 61 69 70 (12)(24.5)
Commercial real estate524 418 383 366 380 106 25.2 
Total commercial1,184 1,082 1,197 1,110 1,013 102 9.4 
Consumer
Residential mortgage196 179 167 168 158 17 9.6 
Revolving mortgage38 35 33 32 26 3 6.9 
Auto10 9 8 8 8 1 7.7 
Other consumer1 2 1 1 1 (1)(40.7)
Total consumer245 225 209 209 193 20 8.7 
Total loans and leases$1,429 $1,307 $1,406 $1,319 $1,206 $122 9.3 %
As a percentage of total loans
Commercialin bps:
Commercial and industrial1.01 %1.02 %1.33 %1.33 %1.11 %(1)
Capital call lines— — — — — —
Owner occupied commercial mortgage0.93 0.90 0.91 0.54 0.45 3
Investor dependent1.35 1.75 2.19 2.49 2.34 (40)
Commercial real estate2.21 1.76 1.65 1.55 1.61 45
Total commercial0.97 0.90 1.02 0.98 0.89 7
Consumer
Residential mortgage0.90 0.82 0.74 0.74 0.69 8
Revolving mortgage1.31 1.22 1.18 1.16 1.02 9
Auto0.77 0.67 0.57 0.55 0.54 10
Other consumer0.14 0.19 0.13 0.12 0.15 (5)
Total consumer0.92 0.83 0.75 0.75 0.70 9
Total loans and leases0.96 %0.88 %0.97 %0.93 %0.85 %8

Criticized Commercial Loans (1)
Dollars in millionsMarch 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025Increase (Decrease) from LQ
Commercial and industrial$3,434 $3,487 $3,678 $3,856 $4,121 $(53)(1.5)%
Capital call lines— — — — — — — 
Owner occupied commercial mortgage1,004 978 1,064 1,010 1,032 26 2.6 
Investor dependent577 646 617 647 731 (69)(10.5)
Commercial real estate1,620 1,779 1,816 1,899 1,864 (159)(8.9)
Total criticized commercial loans$6,635 $6,890 $7,175 $7,412 $7,748 $(255)(3.7)%
As a percentage of total loansin bps:
Commercial and industrial7.51 %7.80 %8.19 %8.78 %9.38 %(29)
Capital call lines— — — — — —
Owner occupied commercial mortgage5.74 5.54 6.17 5.93 6.09 20
Investor dependent21.28 23.22 22.26 23.30 24.66 (194)
Commercial real estate6.84 7.48 7.81 8.04 7.89 (64)
Total criticized commercial loans5.44 %5.71 %6.14 %6.54 %6.82 %(27)
(1) Consists of commercial loans rated as special mention, substandard, or doubtful.
11
Loans and Credit Quality
Net Charge-offsThree Months Ended
Dollars in millionsMarch 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025Increase (Decrease) from LQ
Commercial
Commercial and industrial$84 $76 $184 $76 $65 $8 7.8 %
Capital call lines— — — — — — — 
Owner occupied commercial mortgage4 4 2 1 — — — 
Investor dependent5 20 17 19 34 (15)(73.5)
Commercial real estate12 39 23 20 40 (27)(68.8)
Total commercial105 139 226 116 139 (34)(25.6)
Consumer
Residential mortgage(1)(1)4 (1)— — — 
Revolving mortgage— — — (1)— — — 
Auto1 1 — 1 1 — — 
Other consumer6 4 4 4 4 2 34.6 
Total consumer6 4 8 3 5 2 79.8 
Total net charge-offs$111 $143 $234 $119 $144 $(32)(22.8)%
Net charge-off ratio (1)
Commercialin bps:
Commercial and industrial0.73 %0.68 %1.65 %0.69 %0.60 %5
Capital call lines— — — — — —
Owner occupied commercial mortgage0.09 0.09 0.05 0.01 — —
Investor dependent0.77 2.88 2.44 2.71 4.46 (211)
Commercial real estate0.21 0.67 0.39 0.33 0.68 (46)
Total commercial0.34 0.47 0.78 0.41 0.49 (13)
Consumer
Residential mortgage— (0.02)0.07 (0.02)— 2
Revolving mortgage(0.04)(0.02)— (0.02)(0.03)(2)
Auto0.53 0.23 0.25 0.21 0.28 30
Other consumer2.28 1.54 1.42 1.68 1.63 74
Total consumer0.10 0.05 0.12 0.05 0.07 5
Total net charge-offs (2)
0.30 %0.39 %0.65 %0.33 %0.41 %(9)
(1) Annualized net charge-offs as a percentage of average loans (calculated as the average of beginning and ending balances unless otherwise noted).
(2) Annualized net charge-offs as a percentage of the average daily balance for the period.

12
Loans and Credit Quality

Allowance for Loan and Lease Losses (ALLL)Three Months Ended
Dollars in millionsMarch 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025Increase (Decrease) from LQ
ALLL at beginning of period$1,566 $1,652 $1,672 $1,680 $1,676 $(86)(5.2)%
Provision for loan and lease losses103 57 214 111 148 46 77.4 
Charge-offs(132)(174)(256)(144)(167)(42)(23.8)
Recoveries21 31 22 25 23 (10)(31.5)
Net charge-offs(111)(143)(234)(119)(144)(32)(22.2)
ALLL at end of period$1,558 $1,566 $1,652 $1,672 $1,680 $(8)(0.5)%

Allowance for Loan and Lease Losses (ALLL)
Dollars in millionsMarch 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025Increase (Decrease) from LQ
Commercial
Commercial and industrial$808 $807 $814 $829 $833 $1 0.1 %
Capital call lines29 29 29 48 44 — — 
Owner occupied commercial mortgage52 50 52 53 54 2 4.1 
Investor dependent166 181 201 177 176 (15)(8.2)
Commercial real estate373 369 428 405 410 4 1.2 
Total commercial1,428 1,436 1,524 1,512 1,517 (8)(0.5)
Consumer
Residential mortgage70 67 69 89 87 3 3.0 
Revolving mortgage28 26 22 19 23 2 7.7 
Auto9 9 10 9 9 — — 
Other consumer23 28 27 43 44 (5)(16.7)
Total consumer130 130 128 160 163 — — 
Total ALLL$1,558 $1,566 $1,652 $1,672 $1,680 $(8)(0.6)%
As a percentage of loans
Commercialin bps:
Commercial and industrial1.77 %1.80 %1.82 %1.89 %1.90 %(3)
Capital call lines0.09 0.09 0.10 0.18 0.17 —
Owner occupied commercial mortgage0.30 0.28 0.30 0.31 0.32 2
Investor dependent6.12 6.52 7.24 6.37 5.97 (40)
Commercial real estate1.58 1.55 1.84 1.72 1.73 3
Total commercial1.17 1.19 1.31 1.34 1.34 (2)
Consumer
Residential mortgage0.32 0.31 0.30 0.39 0.38 1
Revolving mortgage0.96 0.89 0.78 0.70 0.87 7
Auto0.70 0.67 0.66 0.63 0.60 3
Other consumer2.71 2.62 2.54 4.32 4.59 9
Total consumer0.48 0.48 0.45 0.56 0.58 —
Total loans and leases1.05 %1.06 %1.14 %1.18 %1.19 %(1)





13
Statements of Income by Segment
General BankThree Months EndedIncrease (Decrease) from LQ
dollars in millionsMarch 31, 2026December 31, 2025September 30, 2025June 30,
2025		March 31, 2025
Net interest income$813 $841 $846 $824 $788 $(28)(3.4)%
Total noninterest income172 170 166 164 164 2 0.9 
Total revenue985 1,011 1,012 988 952 (26)(2.7)
Personnel cost215 211 210 207 210 4 2.0 
All other noninterest expense385 393 372 373 355 (8)(2.2)
Total noninterest expense600 604 582 580 565 (4)(0.7)
Provision for credit losses17 17 1 13 46 — — 
Income before income taxes368 390 429 395 341 (22)(5.9)
Income tax expense90 82 109 101 88 8 9.5 
Net income$278 $308 $320 $294 $253 $(30)(10.0)

Commercial BankThree Months EndedIncrease (Decrease) from LQ
dollars in millionsMarch 31, 2026December 31, 2025September 30, 2025June 30,
2025		March 31, 2025
Net interest income$802 $834 $796 $789 $786 $(32)(3.9)%
Noninterest Income
Rental income on operating lease equipment55 55 54 54 56 — — 
All other noninterest income230 241 236 228 201 (11)(5.0)
Total noninterest income285 296 290 282 257 (11)(3.9)
Total revenue1,087 1,130 1,086 1,071 1,043 (43)(3.9)
Noninterest Expense
Personnel cost199 180 184 183 190 19 10.2 
Depreciation on operating lease equipment43 44 43 44 44 (1)(1.2)
All other noninterest expense404 432 412 422 420 (28)(6.8)
Total noninterest expense646 656 639 649 654 (10)(1.7)
Provision for credit losses55 37 190 102 108 18 48.3 
Income before income taxes386 437 257 320 281 (51)(11.6)
Income tax expense95 102 64 82 72 (7)(5.8)
Net income$291 $335 $193 $238 $209 $(44)(13.4)

Rental Income on Operating Lease Equipment (non-GAAP)Three Months EndedIncrease (Decrease) from LQ
dollars in millionsMarch 31, 2026December 31, 2025September 30, 2025June 30,
2025		March 31, 2025
Rental income on operating leases (GAAP)$55 $55 $54 $54 $56 $— — %
Less: depreciation on operating lease equipment43 44 43 44 44 (1)(1.2)
Adjusted rental income on operating lease equipment (non-GAAP)$12 $11 $11 $10 $12 $1 9.1 


14
Statements of Income by Segment
RailThree Months EndedIncrease (Decrease) from LQ
dollars in millionsMarch 31, 2026December 31, 2025September 30, 2025June 30,
2025		March 31, 2025
Net interest expense$(58)$(53)$(55)$(53)$(52)$(5)(9.1)%
Noninterest Income
Rental income on operating lease equipment226 226 219 218 214 — — 
All other noninterest income9 9 2 3 2 — — 
Total noninterest income235 235 221 221 216 — — 
Total revenue177 182 166 168 164 (5)(2.5)
Noninterest Expense
Personnel cost8 6 6 6 8 2 21.7 
Depreciation on operating lease equipment58 58 55 56 54 — — 
Maintenance and other operating lease expenses65 64 67 55 58 1 1.4 
All other noninterest expense17 16 16 26 14 1 10.8 
Total noninterest expense148 144 144 143 134 4 2.7 
Income before income taxes29 38 22 25 30 (9)(21.6)
Income tax expense7 9 5 6 8 (2)(15.7)
Net income$22 $29 $17 $19 $22 $(7)(23.3)

Rental Income on Operating Lease Equipment (non-GAAP)Three Months EndedIncrease (Decrease) from LQ
dollars in millionsMarch 31, 2026December 31, 2025September 30, 2025June 30,
2025		March 31, 2025
Rental income on operating leases (GAAP)$226 $226 $219 $218 $214 $— — %
Less: depreciation on operating lease equipment58 58 55 56 54 — — 
Less: maintenance and other operating lease expenses65 64 67 55 58 1 1.4 
Adjusted rental income on operating lease equipment (non-GAAP)$103 $104 $97 $107 $102 $(1)(1.0)

Corporate (1)
Three Months EndedIncrease (Decrease) from LQ
dollars in millionsMarch 31, 2026December 31, 2025September 30, 2025June 30,
2025		March 31, 2025
Net interest income$64 $100 $147 $135 $141 $(36)(35.5)%
Total noninterest income— 14 22 11 (2)(14)(98.3)
Total revenue64 114 169 146 139 (50)(42.9)
Personnel cost447 452 417 414 410 (5)(0.9)
Acquisition-related expenses5 33 28 38 42 (28)(86.5)
All other noninterest expense (2)
(310)(317)(319)(324)(312)7 2.4 
Total noninterest expense142 168 126 128 140 (26)(15.0)
(Loss) Income before income taxes(78)(54)43 18 (1)(24)(43.1)
Income tax (benefit) expense(21)38 5 (6)— (59)(151.7)
Net (loss) income$(57)$(92)$38 $24 $(1)$35 38.2 

(1) BancShares’ segments include the General Bank, Commercial Bank, and Rail. All other financial information not included in the segments is reported in the Corporate section of the segment disclosures.
(2) Under BancShares’ segment expense allocation methodology, allocated expenses increase noninterest expense of the applicable segment(s), with an offsetting decrease to Corporate noninterest expense. “All other noninterest expense” in the table above includes the effect of allocated expenses, resulting in a reduction to expense (i.e contra expense) for Corporate.
15
Loans and Deposits by Segment

Loans and LeasesIncrease (Decrease) from LQ
dollars in millionsMarch 31, 2026December 31, 2025September 30, 2025June 30,
2025		March 31, 2025
At Period End
General Bank$64,367 $64,958 $65,225 $64,987 $64,847 $(591)(0.9)%
Commercial Bank84,263 82,910 79,470 76,220 76,449 1,353 1.6 
Rail and Corporate62 62 63 62 62 — — 
Total loans and leases$148,692 $147,930 $144,758 $141,269 $141,358 $762 0.5 %
Three Months Ended
dollars in millionsMarch 31, 2026December 31, 2025September 30, 2025June 30,
2025		March 31, 2025
Average Balances
General Bank$64,884 $65,324 $65,059 $64,949 $64,891 $(440)(0.7)%
Commercial Bank83,993 81,400 77,608 76,700 75,847 2,593 3.2 
Rail and Corporate244 220 190 142 42 24 11.0 
Total loans and leases$149,121 $146,944 $142,857 $141,791 $140,780 $2,177 1.5 %


DepositsIncrease (Decrease) from LQ
dollars in millionsMarch 31, 2026December 31, 2025September 30, 2025June 30,
2025		March 31, 2025
At Period End
General Bank$75,914 $74,796 $74,596 $73,499 $74,309 $1,118 1.5 %
Commercial Bank47,191 41,532 42,869 40,697 40,014 5,659 13.6 
Rail2 2 2 3 12 — — 
Corporate- Direct Bank45,408 44,802 45,146 45,111 44,170 606 1.4 
Corporate- other (1)
2,327 446 577 625 820 1,881 421.7 
Corporate47,735 45,248 45,723 45,736 44,990 2,487 5.5 
Total deposits$170,842 $161,578 $163,190 $159,935 $159,325 $9,264 5.7 %
Three Months Ended
dollars in millionsMarch 31, 2026December 31, 2025September 30, 2025June 30,
2025		March 31, 2025
Average Balances
General Bank$75,199 $75,398 $73,882 $73,645 $73,528 $(199)(0.3)%
Commercial Bank44,546 42,273 40,619 38,497 38,930 2,273 5.4 
Rail2 2 2 7 16 — — 
Corporate- Direct Bank44,883 44,818 45,221 44,444 42,460 65 0.2 
Corporate- other (1)
1,297 700 900 1,071 1,444 597 85.3 
Corporate46,180 45,518 46,121 45,515 43,904 662 1.5 
Total deposits$165,927 $163,191 $160,624 $157,664 $156,378 $2,736 1.7 %
(1) Includes brokered and other deposits not allocated to the General Bank, Commercial Bank or Rail segments.

16
Purchase Accounting Summary

March 31, 2026December 31, 2025September 30, 2025June 30, 2025March 31, 2025
Loans and leases (including off-balance sheet exposure) (1)
Beginning balance - unamortized fair value mark$(1,351)$(1,411)$(1,483)$(1,561)$(1,644)
Other3 1 1 3 — 
Accretion48 59 71 75 83 
Ending balance$(1,300)$(1,351)$(1,411)$(1,483)$(1,561)
Core deposits and other intangibles
Beginning balance$195 $208 $221 $234 $249 
Amortization(13)(13)(13)(13)(15)
Ending balance$182 $195 $208 $221 $234 
Deposits (2)
Beginning balance - unamortized fair value mark$— $— $— $— $(1)
Amortization— — — — 1 
Ending balance$— $— $— $— $— 
Borrowings (2)
Beginning balance - unamortized fair value mark$78 $97 $107 $116 $126 
Amortization(9)(10)(10)(9)(10)
Loss on extinguishment of debt(8)(9)— — — 
Ending balance$61 $78 $97 $107 $116 
Note – The summary above 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.
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Non-GAAP Reconciliations

Three Months Ended
Dollars in millions, except share and per share dataMarch 31, 2026December 31, 2025September 30, 2025June 30,
2025		March 31, 2025
Net income and EPS
Net income (GAAP)a$534 $580 $568 $575 $483 
Preferred stock dividends26 14 14 14 15 
Net income available to common stockholders (GAAP)b$508 $566 $554 $561 $468 
Total notable items, after income taxc26 68 19 32 45 
Adjusted net income (non-GAAP)d = (a+c)560 648 587 607 528 
Adjusted net income available to common stockholders (non-GAAP)e = (b+c)$534 $634 $573 $593 $513 
Weighted average common shares outstanding
Basicf11,924,899 12,363,028 12,849,339 13,237,226 13,575,231 
Dilutedg11,924,899 12,363,028 12,849,339 13,237,226 13,575,231 
EPS (GAAP)
Basicb/f$42.63 $45.81 $43.08 $42.36 $34.47 
Dilutedb/g42.63 45.81 43.08 42.36 34.47 
Adjusted EPS (non-GAAP)
Basice/f$44.86 $51.27 $44.62 $44.78 $37.79 
Dilutede/g44.86 51.27 44.62 44.78 37.79 
Noninterest income and expense
Noninterest income (GAAP)h$692 $715 $699 $678 $635 
Impact of notable items, before income tax(172)(186)(181)(165)(156)
Adjusted noninterest income (non-GAAP)i$520 $529 $518 $513 $479 
Noninterest expense (GAAP)j$1,536 $1,572 $1,491 $1,500 $1,493 
Impact of notable items, before income tax(206)(204)(212)(221)(216)
Adjusted noninterest expense (non-GAAP)k$1,330 $1,368 $1,279 $1,279 $1,277 
PPNR
Net income (GAAP)a$534 $580 $568 $575 $483 
Plus: provision for credit losses72 54 191 115 154 
Plus: income tax expense171 231 183 183 168 
PPNR (non-GAAP)l$777 $865 $942 $873 $805 
Impact of notable items (1)
34 18 31 56 60 
Adjusted PPNR (non-GAAP)m$811 $883 $973 $929 $865 
(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.
18
Non-GAAP Reconciliations
Three Months Ended
Dollars in millionsMarch 31, 2026December 31, 2025September 30, 2025June 30,
2025		March 31, 2025
ROA
Net income (GAAP)a$534 $580 $568 $575 $483 
Annualized net incomen = a annualized2,164 2,303 2,254 2,307 1,956 
Adjusted net income (non-GAAP)d560 648 587 607 528 
Annualized adjusted net incomep = d annualized2,272 2,571 2,332 2,435 2,139 
Average assetso233,181 233,432 230,529 227,552 225,449 
ROAn/o0.93 %0.99 %0.98 %1.01 %0.87 %
Adjusted ROA (non-GAAP)p/o0.97 1.10 1.01 1.07 0.95 
PPNR ROA
PPNR (non-GAAP)l$777 $865 $942 $873 $805 
Annualized PPNRq = l annualized3,152 3,430 3,738 3,501 3,264 
Adjusted PPNR (non-GAAP)m811 883 973 929 865 
Annualized adjusted PPNRr = m annualized3,288 3,504 3,860 3,728 3,507 
PPNR ROA (non-GAAP)q/o1.35 %1.47 %1.62 %1.54 %1.45 %
Adjusted PPNR ROA (non-GAAP)r/o1.41 1.50 1.67 1.64 1.56 
ROE and ROTCE
Annualized net income available to common stockholderss = b annualized$2,062 $2,247 $2,196 $2,249 $1,898 
Annualized adjusted net income available to common stockholderst = e annualized$2,170 $2,515 $2,275 $2,377 $2,081 
Average stockholders' equity (GAAP)$22,487 $22,197 $22,291 $22,488 $22,457 
Less: average preferred stock1,613 1,117 881 881 881 
Average common stockholders' equityu$20,874 $21,080 $21,410 $21,607 $21,576 
Less: average goodwill346 346 346 346 346 
Less: average other intangible assets191 204 216 229 244 
Average tangible common equity (non-GAAP)v$20,337 $20,530 $20,848 $21,032 $20,986 
ROEs/u9.88 %10.66 %10.26 %10.41 %8.79 %
Adjusted ROE (non-GAAP)t/u10.39 11.93 10.62 11.00 9.64 
ROTCE (non-GAAP)s/v10.14 10.94 10.53 10.69 9.04 
Adjusted ROTCE (non-GAAP)t/v10.67 12.25 10.91 11.30 9.91 
Tangible common equity to tangible assets at period end
Stockholders' equity (GAAP)w$22,048 $22,238 $21,986 $22,296 $22,295 
Less: preferred stock1,765 1,375 881 881 881 
Common equityx$20,283 $20,863 $21,105 $21,415 $21,414 
Less: goodwill346 346 346 346 346 
Less: other intangible assets182 195 208 221 234 
Tangible common equity (non-GAAP)y$19,755 $20,322 $20,551 $20,848 $20,834 
Total assets (GAAP)z235,959 229,698 233,488 229,653 228,822 
Tangible assets (non-GAAP)aa235,430 229,157 232,934 229,086 228,242 
Total equity to total assets (GAAP)w/z9.34 %9.68 %9.42 %9.71 %9.74 %
Tangible common equity to tangible assets (non-GAAP)y/aa8.39 8.87 8.82 9.10 9.13 
Note: Certain items above do not precisely recalculate as presented due to rounding.
19
Non-GAAP Reconciliations
Three Months Ended
Dollars in millions, except share and per share dataMarch 31, 2026December 31, 2025September 30, 2025June 30,
2025		March 31, 2025
Book value and tangible book value per common share at period end
Common shares outstanding at period endbb11,689,314 12,139,159 12,618,629 13,075,979 13,414,938 
Book value per sharex/bb$1,735.18 $1,718.71 $1,672.54 $1,637.72 $1,596.30 
Tangible book value per common share (non-GAAP)y/bb1,689.96 1,674.11 1,628.64 1,594.38 1,553.06 
Efficiency ratio
Net interest incomecc$1,621 $1,722 $1,734 $1,695 $1,663 
Efficiency ratio (GAAP)j / (h + cc)66.41 %64.53 %61.27 %63.22 %64.97 %
Adjusted efficiency ratio (non-GAAP)k / (i + cc)62.13 60.79 56.78 57.92 59.62 
Rental income on operating lease equipment
Rental income on operating lease equipment (GAAP)$281 $281 $273 $272 $270 
Less: depreciation on operating lease equipment101 102 98 100 98 
Less: maintenance and other operating lease expenses65 64 67 55 58 
Adjusted rental income on operating lease equipment (non-GAAP)$115 $115 $108 $117 $114 
Rental income on operating lease equipment: Commercial Bank Segment
Rental income on operating leases (GAAP)$55 $55 $54 $54 $56 
Less: depreciation on operating lease equipment43 44 43 44 44 
Adjusted rental income on operating lease equipment (non-GAAP)$12 $11 $11 $10 $12 
Rental income on operating lease equipment: Rail Segment
Rental income on operating leases (GAAP)$226 $226 $219 $218 $214 
Less: depreciation on operating lease equipment58 58 55 56 54 
Less: maintenance and other operating lease expenses65 64 67 55 58 
Adjusted rental income on operating lease equipment (non-GAAP)$103 $104 $97 $107 $102 
Note: Certain items above do not precisely recalculate as presented due to rounding.
20
Non-GAAP Reconciliations
Net interest income & Net interest margin
Net interest income (GAAP)cc$1,621 $1,722 $1,734 $1,695 $1,663 
Loan PAAdd48 59 71 75 84 
Other PAAee(9)(10)(10)(9)(9)
PAAff = (dd + ee)$39 $49 $61 $66 $75 
Net interest income, excluding PAA (non-GAAP)gg = (cc - ff)$1,582 $1,673 $1,673 $1,629 $1,588 
Annualized net interest incomehh = cc annualized$6,575 $6,834 $6,878 $6,800 $6,744 
Annualized net interest income, excluding PAAii = gg annualized6,416 6,640 6,637 6,533 6,439 
Average interest-earning assetsjj212,552 213,294 211,042 208,175 206,028 
NIM (GAAP)hh/jj3.09 %3.20 %3.26 %3.26 %3.26 %
NIM, excluding PAA (non-GAAP)ii/jj3.01 3.11 3.15 3.14 3.12 
Interest income on loans (GAAP)$2,206 $2,290 $2,300 $2,270 $2,236 
Less: loan PAAdd48 59 71 75 84 
Interest income on loans, excluding loan PAA (non-GAAP)$2,158 $2,231 $2,229 $2,195 $2,152 
Personnel cost
Personnel cost (GAAP)$869 $849 $817 $810 $818 
Less: impact of notable items12 — 6 — — 
Adjusted personnel cost (non-GAAP)$857 $849 $811 $810 $818 
Professional fees
Professional fees (GAAP)$24 $34 $26 $30 $25 
Less: impact of notable items6 — — — — 
Adjusted professional fees (non-GAAP)$18 $34 $26 $30 $25 
Note: Certain items above do not precisely recalculate as presented due to rounding.

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