First Citizens Bancshares, Inc.NASDAQ: FCNCA

Second Quarter 2026 Earnings Presentation Q2 2026

Jul 23, 2026 at 10:35 AM UTC · Issued by First Citizens Bancshares, Inc.

Watch First Citizens Bancshares explain itFirst Citizens BancShares, Inc. (FCNCA) Q2 2026 Earnings Call · Replay · Jul 23

First Citizens BancShares, Inc.

Second Quarter 2026 Earnings Conference Call July 23, 2026 Table of Contents Pages

Section I - Second Quarter Overview & Strategic Priorities 4 - 6

Section II - Second Quarter 2026 Financial Results 7 - 26

Financial Highlights 8 - 9

Earnings Highlights 10

Net interest income, margin and betas 11 - 13

Noninterest income and expense 14 - 15

Balance Sheet Highlights 16

Loans and Leases 17 - 18

Deposits 19 - 20

SVB Commercial Funding Trends 21

Funding Mix 22

Credit Quality Trends and Allowance 23 - 24

Capital & Share Repurchase Plan Update 25 - 26

Section III - Financial Outlook 27 - 28

Section IV - Appendix 29 - 41

Section V - Non-GAAP Reconciliations 42 - 50

Important Notices

Forward Looking Statements

This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans, 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 factors that are difficult to predict. Many possible events or factors could affect BancShares' future financial results and performance and could cause 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 (including the imposition of tariffs, retaliatory tariff measures, trade barriers on trading partners, and supply chain disruptions), political (including impacts of any U.S. government shutdown), geopolitical events (including conflicts or developments in Ukraine, the Middle East and Latin America), natural disasters and market conditions, including changes in competitive pressures among financial institutions and the impacts related to or resulting from previous bank failures, the risks and impacts of future bank failures and other volatility in the banking industry, public perceptions of our business practices, including our deposit pricing and acquisition activity, 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 interest rate decisions 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 significant turbulence in the capital or financial markets, the impact of any sustained or elevated inflationary environment, the impact of any cyberattack, information or security breach, the effect of technological change, including artificial intelligence and digital assets, the impact of implementation and compliance with current or proposed laws, regulations and regulatory interpretations, including potential increased regulatory requirements, limitations, and costs, such as FDIC special assessments, increases to FDIC deposit insurance premiums, changes in regulatory capital requirements, or limitations on credit card interest rates, along with the risk that such laws, regulations and regulatory interpretations may change, the availability of capital and personnel, changes or enhancements BancShares implements with respect to risk management, technology, personnel, financial service offerings, or other areas, and the risks associated with BancShares' previously completed acquisition transactions, the pending acquisition of branches from BMO Bank N.A., or any future transactions.

BancShares' 2025 Share Repurchase Plan announced in July 2025 ("2025 SRP") allows BancShares to repurchase shares of its Class A common stock through 2026. BancShares is not obligated under the 2025 SRP to repurchase any minimum or particular number of shares, and repurchases may be suspended or discontinued at any time (subject to the terms of any Rule 10b5-1 plan in effect) without prior notice. The authorization to repurchase Class A common stock will be utilized at management's discretion. The actual timing and amount of Class A common stock that may be repurchased under the 2025 SRP will depend on a number of factors, including the terms of any Rule 10b5-1 plan then in effect, price, general business and market conditions, regulatory requirements, and alternative investment opportunities or capital needs.

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, 2025 and its other filings with the SEC.

Non-GAAP Measures

Certain measures in this presentation, including those referenced as "adjusted" or "excluding PAA," are "non-GAAP," meaning they are numerical measures of BancShares' financial performance, financial position or cash flows that are not presented in accordance with generally accepted accounting principles in the U.S. ("GAAP") because they exclude or include amounts or are adjusted in some way so as to be different than the most direct comparable measures calculated and presented in accordance with GAAP in BancShares' statements of income, balance sheets or statements of cash flows and also are not codified in U.S. banking regulations currently applicable to BancShares. BancShares management 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, financial position or cash flows to its investors, analysts and management. These non-GAAP measures should be considered in addition to, and not superior to or a substitute for, GAAP measures. Each non-GAAP measure is reconciled to the most comparable GAAP measure in the non-GAAP reconciliation in Section V of this presentation.

Certain financial results referenced as "Adjusted" in this presentation exclude notable items. The Adjusted financial measures are non-GAAP. Refer to Section V of this presentation for a reconciliation of Non-GAAP financial measures to the most directly comparable GAAP measure.

Reclassifications

See Section IV entitled Appendix for information on reclassifications.

Second Quarter Overview & Strategic Priorities Section I Second Quarter 2026 Snapshot

Financial Results:

Adjusted EPS (1)

$57.09

Adjusted ROE / ROA (1)

12.94% / 1.18%

NIM

3.10%

Adjusted Efficiency Ratio (1)

60.05%

Loan Growth (EOP / Avg) (2)

1.6% / 0.7%

Deposit Growth (EOP / Avg) (2)

1.5% / 2.8%

CET1 Ratio (4)

10.77%

Key Highlights:

Strong financial results:
- EPS, ROE and ROA results improved over the prior quarter and exceeded expectations.
- Sequential expansion in EPS and return metrics driven by higher PPNR (1) and a credit-related reserve release.
- Net revenue expansion outpaced expense growth,
  improving operating efficiency.
Strategic balance sheet management:
- Balance sheet momentum continued with solid growth in both period end and average loan and deposit balances.
- Accomplished off-balance sheet client funds growth
  on both a period end and average basis.
- Continued progress on the FDIC Purchase Money Note, prepaying another $2.5 billion during the quarter.
- Issued $750 million of senior bank notes in June.
Prudent capital management:
- Repurchased $600 million in Class A common shares in the second quarter. Since plan inception in July 2024, we have repurchased $6.3 billion or 23.7% of Class A common shares. (3)
  1. Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations.
  2. Loan and deposit growth percentages are current quarter compared to the linked quarter.
  3. Total repurchases include those since inception of the plan in July 2024 through July 21, 2026. Refer to Share Repurchase Plan Update page for additional details.
  4. The CET1 ratio represents a BancShares ratio and is preliminary pending completion of quarterly regulatory filings.

Strategic Priorities

Client Focus

Expand and grow our capabilities and products while harnessing the scale of the enterprise and maintaining a client-first focus.

Talent & Culture

Attract, retain and develop associates who align with our long-term direction and culture while scaling for continued growth.

Operational Efficiency

Optimize processes and systems to reduce organizational complexity and maximize productivity.

Balance Sheet Optimization

Manage our balance sheet prudently to optimize our funding and liquidity profile while driving core deposit growth and enhancing returns.

Risk Management

Second Quarter 2026 Financial Results Section II 2Q26 Financial Results - Takeaways

EPS, ROE and ROA improved over first quarter results and exceeded our expectations.

Deposits increased $2.6 billion or by 1.5% over the linked quarter driven primarily by growth in the Direct Bank, supplemented by brokered deposits.

NII and NIM remained resilient, successfully offsetting higher interest-bearing deposit balances and rates.

Credit quality remained resilient, as the NCO ratio improved by 1 basis point sequentially, outperforming our guidance range.

Expense growth was muted, driving results to the low end of our guidance range.

Prepaid an additional $2.5 billion of the FDIC Purchase Money Note.

Loans grew $2.3 billion or by 1.6% over the linked quarter, led by Global Fund Banking.

Returned $600 million in capital to shareholders through the repurchase of Class A common stock.

Financial Highlights

	2Q26				1Q26				2Q25
	Reported			Adjusted (Non-GAAP)	Reported			Adjusted (Non-GAAP)	Reported			Adjusted (Non-GAAP)
EPS (basic and diluted)	$	55.52	$	57.09	$	42.63	$	44.86	$	42.36	$	44.78
ROE	12.58 %			12.94 %	9.88 %			10.39 %	10.41 %			11.00 %
ROTCE (non-GAAP)	12.92			13.28	10.14			10.67	10.69			11.30
ROA	1.15			1.18	0.93			0.97	1.01			1.07
PPNR ROA (non-GAAP)	1.50			1.53	1.35			1.41	1.54			1.64
NIM	3.10			3.10	3.09			3.09	3.26			3.26
NIM, ex PAA (non-GAAP)	3.01			3.01	3.01			3.01	3.14			3.14
NCO ratio	0.29			0.29	0.30			0.30	0.33			0.33
Efficiency ratio	63.75			60.05	66.41			62.13	63.22			57.92

Note - Adjusted columns, ROTCE, PPNR ROA and NIM, ex PAA represent non-GAAP measures: see Section V entitled Non-GAAP Reconciliations.

Quarterly Earnings Highlights

($ in millions)

				Increase (decrease)
Reported				2Q26 vs 1Q26 (1) 2Q26 vs 2Q25 (1)
	2Q26	1Q26	2Q25	$ % $ %

Net interest income	$ 1,656	$ 1,621	$ 1,695	$ 35	2.2 % $	(39)	(2.3)%
Noninterest income	776	692	678	84	12.1	98	14.5
Net revenue	2,432	2,313	2,373	119	5.1	59	2.5
Noninterest expense	1,551	1,536	1,500	15	0.9	51	3.3
Pre-provision net revenue (2)	881	777	873	104	13.4	8	1.0
(Benefit) provision for credit losses	(10)	72	115	(82)	(113.9)	(125)	(108.7)
Income before income taxes	891	705	758	186	26.4	133	17.6
Income tax expense	219	171	183	48	27.6	36	19.6
Net income	672	534	575	138	26.1	97	17.0
Preferred stock dividends	32	26	14	6	27.2	18	123.2
Net income available to common stockholders	$ 640	$ 508	$ 561	$ 132	26.0 % $	79	14.2 %

Adjustments for notable items	2Q26	1Q26	2Q25
Noninterest income	$ (190)	$ (172)	$ (165)
Noninterest expense	(205)	(206)	(221)
Income tax expense	(4)	8	24

				Increase (decrease)
Adjusted (Non-GAAP) (2)				2Q26 vs 1Q26 (1) 2Q26 vs 2Q25 (1)
	2Q26	1Q26	2Q25	$ % $ %

Net interest income	$ 1,656	$ 1,621	$ 1,695	$ 35	2.2 % $	(39)	(2.3)%
Noninterest income	586	520	513	66	13.0	73	14.4
Net revenue	2,242	2,141	2,208	101	4.7	34	1.5
Noninterest expense	1,346	1,330	1,279	16	1.3	67	5.3
Pre-provision net revenue (2)	896	811	929	85	10.5	(33)	(3.6)
(Benefit) provision for credit losses	(10)	72	115	(82)	(113.9)	(125)	(108.7)
Income before income taxes	906	739	814	167	22.6	92	11.2
Income tax expense	215	179	207	36	20.6	8	3.8
Net income	691	560	607	131	23.3	84	13.8
Preferred stock dividends	32	26	14	6	27.2	18	123.2
Net income available to common stockholders	$ 659	$ 534	$ 593	$ 125	23.1 % $	66	11.1 %

Percent change is calculated using unrounded numbers and therefore may not recalculate precisely using the displayed rounded amounts.
Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations.

Net interest income and margin

($ in millions)

3.26%

3.20%

3.09%

3.10%

$35 million & 1 bp

$26 million & 0 bps

$1,695 $1,734 $1,722 $1,621 $1,656

$1,629 $1,673 $1,673 $1,582 $1,608

3.14%

3.15%

3.11%

3.01%

2Q25 3Q25 4Q25 1Q26 2Q26 2Q25 3Q25 4Q25 1Q26 2Q26

NII NIM

NII, ex PAA (Non-GAAP) (1)

NIM, ex PAA (Non-GAAP) (1)

		2Q26			1Q26			2Q25			1Q26	Change vs		2Q25
	Avg Balance	Income / Expense	Yield / Rate	Avg Balance	Income / Expense	Yield / Rate	Avg Balance	Income / Expense	Yield / Rate	Avg Balance	Income / Expense	Yield / Rate	Avg Balance	Income / Expense	Yield / Rate
Loans and leases (2) (3)	$149,275	$ 2,253	6.05 %	$148,666	$ 2,206	6.01 %	$140,699	$ 2,270	6.47 %	$ 609	$ 47	0.04 %	$ 8,576	$ (17)	(0.42)%
Investment securities and reverse repos	43,214	401	3.72	42,062	384	3.67	44,172	419	3.79	1,152	17	0.05	(958)	(18)	(0.07)
Interest-earning deposits at banks	21,501	197	3.67	21,824	196	3.64	23,304	256	4.40	(323)	1	0.03	(1,803)	(59)	(0.73)
Total interest-earning assets (3)	$213,990	$ 2,851	5.34 %	$212,552	$ 2,786	5.30 %	$208,175	$ 2,945	5.67 %	$ 1,438	$ 65	0.04 %	$ 5,815	$ (94)	(0.33)%
Interest-bearing deposits	$129,385	$ 881	2.73 %	$125,203	$ 833	2.70 %	$118,582	$ 894	3.02 %	$ 4,182	$ 48	0.03 %	$ 10,803	$ (13)	(0.29)%
Total borrowings	33,229	314	3.78	35,334	332	3.76	38,379	356	3.71	(2,105)	(18)	0.02	(5,150)	(42)	0.07
Total interest-bearing liabilities	$162,614	$ 1,195	2.95 %	$160,537	$ 1,165	2.93 %	$156,961	$ 1,250	3.19 %	$ 2,077	$ 30	0.02 %	$ 5,653	$ (55)	(0.24)%
Net interest income		$ 1,656		$ 1,621			$ 1,695			$ 35			$ (39)
Net interest spread (3) 2.39 %				2.37 %			2.48 %			0.02 %			(0.09)%
Net interest margin (3) 3.10 %				3.09 %			3.26 %			0.01 %			(0.16)%

Note - Certain items above do not precisely recalculate as presented due to rounding.

Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations.
Loans and leases include nonaccrual loans and loans held for sale. Interest income on loans and leases includes loan PAA income and loan fees.
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.

NIM Rollforward

1Q26 to 2Q26

(1 bp)

3.09%

0.04%

0.01%

3.10%

(0.04)%

(0.02)%

1Q26	Debt volume	Investment	Loan	PAA	Deposit volume	Deposit rate	2Q26
		yield / volume	yield / volume

0.17%

3.26%

(0.25)%

(0.12)%

3.10%

(0.11)%

(0.05)%

(0.04)%

0.14% 0.10%

2Q25 to 2Q26

(-16 bps)

2Q25 Deposit rate Loan

volume

Debt volume

Loan yield FFS yield /

volume

Deposit volume

Investment yield / volume

PAA 2Q26

Deposit Betas

Tightening Cycle Easing Cycle

63%

64%

58%

61%

53%

56% 56%

52%

46%

47%

49%

50%

49%

42%

45%

46%

37%

39%

38%

31%

23%

35%

30%

34%

26%

20%

16%

12%

Terminal beta

1Q23

2Q23

3Q23

4Q23

1Q24

2Q24

3Q24 -

4Q24

1Q25

2Q25

3Q25

4Q25

1Q26

2Q26

Jul/Aug

Sep

Total Deposits

Actual cumulative beta Actual cumulative beta IBD

Highlights

58%

57%

58%

59%

42%

43%

42%

41%

Our total cumulative deposit beta in the tightening cycle peaked in August 2024 prior to the September rate cuts.
Deposit betas are currently modeled to have a portfolio average of approximately 35%-40% over the twelve-month forecast horizon, including 45%-50% for interest-bearing non-maturity deposits.
Mid/higher beta categories:
- > 30% beta on Direct Bank and SVB Commercial money market, savings and time deposit accounts.
- 20% to 30% beta on Branch Network commercial money market accounts and Community Association Banking checking with interest and money market accounts.
Lower beta categories:
- 0% to 20% beta on total noninterest bearing deposits and Branch Network consumer money market accounts, checking with interest and savings accounts.

2Q25 3Q25 4Q25 1Q26 2Q26

Mid/higher beta categories Lower beta categories

Noninterest income

($ in millions)

$776

$678

$699

$715

$692

$190

$165

$181

$186

$172

$513

$518

$529

$520

$586

2Q25	3Q25	4Q25 Adjusted (Non-GAAP) (1)			1Q26 Notable items (2)						2Q26
Increase (decrease) Noninterest income 2Q26 vs 1Q26 2Q26 vs 2Q25
	2Q26		1Q26		4Q25		3Q25		2Q25		$	%	$	%
Total reported noninterest income	$ 776		$ 692		$ 715		$ 699		$ 678		$ 84	12.1 % $	98	14.5 %
Notable items (2)	190		172		186		181		165		18	10.5	25	15.2
Total adjusted noninterest income (1)	$	586	$	520	$	529	$	518	$	513	$ 66 13.0 % $ 73 14.4 %
Adjusted rental income on operating lease equipment (1)		$ 112	$ 115		$ 115		$ 108		$ 117		$ (3)	(2.3)% $	(5)	(4.4)%
Lending-related fees		73	69		64		67		69		4	4.4	4	4.5
Deposit fees and service charges		74	70		63		61		59		4	5.1	15	24.2
Client investment fees		59	53		54		58		52		6	13.8	7	16.7
Wealth management services		62	59		61		57		55		3	4.5	7	12.3
International fees		36	35		37		34		33		1	(0.4)	3	8.3
Factoring commissions		18	17		20		18		18		1	8.1	-	-
Cardholder services, net		38	38		37		39		41		-	-	(3)	(6.6)
Merchant services, net		13	13		13		12		13		-	-	-	-
Insurance commissions		13	13		12		13		14		-	-	(1)	(9.0)
Other noninterest income		88	38		53		51		42		50	138.1	46	109.7

Note - Percent changes above are based on unrounded amounts and may not recalculate precisely using the displayed rounded amounts.

Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations.
Refer to Section V for notable item details.

Noninterest expense

($ in millions)

$1,500 $1,491 $1,572 $1,536 $1,551

$1,279

$1,346

$1,330

$1,368

$212

$221

$205

$206

$204

2Q25	3Q25	4Q25 Adjusted (Non-GAAP) (1)	1Q26 Notable items (2)			2Q26
Increase (decrease) Noninterest expense 2Q26 vs 1Q26 2Q26 vs 2Q25
	2Q26	1Q26	4Q25	3Q25	2Q25	$	%	$	%
Total reported noninterest expense	$ 1,551	$ 1,536	$ 1,572	$ 1,491	$ 1,500	$ 15	0.9 % $	51	3.3 %
Notable items	205	206	204	212	221	(1)	(0.5)	(16)	(7.2)
Total adjusted noninterest expense (1)	$ 1,346	$ 1,330	$ 1,368	$ 1,279	$ 1,279	$ 16 1.3 % $ 67 5.3 %
Personnel cost	$ 836	$ 857	$ 849	$ 811	$ 810	$ (21)	(2.5)% $	26	3.2 %
Net occupancy expense	59	60	61	58	61	(1)	(0.9)	(2)	(3.3)
Equipment expense	141	136	151	137	131	5	3.3	10	7.1
Professional fees	21	18	34	26	30	3	18.0	(9)	(28.5)
Third-party processing fees	100	93	75	67	63	7	6.4	37	56.2
FDIC insurance expense	39	38	39	38	38	1	-	1	0.9
Marketing expense	45	30	45	33	32	15	48.9	13	39.7
Other noninterest expense	105	$ 98	$ 114	$ 109	$ 114	7	10.9	(9)	(4.9)

Note - Percent changes above are based on unrounded amounts and may not recalculate precisely using the displayed rounded amounts.

Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations.
Refer to Section V for notable item details.

Balance Sheet Highlights

($ in millions, except per share data)

Increase (decrease)

2Q26 vs 1Q26 (1) 2Q26 vs 2Q25 (1)

SELECT PERIOD END BALANCES	2Q26	1Q26	2Q25	$	%	$	%
Interest-earning deposits at banks	$ 21,132	$ 23,189	$ 26,184	$ (2,057)	(35.6)% $	(5,052)	(19.4)%
Investment securities	43,557	42,986	43,346	571	5.3	211	0.5
Loans and leases	151,034	148,692	141,269	2,342	6.3	9,765	6.9
Operating lease equipment, net (2)	9,755	9,685	9,466	70	2.9	289	3.1
Deposits	173,427	170,842	159,935	2,585	6.1	13,492	8.4
Noninterest-bearing deposits	42,475	43,606	40,879	(1,131)	(10.4)	1,596	3.9
Off-balance sheet client funds	80,624	77,794	63,897	2,830	14.6	16,727	26.2
Borrowings	32,188	33,962	38,112	(1,774)	(20.9)	(5,924)	(15.5)
Tangible common equity (non-GAAP) (3)	19,618	19,755	20,848	(137)	(2.8)	(1,230)	(5.9)
Common equity	20,135	20,283	21,415	(148)	(2.9)	(1,280)	(6.0)
Stockholders' equity	21,900	22,048	22,296	(148)	(2.7)	(396)	(1.8)

Increase (decrease)

KEY METRICS	2Q26	1Q26	2Q25	2Q26 vs 1Q26	2Q26 vs 2Q25
CET1 ratio	10.77 %	10.83 %	12.12 %	(0.06)%	(1.35)%
Book value per common share	$ 1,767.79	$ 1,735.18	$ 1,637.72	$ 32.61	$ 130.07
Tangible book value per common share (non-GAAP) (3)	1,722.35	1,689.96	1,594.38	32.39	127.97
Tangible common equity to tangible assets (non-GAAP) (3)	8.30 %	8.39 %	9.10 %	(0.09)%	(0.80)%
Loan to deposit ratio	87.09	87.04	88.33	0.05	(1.24)
ALLL to total loans and leases	0.98	1.05	1.18	(0.07)	(0.20)
Noninterest-bearing deposits to total deposits	24.49	25.52	25.56	(1.03)	(1.07)
Uninsured deposits	38 %	38 %	36 %	- %	2 %
Total liquid assets (available cash + HQLS)	$ 59,138	$ 60,722	$ 63,616	$ (1,584)	$ (4,478)
Total liquidity (liquid assets & contingent sources)	89,660	91,015	92,129	(1,355)	(2,469)
Total liquidity / uninsured deposits	138 %	139 %	159 %	(1)%	(21)%

Note - The above CET1 ratio represents BancShares ratio and is preliminary pending completion of quarterly regulatory filings.

Percent change is calculated using unrounded numbers and therefore may not recalculate precisely using the displayed rounded amounts. The linked quarter change is annualized.
Operating lease equipment, net includes $9.0 billion of rail assets as of 2Q26.
Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations.

Loans and Leases

($ in millions)

Period End Loans

$79,533

$76,282

$84,325

$82,972

$86,679

$65,225

$64,987

$64,355

$64,367

$64,958

$141,269 $144,758 $147,930 $148,692 $151,034

Average Loans

$141,791

$64,949

$142,857

$65,059

$146,944

$65,324

$149,121

$64,884

$150,094

$64,385

$85,709

$76,842

$77,798

$81,620

$84,237

6.47%

6.44%

6.24%

6.01%

6.05%

2Q25 3Q25 4Q25 1Q26 2Q26

Commercial Bank General Bank

2Q25 3Q25 4Q25 1Q26 2Q26

Commercial Bank General Bank Yield on loans

$2.3 billion or 1.6%

Period End Rollforward

Average Rollforward

$2,354

$151,034

$148,692

$(12)

$973 million or 0.7%

$(499)

$149,121 $1,472

$150,094

1Q26	Commercial	General Bank	2Q26	1Q26	Commercial	General Bank	2Q26
	Bank				Bank

Note - Commercial Bank includes a small amount of Rail loans (less than $100 million in all periods). Rail operating lease assets are not included in the loan totals.

Loans and Leases Composition

Period End Balances ($ in millions)

Increase (decrease)

2Q26 vs 1Q26 (1) 2Q26 vs 2Q25 (1)

2Q26

1Q26

2Q25

$ % $ %

Branch Network & Other (2)	$ 43,847	$ 43,851	$ 43,800	$ (4)	- % $	47	0.1 %
Wealth & Private Banking	11,163	11,110	10,909	53	1.9	254	2.3
Mortgage	9,345	9,406	10,278	(61)	(2.6)	(933)	(9.1)
General Bank Segment (2)	64,355	64,367	64,987	(12)	(0.1)	(632)	(1.0)
SVB Commercial	48,100	45,367	37,530	2,733	24.2	10,570	28.2
Commercial Finance & Middle Market Banking	32,810	33,144	32,755	(334)	(4.0)	55	0.2
Equipment Finance	5,769	5,814	5,997	(45)	(3.1)	(228)	(3.8)

Commercial Bank Segment (3)	86,679 84,325 76,282	2,354	11.2	10,397	13.6
Total Loans	$ 151,034 $ 148,692 $ 141,269	$ 2,342	6.3 % $	9,765	6.9 %

Class ($ in billions)

Segment / Business ($ in billions)

2% 1%

12%

31%

15%

16%

23%

Commercial and industrial ($46.6)

Capital call lines ($34.2)

Residential and revolving mortgage ($24.4)

Commercial real estate ($23.2)

Owner occupied

commercial mortgage ($17.9)

Investor dependent ($2.6)

Auto and other consumer ($2.1)

General Bank:

22%

29%

32%

Branch Network & Other ($43.8)

Wealth & Private Banking ($11.2)

Mortgage ($9.3)

Commercial Bank: (3)

SVB Commercial ($48.1)

Commercial Finance &

Middle Market Banking ($32.8)

Equipment Finance ($5.8)

Note - Totals may not foot due to rounding.

Percent change is calculated using unrounded numbers and therefore may not recalculate precisely using the displayed rounded amounts. The linked quarter change is annualized.
1Q26 includes the impact of a transfer of loans to held for sale from the SBA portfolio within Branch Network & Other, reducing period end balances by approximately $364 million.
Commercial Bank includes a small amount of Rail loans (less than $100 million in all periods). Rail operating lease assets are not included in the loan totals.

Deposits

($ in millions)

Period End Deposits Average Deposits

$159,935

$163,190

$170,842

$173,427

$161,578

$42,475

$40,879

$42,752

$43,606

$40,653

$157,664

$160,624

$39,082

$40,049

$41,758

$40,724

$41,254

$163,191 $165,927 $170,639

$119,056	$120,438		$120,925 $127,236 $130,952		$118,582		$120,575		$121,433		$125,203		$129,385
					2.27%		2.25%		2.09%		2.04%		2.07%

2Q25 3Q25 4Q25 1Q26 2Q26

Interest-bearing Noninterest-bearing

2Q25 3Q25 4Q25 1Q26 2Q26

Interest-bearing Noninterest-bearing Cost of deposits

$4.7 billion or 2.8%

$2.6 billion or 1.5%

Period End Rollforward Average Rollforward

$170,842

$3,716

$173,427

$(1,131)

$4,182

$530

$170,639

$165,927

1Q26	Interest-	Noninterest-	2Q26	1Q26	Interest-	Noninterest-	2Q26
	bearing	bearing			bearing	bearing

Deposit Composition

Period End Balances ($ in millions)

Increase (decrease)

2Q26 vs 1Q26 (1) 2Q26 vs 2Q25 (1)

2Q26

1Q26

2Q25

$ % $ %

Branch Network & Other	$ 63,479	$ 63,834	$ 61,943	$ (355)	(2.2)% $	1,536	2.5 %
Community Association Banking	8,450	8,306	8,008	144	7.0	442	5.5
Wealth & Private Banking	3,789	3,774	3,548	15	1.6	241	6.8
General Bank Segment	75,718	75,914	73,499	(196)	(1.0)	2,219	3.0
SVB Commercial	42,529	44,011	37,798	(1,482)	(13.5)	4,731	12.5
Other	3,163	3,182	2,902	(19)	(2.4)	261	9.0
Commercial Bank Segment (2)	45,692	47,193	40,700	(1,501)	(12.8)	4,992	12.3
Direct Bank	48,222	45,408	45,111	2,814	24.9	3,111	6.9
Brokered Deposits & Other	3,795	2,327	625	1,468	NM	3,170	NM

Corporate	52,017 47,735 45,736	4,282	36.0	6,281	13.7
Total Deposits	$ 173,427 $ 170,842 $ 159,935	$ 2,585	6.1 % $	13,492	8.4 %

Type ($ in billions)

Segment / Business ($ in billions)

General Bank:

28%

37%

24%

15%

52%

24%

Branch Network & Other ($63.5)

Money market & savings ($90.0)

Noninterest-bearing demand ($42.5) Checking with interest ($25.8)

Time deposits ($15.1)

Community Association Banking ($8.5)

Wealth & Private Banking ($3.8) Commercial Bank: (2)

SVB Commercial ($42.5)

Other ($3.2) Corporate:

Direct Bank ($48.2)

Brokered Deposits & Other ($3.8)

Note - Totals may not foot due to rounding.

Percent change is calculated using unrounded numbers and therefore may not recalculate precisely using the displayed rounded amounts. The linked quarter change is annualized.
Commercial Bank includes a small amount of Rail deposits (less than $50 million in all periods).

SVB Commercial Funding Trends

$6.1 billion or 5.3%

($ in billions)

Total client funds (EOP)

Total client funds (Avg)

$101.7

$1.1 billion or 1.0%

$106.9 $108.1

$121.8 $122.9

$97.3 $103.1

$107.7

$113.7

$119.8

$63.9

$69.7

$67.0

$80.4

$77.8

$37.8

$38.4

$39.9

$42.5

$44.0

$65.4

$61.8

$72.4

$68.5

$77.9

$35.5

$39.2

$37.7

$41.3

$41.9

2Q25 3Q25 4Q25 1Q26 2Q26 2Q25 3Q25 4Q25 1Q26 2Q26

Off-balance sheet client funds Deposits Off-balance sheet client funds Deposits

US VC investment (1)

269

144

81 80 87 79 90 92

101

65 71

73 65

39 40 36 39

43 49 48 48

45 46

39 40 37

35 37 36 36 32 38 39 39

41 48

44 43

46 49

1Q20

2Q20

3Q20

4Q20

1Q21

2Q21

3Q21

4Q21

1Q22

2Q22

3Q22

4Q22

1Q23

2Q23

3Q23

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

2Q25

3Q25

4Q25

1Q26

2Q26

Deals Under $1B Total Deal Value ($B)

US VC investment data is sourced using PitchBook Data, Inc. as of 6/30/2026 and subject to prior period revisions.

Funding Mix

($ in millions)

Period End Balances Increase (decrease)
	2Q26		1Q26	4Q25	3Q25	2Q25	2Q26 vs 1Q26		2Q26 vs 2Q25
Total deposits	$ 173,427 84.3 %		$ 170,842	83.4 % $ 161,578	81.8 % $ 163,190	80.8 % $ 159,935	80.8 % $	2,585	$ 13,492
Securities sold under customer
repurchase agreements	152	0.1	170	0.1 224	0.1 423	0.2 471	0.2	(18)	(319)
Purchase money note	28,423	13.8	30,905	15.1 33,385	16.9 35,854	17.8 35,841	18.1	(2,482)	(7,418)
FHLB borrowings	-	-	-	- -	- -	- -	-	-	-
Subordinated debt	1,744	0.8	1,764	0.9 1,772	0.9 1,775	0.9 1,182	0.6	(20)	562
Senior unsecured borrowings	1,784	0.9	1,050	0.5 555	0.3 555	0.3 555	0.3	734	1,229
Other borrowings	85	-	73	- 72	- 68	- 63	-	12	22
Total deposits and borrowed funds	$ 205,615 100 %		$ 204,804	100 % $ 197,586	100 % $ 201,865	100 % $ 198,047	100 % $	811	$ 7,568

Cost of funds

Highlights

4.50%

4.00%

3.19%	3.16%
3.02%	3.00%
2.27%	2.25%

3.50%

3.00%

2.81%

2.70%

2.73%

2.50%

2.00%

3.03% 2.93% 2.95%

Prepaid $2.5 billion of the FDIC Purchase Money Note during the quarter bringing total repayments to $7.5 billion through the end of the second quarter.
Successfully completed the issuance of $750 million of fixed-to-floating rate senior bank notes during the quarter.
Given continued deposit growth and the net reduction in total borrowings, funding mix improved and approximately 84% of our total funding is now provided by deposits.
Total cost of deposits and cost of interest-bearing deposits both increased by 3 basis points from the linked quarter.

2.09%

1.50%

1.00%

0.50%

0.00%

2.04% 2.07%

2Q25 3Q25 4Q25 1Q26 2Q26

Cost of interest-bearing liabilities Cost of interest-bearing deposits Cost of deposits

Note - Funding mix percentages may not foot due to rounding.

Credit Quality Trends and Allowance

($ in millions)

Net charge-offs & NCO ratio

Provision (benefit) for credit losses

0.65%

0.47%

$234

$191

0.33%

$119

$143

$115

$72

$54

0.39%

0.45%

$111 $108

0.37%

0.30%

0.29%

2Q25 3Q25(1)

4Q25(2)

1Q26 2Q26

$(10)

NCO $ QTD NCO ratio YTD NCO ratio

2Q25 3Q25 (1)

4Q25 1Q26 2Q26

Nonaccrual loans / total loans & leases

Allowance & ALLL ratio

$1,319

$1,406

0.97%

$1,307

0.96%

$1,429 $1,446

$1,672 $1,652

$1,566

0.98%

1.05%

1.06%

$1,558 $1,484

0.93%

0.88%

1.14%

1.18%

2Q25 3Q25 4Q25 1Q26 2Q26 2Q25 3Q25 4Q25 1Q26 2Q26

Nonaccrual loans Nonaccrual loans to total loans ALLL ALLL ratio

3Q25 includes an $82 million individual client charge-off in the Commercial Services business within the Commercial Bank segment. This loss contributed 23 bps to the 3Q25 NCO ratio, 8 bps to the 3Q25 YTD NCO ratio, and impacted the quarterly provision for credit losses by $82 million.
The $82 million individual client charge-off in 3Q25 contributed 6 bps to the 2025 YTD NCO ratio.

Allowance for loan and lease losses

($ in millions)

1Q26 to 2Q26

$1,558

$(31)

$1,484

$(18)

$(17)

$(8)

1Q26 Specific reserves Credit quality Economic scenarios Portfolio changes 2Q26

2Q26 vs 1Q26

ALLL decreased $74 million from the linked quarter.
The decrease compared to the linked quarter was driven by lower specific reserves, improvements in credit quality including updates to certain models used to estimate the allowance, changes in the macroeconomic scenarios, and growth concentrated in capital call lines which have a significantly lower loss rate relative to our other loan portfolios.
The ALLL covered annualized net charge-offs 3.4 times. The ALLL provided 1.0 times coverage of nonaccrual loans.

3.5x

ALLL Coverage

3.5x 3.4x

Highlights

2.7x

1.7x

1.3x 1.2x 1.2x 1.1x

1.0x

2Q25 3Q25 4Q25 1Q26 2Q26

ALLL ratio / NCO ratio ALLL / Nonaccrual loans

Risk-based capital ratios

Capital ratio rollforward
	Risk-Based Capital Total Tier 1 CET1			Tier 1 Leverage
March 31, 2026	13.51%	11.79%	10.83%	9.30%
Net income	0.37%	0.37%	0.37%	0.29%
Change in risk-weighted/average assets	-0.08%	-0.07%	-0.06%	-0.09%
Share repurchases	-0.33%	-0.33%	-0.33%	-0.26%
Tier 2 Instrument call/phase outs	-0.01%	0.00%	0.00%	0.00%
Common dividends	-0.01%	-0.01%	-0.01%	-0.01%
Preferred dividends	-0.02%	-0.02%	-0.02%	-0.01%
Other	-0.06%	0.00%	-0.01%	0.00%
June 30, 2026	13.37%	11.73%	10.77%	9.22%
Change since March 31, 2026	-0.14%	-0.06%	-0.06%	-0.08%

14.25%

14.05%

13.71%

13.51%

13.37%

12.63%

12.12%

12.15%

11.65%

11.91%

11.79%

11.73%

11.15%

10.83%

10.77%

Capital

2Q25 3Q25 4Q25 1Q26 2Q26

CET1 Tier 1 Total

Tier 1 Leverage ratio

Tangible book value per share (1)

9.62%

9.34%

9.29%

9.30%

9.22%

$102.91

$1,722.35

($27.47)

$1,674.11

($23.00)

($4.20)

2Q25	3Q25	4Q25	1Q26	2Q26	4Q25	Retained	AOCI	Share	Common	2Q26
		Tier 1 Leverage	ratio			earnings		repurchases	dividends

Note - The above capital ratios represent BancShares ratios and are preliminary pending completion of quarterly regulatory filings.

(1) Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations.

Share Repurchase Plan Update

Class A Common Shares Outstanding

Highlights

Since announcing a share repurchase plan in July 2024, we have repurchased 23.69% of Class A common shares and 22.05% of total common shares that were outstanding (1) as of June 30, 2024.
During the third quarter of 2025 we fully utilized the $3.5 billion share repurchase plan announced in July 2024 and subsequently began repurchasing shares under the $4.0 billion share repurchase plan announced in July 2025.
As of June 30, 2026 we had used 67% of the

$4.0 billion share repurchase plan announced in July 2025 and had $1.3 billion of remaining repurchase capacity.

13,524,550

(814,641)

10,320,059

(1,578,462)

(811,388)

6/30/2024 Repurchased

Repurchase Summary (through 7/21/26)

2024

Repurchased 2025

Repurchased 2026 YTD

7/21/2026

Period

Average

Price

Total Cost

($ in millions)

2024	814,641	$ 2,041.35	$	1,663
2025	1,578,462	1,917.07		3,026
1Q26	449,845	2,000.67		900
2Q26	298,907	2,006.36		600
07/01/26 to
07/21/26	62,636	2,095.26		131
Total	3,204,491	$ 1,972.21	$	6,320

(1) Total common shares outstanding includes 1,005,185 of Class B common shares outstanding as of June 30, 2024 and July 21, 2026.

Financial Outlook Section III

Key Earnings Estimate Assumptions

Metric	2Q26	3Q26 - Projected	FY26 - Projected
Loans and leases - EOP	$151.0 billion	$152 billion - $155 billion	$153 billion - $157 billion
Deposits - EOP	$173.4 billion	$179 billion - $182 billion	$181 billion - $186 billion
Interest rates		Unchanged in 3Q26	Zero to one 25 bps rate hike in 2026; Fed funds ending between 3.50% - 4.00%
Net interest income	$1.7 billion	$1.63 billion - $1.71 billion	$6.60 billion - $6.75 billion
Net charge-off ratio (annualized where applicable)	29 bps	30 bps - 40 bps	30 bps - 35 bps
Adjusted noninterest income	$586 million (1)	$520 million - $560 million	$2.14 billion - $2.22 billion
Adjusted noninterest expense	$1.35 billion (1)	$1.33 billion - $1.37 billion	$5.34 billion - $5.41 billion
Effective tax rate	24.5%	24.5% - 25.5%	24.5% - 25.5%

(1) Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations.

Note - Management does not provide a reconciliation for forward-looking non-GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of BancShares' control, or cannot be reasonably predicted. For the same reasons, management is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

Changes in the operating environment could introduce select risks to these assumptions. Please see important notices on forward looking statements found on page 3 for additional detail on inherent risks, uncertainties, changes in circumstances and other factors that are difficult to predict.

Key Earnings Estimate Assumptions for 3Q26 and FY26 are inclusive of the BMO Bank N.A. branch acquisition expected to close by the end of the third quarter of 2026.

Appendix Section IV

Reclassifications

In certain instances, amounts reported for prior periods in this investor presentation have been reclassified to conform to the current financial statement presentation. Such reclassifications had no effect on previously reported stockholders' equity or net income.

Segment Reclassifications

During the fourth quarter of 2025, BancShares changed the composition of the Commercial Bank segment to include SVB Commercial, which was previously a separate segment, and prior period segment financial information in this investor presentation was recast accordingly.

The methodologies that we use to allocate items among our segments are dynamic and may be updated periodically to reflect enhanced expense base allocation drivers, changes in the risk profile of a segment or changes in our organizational structure. Accordingly, financial results may be revised periodically to reflect these enhancements.

Class Reclassifications

During the fourth quarter of 2025, we updated our loan classes as summarized below ("4Q25 Loan Class Changes"):

Commercial real estate is a separate loan class. Prior to the 4Q25 Loan Class Changes, commercial real estate loans were primarily included in the non-owner occupied commercial mortgage and commercial construction loan classes. Additionally, commercial and industrial loans for the purpose of acquiring, constructing or developing real estate were previously included in the commercial and industrial loan class, and residential construction loans were previously included in the residential mortgage loan class.
Capital call lines is a separate loan class. Prior to the 4Q25 Loan Class Changes, global fund banking (which included capital call lines and certain other commercial and industrial loans in the Global Fund Banking line of business) was a separate loan class.
Commercial and industrial remained a separate loan class, but the composition was updated to: (i) include certain other commercial and industrial loans that were previously included in the global fund banking loan class prior to the 4Q25 Loan Class Changes, (ii) include leases, which was previously a separate loan class, and (iii) exclude commercial real estate loans that were previously included in the commercial and industrial loan class.
Residential mortgage loans remained a separate loan class, but the composition was updated to exclude residential construction loans which are included in the commercial real estate loan class after the 4Q25 Loan Class Changes.

Loan and lease disclosures for all periods presented in this investor presentation were recast to reflect the 4Q25 Loan Class Changes. The segment information in this investor presentation was not recast as a result of the 4Q25 Loan Class Changes because the composition of reportable segments is separate and distinct from the identification of loan classes.

Glossary of Abbreviations and Acronyms

The following is a list of certain abbreviations and acronyms used throughout this document.

AFS - Available for Sale

ALLL - Allowance for Loan and Lease Losses AOCI - Accumulated Other Comprehensive Income bps - Basis point(s); 1 bp = 0.01%

C&I - Commercial and Industrial

CET1 - Common Equity Tier 1 Risk-based Capital

NCO - Net Charge-Off

NDFI - Non-Depository Financial Institution

NII - Net Interest Income NIM - Net Interest Margin NM - Not Meaningful

PAA - Purchase Accounting Accretion or Amortization

EOP - End of Period

EPS - Earnings Per Share

PE - Private Equity

PPNR - Pre-Provision Net Revenue

FDIC - Federal Deposit Insurance Corporation

FFS - Fed Funds Sold

FHLB - Federal Home Loan Bank

GAAP - United States Generally Accepted Accounting Principles

HQLS - High-Quality Liquid Securities

HTM - Held to Maturity

IBD - Interest-Bearing Deposits

QTD - Quarter-to-date

ROA - Return on Average Assets

ROE - Return on Average Common Stockholders' Equity

ROTCE - Return on Average Tangible Common Stockholders' Equity

SBA - Small Business Administration

VC - Venture Capital

YTD - Year-to-date

LP - Limited Partner

BancShares Balance Sheets (unaudited)

($ in millions)

Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025

ASSETS

Cash and due from banks	$ 1,519	$ 1,080	$ 801	$ 874	$ 889
Interest-earning deposits at banks	21,132	23,189	19,801	24,798	26,184
Securities purchased under agreements to resell	737	223	232	83	300
Investment in marketable equity securities	156	130	127	110	97
Investment securities available for sale	33,983	33,314	31,790	34,963	33,060
Investment securities held to maturity	9,418	9,542	9,647	10,051	10,189
Assets held for sale	93	1,122	804	112	125
Loans and leases	151,034	148,692	147,930	144,758	141,269
Allowance for loan and lease losses	(1,484)	(1,558)	(1,566)	(1,652)	(1,672)
Loans and leases, net of allowance for loan and lease losses	149,550	147,134	146,364	143,106	139,597
Operating lease equipment, net	9,755	9,685	9,621	9,446	9,466
Premises and equipment, net	2,523	2,499	2,447	2,283	2,115
Goodwill	346	346	346	346	346
Other intangible assets, net	171	182	195	208	221
Other assets	7,459	7,513	7,523	7,108	7,064
Total assets	$ 236,842	$ 235,959	$ 229,698	$ 233,488	$ 229,653

LIABILITIES

Deposits:

Noninterest-bearing	$ 42,475	$ 43,606	$ 40,653	$ 42,752	$ 40,879
Interest-bearing	130,952	127,236	120,925	120,438	119,056
Total deposits	173,427	170,842	161,578	163,190	159,935
Credit balances of factoring clients	1,339	1,284	1,148	1,326	1,077
Short-term borrowings	152	170	224	423	471
Long-term borrowings	32,036	33,792	35,784	38,252	37,641
Total borrowings	32,188	33,962	36,008	38,675	38,112
Other liabilities	7,988	7,823	8,726	8,311	8,233
Total liabilities	214,942	213,911	207,460	211,502	207,357
STOCKHOLDERS' EQUITY Preferred stock	1,765	1,765	1,375	881	881
Common stock	11	12	12	13	13
Additional paid in capital	-	-	-	270	1,179
Retained earnings	20,354	20,343	20,768	20,866	20,337
Accumulated other comprehensive loss	(230)	(72)	83	(44)	(114)

Total stockholders' equity	21,900	22,048	22,238	21,986	22,296
Total liabilities and stockholders' equity	$ 236,842	$ 235,959	$ 229,698	$ 233,488	$ 229,653

BancShares Income Statements (unaudited)

($ in millions)

	2Q26		1Q26			4Q25			3Q25			2Q25
INTEREST INCOME
Loans and leases	$ 2,253	$		2,206	$		2,290	$		2,300	$		2,270
Investment securities	401			384			424			433			419
Deposits at banks	197			196			226			265			256
Total interest income	2,851			2,786			2,940			2,998			2,945
INTEREST EXPENSE
Deposits	881			833			861			911			894
Borrowings	314			332			357			353			356
Total interest expense	1,195			1,165			1,218			1,264			1,250
Net interest income	1,656			1,621			1,722			1,734			1,695
(Benefit) provision for credit losses	(10)			72			54			191			115
Net interest income after provision for credit losses	1,666			1,549			1,668			1,543			1,580
NONINTEREST INCOME
Rental income on operating lease equipment	280			281			281			273			272
Lending-related fees	73			69			64			67			69
Deposit fees and service charges	74			70			63			61			59
Client investment fees	59			53			54			58			52
Wealth management services	62			59			61			57			55
International fees	36			35			37			34			33
Factoring commissions	18			17			20			18			18
Cardholder services, net	38			38			37			39			41
Merchant services, net	13			13			13			12			13
Insurance commissions	13			13			12			13			14
Realized gain (loss) on sale of investment securities, net	-			-			3			-			-
Fair value adjustment on marketable equity securities, net	15			3			12			13			2
Gain on sale of leasing equipment, net	14			11			14			3			8
Loss on extinguishment of debt	(7)			(8)			(9)			-			-
Other noninterest income	88			38			53			51			42
Total noninterest income	776			692			715			699			678
NONINTEREST EXPENSE
Depreciation on operating lease equipment	101			101			102			98			100
Maintenance and other operating lease expenses	67			65			64			67			55
Personnel cost	844			869			849			817			810
Net occupancy expense	59			60			61			58			61
Equipment expense	141			136			151			137			131
Professional fees	26			24			34			26			30
Third-party processing fees	100			93			75			67			63
FDIC insurance expense	39			38			27			38			38
Marketing expense	45			30			45			33			32
Acquisition-related expenses	8			5			33			28			38
Intangible asset amortization	11			13			13			13			13
Other noninterest expense	110			102			118			109			129
Total noninterest expense	1,551			1,536			1,572			1,491			1,500
Income before income taxes	891			705			811			751			758
Income tax expense	219			171			231			183			183
Net income	$ 672	$		534	$		580	$		568	$		575
Preferred stock dividends	$ 32	$		26	$		14	$		14	$		14
Net income available to common stockholders	$ 640	$		508	$		566	$		554	$		561

High Quality and Diversified NDFI Portfolio

NDFI Portfolio Characteristics

Portfolio is diversified, well-collateralized and supported by structural protections
~ 83% of balance is in low risk capital call lines
~ 7% of balance to traditional private credit
~ 85% of private credit balances are to closed end and/ or publicly traded funds with lower redemption risk

Net asset value loans

Loans to funds collateralized by the PE funds' direct equity investments.

Other

Other includes loans to insurance companies, payment processors, equipment leasing, etc.

Capital call lines

Short-term commitments to funds where the primary source of repayment is the unfunded capital commitments of the underlying LPs.

Private credit

Includes two primary portfolios:

Specialty finance and leveraged fund lines: Lines of credit provided to credit funds primarily secured by portfolios of first lien loans at conservative advance rates.
Warehouse lines: Lines of credit secured by large pools of accounts receivable and loans.

($ in millions)

2Q26

$49,729

$59,878

$41,427

NDFI Composition

$1,453

$2,689

$3,082

$34,203

2Q26

Total Loans

$151,034

C&I

NDFI

Other C&I

All other

Other

Net asset value loans

Private credit Capital call lines

Note - For purposes of this analysis, C&I loans are inclusive of four loans classes including Commercial and industrial, Capital call lines, Owner occupied commercial mortgage and Investor dependent.

Average Deposit Account Size and Insured by Segment

($ in billions, except average account size, period end balances)

		Total deposits		Average size	Insured %
General Bank	$	75.7	$	37,511		64%
Commercial Bank		45.7		599,861		31
Corporate		52.0		63,307		88
Total	$	173.4	$	59,466		62%

Note - Commercial Bank includes a small amount of Rail deposits.Totals may not foot due to rounding.

Debt Securities Overview

($ in millions, period end balances)

2Q26 (1)

Carrying value (2) % of Portfolio Yield (3) Duration in

years

AFS Portfolio

U.S. Treasury	$	13,320	31 %	3.93 %	1.3
Government agency		33	-	2.76	0.3
Residential mortgage-backed securities		17,500	40	4.26	3.1
Commercial mortgage-backed securities		2,972	7	4.06	2.1
Corporate bonds		128	-	7.77	0.7
Municipal bonds		12	-	4.65	16.8
Other investments		18	-	7.46	4.8
Total AFS portfolio	$	33,983	78 %	4.13 %	2.3
HTM portfolio
U.S. Treasury	$	390	1 %	1.44 %	1.3
Government agency		1,190	3	1.61	1.8
Residential mortgage-backed securities		4,311	10	2.68	5.3
Commercial mortgage-backed securities		3,279	8	2.22	3.2
Other investments		248	-	1.64	3.4

Total HTM portfolio	$ 9,418	22 %	2.31 %	3.9
Grand total	$ 43,401	100 %	3.73 %	2.6

Includes the debt securities portfolio; excludes marketable equity securities.
Carrying value represents fair value for AFS and amortized cost for HTM portfolios.
Yield represents actual accounting yield recognized during the quarter.

General Bank Segment

($ in millions)

Earnings Summary

2Q26

1Q26

4Q25

3Q25

2Q25

Increase (decrease)

2Q26 vs 1Q26 2Q26 vs 2Q25

$ % $ %

Net interest income	$ 819	$ 813	$ 841	$ 846	$ 824		$ 6	0.8 %	$ (5)	(0.7)%
Total noninterest income	187	172	170	166	164		15	8.5	23	13.9
Total revenue	1,006	985	1,011	1,012	988		21	2.1	18	1.7
Total noninterest expense	601	600	604	582	580		1	0.1	21	3.4
Pre-provision net revenue (1)	405	385	407	430	408		20	5.3	(3)	(0.6)
Provision for credit losses	54	17	17	1	13		37	NM	41	NM
Income before income taxes	351	368	390	429	395		(17)	(4.6)	(44)	(11.2)
Income tax expense	85	90	82	109	101		(5)	(5.6)	(16)	(16.0)
Net income	$ 266	$ 278	$ 308	$ 320	$ 294		$ (12)	(4.2)%	$ (28)	(9.6)%
Period end Balances (2)
Loans and leases	$ 64,355	$ 64,367	$ 64,958	$ 65,225	$ 64,987		$ (12)	(0.1)%	$ (632)	(1.0)%
Deposits	75,718	75,914	74,796	74,596	73,499		(196)	(1.0)	2,219	3.0
Other Key Metrics
Number of branches	520	519	521	520	526	1		0.2 %	(6)	(1.1)%
Wealth management assets under management ($B)	$ 62.0	$ 59.7	$ 61.2	$ 59.9	$ 57.1	$ 2.3		3.9	$ 4.9	8.6
Card volume	4,850	4,475	4,713	4,621	4,629	375		8.4	221	4.8
Merchant volume	1,898	1,786	1,799	1,827	1,882	112		6.3	16	0.9

Note - Percent changes above are based on unrounded amounts and may not recalculate precisely using the displayed rounded amounts.

Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations.
The linked quarter percent change is annualized.

Commercial Bank Segment

($ in millions)

Earnings Summary

2Q26

1Q26

4Q25

3Q25

2Q25

Increase (decrease)

2Q26 vs 1Q26 2Q26 vs 2Q25

$ % $ %

Net interest income	$ 805	$ 802	$ 834	$ 796	$ 789	$ 3	0.5 %	$ 16	2.0 %
Rental income on operating lease equipment	54	55	55	54	54	(1)	(2.6)	-	-
Less: depreciation on operating lease equipment	43	43	44	43	44	-	-	(1)	(3.1)
Adjusted rental income on operating lease equipment (1)	11	12	11	11	10	(1)	(8.3)	1	10.0
All other noninterest income	270	230	241	236	228	40	17.5	42	18.6
Noninterest income, net (1)	281	242	252	247	238	39	16.1	43	18.1
Revenue	1,086	1,044	1,086	1,043	1,027	42	4.0	59	5.7
Noninterest expense, net (1)	586	603	612	596	605	(17)	(2.8)	(19)	(3.1)
Pre-provision net revenue (1)	500	441	474	447	422	59	13.6	78	18.5
(Benefit) provision for credit losses	(64)	55	37	190	102	(119)	NM	(166)	NM
Income before income taxes	564	386	437	257	320	178	46.4	244	76.3
Income tax expense	136	95	102	64	82	41	44.4	54	66.5
Net income	$ 428	$ 291	$ 335	$ 193	$ 238	$ 137	47.1 %	$ 190	79.6 %
Period end Balances (2)
Loans and leases	$ 86,635	$ 84,263	$ 82,910	$ 79,470	$ 76,220	$ 2,372	11.3 %	$ 10,415	13.7 %
Operating lease equipment, net	723	717	739	737	750	6	3.2	(27)	(3.6)
Deposits	45,690	47,191	41,532	42,869	40,697	(1,501)	(12.8)	4,993	12.3
Off-balance sheet client funds	80,606	77,777	69,681	67,035	63,879	2,829	14.6	16,727	26.2

Other Key Metrics

Factoring volume $ 5,878 $ 5,787 $ 6,547 $ 6,315 $ 5,481 $ 91 1.6 % $ 397 7.2 %

Note - Commercial segment results do not include the accretion impact of SVB loans or the impact of overnight investments and debt that was added at the acquisition date (the aforementioned items are contained within Corporate). During 4Q25, the Commercial Bank segment was updated to include SVB Commercial, which was previously a separate segment, and prior period segment financial information was recast accordingly.

Percent changes above are based on unrounded amounts and may not recalculate precisely using the displayed rounded amounts.

Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations.
The linked quarter percent change is annualized.

Rail Segment

($ in millions)

Earnings Summary

2Q26

1Q26

4Q25

3Q25

2Q25

Increase (decrease)

2Q26 vs 1Q26 2Q26 vs 2Q25

$ % $ %

Net interest expense	$ 59	$ 58	$ 53	$ 55	$ 53		$ 1	2.1 %	$ 6	10.0 %
Rental income on operating lease equipment	226	226	226	219	218		-	-	8	4.1
Less: depreciation on operating lease equipment	58	58	58	55	56		-	-	2	5.6
Less: maintenance and other operating lease expenses	67	65	64	67	55		2	3.4	12	20.5
Adjusted rental income on operating lease equipment (1)	101	103	104	97	107		(2)	(1.9)	(6)	(5.6)
All other noninterest income	7	9	9	2	3		(2)	(28.0)	4	96.0
Noninterest income, net (1)	108	112	113	99	110		(4)	(3.6)	(2)	(1.8)
Revenue	49	54	60	44	57		(5)	(9.3)	(8)	(14.0)
Noninterest expense, net (1)	24	25	22	22	32		(1)	(4.0)	(8)	(25.0)
Pre-provision net revenue (1)	25	29	38	22	25		(4)	(15.7)	-	-
Provision for credit losses	-	-	-	-	-		-	-	-	-
Income before income taxes	25	29	38	22	25		(4)	(15.4)	-	-
Income tax expense	6	7	9	5	6		(1)	(16.6)	-	-
Net income	$ 19	$ 22	$ 29	$ 17	$ 19	$ (3)		(15.1)%	$ -	-
Period end Balances (2)
Operating lease equipment, net	$ 9,032	$ 8,968	$ 8,882	$ 8,709	$ 8,716	$ 64		2.9 %	$ 316	3.6 %

Other Key Metrics

Railcars and locomotives (3)	129,300	128,600	128,400	127,600	127,300	700	0.5 %	2,000	1.6 %
Utilization	96.7 %	96.2 %	96.2 %	96.8 %	96.9 %	NM	0.5	NM	(0.2)
Renewal rate to previous rate	115	118	117	118	132	NM	(3.0)	NM	(17.0)

Note - Percent changes above are based on unrounded amounts and may not recalculate precisely using the displayed rounded amounts.

Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations.
The linked quarter percent change is annualized.
Railcars and locomotives number is rounded.

Corporate

($ in millions)

Earnings Summary

2Q26

1Q26

4Q25

3Q25

2Q25

Increase (decrease)

2Q26 vs 1Q26 2Q26 vs 2Q25

$ % $ %

Net interest income	$ 91	$ 64	$ 100	$ 147	$ 135	$ 27		40.7 %	$ (44)	(32.7)%
Total noninterest income	32	-	14	22	11	32		NM	21	NM
Total revenue	123	64	114	169	146	59		89.9	(23)	(15.3)
Total noninterest expense	172	142	168	126	128	30		20.6	44	34.9
Pre-provision net revenue (1)	(49)	(78)	(54)	43	18	29		36.8	(67)	NM
Provision for credit losses	-	-	-	-	-	-		-	-	-
(Loss) Income before income taxes	(49)	(78)	(54)	43	18		29	36.9	(67)	NM
Income tax (benefit) expense	(8)	(21)	38	5	(6)		13	56.8	(2)	(31.9)
Net (loss) income	$ (41) $	(57) $	(92) $	38	$ 24		$ 16	29.9 %	$ (65)	NM
Period end Balance Sheet (2) Investment securities	$ 43,539	$ 42,986	$ 41,564	$ 45,124	$ 43,346	$ 553		5.2 %	$ 193	0.5 %
Direct Bank deposits	48,222	45,408	44,802	45,146	45,111	2,814		24.9	3,111	6.9
Brokered deposits	3,325	1,831	-	134	154	1,494		NM	3,171	NM

Note - Percent changes above are based on unrounded amounts and may not recalculate precisely using the displayed rounded amounts.

Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations.
The linked quarter percent change is annualized.

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