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Business Segment Financial Review

The Company’s major business segments are Wealth, Corporate, Commercial and Institutional Banking, Consumer and Business Banking, Payment Services, and Treasury and Corporate Support.

Basis for Financial Presentation Business segment results are derived from the Company’s business unit profitability reporting systems by specifically attributing managed balance sheet assets, deposits and other liabilities and their related income or expense. Refer to Note 16 of the Notes to Consolidated Financial Statements for further information on the business segments’ basis for financial presentation.

Designations, assignments and allocations change from time to time as management systems are enhanced, methods of evaluating performance or product lines change or business segments are realigned to better respond to the Company’s diverse customer base. During 2025 and 2024, certain organization and methodology changes were made, including revising the Company’s business segment funds transfer-pricing methodology related to deposits and loans during the second quarter of 2024. Prior period results were recast and presented on a comparable basis.

Wealth, Corporate, Commercial and Institutional Banking Wealth, Corporate, Commercial and Institutional Banking provides core banking, specialized lending, transaction and payment processing, capital markets, asset management, and brokerage and investment related services to wealth, middle

market, large corporate, commercial real estate, government and institutional clients. Wealth, Corporate, Commercial and Institutional Banking contributed $1.2 billion of the Company’s net income in the third quarter and $3.4 billion in the first nine months of 2025, or decreases of $32 million (2.7 percent) and $43 million (1.2 percent), respectively, compared with the same periods of 2024.

Net revenue increased $45 million (1.5 percent) in the third quarter and decreased $83 million (0.9 percent) in the first nine months of 2025, compared with the same periods of 2024. Net interest income, on a taxable-equivalent basis, decreased $66 million (3.5 percent) in the third quarter and $316 million (5.6 percent) in the first nine months of 2025, compared with the same periods of 2024, primarily due to higher funding costs. Noninterest income increased $111 million (9.7 percent) in the third quarter and $233 million (6.9 percent) in the first nine months of 2025, compared with the same periods of 2024, primarily due to business growth and favorable market conditions impacting trust and investment management fees, and higher service charges due to an increase in treasury management fees. Noninterest income further increased in the third quarter of 2025, compared with the third quarter of 2024, due to higher corporate bond underwriting fees and syndication activity within capital markets revenue.

Noninterest expense decreased $15 million (1.1 percent) in the third quarter and $81 million (2.0 percent) in the first nine months of 2025, compared with the same periods of 2024, primarily due to lower net shared services expense. Noninterest expense further decreased in the first nine months of 2025, compared with the first nine months of 2024, due to lower compensation and employee benefits expense. The provision for credit losses increased $103 million in the third quarter and $55 million (16.4 percent) in the first nine months of 2025, compared with the same periods of 2024, primarily due to increased reserves on certain assets.

Consumer and Business Banking Consumer and Business Banking comprises consumer banking, small business banking and consumer lending. Products and services are delivered through banking offices, telephone servicing and sales, online services, direct mail, ATMs, mobile devices, distributed mortgage loan officers, and intermediary relationships including auto dealerships, mortgage banks, and strategic business partners. Consumer and Business Banking contributed $465 million of the Company’s net income in the third quarter and $1.4 billion in the first nine months of 2025, or decreases of $20 million (4.1 percent) and $100 million (6.8 percent), respectively, compared with the same periods of 2024.

Net revenue decreased $44 million (1.9 percent) in the third quarter and $241 million (3.5 percent) in the first nine months of 2025, compared with the same periods of 2024. Net interest income, on a taxable-equivalent basis, decreased $79 million (4.1 percent) in the third quarter and $253 million (4.4 percent) in the first nine months of 2025, compared with the same periods of 2024, due to the impact of loan sales in the second quarter of 2025. Noninterest income increased $35 million (8.7 percent) in the third quarter and $12 million (1.0 percent) in the first nine months of 2025, compared with the same periods of 2024, primarily due to higher mortgage banking revenue driven by the change in fair value of MSRs,

net of hedging activities. Noninterest income further increased in the third quarter of 2025, compared with the third quarter of 2024, due to higher deposit service charges.

Noninterest expense decreased $60 million (3.6 percent) in the third quarter and $168 million (3.4 percent) in the first nine months of 2025, compared with the same periods of 2024, primarily due to lower compensation and employee benefits expense and net occupancy and equipment expense. The provision for credit losses increased $43 million in the third quarter and $60 million (58.8 percent) in the first nine months of 2025, compared with the same periods of 2024, primarily due to less favorable trends in housing prices and higher net charge-offs.

Payment Services Payment Services includes consumer and business credit cards, stored-value cards, debit cards, corporate, government and purchasing card services and merchant processing. Payment Services contributed $326 million of the Company’s net income in the third quarter and $1.0 billion in the first nine months of 2025, or increases of $22 million (7.2 percent) and $169 million (19.8 percent), respectively, compared with the same periods of 2024.

Net revenue increased $87 million (4.8 percent) in the third quarter and $264 million (5.0 percent) in the first nine months of 2025, compared with the same periods of 2024. Net interest income, on a taxable-equivalent basis, increased $54 million (7.4 percent) in the third quarter and $151 million (7.2 percent) in the first nine months of 2025, compared with the same periods of 2024, primarily due to higher average loan balances and lower funding costs. Noninterest income increased $33 million (3.1 percent) in the third quarter and $113 million (3.6 percent) in the first nine months of 2025, compared with the same periods of 2024, driven by higher merchant processing services and card revenue mainly due to higher sales volume.

Noninterest expense increased $54 million (5.5 percent) in the third quarter and $80 million (2.7 percent) in the first nine months of 2025, compared with the same periods of 2024, primarily due to higher marketing and business development expense and net shared services expense. The provision for credit losses increased $4 million (1.0 percent) in the third quarter and decreased $42 million (3.6 percent) in the first nine months of 2025, compared with the same periods of 2024. The decrease in the provision for credit losses in the first nine months of 2025, compared with the first nine months of 2024, was primarily due to improved portfolio mix and stabilizing credit quality.

Treasury and Corporate Support Treasury and Corporate Support includes the Company’s investment portfolios, funding, capital management, interest rate risk management, income taxes not allocated to the business segments, including most investments in tax-advantaged projects, and the residual aggregate of those expenses associated with corporate activities that are managed on a consolidated basis. Treasury and Corporate Support recorded net income of $48 million in the third quarter and a net loss of $291 million in the first nine months of 2025, compared with net losses of $269 million and $1.2 billion, respectively, in the same periods of 2024.

Net revenue increased $377 million in the third quarter and $905 million in the first nine months of 2025, compared with

the same periods of 2024. Net interest income, on a taxable-equivalent basis, increased $176 million (46.6 percent) in the third quarter and $638 million (50.6 percent) in the first nine months of 2025, compared with the same periods of 2024, primarily due to lower funding costs as well as the impact of fixed asset repricing. Noninterest income increased $201 million in the third quarter and $267 million (60.3 percent) in the first nine months of 2025, compared with the same periods of 2024, primarily due to higher capital markets revenue, higher tax credit investment activity and the impact of higher net securities losses in the prior year. The increase in noninterest income in the first nine months of 2025, compared with the first nine months of 2024, was partially offset by lower mortgage banking revenue due to a gain on the sale of MSRs in the prior year.

Noninterest expense increased $14 million (6.9 percent) in the third quarter of 2025, compared with the third quarter of 2024, primarily due to higher other noninterest expense, partially offset by lower compensation and employee benefits expense and marketing and business development expense. Noninterest expense decreased $98 million (10.6 percent) in the first nine months of 2025, compared with the first nine months of 2024, primarily due to the impacts in the prior year of merger and integration charges and the FDIC special assessment charges, along with lower compensation and employee benefits expense in the current year. The provision for credit losses decreased $136 million in the third quarter and $142 million in the first nine months of 2025, compared with the same periods of 2024, primarily due to a favorable loan portfolio mix.

Income taxes are assessed to each business segment at a managerial tax rate of 25.0 percent with the residual tax expense or benefit to arrive at the consolidated effective tax rate included in Treasury and Corporate Support.

Non-GAAP Financial Measures

In addition to capital ratios defined by banking regulators, the Company considers various other measures when evaluating capital utilization and adequacy, including:

•Tangible common equity to tangible assets,

•Tangible common equity to risk-weighted assets,

•Common equity tier 1 capital to risk-weighted assets, reflecting the full implementation of the CECL methodology, and

•Return on tangible common equity.

These capital measures are viewed by management as useful additional methods of evaluating the Company’s utilization of its capital held and the level of capital available to withstand unexpected negative market or economic conditions. Additionally, presentation of these measures allows investors, analysts and banking regulators to assess the Company’s capital position and use of capital relative to other financial services companies. These capital measures are not defined in generally accepted accounting principles (“GAAP”) or in banking regulations or were not effective for certain periods. In addition, certain capital measures related to prior periods are presented on the same basis as those in the current period. The effective capital ratios defined by banking

regulations for these periods were subject to certain transitional provisions for the implementation of accounting guidance related to impairment of financial instruments based on the CECL methodology. As a result, these capital measures disclosed by the Company may be considered non-GAAP financial measures. Management believes this information helps investors assess trends in the Company’s capital utilization and adequacy.

The Company also discloses net interest income and related ratios and analysis on a taxable-equivalent basis, which may also be considered non-GAAP financial measures. The Company believes this presentation to be the preferred industry measurement of net interest income as it provides a relevant comparison of net interest income arising from taxable and tax-exempt sources. In addition, certain performance measures utilize net interest income on a taxable-equivalent basis, including the efficiency ratio and net interest margin.

There may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider the consolidated financial statements and other financial information contained in this report in their entirety, and not to rely on any single financial measure.

The following tables show the Company’s calculation of these non-GAAP financial measures:

(a)Includes goodwill related to certain investments in unconsolidated financial institutions per prescribed regulatory requirements.

(b)Includes the estimated increase in the allowance for credit losses related to the adoption of the CECL methodology net of deferred taxes.

(c)Includes the impact of the estimated increase in the allowance for credit losses related to the adoption of the CECL methodology.

(a)Based on a federal income tax rate of 21 percent for those assets and liabilities whose income or expense is not included for federal income tax purposes.

(a)Includes goodwill related to certain investments in unconsolidated financial institutions per prescribed regulatory requirements.

Critical Accounting Policies

The accounting and reporting policies of the Company comply with accounting principles generally accepted in the United States and conform to general practices within the banking industry. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. The Company’s financial position and results of operations can be affected by these estimates and assumptions, which are integral to understanding the Company’s financial statements. Critical accounting policies are those policies management believes are the most important to the portrayal of the Company’s financial condition and results, and require management to make estimates that are difficult, subjective or complex. Most accounting policies are not considered by management to be critical accounting policies. Management has discussed the development and the selection of critical accounting policies with the Company’s Audit Committee. Those policies considered to be critical accounting policies relate to the allowance for credit losses, fair value estimates, MSRs, and income taxes. These accounting policies are discussed in detail in “Management’s Discussion and Analysis — Critical Accounting Policies” and

the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.