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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 2026, certain organization and methodology changes were made, including moving the Impact Finance business unit from the Treasury and Corporate Support business segment to the Wealth, Corporate, Commercial and Institutional Banking business segment. In addition, card revenue generated from debit cards, which was previously included in the Payment Services business segment, is now included in the Consumer and Business Banking business segment. 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, and also includes investments in tax-advantaged projects. Wealth, Corporate, Commercial and Institutional Banking contributed $1.5 billion of the Company’s net income in the second quarter and $3.0 billion in the first six months of 2026, or increases of $356 million (30.3 percent) and $588 million (24.5 percent), respectively, compared with the same periods of 2025.

Net revenue increased $551 million (17.1 percent) in the second quarter and $903 million (14.2 percent) in the first six months of 2026, compared with the same periods of 2025. Net interest income, on a taxable-equivalent basis, increased $213 million (12.4 percent) in the second quarter and $379 million (11.0 percent) in the first six months of 2026, compared with the same periods of 2025, primarily due to higher loan and deposit balances. Noninterest income increased $338 million (22.6 percent) in the second quarter and $524 million (18.0 percent) in the first six months of 2026, compared with the same periods of 2025, primarily due to higher capital markets revenue due to the contribution from the BTIG acquisition and favorable market conditions, and higher trust and investment management fees due to business growth and favorable market conditions.

Noninterest expense increased $125 million (8.5 percent) in the second quarter and $145 million (4.9 percent) in the first six months of 2026, compared with the same periods of 2025,

primarily due to the results of the BTIG acquisition and higher compensation and employee benefits expense. The provision for credit losses decreased $49 million (27.5 percent) in the second quarter and $26 million (11.8 percent) in the first six months of 2026, compared with the same periods of 2025, primarily due to improving credit quality.

Consumer and Business Banking Consumer and Business Banking comprises consumer banking, small business banking, debit cards 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 $589 million of the Company’s net income in the second quarter and $1.2 billion in the first six months of 2026, or a decrease of $27 million (4.4 percent) and an increase of $5 million (0.4 percent), respectively, compared with the same periods of 2025.

Net revenue decreased $3 million (0.1 percent) in the second quarter and increased $21 million (0.5 percent) in the first six months of 2026, compared with the same periods of 2025. Net interest income, on a taxable-equivalent basis, decreased $5 million (0.3 percent) in the second quarter and increased $27 million (0.7 percent) in the first six months of 2026, compared with the same periods of 2025. The increase in net interest income in the first six months of 2026, compared with the first six months of 2025, was primarily due to higher deposit balances and favorable deposit mix, partially offset by lower loan balances and yields. Noninterest income increased $2 million (0.4 percent) in the second quarter and decreased $6 million (0.6 percent) in the first six months of 2026, compared with the same periods of 2025.

Noninterest expense decreased $7 million (0.5 percent) in the second quarter and $35 million (1.2 percent) in the first six months of 2026, compared with the same periods of 2025, primarily due to lower compensation and benefits expense and lower other intangibles expense. The provision for credit losses increased $41 million in the second quarter and $51 million (51.5 percent) in the first six months of 2026, compared with the same periods of 2025, primarily due to higher net charge-offs and the impact of loan sales completed in the prior year.

Payment Services Payment Services includes consumer and business credit cards, stored-value cards, corporate, government and purchasing card services and merchant processing. Payment Services contributed $225 million of the Company’s net income in the second quarter and $497 million in the first six months of 2026, or a decrease of $10 million (4.3 percent) and an increase of $3 million (0.6 percent), respectively, compared with the same periods of 2025.

Net revenue increased $98 million (5.7 percent) in the second quarter and $163 million (4.8 percent) in the first six months of 2026, compared with the same periods of 2025. Net interest income, on a taxable-equivalent basis, increased $44 million (6.0 percent) in the second quarter and $96 million (6.5 percent) in the first six months of 2026, compared with the same periods of 2025, primarily due to higher average loan balances. Noninterest income increased $54 million (5.5 percent) in the second quarter and $67 million (3.5 percent) in

the first six months of 2026, compared with the same periods of 2025, driven by higher card revenue, corporate payment and treasury management revenue, and merchant processing services.

Noninterest expense increased $111 million (10.9 percent) in the second quarter and $128 million (6.4 percent) in the first six months of 2026, compared with the same periods of 2025, primarily due to higher compensation and employee benefits expense and higher marketing and business development expense, partially offset by lower net shared services expense. The provision for credit losses increased $1 million (0.3 percent) in the second quarter and $31 million (4.4 percent) in the first six months of 2026, compared with the same periods of 2025. The increase in the provision for credit losses in the first six months of 2026 was primarily due to loan growth, partially offset by lower net charge-offs.

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, and the residual aggregate of those expenses associated with corporate activities that are managed on a consolidated basis. Treasury and Corporate Support recorded net losses of $167 million in the second quarter and $519 million in the first six months of 2026, compared with net losses of $210 million and $521 million, respectively, in the same periods of 2025.

Net revenue increased $62 million (20.3 percent) in the second quarter and decreased $49 million (11.6 percent) in the first six months of 2026, compared with the same periods of 2025. Net interest income, on a taxable-equivalent basis, increased $55 million (25.6 percent) in the second quarter, compared with the second quarter of 2025, due to improved earning asset mix, lower funding costs and benefits from fixed asset repricing, partially offset by lower cash balances. Net interest income, on a taxable-equivalent basis, decreased $26 million (8.4 percent) in the first six months of 2026, compared with the first six months of 2025, primarily due to lower earning assets, partially offset by lower funding costs and benefits from fixed asset repricing. Noninterest income increased $7 million (7.7 percent) in the second quarter of 2026, compared with the second quarter of 2025. Noninterest income decreased $23 million (20.5 percent) in the first six months of 2026, compared with the first six months of 2025, primarily due to losses from repositioning a portion of the investment securities portfolio.

Noninterest expense increased $18 million (10.5 percent) in the second quarter and $42 million (9.5 percent) in the first six months of 2026, compared with the same periods of 2025, primarily due to higher technology and communications expense and higher marketing and business development expense, partially offset by lower compensation and employee benefits expense. The provision for credit losses increased $44 million (44.9 percent) in the second quarter and $20 million in the first six months of 2026, compared with the same periods of 2025, primarily due to loan growth.

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.

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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,

•Tangible book value per common share, 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. 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)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.

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, 2025.