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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 $1.6 billion of the Company’s net income in the third quarter and $4.6 billion in the first nine months of 2026, or increases of $367 million (29.8 percent) and $953 million (26.5 percent), respectively, compared with the same periods of 2025.

Net revenue increased $664 million (19.9 percent) in the third quarter and $1.6 billion (16.2 percent) in the first nine months of 2026, compared with the same periods of 2025. Net interest income, on a taxable-equivalent basis, increased $210 million (11.9 percent) in the third quarter and $591 million (11.4 percent) in the first nine months of 2026, compared with the same periods of 2025, primarily due to higher loan and deposit balances. Noninterest income increased $454 million (28.9 percent) in the third quarter and $978 million (21.8 percent) in the first nine months of 2026, compared with the same periods of 2025, primarily due to higher capital markets revenue driven by the contribution from the BTIG acquisition and higher syndication and client-related derivative activity, and higher trust and investment management fees due to business growth and favorable market conditions.

Noninterest expense increased $259 million (17.3 percent) in the third quarter and $408 million (9.2 percent) in the first nine months of 2026, compared with the same periods of

2025, primarily due to higher compensation and employee benefits expense and higher technology and communications expense, both driven by the BTIG acquisition. The provision for credit losses decreased $84 million (42.9 percent) in the third quarter and $110 million (26.4 percent) in the first nine months of 2026, compared with the same periods of 2025, primarily due to favorable credit performance.

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 $633 million of the Company’s net income in the third quarter and $1.8 billion in the first nine months of 2026, or increases of $40 million (6.7 percent) and $86 million (5.0 percent), respectively, compared with the same periods of 2025.

Net revenue decreased $11 million (0.5 percent) in the third quarter and increased $6 million (0.1 percent) in the first nine months of 2026, compared with the same periods of 2025. Net interest income, on a taxable-equivalent basis, increased $27 million (1.5 percent) in the third quarter and $50 million (0.9 percent) in the first nine months of 2026, compared with the same periods of 2025, primarily due to higher deposit balances, partially offset by lower loan balances. Noninterest income decreased $38 million (6.7 percent) in the third quarter and $44 million (2.7 percent) in the first nine months of 2026, compared with the same periods of 2025, primarily due to lower mortgage banking revenue, reflecting lower gain on sale activity.

Noninterest expense decreased $74 million (4.7 percent) in the third quarter and $170 million (3.7 percent) in the first nine months of 2026, compared with the same periods of 2025, primarily due to lower net shared services expense. The provision for credit losses increased $10 million (16.1 percent) in the third quarter and $61 million (37.9 percent) in the first nine months of 2026, compared with the same periods of 2025, primarily due to growth in commercial and other retail loans.

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 $175 million of the Company’s net income in the third quarter and $661 million in the first nine months of 2026, or decreases of $80 million (31.4 percent) and $125 million (15.9 percent), respectively, compared with the same periods of 2025.

Net revenue increased $114 million (6.5 percent) in the third quarter and $277 million (5.4 percent) in the first nine months of 2026, compared with the same periods of 2025. Net interest income, on a taxable-equivalent basis, increased $53 million (6.8 percent) in the third quarter and $149 million (6.6 percent) in the first nine months of 2026, compared with the same periods of 2025, primarily due to higher average loan balances including the impact of the small business credit card portfolio purchase. Noninterest income increased $61 million (6.3 percent) in the third quarter and $128 million (4.5

percent) in the first nine months of 2026, compared with the same periods of 2025, driven by higher corporate payment and treasury management revenue and higher card revenue, both driven by higher sales volume.

Noninterest expense increased $35 million (3.5 percent) in the third quarter and $228 million (7.7 percent) in the first nine months of 2026, compared with the same periods of 2025, primarily due to higher technology and communications expense, higher compensation and employee benefits expense and higher marketing and business development expense. The provision for credit losses increased $185 million (45.2 percent) in the third quarter and $216 million (19.5 percent) in the first nine months of 2026, compared with the same periods of 2025, primarily due to the impact of recording the initial provision for credit losses related to the purchase of the small business credit card portfolio, along with loan growth.

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 $204 million in the third quarter and $690 million in the first nine months of 2026, compared with net losses of $78 million and $575 million, respectively, in the same periods of 2025.

Net revenue decreased $126 million (72.8 percent) in the third quarter and $173 million (29.5 percent) in the first nine months of 2026, compared with the same periods of 2025. Net interest income, on a taxable-equivalent basis, decreased $51 million (35.9 percent) in the third quarter and $75 million (16.9 percent) in the first nine months of 2026, compared with the same periods of 2025, primarily due to lower earning assets, partially offset by lower funding costs and benefits from fixed asset repricing. Noninterest income decreased $75 million in the third quarter and $98 million (68.5 percent) in the first nine months of 2026, compared with the same periods of 2025, primarily due to losses on the sales of investment securities.

Noninterest expense increased $76 million (56.3 percent) in the third quarter and $110 million (19.8 percent) in the first nine months of 2026, compared with the same periods of 2025, primarily due to higher technology and communications expense and higher net shared services expense. The provision for credit losses decreased $28 million (29.2 percent) in the third quarter and $8 million (10.3 percent) in the first nine months of 2026, compared with the same periods of 2025, primarily due to improvement in the economic outlook.

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.

*Not meaningful

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.