EX-99.3 4 ex_993financialsupplement-.htm EX-99.3 Document

Dollars in millions, except per share dataThree Months EndedSix Months Ended
Summary Financial Data & Key MetricsJune 30, 2025March 31, 2025June 30, 2024June 30, 2025June 30, 2024
Results of Operations:
Net interest income$1,695 $1,663 $1,821 $3,358 $3,638 
Provision for credit losses115 154 95 269 159 
Net interest income after provision for credit losses1,580 1,509 1,726 3,089 3,479 
Noninterest income678 635 639 1,313 1,266 
Noninterest expense1,500 1,493 1,386 2,993 2,762 
Income before income taxes758 651 979 1,409 1,983 
Income tax expense183 168 272 351 545 
Net income575 483 707 1,058 1,438 
Preferred stock dividends14 15 16 29 31 
Net income available to common stockholders$561 $468 $691 $1,029 $1,407 
Adjusted net income available to common stockholders(1)
$593 $513 $739 $1,106 $1,508 
Pre-tax, pre-provision net revenue (PPNR)(1)
873 805 1,074 1,678 2,142 
Adjusted PPNR(1)
929 865 1,132 1,794 2,273 
Per Share Information:
Diluted earnings per common share (EPS)$42.36 $34.47 $47.54 $76.73 $96.80 
Adjusted diluted EPS(1)
44.78 37.79 50.87 82.48 103.79 
Book value per common share at period end1,637.72 1,596.30 1,487.00 
Tangible book value per common share (TBV)(1) at period end
1,594.38 1,553.06 1,443.92 
Key Performance Metrics:
Return on average assets (ROA)1.01  %0.87  %1.30  %0.94  %1.33  %
Adjusted ROA(1)
1.07 0.95 1.39 1.01 1.42 
PPNR ROA(1)
1.54 1.45 1.97 1.49 1.98 
Adjusted PPNR ROA(1)
1.64 1.56 2.08 1.60 2.10 
Return on average common equity (ROE)10.41 8.79 13.13 9.61 13.54 
Adjusted ROE(1)
11.00 9.64 14.05 10.33 14.52 
Return on average tangible common equity (ROTCE)(1)
10.69 9.04 13.53 9.87 13.97 
Adjusted ROTCE(1)
11.30 9.91 14.48 10.61 14.98 
Efficiency ratio63.22 64.97 56.36 64.08 56.33 
Adjusted efficiency ratio(1)
57.92 59.62 50.77 58.75 50.53 
Net interest margin (NIM)(2)
3.26 3.26 3.64 3.26 3.66 
NIM, excluding purchase accounting accretion (PAA)(1), (2)
3.14 3.12 3.36 3.13 3.36 
Select Balance Sheet Items at Period End:
Total investment securities$43,346 $44,319 $37,666 
Total loans and leases141,269 141,358 139,341 
Total operating lease equipment, net9,466 9,371 8,945 
Total deposits159,935 159,325 151,079 
Total borrowings38,112 38,406 37,458 
Loan to deposit ratio88.33  %88.72  %92.23  %
Noninterest-bearing deposits to total deposits25.56 25.59 26.49 
Capital Ratios at Period End: (3)
Total risk-based capital ratio14.25  %15.23  %15.45  %
Tier 1 risk-based capital ratio12.63 13.35 13.87 
Common equity Tier 1 ratio12.12 12.81 13.33 
Tier 1 leverage capital ratio9.64 9.75 10.29 
Asset Quality at Period End:
Nonaccrual loans to total loans and leases0.93  %0.85  %0.82  %
Allowance for loan and lease losses (ALLL) to loans and leases1.18 1.19 1.22 
Net charge-off ratio for the period0.33 0.41 0.38 0.37 0.35 
(1) Denotes a non-GAAP measure. Refer to the non-GAAP reconciliation tables included at the end of this financial supplement for a reconciliation to the most directly comparable GAAP measure. “Adjusted” items exclude the impacts of Notable Items.
(2) Calculated net of average credit balances of factoring clients to appropriately reflect the interest-earning portion of factoring receivables.
(3) Capital ratios as of the current quarter-end are preliminary pending completion of quarterly regulatory filings.
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Dollars in millions, except share and per share dataThree Months EndedSix Months Ended
Income Statement (unaudited) June 30, 2025March 31, 2025June 30, 2024June 30, 2025June 30, 2024
Interest income
Interest and fees on loans$2,270 $2,236 $2,422 $4,506 $4,776 
Interest on investment securities419 414 330 833 612 
Interest on deposits at banks256 245 378 501 826 
Total interest income2,945 2,895 3,130 5,840 6,214 
Interest expense
Deposits894 893 975 1,787 1,903 
Borrowings356 339 334 695 673 
Total interest expense1,250 1,232 1,309 2,482 2,576 
Net interest income1,695 1,663 1,821 3,358 3,638 
Provision for credit losses115 154 95 269 159 
Net interest income after provision for credit losses1,580 1,509 1,726 3,089 3,479 
Noninterest income
Rental income on operating lease equipment272 270 259 542 514 
Lending-related fees69 66 63 135 122 
Deposit fees and service charges59 58 57 117 115 
Client investment fees52 53 54 105 104 
Wealth management services55 56 52 111 103 
International fees33 32 29 65 57 
Factoring commissions18 17 19 35 36 
Cardholder services, net41 41 40 82 80 
Merchant services, net13 14 12 27 24 
Insurance commissions14 14 13 28 28 
Fair value adjustment on marketable equity securities, net2 (5)(2)(3)(6)
Gain on sale of leasing equipment, net8 5 4 13 14 
Loss on extinguishment of debt— — — — (2)
Other noninterest income 42 14 39 56 77 
Total noninterest income678 635 639 1,313 1,266 
Noninterest expense
Depreciation on operating lease equipment100 98 98 198 194 
Maintenance and other operating lease expenses55 58 60 113 105 
Personnel cost810 818 745 1,628 1,489 
Net occupancy expense61 58 58 119 120 
Equipment expense131 136 126 267 240 
Professional fees30 25 24 55 49 
Third-party processing fees63 63 58 126 118 
FDIC insurance expense38 38 33 76 74 
Marketing expense32 32 18 64 32 
Acquisition-related expenses38 42 44 80 102 
Intangible asset amortization13 15 15 28 32 
Other noninterest expense129 110 107 239 207 
Total noninterest expense1,500 1,493 1,386 2,993 2,762 
Income before income taxes758 651 979 1,409 1,983 
Income tax expense183 168 272 351 545 
Net income$575 $483 $707 $1,058 $1,438 
Preferred stock dividends14 15 16 29 31 
Net income available to common stockholders$561 $468 $691 $1,029 $1,407 
Basic earnings per common share$42.36 $34.47 $47.54 $76.73 $96.81 
Diluted earnings per common share $42.36 $34.47 $47.54 $76.73 $96.80 
Weighted average common shares outstanding (basic) 13,237,22613,575,23114,534,49913,405,29514,533,900
Weighted average common shares outstanding (diluted) 13,237,22613,575,23114,534,49913,405,29514,535,472


2

Dollars in millions, except share data
Balance Sheet (unaudited) June 30, 2025March 31, 2025June 30, 2024
Assets
Cash and due from banks$889 $812 $764 
Interest-earning deposits at banks26,184 24,692 25,361 
Securities purchased under agreements to resell300 345 392 
Investment in marketable equity securities97 95 78 
Investment securities available for sale33,060 33,900 27,053 
Investment securities held to maturity10,189 10,324 10,535 
Assets held for sale125 185 92 
Loans and leases141,269 141,358 139,341 
Allowance for loan and lease losses(1,672)(1,680)(1,700)
Loans and leases, net of allowance for loan and lease losses139,597 139,678 137,641 
Operating lease equipment, net9,466 9,371 8,945 
Premises and equipment, net2,115 2,044 1,938 
Goodwill346 346 346 
Other intangible assets, net221 234 280 
Other assets7,064 6,796 6,402 
Total assets$229,653 $228,822 $219,827 
Liabilities
Deposits:
Noninterest-bearing$40,879 $40,767 $40,016 
Interest-bearing119,056 118,558 111,063 
Total deposits159,935 159,325 151,079 
Credit balances of factoring clients1,077 1,145 1,175 
Borrowings:
Short-term borrowings471 450 386 
Long-term borrowings37,641 37,956 37,072 
Total borrowings38,112 38,406 37,458 
Other liabilities8,233 7,651 7,628 
Total liabilities$207,357 $206,527 $197,340 
Stockholders’ equity
Preferred stock881881 881 
Common stock:
Class A - $1 par value12 12 14
Class B - $1 par value1 1 1 
Additional paid in capital1,179 1,798 4,099 
Retained earnings20,337 19,802 18,102 
Accumulated other comprehensive loss(114)(199)(610)
Total stockholders’ equity22,296 22,295 22,487 
Total liabilities and stockholders’ equity$229,653 $228,822 $219,827 

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Dollars in millions, except share per share dataThree Months EndedSix Months Ended
Notable Items (1)
June 30, 2025March 31, 2025June 30, 2024June 30, 2025June 30, 2024
Noninterest income
Rental income on operating lease equipment (2)
$(155)$(156)$(158)$(311)$(299)
Fair value adjustment on marketable equity securities, net(2)5 2 3 6 
Gain on sale of leasing equipment, net(8)(5)(4)(13)(14)
Loss on extinguishment of debt— — — — 2 
Other noninterest income (3)
— — — — (4)
Impact of notable items on adjusted noninterest income$(165)$(156)$(160)$(321)$(309)
Noninterest expense
Depreciation on operating lease equipment (2)
(100)(98)(98)(198)(194)
Maintenance and other operating lease equipment expense (2)
(55)(58)(60)(113)(105)
Professional fees (4)
— — (1)— (4)
FDIC insurance special assessment— — (2)— (11)
Acquisition-related expenses(38)(42)(44)(80)(102)
Intangible asset amortization(13)(15)(15)(28)(32)
Other noninterest expense (5)
(15)(3)2 (18)8 
Impact of notable items on adjusted noninterest expense$(221)$(216)$(218)$(437)$(440)
Impact of notable items on adjusted pre-tax income$56 $60 $58 $116 $131 
Income tax impact (6)
2415 10 39 30 
Impact of notable items on adjusted net income$32 $45 $48 $77 $101 
Impact of notable items on adjusted diluted EPS$2.42 $3.32 $3.33 $5.75 $6.99 
(1) Notable items include income and expense for infrequent transactions and certain recurring items (typically noncash) that management believes should be excluded from adjusted measures (non-GAAP) to enhance understanding of operations and comparability to historical periods. Management utilizes both GAAP and adjusted measures (non-GAAP) to analyze BancShares’ performance. Refer to subsequent pages of this financial supplement for a reconciliation of non-GAAP measures to the most directly comparable GAAP measures.
(2) Depreciation and maintenance and other operating lease expenses are deducted from rental income on operating lease equipment to calculate adjusted rental income on operating lease equipment (non-GAAP). There is no net impact to earnings for this non-GAAP item because adjusted noninterest income and expense are reduced by the same amount. Management believes adjusted rental income on operating lease equipment (non-GAAP) is meaningful because it helps management monitor the performance and profitability of the operating leases after deducting direct expenses. Refer to subsequent pages of this financial supplement for a reconciliation of non-GAAP measures to the most directly comparable GAAP measures.
(3) Other noninterest income includes a gain on settlement of litigation in 1Q24.
(4) Professional fees include expenses related to integration activities in 1Q24 and 2Q24.
(5) Other noninterest expense includes an accrual resulting from a vendor dispute and an increase in litigation reserve in 2Q25, impairment of capitalized software and related projects in 1Q25, as well as litigation reserve releases in 1Q24 and 2Q24.
(6) For the periods presented, the income tax impact may include tax discrete items and changes in the estimated annualized effective tax rate.





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Dollars in millions, except share and per share dataThree Months EndedSix Months Ended
Condensed Income Statements (unaudited) - Adjusted for Notable Items (1)
June 30, 2025March 31, 2025June 30, 2024June 30, 2025June 30, 2024
Interest income$2,945 $2,895 $3,130 $5,840 $6,214 
Interest expense1,250 1,232 1,309 2,482 2,576 
Net interest income1,695 1,663 1,821 3,358 3,638 
Provision for credit losses115 154 95 269 159 
Net interest income after provision for credit losses1,580 1,509 1,726 3,089 3,479 
Noninterest income513 479 479 992 957 
Noninterest expense1,279 1,277 1,168 2,556 2,322 
Income before income taxes814 711 1,037 1,525 2,114 
Income tax expense207 183 282 390 575 
Net income$607 $528 $755 $1,135 $1,539 
Preferred stock dividends14 15 16 29 31 
Net income available to common stockholders$593 $513 $739 $1,106 $1,508 
Basic earnings per common share $44.78 $37.79 $50.87 $82.48 $103.81 
Diluted earnings per common share44.78 37.79 50.87 82.48 103.79 
Weighted average common shares outstanding (basic)13,237,22613,575,23114,534,49913,405,29514,533,900
Weighted average common shares outstanding (diluted)13,237,22613,575,23114,534,49913,405,29514,535,472
(1) The GAAP income statements and notable items are included previously in this financial supplement. The condensed adjusted income statements above (non-GAAP) exclude the impact of notable items. Refer to the non-GAAP reconciliation tables at the end of this financial supplement for a reconciliation of non-GAAP measures to the most directly comparable GAAP measure.
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Dollars in millions
Loans and Leases by Class (end of period)June 30, 2025March 31, 2025June 30, 2024
Commercial
Commercial construction$5,714 $5,529 $4,484 
Owner occupied commercial mortgages17,053 16,951 16,233 
Non-owner occupied commercial mortgages16,100 16,139 15,580 
Commercial and industrial (1)
40,658 41,040 39,931 
Leases2,028 2,022 2,049 
Global fund banking (1)
28,677 28,572 28,915 
Investor dependent (1)
2,777 2,958 3,806 
Total commercial$113,007 $113,211 $110,998 
Consumer
Residential mortgage$23,059 $23,060 $23,101 
Revolving mortgage2,736 2,635 2,351 
Consumer auto1,490 1,487 1,503 
Consumer other977 965 1,388 
Total consumer$28,262 $28,147 $28,343 
Total loans and leases$141,269 $141,358 $139,341 
Less: allowance for loan and lease losses(1,672)(1,680)(1,700)
Total loans and leases, net of allowance for loan and lease losses$139,597 $139,678 $137,641 
Deposits by Type (end of period)June 30, 2025March 31, 2025June 30, 2024
Noninterest-bearing demand$40,879 $40,767 $40,016 
Checking with interest23,283 23,041 23,907 
Money market37,654 37,705 32,641 
Savings46,877 45,817 39,356 
Time11,242 11,995 15,159 
Total deposits$159,935 $159,325 $151,079 

(1) During the second quarter of 2025, the loan classes which were reported in the SVB portfolio in the 2024 Form 10-K, were recast to the Commercial portfolio (the “2025 Loan Class Changes”) as summarized below.
•Global fund banking remained a separate loan class, but is reported under the Commercial portfolio.
•Investor dependent–early stage and investor dependent–growth stage were combined into a single investor dependent loan class, which is reported under the Commercial portfolio.
•Cash flow dependent and innovation C&I was combined with the commercial and industrial loan class, which is reported under the Commercial portfolio.
Loan and lease disclosures for all periods presented in this Financial Supplement were recast to reflect the 2025 Loan Class Changes.


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Three Months EndedSix Months Ended
Credit Quality and Allowance for Loan and Lease Losses (ALLL)June 30, 2025March 31, 2025June 30, 2024June 30, 2025June 30, 2024
Nonaccrual loans at period end$1,319 $1,206 $1,141 
Ratio of nonaccrual loans to total loans at period end0.93 %0.85 %0.82 %
Charge-offs$(144)$(167)$(159)$(311)$(287)
Recoveries25 23 27 48 52 
Net charge-offs$(119)$(144)$(132)$(263)$(235)
Net charge-off ratio0.33 %0.41 %0.38 %0.37 %0.35 %
ALLL to loans ratio at period end1.18 %1.19 %1.22 %
ALLL at beginning of period$1,680 $1,676 $1,737 $1,676 $1,747 
Provision for loan and lease losses111 148 95 259 188 
Net charge-offs(119)(144)(132)(263)(235)
ALLL at end of period$1,672 $1,680 $1,700 $1,672 $1,700 

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Dollars in millionsThree Months Ended
June 30, 2025March 31, 2025June 30, 2024
Average Balance Sheets, Yields and RatesAverage BalanceIncome/ExpenseYield/RateAverage BalanceIncome/ExpenseYield/RateAverage BalanceIncome/ExpenseYield/Rate
Loans and leases (1) (2)
$140,699 $2,270 6.47 %$139,491 $2,236 6.49 %$135,965 $2,422 7.15 %
Investment securities43,935 416 3.79 43,555 411 3.79 36,445 327 3.60 
Securities purchased under agreements to resell237 3 4.34 283 3 4.37 236 3 5.37 
Interest-earning deposits at banks23,304 256 4.40 22,699 245 4.38 28,059 378 5.42 
Total interest-earning assets (2)
$208,175 $2,945 5.67 %$206,028 $2,895 5.68 %$200,705 $3,130 6.26 %
Operating lease equipment, net$9,419 $9,350 $8,888 
Cash and due from banks804 787 750 
Allowance for loan and lease losses(1,713)(1,705)(1,763)
All other noninterest-earning assets10,867 10,989 10,311 
Total assets$227,552 $225,449 $218,891 
Interest-bearing deposits
Checking with interest$22,929 $97 1.69 %$23,931 $104 1.77 %$24,427 $137 2.26 %
Money market37,980 269 2.84 36,760 257 2.83 32,003 250 3.14 
Savings46,163 428 3.72 43,918 417 3.85 38,429 415 4.35 
Time deposits11,510 100 3.48 12,615 115 3.71 16,043 173 4.33 
Total interest-bearing deposits118,582 894 3.02 117,224 893 3.09 110,902 975 3.54 
Borrowings:
Securities sold under customer repurchase agreements471 — 0.57 428 1 0.52 380 — 0.46 
Senior unsecured borrowings555 8 5.27 169 2 4.88 375 3 2.49 
Subordinated debt1,473 19 5.23 959 8 3.36 901 7 3.32 
Other borrowings35,880 329 3.66 35,842 328 3.66 35,824 324 3.61 
Long-term borrowings37,908 356 3.74 36,970 338 3.66 37,100 334 3.60 
Total borrowings38,379 356 3.71 37,398 339 3.62 37,480 334 3.56 
Total interest-bearing liabilities$156,961 $1,250 3.19 %$154,622 $1,232 3.22 %$148,382 $1,309 3.54 %
Noninterest-bearing deposits$39,082 $39,154 $39,344 
Credit balances of factoring clients1,157 1,089 1,234 
Other noninterest-bearing liabilities7,864 8,127 7,879 
Stockholders' equity22,488 22,457 22,052 
Total liabilities and stockholders’ equity$227,552 $225,449 $218,891 
Net interest income$1,695 $1,663 $1,821 
Net interest spread (2)
2.48 %2.46 %2.72 %
Net interest margin (2)
3.26 %3.26 %3.64 %
(1) Loans and leases include nonaccrual loans and loans held for sale. Interest income on loans and leases includes loan PAA income and loan fees.
(2) The average balances and yields for loans and leases are calculated net of average credit balances of factoring clients to appropriately reflect the interest-earning portion of factoring receivables.
Note: Certain items above do not precisely recalculate as presented due to rounding.


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Dollars in millionsSix Months Ended
Average Balance Sheets, Yields and RatesJune 30, 2025June 30, 2024
Average BalanceIncome/ExpenseYield/RateAverage BalanceIncome/ExpenseYield/Rate
Loans and leases (1) (2)$140,099 $4,506 6.48 %$134,139 $4,776 7.15 %
Investment securities43,746 827 3.79 34,546 606 3.51 
Securities purchased under agreements to resell260 6 4.36 240 6 5.38 
Interest-earning deposits at banks23,003 501 4.39 30,721 826 5.41 
Total interest-earning assets (2)
$207,108 $5,840 5.67 %$199,646 $6,214 6.25 %
Operating lease equipment, net$9,385 $8,847 
Cash and due from banks795 768 
Allowance for loan and lease losses(1,709)(1,780)
All other noninterest-earning assets10,927 10,005 
Total assets$226,506 $217,486 
Interest-bearing deposits
Checking with interest$23,427 $201 1.73 %$24,195 $267 2.22 %
Money market37,373 526 2.84 31,470 482 3.08 
Savings45,046 845 3.79 37,456 806 4.33 
Time deposits12,060 215 3.60 16,361 348 4.27 
Total interest-bearing deposits117,906 1,787 3.06 109,482 1,903 3.50 
Borrowings:
Securities sold under customer repurchase agreements450 1 0.55 406 1 0.47 
Senior unsecured borrowings363 10 5.16 376 5 2.50 
Subordinated debt1,218 27 4.49 906 15 3.30 
Other borrowings35,861 657 3.66 35,842 652 3.64 
Long-term borrowings37,442 694 3.70 37,124 672 3.62 
Total borrowings37,892 695 3.66 37,530 673 3.58 
Total interest-bearing liabilities$155,798 $2,482 3.20 %$147,012 $2,576 3.52 %
Noninterest-bearing deposits$39,118 $39,498 
Credit balances of factoring clients1,123 1,169 
Other noninterest-bearing liabilities7,995 8,032 
Stockholders' equity22,472 21,775 
Total liabilities and stockholders’ equity$226,506 $217,486 
Net interest income$3,358 $3,638 
Net interest spread (2)
2.47 %2.73 %
Net interest margin (2)
3.26 %3.66 %
(1) Loans and leases include nonaccrual loans and loans held for sale. Interest income on loans and leases includes loan PAA income and loan fees.
(2) The average balances and yields for loans and leases are calculated net of average credit balances of factoring clients to appropriately reflect the interest-earning portion of factoring receivables.
Note: Certain items above do not precisely recalculate as presented due to rounding.
9


Dollars in millions, except share and per share dataThree Months EndedSix Months Ended
Non-GAAP ReconciliationsJune 30, 2025March 31, 2025June 30, 2024June 30, 2025June 30, 2024
Net income and EPS
Net income (GAAP)a$575 $483 $707 $1,058 $1,438 
Preferred stock dividends14 15 16 29 31 
Net income available to common stockholders (GAAP)b$561 $468 $691 $1,029 $1,407 
Total notable items, after income taxc32 45 48 77 101 
Adjusted net income (non-GAAP)d = (a+c)607 528 755 1,135 1,539 
Adjusted net income available to common stockholders (non-GAAP)e = (b+c)$593 $513 $739 $1,106 $1,508 
Weighted average common shares outstanding
Basicf13,237,226 13,575,231 14,534,499 13,405,295 14,533,900 
Dilutedg13,237,226 13,575,231 14,534,499 13,405,295 14,535,472 
EPS (GAAP)
Basicb/f$42.36 $34.47 $47.54 $76.73 $96.81 
Dilutedb/g42.36 34.47 47.54 76.73 96.80 
Adjusted EPS (non-GAAP)
Basice/f$44.78 $37.79 $50.87 $82.48 $103.81 
Dilutede/g44.78 37.79 50.87 82.48 103.79 
Noninterest income and expense
Noninterest income (GAAP)h$678 $635 $639 $1,313 $1,266 
Impact of notable items, before income tax(165)(156)(160)(321)(309)
Adjusted noninterest income (non-GAAP)i$513 $479 $479 $992 $957 
Noninterest expense (GAAP)j$1,500 $1,493 $1,386 $2,993 $2,762 
Impact of notable items, before income tax(221)(216)(218)(437)(440)
Adjusted noninterest expense (non-GAAP)k$1,279 $1,277 $1,168 $2,556 $2,322 
PPNR
Net income (GAAP)a$575 $483 $707 $1,058 $1,438 
Plus: provision for credit losses115 154 95 269 159 
Plus: income tax expense183 168 272 351 545 
PPNR (non-GAAP)l$873 $805 $1,074 $1,678 $2,142 
Impact of notable items (1)
56 60 58 116 131 
Adjusted PPNR (non-GAAP)m$929 $865 $1,132 $1,794 $2,273 
(1) Excludes the impact of notable items on income taxes as this is excluded from PPNR as presented in the table above.
Note: Certain items above do not precisely recalculate as presented due to rounding.
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Dollars in millionsThree Months EndedSix Months Ended
Non-GAAP Reconciliations (continued) June 30, 2025March 31, 2025June 30, 2024June 30, 2025June 30, 2024
ROA
Net income (GAAP)a$575 $483 $707 $1,058 $1,438 
Annualized net incomen = a annualized2,307 1,956 2,842 2,133 2,892 
Adjusted net income (non-GAAP)d607 528 755 1,135 1,539 
Annualized adjusted net incomep = d annualized2,435 2,139 3,036 2,288 3,096 
Average assetso227,552 225,449 218,891 226,506 217,486 
ROAn/o1.01 %0.87 %1.30 %0.94 %1.33 %
Adjusted ROA (non-GAAP)p/o1.07 0.95 1.39 1.01 1.42 
PPNR ROA
PPNR (non-GAAP)l$873 $805 $1,074 $1,678 $2,142 
Annualized PPNRq = l annualized3,501 3,264 4,316 3,383 4,306 
Adjusted PPNR (non-GAAP)m929 865 1,132 1,794 2,273 
Annualized adjusted PPNRr = m annualized3,728 3,507 4,552 3,618 4,571 
PPNR ROA (non-GAAP)q/o1.54 %1.45 %1.97 %1.49 %1.98 %
Adjusted PPNR ROA (non-GAAP)r/o1.64 1.56 2.08 1.60 2.10 
ROE and ROTCE
Annualized net income available to common stockholderss = b annualized$2,249 $1,898 $2,779 $2,074 $2,830 
Annualized adjusted net income available to common stockholderst = e annualized$2,377 $2,081 $2,974 $2,230 $3,034 
Average stockholders' equity (GAAP)$22,488 $22,457 $22,052 $22,472 $21,775 
Less: average preferred stock881 881 881 881 881 
Average common stockholders' equityu$21,607 $21,576 $21,171 $21,591 $20,894 
Less: average goodwill346 346 346 346 346 
Less: average other intangible assets229 244 288 236 296 
Average tangible common equity (non-GAAP)v$21,032 $20,986 $20,537 $21,009 $20,252 
ROEs/u10.41 %8.79 %13.13 %9.61 %13.54 %
Adjusted ROE (non-GAAP)t/u11.00 9.64 14.05 10.33 14.52 
ROTCE (non-GAAP)s/v10.69 9.04 13.53 9.87 13.97 
Adjusted ROTCE (non-GAAP)t/v11.30 9.91 14.48 10.61 14.98 
Tangible common equity to tangible assets at period end
Stockholders' equity (GAAP)w$22,296 $22,295 $22,487 
Less: preferred stock881 881 881 
Common equityx$21,415 $21,414 $21,606 
Less: goodwill346 346 346 
Less: other intangible assets221 234 280 
Tangible common equity (non-GAAP)y$20,848 $20,834 $20,980 
Total assets (GAAP)z229,653 228,822 219,827 
Tangible assets (non-GAAP)aa229,086 228,242 219,201 
Total equity to total assets (GAAP)w/z9.71 %9.74 %10.23 %
Tangible common equity to tangible assets (non-GAAP)y/aa9.10 9.13 9.57 
Note: Certain items above do not precisely recalculate as presented due to rounding.
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Dollars in millions, except share and per share dataThree Months EndedSix Months Ended
Non-GAAP Reconciliations (continued) June 30, 2025March 31, 2025June 30, 2024June 30, 2025June 30, 2024
Book value and tangible book value per common share at period end
Common shares outstanding at period endbb13,075,979 13,414,938 14,529,735 
Book value per sharex/bb$1,637.72 $1,596.30 $1,487.00 
Tangible book value per common share (non-GAAP)y/bb1,594.38 1,553.06 1,443.92 
Efficiency ratio
Net interest incomecc$1,695 $1,663 $1,821 $3,358 $3,638 
Efficiency ratio (GAAP)j / (h + cc)63.22 %64.97 %56.36 %64.08 %56.33 %
Adjusted efficiency ratio (non-GAAP)k / (i + cc)57.92 59.62 50.77 58.75 %50.53 %
Rental income on operating lease equipment
Rental income on operating lease equipment (GAAP)$272 $270 $259 $542 $514 
Less: depreciation on operating lease equipment100 98 98 198 194 
Less: maintenance and other operating lease expenses55 58 60 113 105 
Plus: accelerated depreciation on impaired operating lease equipment— — — — — 
Adjusted rental income on operating lease equipment (non-GAAP)$117 $114 $101 $231 $215 
Net interest income & Net interest margin
Net interest income (GAAP)cc$1,695 $1,663 $1,821 $3,358 $3,638 
Loan PAAdd75 84 145 159 308 
Other PAAee(9)(9)(5)(17)(10)
PAAff = (dd + ee)$66 $75 $140 $142 $298 
Net interest income, excluding PAA (non-GAAP)gg = (cc - ff)$1,629 $1,588 $1,681 $3,216 $3,340 
Annualized net interest incomehh = cc annualized$6,800 $6,744 $7,322 $6,772 $7,315 
Annualized net interest income, excluding PAAii = gg annualized6,533 6,439 6,760 6,486 6,715 
Average interest-earning assetsjj208,175 206,028 200,705 207,108 199,646 
NIM (GAAP)hh/jj3.26 %3.26 %3.64 %3.26 %3.66 %
NIM, excluding PAA (non-GAAP)ii/jj3.14 3.12 3.36 3.13 3.36 
Interest income on loans (GAAP)$2,270 $2,236 $2,422 $4,506 $4,776 
Less: loan PAAdd75 84 145 159 308 
Interest income on loans, excluding loan PAA (non-GAAP)$2,195 $2,152 $2,277 $4,347 $4,468 
Income tax expense
Income tax expense$183 $168 $272 $351 $545 
Impact of notable items 24 15 10 39 30 
Adjusted income tax expense (non-GAAP)$207 $183 $282 $390 $575 
Note: Certain items above do not precisely recalculate as presented due to rounding.

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