Earnings release
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News Release One M&T Plaza, Buffalo, NY 14203 October 16, 2026 M&T Bank Corporation (NYSE:MTB) announces third quarter 2026 results M&T Bank Corporation ("M&T" or "the Company") reports quarterly net income of $775 million or $5.04 of diluted earnings per common share. (Dollars in millions, except per share data) 3Q26 2Q26 3Q25 Earnings Highlights Net interest income $ 1,793 $ 1,792 $ 1,761 Taxable-equivalent adjustment 12 12 12 Net interest income - taxable-equivalent 1,805 1,804 1,773 Provision for credit losses 135 120 125 Noninterest income 743 740 752 Noninterest expense 1,393 1,349 1,363 Net income 775 818 792 Net income available to common shareholders - diluted 732 781 754 Diluted earnings per common share 5.04 5.32 4.82 Return on average assets - annualized 1.40 % 1.51 % 1.49 % Return on average common shareholders' equity - annualized 11.44 12.30 11.45 Average Balance Sheet Total assets $ 218,860 $ 216,532 $ 211,053 Interest-bearing deposits at banks 14,209 15,061 17,739 Investment securities 38,552 38,728 36,559 Loans 143,296 140,650 135,890 Deposits 166,777 163,524 162,576 Borrowings 19,225 20,794 15,633 Selected Ratios (Amounts expressed as a percent, except per share data) Net interest margin 3.65 % 3.70 % 3.69 % Efficiency ratio (1) 54.4 52.8 53.6 Net charge-offs to average total loans - annualized .35 .23 .42 Allowance for loan losses to total loans 1.51 1.53 1.59 Nonaccrual loans to total loans .90 .85 1.11 Common equity Tier 1 ("CET1") capital ratio (2) 10.16 10.19 10.99 Common shareholders' equity per share $ 174.95 $ 176.03 $ 170.43 (1) A reconciliation of non-GAAP measures is included in the tables that accompany this release. (2) CET1 capital ratio at September 30, 2026 is estimated. Financial Highlights • Taxable-equivalent net interest income increased nominally in the recent quarter as compared with the second quarter of 2026 reflecting an additional day, partially offset by lower interest income on nonaccrual loans. • Average loans grew $2.6 billion in the recent quarter reflecting higher average commercial real estate loan balances of $1.6 billion, consumer loan balances of $634 million and residential real estate loan balances of $367 million. • Higher noninterest income in the recent quarter reflects an increase in residential mortgage banking revenues, partially offset by a decrease in capital markets and advisory revenues and a lower distribution from M&T's investment in Bayview Lending Group LLC ("BLG"). • Noninterest expense reflects increases in outside data processing and software costs and professional and other services expense as well as higher personnel costs from an additional working day in the recent quarter. • The allowance for loan losses as a percent of total loans declined 2 basis points to 1.51% at September 30, 2026. • In the recent quarter, M&T repurchased 1.3 million shares of its common stock at a total cost of $323 million. M&T's CET1 capital ratio is estimated to be 10.16% at September 30, 2026. Chief Financial Officer Commentary "M&T's third quarter results were highlighted by strong loan and deposit growth, stable credit and a solid capital position. Fee income in the recent quarter continues to reflect the breadth of M&T's franchise and our ability to meet customers' evolving needs through a wide range of financial capabilities. The continued strength across customer-driven revenue streams demonstrates the value of our diversified business model and the depth of our customer relationships. These relationships are at the heart of our purpose, to make a difference in people's lives. I want to thank our employees for their ongoing commitment to the communities and customers we serve." - Daryl N. Bible, M&T's Chief Financial Officer Contact: Investor Relations: Rajiv Ranjan 716.842.5138 Steve Wendelboe 716.842.5138 Media Relations: Frank Lentini 929.651.0447
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Financial Reporting Matters As reported on M&T's Form 8-K dated September 28, 2026, effective for the third quarter of 2026 M&T made certain changes and reclassifications to Other income categories presented in its Consolidated Statement of Income. Also effective for the third quarter of 2026, M&T began separately presenting loans held for sale from loans held for investment in its Consolidated Balance Sheet and its Average Balance Sheet and Annualized Taxable-equivalent Rates disclosures. Accordingly, annualized taxable-equivalent rates for each impacted loan category and certain loan-based credit quality ratios exclude loans held for sale. Additionally, as reported in M&T's Form 10-Q for the quarter ended June 30, 2026, in conjunction with the implementation of a new general ledger platform during the second quarter of 2026, the Company modified its methodology for calculating annualized taxable-equivalent rates for certain earning assets and interest-bearing liabilities, including certain average deposit balances. All periods presented herein reflect those changes. Non-GAAP Measures (1) (Dollars in millions, except per share data) 3Q26 2Q26 Change 3Q26 vs. 2Q26 3Q25 Change 3Q26 vs. 3Q25 Net operating income $ 780 $ 823 -5 % $ 798 -2 % Diluted net operating earnings per common share 5.08 5.35 -5 4.87 4 Annualized return on average tangible assets 1.47 % 1.59 % 1.56 % Annualized return on average tangible common equity 17.29 18.57 17.13 Efficiency ratio 54.4 52.8 53.6 Tangible equity per common share $ 115.88 $ 117.41 -1 $ 115.31 — (1) A reconciliation of non-GAAP measures is included in the tables that accompany this release. M&T consistently provides supplemental reporting of its results on a “net operating” or “tangible” basis, from which M&T excludes the after-tax effect of amortization of core deposit and other intangible assets (and the related goodwill and core deposit and other intangible asset balances, net of applicable deferred tax amounts) and expenses associated with merging acquired operations into M&T (when incurred), since such items are considered by management to be “nonoperating” in nature. Taxable-equivalent Net Interest Income (1) (Dollars in millions) 3Q26 2Q26 Change 3Q26 vs. 2Q26 3Q25 Change 3Q26 vs. 3Q25 Average earning assets $ 196,739 $ 195,216 1 % $ 190,920 3 % Average interest-bearing liabilities 142,294 140,354 1 134,153 6 Net interest income - taxable-equivalent 1,805 1,804 — 1,773 2 Yield on average earning assets 5.41 % 5.40 % 5.60 % Cost of interest-bearing liabilities 2.44 2.36 2.72 Net interest spread 2.97 3.04 2.88 Net interest margin 3.65 3.70 3.69 (1) Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates are included in the accompanying table on page 15. Third Quarter 2026 Results 2
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Taxable-equivalent net interest income in the recent quarter rose nominally from the second quarter of 2026 reflecting an additional day, lower interest income on nonaccrual loans and loan growth funded by interest- bearing deposits as the Company reduced its average short-term borrowings. Taxable-equivalent net interest income increased $32 million, or 2%, as compared with the year-earlier third quarter reflecting lower rates paid on average interest-bearing deposits and growth in average loans and investment securities, partially offset by lower yields received on loans. Average Earning Assets (Dollars in millions) 3Q26 2Q26 Change 3Q26 vs. 2Q26 3Q25 Change 3Q26 vs. 3Q25 Interest-bearing deposits at banks $ 14,209 $ 15,061 -6 % $ 17,739 -20 % Investment securities 38,552 38,728 — 36,559 5 Loans held for sale 682 777 -12 637 7 Loans: (1) Commercial and industrial 65,887 65,883 — 61,687 7 Real estate - commercial 24,862 23,221 7 23,982 4 Real estate - residential 25,194 24,827 1 24,122 4 Consumer 27,353 26,719 2 26,099 5 Total loans 143,296 140,650 2 135,890 5 Other — — — 95 -100 Total earning assets $ 196,739 $ 195,216 1 $ 190,920 3 (1) Supplemental information on loan balances is included in the accompanying table on page 16. Average earning assets rose $1.5 billion from the second quarter of 2026 reflecting growth in average commercial real estate loan balances of $1.6 billion, average consumer loan balances of $634 million and average residential real estate loan balances of $367 million. Average earning assets increased $5.8 billion from the third quarter of 2025, reflecting loan growth across all loan portfolios. Average commercial and industrial loan balances increased $4.2 billion, spanning most industry types. Average consumer, residential real estate and commercial real estate loan balances grew $1.3 billion, $1.1 billion and $880 million, respectively. The average balance of investment securities increased $2.0 billion from the year-earlier quarter, reflecting purchases of fixed rate mortgage-backed securities. Average Interest-bearing Liabilities (Dollars in millions) 3Q26 2Q26 Change 3Q26 vs. 2Q26 3Q25 Change 3Q26 vs. 3Q25 Interest-bearing deposits: Savings and interest-checking deposits $ 108,013 $ 105,752 2 % $ 104,630 3 % Time deposits 15,056 13,808 9 13,890 8 Total interest-bearing deposits 123,069 119,560 3 118,520 4 Short-term borrowings 5,248 8,016 -35 2,844 85 Long-term borrowings 13,977 12,778 9 12,789 9 Total interest-bearing liabilities $ 142,294 $ 140,354 1 $ 134,153 6 Third Quarter 2026 Results 3
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Average interest-bearing liabilities in the recent quarter rose $1.9 billion from the second quarter of 2026 reflecting growth in average interest-bearing deposits of $3.5 billion and higher average long-term borrowings resulting from asset securitizations and issuances of senior and subordinated notes. Those increases were partially offset by a $2.9 billion decline in average short-term borrowings from the FHLB of New York. Average interest-bearing liabilities increased $8.1 billion from the third quarter of 2025 reflecting growth in average interest-bearing deposits of $4.5 billion, higher average short-term borrowings from the FHLB of New York of $1.9 billion and an increase in average long-term borrowings of $1.2 billion resulting from asset securitizations and issuances of subordinated notes, partially offset by net maturities of senior notes. Provision for Credit Losses/Asset Quality (Dollars in millions) 3Q26 2Q26 Change 3Q26 vs. 2Q26 3Q25 Change 3Q26 vs. 3Q25 At end of quarter Nonaccrual loans $ 1,298 $ 1,208 7 % $ 1,512 -14 % Real estate and other foreclosed assets 28 23 22 37 -26 Total nonperforming assets 1,326 1,231 8 1,549 -14 Accruing loans past due 90 days or more (1) 570 603 -5 432 32 Nonaccrual loans as % of loans outstanding .90 % .85 % 1.11 % Allowance for loan losses $ 2,179 $ 2,176 — $ 2,161 1 Allowance for loan losses as % of loans outstanding 1.51 % 1.53 % 1.59 % Reserve for unfunded credit commitments $ 93 $ 95 -2 $ 95 -2 For the period Provision for loan losses $ 130 $ 120 8 $ 110 18 Provision for unfunded credit commitments 5 — — 15 -67 Total provision for credit losses 135 120 13 125 8 Net charge-offs 127 80 59 146 -12 Net charge-offs as % of average loans (annualized) .35 % .23 % .42 % (1) Predominantly government-guaranteed residential real estate. The provision for credit losses was $135 million in the third quarter of 2026 as compared with $120 million in the second quarter of 2026 and $125 million in the third quarter of 2025. The allowance for loan losses as a percent of loans outstanding was 1.51% at September 30, 2026 and 1.53% at June 30, 2026, each improved from 1.59% at September 30, 2025, reflecting lower levels of criticized loans. Nonaccrual loans were $1.3 billion at September 30, 2026 and $1.2 billion at June 30, 2026, compared with $1.5 billion at September 30, 2025. The lower level of nonaccrual loans at September 30, 2026 and June 30, 2026 as compared with September 30, 2025 reflects a decrease in commercial and industrial and commercial real estate nonaccrual loans. Third Quarter 2026 Results 4
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Noninterest Income (Dollars in millions) 3Q26 2Q26 Change 3Q26 vs. 2Q26 3Q25 Change 3Q26 vs. 3Q25 Trust and investment services income $ 230 $ 235 -2 % $ 217 6 % Mortgage banking revenues (1) 152 127 19 147 3 Service charges on deposit accounts 109 107 1 105 3 Card revenues 90 89 2 90 — Letter of credit and credit-related fees 46 44 4 45 3 Capital markets and advisory revenues 32 41 - 24 35 -8 Gai n (loss) on bank investment securities (1) 2 — 1 — Other revenues from operations (2) 85 95 - 12 112 -25 Tot al $ 743 $ 740 — $ 752 - 1 (1) Supplemental information on mortgage banking activities is included in the accompanying table on page 17. (2) Supplemental information on other revenues from operations is included in the accompanying table on page 18. Effective January 1, 2026, the Company elected to prospectively measure its residential mortgage loan servicing right assets at fair value with changes in fair value reflected in mortgage banking revenues. As a result, amortization associated with residential mortgage loan servicing right assets previously recognized in other costs of operations before 2026 is no longer recorded. Instead, beginning in 2026 fair value changes in residential mortgage loan servicing right assets, inclusive of the realization of expected net servicing revenues over time, are included in mortgage banking revenues. On December 31, 2025, the Company began economically hedging the risk of fair value changes in these assets through the use of various interest rate derivative contracts, for which changes in fair value are also reflected in mortgage banking revenues. Noninterest income in the third quarter of 2026 increased $3 million from 2026's second quarter. • Trust and investment services income declined $5 million reflecting seasonal tax services fees earned by the wealth management business in the second quarter of 2026. • Mortgage banking revenues increased $25 million reflecting a rise in residential mortgage loan sub- servicing income. In June 2026, the Company began sub-servicing $62.9 billion of additional residential mortgage loans. • Capital markets and advisory revenues decreased $9 million reflecting a decline in loan syndication fees and lower revenues from interest rate swap transactions with commercial customers. • Other revenues from operations decreased $10 million reflecting a lower distribution from M&T's investment in BLG in the recent quarter. Noninterest income declined $9 million, or 1%, as compared with the third quarter of 2025. • Trust and investment services income rose $13 million reflecting higher corporate trust revenues from the Company's institutional services business and an increase in personal trust and investment services revenues from its wealth management businesses. • Mortgage banking revenues increased $5 million reflecting a rise in residential mortgage loan sub- servicing income, partially offset by the impact of the Company 's fair value accounting election described above and lower gains on commercial mortgage loans originated for sale. • Other revenues from operations decreased $27 million reflecting a $28 million distribution of an earnout payment from the Company's 2023 sale of its Collective Investment Trust ("CIT") business and a $12 million gain on the sale of equipment leases each in the third quarter of 2025, partially offset by an $11 million higher distribution from M&T's investment in BLG in the recent quarter. Third Quarter 2026 Results 5
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Noninterest Expense (Dollars in millions) 3Q26 2Q26 Change 3Q26 vs. 2Q26 3Q25 Change 3Q26 vs. 3Q25 Salaries and employee benefits $ 832 $ 826 1 % $ 833 — % Outside data processing and software 173 154 12 138 25 Equipment and net occupancy 131 129 — 129 1 Professional and other services 97 89 10 81 22 FDIC assessments 19 18 15 13 55 Advertising and marketing 29 27 7 23 26 Amortization of core deposit and other intangible assets 7 7 — 10 -27 Other costs of operations 105 99 6 136 -23 Total $ 1,393 $ 1,349 3 $ 1,363 2 Noninterest expense rose $44 million, or 3%, from the second quarter of 2026. • Salaries and employee benefits expense increased $6 million reflecting an additional working day in the recent quarter, partially offset by lower payroll-related taxes. • Outside data processing and software costs increased $19 million reflecting higher software maintenance and enhancements to the Company's technology infrastructure. • Professional and other services rose $8 million reflecting support for enhancements to the Company's technology infrastructure and other enterprise initiatives. • Other costs of operations increased $6 million reflecting the Company's obligation under agreements to share in losses stemming from certain litigation of Visa, Inc. Noninterest expense increased $30 million, or 2%, from the third quarter of 2025. • Outside data processing and software costs rose $35 million reflecting costs associated with enhancements to the Company's technology infrastructure. • Professional and other services increased $16 million reflecting support for enhancements to the Company's technology infrastructure and other enterprise initiatives and higher legal service costs. • FDIC assessments were $6 million higher in the recent quarter reflecting the reduction of estimated special assessment expense in the third quarter of 2025 resulting from a decrease in the FDIC's loss estimates associated with certain failed banks. • Other costs of operations decreased $31 million reflecting the amortization associated with residential mortgage loan servicing right assets in the third quarter of 2025 and lower expense associated with the Company's supplemental executive retirement savings plan in the recent quarter. Income Taxes The Company's effective income tax rate was 23.1% in each of the third and second quarters of 2026 compared with 22.8% in the third quarter of 2025. Third Quarter 2026 Results 6
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Capital and Liquidity 3Q26 2Q26 3Q25 CET1 capital 10.16 % (1) 10.19 % 10.99 % Tier 1 capital 11.93 (1) 11.64 12.49 Total capital 13.93 (1) 13.73 14.35 Tangible capital – common 7.85 8.07 8.79 (1) Capital ratios at September 30, 2026 are estimated. M&T's capital ratios remained well above the minimum set forth by regulatory requirements. Cash dividends declared on M&T's common and preferred stock totaled $217 million and $42 million, respectively, for the quarter ended September 30, 2026. M&T's current stress capital buffer is 2.7%. Reflecting rising interest rates, accumulated other comprehensive income declined $588 million in the recent quarter. In July 2026, the Company transferred $8.3 billion of residential mortgage-backed securities from the available-for-sale portfolio to the held-to-maturity portfolio with net unrealized gains of $8 million. Unrealized losses on those transferred securities at September 30, 2026 were $222 million ($165 million net of tax). M&T repurchased shares of its common stock at a cost of $323 million during the recent quarter, compared with $465 million and $409 million in the second quarter of 2026 and the third quarter of 2025, respectively. The CET1 capital ratio for M&T was estimated at 10.16% as of September 30, 2026. M&T's total risk-weighted assets at September 30, 2026 are estimated to be $170.6 billion. Reflecting loan growth and share repurchase activity in the recent quarter and the impact of unrealized losses on investment securities available for sale included in accumulated other comprehensive income at September 30, 2026, M&T's tangible common equity to tangible asset ratio at September 30, 2026 declined 22 basis points from June 30, 2026 and 94 basis points from September 30, 2025. While not subject to the liquidity coverage ratio ("LCR") requirements, M&T estimates that its LCR on September 30, 2026 was 107%, exceeding the regulatory minimum standards that would be applicable if it were a Category III institution subject to the Category III reduced LCR requirements. Conference Call Investors will have an opportunity to listen to M&T's conference call to discuss third quarter financial results today at 8:00 a.m. Eastern Time. Those wishing to participate in the call may dial (800) 347-7315. International participants, using any applicable international calling codes, may dial (785) 424-1755. Callers should reference M&T Bank Corporation or the conference ID #MTBQ326. The conference call will be webcast live through M&T's website at https://ir.mtb.com/news-events/events-presentations. A replay of the call will be available through Friday October 23, 2026, by calling (800) 839-3736 or (402) 220-2978 for international participants. No conference ID or passcode is required. The event will also be archived and available by 3:00 p.m. today on M&T's website at https://ir.mtb.com/news-events/events-presentations. About M&T M&T is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, provides banking products and services with a branch and ATM network spanning the eastern U.S. from Maine to Virginia and Washington, D.C. Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank. For more information on M&T Bank, visit www.mtb.com. Third Quarter 2026 Results 7
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Forward-Looking Statements This news release and related conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the rules and regulations of the SEC. Any statement that does not describe historical or current facts is a forward-looking statement, including statements based on current expectations, estimates and projections about M&T's business, and management's beliefs and assumptions. Statements regarding the potential effects of events or factors specific to M&T and/or the financial industry as a whole, as well as national and global events generally, on M&T's business, financial condition, liquidity and results of operations may constitute forward-looking statements. Such statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond M&T's control. Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," or "potential," by future conditional verbs such as "will," "would," "should," "could," or "may," or by variations of such words or by similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and may cause actual outcomes to differ materially from what is expressed or forecasted. While there can be no assurance that any list of risks and uncertainties is complete, important factors that could cause actual outcomes and results to differ materially from those contemplated by forward-looking statements include the following, without limitation: economic conditions and growth rates, including inflation and market volatility; events, developments and current conditions in the financial services industry, including trust, brokerage and investment management businesses; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, loan concentrations by type and industry, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; levels of client deposits; ability to contain costs and expenses; changes in M&T's credit ratings; domestic or international political developments and other geopolitical events, including trade and tariff policies and international conflicts and hostilities; changes and trends in the securities markets; common shares outstanding and common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust-, brokerage-, and investment management-related revenues; federal, state or local legislation and/or regulations affecting the financial services industry, or M&T and its subsidiaries individually or collectively, including tax policy; regulatory supervision and oversight, including monetary policy and capital requirements; governmental and public policy changes; political conditions, either nationally or in the states in which M&T and its subsidiaries do business; the initiation and outcome of potential, pending and future litigation, investigations and governmental proceedings, including tax-related examinations and other matters; operational risk events, including loss resulting from fraud by employees or persons outside M&T and breaches in data and cybersecurity; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board, regulatory agencies or legislation; increasing price, product and service competition by competitors, including new entrants; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products and services; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries' future businesses; and material differences in the actual financial results of merger, acquisition, divestment and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements. These are representative of the factors that could affect the outcome of the forward-looking statements. In addition, as noted, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, and other factors. M&T provides further detail regarding these risks and uncertainties in its Form 10-K for the year ended December 31, 2025, including in the Risk Factors section of such report, as well as in other SEC filings. Forward-looking statements speak only as of the date they are made, and M&T assumes no duty and does not undertake to update forward-looking statements. Third Quarter 2026 Results 8
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Financial Highlights Three Months Ended Nine Months Ended September 30, September 30, (Dollars in millions, except per share, shares in thousands) 2026 2025 Change 2026 2025 Change Performance Net income $ 775 $ 792 -2 % $ 2,257 $ 2,092 8 % Net income available to common shareholders 732 754 -3 2,133 1,981 8 Per common share: Basic earnings 5.08 4.85 5 14.57 12.41 17 Diluted earnings 5.04 4.82 5 14.48 12.34 17 Cash dividends 1.50 1.50 — 4.50 4.20 7 Common shares outstanding: Average - diluted 145,174 156,553 -7 147,329 160,503 -8 Period end 143,708 154,518 -7 143,708 154,518 -7 Return on (annualized): Average total assets 1.40 % 1.49 % 1.39 % 1.33 % Average common shareholders' equity 11.44 11.45 11.13 10.07 Taxable-equivalent net interest income $ 1,805 $ 1,773 2 $ 5,372 $ 5,202 3 Yield on average earning assets 5.41 % 5.60 % 5.39 % 5.54 % Cost of interest-bearing liabilities 2.44 2.72 2.38 2.71 Net interest spread 2.97 2.88 3.01 2.83 Contribution of interest-free funds .68 .81 .67 .82 Net interest margin 3.65 3.69 3.68 3.65 Net charge-offs to average total net loans (annualized) .35 .42 .30 .36 Net operating results (1) Net operating income $ 780 $ 798 -2 $ 2,274 $ 2,116 7 Diluted net operating earnings per common share 5.08 4.87 4 14.60 12.49 17 Return on (annualized): Average tangible assets 1.47 % 1.56 % 1.46 % 1.41 % Average tangible common equity 17.29 17.13 16.78 15.07 Efficiency ratio 54.4 53.6 55.1 56.3 At September 30, Loan quality 2026 2025 Change Nonaccrual loans $ 1,298 $ 1,512 -14 % Real estate and other foreclosed assets 28 37 -26 Total nonperforming assets $ 1,326 $ 1,549 -14 Accruing loans past due 90 days or more $ 570 $ 432 32 Government guaranteed loans included in totals above: Nonaccrual loans 81 71 13 Accruing loans past due 90 days or more 556 403 38 Nonaccrual loans to total loans .90 % 1.11 % Allowance for loan losses to total loans 1.51 1.59 Additional information Period end common stock price $ 217.60 $ 197.62 10 Full-service domestic banking offices (2) 906 942 -4 Full-time equivalent employees 21,562 22,383 -4 (1) Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear on page 19. (2) In the first quarter of 2026, thirteen domestic banking offices formerly classified as full service were designated as limited service per regulatory filings. Third Quarter 2026 Results 9
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Financial Highlights, Five Quarter Trend Three Months Ended September 30, June 30, March 31, December 31, September 30, (Dollars in millions, except per share, shares in thousands) 2026 2026 2026 2025 2025 Performance Net income $ 775 $ 818 $ 664 $ 759 $ 792 Net income available to common shareholders 732 781 620 718 754 Per common share: Basic earnings 5.08 5.35 4.16 4.71 4.85 Diluted earnings 5.04 5.32 4.13 4.67 4.82 Cash dividends 1.50 1.50 1.50 1.50 1.50 Common shares outstanding: Average - diluted 145,174 146,758 150,109 153,712 156,553 Period end 143,708 144,933 146,917 151,840 154,518 Return on (annualized): Average total assets 1.40 % 1.51 % 1.26 % 1.41 % 1.49 % Average common shareholders' equity 11.44 12.30 9.67 10.87 11.45 Taxable-equivalent net interest income $ 1,805 $ 1,804 $ 1,763 $ 1,790 $ 1,773 Yield on average earning assets 5.41 % 5.40 % 5.35 % 5.47 % 5.60 % Cost of interest-bearing liabilities 2.44 2.36 2.32 2.52 2.72 Net interest spread 2.97 3.04 3.03 2.95 2.88 Contribution of interest-free funds .68 .66 .67 .75 .81 Net interest margin 3.65 3.70 3.70 3.70 3.69 Net charge-offs to average total net loans (annualized) .35 .23 .31 .54 .42 Net operating results (1) Net operating income $ 780 $ 823 $ 671 $ 767 $ 798 Diluted net operating earnings per common share 5.08 5.35 4.18 4.72 4.87 Return on (annualized): Average tangible assets 1.47 % 1.59 % 1.33 % 1.49 % 1.56 % Average tangible common equity 17.29 18.57 14.51 16.24 17.13 Efficiency ratio 54.4 52.8 58.3 55.1 53.6 September 30, June 30, March 31, December 31, September 30, Loan quality 2026 2026 2026 2025 2025 Nonaccrual loans $ 1,298 $ 1,208 $ 1,240 $ 1,252 $ 1,512 Real estate and other foreclosed assets 28 23 27 35 37 Total nonperforming assets $ 1,326 $ 1,231 $ 1,267 $ 1,287 $ 1,549 Accruing loans past due 90 days or more $ 570 $ 603 $ 646 $ 561 $ 432 Government guaranteed loans included in totals above: Nonaccrual loans 81 78 85 83 71 Accruing loans past due 90 days or more 556 586 634 543 403 Nonaccrual loans to total loans .90 % .85 % .89 % .91 % 1.11 % Allowance for loan losses to total loans 1.51 1.53 1.54 1.54 1.59 Additional information Period end common stock price $ 217.60 $ 238.01 $ 206.72 $ 201.48 $ 197.62 Full-service domestic banking offices (2) 906 911 930 942 942 Full-time equivalent employees 21,562 21,662 21,866 22,080 22,383 (1) Excludes amortization and balances related to goodwill and core deposit and other intangible assets and merger-related expenses which, except in the calculation of the efficiency ratio, are net of applicable income tax effects. Reconciliations of net income with net operating income appear on page 20. (2) In the first quarter of 2026, thirteen domestic banking offices formerly classified as full service were designated as limited service per regulatory filings. Third Quarter 2026 Results 10
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Condensed Consolidated Statement of Income Three Months Ended Nine Months Ended September 30, September 30, (Dollars in millions) 2026 2025 Change 2026 2025 Change Interest income $ 2,667 $ 2,680 — % $ 7,823 $ 7,849 — % Interest expense 874 919 -5 2,486 2,680 -7 Net interest income 1,793 1,761 2 5,337 5,169 3 Provision for credit losses 135 125 8 395 380 4 Net interest income after provision for credit losses 1,658 1,636 1 4,942 4,789 3 Other income: Trust and investment services income 230 217 6 684 643 7 Mortgage banking revenues 152 147 3 406 395 3 Service charges on deposit accounts 109 105 3 322 307 5 Card revenues 90 90 — 257 257 — Letter of credit and credit-related fees 46 45 3 132 132 — Capital markets and advisory revenues 32 35 -8 109 89 23 Gain (loss) on bank investment securities (1) 1 — 5 1 — Other revenues from operations 85 112 -25 257 222 16 Total other income 743 752 -1 2,172 2,046 6 Other expense: Salaries and employee benefits 832 833 — 2,572 2,533 2 Outside data processing and software 173 138 25 471 412 14 Equipment and net occupancy 131 129 1 393 391 — Professional and other services 97 81 22 279 251 12 FDIC assessments 19 13 55 60 58 4 Advertising and marketing 29 23 26 77 70 9 Amortization of core deposit and other intangible assets 7 10 -27 23 32 -27 Other costs of operations 105 136 -23 305 367 -17 Total other expense 1,393 1,363 2 4,180 4,114 2 Income before taxes 1,008 1,025 -2 2,934 2,721 8 Income taxes 233 233 — 677 629 8 Net income $ 775 $ 792 -2 % $ 2,257 $ 2,092 8 % Third Quarter 2026 Results 11
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Condensed Consolidated Statement of Income, Five Quarter Trend Three Months Ended September 30, June 30, March 31, December 31, September 30, (Dollars in millions) 2026 2026 2026 2025 2025 Interest income $ 2,667 $ 2,620 $ 2,536 $ 2,637 $ 2,680 Interest expense 874 828 784 858 919 Net interest income 1,793 1,792 1,752 1,779 1,761 Provision for credit losses 135 120 140 125 125 Net interest income after provision for credit losses 1,658 1,672 1,612 1,654 1,636 Other income: Trust and investment services income 230 235 219 220 217 Mortgage banking revenues 152 127 127 155 147 Service charges on deposit accounts 109 107 106 105 105 Card revenues 90 89 78 87 90 Letter of credit and credit-related fees 46 44 42 47 45 Capital markets and advisory revenues 32 41 36 31 35 Gain (loss) on bank investment securities (1) 2 4 1 1 Other revenues from operations 85 95 77 50 112 Total other income 743 740 689 696 752 Other expense: Salaries and employee benefits 832 826 914 809 833 Outside data processing and software 173 154 144 146 138 Equipment and net occupancy 131 129 133 134 129 Professional and other services 97 89 93 105 81 FDIC assessments 19 18 23 (8) 13 Advertising and marketing 29 27 21 32 23 Amortization of core deposit and other intangible assets 7 7 9 10 10 Other costs of operations 105 99 101 151 136 Total other expense 1,393 1,349 1,438 1,379 1,363 Income before taxes 1,008 1,063 863 971 1,025 Income taxes 233 245 199 212 233 Net income $ 775 $ 818 $ 664 $ 759 $ 792 Third Quarter 2026 Results 12
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Condensed Consolidated Balance Sheet September 30, (Dollars in millions) 2026 2025 Change ASSETS Cash and due from banks $ 1,796 $ 1,950 -8 % Interest-bearing deposits at banks 14,342 16,751 -14 Investment securities 37,894 36,864 3 Loans held for sale 696 629 11 Loans: Commercial and industrial 66,373 61,863 7 Real estate - commercial 25,561 23,768 8 Real estate - residential 25,301 24,335 4 Consumer 27,521 26,379 4 Total loans 144,756 136,345 6 Allowance for loan losses (2,179) (2,161) 1 Net loans 142,577 134,184 6 Goodwill 8,465 8,465 — Core deposit and other intangible assets 41 74 -45 Other assets 14,699 12,360 19 Total assets $ 220,510 $ 211,277 4 % LIABILITIES AND SHAREHOLDERS' EQUITY Noninterest-bearing deposits $ 44,819 $ 44,994 — % Interest-bearing deposits 122,691 118,432 4 Total deposits 167,510 163,426 2 Short-term borrowings 6,373 2,059 209 Long-term borrowings 13,648 12,928 6 Accrued interest and other liabilities 4,820 4,136 17 Total liabilities 192,351 182,549 5 Shareholders' equity: Preferred 3,017 2,394 26 Common 25,142 26,334 -5 Total shareholders' equity 28,159 28,728 -2 Total liabilities and shareholders' equity $ 220,510 $ 211,277 4 % Third Quarter 2026 Results 13
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Condensed Consolidated Balance Sheet, Five Quarter Trend September 30, June 30, March 31, December 31, September 30, (Dollars in millions) 2026 2026 2026 2025 2025 ASSETS Cash and due from banks $ 1,796 $ 1,939 $ 1,903 $ 1,701 $ 1,950 Interest-bearing deposits at banks 14,342 15,499 14,445 17,068 16,751 Investment securities 37,894 38,374 38,621 36,649 36,864 Loans held for sale 696 663 861 1,067 629 Loans: Commercial and industrial 66,373 65,995 65,216 63,406 61,863 Real estate - commercial 25,561 24,233 22,986 23,335 23,768 Real estate - residential 25,301 25,128 24,530 24,433 24,335 Consumer 27,521 27,174 26,321 26,461 26,379 Total loans 144,756 142,530 139,053 137,635 136,345 Allowance for loan losses (2,179) (2,176) (2,136) (2,116) (2,161) Net loans 142,577 140,354 136,917 135,519 134,184 Goodwill 8,465 8,465 8,465 8,465 8,465 Core deposit and other intangible assets 41 48 55 64 74 Other assets 14,699 13,919 13,469 12,977 12,360 Total assets $ 220,510 $ 219,261 $ 214,736 $ 213,510 $ 211,277 LIABILITIES AND SHAREHOLDERS' EQUITY Noninterest-bearing deposits $ 44,819 $ 48,295 $ 45,892 $ 46,509 $ 44,994 Interest-bearing deposits 122,691 120,590 117,849 120,400 118,432 Total deposits 167,510 168,885 163,741 166,909 163,426 Short-term borrowings 6,373 4,614 7,851 2,149 2,059 Long-term borrowings 13,648 13,568 11,175 10,911 12,928 Accrued interest and other liabilities 4,820 4,248 3,997 4,364 4,136 Total liabilities 192,351 191,315 186,764 184,333 182,549 Shareholders' equity: Preferred 3,017 2,434 2,434 2,834 2,394 Common 25,142 25,512 25,538 26,343 26,334 Total shareholders' equity 28,159 27,946 27,972 29,177 28,728 Total liabilities and shareholders' equity $ 220,510 $ 219,261 $ 214,736 $ 213,510 $ 211,277 Third Quarter 2026 Results 14
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Condensed Consolidated Average Balance Sheet and Annualized Taxable-equivalent Rates Three Months Ended Change in Balance Nine Months Ended September 30, June 30, September 30, September 30, 2026 from September 30, Change 2026 2026 2025 June 30, September 30, 2026 2025 in (Dollars in millions) Balance Rate Balance Rate Balance Rate 2026 2025 Balance Rate Balance Rate Balance ASSETS Interest-bearing deposits at banks $ 14,209 3.79 % $ 15,061 3.72 % $ 17,739 4.43 % -6 % -20 % $ 15,159 3.74 % $ 19,037 4.46 % -20 % Investment securities (1) 38,552 4.33 38,728 4.29 36,559 4.15 — 5 38,378 4.28 35,466 3.98 8 Loans held for sale 682 5.48 777 5.50 637 5.85 -12 7 819 5.45 750 6.92 9 Loans: Commercial and industrial 65,887 6.00 65,883 6.00 61,687 6.45 — 7 65,139 6.00 61,234 6.41 6 Real estate - commercial 24,862 6.03 23,221 6.29 23,982 6.45 7 4 23,709 6.15 24,796 6.34 -4 Real estate - residential 25,194 4.69 24,827 4.63 24,122 4.57 1 4 24,832 4.62 23,543 4.50 5 Consumer 27,353 6.47 26,719 6.46 26,099 6.60 2 5 26,797 6.47 25,275 6.58 6 Total loans 143,296 5.86 140,650 5.89 135,890 6.15 2 5 140,477 5.87 134,848 6.09 4 Other — — — — 95 3.45 — -100 31 — 96 3.46 -67 Total earning assets 196,739 5.41 195,216 5.40 190,920 5.60 1 3 194,864 5.39 190,197 5.54 2 Goodwill 8,465 8,465 8,465 — — 8,465 8,465 — Core deposit and other intangible assets 45 51 79 -12 -43 52 86 -40 Other assets 13,611 12,800 11,589 6 17 13,043 11,141 17 Total assets $ 218,860 $ 216,532 $ 211,053 1 % 4 % $ 216,424 $ 209,889 3 % LIABILITIES AND SHAREHOLDERS' EQUITY Interest-bearing deposits: Savings and interest-checking deposits $ 108,013 1.89 % $ 105,752 1.81 % $ 104,630 2.23 % 2 % 3 % $ 106,783 1.85 % $ 103,378 2.22 % 3 % Time deposits 15,056 3.19 13,808 3.02 13,890 3.40 9 8 13,982 3.08 14,056 3.48 -1 Total interest-bearing deposits 123,069 2.05 119,560 1.95 118,520 2.36 3 4 120,765 1.99 117,434 2.37 3 Short-term borrowings 5,248 3.89 8,016 3.86 2,844 4.50 -35 85 6,318 3.87 3,013 4.50 110 Long-term borrowings 13,977 5.32 12,778 5.33 12,789 5.64 9 9 12,617 5.35 11,675 5.64 8 Total interest-bearing liabilities 142,294 2.44 140,354 2.36 134,153 2.72 1 6 139,700 2.38 132,122 2.71 6 Noninterest-bearing deposits 43,708 43,964 44,056 -1 -1 44,070 44,877 -2 Other liabilities 4,527 4,275 4,261 6 6 4,349 4,142 5 Total liabilities 190,529 188,593 182,470 1 4 188,119 181,141 4 Shareholders' equity 28,331 27,939 28,583 1 -1 28,305 28,748 -2 Total liabilities and shareholders' equity $ 218,860 $ 216,532 $ 211,053 1 % 4 % $ 216,424 $ 209,889 3 % Net interest spread 2.97 3.04 2.88 3.01 2.83 Contribution of interest-free funds .68 .66 .81 .67 .82 Net interest margin 3.65 % 3.70 % 3.69 % 3.68 % 3.65 % (1) Yields on investment securities for the nine-month period ended September 30, 2025 reflect $18 million of lower taxable-equivalent interest income resulting from an alignment of amortization periods for certain municipal bonds obtained from the acquisition of People's United Financial, Inc. Third Quarter 2026 Results 15
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Supplemental Information - Loan Balances September 30, June 30, March 31, December 31, September 30, (Dollars in millions) 2026 2026 2026 2025 2025 Commercial and industrial Commercial and industrial excluding owner-occupied real estate by industry: Financial and insurance $ 13,731 $ 13,804 $ 13,488 $ 12,749 $ 12,077 Services 8,719 8,534 8,207 7,887 7,685 Motor vehicle and recreational finance dealers 6,706 6,966 7,061 7,185 6,636 Manufacturing 6,311 6,389 6,402 6,094 6,238 Wholesale 4,473 4,330 4,343 4,373 4,244 Transportation, communications, utilities 4,456 4,199 3,928 3,883 3,754 Retail 3,347 3,319 3,302 3,087 3,112 Construction 2,412 2,445 2,305 2,260 2,205 Health services 1,811 1,707 1,835 1,816 1,779 Real estate investors 1,589 1,521 1,662 1,574 1,505 Other 1,370 1,397 1,362 1,300 1,567 Total commercial and industrial excluding owner-occupied real estate 54,925 54,611 53,895 52,208 50,802 Owner-occupied real estate by industry: Services 2,351 2,362 2,377 2,368 2,308 Motor vehicle and recreational finance dealers 2,263 2,180 2,217 2,234 2,162 Retail 1,929 1,926 1,916 1,893 1,825 Health services 1,413 1,464 1,335 1,268 1,320 Wholesale 1,079 1,035 1,029 978 975 Manufacturing 735 712 727 791 783 Real estate investors 585 607 617 616 634 Other 1,093 1,098 1,103 1,050 1,054 Total owner-occupied real estate 11,448 11,384 11,321 11,198 11,061 Total commercial and industrial 66,373 65,995 65,216 63,406 61,863 Commercial real estate Permanent finance by property type: Apartments/Multifamily 7,320 6,865 6,269 6,353 6,270 Retail/Service 4,313 4,259 4,237 4,164 4,320 Industrial/Warehouse 3,510 3,276 2,462 2,297 2,175 Office 3,066 3,147 3,282 3,423 3,487 Health services 1,841 1,583 1,507 1,548 1,554 Hotel 1,728 1,665 1,727 1,743 1,776 Other 443 180 187 180 202 Total permanent 22,221 20,975 19,671 19,708 19,784 Construction/Development 3,340 3,258 3,315 3,627 3,984 Total commercial real estate 25,561 24,233 22,986 23,335 23,768 Residential real estate Residential real estate 25,301 25,128 24,530 24,433 24,335 Consumer Home equity lines and loans 4,991 4,891 4,796 4,807 4,730 Recreational finance 15,170 14,856 14,144 14,092 14,152 Automobile 4,871 4,969 5,016 5,167 5,223 Other 2,489 2,458 2,365 2,395 2,274 Total consumer 27,521 27,174 26,321 26,461 26,379 Total loans $ 144,756 $ 142,530 $ 139,053 $ 137,635 $ 136,345 Third Quarter 2026 Results 16
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Supplemental Information - Mortgage Banking Activities Three Months Ended Change Nine Months Ended Change September 30, June 30, September 30, September 30, (Dollars in millions) 2026 2026 Amount % 2026 2025 Amount % Residential mortgage banking revenues Gains on loans originated for sale $ 9 $ 7 $ 2 30 % $ 24 $ 23 $ 1 4 % Loan servicing: Loan servicing fees 33 33 — -1 98 105 (7) -7 Changes in fair value of mortgage loan servicing right assets, net of hedging activities (16) (11) (5) -37 (40) — (40) — Loan sub-servicing and other fees 93 67 26 38 222 159 63 39 Total loan servicing 110 89 21 23 280 264 16 6 Total residential mortgage banking revenues $ 119 $ 96 $ 23 24 % $ 304 $ 287 $ 17 6 % New commitments to originate loans for sale $ 377 $ 411 $ (34) -8 % $ 1,188 $ 1,019 $ 169 17 % September 30, June 30, March 31, December 31, September 30, (Dollars in millions) 2026 2026 2026 2025 2025 Balances at period end Loans held for sale $ 249 $ 256 $ 327 $ 441 $ 327 Commitments to originate loans for sale 191 258 222 224 329 Commitments to sell loans 407 467 544 645 576 Capitalized mortgage loan servicing assets 572 540 542 287 305 Loans serviced for others 34,909 35,253 35,586 35,873 36,421 Loans sub-serviced for others 179,605 183,599 123,968 156,938 161,785 Total loans serviced for others $ 214,514 $ 218,852 $ 159,554 $ 192,811 $ 198,206 Three Months Ended Change Nine Months Ended Change September 30, June 30, September 30, September 30, (Dollars in millions) 2026 2026 Amount % 2026 2025 Amount % Commercial mortgage banking revenues Gains on loans originated for sale $ 13 $ 13 $ — — % $ 44 $ 50 $ (6) -12 % Loan servicing fees and other 20 18 2 9 58 58 — — Total commercial mortgage banking revenues $ 33 $ 31 $ 2 5 % $ 102 $ 108 $ (6) -6 % Loans originated for sale to other investors $ 737 $ 746 $ (9) -1 % $ 2,618 $ 3,138 $ (520) -17 % September 30, June 30, March 31, December 31, September 30, (Dollars in millions) 2026 2026 2026 2025 2025 Balances at period end Loans held for sale $ 263 $ 259 $ 359 $ 484 $ 278 Commitments to originate loans for sale 559 485 529 773 1,074 Commitments to sell loans 826 740 903 1,253 1,292 Capitalized mortgage loan servicing assets 132 136 138 132 123 Loans serviced for others 31,204 31,368 30,934 30,309 28,957 Loans sub-serviced for others 4,013 4,072 4,194 4,231 4,297 Total loans serviced for others $ 35,217 $ 35,440 $ 35,128 $ 34,540 $ 33,254 Third Quarter 2026 Results 17
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Supplemental Information - Other Revenues from Operations Three Months Ended Nine Months Ended September 30, June 30, Change September 30, September 30, Change (Dollars in millions) 2026 2026 Amount % 2026 2025 Amount % Bank owned life insurance revenue $ 17 $ 20 $ (3) -12 % $ 55 $ 56 $ (1) -2 % Equipment operating lease income 12 11 1 4 34 37 (3) -9 BLG income 31 47 (16) -34 111 20 91 455 Earnout payment related to 2023 sale of CIT business — — — — — 28 (28) -100 Gains on sales of out-of-footprint loan portfolio — — — — — 15 (15) -100 Gain on sale of institutional services subsidiary — — — — — 10 (10) -100 Other 25 17 8 47 57 56 1 2 Total other revenues from operations $ 85 $ 95 $ (10) -12 % $ 257 $ 222 $ 35 16 % Three Months Ended September 30, June 30, March 31, December 31, September 30, (Dollars in millions) 2026 2026 2026 2025 2025 Bank owned life insurance revenue $ 17 $ 20 $ 18 $ 19 $ 21 Equipment operating lease income 12 11 11 11 12 BLG income 31 47 33 — 20 Earnout payment related to 2023 sale of CIT business — — — — 28 Other 25 17 15 20 31 Total other revenues from operations $ 85 $ 95 $ 77 $ 50 $ 112 Supplemental Information - Interest Rate Swap Agreements Designated as Hedges at September 30, 2026 (Dollars in billions) September 30, 2026 December 31, 2026 March 31, 2027 June 30, 2027 September 30, 2027 December 31, 2027 March 31, 2028 Fair value hedges: Active $ 6.1 $ 6.1 $ 6.1 $ 6.1 $ 5.1 $ 6.4 $ 5.9 Forward-starting 1.3 1.3 1.3 1.3 1.3 — — Cash flow hedges: Active 16.7 17.5 17.0 17.7 15.2 13.9 12.7 Forward-starting 8.8 8.0 5.8 1.8 1.8 1.5 — Fair value hedges - weighted-average fixed rate: Active 3.56 % 3.56 % 3.56 % 3.56 % 3.66 % 3.85 % 3.85 % Forward-starting 4.62 4.62 4.62 4.62 4.62 — — Cash flow hedges - weighted-average fixed rate: Active 3.70 3.69 3.67 3.78 3.78 3.76 3.87 Forward-starting 3.97 4.01 4.23 4.56 4.56 4.55 — Third Quarter 2026 Results 18
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Reconciliation of Quarterly GAAP to Non-GAAP Measures Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 (Dollars in millions, except per share) Income statement data Net income Net income $ 775 $ 792 $ 2,257 $ 2,092 Amortization of core deposit and other intangible assets (1) 5 6 17 24 Net operating income $ 780 $ 798 $ 2,274 $ 2,116 Earnings per common share Diluted earnings per common share $ 5.04 $ 4.82 $ 14.48 $ 12.34 Amortization of core deposit and other intangible assets (1) .04 .05 .12 .15 Diluted net operating earnings per common share $ 5.08 $ 4.87 $ 14.60 $ 12.49 Other expense Other expense $ 1,393 $ 1,363 $ 4,180 $ 4,114 Amortization of core deposit and other intangible assets (7) (10) (23) (32) Noninterest operating expense $ 1,386 $ 1,353 $ 4,157 $ 4,082 Efficiency ratio Noninterest operating expense (numerator) $ 1,386 $ 1,353 $ 4,157 $ 4,082 Taxable-equivalent net interest income $ 1,805 $ 1,773 $ 5,372 $ 5,202 Other income 743 752 2,172 2,046 Less: Gain (loss) on bank investment securities (1) 1 5 1 Denominator $ 2,549 $ 2,524 $ 7,539 $ 7,247 Efficiency ratio 54.4 % 53.6 % 55.1 % 56.3 % Balance sheet data Average assets Average assets $ 218,860 $ 211,053 $ 216,424 $ 209,889 Goodwill (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (45) (79) (52) (86) Deferred taxes 17 24 18 25 Average tangible assets $ 210,367 $ 202,533 $ 207,925 $ 201,363 Average common equity Average total equity $ 28,331 $ 28,583 $ 28,305 $ 28,748 Preferred stock (2,890) (2,394) (2,635) (2,394) Average common equity 25,441 26,189 25,670 26,354 Goodwill (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (45) (79) (52) (86) Deferred taxes 17 24 18 25 Average tangible common equity $ 16,948 $ 17,669 $ 17,171 $ 17,828 At end of quarter Total assets Total assets $ 220,510 $ 211,277 Goodwill (8,465) (8,465) Core deposit and other intangible assets (41) (74) Deferred taxes 16 23 Total tangible assets $ 212,020 $ 202,761 Total common equity Total equity $ 28,159 $ 28,728 Preferred stock (3,017) (2,394) Common equity 25,142 26,334 Goodwill (8,465) (8,465) Core deposit and other intangible assets (41) (74) Deferred taxes 16 23 Total tangible common equity $ 16,652 $ 17,818 (1) After any related tax effect. Third Quarter 2026 Results 19
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Reconciliation of Quarterly GAAP to Non-GAAP Measures, Five Quarter Trend Three Months Ended September 30, June 30, March 31, December 31, September 30, 2026 2026 2026 2025 2025 (Dollars in millions, except per share) Income statement data Net income Net income $ 775 $ 818 $ 664 $ 759 $ 792 Amortization of core deposit and other intangible assets (1) 5 5 7 8 6 Net operating income $ 780 $ 823 $ 671 $ 767 $ 798 Earnings per common share Diluted earnings per common share $ 5.04 $ 5.32 $ 4.13 $ 4.67 $ 4.82 Amortization of core deposit and other intangible assets (1) .04 .03 .05 .05 .05 Diluted net operating earnings per common share $ 5.08 $ 5.35 $ 4.18 $ 4.72 $ 4.87 Other expense Other expense $ 1,393 $ 1,349 $ 1,438 $ 1,379 $ 1,363 Amortization of core deposit and other intangible assets (7) (7) (9) (10) (10) Noninterest operating expense $ 1,386 $ 1,342 $ 1,429 $ 1,369 $ 1,353 Efficiency ratio Noninterest operating expense (numerator) $ 1,386 $ 1,342 $ 1,429 $ 1,369 $ 1,353 Taxable-equivalent net interest income $ 1,805 $ 1,804 $ 1,763 $ 1,790 $ 1,773 Other income 743 740 689 696 752 Less: Gain (loss) on bank investment securities (1) 2 4 1 1 Denominator $ 2,549 $ 2,542 $ 2,448 $ 2,485 $ 2,524 Efficiency ratio 54.4 % 52.8 % 58.3 % 55.1 % 53.6 % Balance sheet data Average assets Average assets $ 218,860 $ 216,532 $ 213,828 $ 212,891 $ 211,053 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (45) (51) (59) (69) (79) Deferred taxes 17 17 19 22 24 Average tangible assets $ 210,367 $ 208,033 $ 205,323 $ 204,379 $ 202,533 Average common equity Average total equity $ 28,331 $ 27,939 $ 28,648 $ 28,970 $ 28,583 Preferred stock (2,890) (2,434) (2,576) (2,691) (2,394) Average common equity 25,441 25,505 26,072 26,279 26,189 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (45) (51) (59) (69) (79) Deferred taxes 17 17 19 22 24 Average tangible common equity $ 16,948 $ 17,006 $ 17,567 $ 17,767 $ 17,669 At end of quarter Total assets Total assets $ 220,510 $ 219,261 $ 214,736 $ 213,510 $ 211,277 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (41) (48) (55) (64) (74) Deferred taxes 16 17 18 20 23 Total tangible assets $ 212,020 $ 210,765 $ 206,234 $ 205,001 $ 202,761 Total common equity Total equity $ 28,159 $ 27,946 $ 27,972 $ 29,177 $ 28,728 Preferred stock (3,017) (2,434) (2,434) (2,834) (2,394) Common equity 25,142 25,512 25,538 26,343 26,334 Goodwill (8,465) (8,465) (8,465) (8,465) (8,465) Core deposit and other intangible assets (41) (48) (55) (64) (74) Deferred taxes 16 17 18 20 23 Total tangible common equity $ 16,652 $ 17,016 $ 17,036 $ 17,834 $ 17,818 (1) After any related tax effect. Third Quarter 2026 Results 20