Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 26, 2023

_________________________________________________________________

First Citizens BancShares, Inc.

(Exact name of registrant as specified in its charter)


Delaware	001-16715	56-1528994
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


4300 Six Forks Road	Raleigh	North Carolina	27609
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (919) 716-7000

________________________________________________________________________________

(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Securities Exchange Act of 1934:


Title of each class	Trading Symbol	Name of each exchange on which registered
Class A Common Stock, Par Value $1	FCNCA	Nasdaq Global Select Market
Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series A	FCNCP	Nasdaq Global Select Market
5.625% Non-Cumulative Perpetual Preferred Stock, Series C	FCNCO	Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On October 26, 2023, First Citizens BancShares, Inc. (“BancShares”) announced its results of operations for the quarter ended September 30, 2023. A copy of BancShares’ press release containing this information is attached as Exhibit 99.1 to this Current Report on Form 8-K (this “Report”) and is incorporated herein by reference. The press release is available on BancShares’ Internet site at http://www.ir.firstcitizens.com.

Item 7.01. Regulation FD Disclosure.

As previously announced, BancShares will host a conference call at 9a.m. Eastern time on Thursday, October 26, 2023, to discuss its financial results for the quarter ended September 30, 2023. The slides that will be made available in connection with the presentation are attached as Exhibit 99.2 hereto and incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information presented herein pursuant to Item 2.02, “Results of Operations and Financial Condition” and Item 7.01, “Regulation FD Disclosure,” including Exhibits 99.1 and 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall the information be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits. The following exhibits accompany this Report.


Exhibit No.						Description

99.1						Press Release dated October 26, 2023

99.2						Investor Presentation dated October 26, 2023

104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

Disclosures About Forward-Looking Statements

This Report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans, asset quality, future performance, and other strategic goals of BancShares. Words such as “anticipates,” “believes,” “estimates,” “expects,” “predicts,” “forecasts,” “intends,” “plans,” “projects,” “targets,” “designed,” “could,” “may,” “should,” “will,” “potential,” “continue”, “aims” or other similar words and expressions are intended to identify these forward-looking statements. These forward-looking statements are based on BancShares’ current expectations and assumptions regarding BancShares’ business, the economy, and other future conditions.

Because forward-looking statements relate to future results and occurrences, they are subject to inherent risks, uncertainties, changes in circumstances and other risk factors that are difficult to predict. Many possible events or factors could affect BancShares’ future financial results and performance and could cause the actual results, performance or achievements of BancShares to differ materially from any anticipated results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, general competitive, economic, political, geopolitical events (including conflicts in Ukraine, Israel and the Gaza Strip) and market conditions, including changes in competitive pressures among financial institutions and the impacts related to or resulting from recent bank failures and other volatility, the financial success or changing conditions or strategies of BancShares’ vendors or customers, including changes in demand for deposits, loans and other financial services, fluctuations in interest rates, changes in the quality or composition of BancShares’ loan or investment portfolio, actions of government regulators, including the recent and projected interest rate hikes by the Board of Governors of the Federal Reserve Board (the “Federal Reserve”), changes to estimates of future costs and benefits of actions taken by BancShares, BancShares’ ability to maintain adequate sources of funding and liquidity, the potential impact of decisions by the Federal Reserve on BancShares’ capital plans, adverse developments with respect to U.S. or global economic conditions, including the significant turbulence in the capital or financial markets, the impact of the current inflationary environment, the impact of implementation and compliance with current or proposed laws, regulations and regulatory interpretations, including the interagency proposed rule on regulatory capital, along with the risk that such laws, regulations and regulatory interpretations may change, the availability of capital and personnel, and the failure to realize the anticipated benefits of BancShares’ previous acquisition transactions, including the FDIC-assisted transaction with Silicon Valley Bridge Bank, N.A. (the “Acquisition”) and the previously completed transaction with CIT Group Inc. (“CIT”), which acquisition risks include (1) disruption from the transactions with customer, supplier or employee relationships, (2) the possibility that the amount of the costs, fees, expenses and charges related to the transactions may be greater than anticipated, including as a result of unexpected or unknown factors,

events or liabilities or increased regulatory compliance obligations or oversight, (3) reputational risk and the reaction of the parties’ customers to the transactions, (4) the risk that the cost savings and any revenue synergies from the transactions may not be realized or take longer than anticipated to be realized, (5) difficulties experienced in completing the integration of the businesses, (6) the ability to retain customers following the transactions and (7) adjustments to BancShares’ estimated purchase accounting impacts of the Acquisition.

Except to the extent required by applicable laws or regulations, BancShares disclaims any obligation to update forward-looking statements or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. Additional factors which could affect the forward-looking statements can be found in BancShares’ Annual Report on Form 10-K for the fiscal year ended December 31, 2022, its Quarterly Reports on Form 10-Q for the periods ended March 31, 2023 and June 30, 2023, and its other filings with the Securities and Exchange Commission.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

First Citizens BancShares, Inc.

(Registrant)

Date:

October 26, 2023

By: /s/ Craig L. Nix

Name: Craig L. Nix

Title: Chief Financial Officer

NEWS RELEASE

For Immediate Release

Contact:

Deanna Hart

Barbara Thompson

October 26, 2023

Investor Relations

Corporate Communications

919-716-2137

919-716-2716

FIRST CITIZENS BANCSHARES REPORTS THIRD QUARTER 2023 EARNINGS

RALEIGH, N.C. -- First Citizens BancShares, Inc. (“BancShares”) (Nasdaq: FCNCA) reported earnings for the third quarter ended September 30, 2023.

Chairman and CEO Frank B. Holding, Jr. said: “Our third quarter financial results were solid, marked by strong revenue growth and disciplined expense management. We continued to make great progress in our integration efforts with SVB. We continue to increase awareness that SVB is open for business and that we remain dedicated to supporting the innovation economy. We remain focused on managing credit risk prudently and our capital and liquidity positions remained solid due to strong earnings performance and our continued focus on core deposit gathering. We believe we are well-positioned to continue generating long-term tangible book value growth for our stockholders.”

PURCHASE AND ASSUMPTION OF CERTAIN ASSETS AND LIABILITIES OF SILICON VALLEY BRIDGE BANK FROM THE FDIC

On March 27, 2023, BancShares announced that through its banking subsidiary, First-Citizens Bank & Trust Company, it assumed all customer deposits and certain other liabilities and acquired substantially all loans and certain other assets of Silicon Valley Bridge Bank, N.A. (the “Acquisition”), as successor to Silicon Valley Bank, from the Federal Deposit Insurance Corporation (the "FDIC"). In connection with the Acquisition, BancShares identified a new business segment (the “SVB segment”) which includes the assets, liabilities and results of operations related to the Acquisition.

The Acquisition included total assets with estimated fair values of approximately $107.54 billion, total loans with estimated fair values of approximately $68.47 billion, including the Global Fund Banking, Private Bank and Technology & Life Science and Healthcare loan portfolios, and $35.31 billion in cash and interest-earning deposits at banks. BancShares also assumed approximately $56.01 billion in customer deposits and entered into a five-year note payable to the FDIC (the “Purchase Money Note”) of approximately $36.07 billion, bearing an interest rate of 3.50%. The deposits were acquired without a premium and the assets were acquired at a discount of $16.45 billion.

FINANCIAL HIGHLIGHTS

Measures referenced as adjusted below are non-GAAP financial measures (refer to the supporting tables for a reconciliation of each non-GAAP measure to the most directly comparable GAAP measure). Net income for the three months ended September 30, 2023 was $752 million compared to $682 million for the three months ended June 30, 2023. Net income available to common stockholders for the three months ended September 30, 2023 was $737 million, or $50.67 per diluted common share, a $70 million increase from $667 million, or $45.87 per diluted common share, in the second quarter of 2023.

For the third quarter, adjusted net income available to common stockholders was $813 million, or $55.92 per diluted common share, a $48 million increase from $765 million, or $52.60 per diluted common share, in the second quarter of 2023.

Third quarter 2023 results were impacted by the following notable items:

•Acquisition-related expenses of $121 million,

•Additional preliminary gain on acquisition of $12 million (net of tax),

•Intangible asset amortization of $17 million,

•Gain on sale of leasing equipment of $10 million, and

•Realized loss on sales of investment securities available for sale of $12 million.

Financial highlights comparing significant components of net income and adjusted net income from the third quarter of 2023 to the second quarter of 2023 are summarized below:

•Net interest income totaled $1.99 billion, up from $1.96 billion in the second quarter. The $29 million increase in net interest income was due to a $157 million increase in interest income, partially offset by a $128 million increase in interest expense.

•The increase in interest income of $157 million was due to increases of $73 million for interest on loans, $60 million for interest on investment securities, and $24 million for interest on interest-earning deposits at banks. The increase in interest on loans was attributable to an increase in loan accretion of $32 million, primarily related to the Acquisition, a higher yield, and loan growth in both the General Bank and Commercial Bank. The increase in interest income on investment securities was a result of a higher average balance and a higher yield. The increase in interest income on interest-earning deposits at banks was due to a higher yield.

•The $128 million increase in interest expense was due to a $194 million increase in interest expense on deposits from growth in the Direct Bank and a higher rate paid, partially offset by a $66 million decrease in borrowing costs from a lower average balance and rate paid.

•Net interest margin was 4.07%, a decrease of 3 basis points compared to the second quarter. The yield on interest-earning assets was 6.36%, an increase of 18 basis points over the second quarter. The increase in yield on interest-earning assets was primarily due to a 22 basis points increase in the yield on loans. The increase was mostly related to variable rate loan resets and the previously discussed increase in accretion on acquired loans. The increase in the yield on interest-earning assets was partially offset by a 20 basis points increase in the rate paid on interest-bearing liabilities.

•Noninterest income totaled $615 million compared to $658 million in the second quarter. The decrease was mainly related to a $43 million lower adjustment to the gain on acquisition as we further refined our estimates for the fair value of net assets acquired and liabilities assumed in the Acquisition. Additionally, the $12 million realized loss from the sale of the municipal bond portfolio acquired in the Acquisition was offset by increases of $10 million in rental income on operating lease equipment and $2 million in fee income and other service charges. Adjusted noninterest income totaled $468 million compared to $462 million in the second quarter, an increase of $6 million. The previously discussed increases from rental income on operating lease equipment and fee income and other service charges were partially offset by slight declines of $2 million in wealth management services, $2 million in merchant services, and $2 million in mortgage income.

•Noninterest expense totaled $1.42 billion compared to $1.57 billion in the second quarter, a decrease of $156 million. The decline was largely related to a reduction of $84 million in acquisition-related expenses. Adjusted noninterest expense totaled $1.13 billion compared to $1.20 billion in the second quarter, a decrease of $70 million. The decreases in noninterest expense and adjusted noninterest expense were primarily due to declines of $48 million in salaries and benefits, $16 million in equipment expense, $16 million in marketing expense, and $9 million in professional fees. The declines were partially offset by an increase of $14 million in FDIC insurance expense.

BALANCE SHEET SUMMARY

•Loans totaled $133.20 billion at September 30, 2023, an increase of $187 million compared to $133.02 billion as of June 30, 2023. The increases were mostly related to $1.10 billion of growth in the General Bank (9.7% annualized) and $1.05 billion of growth in the Commercial Bank (14.3% annualized). The growth in the Commercial Bank was broad-based given strong performance in many of our industry verticals. The increases were partially offset by a $1.94 billion decline in the SVB segment, mostly concentrated in Global Fund Banking.

•Total investment securities were $26.82 billion at September 30, 2023, an increase of $4.65 billion compared to $22.17 billion as of June 30, 2023. The increase was primarily due to purchases of approximately $5.38 billion in short duration U.S. Treasury and U.S. agency mortgage-backed investment securities available for sale during the quarter.

•Deposits totaled $146.23 billion at September 30, 2023, an increase of $5.07 billion, or 14.2% on an annualized basis, compared to $141.16 billion as of June 30, 2023. The increase was concentrated in Direct Bank deposits, which grew by $6.42 billion, partially offset by an $890 million decline in the SVB segment. Deposits in the SVB segment totaled $39.97 billion at September 30, 2023 compared to $40.86 billion as of June 30, 2023. Noninterest-bearing deposits represented 29.5% of total deposits as of September 30, 2023, compared to 31.6% of total deposits at June 30, 2023. The cost of average total deposits was 2.12% for the third quarter, up 44 basis points compared to the second quarter.

•Total borrowings decreased $2.43 billion during the third quarter, reflecting the payoff of borrowings from the Federal Home Loan Bank.

PROVISION FOR CREDIT LOSSES AND CREDIT QUALITY

•Provision for credit losses totaled $192 million for the third quarter compared to $151 million in the second quarter, an increase of $41 million. The third quarter total provision for credit losses of $192 million included a $212 million provision for loan and lease losses, partially offset by benefits for credit losses of $3 million for investment securities available for sale and $17 million for off-balance sheet credit exposure. The provision for loan and lease losses increased $43 million compared to the second quarter as a result of deterioration in macroeconomic factors, credit quality, and higher net charge-offs. The benefit for losses for off-balance sheet credit exposure was $17 million in the second and third quarters.

•Net charge-offs totaled $176 million, representing 0.53% of average loans, compared to $157 million, or 0.47% of average loans, during the second quarter. Net charge-offs in the SVB segment were $100 million, an increase of $3 million from the second quarter, and were primarily in early and growth stage investor dependent portfolios. Net charge-offs in the Commercial Bank were $58 million, an increase of $9 million from the second quarter. Consistent with prior quarters, Commercial Bank net charge-offs occurred primarily in the general office and small ticket equipment leasing portfolios.

•Nonaccrual loans were $899 million, or 0.68% of average loans, at September 30, 2023, compared to $929 million, or 0.70% of average loans, at June 30, 2023.

•The allowance for loan and lease losses totaled $1.67 billion, or 1.26% of total loans, at September 30, 2023, an increase of $36 million compared to the second quarter of 2023. The $36 million reserve build for the quarter was a result of deteriorating macroeconomic forecasts, specifically related to declining corporate profits and deterioration in the commercial real estate portfolio. These increases were partially offset by lower specific reserves and lower loan balances in the SVB segment.

CAPITAL AND LIQUIDITY

•Capital position remains strong and capital ratios are well above regulatory requirements. The estimated total risk-based capital, Tier 1 risk-based capital, Common equity Tier 1 risk-based capital, and Tier 1 leverage ratios were 15.64%, 13.82% , 13.23% , and 9.72%, respectively, at September 30, 2023.

•During the third quarter, a dividend of $0.75 per share of common stock was declared.

•Liquidity position remains strong as liquid assets were $57.02 billion at September 30, 2023 compared to $53.42 billion at June 30, 2023.

EARNINGS CALL DETAILS

BancShares will host a conference call to discuss the company's financial results on Thursday, October 26, 2023, at 9:00 a.m. Eastern time.

To access this call, dial:

United States: 1-833-470-1428

Canada: 1-833-950-0062

All other locations: 1-929-526-1599

Access code: 109282

The third quarter 2023 earnings presentation and this news release are available on the company’s website at ir.firstcitizens.com. After the event, a replay of the call will be available via webcast at ir.firstcitizens.com.

ABOUT FIRST CITIZENS BANCSHARES

First Citizens BancShares, Inc., a top 20 U.S. financial institution with more than $200 billion in assets, is the financial holding company for First-Citizens Bank & Trust Company ("First Citizens Bank"). Headquartered in Raleigh, N.C., and now celebrating the 125th anniversary of its founding, First Citizens Bank has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. First Citizens Bank, Member FDIC. Discover more at firstcitizens.com.

FORWARD-LOOKING STATEMENTS

This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans, asset quality, future performance, and other strategic goals of BancShares. Words such as “anticipates,” “believes,” “estimates,” “expects,” “predicts,” “forecasts,” “intends,” “plans,” “projects,” “targets,” “designed,” “could,” “may,” “should,” “will,” “potential,” “continue,” “aims” or other similar words and expressions are intended to identify these forward-looking statements. These forward-looking statements are based on BancShares’ current expectations and assumptions regarding BancShares’ business, the economy, and other future conditions.

resulting from recent bank failures and other volatility, the financial success or changing conditions or strategies of BancShares’ vendors or customers, including changes in demand for deposits, loans and other financial services, fluctuations in interest rates, changes in the quality or composition of BancShares’ loan or investment portfolio, actions of government regulators, including the recent and projected interest rate hikes by the Board of Governors of the Federal Reserve Board (the “Federal Reserve”), changes to estimates of future costs and benefits of actions taken by BancShares, BancShares’ ability to maintain adequate sources of funding and liquidity, the potential impact of decisions by the Federal Reserve on BancShares’ capital plans, adverse developments with respect to U.S. or global economic conditions, including the significant turbulence in the capital or financial markets, the impact of the current inflationary environment, the impact of implementation and compliance with current or proposed laws, regulations and regulatory interpretations, including the interagency proposed rule on regulatory capital, along with the risk that such laws, regulations and regulatory interpretations may change, the availability of capital and personnel, and the failure to realize the anticipated benefits of BancShares’ previous acquisition transactions, including the Acquisition and the previously completed transaction with CIT Group Inc. (“CIT”), which acquisition risks include (1) disruption from the transactions with customer, supplier or employee relationships, (2) the possibility that the amount of the costs, fees, expenses and charges related to the transactions may be greater than anticipated, including as a result of unexpected or unknown factors, events or liabilities or increased regulatory compliance obligations or oversight, (3) reputational risk and the reaction of the parties’ customers to the transactions, (4) the risk that the cost savings and any revenue synergies from the transactions may not be realized or take longer than anticipated to be realized, (5) difficulties experienced in completing the integration of the businesses, (6) the ability to retain customers following the transactions and (7) adjustments to BancShares’ estimated purchase accounting impacts of the Acquisition.

NON-GAAP MEASURES

Certain measures in this release and supporting tables, including those referenced as “Adjusted,” are “non-GAAP”, meaning they are not presented in accordance with generally accepted accounting principles in the U.S. and also are not codified in U.S. banking regulations currently applicable to BancShares. BancShares believes that non-GAAP financial measures, when reviewed in conjunction with GAAP financial information, can provide transparency about or an alternative means of assessing its operating results and financial position to its investors, analysts and management. Each non-GAAP measure is reconciled to the most comparable GAAP measure in the non-GAAP reconciliation table below and notable items are summarized in a separate table.


Dollars in millions, except per share data

										YTD			YTD
Summary Financial Data & Key Metrics	3Q23			2Q23			3Q22			9/30/23			9/30/22
Results of Operations:
Net interest income	$	1,990		$	1,961		$	795		$	4,801		$	2,144
Provision for credit losses	192			151			60			1,126			566
Net interest income after provision for credit losses	1,798			1,810			735			3,675			1,578
Noninterest income	615			658			433			11,532			1,707
Noninterest expense	1,416			1,572			760			3,843			2,315
Income before income taxes	997			896			408			11,364			970
Income tax expense	245			214			93			412			129
Net income	752			682			315			10,952			841
Preferred stock dividends	15			15			12			44			36
Net income available to common stockholders	$	737		$	667		$	303		$	10,908		$	805
Adjusted net income available to common stockholders(1)	$	813		$	765		$	326		$	1,870		$	895
Pre-tax, pre-provision net revenue (PPNR)(1)	$	1,189		$	1,047		$	468		$	12,490		$	1,536

Per Share Information:
Diluted earnings per common share (EPS)	$	50.67		$	45.87		$	19.25		$	750.19		$	50.70
Adjusted diluted earnings per common share (EPS)(1)	55.92			52.60			20.77			128.64			56.40
Book value per common share	1,343.52			1,300.93			597.75			1,343.52			597.75
Tangible book value per common share (TBV)(1)	1,297.00			1,253.20			564.97			1,297.00			564.97

Key Performance Metrics:
Return on average assets (ROA)	1.41		%	1.31		%	1.16		%	7.81		%	1.04		%
Adjusted ROA(1)	1.55			1.49			1.24			1.37			1.15
PPNR ROA(1)	2.23			2.00			1.72			8.91			1.89
Adjusted PPNR ROA(1)	2.48			2.34			1.86			2.16			1.58
Return on average common equity (ROE)	15.20			14.35			12.49			90.46			11.18
Adjusted ROE(1)	16.77			16.46			13.47			15.51			12.44
Return on average tangible common equity (ROTCE)(1)	15.76			14.91			13.17			94.17			11.80
Adjusted ROTCE(1)	17.39			17.10			14.20			16.15			13.13
Efficiency ratio	54.34			60.06			61.91			23.53			60.10
Adjusted efficiency ratio(1)	46.04			49.65			53.32			49.85			57.25
Net interest margin (NIM)(2)	4.07			4.10			3.42			3.94			3.08

Select Balance Sheet Items at Period End:
Total investment securities	$	26,818		$	22,171		$	18,841
Total loans and leases	133,202			133,015			69,790
Total operating lease equipment, net	8,661			8,531			7,984
Total deposits	146,233			141,164			87,553
Total borrowings	37,712			40,139			8,343
Loan to deposit ratio	91.09		%	94.23		%	79.71		%
Noninterest-bearing deposits to total deposits	29.50			31.56			30.37

Capital Ratios at Period End: (3)
Total risk-based capital ratio	15.64		%	15.84		%	13.46		%
Tier 1 risk-based capital ratio	13.82			14.00			11.36
Common equity Tier 1 ratio	13.23			13.38			10.37
Tier 1 leverage capital ratio	9.72			9.50			9.31

Asset Quality at Period End:
Nonaccrual loans to total loans and leases	0.68		%	0.70		%	0.65		%	0.68		%	0.65		%
Allowance for loan and lease losses (ALLL) to loans and leases	1.26			1.23			1.26			1.26			1.26
Net charge-off ratio	0.53			0.47			0.10			0.45			0.11

(1) Denotes a non-GAAP measure. Refer to the non-GAAP reconciliation subsequently included in these materials for a reconciliation to the most directly comparable GAAP measure. “Adjusted” items exclude the impact of Notable Items.
(2) Calculated net of credit balances of factoring clients and credit balances of factoring deposits.
(3) Capital ratios for the current quarter are preliminary pending completion of quarterly regulatory filings.


Dollars in millions, except share and per share data

							YTD		YTD
Income Statement (unaudited)	3Q23		2Q23		3Q22		9/30/23		9/30/22
Interest income
Interest and fees on loans	$	2,426	$	2,353	$	785	$	5,796	$	2,061
Interest on investment securities	180		120		90		407		262
Interest on deposits at banks	504		480		31		1,071		50
Total interest income	3,110		2,953		906		7,274		2,373
Interest expense
Deposits	769		575		78		1,632		159
Borrowings	351		417		33		841		70
Total interest expense	1,120		992		111		2,473		229
Net interest income	1,990		1,961		795		4,801		2,144
Provision for credit losses	192		151		60		1,126		566
Net interest income after provision for credit losses	1,798		1,810		735		3,675		1,578
Noninterest income
Rental income on operating lease equipment	248		238		219		719		640
Fee income and other service charges	70		68		41		185		112
Client investment fees	52		52		—		106		—
Wealth management services	49		51		35		140		107
International fees	34		33		3		71		7
Service charges on deposit accounts	44		44		21		112		76
Factoring commissions	21		20		24		60		78
Cardholder services, net	41		41		25		103		76
Merchant services, net	12		14		8		36		27
Insurance commissions	13		14		11		40		34
Realized loss on sale of investment securities available for sale, net	(12)		—		—		(26)		—
Fair value adjustment on marketable equity securities, net	(1)		(10)		(2)		(20)		(5)
Bank-owned life insurance	1		2		8		8		25
Gain on sale of leasing equipment, net	10		4		2		18		13
Gain on acquisition	12		55		—		9,891		431
Gain on extinguishment of debt	—		—		1		—		7
Other noninterest income	21		32		37		89		79
Total noninterest income	615		658		433		11,532		1,707
Noninterest expense
Depreciation on operating lease equipment	95		91		87		275		257
Maintenance and other operating lease expenses	51		56		52		163		142
Salaries and benefits	727		775		353		1,922		1,054
Net occupancy expense	65		64		47		179		143
Equipment expense	117		133		55		308		161
Professional fees	12		21		11		44		34
Third-party processing fees	54		54		27		138		77
FDIC insurance expense	36		22		5		76		26
Marketing expense	25		41		15		81		32
Acquisition-related expenses	121		205		33		354		202
Intangible asset amortization	17		18		5		40		17
Other noninterest expense	96		92		70		263		170
Total noninterest expense	1,416		1,572		760		3,843		2,315
Income before income taxes	997		896		408		11,364		970
Income tax expense	245		214		93		412		129
Net income	$	752	$	682	$	315	$	10,952	$	841
Preferred stock dividends	15		15		12		44		36
Net income available to common stockholders	$	737	$	667	$	303	$	10,908	$	805

Basic earnings per common share	$	50.71	$	45.90	$	19.27	$	750.79	$	50.76
Diluted earnings per common share	$	50.67	$	45.87	$	19.25	$	750.19	$	50.70
Weighted average common shares outstanding (basic)	14,528,310		14,528,134		15,711,976		14,527,718		15,849,219
Weighted average common shares outstanding (diluted)	14,539,133		14,537,938		15,727,993		14,539,383		15,867,314


Dollars in millions

Balance Sheet (unaudited)	September 30, 2023		June 30, 2023		September 30, 2022
Assets
Cash and due from banks	$	791	$	917	$	481
Interest-earning deposits at banks	36,704		37,846		6,172
Securities purchased under agreements to resell	549		298		—
Investment in marketable equity securities	75		76		92
Investment securities available for sale	16,661		11,894		9,088
Investment securities held to maturity	10,082		10,201		9,661
Assets held for sale	58		117		21
Loans and leases	133,202		133,015		69,790
Allowance for loan and lease losses	(1,673)		(1,637)		(882)
Loans and leases, net of allowance for loan and lease losses	131,529		131,378		68,908
Operating lease equipment, net	8,661		8,531		7,984
Premises and equipment, net	1,768		1,782		1,410
Goodwill	346		346		346
Other intangible assets	329		347		145
Other assets	6,212		5,769		5,002
Total assets	$	213,765	$	209,502	$	109,310

Liabilities
Deposits:
Noninterest-bearing	$	43,141	$	44,547	$	26,587
Interest-bearing	103,092		96,617		60,966
Total deposits	146,233		141,164		87,553
Credit balances of factoring clients	1,282		1,067		1,147
Borrowings:


Short-term borrowings	453		454		3,128




Long-term borrowings	37,259		39,685		5,215
Total borrowings	37,712		40,139		8,343
Other liabilities	8,149		7,361		2,434
Total liabilities	$	193,376	$	189,731	$	99,477

Stockholders’ equity
Preferred stock	881		881		881
Common stock:
Class A - $1 par value	14		14		14
Class B - $1 par value	1		1		1
Additional paid in capital	4,106		4,106		4,506
Retained earnings	16,267		15,541		5,160
Accumulated other comprehensive loss	(880)		(772)		(729)
Total stockholders’ equity	20,389		19,771		9,833
Total liabilities and stockholders’ equity	$	213,765	$	209,502	$	109,310


Dollars in millions, except share per share data

Notable Items (1)							YTD		YTD
	3Q23		2Q23		3Q22		9/30/23		9/30/22
Noninterest income
Rental income on operating lease equipment (2)	$	(146)	$	(147)	$	(139)	$	(438)	$	(399)
Realized loss on sale of investment securities available for sale, net	12		—		—		26		—
Fair value adjustment on marketable equity securities, net	1		10		2		20		5
Gain on sale of leasing equipment, net	(10)		(4)		(2)		(18)		(13)
Gain on acquisition	(12)		(55)		—		(9,891)		(431)
Gain on extinguishment of debt	—		—		(1)		—		(7)

Other noninterest income (3)	8		—		(5)		8		(11)
Impact of notable items on adjusted noninterest income	$	(147)	$	(196)	$	(145)	$	(10,293)	$	(856)
Noninterest expense
Depreciation on operating lease equipment (2)	(95)		(91)		(87)		(275)		(257)
Maintenance and other operating lease equipment expense (2)	(51)		(56)		(52)		(163)		(142)
Acquisition-related expenses	(121)		(205)		(33)		(354)		(202)
Intangible asset amortization	(17)		(18)		(5)		(40)		(17)

Other noninterest expense (4)	—		—		(6)		—		18
Impact of notable items on adjusted noninterest expense	$	(284)	$	(370)	$	(183)	$	(832)	$	(600)

Day 2 provision for loan and lease losses and off-balance sheet exposure	$	—	$	—	$	—	$	(716)	$	(513)
Benefit for credit losses on investment securities available for sale	3		1		—		—		—
Impact of notable items on adjusted provision for credit losses	$	3	$	1	$	—	$	(716)	$	(513)
Impact of notable items on adjusted pre-tax income	$	134	$	173	$	38	$	(8,745)	$	257
Income tax impact (5)	58		75		15		293		167
Impact of notable items on adjusted net income	$	76	$	98	$	23	$	(9,038)	$	90
Impact of notable items on adjusted diluted EPS	$	5.25	$	6.73	$	1.52	$	(621.55)	$	5.70

(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 the Company’s performance. Refer to subsequent pages of this earnings release for a reconciliation of Non-GAAP measures to the most directly comparable GAAP measures.

(2) Depreciation and maintenance and other operating lease expenses are reclassified from noninterest expense to a reduction of rental income on operating lease equipment. There is no net impact to earnings for this notable item as adjusted noninterest income and expense are reduced by the same amount. Adjusted rental income on operating lease equipment (Non-GAAP) is net of depreciation and maintenance expense for operating lease equipment. Management believes this measure enhances comparability to banking peers, primarily due to the extent of our rail and other equipment rental activities. Refer to subsequent pages of this earnings release for a reconciliation of Non-GAAP measures to the most directly comparable GAAP measure.

(3) Notable items included in other noninterest income consist of a measurement period adjustment related to FX translation in 3Q23 and YTD23 and a railcar lease settlement in 3Q22 in addition to the gain on sale of the corporate jet in YTD22.

(4) Notable items included in other noninterest expense consist of an impairment on corporate real estate in 3Q22 in addition to the termination of legacy CIT post-retirement plans in YTD22.

(5) For the periods presented the income tax impact may include tax discrete items and changes in the estimated annualized effective tax rate.


Dollars in millions, except share and per share data

Condensed Income Statements (unaudited) - Adjusted for Notable Items (1)							YTD		YTD
	3Q23		2Q23		3Q22		9/30/23		9/30/22




Interest income	$	3,110	$	2,953	$	906	$	7,274	$	2,373



Interest expense	1,120		992		111		2,473		229
Net interest income	1,990		1,961		795		4,801		2,144
Provision for credit losses	195		152		60		410		53
Net interest income after provision for credit losses	1,795		1,809		735		4,391		2,091
















Noninterest income	468		462		288		1,239		851













Noninterest expense	1,132		1,202		577		3,011		1,715
Income before income taxes	1,131		1,069		446		2,619		1,227
Income tax expense	303		289		108		705		296
Net income	$	828	$	780	$	338	$	1,914	$	931
Preferred stock dividends	15		15		12		44		36
Net income available to common stockholders	$	813	$	765	$	326	$	1,870	$	895

Basic earnings per common share	$	55.96	$	52.64	$	20.79	$	128.74	$	56.46
Diluted earnings per common share	55.92		52.60		20.77		128.64		56.40
Weighted average common shares outstanding (basic)	14,528,310		14,528,134		15,711,976		14,527,718		15,849,219
Weighted average common shares outstanding (diluted)	14,539,133		14,537,938		15,727,993		14,539,383		15,867,314

(1) The GAAP income statements and notable items are included previously in this communication. The condensed adjusted income statements above (Non-GAAP) exclude the impacts of notable items. Refer to the Non-GAAP reconciliation table(s) at the end of this earnings release for a reconciliation of Non-GAAP measures to the most directly comparable GAAP measure.


Dollars in millions

Loans and Leases by Class (end of period)	September 30, 2023		June 30, 2023		September 30, 2022
Loans and Leases by Class
Commercial
Commercial construction	$	3,382	$	3,182	$	2,752
Owner-occupied commercial mortgages	15,230		14,748		14,053
Non-owner-occupied commercial mortgages	10,941		10,733		9,683
Commercial and industrial	26,389		25,376		24,288
Leases	2,108		2,130		2,184
Total commercial	$	58,050	$	56,169	$	52,960

Consumer
Residential mortgage	$	14,287	$	14,065	$	12,910
Revolving mortgage	1,909		1,900		1,923
Consumer auto	1,411		1,425		1,385
Consumer other	681		657		612
Total consumer	$	18,288	$	18,047	$	16,830

SVB
Global fund banking	$	27,516	$	29,333	$	—
Investor dependent - early stage	1,718		1,840		—
Investor dependent - growth stage	3,948		4,052		—
Innovation C&I and cash flow dependent	8,724		8,905		—
Private Bank	9,648		9,580		—
CRE	2,629		2,530		—
Other	2,681		2,559		—
Total SVB	$	56,864	$	58,799	$	—
Total loans and leases	$	133,202	$	133,015	$	69,790
Less: allowance for loan and lease losses	(1,673)		(1,637)		(882)
Total loans and leases, net of allowance for loan and lease losses	$	131,529	$	131,378	$	68,908




Deposits by Type (end of period)	September 30, 2023		June 30, 2023		September 30, 2022
Demand	$	43,141	$	44,547	$	26,587
Checking with interest	23,461		24,809		16,118
Money market	30,082		29,149		21,818
Savings	32,513		26,389		14,722
Time	17,036		16,270		8,308
Total deposits	$	146,233	$	141,164	$	87,553


Dollars in millions

										YTD			YTD
Credit Quality and Allowance for Loan and Lease Losses	3Q23			2Q23			3Q22			9/30/23			9/30/22
Nonaccrual loans	$	899		$	929		$	454
Ratio of nonaccrual loans to total loans	0.68		%	0.70		%	0.65		%

Charge-offs	$	(199)		$	(176)		$	(33)		$	(437)		$	(107)
Recoveries	23			19			15			54			52
Net charge-offs	$	(176)		$	(157)		$	(18)		$	(383)		$	(55)
Net charge-off ratio	0.53		%	0.47		%	0.10		%	0.45		%	0.11		%


Allowance for loan and lease losses to loans ratio	1.26		%	1.23		%	1.26		%

Allowance for loan and lease losses - beginning	$	1,637		$	1,605		$	850		$	922		$	178
Initial PCD ALLL	—			20			—			220			272
Day 2 provision for loan and lease losses	—			—			—			462			454
Provision for loan and lease losses	212			169			50			452			33
Net charge-offs	(176)			(157)			(18)			(383)			(55)
Allowance for loan and lease losses - ending	$	1,673		$	1,637		$	882		$	1,673		$	882


Dollars in millions
Average Balance Sheets, Yields and Rates	3Q23						2Q23						3Q22
	Avg Balance		Income/Expense		Yield/Rate		Avg Balance		Income/Expense		Yield/Rate		Avg Balance		Income/Expense		Yield/Rate
Loans and leases (1)(2)	$	131,926	$	2,426	7.29	%	$	133,407	$	2,353	7.07	%	$	67,413	$	785	4.63	%
Investment securities	24,388		177		2.90		19,806		117		2.36		19,119		90		1.88
Securities purchased under agreements to resell	223		3		5.28		191		3		4.92		—		—		—
Interest-earning deposits at banks	37,456		504		5.34		38,014		480		5.07		5,685		31		2.17
Total interest-earning assets (2)	$	193,993	$	3,110	6.36	%	$	191,418	$	2,953	6.18	%	$	92,217	$	906	3.90	%

Operating lease equipment, net (including held for sale)	$	8,617					$	8,405					$	7,981
Cash and due from banks	911						1,161						489
Allowance for loan and lease losses	(1,714)						(1,600)						(851)
All other noninterest-earning assets	10,187						9,925						8,133
Total assets	$	211,994					$	209,309					$	107,969
Interest-bearing deposits
Checking with interest	$	24,600	$	134	2.10	%	$	24,164	$	118	1.92	%	$	16,160	$	7	0.14	%
Money Market	29,684		179		2.40		29,066		148		2.04		22,993		32		0.55
Savings	29,988		303		4.01		21,979		188		3.44		13,956		28		0.78
Time deposits	16,686		153		3.64		14,958		121		3.24		8,436		11		0.54
Total interest-bearing deposits	100,958		769		3.02		90,167		575		2.56		61,545		78		0.50
Borrowings:
Securities sold under customer repurchase agreements	454		—		0.35		456		1		0.31		617		1		0.16
ST FHLB Borrowings	—		—		—		110		1		5.17		1,188		8		2.60
Short-term borrowings	454		—		0.35		566		2		1.26		1,805		9		1.77
Federal Home Loan Bank borrowings	444		6		5.47		5,558		74		5.35		1,784		11		2.48
Senior unsecured borrowings	382		2		2.46		798		4		2.11		898		5		2.05
Subordinated debt	1,042		10		3.65		1,045		10		3.59		1,054		8		3.21
Other borrowings	35,831		333		3.68		35,168		327		3.74		67		—		4.47
Long-term borrowings	37,699		351		3.69		42,569		415		3.91		3,803		24		2.62
Total borrowings	38,153		351		3.65		43,135		417		3.88		5,608		33		2.34
Total interest-bearing liabilities	$	139,111	$	1,120	3.19	%	$	133,302	$	992	2.99	%	$	67,153	$	111	0.66	%

Noninterest-bearing deposits	$	43,085					$	47,271					$	26,877
Credit balances of factoring clients	1,209						1,168						1,089
Other noninterest-bearing liabilities	8,473						8,047						2,351
Stockholders' equity	20,116						19,521						10,499
Total liabilities and stockholders’ equity	$	211,994					$	209,309					$	107,969

Net interest income			$	1,990					$	1,961					$	795
Net interest spread (2)					3.17	%					3.19	%					3.24	%
Net interest margin (2)					4.07	%					4.10	%					3.42	%

(1) Loans and leases include non-PCD and PCD loans, nonaccrual loans and held for sale. Interest income on loans and leases includes accretion income and loan fees.
(2) The balance and rate presented is calculated net of credit balances of factoring clients.
Note: Certain items above do not precisely recalculate as presented due to rounding.


Dollars in millions
Average Balance Sheets, Yields and Rates	YTD 9/30/2023						YTD 9/30/2022
	Avg Balance		Income/Expense		Yield/Rate			Avg Balance		Income/Expense		Yield/Rate
Loans and leases (1)(2)	$	113,189	$	5,796	6.84	%		$	65,411	$	2,061	4.21	%
Investment securities	21,222		401		2.52			19,264		262		1.81
Securities purchased under agreements to resell	139		6		5.12			—		—		—
Interest-earning deposits at banks	27,794		1,071		5.15			8,242		50		0.81
Total interest-earning assets (2)	$	162,344	$	7,274	5.98	%		$	92,917	$	2,373	3.41	%

Operating lease equipment, net (including held for sale)	$	8,421						$	7,960
Cash and due from banks	891							517
Allowance for loan and lease losses	(1,420)							(871)
All other noninterest-earning assets	17,193							8,102
Total assets	$	187,429						$	108,625
Interest-bearing deposits
Checking with interest	$	21,783	$	274	1.63	%		$	16,437	$	16	0.11	%
Money Market	26,686		407		2.04			24,875		65		0.35
Savings	23,208		601		3.46			13,640		48		0.47
Time deposits	14,606		350		3.20			9,004		30		0.45
Total interest-bearing deposits	86,283		1,632		2.53			63,956		159		0.33
Borrowings:
Securities sold under customer repurchase agreements	455		1		0.32			615		1		0.16
ST FHLB Borrowings	145		5		4.79			400		8		2.60
Short-term borrowings	600		6		1.40			1,015		9		1.12
Federal Home Loan Bank borrowings	3,084		120		5.22			941		15		2.10
Senior unsecured borrowings	686		11		2.16			1,497		21		1.85
Subordinated debt	1,045		29		3.59			1,057		24		3.07
Other borrowings	24,450		675		3.69			79		1		2.87
Long-term borrowings	29,265		835		3.81			3,574		61		2.30
Total borrowings	29,865		841		3.76			4,589		70		2.04
Total interest-bearing liabilities	$	116,148	$	2,473	2.85	%		$	68,545	$	229	0.45	%

Noninterest-bearing deposits	$	39,007						$	26,253
Credit balances of factoring clients	1,129							1,146
Other noninterest-bearing liabilities	14,143							2,184
Stockholders' equity	17,002							10,497
Total liabilities and stockholders’ equity	$	187,429						$	108,625

Net interest income			$	4,801						$	2,144
Net interest spread (2)					3.13	%						2.96	%
Net interest margin (2)					3.94	%						3.08	%
(1) Loans and leases include non-PCD and PCD loans, nonaccrual loans and held for sale. Interest income on loans and leases includes accretion income and loan fees.
(2) The balance and rate presented is calculated net of credit balances of factoring clients.
Note: Certain items above do not precisely recalculate as presented due to rounding.


Dollars in millions, except share and per share data

								YTD		YTD
Non-GAAP Reconciliations		3Q23		2Q23		3Q22		9/30/2023		9/30/2022

Net income and EPS
Net income (GAAP)	a	$	752	$	682	$	315	$	10,952	$	841
Preferred stock dividends		15		15		12		44		36
Net income available to common stockholders (GAAP)	b	737		667		303		10,908		805
Total notable items, after income tax	c	76		98		23		(9,038)		90
Adjusted net income (non-GAAP)	d = (a+c)	828		780		338		1,914		931
Adjusted net income available to common stockholders (non-GAAP)	e = (b+c)	$	813	$	765	$	326	$	1,870	$	895
Weighted average common shares outstanding
Basic	f	14,528,310		14,528,134		15,711,976		14,527,718		15,849,219
Diluted	g	14,539,133		14,537,938		15,727,993		14,539,383		15,867,314
EPS (GAAP)
Basic	b/f	$	50.71	$	45.90	$	19.27	$	750.79	$	50.76
Diluted	b/g	50.67		45.87		19.25		750.19		50.70
Adjusted EPS (non-GAAP)
Basic	e/f	$	55.96	$	52.64	$	20.79	$	128.74	$	56.46
Diluted	e/g	55.92		52.60		20.77		128.64		56.40

Noninterest income and expense
Noninterest income	h	$	615	$	658	$	433	$	11,532	$	1,707
Impact of notable items, before income tax		(147)		(196)		(145)		(10,293)		(856)
Adjusted or core noninterest income	i	$	468	$	462	$	288	$	1,239	$	851

Noninterest expense	j	$	1,416	$	1,572	$	760	$	3,843	$	2,315
Impact of notable items, before income tax		(284)		(370)		(183)		(832)		(600)
Adjusted or core noninterest expense	k	$	1,132	$	1,202	$	577	$	3,011	$	1,715

Provision for credit losses
Provision for credit losses		$	192	$	151	$	60	$	1,126	$	566
Less: Day 2 provision for loan and lease losses and off-balance sheet exposure		—		—		—		716		513
Plus: Benefit for credit losses on investment securities available for sale		3		1		—		—		—
Adjusted provision for credit losses		$	195	$	152	$	60	$	410	$	53

PPNR
Net income (GAAP)	a	$	752	$	682	$	315	$	10,952	$	841
Plus:
Provision for credit losses		192		151		60		1,126		566
Income tax expense (benefit)		245		214		93		412		129
PPNR (non-GAAP)	l	$	1,189	$	1,047	$	468	$	12,490	$	1,536
Impact of notable items (1)		137		174		38		(9,461)		(256)
Adjusted PPNR (non-GAAP)	m	$	1,326	$	1,221	$	506	$	3,028	$	1,279


(1) Excludes the notable items for the provision for credit losses and income taxes as these items are excluded from PPNR as presented in the table above.
Note: Certain items above do not precisely recalculate as presented due to rounding.


Dollars in millions, except share and per share data


											YTD			YTD
Non-GAAP Reconciliations (continued)		3Q23			2Q23			3Q22			9/30/2023			9/30/2022

ROA
Net income (GAAP)	a	$	752		$	682		$	315		$	10,952		$	841
Annualized net income	n = a annualized	2,983			2,734			1,250			14,642			1,124
Adjusted net income (non-GAAP)	d	828			780			338			1,914			931
Annualized adjusted net income	p = d annualized	3,286			3,126			1,341			2,560			1,245
Average assets	o	211,994			209,309			107,969			187,429			108,625
ROA	n/o	1.41		%	1.31		%	1.16		%	7.81		%	1.04		%
Adjusted ROA	p/o	1.55			1.49			1.24			1.37			1.15

PPNR ROA
PPNR (non-GAAP)	l	$	1,189		$	1,047		$	468		$	12,490		$	1,536
Annualized PPNR	q = l annualized	4,717			4,200			1,858			16,699			2,054
Adjusted PPNR (non-GAAP)	m	1,326			1,221			506			3,028			1,279
Annualized PPNR	r = m annualized	5,261			4,893			2,009			4,049			1,710
PPNR ROA	q/o	2.23		%	2.00		%	1.72		%	8.91		%	1.89		%
Adjusted PPNR ROA	r/o	2.48			2.34			1.86			2.16			1.58

ROE and ROTCE
Annualized net income available to common stockholders	s = b annualized	$	2,923		$	2,675		$	1,202		$	14,583		$	1,076
Annualized adjusted net income available to common stockholders	t = e annualized	$	3,225		$	3,067		$	1,293		$	2,501		$	1,197
Average stockholders' equity (GAAP)		$	20,116		$	19,521		$	10,499		$	17,002		$	10,497
Less: average preferred stock		881			881			881			881			875
Average common stockholders' equity (non-GAAP)	u	$	19,235		$	18,640		$	9,618		$	16,121		$	9,622
Less: average goodwill		346			346			346			346			346
Less: average other intangible assets		338			357			148			290			162
Average tangible common equity (non-GAAP)	v	$	18,551		$	17,937		$	9,124		$	15,485		$	9,114
ROE	s/u	15.20		%	14.35		%	12.49		%	90.46		%	11.18		%
Adjusted ROE	t/u	16.77			16.46			13.47			15.51			12.44
ROTCE	s/v	15.76			14.91			13.17			94.17			11.80
Adjusted ROTCE	t/v	17.39			17.10			14.20			16.15			13.13

Tangible common equity to tangible assets
Stockholders' equity (GAAP)	w	$	20,389		$	19,771		$	9,833
Less: preferred stock		881			881			881
Common equity (non-GAAP)	x	$	19,508		$	18,890		$	8,952
Less: goodwill		346			346			346
Less: other intangible assets		329			347			145
Tangible common equity (non-GAAP)	y	$	18,833		$	18,197		$	8,461
Total assets (GAAP)	z	213,765			209,502			109,310
Tangible assets (non-GAAP)	aa	213,090			208,809			108,819
Total equity to total assets	w/z	9.54		%	9.44		%	9.00		%
Tangible common equity to tangible assets (non-GAAP)	y/aa	8.84			8.71			7.78

Note: Certain items above do not precisely recalculate as presented due to rounding.



Dollars in millions, except share and per share data


											YTD			YTD
Non-GAAP Reconciliations (continued)		3Q23			2Q23			3Q22			9/30/2023			9/30/2022

Book value and tangible book value per common share
Common shares outstanding at period end	bb	14,520,103			14,520,034			14,976,129
Book value per share	x/bb	$	1,343.52		$	1,300.93		$	597.75
Tangible book value per share	y/bb	1,297.00			1,253.20			564.97

Efficiency ratio
Net interest income	cc	$	1,990		$	1,961		$	795		$	4,801		$	2,144
Efficiency ratio (GAAP)	j / (h + cc)	54.34		%	60.06		%	61.91		%	23.53		%	60.10		%
Adjusted efficiency ratio (non-GAAP)(1)	k / (i + cc)	46.04			49.65			53.32			49.85		%	57.25		%


























Rental income on operating lease equipment
Rental income on operating lease equipment		$	248		$	238		$	219		$	719		$	640
Less:
Depreciation on operating lease equipment		95			91			87			275			257
Maintenance and other operating lease expenses		51			56			52			163			142
Adjusted rental income on operating lease equipment		$	102		$	91		$	80		$	281		$	241

Income tax expense
Income tax expense		$	245		$	214		$	93		$	412		$	129
Impact of notable items		58			75			15			293			167
Adjusted income tax expense		$	303		$	289		$	108		$	705		$	296


Note: Certain items above do not precisely recalculate as presented due to rounding.

First Citizens BancShares, Inc. Third Quarter 2023 Earnings Conference Call October 26, 2023

2 Agenda Pages Section I – Third Quarter Overview & Business Update 4 – 9 Section II – Third Quarter 2023 Financial Results 10 – 32 Financial Highlights 11 – 12 Earnings Highlights 13 Net interest income, margin and interest rate sensitivity 14 – 17 Noninterest income and expense 18 – 20 Balance Sheet Highlights 21 Loans and Leases 22 – 23 Deposits and Funding Mix 24 – 26 Allowance and Credit Quality Trends 27 – 31 Capital 32 Section III – Financial Outlook 33 – 34 Section IV – Appendix 35 – 50 Section V – Non-GAAP Reconciliations 51 – 56

3 Forward Looking Statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans, asset quality, future performance and other strategic goals of First Citizens BancShares, Inc. ("BancShares“). Words such as “anticipates,” “believes,” “estimates,” “expects,” “predicts,” “forecasts,” “intends,” “plans,” “projects,” “targets,” “designed,” “could,” “may,” “should,” “will,” “potential,” “continue”, “aims” or other similar words and expressions are intended to identify these forward-looking statements. These forward-looking statements are based on BancShares’ current expectations and assumptions regarding BancShares’ business, the economy, and other future conditions. Because forward-looking statements relate to future results and occurrences, they are subject to inherent risks, uncertainties, changes in circumstances and other risk factors that are difficult to predict. Many possible events or factors could affect BancShares’ future financial results and performance and could cause the actual results, performance or achievements of BancShares to differ materially from any anticipated results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, general competitive, economic, political, geopolitical events (including conflicts in Ukraine, Israel and the Gaza Strip) and market conditions, including changes in competitive pressures among financial institutions and the impacts related to or resulting from recent bank failures and other volatility, the financial success or changing conditions or strategies of BancShares’ vendors or clients, including changes in demand for deposits, loans and other financial services, fluctuations in interest rates, changes in the quality or composition of BancShares’ loan or investment portfolio, actions of government regulators, including the recent and projected interest rate hikes by the Board of Governors of the Federal Reserve Board (the “Federal Reserve”), changes to estimates of future costs and benefits of actions taken by BancShares, BancShares’ ability to maintain adequate sources of funding and liquidity, the potential impact of decisions by the Federal Reserve on BancShares’ capital plans, adverse developments with respect to U.S. or global economic conditions, including the significant turbulence in the capital or financial markets, the impact of the current inflationary environment, the impact of implementation and compliance with current or proposed laws, regulations and regulatory interpretations, including the interagency proposed rule on regulatory capital, along with the risk that such laws, regulations and regulatory interpretations may change, the availability of capital and personnel, and the failure to realize the anticipated benefits of BancShares’ previous acquisition transactions, including the previously completed FDIC- assisted transaction with Silicon Valley Bridge Bank, N.A. (“SVB acquisition”) and the previously completed transaction with CIT Group Inc. (“CIT”), which acquisition risks include (1) disruption from the transactions with client, supplier or employee relationships, (2) the possibility that the amount of the costs, fees, expenses and charges related to the transactions may be greater than anticipated, including as a result of unexpected or unknown factors, events or liabilities or increased regulatory compliance obligations or oversight, (3) reputational risk and the reaction of the parties’ clients to the transactions, (4) the risk that the cost savings and any revenue synergies from the transactions may not be realized or take longer than anticipated to be realized, (5) difficulties experienced in completing the integration of the businesses, (6) the ability to retain clients following the transactions and (7) adjustments to BancShares’ estimated purchase accounting impacts of the SVB acquisition. Except to the extent required by applicable laws or regulations, BancShares disclaims any obligation to update forward-looking statements or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. Additional factors which could affect the forward-looking statements can be found in BancShares’ Annual Report on Form 10-K for the fiscal year ended December 31, 2022, its Quarterly Reports on Form 10-Q for the periods ended March 31, 2023, June 30, 2023, and its other filings with the Securities and Exchange Commission (the “SEC”). Non-GAAP Measures Certain measures in this presentation are “Non-GAAP,” meaning they are not presented in accordance with generally accepted accounting principles in the U.S. and also are not codified in U.S. banking regulations currently applicable to BancShares. BancShares believes that Non-GAAP financial measures, when reviewed in conjunction with GAAP financial information, can provide transparency about or an alternative means of assessing its operating results and financial position to its investors, analysts and management. Certain financial results referenced as “Adjusted” in this presentation exclude notable items. The Adjusted financial measures are Non-GAAP. Refer to Section V of this presentation for a reconciliation of Non-GAAP measures to the most directly comparable GAAP measure. Reclassifications In certain instances, amounts reported in prior period consolidated financial statements have been reclassified to conform to the current financial statement presentation. Such reclassifications had no effect on previously reported stockholders’ equity or net income. The methodologies that we use to allocate items among our segments are dynamic and may be updated periodically to reflect enhanced expense base allocation drivers, changes in the risk profile of a segment or changes in our organizational structure. Accordingly, financial results may be revised periodically to reflect these enhancements. Important Notices

Third Quarter Overview & Business Update Section I

5 Third Quarter 2023 Snapshot First Citizens continued to deliver strong performance demonstrating the benefits that increased scale and diversified offerings bring to the franchise. Key Accomplishments: ■ Achieved positive operating leverage driven by strong revenue growth and continued disciplined expense management. ■ Achieved solid net interest income growth driven by the benefits of the SVB acquisition and higher earning asset balances and yield. ■ Sustained growth in deposits driven by our Direct Bank channel further strengthening our liquidity position. ■ Capital position remained strong. Financial Highlights: Adjusted EPS (1) $55.92 Adjusted ROE / ROA (1) 16.77% / 1.55% NIM 4.07% Adjusted Efficiency Ratio (1) 46.04% CET1 ratio 13.23% Deposit growth (2) 14.2% (1) Non-GAAP metric. Refer to the Non-GAAP Section V of this presentation for notable item details and a reconciliation of the Non-GAAP to GAAP measures. (2) Deposit growth percentage is annualized.

6 ◦ Refreshed capital plan and integrated liquidity monitoring to include SVB. ◦ Filed initial regulatory reporting as a combined organization. ◦ Identified areas of focus given increased size and complexity. Activities to support these focus ares remain on track. Large Bank Program (Regulatory Readiness) Key Activities 1 2 3Maintain & grow market position as an important partner in the innovation economy Build trust with our client base & defend against competition Retain key talent and optimize the workforce to drive revenue growth Integration Priorities ▪ Conducted robust client outreach program to stabilize deposits. ▪ Established leadership team at SVB and set initial strategic priorities. ▪ Stabilized key talent and began workforce optimization. Stabilization Strategic Assessment ▪ Completed initial round of business unit strategic assessments. ▪ Established key integration initiatives. ▪ Completed initial strategic planning cycle as a combined company. ▪ Developed detailed integration plans using results from the strategic assessments. ▪ Continued focus on supporting the innovation economy. ▪ Kicked off legacy SVB Private conversion. ▪ Continued progress on cost saving initiatives. Integration MATERIALLY COMPLETE IN PROGRESS Maintain sound risk management practices COMPLETE Continued Progress on SVB Integration Initiatives

7 Strategic Priorities Grow Core Lines of Business • Allocate capital and investments to grow lines of business with the highest returns and opportunity. Scale Talent with an Eye Towards the Future • Attract, retain and develop associates who align with our long-term direction and culture while scaling for continued growth. Optimize Capital & Core Funding • Continue to optimize core funding by growing lower cost deposits. • Use innovation to facilitate growth, expand revenue opportunities and reduce cost of delivery while building a foundation for the future. Manage Risk Effectively • Continue to manage risk within our defined risk appetite. • Align risk management activities to support our move to the large financial institution framework. Maintain Positive Operating Leverage • Identify areas to enhance revenue and control costs beyond acquisition synergy goals. Deliver value from SVB acquisition • Maintain position as an important partner for the innovation economy. • Continue to rebuild trust with legacy SVB client base. • Focus on retaining legacy SVB talent and driving revenue growth. • Leverage complementary capabilities and cultural attributes to differentiate our value proposition throughout customers' life cycle.

8 First Citizens is Committed to SVB and the Innovation Economy We remain fully committed to supporting our clients and the innovation economy and are well-positioned to help navigate these challenging market conditions. Committed to the innovation economy ▪ We launched a new nationwide advertising campaign ‘Yes, SVB’ intended to increase awareness of SVB’s continued presence, ongoing commitment, experienced team and leadership position helping investors and innovators scale and succeed. ▪ We continued to invest in the SVB business as demonstrated by the release of ‘SVB Go’ an online digital banking platform designed to support our clients needs by facilitating easier interactions. Trusted partner ▪ We remain a trusted partner to innovation clients as we have been for 40 years by providing banking services, debt-financing solutions and industry partnerships to companies and investors. ▪ Our partnerships stretch beyond our wide range of product offerings and include a collection of intangible knowledge based on our extensive experience that is critical for successful innovation companies. ▪ We facilitate committed partnership with our clients to promote better outcomes. State of the market ▪ Innovation economy fundraising activity remains muted as the dynamic macroeconomic environment leads to continued client cash burn and a decline in VC investment. ▪ VC dry powder remains elevated but capital deployment is likely to remain slow in the near-term. ▪ Capital markets have continued to be volatile in 2023 reducing exit values and leading many companies to postpone public offerings. Robust, resilient markets ▪ We remain confident in the long-term growth opportunity of the innovation economy. ▪ We believe the innovation economy is better-positioned today to weather a downturn than in past cycles. ▪ As we have seen in prior slowdowns in the exit markets, including the early 2000s, the Global Financial Crisis, early 2016 and 2022, a slowdown period typically lasts 12-18 months as VC/PE firms historically jumped in to take advantage of depressed private company valuations.

9 Premier wealth products & services New England Mid- Atlantic New York Georgia Florida Southern California Northern California Mountain States (AWA) Texas Carolinas & Virginia Cash Management: • Deposit Products & Services • Fixed Income Solutions • Online Banking • Personalized Banking Services Lending Solutions: • Mortgages • Home Equity Lines • Securities Based Lending • Private Stock • Working Capital • Net Asset Value Lending • Bridge Loans • Specialty Lending Personal Trust: • Estate Planning / Generational Transition • Investment Management • Tax Planning • Fiduciary Services • Trust & Estate Administration • Family Office Services Institutional Trust: • Investment Management • Retirement Plans • Philanthropic Services • Custody Services • Escrow Services Broker Dealer / RIA: • Goals-Based Financial Planning • Investment Management • Protection / Risk Management Areas of growth opportunity: • Financial planning for families and entities as well as philanthropic & charitable services • Multigenerational transfers • Asset protection Wealth Management Alignment & Synergies New leadership structure developed to align SVB Private in our Wealth Management organization to improve coordination and enhance our commitment to creating a premier private banking & wealth business. A complementary combination: • Synergies in geographic footprints and offerings elevate proficiencies and service opportunities in both legacy organizations Legacy FCB Legacy SVB Included per discussions with Hope & reviewed content with Wealth

Third Quarter 2023 Financial Results Section II

11 3Q23 Financial Results - Takeaways Quarter-to-date Year-to-date Mar 23 Dec 22 Mar 22 Mar 23 Dec 21 EPS $ 16.67 $ 20.94 $ 19.25 $ 20.77 $ 12.09 $ 12.82 $ 67.40 $ 77.24 $ 53.88 $ 51.88 ROE 11.05 % 13.89 % 12.49 % 13.47 % 10.96 % 11.63 % 11.15 % 12.78 % 12.84 % 12.36 % ROTCE 11.70 % 14.71 % 13.17 % 14.20 % 12.00 % 12.72 % 11.78 % 13.50 % 14.12 % 13.60 % ROA 0.93 % 1.15 % 1.16 % 1.24 % 1.20 % 1.09 % 1.01 % 1.15 % 1.33 % 1.10 % PPNR ROA 1.70 % 1.81 % 1.72 % 1.86 % 1.33 % 1.17 % 1.84 % 1.64 % 1.41 % 1.11 % NIM 3.36 % 3.36 % 3.40 % 3.40 % 2.56 % 2.56 % 3.14 % 3.14 % 2.55 % 2.55 % Net charge-off ratio 0.14 % 0.14 % 0.10 % 0.10 % 0.04 % 0.04 % 0.12 % 0.12 % 0.08 % 0.08 % Efficiency ratio 61.74 % 54.08 % 61.91 % 53.32 % 65.40 % 62.51 % 60.50 % 56.40 % 64.43 % 64.34 % Reported Adjusted (Non-GAAP) Reported Adjusted (Non-GAAP) Reported Adjusted (Non-GAAP) Reported Adjusted (Non-GAAP) Reported Adjusted (Non-GAAP) Strong EPS, ROE and ROA performance.1 Solid net interest income and NIM performance.2 Continued low levels of private equity/ venture capital activity remain a headwind for loan and deposit growth in the SVB segment. 6 Net charge-offs increased during the quarter driven by continued headwinds in the general office and the innovation portfolios. 7 Sustained deposit growth momentum driven by the Direct Bank channel. 5 Another quarter of PPNR growth leading to further improvement in the efficiency ratio.3 Loan growth was strong in the General and Commercial Bank segments. 4 Office-related CRE exposure remains limited and CRE-related reserve build continued. 8 Maintained a strong balance sheet position in terms of capital and liquidity due to strong earnings and deposit growth. 9 Continued to implement, review and develop plans for the large bank program and proposed regulatory changes. 10

12 Quarter-to-date Sep 23 Jun 23 Sep 22 EPS $ 50.67 $ 55.92 $ 45.87 $ 52.60 $ 19.25 $ 20.77 ROE 15.20 % 16.77 % 14.35 % 16.46 % 12.49 % 13.47 % ROTCE 15.76 17.39 14.91 17.10 13.17 14.20 ROA 1.41 1.55 1.31 1.49 1.16 1.24 PPNR ROA 2.23 2.48 2.00 2.34 1.72 1.86 NIM 4.07 4.07 4.10 4.10 3.42 3.42 Net charge-off ratio 0.53 0.53 0.47 0.47 0.10 0.10 Efficiency ratio 54.34 46.04 60.06 49.65 61.91 53.32 Reported Adjusted (Non-GAAP) Reported Adjusted (Non-GAAP) Reported Adjusted (Non-GAAP) 3Q23 Financial Highlights Quarter-to-date Year-to-date Mar 23 Dec 22 Mar 22 Mar 23 Dec 21 EPS $ 16.67 $ 20.94 $ 19.25 $ 20.77 $ 12.09 $ 12.82 $ 67.40 $ 77.24 $ 53.88 $ 51.88 ROE 11.05 % 13.89 % 12.49 % 13.47 % 10.96 % 11.63 % 11.15 % 12.78 % 12.84 % 12.36 % ROTCE 11.70 % 14.71 % 13.17 % 14.20 % 12.00 % 12.72 % 11.78 % 13.50 % 14.12 % 13.60 % ROA 0.93 % 1.15 % 1.16 % 1.24 % 1.20 % 1.09 % 1.01 % 1.15 % 1.33 % 1.10 % PPNR ROA 1.70 % 1.81 % 1.72 % 1.86 % 1.33 % 1.17 % 1.84 % 1.64 % 1.41 % 1.11 % NIM 3.36 % 3.36 % 3.40 % 3.40 % 2.56 % 2.56 % 3.14 % 3.14 % 2.55 % 2.55 % Net charge-off ratio 0.14 % 0.14 % 0.10 % 0.10 % 0.04 % 0.04 % 0.12 % 0.12 % 0.08 % 0.08 % Efficiency ratio 61.74 % 54.08 % 61.91 % 53.32 % 65.40 % 62.51 % 60.50 % 56.40 % 64.43 % 64.34 % Reported Adjusted (Non-GAAP) Reported Adjusted (Non-GAAP) Reported Adjusted (Non-GAAP) Reported Adjusted (Non-GAAP) Reported Adjusted (Non-GAAP) Note – Adjusted ratios exclude notable items. Refer to the Non-GAAP Section V of this presentation for notable item details and a reconciliation of the Non-GAAP to GAAP measures.

13 Reported Increase (decrease) QTD 2Q23 3Q22 3Q23 2Q23 3Q22 $ % $ % Net interest income $ 1,990 $ 1,961 $ 795 $ 29 1.5 % $ 1,195 150.4 % Noninterest income 615 658 433 (43) (6.6) 182 42.2 Net revenue 2,605 2,619 1,228 (14) (0.5) 1,377 112.1 Noninterest expense 1,416 1,572 760 (156) (10.0) 656 86.4 Pre-provision net revenue 1,189 1,047 468 142 13.6 721 154.1 Provision for credit losses 192 151 60 41 27.3 132 226.2 Income before income taxes 997 896 408 101 11.4 589 144.2 Income taxes 245 214 93 31 14.8 152 162.6 Net income 752 682 315 70 10.3 437 138.7 Preferred stock dividends 15 15 12 0 3.8 3 24.9 Net income available to common stockholders $ 737 $ 667 $ 303 $ 70 10.5 % $ 434 143.3 % Adjustment for notable items 3Q23 2Q23 3Q22 Noninterest income $ (147) $ (196) $ (145) Noninterest expense (284) (370) (183) Provision for credit losses 3 1 — Income taxes 58 75 15 Adjusted (Non-GAAP) Increase (decrease) QTD 2Q23 3Q22 3Q23 2Q23 3Q22 $ % $ % Net interest income $ 1,990 $ 1,961 $ 795 $ 29 1.5 % $ 1,195 150.4 % Noninterest income 468 462 288 6 1.3 180 62.4 Net revenue 2,458 2,423 1,083 35 1.4 1,375 127.0 Noninterest expense 1,132 1,202 577 (70) (5.9) 555 96.0 Pre-provision net revenue 1,326 1,221 506 105 8.6 820 162.1 Provision for credit losses 195 152 60 43 28.5 135 230.8 Income before income taxes 1,131 1,069 446 62 5.9 685 153.4 Income taxes 303 289 108 14 4.9 195 181.6 Net income 828 780 338 48 6.3 490 144.4 Preferred stock dividends 15 15 12 0 3.8 3 24.9 Net income available to common stockholders $ 813 $ 765 $ 326 $ 48 6.3 % $ 487 148.9 % Quarter-to-Date Earnings Highlights ($ in millions) Note – Adjusted amounts exclude notable items. Refer to the Non-GAAP Section V of this presentation for notable item details and a reconciliation of the Non-GAAP to GAAP measures.

14 $795 $802 $850 $1,961 $1,990 3.42% 3.39% 3.41% 4.10% 4.07% NII NIM 3Q22 4Q22 1Q23 2Q23 3Q23 $2,441 $2,946 2.55% 3.14% YTD Dec 21 YTD Dec 22 3Q23 vs 2Q23 Net interest income increased by $29 million due to a $157 million increase in interest income, partially offset by a $128 million increase in interest expense. The change in net interest income was primarily due to the following: ◦ $73 million increase in interest income on loans due to loan accretion ($32 million) and a higher yield, partially offset by a lower average balance, ◦ $60 million increase in interest on investment securities due to a higher average balance and yield, ◦ $24 million increase in interest income on overnight investments due to a higher yield, and a ◦ $66 million decrease in borrowing costs primarily due to the pay down of FHLB borrowings, and a lower rate paid; partially offset by a ◦ $194 million increase in interest expense on deposits due to deposit growth, and a higher rate paid. NIM contracted by 3 basis points from 4.10% to 4.07%. See the following page for a rollforward of NIM between 2Q23 and 3Q23. YTD December 2022 vs YTD December 2021 Net interest income increased by $505 million due to a $483 million increase in interest income and a $22 million decrease in interest expense. The change in net interest income was primarily due to the following: ◦ $256 million increase on interest income on loans due to a higher yield and growth offset by lower SBA- PPP interest and fee income and lower accretion income, ◦ $138 million increase in interest income on investment securities due to higher yield and average balance, ◦ $118 million decline in interest expense on borrowings due to a lower rate and average balance, ◦ $89 million increase in interest income on overnight investments due to a higher yield despite a lower average balance; partially offset by a ◦ $96 million increase in interest expense on deposits due to a higher rate paid. NIM expanded from 2.55% to 3.14%. $505 million & 59 bps Highlights $29 million & (-3 bps) 3Q23 vs 3Q22 Net interest income increased by $1.2 billion due to a $2.2 billion increase in interest income, partially offset by a $1.0 billion increase in interest expense. The change in net interest income was primarily due to the following: ◦ $1.6 billion increase in interest income on loans due to a higher average balance and increased loan accretion ($263 million) both as a result of the SVB acquisition, an increase in loan yield, and loan growth in the General Bank and Commercial Bank, ◦ $473 million increase in interest on overnight investments due to a higher yield and higher average balance resulting from the SVB acquisition; partially offset by a ◦ $691 million increase in interest expense on deposits due to a higher average balance resulting from the SVB acquisition, deposit growth, and a higher rate paid, and a ◦ $318 million increase in interest expense on borrowings primarily due to the Purchase Money Note related to the SVB acquisition. NIM expanded 65 basis points from 3.42% to 4.07%. See the following page for a rollforward of NIM between 3Q22 and 3Q23. Net interest income and margin (NIM) ($ in millions)

15 3.42% 1.30% 0.76% 0.44% (1.29)% (0.36)% (0.20)% 4.07% 3Q22 Loan yield Yield on investments & FFS Purchase accounting Deposit rate Funding mix Debt rate 3Q23 3Q22 to 3Q23 (+65 bps) NIM Rollforward 4.10% 0.12% 0.11% 0.10% 0.05% 0.05% 0.03% (0.24)% (0.13)% (0.12)% 4.07% 2Q23 Yield on investments & FFS Debt volume Loan yield Purchase accounting Debt rate Investments & FFS volume Deposit rate Deposit volume Loan volume 3Q23 2Q23 to 3Q23 (-3 bps) (1) (1) (1) Includes purchase accounting impact between March 27, 2023 and March 31, 2023. (1) FFS represents Fed Funds Sold. (1)

16 3Q23 Interest Rate Sensitivity Highlights ◦ Continued asset sensitive interest rate risk profile. The magnitude of asset sensitivity increased with the SVB acquisition primarily due to: ◦ Higher cash balances to manage liquidity risk from acquired portfolios and businesses, ◦ Addition of a fixed rate Purchase Money Note, increasing liability duration (~$36 billion at September 30, 2023), and a ◦ Increase in loans that are primarily linked to floating rate indices (~$57 billion at September 30, 2023). ◦ Net interest income is projected to increase 9.2% over the next 12 months for an immediate +100 bps parallel shift (shock) in the yield curve and increase 4.4% for a gradual shift (ramp) of +100 bps. ◦ Net interest income is projected to decrease 9.4% over the next 12 months for an immediate -100 bps parallel shift (shock) in the yield curve and decrease 4.5% for a gradual shift (ramp) of -100 bps. ◦ Deposit betas are modeled at approximately 35% - 40%. Actual betas will be dependent on liquidity needs, behavior of acquired deposits, deposit mix and levels of overall competition. ◦ Approximately 65 - 70% of our loans are floating indexed primarily to Prime, SOFR and LIBOR. ◦ The duration of our investment portfolio is ~3.1 years and helps to mitigate earnings risk in a down rate environment. (18.9)% (9.4)% (2.3)% 2.3% 9.2% 18.3% (9.0)% (4.5)% (1.1)% 1.1% 4.4% 8.8% Shock Ramp Down 200 Down 100 Down 25 Up 25 Up 100 Up 200 (25.0)% (20.0)% (15.0)% (10.0)% (5.0)% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Illustrative impacts to NII & NIM 4Q23 1Q24 2Q24 3Q24 ($ in millions) NII NIM NII NIM NII NIM NII NIM +100 bps shock $ 162 0.32 % $ 182 0.36 % $ 174 0.34 % $ 171 0.33 % +100 bps ramp 13 0.03 60 0.12 106 0.21 154 0.30 -100 bps ramp (13) (0.03) (60) (0.12) (107) (0.21) (155) (0.30) -100 bps shock (164) (0.32) (185) (0.36) (178) (0.35) (176) (0.34) (1) Net interest income and margin rate sensitivity Note – The above information is an illustrative example of changes in net interest income and net interest margin using a static balance sheet and forward swap curves in place as of the end of September. Actual results may differ from above. (1) Impacts to NII and NIM may change due to actual results being different than modeled expectations.

17 Historical and Forecasted Cumulative Deposit Beta Highlights • Expect cumulative deposit beta to continue increasing with a terminal beta of approximately 43% as we continue to increase deposits in the Direct Bank and interest rates remain higher for longer. Actual betas will be dependent on liquidity needs, behavior of acquired deposits, deposit mix and levels of overall competition. • The quarter-over-quarter increase in the mid/high beta categories is primarily driven by balance growth in the Direct Bank as part of our liquidity management activities. • Mid/higher beta categories: ◦ > 30% beta on Direct Bank and SVB money market, savings and time deposit accounts. ◦ 10 to 30% beta on branch network money market accounts and Community Association Banking checking with interest and money market accounts. • Lower beta categories: ◦ 0 to 10% beta on total noninterest bearing deposits and branch network checking with interest and savings accounts. 59% 56% 58% 54% 43% 41% 44% 42% 46% 57% Mid/higher beta categories Lower beta categories 3Q22 4Q22 1Q23 2Q23 3Q23 14% 23% 30% 37% 40% 43% 42% Actual cumulative beta Expected cumulative beta 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 Actual Forecast Terminal beta 124 bps 168 bps 212 bps Rate paid on deposits 78 bps

18 $433 $429 $658 $615 $288 $290 $309 $462 $468 $145 $139 $141 $135 $55 $12 3Q22 4Q22 1Q23 2Q23 3Q23 $295 $135 1Q23 SVB contribution $1,940 $2,136 $996 $1,141 $944 $995 YTD Dec 21 YTD Dec 22 3Q23 vs 2Q23 Noninterest income decreased by $43 million. Adjusted noninterest income (1) increased by $6 million. Significant components included: ◦ $11 million increase in gross rental income on operating lease equipment due to increased utilization and a higher lease rate, and a ◦ $2 million increase in fee income and other service charges; partially offset by a ◦ $3 million decrease in other noninterest income spread among various accounts, ◦ $2 million decrease in wealth management fees due to a decline in assets under management at SVB, and a ◦ $2 million decrease in merchant services due to a lower purchase volume. Notable items decreased by $49 million. Significant components included: ◦ $43 million reduction in adjustments to the gain on acquisition, ◦ $12 million increase in realized losses on the sale of investment securities due to a strategic exit of the acquired SVB municipal bond portfolio, and a ◦ $9 million decrease in unfavorable fair value adjustments on marketable equity securities. YTD22 vs YTD21 Noninterest income increased $196 million. Significant components of the change were: ◦ Rental income on operating leases increased $91 million due to the same reasons as in the linked quarter. Expenses on operating lease equipment declined $16 million resulting in a $107 million increase in adjusted rental income. ◦ Cardholder services income, net increased $15 million due to higher volume and fee income and other service charges increased $14 million, primarily due to higher capital markets and portfolio servicing fees. ◦ Wealth management services increased $13 million due to increased brokerage transactions and higher assets under management. ◦ Other noninterest income increased $63 million spread among various line items, including a $431 million bargain purchase gain, partially offset by a $147 million decline in investment gains and a $188 million decline in gains on asset and loan sales. Highlights Noninterest income ($ in millions) Core: ### increase 3Q23 vs 3Q22 Noninterest income increased by $182 million. Adjusted noninterest income (1) increased by $180 million primarily due to the impacts of the SVB acquisition. Significant components included: ◦ $52 million increase in client investment fees earned for managing off-balance sheet client funds primarily in the SVB segment, ◦ $31 million increase in international fees which are FX fees primarily in the SVB segment, ◦ $29 million increase in fee income and other service charges, ◦ $23 million increase in service charges on deposits, and a ◦ $22 million increase in rental income on operating lease equipment due to increased utilization and a higher lease rate. Notable Items increased by $2 million. Significant components included: ◦ $12 million increase in adjustments to the gain on acquisition, ◦ $8 million increase in gain on sale of leasing equipment, and a ◦ $7 million increase in rental income on operating leases; partially offset by a ◦ $13 million decrease in other noninterest income, and a ◦ $12 million increase in realized losses on the sale of investment securities. (1) Adjusted amounts exclude notable items. Refer to the Non-GAAP Section V of this presentation for notable item details and a reconciliation of the Non-GAAP to GAAP measures. (2) Excludes gain on acquisition as it is broken out separately. $10,259 $126 Adjusted (Non-GAAP) (1) Notable items (2) Gain on acquisition $9,824 $145 - total notable items $147 - total notable items $468 - total adjusted (Non-GAAP) (1) $9,950 total notable items $196 total notable items $147 total notable items

19 Notable items $760 $760 $855 $1,572 $1,416 $577 $590 $677 $1,202 $1,132 $183 $170 $178 $370 $284 2Q22 3Q22 4Q22 1Q23 2Q23 Highlights 3Q23 vs 3Q22 Noninterest expense increased by $656 million. Adjusted noninterest expense (1) increased by $555 million primarily due to the impacts of the SVB acquisition. Significant components included: ◦ $374 million increase in salaries and benefits, ◦ $62 million increase in equipment expense, ◦ $32 million increase in other noninterest expense spread among various accounts, and a ◦ $27 million increase in third-party processing fees. Notable items increased by $101 million. Significant components included: ◦ $88 million increase in acquisition-related expenses, and a ◦ $12 million increase in intangible asset amortization. Adjusted efficiency ratio (1) improved from 53.32% to 46.04%. 3Q23 vs 2Q23 Noninterest expense decreased by $156 million. Adjusted noninterest expense (1) decreased by $70 million. Significant components included: ◦ $48 million decrease in salaries and benefits, ◦ $16 million decrease in equipment expense, ◦ $16 million decrease in marketing costs primarily due to lower Direct Bank marketing; partially offset by a ◦ $14 million increase in FDIC insurance expense. Notable items decreased by $86 million. Significant components included: ◦ $84 million decrease in acquisition-related expenses. Adjusted efficiency ratio (1) improved from 49.65% to 46.04%. YTD22 vs YTD21 Noninterest expense increased $252 million. Significant components of the change were: ◦ Merger-related expenses increased $194 million. ◦ Salaries and benefits expense increased $53 million as a result of merger-related costs, wage increases, revenue- based incentives and temporary personnel costs, partially offset by net staff reductions. ◦ Marketing costs increased $23 million due to the same reasons as the quarterly increases. ◦ Third-party processing expenses increased $14 million and other operating expenses increased $14 million; ◦ Partially offset by an $18 million reduction in FDIC insurance premiums, a $16 million decline in expenses on operating leases, and a $12 million reduction in professional fees. Efficiency ratio improved from 64.43% to 60.50%. Adjusted efficiency ratio improved from 64.34% to 56.40% as adjusted net revenue grew 19% and adjusted noninterest expense grew 4%. Noninterest expense ($ in millions) $2,823 $3,075 $2,212 $2,305 $611 $770 YTD Dec 21 YTD Dec 22 Adjusted (Non-GAAP) (1) (1) Adjusted noninterest expense and adjusted efficiency ratio are Non-GAAP and exclude notable items. Refer to the Non-GAAP Section V of this presentation for notable item details and a reconciliation of the Non-GAAP to GAAP measures.

20 64% 10% 6% 20% Personnel ($727) Equipment ($117) Net occupancy ($65) Other expense ($223) 22% 15% 11% 11% 11% 9% 7% 6% 5% 3% Adjusted rental income on operating lease equipment ($102) Fee income and other service charges ($70) Cardholder and merchant services, net ($53) Client investment fees ($52) Wealth management services ($49) Service charges on deposit accounts ($44) International fees ($34) Other income ($30) Factoring commissions ($21) Insurance commissions ($13) Adjusted noninterest income (Non-GAAP) Adjusted noninterest expense (Non-GAAP) 3Q23 Noninterest income and expense composition ($ in millions) Note - Adjusted noninterest income and adjusted noninterest expense are Non-GAAP and exclude notable items. Refer to the Non-GAAP Section V of this presentation for notable item details and a reconciliation of the Non-GAAP to GAAP measures.

21 21 Increase (decrease) 3Q23 vs 2Q23 (1) 3Q23 vs 3Q22 (1) SELECT PERIOD END BALANCES 3Q23 2Q23 3Q22 $ % $ % Interest-earning deposits at banks $ 36,704 $ 37,846 $ 6,172 $ (1,142) (12.0) % $ 30,532 494.6 % Investment securities 26,818 22,171 18,841 4,647 83.2 7,977 42.3 Loans and leases 133,202 133,015 69,790 187 0.6 63,412 90.9 Operating lease equipment, net (2) 8,661 8,531 7,984 130 6.0 677 8.5 Deposits 146,233 141,164 87,553 5,069 14.2 58,680 67.0 Noninterest bearing deposits 43,141 44,547 26,587 (1,406) (12.5) 16,554 62.3 Borrowings 37,712 40,139 8,343 (2,427) (24.0) 29,369 352.0 Tangible common stockholders’ equity (non-GAAP) (3) 18,833 18,197 8,461 636 13.9 10,372 122.6 Common stockholders' equity 19,508 18,890 8,952 618 13.0 10,556 117.9 Total stockholders' equity 20,389 19,771 9,833 618 12.4 10,556 107.4 Increase (decrease) KEY METRICS 3Q23 2Q23 3Q22 3Q23 vs 2Q23 3Q23 vs 3Q22 Common equity Tier 1 (CET1) capital ratio 13.23 % 13.38 % 10.37 % (0.15) % 2.86 % Book value per common share $ 1,343.52 $ 1,300.93 $ 597.75 $ 42.59 $ 745.77 Tangible book value per common share (non-GAAP) (3) 1,297.00 1,253.20 564.97 43.80 732.03 Tangible capital to tangible assets (non-GAAP) (3) 8.84 % 8.71 % 7.78 % 0.13 % 1.06 % Loan to deposit ratio 91.09 94.23 79.71 (3.14) 11.38 ALLL to total loans and leases 1.26 1.23 1.26 0.03 — Noninterest bearing deposits to total deposits 29.50 31.56 30.37 (2.06) (0.87) Total liquid assets (available cash + HQLS) $ 57,019 $ 53,421 $ 19,161 $ 3,598 $ 37,858 Total liquidity (liquid assets & contingent sources) 145,633 139,447 30,865 6,186 114,768 Total liquidity / uninsured deposits (4) 277.00 % 263.65 % 111.54 % 13.35 % 165.46 % Balance Sheet Highlights ($ in millions, except per share data) (1) Percent change is annualized and is calculated using unrounded numbers. (2) Operating lease equipment, net includes $7.9 billion of rail assets. (3) Refer to the Non-GAAP Section V of this presentation for a reconciliation of the Non-GAAP to GAAP measures. (4) Public funds total $3.6 billion at 9/30/23, of which $3.4 billion are considered uninsured for regulatory reporting purposes. However, these deposits are collateralized and included as part of the total insured calculation above.

22 $69,790 $70,781 $138,288 $133,015 $133,202 $41,693 $43,212 $43,632 $44,978 $46,077 $28,097 $27,569 $28,485 $29,234 $30,261 $66,171 $58,803 $56,864 General Bank Commercial Bank SVB Yield on Loans 3Q22 4Q22 1Q23 2Q23 3Q23 Highlights 3Q23 vs 2Q23 • Total loans increased $187 million driven primarily by a $1.1 billion increase in the General Bank segment and a $1.0 billion increase in the Commercial Bank segment, partially offset by a $1.9 billion decline in the SVB segment related to Global Fund Banking. • The General Bank growth of $1.1 billion (9.7% annualized) was driven primarily by business and commercial loans while the $1.0 billion (14.3% annualized) growth in the Commercial Bank was broad-based given strong performance in many of our industry verticals and seasonal factoring volumes. 3Q23 vs 3Q22 • Total loans increased $63.4 billion due primarily to the SVB acquisition which contributed $56.9 billion in loans as of September 30, 2023. • General Bank loans grew by $4.4 billion (10.5%) due primarily to business, commercial and mortgage loans. • Commercial Bank loans grew by $2.2 billion (7.8%) due to growth in many of our industry verticals, middle market banking and equipment finance. Loans and Leases ($ in millions) Note – Commercial Bank includes a small amount of Rail loans (less than $100 million in all periods). Rail operating lease assets are not included in the loan totals. 7.07% 5.59% 5.14% 4.63% 7.29% 10.1%

23 12% 5% 4% 2% 24% 7% 3% 21% 11% 7% 4% Commercial Finance ($15.9) Real Estate Finance ($6.0) Equipment Finance ($5.6) Commercial Services - Factoring ($2.7) Branch Network & Wealth ($32.1) Mortgage ($10.0) Other ($4.0) Global Fund Banking ($27.5) Technology & Healthcare Banking ($14.4) Private Bank ($9.6) Other ($5.3) 24% 21% 21% 12% 11% 7% 4% Commercial mortgage ($32.2) Commercial and industrial ($28.5) Global Fund Banking $(27.5) 1-4 family residential ($16.2) Innovation lending ($14.4) Private Bank ($9.6) Other ($4.8) Type Segment 3Q23 Loans and Leases Composition ($ in millions) Note - Rail operating lease assets are not included in the loan totals. The Commercial Banking segment includes Commercial Finance, Real Estate Finance, Equipment Finance and Commercial Services (factoring). The General Banking segment includes Branch Network & Wealth, Mortgage, Consumer Indirect, Community Association Banking and Other General Banking. The SVB segment includes Global Fund Banking, Technology & Life Sciences/ Healthcare, Private Bank and CRE. Commercial Banking: General Banking: SVB:

24 $87,553 $89,408 $140,050 $141,164 $146,233 $60,966 $64,486 $66,686 $77,133 $83,608 $26,587 $24,922 $24,105 $23,171 $22,655 $18,715 $19,484 $19,484 $30,544 $21,376 $20,486 3Q22 4Q22 1Q23 2Q23 3Q23 168 bps 124 bps 78 bps 35 bps 212 bps $106,263 $39,970 $40,860 $100,304 $49,259 $90,791 Highlights Deposits ($ in millions) $140,050 $66,686 $24,105 $18,715 $30,544 1Q23 SVB Interest-bearing SVB Noninterest-bearing Interest-bearing Noninterest-bearing Cost of deposits 3Q23 vs. 2Q23 • Total deposits grew $5.1 billion (14.2% annualized) driven primarily by a $6.4 billion increase in the Direct Bank, partially offset by a $890 million decline in deposits in the SVB segment driven by a combination of cash burn and muted fundraising activity. • Excluding the Direct Bank, General Bank segment deposits decreased $721 million, partially offset by a $304 million increase in Commercial Bank segment deposits. 3Q23 vs. 3Q22 • Total deposits grew $58.7 billion (67.0%) driven primarily by the SVB acquisition which contributed $40.0 billion in deposits as of September 30, 2023 and a $21.7 billion increase in the Direct Bank.

25 40% 24% 5% 2% 1% 28% Branch Network, Wealth & Other ($58.2) Direct Bank ($35.6) Community Association Banking ($7.2) Commercial Bank ($3.4) Corporate ($1.9) SVB ($40.0) 43% 29% 16% 12% Money market & savings ($62.6) Noninterest-bearing demand ($43.1) Checking with interest ($23.5) Time deposits ($17.0) General Banking: Commercial Banking and Corporate: Type Segment 3Q23 Deposit Composition ($ in billions, except average account size) Note – Totals may not foot due to rounding. (1) Public funds total $3.6 billion at 9/30/23, of which $3.4 billion are considered uninsured for regulatory reporting purposes. However, these deposits are collateralized and included as part of the total insured calculation above. (2) Corporate consists primarily of brokered deposits which are pooled into one account then associated with multiple customers who have balances under FDIC insurance limits. Uninsured vs Insured (1) 64% 36% Insured Uninsured Average Account Size by Segment Average Account Size and Insured (1) vs. Uninsured by Segment Total deposits Average size Insured % (1) General Bank $ 101.0 B $ 38,256 79 % Commercial Bank 3.4 B 284,797 13 % Corporate & Other (2) 1.9 B 7,312,500 94 % Sub-total $ 106.3 B $ 40,058 78 % SVB 40.0 B 313,741 28 % Sub-total $ 40.0 B $ 313,741 28 % Total $ 146.2 B $ 52,599 64 % SVB: (1)

26 0.66% 1.35% 1.94% 2.99% 3.19% 0.50% 1.12% 1.73% 2.56% 3.02% 0.35% 0.78% 1.24% 1.68% 2.12% Cost of interest-bearing liabilities Cost of interest-bearing deposits Cost of deposits 3Q22 4Q22 1Q23 2Q23 3Q23 0.00% 0.40% 0.80% 1.20% 1.60% 2.00% 2.40% 2.80% 3.20% Cost of funds Additional sources of liquidity Categories $ in millions FHLB $ 9,218 FRB 4,203 Line of credit 100 Total $ 13,521 QTD - Period End Balances Change 3Q23 2Q23 1Q23 4Q22 3Q22 Linked Quarter Prior Year Quarter Total deposits $ 146,233 79.5 % $ 141,164 77.9 % $ 140,050 75.2 % $ 89,408 93.1 % $ 87,553 91.3 % $ 5,069 $ 58,680 Securities sold under customer repurchase agreements 453 0.2 454 0.3 509 0.3 436 0.5 578 0.6 (1) (125) Purchase money note 35,833 19.5 35,817 19.8 35,151 18.9 — — — — 16 35,833 Federal Home Loan Bank borrowings — — 2,425 1.3 8,500 4.6 4,250 4.4 5,800 6.0 (2,425) (5,800) Subordinated debt 1,040 0.6 1,043 0.6 1,046 0.6 1,049 1.1 1,052 1.1 (3) (12) Senior unsecured borrowings 377 0.2 393 0.2 881 0.5 885 0.9 888 0.9 (16) (511) Other borrowings 9 — 7 — 7 — 25 — 25 — 2 (16) Total deposits and borrowed funds $ 183,945 100 % $ 181,303 100 % $ 186,144 100 % $ 96,053 100 % $ 95,896 100 % $ 2,642 $ 88,049 Funding Mix ($ in millions) Highlights 3Q23 vs 2Q23 • Deposits as a component of total funding continues to increase due to the focus on deposit gathering and was 79.5% of total funding as of the end of the third quarter. • FHLB debt was paid off in the third quarter due to continued core deposit growth in the Direct Bank. • Total cost of deposits increased by 44 basis points. Note – Funding mix percentages may not foot due to rounding.

27 $60 $79 $63 $152 $195 Provision for credit losses 3Q22 4Q22 1Q23 2Q23 3Q23 Allowance and Credit Quality Trends ($ in millions) Net charge-offs (NCO) & NCO ratio Adjusted provision for credit losses (1) $18 $24 $50 $157 $176 0.10% 0.14% 0.27% 0.47% 0.53% NCO $ NCO ratio 3Q22 4Q22 1Q23 2Q23 3Q23 $454 $627 $828 $929 $899 0.65% 0.89% 0.60% 0.70% 0.68% Nonaccrual loans Nonaccrual loans to total loans 3Q22 4Q22 1Q23 2Q23 3Q23 Nonaccrual loans / total loans & leases Allowance (ALLL) & ALLL ratio $882 $922 $1,605 $1,637 $1,673 1.26% 1.30% 1.16% 1.23% 1.26% ALLL ALLL ratio 3Q22 4Q22 1Q23 2Q23 3Q23 (1) Adjusted provision for credit losses excludes CECL Day 2 charges and provision (benefit) expense for credit losses on available for sale securities. Refer to the Non-GAAP Section V of this presentation for notable item details and a reconciliation of the Non-GAAP to GAAP measures. SEC calc - Key metrics & ratios SEC Master Income Statement SEC calc SEC calc SEC Master Income Statement Calc on Note 4 SEC Master Income Statement

28 $1,637 $30 $30 $2 $(1) $(25) $1,673 2Q23 Economic outlook Credit quality Volume Portfolio mix Change in specific reserves 3Q23 Highlights 3Q23 vs 2Q23 • ALLL increased $36 million compared to the linked quarter. • Deterioration in the macroeconomic forecast and in the large balance commercial real estate portfolio, including general office were the primary drivers of higher reserves. • These factors were partially offset by lower specific reserves driven by charge-offs on loans reserved for in prior periods exceeding specific reserves established during the quarter. • The ALLL covered annualized quarterly net charge-offs 2.4 times and provided 1.9 times coverage of nonaccrual loans. These metrics were relatively stable from the prior quarter. ALLL Coverage 12.6x 9.3x 4.3x 2.6x 2.4x 1.9x 1.5x 1.9x 1.8x 1.9x ALLL ratio / NCO ratio ALLL / Nonaccrual loans 3Q22 4Q22 1Q23 2Q23 3Q23 2Q23 to 3Q23 Allowance for loan and lease losses (ALLL) ($ in millions) Robert Hawley ACL walk

29 Loan Portfolios in Focus ($ in billions, as of September 30, 2023) Total Loans $133.2 B Total Loans CRE $19.9 B Commercial Real Estate (CRE) Portfolio Composition Balance % of Total Loans Multi-Family $ 4.4 3.3 % Medical Office 3.3 2.5 General Office 2.9 2.2 General Bank 1.3 1.0 Commercial Bank 1.1 0.8 SVB 0.5 0.4 Industrial / Warehouse 2.5 1.9 Retail 1.7 1.3 Hotel/Motel 0.8 0.6 Other 4.3 3.3 Total $ 19.9 14.9 % Note - The definition of CRE in these tables was expanded in 3Q23 to align with supervisory guidance SR-07-01 and includes the following: construction loans (1.a.1 and 1.a.2), loans where the primary repayment is from 3rd party rental income (1.d and 1.e.2), and loans not secured by real estate but for the purpose of real estate (4.a, 8, and 9). The change in methodology increased reported CRE totals by $2.2 billion. SEC Master Balance Sheet CRE and Office Charts - Tim Farmer Add footnote that % are full precision and cannot be recalculated? CRE and Office Charts - Tim Farmer IR calcs Innovation Portfolio Composition Balance % of Total Loans Innovation C&I and cash flow dependent $ 8.7 6.5 % Investor dependent - growth stage 3.9 3.0 Investor dependent - early stage 1.7 1.3 Total $ 14.4 10.8 % Innovation $14.4 B

30 General Office CRE Portfolio (as of September 30, 2023) CA 23% NC 14% FL 9% AZ 7% NY 6% MA 5% VA 4% Other 32% Total General Office $2.9 B Geographic Diversification $587 $426 $375 $1,500 2023 2024 2025 2026 & Beyond Loan Maturity Schedule ($ in millions) 20% 15% 13% 52% (1) There are approximately $1.1 billion of general office loans in the Commercial Bank with an ALLL ratio of 7.12%. Top 5 MSAs ($ in millions) Los Angeles $ 373 Phoenix $ 209 New York City $ 169 San Francisco $ 158 Boston $ 143 Percent of Total Loans 0.8 % General Office Portfolio Metrics % of total loans 2.2 % % of CRE loans 14.5 % Average loan amount $2 MM NCO ratio (3Q23) 4.30 % Delinquencies/Loans 7.63 % NPLs/Loans 11.95 % Criticized loans/Loans 22.38 % ALLL ratio (1) 4.00 % CRE and Office Charts - Tim Farmer IR calcs CRE and Office Charts - Tim Farmer IR calc IR calcs CRE and Office Charts - Tim Farmer IR calc IR calc CRE and Office Charts - Tim Farmer IR calc Ask Tim to add current quarter average CRE balance to file IR calc IR calc IR calc ACL Deck? ACL Deck?ACL Deck?

31 SVB Investor Dependent (ID) Portfolio (as of September 30, 2023) Portfolio Metrics Early Stage Growth Stage Loan balance $1.7 B $3.9 B % of Innovation loans 11.9 % 27.4 % % of ID loans 30.3 % 69.7 % Avg. loan size $325 K $3.77 MM Median loan size $31 K $889 K NCO ratio (3Q23) 4.25% 6.92% NPLs/Loans 1.75 % 1.06 % Criticized loans/Loans 18.28 % 13.35 % ALLL ratio 6.01 % 3.74 % Software 57% Life Science - Products 17% Life Science - Services, 11% Hardware 9% Energy & Resource Innovation, 6% Client Industry Concentration Niche from Credit deck - is sub-niche available? Is there any industry specific story in the ID portfolio? What metrics make sense here? How can we demonstrate lumpiness in the portfolio? 2008-2010 NPL and NCO (bps) What is causing increased charge-offs? Companies unable to secure next round of funding? Are VCs pulling support from portfolio companies more than we anticipated? Portfolio Characteristics • Early Stage - Loans to development-stage innovation companies with $0-5 million in revenues. Historically SVB’s highest risk portfolio which experienced an average ~6% NCO ratio over 2008-2010. • Growth Stage - Loans to mid and later-stage innovation companies with over $5 million in revenues. • Continued pressure in public and private markets negatively impacts borrowers’ ability to raise funds and execute exit strategy. • Large loan sizes in the Growth Stage portfolio may contribute to lumpiness in quarterly net charge-offs and credit metrics. • SVB credit leadership team remains in tact with an average tenure at SVB of 25 years. PLEASE DO NOT REVIEW Data Unavailable & slide remains under development with credit 57% 17% 11% 9% 6% Software Life Science - Products Life Science - Services Hardware Energy & Resource Innovation

32 9.31% 8.99% 16.72% 9.50% 9.72% Tier 1 Leverage ratio 3Q22 4Q22 1Q23 2Q23 3Q23 Risk-based capital ratios Capital ratio rollforward Tier 1 Leverage ratio Tangible book value per share (Non-GAAP) Capital Risk-Based Capital Tier 1 Leverage Total Tier 1 CET1 December 31, 2022 13.18 % 11.06 % 10.08 % 8.99 % SVB acquisition - net 1.63 % 1.91 % 2.28 % 0.05 % Net income 1.28 % 1.28 % 1.28 % 1.17 % Change in risk-weighted/average assets 0.64 % 0.57 % 0.55 % -0.45 % Sub debt phase-out -0.10 % 0.00 % 0.00 % 0.00 % Shared loss agreement coverage runoff -1.06 % -0.94 % -0.90 % 0.00 % Common dividends -0.03 % -0.03 % -0.03 % -0.02 % Preferred dividends -0.04 % -0.04 % -0.03 % -0.03 % Other 0.14 % 0.01 % 0.00 % 0.01 % September 30, 2023 15.64 % 13.82 % 13.23 % 9.72 % Change since December 31, 2022 2.46 % 2.76 % 3.15 % 0.73 % Note – The above capital ratios represent BancShares ratios and are preliminary pending completion of quarterly regulatory filings. Refer to Section V of this presentation for a reconciliation of Non-GAAP measures to the most directly comparable GAAP measure. (1) The Tier 1 Leverage ratio for 1Q23 only includes the impact of SVB for five days. 10.37% 10.08% 12.53% 13.38% 13.23% 11.36% 11.06% 13.13% 14.00% 13.82%13.46% 13.18% 14.86% 15.84% 15.64% CET1 Tier 1 Total 3Q22 4Q22 1Q23 2Q23 3Q23 $571.89 $627.58 $109.82 ($10.04) ($2.25) $1,297.00 4Q22 SVB acquisition Retained earnings AOCI Common dividends 3Q23(1)

Financial Outlook Section III

34 Metric 3Q23 4Q23 - Projected FY23 - Projected Loans and leases - EOP $133.2 billion $132 billion - $134 billion $132 billion - $134 billion Deposits - EOP $146.2 billion $140 billion - $143 billion $140 billion - $143 billion Interest rates One remaining hike; FFR ending at 5.75% One remaining hike; FFR ending at 5.75% Net interest income $2.0 billion $1.8 billion - $1.9 billion $6.6 billion - $6.7 billion Net charge-off ratio (annualized/annual) 53 bps 50 - 60 bps 43 - 48 bps Adjusted noninterest income (1) $468 million $430 million - $450 million $1.67 billion - $1.69 billion Adjusted noninterest expense (2) $1.13 billion $1.11 billion - $1.14 billion $4.12 billion - $4.15 billion Effective tax rate 24.6% 26.5% - 27.5% 26.5% - 27.5% Key Earnings Estimate Assumptions (1) Adjusted noninterest income includes net rental income on operating lease assets (net of depreciation and maintenance) and excludes fair value adjustments on marketable equity securities, realized gains/losses on sales of AFS securities, realized gains/losses on sales of leasing equipment and legacy consumer loans, realized gains/losses on extinguishment of debt and acquisition accounting gains. Refer to the Non-GAAP Section V of this presentation for notable item details and a reconciliation of the Non-GAAP to GAAP measures. (2) Adjusted noninterest expense excludes depreciation and maintenance on operating lease assets, acquisition-related expenses and amortization of intangibles. Refer to the Non-GAAP Section V of this presentation for notable item details and a reconciliation of the Non-GAAP to GAAP measures. Note - Management does not provide a reconciliation for forward-looking non-GAAP financial measures where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the occurrence and the financial impact of various items that have not yet occurred, are out of BancShares’ control, or cannot be reasonably predicted. For the same reasons, management is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. PLEASE DO NOT REVIEW Data Unavailable

Appendix Section IV

36 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 ASSETS Cash and due from banks $ 791 $ 917 $ 1,598 $ 518 $ 481 Interest-earning deposits at banks 36,704 37,846 38,522 5,025 6,172 Securities purchased under agreements to resell 549 298 — — — Investment in marketable equity securities 75 76 85 95 92 Investment securities available for sale 16,661 11,894 9,061 8,995 9,088 Investment securities held to maturity 10,082 10,201 10,381 10,279 9,661 Assets held for sale 58 117 94 60 21 Loans and leases 133,202 133,015 138,288 70,781 69,790 Allowance for loan and lease losses (1,673) (1,637) (1,605) (922) (882) Loans and leases, net of allowance for loan and lease losses 131,529 131,378 136,683 69,859 68,908 Operating lease equipment, net 8,661 8,531 8,331 8,156 7,984 Premises and equipment, net 1,768 1,782 1,743 1,456 1,410 Goodwill 346 346 346 346 346 Other intangible assets 329 347 364 140 145 Other assets 6,212 5,769 7,450 4,369 5,002 Total assets $ 213,765 $ 209,502 $ 214,658 $ 109,298 $ 109,310 LIABILITIES Deposits: Noninterest-bearing $ 43,141 $ 44,547 $ 54,649 $ 24,922 $ 26,587 Interest-bearing 103,092 96,617 85,401 64,486 60,966 Total deposits 146,233 141,164 140,050 89,408 87,553 Credit balances of factoring clients 1,282 1,067 1,126 995 1,147 Short-term borrowings 453 454 1,009 2,186 3,128 Long-term borrowings 37,259 39,685 45,085 4,459 5,215 Total borrowings 37,712 40,139 46,094 6,645 8,343 Other liabilities 8,149 7,361 8,172 2,588 2,434 Total liabilities 193,376 189,731 195,442 99,636 99,477 STOCKHOLDERS’ EQUITY Preferred stock 881 881 881 881 881 Common stock 15 15 15 15 15 Additional paid in capital 4,106 4,106 4,104 4,109 4,506 Retained earnings 16,267 15,541 14,885 5,392 5,160 Accumulated other comprehensive (loss) income (880) (772) (669) (735) (729) Total stockholders’ equity 20,389 19,771 19,216 9,662 9,833 Total liabilities and stockholders’ equity $ 213,765 $ 209,502 $ 214,658 $ 109,298 $ 109,310 BancShares Balance Sheets (unaudited) ($ in millions)

37 3Q23 2Q23 1Q23 4Q22 3Q22 INTEREST INCOME Interest and fees on loans $ 2,426 $ 2,353 $ 1,017 $ 892 $ 785 Interest on investment securities 180 117 107 92 90 Interest on deposits at banks 504 480 87 56 31 Total interest income 3,110 2,953 1,211 1,040 906 INTEREST EXPENSE Deposits 769 575 288 176 78 Borrowings 351 417 73 62 33 Total interest expense 1,120 992 361 238 111 Net interest income 1,990 1,961 850 802 795 Provision for credit losses - loans and leases 192 151 783 79 60 Net interest income after provision for credit losses - loans and leases 1,798 1,810 67 723 735 NONINTEREST INCOME Rental income on operating lease equipment 248 238 233 224 219 Fee income and other service charges 70 68 47 43 41 Client investment fees 52 52 2 — — Wealth management services 49 51 40 35 35 International fees 34 33 4 3 3 Service charges on deposit accounts 44 44 24 22 21 Factoring commissions 21 20 19 26 24 Cardholder services, net 41 41 21 26 25 Merchant services, net 12 14 10 8 8 Insurance commissions 13 14 13 13 11 Realized loss on sale of investment securities available for sale, net (12) — (14) — — Fair value adjustment on marketable equity securities, net (1) (10) (9) 2 (2) Bank-owned life insurance 1 2 5 7 8 Gain on sale of leasing equipment, net 10 4 4 2 2 Gain on acquisition 12 55 9,824 — — Gain on extinguishment of debt — — — — 1 Other noninterest income 21 32 36 18 37 Total noninterest income 615 658 10,259 429 433 NONINTEREST EXPENSE Depreciation on operating lease equipment 95 91 89 88 87 Maintenance and other operating lease expenses 51 56 56 47 52 Salaries and benefits 727 775 420 354 353 Net occupancy expense 65 64 50 48 47 Equipment expense 117 133 58 55 55 Professional fees 12 21 11 11 11 Third-party processing fees 54 54 30 26 27 FDIC insurance expense 36 22 18 5 5 Marketing expense 25 41 15 21 15 Acquisition-related expenses 121 205 28 29 33 Intangible asset amortization 17 18 5 6 5 Other noninterest expense 96 92 75 70 70 Total noninterest expense 1,416 1,572 855 760 760 Income before income taxes 997 896 9,471 392 408 Income tax (benefit) expense 245 214 (47) 135 93 Net income $ 752 $ 682 $ 9,518 $ 257 $ 315 Preferred stock dividends $ 15 $ 15 $ 14 $ 14 $ 12 Net income available to common stockholders $ 737 $ 667 $ 9,504 $ 243 $ 303 BancShares Income Statements (unaudited) ($ in millions)

38 Noninterest income ($ in millions) 3Q23 Change vs Quarter-to-date 2Q23 3Q23 2Q23 1Q23 4Q22 3Q22 $ % Rental income on operating lease equipment $ 248 $ 238 $ 233 $ 224 $ 219 $ 10 4.1 % Fee income and other service charges 70 68 47 43 41 2 2.5 Client investment fees 52 52 2 — — — (0.9) Wealth management services 49 51 40 35 35 (2) (4.1) International fees 34 33 4 3 3 1 3.8 Service charges on deposit accounts 44 44 24 22 21 — 0.5 Factoring commissions 21 20 19 26 24 1 2.4 Cardholder services, net 41 41 21 26 25 — (1.6) Merchant services, net 12 14 10 8 8 (2) (14.9) Insurance commissions 13 14 13 13 11 (1) 2.0 Realized loss on sale of investment securities available for sale, net (12) — (14) — — (12) nm Fair value adjustment on marketable equity securities, net (1) (10) (9) 2 (2) 9 (91.2) Bank-owned life insurance 1 2 5 7 8 (1) (79.4) Gain on sale of leasing equipment, net 10 4 4 2 2 6 207.0 Gain on acquisition 12 55 9,824 — — (43) (78.2) Gain on extinguishment of debt — — — — 1 — nm Other noninterest income 21 32 36 18 37 (11) (32.3) Total noninterest income - GAAP $ 615 $ 658 $ 10,259 $ 429 $ 433 $ (43) (6.6) % Depreciation on operating lease equipment $ (95) $ (91) $ (89) $ (88) $ (87) $ (4) 4.4 % Maintenance and other operating lease expenses (51) (56) (56) (47) (52) 5 (8.9) Realized loss on sale of investment securities available for sale, net 12 — 14 — — 12 nm Fair value adjustment on marketable equity securities, net 1 10 9 (2) 2 (9) 91.2 Bank-owned life insurance — — — — — — 79.4 Gain on sale of leasing equipment, net (10) (4) (4) (2) (2) (6) (207.0) Gain on acquisition (12) (55) (9,824) — — 43 78.2 Gain on extinguishment of debt — — — — (1) — nm Other noninterest income 8 — — — (5) 8 nm Total notable items $ (147) $ (196) $ (9,950) $ (139) $ (145) $ 49 (25.0) % Rental income on operating lease equipment $ 102 $ 91 $ 88 $ 89 $ 80 $ 11 13.2 % Fee income and other service charges 70 68 47 43 41 2 2.5 Client investment fees 52 52 2 — — — (0.9) Wealth management services 49 51 40 35 35 (2) (4.1) International fees 34 33 4 3 3 1 3.8 Service charges on deposit accounts 44 44 24 22 21 — 0.5 Factoring commissions 21 20 19 26 24 1 2.4 Cardholder services, net 41 41 21 26 25 — (1.6) Merchant services, net 12 14 10 8 8 (2) (14.9) Insurance commissions 13 14 13 13 11 (1) 2.0 Bank-owned life insurance 1 2 5 7 8 (1) (79.4) Other noninterest income 29 32 36 18 32 (3) (7.3) Total noninterest income - adjusted $ 468 $ 462 $ 309 $ 290 $ 288 $ 6 1.3 % Note – Adjusted noninterest income is Non-GAAP and excludes notable items. Refer to the Non-GAAP Section V of this presentation for notable item details and a reconciliation of the Non-GAAP to GAAP measures. nm - not meaningful

39 3Q23 Change vs Quarter-to-date 2Q23 3Q23 2Q23 1Q23 4Q22 3Q22 $ % Depreciation on operating lease equipment $ 95 $ 91 $ 89 $ 88 $ 87 $ 4 3.4 % Maintenance and other operating lease expenses 51 56 56 47 52 (5) (9.5) Salaries and benefits 727 775 420 354 353 (48) (6.3) Net occupancy expense 65 64 50 48 47 1 1.1 Equipment expense 117 133 58 55 55 (16) (12.5) Professional fees 12 21 11 11 11 (9) (39.2) Third-party processing fees 54 54 30 26 27 — (0.3) FDIC insurance expense 36 22 18 5 5 14 62.9 Marketing expense 25 41 15 21 15 (16) (41.3) Acquisition-related expenses 121 205 28 29 33 (84) (41.2) Intangible asset amortization 17 18 5 6 5 (1) 1.5 Other noninterest expense 96 92 75 70 70 4 5.7 Total noninterest expense - GAAP $ 1,416 $ 1,572 $ 855 $ 760 $ 760 $ (156) (10.0) % Depreciation on operating lease equipment $ (95) $ (91) $ (89) $ (88) $ (87) $ (4) (3.4) % Maintenance and other operating lease expenses (51) (56) (56) (47) (52) 5 9.5 Acquisition-related expenses (121) (205) (28) (29) (33) 84 41.2 Intangible asset amortization (17) (18) (5) (6) (5) 1 (1.5) Other noninterest expense — — — — (6) — — Total notable items $ (284) $ (370) $ (178) $ (170) $ (183) $ 86 (23.2) % Salaries and benefits $ 727 $ 775 $ 420 $ 354 $ 353 $ (48) (6.3) % Net occupancy expense 65 64 50 48 47 1 1.1 Equipment expense 117 133 58 55 55 (16) (12.5) Professional fees 12 21 11 11 11 (9) (39.2) Third-party processing fees 54 54 30 26 27 — (0.3) FDIC insurance expense 36 22 18 5 5 14 62.9 Marketing expense 25 41 15 21 15 (16) (41.3) Other noninterest expense 96 92 75 70 64 4 5.7 Total nontinterest expense - adjusted $ 1,132 $ 1,202 $ 677 $ 590 $ 577 $ (70) (5.9) % Noninterest expense ($ in millions) Note – Adjusted noninterest expense is Non-GAAP and excludes notable items. Refer to the Non-GAAP Section V of this presentation for notable item details and a reconciliation of the Non-GAAP to GAAP measures.

40 Estimated Liquidity Available for Uninsured Deposits ($ in millions) Total Deposits Less: Insured and/or collateralized deposits Total deposits - uninsured/ uncollateralized Estimated liquidity available for uninsured deposits: Immediately available cash Unpledged securities FDIC Line of Credit FHLB Fed Discount Window BTFP Program Estimated liquidity available for uninsured deposits Coverage ratio of liquidity available to uninsured and un-collateralized deposits $XX,XXX (XX,XXX) $X,XXX $X,XXX $X,XXX $X,XXX $X,XXX $XX,XXX $XX,XXX $XX,XXX September 30, 2023 June 30, 2023 Total deposits $ 146,233 $ 141,164 Less: insured and/or collaterized deposits 93,657 88,274 Total deposits - uninsured $ 52,576 $ 52,890 Estimated liquidity available for uninsured deposits: Available cash 35,896 37,152 Unpledged high-quality liquid securities 21,123 16,269 FDIC LOC (maximum) 70,000 70,000 FHLB capacity 13,525 11,124 FRB Discount Window capacity 4,989 4,817 Other 100 85 Estimated liquidity available for uninsured deposits $ 145,633 $ 139,447 Coverage ratio of liquidity available to uninsured deposits 277 % 264 % Note - Public funds total $3.6 billion at 9/30/23, of which $3.4 billion are considered uninsured for regulatory reporting purposes. However, these deposits are collateralized and included as part of the total insured and collateralized calculation above. SEC MD&A Liquidity Risk

41 (1) (1) Includes the debt securities portfolio; excludes marketable equity securities. (2) Carrying value represents fair value for AFS and amortized cost for HTM portfolios. (3) Yield represents actual accounting yield recognized during the quarter. 3Q23 (1) ($ in millions) Carrying Value (2) % of Portfolio Yield (3) Duration (Years) AFS Portfolio U.S. Treasury $ 8,647 32 % 4.05 % 0.9 Government agency 130 — 5.82 0.3 Commercial mortgage-backed securities 1,797 7 3.68 2.2 Residential mortgage-backed securities 5,600 21 2.48 4.5 Corporate bonds 478 2 6.28 1.5 Municipal bonds 10 — 3.19 0.1 Total AFS portfolio $ 16,661 62 % 3.56 % 2.3 HTM portfolio U.S. Treasury $ 478 2 % 1.38 % 3.5 Government agency 1,504 6 1.53 3.8 Commercial mortgage-backed securities 3,505 13 2.64 3.0 Residential mortgage-backed securities 4,296 16 1.91 6.7 Other investments 299 1 1.56 5.2 Total HTM portfolio $ 10,082 38 % 2.07 % 4.8 Grand total $ 26,743 100 % 2.90 % 3.1 Debt Securities Overview

42 Change vs. 3Q23 2Q23 3Q22 2Q23 3Q22 Avg. Balance Income / Expense Yield / Rate Avg. Balance Income / Expense Yield / Rate Avg. Balance Income / Expense Yield / Rate Avg. Balance Income / Expense Yield / Rate Avg. Balance Income / Expense Yield / Rate Loans and leases (1) $ 131,926 $ 2,426 7.29 % $ 133,407 $ 2,353 7.07 % $ 67,413 $ 785 4.63 % $ (1,481) $ 73 0.22 % $ 64,513 $ 1,641 2.66 % Investment securities 24,388 177 2.90 19,806 117 2.36 19,119 90 1.88 4,582 60 0.54 5,269 87 1.02 Securities purchased under agreements to resell 223 3 5.28 191 3 4.92 — — — 32 — 0.36 223 3 5.28 Interest-earning deposits at banks 37,456 504 5.34 38,014 480 5.07 5,685 31 2.17 (558) 24 0.27 31,771 473 3.17 Total interest-earning assets (1) $ 193,993 $ 3,110 6.36 % $ 191,418 $ 2,953 6.18 % $ 92,217 $ 906 3.90 % $ 2,575 $ 157 0.18 % $ 101,776 $ 2,204 2.46 % Interest-bearing deposits $ 100,958 $ 769 3.02 % $ 90,167 $ 575 2.56 % $ 61,545 $ 78 0.50 % $ 10,791 $ 194 0.46 % $ 39,413 $ 691 2.52 % Securities sold under customer repurchase agreements 454 — 0.35 456 1 0.31 617 1 0.16 (2) (1) 0.04 (163) (1) 0.19 Other short-term borrowings — — — 110 1 5.17 1,188 8 2.60 (110) (1) (5.17) (1,188) (8) (2.60) Long-term borrowings 37,699 351 3.69 42,569 415 3.91 3,803 24 2.62 (4,870) (64) (0.22) 33,896 327 1.07 Total borrowings $ 38,153 $ 351 3.65 % $ 43,135 $ 417 3.88 % $ 5,608 $ 33 2.34 % $ (4,982) $ (66) (0.23) % $ 32,545 $ 318 1.31 % Total interest-bearing liabilities $ 139,111 $ 1,120 3.19 % $ 133,302 $ 992 2.99 % $ 67,153 $ 111 0.66 % $ 5,809 $ 128 0.20 % $ 71,958 $ 1,009 2.53 % Net interest income $ 1,990 $ 1,961 $ 795 $ 29 $ 1,195 Net interest spread (1) 3.17 % 3.19 % 3.24 % (0.02) % (0.07) % Net interest margin (1) 4.07 % 4.10 % 3.42 % (0.03) % 0.65 % Change vs. YTD23 YTD22 YTD22 Avg. Balance Income / Expense Yield / Rate Avg. Balance Income / Expense Yield / Rate Avg. Balance Income / Expense Yield / Rate Loans and leases (1) $ 66,634 $ 2,953 4.41 % $ 65,639 $ 2,697 4.09 % $ 995 $ 256 0.32 % Investment securities 19,166 354 1.85 16,110 216 1.32 3,056 138 0.53 Interest-earning deposits at banks 7,726 106 1.38 13,246 17 0.13 (5,520) 89 1.25 Total interest-earning assets (1) $ 93,526 $ 3,413 3.63 % $ 94,995 $ 2,930 3.07 % $ (1,469) $ 483 0.56 % Interest-bearing deposits $ 63,598 $ 335 0.53 % $ 65,295 $ 239 0.37 % $ (1,697) $ 96 0.16 % Securities sold under customer repurchase agreements 590 1 0.19 660 1 0.20 (70) — (0.01) Other short-term borrowings 824 28 3.30 — — — 824 28 3.30 Long-term borrowings 3,882 103 2.64 5,915 249 4.15 (2,033) (146) (1.51) Total borrowings $ 5,296 $ 132 2.47 % $ 6,575 $ 250 3.75 % $ (1,279) $ (118) (1.28) % Total interest-bearing liabilities $ 68,894 $ 467 0.68 % $ 71,870 $ 489 0.68 % $ (2,976) $ (22) — % Net interest income $ 2,946 $ 2,441 $ 505 Net interest spread (1) 2.95 % 2.39 % 0.56 % Net interest margin (1) 3.14 % 2.55 % 0.59 % Average Balances and Yields ($ in millions) (1) The balance and rate presented is calculated including assets held for sale and net of credit balances of factoring clients. YTD not disclosed Q1

43 Highlights • The Commercial Banking segment achieved strong loan growth, 14.3% annualized over the linked quarter, largely driven by strong origination volume and lower prepayments in Commercial Finance and a $339 million increase in Commercial Services (factoring) balances as a result of seasonal increases and higher factoring volumes. • Commercial Services (factoring) volume totaled $6.5 billion which represents an increase over the linked quarter due to seasonality but a decrease compared to the prior year quarter as clients continue to work down excess inventory given inflationary concerns and rising interest rates. • Provision for credit losses decreased by $36 million from the linked quarter driven by a lower reserve build partially offset by higher net charge-offs in the Commercial Bank general office portfolio. (Actual balances; $ in millions) 3Q23 2Q23 3Q22 Income Statement Net interest income $ 249 $ 257 $ 230 Noninterest income 139 138 133 Net revenue 388 395 363 Noninterest expense 205 200 186 Pre-provision net revenue 183 195 177 Provision for credit losses 132 168 58 Segment income before taxes 51 27 119 Income taxes 14 11 24 Segment net income $ 37 $ 16 $ 95 Balance Sheet Loans and leases $ 30,220 $ 29,170 $ 28,023 Deposits 3,370 3,066 3,682 Factoring volume 6,528 5,491 6,801 Commercial Banking Segment Note – The Commercial Banking segment includes Commercial Finance, Commercial Services (factoring), Real Estate Finance and Equipment Finance. PLEASE DO NOT REVIEW Data Unavailable

44 Highlights • The General Banking segment achieved 9.7% annualized loan growth over the linked quarter, driven primarily by business/commercial loan production. • Deposits increased by $5.7 billion compared to the linked quarter, driven primarily by growth in the Direct Bank, more than offsetting declines in the branch network and seasonal declines in community association banking. • Net interest income increased by $22 million, or 4%, compared to the linked quarter primarily due to positive loan growth at steady margins. • Credit quality remains strong, with no material stresses on the portfolio, despite economic headwinds. (Actual balances; $ in millions) 3Q23 2Q23 3Q22 Income Statement Net interest income $ 625 $ 603 $ 495 Noninterest income 125 120 118 Net revenue 750 723 613 Noninterest expense 411 390 400 Pre-provision net revenue 339 333 213 Provision for credit losses 7 30 2 Segment income before taxes 332 303 211 Income taxes 91 73 55 Segment net income $ 241 $ 230 156 Balance Sheet Loans and leases $ 46,077 $ 44,978 $ 41,693 Deposits 101,021 95,321 82,731 Other Key Metrics Number of branches (1) 555 560 559 Wealth management assets under management ($B) $ 15.0 $ 15.1 $ 11.7 Off balance sheet client funds ($B) 23.6 23.2 20.4 Card volume 4,312 4,256 4,001 Merchant volume 1,725 1,780 1,728 General Banking Segment Note – The General Banking segment includes Branch Network & Wealth, Mortgage, Consumer Indirect, Direct Bank, Community Association Banking and Other General Banking.

45 Highlights • Silicon Valley Banking segment loans decreased $1.9 billion, or 13.1% annualized, compared to the linked quarter driven by paydowns and payoffs in the Global Fund Banking portfolio, low draws and new fundings given current market conditions and by the expected wind down of foreign exposure. • Deposit balances declined by $890 million from the linked quarter as client cash burn outpaced fundraising. Overall, deposits have been relatively stable between April 30th and September 30th, reflecting the positive benefits of client outreach efforts. • Noninterest income decreased $18 million from the linked quarter driven primarily by lower wealth management fees from a decline in assets under management and a slowdown in card and cash management volumes. • Provision for credit losses increased from the linked quarter driven primarily by a large provision benefit in the second quarter. Net charge-offs were relatively flat at $100 million in the third quarter compared to $97 million in the second quarter. • The impact of cost saves realized in 2Q23 continues to favorably impact the expense run rate of the SVB segment. (Actual balances; $ in millions) 3Q23 2Q23 Income Statement Net interest income $ 635 $ 635 Noninterest income 151 169 Net revenue 786 804 Noninterest expense 514 592 Pre-provision net revenue 272 212 Provision (benefit) for credit losses 56 (47) Segment income before taxes 216 259 Income taxes 59 70 Segment net income $ 157 $ 189 Period-end Balance Sheet Loans and leases $ 56,864 $ 58,803 Deposits 39,970 40,860 Other Key Metrics Private Bank assets under management ($B) $ 8.9 $ 10.8 Off balance sheet client funds ($B) $ 60.4 $ 70.4 Silicon Valley Banking Segment Note – Silicon Valley Banking Segment results reflect a full quarter for the 2Q23 reporting period, and only 5 days of financial results for the 1Q23 reporting period, following the 3/27/23 acquisition date. Additionally, there is no provision expense in 1Q23 as this was recorded as part of purchase accounting. Reinstate note during 1Q24 when 1Q23 is shown again PLEASE DO NOT REVIEW Data Unavailable Note – The Silicon Valley Banking segment includes SVB Commercial Bank and SVB Private Bank. Silicon Valley Banking Segment results do not include the accretion impact of SVB loans or the impact of interest bearing cash and debt that was added at the acquisition date (the aforementioned items are contained within the Corporate segment).

46 SVB Loans • Balances declined ~$1.9 B compared to a ~$7.4 B decline in 2Q23. The 3Q23 declines were driven primarily by Global Fund Banking due to expected wind down of foreign exposures, lower fundraising and expected repayments. • The 2Q23 declines were driven primarily by a $6.8 B decline in Global Fund Banking due in part to repayment of defensive draws from 1Q23 and lower levels of private market deal activity. SVB Deposits • 3/27 to 3/31 deposits decreased ~$7 B Clients repositioned deposits to other financial institutions, driven by outflows from Technology and Life Science/ Healthcare clients. • 4/7 to 4/14 deposits decreased ~$5 B Deposits moved to off balance sheet repurchase agreement. • Deposits remain stable at ~$40 B No material change in deposit balances since we last reported balances in our 2Q23 earnings. SVB Loan & Deposit Trends Loans are in line with our forecast and deposits have remained stable. $68.5 $66.2 $61.9 $61.5 $58.8 $59.1 $57.4 $56.9 $56.0 $49.3 $41.5 $41.2 $40.9 $41.6 $39.2 $40.0 Loans Deposits 3/27 3/31 4/30 5/31 6/30 7/31 8/31 9/30 $35.0 $40.0 $45.0 $50.0 $55.0 $60.0 $65.0 $70.0 Highlights ~ $5 B reduction due to off- balance sheet repos ~ $7 B reduction due to client repositioning Deposits have remained stable (1) (1) SVB acquisition date. ~$7 B reduction due primarily to expected declines in Global Fund Banking activity ($ in B)

47 SVB Client Funds Have Largely Stabilized 3/27/23 3/31/23 4/30/23 6/30/23 9/30/23 Total assets $107 B $99 B $91 B $92 B $92 B Loans & leases $69 B $66 B $62 B $59 B $57 B Deposits $56 B $49 B $42 B $41 B $40 B Off balance sheet client funds $88 B $84 B $79 B $70 B $60 B Private bank AUM $15 B $14 B $12 B $11 B $9 B Unaudited SVB Segment Profile: • Focused on stabilization efforts. • Committed to maintaining the strengths of SVB by providing consistent and high-touch service to our clients. • Remain focused on the retention of key SVB talent.

48 Highlights • Fleet utilization increased to 98.7% in the second quarter from 98.3% in the linked quarter. The fleet is effectively fully utilized. • Favorable renewal repricing trends continued for the 8th consecutive quarter, up 38% over the expiring rate for the quarter with gains in both freight cars (+40%) and tank cars (+35%). • Adjusted rental income on operating lease equipment increased $13 million and $21 million compared to the linked quarter and prior year quarter respectively, from top-line revenue growth and lower maintenance spend, partially offset by higher depreciation expenses. • Short-term outlook continues to be positive for maintaining strong utilization and re-pricing. Further improvement in conditions will be limited though as velocity improves and/or economic softness seeps into the carload markets. • The Rail portfolio is driven by the industrial sector business cycle, and financial performance generally lags the economic cycle. (Actual balances ; $ in millions) 3Q23 2Q23 3Q22 Income Statement Rental income on operating lease equipment $ 190 $ 180 $ 165 Depreciation on operating lease equipment 49 47 44 Maintenance and other operating lease expenses 51 56 52 Adjusted rental income on operating lease equipment (1) 90 77 69 Interest expense, net 40 33 20 Noninterest income 4 (2) 6 Noninterest expense 16 18 15 Segment income before income taxes 38 24 40 Income taxes 10 6 10 Segment net income $ 28 $ 18 $ 30 Balance Sheet Operating lease equipment, net $ 7,922 $ 7,790 $ 7,248 Other Key Metrics Railcars and locomotives (2) 122,500 121,000 118,500 Utilization 98.7 % 98.3 % 96.2 % Average age of cars in years 15 15 14 Renewal rate to previous rate 138 % 124 % 105 % Rail Segment (1) Adjusted rental income on operating lease equipment is Non-GAAP. Refer to the Non-GAAP Section V of this presentation for a reconciliation of the Non-GAAP to GAAP measures. (2) Railcars and locomotives number is rounded. PLEASE DO NOT REVIEW Data Unavailable for IP Draft 1

49 September 30, 2023 June 30, 2023 March 31, 2023 December 31, 2022 September 30, 2022 Loans and leases (1) Beginning balance - unamortized fair value mark $ (2,478) $ (2,674) $ (117) $ (131) $ (146) Additions - Acquisition of SVB — (61) (2,773) — — PCD “gross up” — 21 200 — — Other 74 — — — — Accretion (3) 207 236 16 14 15 Ending balance $ (2,197) $ (2,478) $ (2,674) $ (117) $ (131) Core deposits and other intangibles Beginning balance $ 347 $ 365 $ 140 $ 145 $ 150 Additions - Acquisition of SVB — — 230 — — Amortization (18) (18) (5) (5) (5) Ending balance $ 329 $ 347 $ 365 $ 140 $ 145 Deposits (2) Beginning balance - unamortized fair value mark $ (22) $ (28) $ (35) $ (42) $ (49) Additions - Merger with CIT Group Inc. — — — — — Amortization 6 6 7 7 7 Ending balance $ (16) $ (22) $ (28) $ (35) $ (42) Borrowings (2) Beginning balance - unamortized fair value mark $ 181 $ 139 $ (86) $ (93) $ (100) Additions - Acquisition of SVB — 44 219 — — Amortization (12) (2) 6 7 7 Ending balance $ 169 $ 181 $ 139 $ (86) $ (93) Note – The balances above include the impact of the SVB acquisition as well as other acquisitions prior to December 31, 2022. The summary only includes select information and is not intended to represent all purchase accounting adjustments. (1) Purchase accounting marks on loans and leases is comprised of credit, interest and liquidity components, and are generally recognized using the level-yield or straight-line method over the remaining life of the receivable or in full in the event of prepayment. (2) Purchase accounting marks on deposits and borrowings represent interest rate marks and are recognized using the level-yield method over the remaining term of the liability. (3) Excludes accretion on off balance sheet exposure. Purchase accounting marks ($ in millions)

50 First Citizens BancShares, Inc. S&P Moody’s Outlook Negative Negative Issuer BBB No rating Senior unsecured No rating Baa2 Subordinated No rating Baa2 Preferred stock BB Ba1 (hyb) Credit Ratings First-Citizens Bank & Trust Company S&P Moody’s Outlook Negative Negative Issuer BBB + Baa2 Senior unsecured BBB + Baa2 Subordinated BBB No rating Deposits No rating A2 / P-1 Note – Credit rating information was last updated on the following dates: S&P - 4/20/2023, and Moody’s - 9/29/2023.

Non-GAAP Reconciliations Section V

52 1Q23 4Q22 1Q22 Rental income on operating lease equipment (2) $ (146) $ (147) $ (139) Realized gain on sale of investment securities available for sale, net 12 — — Fair value adjustment on marketable equity securities, net 1 10 2 Gain on sale of leasing equipment, net (10) (4) (2) Gain on acquisition (12) (55) — Gain on extinguishment of debt — — (1) Other noninterest income(3) 8 — (5) Impact on adjusted noninterest income $ (147) $ (196) $ (145) Depreciation on operating lease equipment (2) $ (95) $ (91) $ (87) Maintenance and other operating lease expenses (2) (51) (56) (52) Salaries and benefits — — — Acquisition-related expenses (121) (205) (33) Intangible asset amortization (17) (18) (5) Other noninterest expense (4) — — (6) Impact on adjusted noninterest expense $ (284) $ (370) $ (183) CECL Day 2 provision and reserve for unfunded commitments — (716) — Provision for credit losses- investment securities available for sale 3 (4) — Provision for credit losses - total adjustments $ 3 $ 1 $ — Impact on adjusted pre-tax income $ 134 $ 173 $ 38 Income tax impact (5) (6) 58 75 15 Impact on adjusted net income $ 76 $ 98 $ 23 Impact on adjusted diluted EPS $ 5.25 $ 6.73 1.52 Notable Items (1) ($ in millions, except per share data) 3Q23 2Q23 3Q22 Rental income on operating lease equipment (2) $ (146) $ (147) $ (139) Realized loss on sale of investment securities available for sale, net 12 — — Fair value adjustment on marketable equity securities, net 1 10 2 Gain on sale of leasing equipment, net (10) (4) (2) Gain on acquisition, net of tax (12) (55) — Gain on extinguishment of debt — — (1) Other noninterest income (3) 8 — (5) Impact of notable items on adjusted noninterest income $ (147) $ (196) $ (145) Depreciation on operating lease equipment (2) $ (95) $ (91) $ (87) Maintenance and other operating lease expenses (2) (51) (56) (52) Acquisition-related expenses (121) (205) (33) Intangible asset amortization (17) (18) (5) Other noninterest expense (4) — — (6) Impact of notable items on adjusted noninterest expense $ (284) $ (370) $ (183) Benefit for credit losses on investment securities AFS $ 3 $ 1 $ — Impact of notable items on adjusted provision for credit losses $ 3 $ 1 $ — Impact of notable items on adjusted pre-tax income $ 134 $ 173 $ 38 Income tax impact (5) 58 75 15 Impact of notable items on adjusted net income $ 76 $ 98 $ 23 Impact of notable items on adjusted diluted EPS $ 5.25 $ 6.73 $ 1.52 (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 the Company’s performance. Refer to subsequent pages of this presentation for a reconciliation of Non-GAAP measures to the most directly comparable GAAP measures. (2) Depreciation and maintenance and other operating lease expenses are reclassified from noninterest expense to a reduction of rental income on operating lease equipment. There is no net impact to earnings for this notable item as adjusted noninterest income and expense are reduced by the same amount. Adjusted rental income on operating lease equipment (non-GAAP) is net of depreciation and maintenance expense for operating lease equipment. Management believes this measure enhances comparability to banking peers, primarily due to the extent of our rail and other equipment rental activities. Refer to subsequent pages of this presentation for a reconciliation of Non-GAAP measures to the most directly comparable GAAP measure. (3) Notable items included in other noninterest income consist of a measurement period adjustment related to FX translation in 3Q23 and a railcar lease settlement in 3Q22. (4) Notable items included in other noninterest expense consist of an impairment on corporate real estate in 3Q22. (5) For the periods presented the income tax impact may include tax discrete items and changes in the estimated annualized effective tax rate.

53 Non-GAAP Reconciliations 3Q23 2Q23 3Q22 Net income and EPS Net income (GAAP) a $ 752 682 315 Preferred stock dividends 15 15 12 Net income available to common stockholders (GAAP) b 737 667 303 Total notable items, after income tax c 76 98 23 Adjusted net income (non-GAAP) d = (a+c) 828 780 338 Adjusted net income available to common stockholders (non-GAAP) e = (b+c) $ 813 765 326 Weighted average common shares outstanding Basic f 14,528,310 14,528,134 15,711,976 Diluted g 14,539,133 14,537,938 15,727,993 EPS (GAAP) Basic b/f $ 50.71 45.90 19.27 Diluted b/g 50.67 45.87 19.25 Adjusted EPS (non-GAAP) Basic e/f $ 55.96 52.64 20.79 Diluted e/g 55.92 52.60 20.77 Noninterest income and expense Noninterest income h $ 615 658 433 Impact of notable items, before income tax (147) (196) (145) Adjusted noninterest income i $ 468 462 288 Noninterest expense j $ 1,416 1,572 760 Impact of notable items, before income tax (284) (370) (183) Adjusted noninterest expense k $ 1,132 1,202 577 Provision for credit losses $ 192 151 60 Plus: Benefit for credit losses on investment securities AFS 3 1 — Adjusted provision for credit losses $ 195 152 60 Non-GAAP Reconciliations ($ in millions, except share and per share data)

54 Non-GAAP Reconciliations ($ in millions, except share and per share data) Non-GAAP Reconciliations 3Q23 2Q23 3Q22 PPNR Net income (GAAP) a $ 752 682 315 Plus: Provision for credit losses 192 151 60 Income tax expense 245 214 93 PPNR (non-GAAP) l $ 1,189 1,047 468 Impact of notable items (1) 137 174 38 Adjusted PPNR (non-GAAP) m $ 1,326 1,221 506 ROA Net income (GAAP) a $ 752 682 315 Annualized net income n = a annualized 2,983 2,734 1,250 Adjusted net income (non-GAAP) d 828 780 338 Annualized adjusted net income p = d annualized 3,286 3,126 1,341 Average assets o 211,994 209,309 107,969 ROA n/o 1.41 % 1.31 % 1.16 % Adjusted ROA p/o 1.55 % 1.49 % 1.24 % PPNR ROA PPNR (non-GAAP) l $ 1,189 1,047 468 Annualized PPNR q = l annualized 4,717 4,200 1,858 Adjusted PPNR (non-GAAP) m 1,326 1,221 506 Annualized PPNR r = m annualized 5,261 4,893 2,009 PPNR ROA q/o 2.23 % 2.00 % 1.72 % Adjusted PPNR ROA r/o 2.48 % 2.34 % 1.86 % (1) Excludes the notable items for the provision for credit losses and income taxes as these items are excluded from PPNR as presented in the table above.

55 Non-GAAP Reconciliations ($ in millions, except share and per share data) Non-GAAP Reconciliations 3Q23 2Q23 3Q22 ROE and ROTCE Annualized net income available to common stockholders s = b annualized $ 2,923 2,675 1,202 Annualized adjusted net income available to common stockholders t = e annualized $ 3,225 3,067 1,293 Average stockholders' equity (GAAP) $ 20,116 19,521 10,499 Less: average preferred stock 881 881 881 Average common stockholders' equity (non-GAAP) u $ 19,235 18,640 9,618 Less: average goodwill 346 346 346 Less: average other intangible assets 338 357 148 Average tangible common equity (non-GAAP) v $ 18,551 17,937 9,124 ROE s/u 15.20 % 14.35 % 12.49 % Adjusted ROE t/u 16.77 % 16.46 % 13.47 % ROTCE s/v 15.76 % 14.91 % 13.17 % Adjusted ROTCE t/v 17.39 % 17.10 % 14.20 % Tangible common equity to tangible assets Stockholders' equity (GAAP) w $ 20,389 19,771 9,833 Less: preferred stock 881 881 881 Common equity (non-GAAP) x $ 19,508 18,890 8,952 Less: goodwill 346 346 346 Less: other intangible assets 329 347 145 Tangible common equity (non-GAAP) y $ 18,833 18,197 8,461 Total assets (GAAP) z 213,765 209,502 109,310 Tangible assets (non-GAAP) aa 213,090 208,809 108,819 Total equity to total assets w/z 9.54 % 9.44 % 9.00 % Tangible common equity to tangible assets (non-GAAP) y/aa 8.84 % 8.71 % 7.78 %

56 Non-GAAP Reconciliations ($ in millions, except share and per share data) Non-GAAP Reconciliations 3Q23 2Q23 3Q22 Book value and tangible book value per common share Common shares outstanding at period end bb 14,520,103 14,520,034 14,976,129 Book value per share x/bb $ 1,343.52 1,300.93 597.75 Tangible book value per share y/bb $ 1,297.00 1,253.20 564.97 Efficiency ratio Net interest income cc $ 1,990 1,961 795 Efficiency ratio (GAAP) j / (h + cc) 54.34 % 60.06 % 61.91 % Adjusted efficiency ratio (non-GAAP) k / (i + cc) 46.04 % 49.65 % 53.32 % Rental income on operating lease equipment Rental income on operating lease equipment $ 248 238 219 Less: Depreciation on operating lease equipment 95 91 87 Maintenance and other operating lease expenses 51 56 52 Adjusted rental income on operating lease equipment $ 102 91 80 Rental income on operating lease equipment: Rail segment Rental income on operating lease equipment $ 190 180 165 Less: Depreciation on operating lease equipment 49 47 44 Maintenance and other operating lease expenses 51 56 52 Adjusted rental income on operating lease equipment $ 90 77 69 Income tax expense Income tax expense $ 245 214 93 Impact of notable items 58 75 15 Adjusted income tax expense $ 303 289 108

Cover Page	Oct. 26, 2023
Cover [Abstract]
Entity Central Index Key	0000798941
Amendment Flag	false
Document Type	8-K
Document Period End Date	Oct. 26, 2023
Entity Registrant Name	First Citizens BancShares Inc /DE/
Entity Incorporation, State or Country Code	DE
Entity File Number	001-16715
Entity Tax Identification Number	56-1528994
Entity Address, Address Line One	4300 Six Forks Road
Entity Address, City or Town	Raleigh
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27609
City Area Code	919
Local Phone Number	716-7000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Document Period End Date	Oct. 26, 2023
Common Class A [Member]
Cover [Abstract]
Security Exchange Name	NASDAQ
Title of 12(b) Security	Class A Common Stock, Par Value $1
Trading Symbol	FCNCA
Security Exchange Name	NASDAQ
Series A Preferred Stock [Member]
Cover [Abstract]
Security Exchange Name	NASDAQ
Title of 12(b) Security	Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series A
Trading Symbol	FCNCP
Security Exchange Name	NASDAQ
Series C Preferred Stock
Cover [Abstract]
Security Exchange Name	NASDAQ
Title of 12(b) Security	5.625% Non-Cumulative Perpetual Preferred Stock, Series C
Trading Symbol	FCNCO
Security Exchange Name	NASDAQ