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 24, 2024

_________________________________________________________________

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 24, 2024, First Citizens BancShares, Inc. (“BancShares”) announced its results of operations for the quarter ended September 30, 2024. Copies of BancShares’ press release and financial supplement containing this information are attached to this Current Report on Form 8-K (this “Report”) as Exhibit 99.1 and Exhibit 99.3, respectively, and are incorporated into this Item 2.02 by reference. The press release and financial supplement are 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 9 a.m. Eastern time on Thursday, October 24, 2024, to discuss its financial results for the quarter ended September 30, 2024. The slides that will be made available in connection with the presentation are attached as Exhibit 99.2 hereto and incorporated into this Item 7.01 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, 99.2 and 99.3, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall the information be deemed incorporated by reference in any filing under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing, 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						Earnings Release Third Quarter 2024

99.2						Investor Presentation Third Quarter 2024

99.3						Financial Supplement Third Quarter 2024

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 factors that are difficult to predict. Many possible events or factors could affect BancShares’ future financial results and performance and could cause 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 (including the upcoming U.S. election), geopolitical events (including conflicts in Ukraine and the Middle East) and market conditions, including changes in competitive pressures among financial institutions and the impacts related to or resulting from recent bank failures, the risks and impacts of future bank failures and other volatility in the banking industry, public perceptions of our business practices, including our deposit pricing and acquisition activity, 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 interest rate cut and any changes 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 significant turbulence in the capital or financial markets, the impact of any sustained or elevated inflationary environment, the impact of any cyberattack,

information or security breach, the impact of implementation and compliance with current or proposed laws, regulations and regulatory interpretations, including potential increased regulatory requirements, limitations, and costs, such as FDIC special assessments, increases to FDIC deposit insurance premiums and the proposed interagency 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 risks associated with BancShares’ previous acquisition transactions, including the FDIC-assisted transaction with Silicon Valley Bridge Bank, N.A. and the previously completed merger with CIT Group Inc., or any future transactions.

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, 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 24, 2024

By:

/s/ Craig L. Nix

Craig L. Nix

Chief Financial Officer

NEWS RELEASE

For Immediate Release

Contact:

Deanna Hart

Angela English

October 24, 2024

Investor Relations

Corporate Communications

919-716-2137

803-931-1854

FIRST CITIZENS BANCSHARES REPORTS THIRD QUARTER 2024 EARNINGS

RALEIGH, N.C. -- First Citizens BancShares, Inc. (“BancShares”) (Nasdaq: FCNCA) reported earnings for the third quarter of 2024.

Chairman and CEO Frank B. Holding, Jr. said: “We posted another quarter of strong financial results, largely in line with our expectations. Loan growth remained resilient in both the General Bank and Commercial Bank segments, while loans in the SVB Commercial segment declined as Global Fund Banking repayment levels outpaced draw activity. We experienced another quarter of deposit growth, mostly concentrated in our Branch Network, with modest deposit growth in SVB Commercial. The stability of the SVB deposit franchise continues to demonstrate the competitive advantage we maintain in the innovation economy. Credit remained stable and our capital and liquidity positions remained strong. During the third quarter, we repurchased more than 350,000 shares of our Class A common shares for $700 million under the repurchase plan announced in July.

“In the wake of Hurricanes Helene and Milton, our thoughts continue to be with our associates, clients and communities across the Southeast affected by these devastating natural disasters. Our associates responded to these events with resilience, perseverance and determination, allowing us to quickly reopen operations to help our clients and communities in their rebuilding efforts. We are committed to continuing this support moving forward.”

FINANCIAL HIGHLIGHTS

Measures referenced “as adjusted” below, as well as net interest income and net interest margin, excluding purchase accounting accretion (“PAA”), are non-GAAP financial measures (refer to the Financial Supplement available at ir.firstcitizens.com or www.sec.gov for a reconciliation of each non-GAAP measure to the most directly comparable GAAP measure).

Net income for the third quarter of 2024 (“current quarter”) was $639 million compared to $707 million for the second quarter of 2024 (“linked quarter”). Net income available to common stockholders for the current quarter was $624 million, or $43.42 per diluted common share, a $67 million decrease from $691 million, or $47.54 per diluted common share, in the linked quarter.

Adjusted net income for the current quarter was $675 million compared to $755 million for the linked quarter. Adjusted net income available to common stockholders was $660 million, or $45.87 per diluted common share, a $79 million decrease from $739 million, or $50.87 per diluted common share, in the linked quarter.

Current quarter results were primarily impacted by the following notable items to arrive at adjusted net income available to common stockholders:

•Acquisition-related expenses of $46 million,

•Intangible asset amortization of $15 million,

•Favorable fair value adjustment on marketable equity securities of $9 million,

•Realized gain on sales of marketable equity securities of $4 million,

•Gain on sale of leasing equipment of $5 million,

•Other noninterest expense of $8 million, and

•Net impact of $15 million for the tax effect of notable items.

NET INTEREST INCOME AND MARGIN

•Net interest income totaled $1.80 billion for the current quarter, a decrease of $25 million from the linked quarter. Net interest income related to PAA was $101 million compared to $140 million in the linked quarter, a decrease of $39 million. Net interest income, excluding PAA, was $1.70 billion compared to $1.68 billion in the linked quarter, an increase of $14 million.

•The decrease in net interest income was due to a $33 million increase in interest expense, partially offset by an $8 million increase in interest income.

•The increase of $8 million in interest income was due to increases in interest on investment securities and loans of $28 million and $8 million, respectively, which were partially offset by a $28 million decrease in interest on interest-earning deposits at banks.

◦Higher average balances led to a $46 million increase in loan interest income, which was partially offset by a $38 million decrease in loan PAA income, resulting in an $8 million increase in loan interest income compared to the linked quarter.

◦Continued purchases of short duration investment securities increased the average balance and interest income for investment securities and decreased the average balance and interest income for interest-earning deposits at banks.

•The $33 million increase in interest expense was mostly due to a $29 million increase in interest expense on deposits, primarily related to growth in money market deposits in the Branch Network and savings deposits in the Direct Bank, partially offset by a decrease in the average balance of time deposits.

•Net interest margin was 3.53% compared to 3.64% in the linked quarter. Net interest margin, excluding PAA, was 3.33% compared to 3.36% in the linked quarter.

◦The yield on average interest-earning assets was 6.18%, a decrease of 8 basis points from the linked quarter, primarily due to decreases in the yield on interest-earning deposits at banks and loan accretion, partially offset by a higher yield on investment securities.

◦The rate paid on average interest-bearing liabilities increased 3 basis points from the linked quarter, primarily due to a higher average rate paid on money market deposits, partially offset by lower average rates paid on all other interest-bearing deposits. While the rate paid on average money market deposits increased compared to the linked quarter, it declined late in the current quarter.

NONINTEREST INCOME AND EXPENSE

•Noninterest income totaled $650 million, an increase of $11 million compared to the linked quarter. Noninterest income in the current quarter included a realized gain of $4 million on the sale of marketable equity securities and an $11 million favorable fair value adjustment on marketable equity securities relative to the linked quarter.

•Adjusted noninterest income was $474 million compared to $479 million in the linked quarter, a decrease of $5 million. The decrease in adjusted noninterest income was a result of an $18 million decline in other noninterest income, mainly attributable to fair value changes in customer derivative positions and other nonmarketable investments, partially offset by increases of $4 million in fee income and other service charges, $3 million in adjusted rental income on operating lease equipment, and $6 million spread among various noninterest income line items.

•Noninterest expense was $1.46 billion compared to $1.39 billion in the linked quarter, an increase of $70 million. Salaries and benefits increased $43 million, mainly attributable to an additional working day in the current quarter, net staff additions, increases in incentive accruals and temporary labor associated with technology projects. Professional fees increased $18 million, mostly related to continued enhancements to our large financial institution regulatory compliance capabilities. The remaining increase of $9 million was spread among various noninterest expense line items.

•Adjusted noninterest expense was $1.23 billion compared to $1.17 billion in the linked quarter, an increase of $61 million, mostly related to the previously discussed increases in salaries and benefits and professional fees.

BALANCE SHEET SUMMARY

•Loans and leases totaled $138.70 billion at September 30, 2024, a decrease of $646 million (0.5% linked quarter decline) compared to $139.34 billion at June 30, 2024 as the decrease in the SVB Commercial segment was partially offset by loan growth in the General Bank and Commercial Bank segments.

◦The decrease in the SVB Commercial segment of $2.12 billion (5.0% linked quarter decline) was primarily due to declines in Global Fund Banking as repayment levels outpaced draw activity on new lines of credit.

◦Loan growth in the General Bank segment of $897 million (1.4% linked quarter growth) was primarily related to commercial and business loans in the Branch Network.

◦Loan growth of $573 million (1.8% linked quarter growth) in the Commercial Bank segment was primarily due to growth in the Tech Media and Telecom and Healthcare verticals.

•Total investment securities were $38.66 billion at September 30, 2024, an increase of $997 million since June 30, 2024. The increase was mainly attributable to purchases of approximately $2.58 billion short duration U.S. Treasury and U.S. agency mortgage-backed investment securities available for sale during the current quarter, partially offset by paydowns and maturities.

•Deposits totaled $151.57 billion at September 30, 2024, an increase of $495 million since June 30, 2024 (0.3% linked quarter growth). The increase was mostly due to growth in the General Bank and SVB Commercial segments, which was partially offset by declines in the Commercial Bank segment and the Direct Bank.

◦Deposit growth in the General Bank segment of $690 million was primarily due to money market deposits in the Branch Network.

◦Deposit growth in the SVB Commercial segment of $54 million was primarily due to an increase in money market deposits, partially offset by declines in noninterest-bearing and interest-bearing checking.

◦Deposits in the Commercial Bank segment decreased by $204 million as declines in noninterest-bearing and interest-bearing checking were partially offset by growth in money market deposits.

◦Corporate deposits, which includes the Direct Bank, declined by $49 million, mostly due to a decline in time deposits, partially offset by growth in savings deposits.

•Noninterest-bearing deposits represented 26.0% of total deposits as of September 30, 2024, compared to 26.5% at June 30, 2024. The cost of average total deposits was 2.64% for the current quarter, compared to 2.61% for the linked quarter. While the cost of average total deposits increased 3 basis points from the linked quarter, the pace slowed relative to the 8 basis point increase in the linked quarter compared to the first quarter of 2024.

•Funding mix remained stable with 80.3% of the total funding composed of deposits.

PROVISION FOR CREDIT LOSSES AND CREDIT QUALITY

•Provision for credit losses totaled $117 million for the current quarter compared to $95 million for the linked quarter, an increase of $22 million. The current quarter provision for credit losses included a loan and lease loss provision of $123 million, partially offset by a benefit for off-balance sheet credit exposure of $6 million.

◦The provision for loan and lease losses of $123 million increased $28 million compared to the linked quarter, mainly attributable to an increase in net charge-offs of $13 million, changes in the macroeconomic forecast, higher specific reserves, and an estimate of $20 million related to Hurricane Helene.

•Net charge-offs totaled $145 million for the current quarter, representing 0.42% of average loans, compared to $132 million, or 0.38% of average loans, for the linked quarter. The $13 million increase in net charge-offs was mainly related to the Real Estate Finance and Equipment Finance portfolios in the Commercial Bank segment.

•Nonaccrual loans were $1.24 billion, or 0.90% of loans, at September 30, 2024, compared to $1.14 billion, or 0.82% of loans, at June 30, 2024. The increase in nonaccrual loans was concentrated in the SVB Commercial segment.

•The allowance for loan and lease losses totaled $1.68 billion, or 1.21% of loans, at September 30, 2024, down from 1.22% at June 30, 2024. The net decline in the allowance ratio reflected a reserve release of $22 million for the current quarter, compared to a $37 million reserve release in the linked quarter. The $22 million reserve release in the current quarter was primarily due to changes in credit quality and lower loan balances, partially offset by changes in the macroeconomic forecast, higher specific reserves, and the estimate related to Hurricane Helene.

CAPITAL AND LIQUIDITY

•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 15.36%, 13.78%, 13.24%, and 10.20%, respectively, at September 30, 2024.

•During the current quarter, we repurchased 353,058 of our Class A common shares for $700 million and paid a dividend of $1.64 per share on our Class A and Class B common stock. Shares repurchased during the current quarter represented 2.61% of Class A common shares and 2.43% of total Class A and Class B common shares outstanding at June 30, 2024.

•Liquidity position remains strong as liquid assets were $58.36 billion at September 30, 2024, compared to $56.91 billion at June 30, 2024.

EARNINGS CALL/ WEBCAST DETAILS

BancShares will host a conference call to discuss the company's financial results on Thursday, October 24, 2024, at 9 a.m. Eastern time.

The call may be accessed via webcast on the company’s website at ir.firstcitizens.com or through the dial-in details below:

North America: 1-833-470-1428

All other locations: 1-929-526-1599

Access code: 970671

Our earnings release, investor presentation, and financial supplement are available at ir.firstcitizens.com. In addition, these materials will be furnished to the Securities and Exchange Commission (the “SEC”) on a Form 8-K and will be available on the SEC website at www.sec.gov. 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. (Nasdaq: FCNCA), a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500TM, is the financial holding company for First-Citizens Bank & Trust Company ("First Citizens Bank"). Headquartered in Raleigh, N.C., 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; personalized service and resources to help grow and manage wealth; and a nationwide direct bank. 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.

BancShares’ share repurchase program allows BancShares to repurchase shares of its Class A common stock through 2025. BancShares is not obligated under the share repurchase program to repurchase any minimum or particular number of shares, and repurchases may be suspended or discontinued at any time (subject to the terms of any Rule 10b5-1 plan in effect) without prior notice. The authorization to repurchase Class A common stock will be utilized at management’s discretion. The actual timing and amount of Class A common stock that may be repurchased will depend on a number of factors, including the terms of any Rule 10b5-1 plan then in effect, price, general business and market conditions, regulatory requirements, and alternative investment opportunities or capital needs.

NON-GAAP MEASURES

Certain measures in this release, including those referenced as “adjusted,” as well as net interest income and net interest margin, excluding PAA, are “non-GAAP,” meaning they are numerical measures of BancShares’ financial performance, financial position or cash flows that are not presented in accordance with generally accepted accounting principles in the U.S. (“GAAP”) because they exclude or include amounts or are adjusted in some way so as to be different than the most direct comparable measures calculated and presented in accordance with GAAP in BancShares’ statements of income, balance sheets or statements of cash flows and also are not codified in U.S. banking regulations currently applicable to BancShares. BancShares management 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, financial position or cash flows to its investors, analysts and management. These non-GAAP measures should be considered in addition to, and not superior to or a substitute for, GAAP measures. Each non-GAAP measure is reconciled to the most comparable GAAP measure in the non-GAAP reconciliation. This information can be found in the Financial Supplement located in the Quarterly Results section of our website at https://ir.firstcitizens.com/financial-information/quarterly-results/default.aspx.


Dollars in millions, except per share data
	Three Months Ended									Nine Months Ended
Summary Financial Data & Key Metrics	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Results of Operations:
Net interest income	$	1,796		$	1,821		$	1,990		$	5,434		$	4,801
Provision for credit losses	117			95			192			276			1,126
Net interest income after provision for credit losses	1,679			1,726			1,798			5,158			3,675
Noninterest income	650			639			615			1,916			11,532
Noninterest expense	1,456			1,386			1,416			4,218			3,843
Income before income taxes	873			979			997			2,856			11,364
Income tax expense	234			272			245			779			412
Net income	639			707			752			2,077			10,952
Preferred stock dividends	15			16			15			46			44
Net income available to common stockholders	$	624		$	691		$	737		$	2,031		$	10,908
Adjusted net income available to common stockholders(1)	$	660		$	739		$	813		$	2,168		$	1,870
Pre-tax, pre-provision net revenue (PPNR)(1)	$	990		$	1,074		$	1,189		$	3,132		$	12,490
Per Share Information:
Diluted earnings per common share (EPS)	$	43.42		$	47.54		$	50.67		$	140.26		$	750.19
Adjusted diluted EPS(1)	45.87			50.87			55.92			149.71			128.64
Book value per common share at period end	1,547.81			1,487.00			1,343.52
Tangible book value per common share (TBV)(1) at period end	1,504.75			1,443.92			1,297.00
Key Performance Metrics:
Return on average assets (ROA)	1.15		%	1.30		%	1.41		%	1.27		%	7.81		%
Adjusted ROA(1)	1.22			1.39			1.55			1.35			1.37
PPNR ROA(1)	1.79			1.97			2.23			1.91			8.91
Adjusted PPNR ROA(1)	1.88			2.08			2.48			2.03			2.16
Return on average common equity (ROE)	11.30			13.13			15.20			12.73			90.46
Adjusted ROE(1)	11.94			14.05			16.77			13.59			15.51
Return on average tangible common equity (ROTCE)(1)	11.63			13.53			15.76			13.12			94.17
Adjusted ROTCE(1)	12.29			14.48			17.39			14.00			16.15
Efficiency ratio	59.49			56.36			54.34			57.38			23.53
Adjusted efficiency ratio(1)	54.15			50.77			46.04			51.72			49.85
Net interest margin (NIM)(2)	3.53			3.64			4.07			3.62			3.95
NIM, excluding purchase accounting accretion (PAA)(1), (2)	3.33			3.36			3.52			3.35			3.50
Select Balance Sheet Items at Period End:
Total investment securities	$	38,663		$	37,666		$	26,818
Total loans and leases	138,695			139,341			133,202
Total operating lease equipment, net	9,186			8,945			8,661
Total deposits	151,574			151,079			146,233
Total borrowings	37,161			37,458			37,712
Loan to deposit ratio	91.50		%	92.23		%	91.09		%
Noninterest-bearing deposits to total deposits	25.99			26.49			29.50
Capital Ratios at Period End: (3)
Total risk-based capital ratio	15.36		%	15.45		%	15.64		%
Tier 1 risk-based capital ratio	13.78			13.87			13.83
Common equity Tier 1 ratio	13.24			13.33			13.24
Tier 1 leverage capital ratio	10.20			10.29			9.73
Asset Quality at Period End:
Nonaccrual loans to total loans and leases	0.90		%	0.82		%	0.68		%
Allowance for loan and lease losses (ALLL) to loans and leases	1.21			1.22			1.26
Net charge-off ratio for the period	0.42			0.38			0.53			0.37			0.45

(1) Denotes a non-GAAP measure. Refer to the non-GAAP reconciliation tables included at the end of this financial supplement for a reconciliation to the most directly comparable GAAP measure. “Adjusted” items exclude the impacts of Notable Items.
(2) Calculated net of average credit balances and deposits of factoring clients.
(3) Capital ratios as of the current quarter-end are preliminary pending completion of quarterly regulatory filings.


Dollars in millions, except share and per share data
	Three Months Ended						Nine Months Ended
Income Statement (unaudited)	September 30, 2024		June 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Interest income
Interest and fees on loans	$	2,430	$	2,422	$	2,426	$	7,206	$	5,796
Interest on investment securities	358		330		180		970		407
Interest on deposits at banks	350		378		504		1,176		1,071
Total interest income	3,138		3,130		3,110		9,352		7,274
Interest expense
Deposits	1,004		975		769		2,907		1,632
Borrowings	338		334		351		1,011		841
Total interest expense	1,342		1,309		1,120		3,918		2,473
Net interest income	1,796		1,821		1,990		5,434		4,801
Provision for credit losses	117		95		192		276		1,126
Net interest income after provision for credit losses	1,679		1,726		1,798		5,158		3,675
Noninterest income
Rental income on operating lease equipment	262		259		248		776		719
Fee income and other service charges	81		77		71		233		188
Client investment fees	55		54		52		159		106
Wealth management services	54		52		49		157		140
International fees	29		30		30		87		63
Service charges on deposit accounts	45		44		44		133		112
Factoring commissions	19		19		21		55		60
Cardholder services, net	42		40		41		122		103
Merchant services, net	12		12		12		36		36
Insurance commissions	14		13		13		42		40
Realized gain (loss) on sale of investment securities, net	4		—		(12)		4		(26)
Fair value adjustment on marketable equity securities, net	9		(2)		(1)		3		(20)
Gain on sale of leasing equipment, net	5		4		10		19		18
Gain on acquisition	—		—		12		—		9,891
Loss on extinguishment of debt	—		—		—		(2)		—
Other noninterest income	19		37		25		92		102
Total noninterest income	650		639		615		1,916		11,532
Noninterest expense
Depreciation on operating lease equipment	99		98		95		293		275
Maintenance and other operating lease expenses	59		60		51		164		163
Salaries and benefits	788		745		727		2,277		1,922
Net occupancy expense	62		58		65		182		179
Equipment expense	128		126		117		368		308
Professional fees	42		24		12		91		43
Third-party processing fees	55		58		54		173		139
FDIC insurance expense	31		33		36		105		76
Marketing expense	20		18		22		52		78
Acquisition-related expenses	46		44		121		148		354
Intangible asset amortization	15		15		17		47		40
Other noninterest expense	111		107		99		318		266
Total noninterest expense	1,456		1,386		1,416		4,218		3,843
Income before income taxes	873		979		997		2,856		11,364
Income tax expense	234		272		245		779		412
Net income	$	639	$	707	$	752	$	2,077	$	10,952
Preferred stock dividends	15		16		15		46		44
Net income available to common stockholders	$	624	$	691	$	737	$	2,031	$	10,908

Basic earnings per common share	$	43.42	$	47.54	$	50.71	$	140.27	$	750.79
Diluted earnings per common share	$	43.42	$	47.54	$	50.67	$	140.26	$	750.19
Weighted average common shares outstanding (basic)	14,375,974		14,534,499		14,528,310		14,480,874		14,527,718
Weighted average common shares outstanding (diluted)	14,375,974		14,534,499		14,539,133		14,481,919		14,539,383


Dollars in millions, except share data
Balance Sheet (unaudited)	September 30, 2024		June 30, 2024		September 30, 2023
Assets
Cash and due from banks	$	862	$	764	$	791
Interest-earning deposits at banks	25,640		25,361		36,704
Securities purchased under agreements to resell	455		392		549
Investment in marketable equity securities	82		78		75
Investment securities available for sale	28,190		27,053		16,661
Investment securities held to maturity	10,391		10,535		10,082
Assets held for sale	68		92		58
Loans and leases	138,695		139,341		133,202
Allowance for loan and lease losses	(1,678)		(1,700)		(1,673)
Loans and leases, net of allowance for loan and lease losses	137,017		137,641		131,529
Operating lease equipment, net	9,186		8,945		8,661
Premises and equipment, net	1,974		1,938		1,768
Goodwill	346		346		346
Other intangible assets, net	265		280		329
Other assets	6,091		6,402		6,212
Total assets	$	220,567	$	219,827	$	213,765
Liabilities
Deposits:
Noninterest-bearing	$	39,396	$	40,016	$	43,141
Interest-bearing	112,178		111,063		103,092
Total deposits	151,574		151,079		146,233
Credit balances of factoring clients	1,250		1,175		1,282
Borrowings:


Short-term borrowings	391		386		453




Long-term borrowings	36,770		37,072		37,259
Total borrowings	37,161		37,458		37,712
Other liabilities	7,754		7,628		8,149
Total liabilities	$	197,739	$	197,340	$	193,376
Stockholders’ equity
Preferred stock	881		881		881
Common stock:
Class A - $1 par value	13		14		14
Class B - $1 par value	1		1		1
Additional paid in capital	3,389		4,099		4,106
Retained earnings	18,703		18,102		16,267
Accumulated other comprehensive loss	(159)		(610)		(880)
Total stockholders’ equity	22,828		22,487		20,389
Total liabilities and stockholders’ equity	$	220,567	$	219,827	$	213,765


Dollars in millions, except share per share data
Notable Items (1)	Three Months Ended						Nine Months Ended
	September 30, 2024		June 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Noninterest income
Rental income on operating lease equipment (2)	$	(158)	$	(158)	$	(146)	$	(457)	$	(438)
Realized (gain) loss on sale of investment securities, net	(4)		—		12		(4)		26
Fair value adjustment on marketable equity securities, net	(9)		2		1		(3)		20
Gain on sale of leasing equipment, net	(5)		(4)		(10)		(19)		(18)
Gain on acquisition	—		—		(12)		—		(9,891)
Loss on extinguishment of debt	—		—		—		2		—
Other noninterest income (3)	—		—		8		(4)		8
Impact of notable items on adjusted noninterest income	$	(176)	$	(160)	$	(147)	$	(485)	$	(10,293)
Noninterest expense
Depreciation on operating lease equipment (2)	(99)		(98)		(95)		(293)		(275)
Maintenance and other operating lease equipment expense (2)	(59)		(60)		(51)		(164)		(163)
Professional fees (4)	—		(1)		—		(4)		—
FDIC insurance special assessment	—		(2)		—		(11)		—
Acquisition-related expenses	(46)		(44)		(121)		(148)		(354)
Intangible asset amortization	(15)		(15)		(17)		(47)		(40)
Other noninterest expense (5)	(8)		2		—		—		—
Impact of notable items on adjusted noninterest expense	$	(227)	$	(218)	$	(284)	$	(667)	$	(832)

Day 2 provisions for loan and lease losses and off-balance sheet credit exposure	$	—	$	—	$	—	$	—	$	(716)
Benefit for credit losses on investment securities available for sale	—		—		3		—		—
Impact of notable items on adjusted provision for credit losses	$	—	$	—	$	3	$	—	$	(716)
Impact of notable items on adjusted pre-tax income	$	51	$	58	$	134	$	182	$	(8,745)
Income tax impact (6)	15		10		58		45		293
Impact of notable items on adjusted net income	$	36	$	48	$	76	$	137	$	(9,038)

Impact of notable items on adjusted diluted EPS	$	2.45	$	3.33	$	5.25	$	9.45	$	(621.55)

(1) Notable items include income and expense for infrequent transactions and certain recurring items (typically noncash) that management believes should be excluded from adjusted measures (non-GAAP) to enhance understanding of operations and comparability to historical periods. Management utilizes both GAAP and adjusted measures (non-GAAP) to analyze BancShares’ performance. Refer to subsequent pages of this financial supplement for a reconciliation of non-GAAP measures to the most directly comparable GAAP measures.

(2) Depreciation and maintenance and other operating lease expenses are deducted from rental income on operating lease equipment to calculate adjusted rental income on operating lease equipment (non-GAAP). There is no net impact to earnings for this non-GAAP item because adjusted noninterest income and expense are reduced by the same amount. Management believes adjusted rental income on operating lease equipment (non-GAAP) is meaningful because it helps management monitor the performance and profitability of the operating leases after deducting direct expenses. Refer to subsequent pages of this financial supplement for a reconciliation of non-GAAP measures to the most directly comparable GAAP measures.

(3) Other noninterest income includes a gain on litigation settlement in the 2024 YTD period and a Silicon Valley Bridge Bank, N.A purchase accounting adjustment related to FX translation in the 2023 QTD and YTD periods.

(4) Professional fees include expenses related to integration activities.

(5) Other noninterest expense consists of a technology fee in 3Q24 and a litigation reserve release in 2Q24.

(6) 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)	Three Months Ended						Nine Months Ended
	September 30, 2024		June 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Interest income	$	3,138	$	3,130	$	3,110	$	9,352	$	7,274
Interest expense	1,342		1,309		1,120		3,918		2,473
Net interest income	1,796		1,821		1,990		5,434		4,801
Provision for credit losses	117		95		195		276		410
Net interest income after provision for credit losses	1,679		1,726		1,795		5,158		4,391
Noninterest income	474		479		468		1,431		1,239
Noninterest expense	1,229		1,168		1,132		3,551		3,011
Income before income taxes	924		1,037		1,131		3,038		2,619
Income tax expense	249		282		303		824		705
Net income	$	675	$	755	$	828	$	2,214	$	1,914
Preferred stock dividends	15		16		15		46		44
Net income available to common stockholders	$	660	$	739	$	813	$	2,168	$	1,870

Basic earnings per common share	$	45.87	$	50.87	$	55.96	$	149.72	$	128.74
Diluted earnings per common share	45.87		50.87		55.92		149.71		128.64
Weighted average common shares outstanding (basic)	14,375,974		14,534,499		14,528,310		14,480,874		14,527,718
Weighted average common shares outstanding (diluted)	14,375,974		14,534,499		14,539,133		14,481,919		14,539,383

(1) The GAAP income statements and notable items are included previously in this financial supplement. The condensed adjusted income statements above (non-GAAP) exclude the impact of notable items. Refer to the non-GAAP reconciliation tables at the end of this financial supplement for a reconciliation of non-GAAP measures to the most directly comparable GAAP measure.


Dollars in millions
Loans and Leases by Class (end of period)	September 30, 2024		June 30, 2024		September 30, 2023

Commercial
Commercial construction	$	4,924	$	4,484	$	3,946
Owner occupied commercial mortgages	16,372		16,233		15,148
Non-owner occupied commercial mortgages	16,078		15,580		14,243
Commercial and industrial	30,867		30,684		28,717
Leases	2,020		2,049		2,108
Total commercial	$	70,261	$	69,030	$	64,162

Consumer
Residential mortgage	$	23,237	$	23,101	$	22,465
Revolving mortgage	2,455		2,351		2,067
Consumer auto	1,543		1,503		1,411
Consumer other	1,347		1,388		1,191
Total consumer	$	28,582	$	28,343	$	27,134

SVB
Global fund banking	$	27,114	$	28,915	$	27,516
Investor dependent - early stage	1,128		1,179		1,718
Investor dependent - growth stage	2,434		2,627		3,948
Innovation C&I and cash flow dependent	9,176		9,247		8,724



Total SVB	$	39,852	$	41,968	$	41,906
Total loans and leases	$	138,695	$	139,341	$	133,202
Less: allowance for loan and lease losses	(1,678)		(1,700)		(1,673)
Total loans and leases, net of allowance for loan and lease losses	$	137,017	$	137,641	$	131,529



Deposits by Type (end of period)	September 30, 2024		June 30, 2024		September 30, 2023
Noninterest-bearing demand	$	39,396	$	40,016	$	43,141
Checking with interest	23,216		23,907		23,461
Money market	34,567		32,636		30,079
Savings	40,266		39,361		32,708
Time	14,129		15,159		16,844
Total deposits	$	151,574	$	151,079	$	146,233


Dollars in millions
	Three Months Ended									Nine Months Ended
Credit Quality and Allowance for Loan and Lease Losses (ALLL)	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Nonaccrual loans at period end	$	1,244		$	1,141		$	899
Ratio of nonaccrual loans to total loans at period end	0.90		%	0.82		%	0.68		%

Charge-offs	$	(177)		$	(159)		$	(199)		$	(464)		$	(437)
Recoveries	32			27			23			84			54
Net charge-offs	$	(145)		$	(132)		$	(176)		$	(380)		$	(383)
Net charge-off ratio	0.42		%	0.38		%	0.53		%	0.37		%	0.45		%

ALLL to loans ratio at period end	1.21		%	1.22		%	1.26		%

ALLL at beginning of period	$	1,700		$	1,737		$	1,637		$	1,747		$	922
Initial PCD ALLL	—			—			—			—			220
Day 2 provision for loan and lease losses	—			—			—			—			462
Provision for loan and lease losses	123			95			212			311			452
Net charge-offs	(145)			(132)			(176)			(380)			(383)
ALLL at end of period	$	1,678		$	1,700		$	1,673		$	1,678		$	1,673


Dollars in millions	Three Months Ended
Average Balance Sheets, Yields and Rates	September 30, 2024						June 30, 2024						September 30, 2023
	Average Balance		Income/Expense		Yield/Rate		Average Balance		Income/Expense		Yield/Rate		Average Balance		Income/Expense		Yield/Rate
Loans and leases (1)(2)	$	137,602	$	2,430	7.03	%	$	135,965	$	2,422	7.15	%	$	131,653	$	2,426	7.30	%
Investment securities	38,189		354		3.70		36,445		327		3.60		24,388		177		2.90
Securities purchased under agreements to resell	241		4		5.34		236		3		5.37		223		3		5.28
Interest-earning deposits at banks	26,167		350		5.33		28,059		378		5.42		37,456		504		5.34
Total interest-earning assets (2)	$	202,199	$	3,138	6.18	%	$	200,705	$	3,130	6.26	%	$	193,720	$	3,110	6.37	%

Operating lease equipment, net	$	9,028					$	8,888					$	8,617
Cash and due from banks	717						750						911
Allowance for loan and lease losses	(1,725)						(1,763)						(1,714)
All other noninterest-earning assets	10,247						10,311						10,460
Total assets	$	220,466					$	218,891					$	211,994
Interest-bearing deposits
Checking with interest	$	23,946	$	134	2.23	%	$	24,427	$	137	2.26	%	$	24,600	$	134	2.15	%
Money market	34,127		278		3.24		31,998		250		3.14		29,684		179		2.40
Savings	39,944		436		4.34		38,434		415		4.35		30,185		303		3.99
Time deposits	14,429		156		4.29		16,043		173		4.33		16,489		153		3.68
Total interest-bearing deposits	112,446		1,004		3.55		110,902		975		3.54		100,958		769		3.02
Borrowings:
Securities sold under customer repurchase agreements	384		—		0.55		380		—		0.46		454		—		0.35
Short-term FHLB borrowings	—		—		—		—		—		—		—		—		—
Short-term borrowings	384		—		0.55		380		—		0.46		454		—		0.35
Federal Home Loan Bank borrowings	—		—		2.01		—		—		2.00		444		6		5.47
Senior unsecured borrowings	361		2		2.59		375		3		2.49		382		2		2.46
Subordinated debt	900		8		3.34		901		7		3.32		1,042		10		3.65
Other borrowings	35,803		328		3.66		35,824		324		3.61		35,831		333		3.71
Long-term borrowings	37,064		338		3.64		37,100		334		3.60		37,699		351		3.72
Total borrowings	37,448		338		3.61		37,480		334		3.56		38,153		351		3.68
Total interest-bearing liabilities	$	149,894	$	1,342	3.57	%	$	148,382	$	1,309	3.54	%	$	139,111	$	1,120	3.20	%

Noninterest-bearing deposits	$	39,026					$	39,344					$	43,085
Credit balances of factoring clients	1,195						1,234						1,209
Other noninterest-bearing liabilities	7,500						7,879						8,473
Stockholders' equity	22,851						22,052						20,116
Total liabilities and stockholders’ equity	$	220,466					$	218,891					$	211,994

Net interest income			$	1,796					$	1,821					$	1,990
Net interest spread (2)					2.61	%					2.72	%					3.17	%
Net interest margin (2)					3.53	%					3.64	%					4.07	%

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


Dollars in millions	Nine Months Ended
Average Balance Sheets, Yields and Rates	September 30, 2024						September 30, 2023
	Average Balance		Income/Expense		Yield/Rate			Average Balance		Income/Expense		Yield/Rate
Loans and leases (1)(2)	$	135,302	$	7,206	7.11	%		$	113,028	$	5,796	6.85	%
Investment securities	35,769		960		3.58			21,222		401		2.52
Securities purchased under agreements to resell	240		10		5.37			139		6		5.12
Interest-earning deposits at banks	29,192		1,176		5.38			27,794		1,071		5.15
Total interest-earning assets (2)	$	200,503	$	9,352	6.22	%		$	162,183	$	7,274	5.99	%

Operating lease equipment, net	$	8,908						$	8,421
Cash and due from banks	751							891
Allowance for loan and lease losses	(1,762)							(1,420)
All other noninterest-earning assets	10,087							17,354
Total assets	$	218,487						$	187,429
Interest-bearing deposits
Checking with interest	$	24,112	$	401	2.22	%		$	21,783	$	274	1.68	%
Money market	32,358		760		3.14			26,686		407		2.04
Savings	38,296		1,242		4.33			23,410		601		3.44
Time deposits	15,712		504		4.28			14,404		350		3.25
Total interest-bearing deposits	110,478		2,907		3.51			86,283		1,632		2.53
Borrowings:
Securities sold under customer repurchase agreements	398		1		0.49			455		1		0.32
Short-term FHLB borrowings	—		—		—			145		5		4.79
Short-term borrowings	398		1		0.49			600		6		1.40
Federal Home Loan Bank borrowings	—		—		2.00			3,084		120		5.22
Senior unsecured borrowings	371		7		2.53			686		11		2.16
Subordinated debt	904		23		3.32			1,045		29		3.59
Other borrowings	35,829		980		3.65			24,450		675		3.68
Long-term borrowings	37,104		1,010		3.63			29,265		835		3.80
Total borrowings	37,502		1,011		3.59			29,865		841		3.75
Total interest-bearing liabilities	$	147,980	$	3,918	3.53	%		$	116,148	$	2,473	2.84	%

Noninterest-bearing deposits	$	39,339						$	39,007
Credit balances of factoring clients	1,178							1,129
Other noninterest-bearing liabilities	7,793							14,143
Stockholders' equity	22,197							17,002
Total liabilities and stockholders’ equity	$	218,487						$	187,429

Net interest income			$	5,434						$	4,801
Net interest spread (2)					2.69	%						3.15	%
Net interest margin (2)					3.62	%						3.95	%

(1) Loans and leases include nonaccrual loans and loans held for sale. Interest income on loans and leases includes loan PAA income and loan fees.
(2) The balance and rate presented are calculated net of average credit balances and deposits 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
		Three Months Ended						Nine Months Ended
Non-GAAP Reconciliations		September 30, 2024		June 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Net income and EPS
Net income (GAAP)	a	$	639	$	707	$	752	$	2,077	$	10,952
Preferred stock dividends		15		16		15		46		44
Net income available to common stockholders (GAAP)	b	$	624	$	691	$	737	$	2,031	$	10,908
Total notable items, after income tax	c	36		48		76		137		(9,038)
Adjusted net income (non-GAAP)	d = (a+c)	675		755		828		2,214		1,914
Adjusted net income available to common stockholders (non-GAAP)	e = (b+c)	$	660	$	739	$	813	$	2,168	$	1,870
Weighted average common shares outstanding
Basic	f	14,375,974		14,534,499		14,528,310		14,480,874		14,527,718
Diluted	g	14,375,974		14,534,499		14,539,133		14,481,919		14,539,383
EPS (GAAP)
Basic	b/f	$	43.42	$	47.54	$	50.71	$	140.27	$	750.79
Diluted	b/g	43.42		47.54		50.67		140.26		750.19
Adjusted EPS (non-GAAP)
Basic	e/f	$	45.87	$	50.87	$	55.96	$	149.72	$	128.74
Diluted	e/g	45.87		50.87		55.92		149.71		128.64

Noninterest income and expense
Noninterest income (GAAP)	h	$	650	$	639	$	615	$	1,916	$	11,532
Impact of notable items, before income tax		(176)		(160)		(147)		(485)		(10,293)
Adjusted noninterest income (non-GAAP)	i	$	474	$	479	$	468	$	1,431	$	1,239

Noninterest expense (GAAP)	j	$	1,456	$	1,386	$	1,416	$	4,218	$	3,843
Impact of notable items, before income tax		(227)		(218)		(284)		(667)		(832)
Adjusted noninterest expense (non-GAAP)	k	$	1,229	$	1,168	$	1,132	$	3,551	$	3,011

Provision for credit losses
Provision for credit losses		$	117	$	95	$	192	$	276	$	1,126
Less: day 2 provision for loan and lease losses and off-balance sheet exposure		—		—		—		—		716
Less: provision (benefit) for credit losses on investment securities available for sale		—		—		(3)		—		—
Adjusted provision for credit losses (non-GAAP)		$	117	$	95	$	195	$	276	$	410

PPNR
Net income (GAAP)	a	$	639	$	707	$	752	$	2,077	$	10,952
Plus:
Provision for credit losses		117		95		192		276		1,126
Income tax expense		234		272		245		779		412
PPNR (non-GAAP)	l	$	990	$	1,074	$	1,189	$	3,132	$	12,490
Impact of notable items (1)		51		58		137		182		(9,461)
Adjusted PPNR (non-GAAP)	m	$	1,041	$	1,132	$	1,326	$	3,314	$	3,029

(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
		Three Months Ended									Nine Months Ended
Non-GAAP Reconciliations (continued)		September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
ROA
Net income (GAAP)	a	$	639		$	707		$	752		$	2,077		$	10,952
Annualized net income	n = a annualized	2,544			2,842			2,983			2,775			14,642
Adjusted net income (non-GAAP)	d	675			755			828			2,214			1,914
Annualized adjusted net income	p = d annualized	2,684			3,036			3,286			2,958			2,560
Average assets	o	220,466			218,891			211,994			218,487			187,429
ROA	n/o	1.15		%	1.30		%	1.41		%	1.27		%	7.81		%
Adjusted ROA (non-GAAP)	p/o	1.22			1.39			1.55			1.35			1.37

PPNR ROA
PPNR (non-GAAP)	l	$	990		$	1,074		$	1,189		$	3,132		$	12,490
Annualized PPNR	q = l annualized	3,942			4,316			4,717			4,184			16,699
Adjusted PPNR (non-GAAP)	m	1,041			1,132			1,326			3,314			3,029
Annualized adjusted PPNR	r = m annualized	4,141			4,552			5,261			4,427			4,049
PPNR ROA (non-GAAP)	q/o	1.79		%	1.97		%	2.23		%	1.91		%	8.91		%
Adjusted PPNR ROA (non-GAAP)	r/o	1.88			2.08			2.48			2.03			2.16

ROE and ROTCE
Annualized net income available to common stockholders	s = b annualized	$	2,483		$	2,779		$	2,923		$	2,713		$	14,583
Annualized adjusted net income available to common stockholders	t = e annualized	$	2,623		$	2,974		$	3,225		$	2,896		$	2,501

Average stockholders' equity (GAAP)		$	22,851		$	22,052		$	20,116		$	22,197		$	17,002
Less: average preferred stock		881			881			881			881			881
Average common stockholders' equity	u	$	21,970		$	21,171		$	19,235		$	21,316		$	16,121
Less: average goodwill		346			346			346			346			346
Less: average other intangible assets		275			288			338			290			290
Average tangible common equity (non-GAAP)	v	$	21,349		$	20,537		$	18,551		$	20,680		$	15,485
ROE	s/u	11.30		%	13.13		%	15.20		%	12.73		%	90.46		%
Adjusted ROE (non-GAAP)	t/u	11.94			14.05			16.77			13.59			15.51
ROTCE (non-GAAP)	s/v	11.63			13.53			15.76			13.12			94.17
Adjusted ROTCE (non-GAAP)	t/v	12.29			14.48			17.39			14.00			16.15

Tangible common equity to tangible assets at period end
Stockholders' equity (GAAP)	w	$	22,828		$	22,487		$	20,389
Less: preferred stock		881			881			881
Common equity	x	$	21,947		$	21,606		$	19,508
Less: goodwill		346			346			346
Less: other intangible assets		265			280			329
Tangible common equity (non-GAAP)	y	$	21,336		$	20,980		$	18,833
Total assets (GAAP)	z	220,567			219,827			213,765
Tangible assets (non-GAAP)	aa	219,956			219,201			213,090
Total equity to total assets (GAAP)	w/z	10.35		%	10.23		%	9.54		%
Tangible common equity to tangible assets (non-GAAP)	y/aa	9.70			9.57			8.84


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


Dollars in millions, except share and per share data
		Three Months Ended									Nine Months Ended
Non-GAAP Reconciliations (continued)		September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Book value and tangible book value per common share at period end
Common shares outstanding at period end	bb	14,179,208			14,529,735			14,520,103
Book value per share	x/bb	$	1,547.81		$	1,487.00		$	1,343.52
Tangible book value per common share (non-GAAP)	y/bb	1,504.75			1,443.92			1,297.00

Efficiency ratio
Net interest income	cc	$	1,796		$	1,821		$	1,990		$	5,434		$	4,801
Efficiency ratio (GAAP)	j / (h + cc)	59.49		%	56.36		%	54.34		%	57.38		%	23.53		%
Adjusted efficiency ratio (non-GAAP)	k / (i + cc)	54.15			50.77			46.04			51.72		%	49.85		%

Rental income on operating lease equipment
Rental income on operating lease equipment (GAAP)		$	262		$	259		$	248		$	776		$	719
Less: depreciation on operating lease equipment		99			98			95			293			275
Less: maintenance and other operating lease expenses		59			60			51			164			163
Adjusted rental income on operating lease equipment (non-GAAP)		$	104		$	101		$	102		$	319		$	281

Net interest income & Net interest margin
Net interest income (GAAP)	cc	$	1,796		$	1,821		$	1,990		$	5,434		$	4,801

Loan PAA income	dd	107			145			275			415			535
Other PAA (expense) income	ee	(6)			(5)			(6)			(16)			11
Total PAA	ff = (dd + ee)	$	101		$	140		$	269		$	399		$	546
Net interest income, excluding PAA (non-GAAP)	gg = (cc - ff)	$	1,695		$	1,681		$	1,721		$	5,035		$	4,255

Annualized net interest income (GAAP)	hh = cc annualized	$	7,147		$	7,322		$	7,894		$	7,259		$	6,418
Annualized net interest income, excluding PAA (non-GAAP)	ii = ee annualized	6,746			6,760			6,829			6,726			5,689
Average interest-earning assets	jj	202,199			200,705			193,720			200,503			162,183

NIM (GAAP)	hh/jj	3.53		%	3.64		%	4.07		%	3.62		%	3.95		%
NIM, excluding PAA (non-GAAP)	ii/jj	3.33			3.36			3.52			3.35			3.50






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

First Citizens BancShares, Inc. Third Quarter 2024 Earnings Conference Call October 24, 2024

2 Agenda Pages Section I – Third Quarter Overview & Strategic Priorities 5 – 7 Section II – Third Quarter 2024 Financial Results 8 – 26 Financial Highlights 9 – 10 Earnings Highlights 11 Net interest income, margin and betas 12 – 14 Noninterest income and expense 15 – 16 Balance Sheet Highlights 17 Loans and Leases 18 – 19 Deposits and Funding Mix 20 – 22 Credit Quality Trends and Allowance 23 – 24 Capital & Share Repurchase Plan Update 25 – 26 Section III – Financial Outlook 27 – 28 Section IV – Appendix 29 – 45 Section V – Non-GAAP Reconciliations 46 – 53

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 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 factors that are difficult to predict. Many possible events or factors could affect BancShares’ future financial results and performance and could cause 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 (including the upcoming U.S. election), geopolitical events (including conflicts in Ukraine and the Middle East) and market conditions, including changes in competitive pressures among financial institutions and the impacts related to or resulting from recent bank failures, the risks and impacts of future bank failures and other volatility in the banking industry, public perceptions of our business practices, including our deposit pricing and acquisition activity, 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 interest rate cuts and any changes 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 significant turbulence in the capital or financial markets, the impact of any sustained or elevated inflationary environment, the impact of any cyberattack, information or security breach, the impact of implementation and compliance with current or proposed laws, regulations and regulatory interpretations, including potential increased regulatory requirements, limitations, and costs, such as FDIC special assessments, increases to FDIC deposit insurance premiums and the proposed interagency 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 risks associated with BancShares’ previous acquisition transactions, including the FDIC-assisted acquisition of certain assets and liabilities of Silicon Valley Bridge Bank, N.A. (“SVB acquisition”) and the previously completed transaction with CIT Group Inc., or any future transactions. BancShares’ share repurchase program allows BancShares to repurchase shares of its Class A common stock through 2025. BancShares is not obligated under the share repurchase program to repurchase any minimum or particular number of shares, and repurchases may be suspended or discontinued at any time (subject to the terms of any Rule 10b5-1 plan in effect) without prior notice. The authorization to repurchase Class A common stock will be utilized at management’s discretion. The actual timing and amount of Class A common stock that may be repurchased will depend on a number of factors, including the terms of any Rule 10b5-1 plan then in effect, price, general business and market conditions, regulatory requirements, and alternative investment opportunities or capital needs. 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, 2023 and its other filings with the SEC. Non-GAAP Measures Certain measures in this presentation, including those referenced as “adjusted”, are “non-GAAP,” meaning they are numerical measures of BancShares’ financial performance, financial position or cash flows that are not presented in accordance with generally accepted accounting principles in the U.S. (“GAAP”) because they exclude or include amounts or are adjusted in some way so as to be different than the most direct comparable measures calculated and presented in accordance with GAAP in BancShares’ statements of income, balance sheets or statements of cash flows and also are not codified in U.S. banking regulations currently applicable to BancShares. BancShares management 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, financial position or cash flows to its investors, analysts and management. These non-GAAP measures should be considered in addition to, and not superior to or a substitute for, GAAP measures. Each non-GAAP measure is reconciled to the most comparable GAAP measure in the non-GAAP reconciliation in Section V of this presentation. 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 financial measures to the most directly comparable GAAP measure. Reclassifications In certain instances, amounts reported for prior periods in this investor presentation have been reclassified to conform to the current financial statement presentation. Such reclassifications had no effect on previously reported stockholders’ equity or net income. BancShares modified its reportable segments during the first quarter of 2024. The Private Banking and Wealth Management components of the SVB segment were integrated into the General Bank segment. The SVB segment was renamed the SVB Commercial segment since it is comprised of the commercial business lines from the SVB acquisition, including Global Fund Banking and Technology and Healthcare Banking. The Direct Bank was previously allocated to the General Bank segment, but is now included in Corporate. Segment disclosures for 2023 periods included in this investor presentation were recast to reflect the segment reporting changes summarized above. Additionally, BancShares modified its loan disclosures by class in the first quarter of 2024. Loans were previously aggregated into Commercial, Consumer, and SVB portfolios, each of which consisted of several loan classes. Loans classes including the private bank, CRE, and other loan classes previously mapped to the SVB portfolio were mapped to the applicable loan classes within the Commercial and Consumer portfolios. 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 Under review by external legal counsel

4 Glossary of Abbreviations and Acronyms The following is a list of certain abbreviations and acronyms used throughout this document. AFS – Available for Sale ALLL – Allowance for Loan and Lease Losses AOCI – Accumulated Other Comprehensive Income Bps – Basis point(s); 1 bp = 0.01% C&I – Commercial and Industrial CET1 – Common Equity Tier 1 CRE – Commercial Real Estate EOP – End of Period EPS – Earnings Per Share FDIC – Federal Deposit Insurance Corporation FFS – Fed Funds Sold FHLB – Federal Home Loan Bank FRB – Federal Reserve Bank FX – Foreign Exchange GAAP – United States Generally Accepted Accounting Principles HQLS – High-Quality Liquid Securities HTM – Held to Maturity IBD – Interest-Bearing Deposits ID – Investor Dependent LFI – Large Financial Institution MSA – Metropolitan Statistical Area NCO – Net Charge-Off NII – Net Interest Income NIM – Net Interest Margin NM – Not Meaningful NPL – Nonperforming Loans PAA – Purchase Accounting Accretion or Amortization PPNR – Pre-Provision Net Revenue QTD – Quarter-to-date ROA – Return on Average Assets ROE – Return on Average Common Stockholders’ Equity ROTCE – Return on Tangible Common Stockholders’ Equity SLA – Shared Loss Agreement with the FDIC TBV – Tangible Book Value VC – Venture Capital YTD – Year-to-date 3Q24 Additions PAA - Purchase Accounting Accretion LFI – Large Financial Institution VC – Venture Capital TBV – Tangible Book Value 3Q24 Removals AI – Artificial Intelligence FFR – Federal Funds Rate FY – Full Year GFB – Global Fund Banking OBS – Off Balance Sheet Client Funds PCD – Purchased Credit Deteriorated Archive ACL – Allowance for Credit Losses CAB - Community Association Banking NIB - Noninterest-bearing RBC - Risk-Based Capital TA - Tangible Assets TCE - Tangible Common Equity AUM – Assets Under Management AWA – Affluent Wealth Advisors LIBOR – London Inter-Bank Offered Rate LOC – Line of Credit MSA – Metropolitan Statistical Area PE – Private Equity RIA – Registered Investment Advisor SOFR – Secured Overnight Financing Rate LTD – Long Term Debt RWA – Risk Weighted Assets ACH – Automated clearing house CECL – Current Expected Credit Losses ETF – Exchange-Traded Fund FFR – Federal Funds Rate IPO – Initial Public Offering LP – Limited Partner VC – Venture Capital To be updated in a subsequent draft as information becomes more concrete

Third Quarter Overview & Strategic Priorities Section I

6 Third Quarter 2024 Snapshot Key Highlights: ■ Repurchased $700 million in Class A common shares (2.61% of Class A common) during 3Q24. ■ While loans declined during the quarter due to higher repayments and lower draw activity in Global Fund Banking, we experienced solid growth in the General and Commercial Banks. ■ Achieved deposit growth in the General Bank, concentrated in the Branch Network. ■ NIM remained resilient despite headwinds from declining PAA. ■ While the net charge-off ratio increased slightly over the linked quarter, asset quality remained solid. ■ Capital and liquidity positions remained strong with the CET1 ratio ending the quarter at 13.24%. ■ Continue to support associates and clients impacted by Hurricanes Helene and Milton. Financial Results: Adjusted EPS (1) $45.87 Adjusted ROE / ROA (1) 11.94% / 1.22% NIM 3.53% Adjusted Efficiency Ratio (1) 54.15% Loan / Deposit Growth (2) (1.8)% / 1.3% CET1 Ratio (3) 13.24% (1) Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations. (2) Loan and deposit growth percentages are annualized using end of period balances. (3) The CET1 ratio represents a BancShares ratio and is preliminary pending completion of quarterly regulatory filings.

7 2024 Strategic Priorities First Citizens Strategic Priorities Risk Management • Maximize growth opportunities in our core lines of business and optimize funding by growing core deposits. • Deliver specialized business solutions across all business lines and channels. • Remain a key partner to the innovation economy. • Attract, retain and develop associates who align with our long-term direction and culture while scaling for continued growth. • Continue to build a leading culture based on behaviors that demonstrate our shared values, regardless of the legacy organization. • Execute on SVB integration to optimize revenue and deliver integration synergies, while retaining and growing client base. • Remain focused on balance sheet management to optimize our long- term liquidity position through core deposit growth. • Support regulatory readiness and successfully implement enhanced regulatory requirements. • Continue to enhance program to support compliance and position the bank for future growth. Client-Focused Business Model Talent & Culture Operational Efficiency Regulatory Readiness

Third Quarter 2024 Financial Results Section II

9 3Q24 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) Continued to maintain strong CET1 ratio while returning capital to stockholders through our share repurchase plan. 1 Deposits grew at an annualized rate of 1.3% over the linked quarter due to growth in the General Bank segment. SVB Commercial deposits remained stable despite muted investment activity. 7 Loans contracted during the quarter driven by lower draw activity and higher repayments in the Global Fund Banking business, outpacing strong growth in the General and Commercial Banks. 6 While NII and NIM declined during the quarter as anticipated, NII was in line with our guidance and NIM remained resilient. 2 Expense growth was concentrated in areas which support the build out of our risk management capabilities to meet current and future LFI requirements. 3 Achieved the lower end of our cost savings goal from the SVB acquisition. 4 Credit quality remained stable, with no emerging problems outside of pressure points previously disclosed. 5

10 3Q24 2Q24 3Q23 EPS $ 43.42 $ 45.87 $ 47.54 $ 50.87 $ 50.67 $ 55.92 ROE 11.30 % 11.94 % 13.13 % 14.05 % 15.20 % 16.77 % ROTCE (non-GAAP) 11.63 12.29 13.53 14.48 15.76 17.39 ROA 1.15 1.22 1.30 1.39 1.41 1.55 PPNR ROA (non-GAAP) 1.79 1.88 1.97 2.08 2.23 2.48 NIM 3.53 3.53 3.64 3.64 4.07 4.07 NIM, ex PAA (non-GAAP) 3.33 3.33 3.36 3.36 3.52 3.52 Net charge-off ratio 0.42 0.42 0.38 0.38 0.53 0.53 Efficiency ratio 59.49 54.15 56.36 50.77 54.34 46.04 Reported Adjusted (Non-GAAP) Reported Adjusted (Non-GAAP) Reported Adjusted (Non-GAAP) 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 columns, ROTCE, PPNR ROA and NIM, ex PAA represent non-GAAP measures: see Section V entitled Non-GAAP Reconciliations.

11 Reported Increase (decrease) 3Q24 vs. 2Q24 3Q24 vs. 3Q23 3Q24 2Q24 3Q23 $ % $ % Net interest income $ 1,796 $ 1,821 $ 1,990 $ (25) (1.3) % $ (194) (9.7) % Noninterest income 650 639 615 11 1.8 35 5.7 Net revenue 2,446 2,460 2,605 (14) (0.6) (159) (6.1) Noninterest expense 1,456 1,386 1,416 70 5.0 40 2.9 Pre-provision net revenue (1) 990 1,074 1,189 (84) (7.7) (199) (16.7) Provision for credit losses 117 95 192 22 24.1 (75) (38.8) Income before income taxes 873 979 997 (106) (10.7) (124) (12.4) Income taxes 234 272 245 (38) (14.0) (11) (4.6) Net income 639 707 752 (68) (9.5) (113) (14.9) Preferred stock dividends 15 16 15 (1) (1.6) — 0.8 Net income available to common stockholders $ 624 $ 691 $ 737 $ (67) (9.7) % $ (113) (15.3) % Adjustments for notable items 3Q24 2Q24 3Q23 Noninterest income $ (176) $ (160) $ (147) Noninterest expense (227) (218) (284) Provision for credit losses — — 3 Income taxes 15 10 58 Adjusted (Non-GAAP) (1) Increase (decrease) 3Q24 vs. 2Q24 3Q24 vs. 3Q23 3Q24 2Q24 3Q23 $ % $ % Net interest income $ 1,796 $ 1,821 $ 1,990 $ (25) (1.3) % $ (194) (9.7) % Noninterest income 474 479 468 (5) (1.0) 6 1.3 Net revenue 2,270 2,300 2,458 (30) (1.3) (188) (7.6) Noninterest expense 1,229 1,168 1,132 61 5.3 97 8.7 Pre-provision net revenue (1) 1,041 1,132 1,326 (91) (8.0) (285) (21.5) Provision for credit losses 117 95 195 22 24.1 (78) (39.6) Income before income taxes 924 1,037 1,131 (113) (11.0) (207) (18.4) Income taxes 249 282 303 (33) (11.9) (54) (17.9) Net income 675 755 828 (80) (10.6) (153) (18.5) Preferred stock dividends 15 16 15 (1) (1.6) — 0.8 Net income available to common stockholders $ 660 $ 739 $ 813 $ (79) (10.8) % $ (153) (18.9) % Quarterly Earnings Highlights ($ in millions) (1) Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations.

12 $1,721 $1,717 $1,658 $1,681 $1,695 3.52% 3.47% 3.35% 3.36% 3.33% NII, ex PAA (Non-GAAP) NIM, ex PAA (Non-GAAP) 3Q23 4Q23 1Q24 2Q24 3Q24 $1,990 $1,911 $1,817 $1,821 $1,796 4.07% 3.86% 3.67% 3.64% 3.53% NII NIM 3Q23 4Q23 1Q24 2Q24 3Q24 $2,441 $2,946 2.55% 3.14% YTD Dec 21 YTD Dec 22 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 $(25) million & (-11 bps) Net interest income and margin ($ in millions) $14 million & (-3 bps) 3Q24 vs 2Q24 Net interest income declined by $25 million due to a $33 million increase in interest expense, partially offset by an $8 million increase in interest income. The significant components of the changes follow: • $39 million decrease in accretion income, • $29 million increase in interest expense on deposits primarily due to a higher average balance, and • $28 million decrease in interest income on overnight investments due to a lower average balance as we continued to shift balances from cash into short-duration investment securities and a lower yield; partially offset by • $28 million increase in interest income on investment securities due to a higher average balance and yield, and • $46 million increase in interest income on loans due to higher average balances (ex loan accretion income). NIM contracted by 11 basis points from 3.64% to 3.53%. NIM, ex PAA contracted by 3 basis points from 3.36% to 3.33%. See the following page for a rollforward of NIM between 2Q24 and 3Q24. 3Q24 vs 3Q23 Net interest income declined by $194 million due to a $222 million increase in interest expense, partially offset by a $28 million increase in interest income. The significant components of the changes follow: • $235 million increase in interest expense on deposits due to a higher average balance and a higher rate paid, • $167 million decrease in accretion income, and • $154 million decrease in interest income on overnight investments due to the same reasons noted in the linked quarter explanation; partially offset by • $178 million increase in interest income on investment securities due to the same reasons noted in the linked quarter explanation, • $172 million increase in interest income on loans due to a higher average balance and yield (ex loan accretion income), and • $13 million decrease in interest expense on borrowings. NIM contracted 54 basis points from 4.07% to 3.53%. NIM, ex PAA contracted by 19 basis points from 3.52% to 3.33%. See the following page for a rollforward of NIM between 3Q23 and 3Q24. (1) Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations. (1) (1)

13 4.07% 0.16% 0.15% 0.04% 0.01% (0.35)% (0.29)% (0.15)% (0.11)% 3.53% 3Q23 Loan yield Investment yield Debt volume Debt rate PAA Deposit rate Earning asset mix Deposit volume 3Q24 3Q23 to 3Q24 (-54 bps) NIM Rollforward 3.64% 0.03% 0.02% (0.08)% (0.06)% (0.02)% 3.53% 2Q24 Investment volume Loan volume PAA FFS volume Deposit volume 3Q24 2Q24 to 3Q24 (-11 bps) (1) (1) Includes purchase accounting impact between March 27, 2023 and March 31, 2023. NIM rollforward has not been finalized. Will be provided in the next draft

14 Historical and Forecasted Cumulative Deposit Beta Highlights • Our total cumulative deposit beta peaked in August prior to the September rate cuts. We are forecasting our cumulative down cycle beta to increase in the fourth quarter as the full effect of the initial rate cut pulls through. Longer term, we expect betas on the way down to be similar to our cumulative up cycle betas. • The composition of our deposit portfolio will provide a cost advantage as rates continue to decline. • Mid/higher beta categories: ◦ > 30% beta on Direct Bank and SVB Commercial money market, savings and time deposit accounts. ◦ 20 to 30% beta on Branch Network commercial money market accounts and Community Association Banking checking with interest and money market accounts. • Lower beta categories: ◦ 0 to 20% beta on total noninterest bearing deposits and Branch Network consumer money market accounts, checking with interest and savings accounts. 23% 30% 37% 42% 45% 46% 47% 12% 23% 31% 46% 53% 58% 61% 63% 64% 16% 33% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 - Jul/Aug 3Q24 - Sep 4Q24 Up Cycle Down Cycle Terminal beta 2.53% 2.61% 2.64% Rate paid on deposits 2.35% 43% 43% 41% 43% 43% 57% 57% 59% 57% 57% Mid/higher beta categories Lower beta categories 3Q23 4Q23 1Q24 2Q24 3Q24 Total Deposits Actual cumulative beta Forecast cumulative beta Forecast cumulative beta IBDActual cumulative beta IBD

15 $615 $543 $627 $639 $650 $468 $455 $478 $479 $474 $135 $171 $149 $160 $176 $12 $(83) 3Q23 4Q23 1Q24 2Q24 3Q24 $295 $176 1Q23 SVB contribution $1,940 $2,136 $996 $1,141 $944 $995 YTD Dec 21 YTD Dec 22 3Q24 vs 2Q24 Noninterest income increased by $11 million. Adjusted noninterest income (1) decreased by $5 million. Significant components included: • $18 million decrease in other noninterest income primarily due to fair value changes in customer derivative positions and other non-marketable investments; partially offset by • $4 million increase in fee income and other service charges primarily due to higher capital market fees, • $3 million increase in adjusted rental income on operating lease equipment due to continued strong utilization and an increase in the number of railcars, and • $6 million net increase spread among various noninterest income line items. Notable items totaled $176 million compared to $160 million in the linked quarter. Refer to Section V of this presentation for notable item details. 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 3Q24 vs 3Q23 Noninterest income increased by $35 million. Adjusted noninterest income (1) increased by $6 million. Significant components included: • $10 million increase in fee income and other service charges primarily due to the same reason noted in the linked quarter explanation, • $5 million increase in wealth management income due to higher trust assets under management, and • $5 million net increase spread among various noninterest income line items; partially offset by • $14 million decrease in other noninterest income primarily due to the same reason noted in the linked quarter explanation. Notable items totaled $176 million compared to $147 million in the prior year quarter. Refer to Section V of this presentation for notable item details. Adjusted (Non-GAAP) (1) Notable items (2) Gain on acquisition $147 - total notable items $176 - total notable items $474 - total adjusted (Non-GAAP) (1) $88 - total notable items (1) Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations. (2) Excludes gain on acquisition as it is broken out separately. $147 - total notable items

16 3Q24 vs 3Q23 Noninterest expense increased by $40 million. Adjusted noninterest expense (1) increased by $97 million. Significant components included: • $61 million increase in salaries and benefits primarily due to net staff additions and temporary labor costs associated with technology projects, • $30 million increase in professional fees due to the same reason noted in the linked quarter explanation, and • $11 million increase in equipment expense; partially offset by • $5 million decrease in FDIC insurance expense, and • $3 million decrease in net occupancy expense. Notable items totaled $227 million compared to $284 million in the prior year quarter. Refer to Section V of this presentation for notable items details. Adjusted efficiency ratio (1) increased from 46.04% to 54.15%. 3Q24 vs 2Q24 Noninterest expense increased by $70 million. Adjusted noninterest expense (1) increased by $61 million. Significant components included: • $43 million increase in salaries and benefits primarily due to an additional working day in the quarter, net staff additions, increases in incentive accruals and temporary labor associated with technology projects, and • $19 million increase in professional fees primarily due to project expenses related to the continued build out of LFI regulatory capabilities; partially offset by • $6 million decrease in other noninterest expense spread among various accounts. Notable items totaled $227 million compared to $218 million in the linked quarter. Refer to Section V of this presentation for notable item details. Adjusted efficiency ratio (1) increased from 50.77% to 54.15%. Notable items $1,416 $1,492 $1,376 $1,386 $1,456 $1,132 $1,135 $1,154 $1,168 $1,229 $284 $357 $222 $218 $227 3Q23 4Q23 1Q24 2Q24 3Q24 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) Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations. Highlights

17 17 Increase (decrease) 3Q24 vs 2Q24 3Q24 vs 3Q23 SELECT PERIOD END BALANCES 3Q24 2Q24 3Q23 $ % $ % Interest-earning deposits at banks $ 25,640 $ 25,361 $ 36,704 $ 279 4.4 % $ (11,064) (30.1) % Investment securities 38,663 37,666 26,818 997 10.5 11,845 44.2 Loans and leases 138,695 139,341 133,202 (646) (1.8) 5,493 4.1 Operating lease equipment, net (2) 9,186 8,945 8,661 241 10.7 525 6.1 Deposits 151,574 151,079 146,233 495 1.3 5,341 3.7 Noninterest-bearing deposits 39,396 40,016 43,141 (620) (6.2) (3,745) (8.7) Borrowings 37,161 37,458 37,712 (297) (3.2) (551) (1.5) Tangible common stockholders’ equity (non-GAAP) (3) 21,336 20,980 18,833 356 6.8 2,503 13.3 Common stockholders' equity 21,947 21,606 19,508 341 6.3 2,439 12.5 Total stockholders' equity 22,828 22,487 20,389 341 6.0 2,439 12.0 Increase (decrease) KEY METRICS 3Q24 2Q24 3Q23 3Q24 vs 2Q24 3Q24 vs 3Q23 CET1 capital ratio 13.24 % 13.33 % 13.24 % (0.09) % — % Book value per common share $ 1,547.81 $ 1,487.00 $ 1,343.52 $ 60.81 $ 204.29 Tangible book value per common share (non-GAAP) (3) 1,504.75 1,443.92 1,297.00 60.83 207.75 Tangible capital to tangible assets (non-GAAP) (3) 9.70 % 9.57 % 8.84 % 0.13 % 0.86 % Loan to deposit ratio 91.50 92.23 91.09 (0.73) 0.41 ALLL to total loans and leases 1.21 1.22 1.26 (0.01) (0.05) Noninterest-bearing deposits to total deposits 25.99 26.49 29.50 (0.50) (3.51) Total liquid assets (available cash + HQLS) $ 58,359 $ 56,907 $ 57,019 $ 1,452 $ 1,340 Total liquidity (liquid assets & contingent sources) (4) 88,001 88,552 95,042 (551) (7,041) Total liquidity / uninsured deposits (4) 150 % 155 % 170 % (5.00) % (20.00) % Balance Sheet Highlights ($ in millions, except per share data) (1) (1) (1) Percent change is annualized (where applicable) and is calculated using unrounded numbers. (2) Operating lease equipment, net includes $8.4 billion of rail assets. (3) Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations. (4) Total liquidity for 3Q24, 2Q24 and 3Q23 includes immediately available capacity under the FDIC line of credit as of each period end. For more information, refer to slide 37.

18 $133,202 $133,302 $135,370 $139,341 $138,695 $61,035 $62,832 $63,732 $65,195 $66,092 $30,261 $30,959 $31,792 $32,178 $32,751 $41,906 $39,511 $39,846 $41,968 $39,852 General Bank Commercial Bank SVB Commercial Yield on loans 3Q23 4Q23 1Q24 2Q24 3Q24 Highlights 3Q24 vs 2Q24 • Total loans decreased $646 million or by 0.5% sequentially, driven by a $2.1 billion decline in SVB Commercial, partially offset by growth of $897 and $573 million in the General Bank and Commercial Bank, respectively. • The decrease in the SVB Commercial segment was driven primarily by declines in Global Fund Banking as repayment levels outpaced loan origination and draw activity on lines of credit. • General Bank growth was driven primarily by business and commercial loans, while growth in the Commercial Bank was concentrated in several of our Industry Verticals, including Tech Media and Telecom and Healthcare. 3Q24 vs 3Q23 • Total loans increased $5.5 billion or by 4.1%. The increase in loans was driven by a $5.1 billion (8.3%) increase in the General Bank and a $2.5 billion (8.2%) increase in the Commercial Bank, partially offset by a $2.1 billion (4.9%) decrease in the SVB Commercial segment primarily driven by lower loans in the Tech and Healthcare business. • Loan growth in the General Bank was due primarily to business and commercial loans. Loan growth in the Commercial Bank was primarily concentrated in Industry Verticals, Real Estate Finance and Equipment Finance. Loans and Leases ($ in millions, period end balances) 7.15%7.15%7.21%7.30% 7.03% 10.1% (1) (1) 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.

19 12% 4% 4% 2% 1% 25% 7% 6% 10% 29% Commercial Finance ($16.4) Real Estate Finance ($6.2) Equipment Finance ($5.8) Commercial Services - Factoring ($2.7) Middle Market Banking ($1.6) Branch Network ($34.4) Mortgage ($10.0) Wealth ($8.1) Other ($13.6) SVB Commercial ($39.9) 27% 24%20% 18% 9% 2% Commercial mortgage ($37.4) Commercial and industrial ($32.9) Global Fund Banking ($27.1) 1-4 family residential ($25.7) Innovation lending ($12.8) Other ($2.9) Class Segment 3Q24 Loans and Leases Composition ($ in billions, period end balances) Commercial Bank: General Bank: SVB Commercial: Note – Rail operating lease assets are not included in the loan totals. Totals may not foot due to rounding.

20 $146,233 $145,854 $149,609 $151,079 $151,574 $103,092 $106,055 $110,333 $111,063 $112,178 $43,141 $39,799 $39,276 $40,016 $39,396 3Q23 4Q23 1Q24 2Q24 3Q24 2.61% 2.53% 2.35% 2.12% 2.64% Highlights Interest-bearing Noninterest-bearing Cost of deposits Deposits ($ in millions, period end balances) $140,050 $66,686 $24,105 $18,715 $30,544 1Q23 3Q24 vs. 2Q24 • Total deposits increased $495 million or by 0.3% sequentially, driven by a $690 million increase in the General Bank due to growth in the Branch Network and a $54 million increase in SVB Commercial. These increases were partially offset by a $165 million decline in the Direct Bank. 3Q24 vs. 3Q23 • Total deposits grew $5.3 billion (3.7%) driven primarily by growth in the Direct Bank of $3.9 billion and a $3.1 billion increase in the General Bank due to growth in the Branch Network and Wealth. These increases were partially offset by decreases of $616 and $291 million in the Commercial Bank and SVB Commercial segments, respectively.

21 43% 5%2% 23% 26% 1% Branch Network, Wealth & Other ($64.8) Community Association Banking ($7.4) Commercial Bank ($2.8) SVB Commercial ($35.9) Direct Bank ($39.5) Other ($1.2) Commercial Bank: 50% 26% 15% 9% Money market & savings ($74.8) Noninterest-bearing demand ($39.4) Checking with interest ($23.2) Time deposits ($14.1) General Bank: Corporate: Type Segment 3Q24 Deposit Composition (period end balances, $ in billions, except average account size) Insured vs Uninsured 61% 39% Insured Uninsured Average Account Size and Insured by Segment Total deposits Average size Insured % General Bank $ 72.2 $ 35,124 64 % Commercial Bank 2.8 232,366 16 % SVB Commercial 35.9 502,200 28 % Corporate 40.7 56,462 92 % Total $ 151.6 $ 53,015 61 % SVB Commercial: Note – Totals may not foot due to rounding. Insured deposit information by segment remains under review with Treasury

22 3.20% 3.37% 3.49% 3.54% 3.57% 3.02% 3.28% 3.45% 3.54% 3.55% 2.12% 2.35% 2.53% 2.61% 2.64% Cost of interest-bearing liabilities Cost of interest-bearing deposits Cost of deposits 3Q23 4Q23 1Q24 2Q24 3Q24 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% Cost of funds Additional sources of liquidity Categories $ in millions FHLB $ 9,218 FRB 4,203 Line of credit 100 Total $ 13,521 Period End Balances Increase (decrease) 3Q24 2Q24 1Q24 4Q23 3Q23 3Q24 vs. 2Q24 3Q24 vs. 3Q23 Total deposits $ 151,574 80.3 % $ 151,079 80.1 % $ 149,609 79.9 % $ 145,854 79.5 % $ 146,233 79.5 % $ 495 $ 5,341 Securities sold under customer repurchase agreements 391 0.2 386 0.2 395 0.2 485 0.3 453 0.2 5 (62) Purchase money note 35,803 19.0 35,790 19.0 35,858 19.2 35,846 19.5 35,833 19.5 13 (30) FHLB borrowings — — — — — — — — — — — — Subordinated debt 901 0.5 900 0.5 903 0.5 938 0.5 1,040 0.6 1 (139) Senior unsecured borrowings 59 — 374 0.2 375 0.2 377 0.2 377 0.2 (315) (318) Other borrowings 7 — 8 — 9 — 8 — 9 — (1) (2) Total deposits and borrowed funds $ 188,735 100 % $ 188,537 100 % $ 187,149 100 % $ 183,508 100 % $ 183,945 100 % $ 198 $ 4,790 Funding Mix ($ in millions) Highlights 3Q24 vs 2Q24 • Funding mix remained stable with approximately 80% of our funding provided by our deposit base. • While the cost of deposits increased by 3 basis points given the delayed impact of the rate cuts, we believe the cost of deposits has peaked. Note – Funding mix percentages may not foot due to rounding.

23 $192 $249 $64 $95 $117 Provision for credit losses 3Q23 4Q23 1Q24 2Q24 3Q24 Credit Quality Trends and Allowance ($ in millions) Net charge-offs & NCO ratio Provision for credit losses $176 $177 $103 $132 $145 0.53% 0.53% 0.31% 0.38% 0.42% NCO $ QTD NCO ratio YTD NCO ratio 3Q23 4Q23 1Q24 2Q24 3Q24 $899 $969 $1,074 $1,141 $1,244 0.68% 0.73% 0.79% 0.82% 0.90% Nonaccrual loans Nonaccrual loans to total loans 3Q23 4Q23 1Q24 2Q24 3Q24 Nonaccrual loans / total loans & leases Allowance & ALLL ratio $1,673 $1,747 $1,737 $1,700 $1,678 1.26% 1.31% 1.28% 1.22% 1.21% ALLL ALLL ratio 3Q23 4Q23 1Q24 2Q24 3Q24 0.37%0.45% 0.47% 0.31% 0.35% Nonaccrual loan balance and % to total loans numbers are draft pending final SVB Commercial segment data

24 $1,700 $(43) $(9) $(3) $19 $14 $1,678 2Q24 Credit quality Loan volume Portfolio change Economic outlook Specific reserves 3Q24 Highlights 3Q24 vs 2Q24 • ALLL decreased $22 million compared to the linked quarter. • The decrease from the linked quarter was primarily the result of changes in credit quality in our commercial portfolios, partially offset by the estimate related to Hurricane Helene as well as lower loan balances. • These factors were partially offset by changes in the macroeconomic forecast and higher specific reserves. • The ALLL covered annualized quarterly net charge-offs 2.9 times. • The ALLL provided 1.4 times coverage of nonaccrual loans. ALLL Coverage 2.4x 2.5x 4.2x 3.2x 2.9x 1.9x 1.8x 1.6x 1.5x 1.4x ALLL ratio / NCO ratio ALLL / Nonaccrual loans 3Q23 4Q23 1Q24 2Q24 3Q24 2Q24 to 3Q24 Allowance for loan and lease losses ($ in millions) Please do not review - data still being finalized. To be provided in subsequent draft.

25 9.73% 9.83% 10.11% 10.29% 10.20% Tier 1 Leverage ratio 3Q23 4Q23 1Q24 2Q24 3Q24 Risk-based capital ratios Capital ratio rollforward Tier 1 Leverage ratio Tangible book value per share (1) Capital Risk-Based Capital Tier 1 Leverage Total Tier 1 CET1 December 31, 2023 15.75 % 13.94 % 13.36 % 9.83 % Net income 1.29 % 1.29 % 1.29 % 0.93 % Change in risk-weighted/average assets -0.55 % -0.49 % -0.47 % -0.17 % Shared loss agreement coverage runoff -0.58 % -0.52 % -0.50 % 0.00 % Share repurchases -0.43 % -0.43 % -0.43 % -0.32 % Sub debt phase-out -0.06 % 0.00 % 0.00 % 0.00 % Common dividends -0.04 % -0.04 % -0.04 % -0.03 % Preferred dividends -0.03 % -0.03 % -0.03 % -0.02 % Other 0.01 % 0.06 % 0.06 % -0.02 % September 30, 2024 15.36 % 13.78 % 13.24 % 10.20 % Change since December 31, 2023 -0.39 % -0.16 % -0.12 % 0.37 % 13.24% 13.36% 13.44% 13.33% 13.24% 13.83% 13.94% 14.00% 13.87% 13.78% 15.64% 15.75% 15.66% 15.45% 15.36% CET1 Tier 1 Total 3Q23 4Q23 1Q24 2Q24 3Q24 $1,357.77 $145.32 $22.63 ($16.05) ($4.92) $1,504.75 4Q23 Retained earnings AOCI Share repurchases Common dividends 3Q24 Note – The above capital ratios represent BancShares ratios and are preliminary pending completion of quarterly regulatory filings. (1) Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations. 12.51% 13.02% 14.51% 3Q24 Adjusted Risk-based Capital Ratios (excludes impact from the SLA) (1) DRAFT Capital numbers - subject to change

26 Share Repurchase Plan Update In July 2024, we announced a plan to repurchase up to $3.5 billion of Class A common shares. • We have repurchased 3.61% of Class A common shares and 3.36% of total common shares as of October 22, 2024. • 3Q24 included two months of repurchase activity as we commenced the buyback program following board approval in late July. • Despite share repurchase activity, our adjusted CET1 ratio (1) increased slightly from the linked quarter, as strong earnings and slower loan growth offset the impact of repurchases for the quarter. • The average repurchase price to date is $1,983.30 and the estimated TBV earn back is approximately 3 years. Highlights We have completed 28% of the repurchase plan through 10/22/24 Repurchase Summary (through 10/22/24) Period Shares Average Price Total Cost ($ in millions) Repurchase Completed 3Q24 353,058 $ 1,982.62 $ 700.0 20 % 10/01/24 to 10/22/24 135,709 1,985.05 269.4 8 Total 488,767 $ 1,983.30 $ 969.4 28 % $3,500 $(700) $(269) $2,531 Authorized Repurchased 3Q24 10/01/24 to 10/22/24 Remaining ($ in millions) (1) Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations.

Financial Outlook Section III

28 Metric 3Q24 4Q24 - Projected FY24 - Projected Loans and leases - EOP $138.7 billion $138 billion - $140 billion $138 billion - $140 billion Deposits - EOP $151.6 billion $150 billion - $153 billion $150 billion - $153 billion Interest rates Zero to three 25 bps cuts in 4Q24 Zero to three 25 bps cuts in 4Q24 Net interest income $1.8 billion $1.65 billion - $1.75 billion $7.08 billion - $7.18 billion Net charge-off ratio (annualized where applicable) 42 bps 40 - 50 bps 37 - 40 bps Adjusted noninterest income $474 million (1) $460 million - $480 million $1.89 billion - $1.91 billion Adjusted noninterest expense $1.23 billion (1) $1.21 billion - $1.24 billion $4.76 billion - $4.79 billion Effective tax rate 26.8% 27.0% - 28.0% 27.0% - 28.0% Key Earnings Estimate Assumptions Please do not review. Data to be provided in a subsequent draft. (1) Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations. 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.

Appendix Section IV

30 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 ASSETS Cash and due from banks $ 862 $ 764 $ 698 $ 908 $ 791 Interest-earning deposits at banks 25,640 25,361 30,792 33,609 36,704 Securities purchased under agreements to resell 455 392 394 473 549 Investment in marketable equity securities 82 78 79 84 75 Investment securities available for sale 28,190 27,053 24,915 19,936 16,661 Investment securities held to maturity 10,391 10,535 10,050 9,979 10,082 Assets held for sale 68 92 86 76 58 Loans and leases 138,695 139,341 135,370 133,302 133,202 Allowance for loan and lease losses (1,678) (1,700) (1,737) (1,747) (1,673) Loans and leases, net of allowance for loan and lease losses 137,017 137,641 133,633 131,555 131,529 Operating lease equipment, net 9,186 8,945 8,811 8,746 8,661 Premises and equipment, net 1,974 1,938 1,906 1,877 1,768 Goodwill 346 346 346 346 346 Other intangible assets, net 265 280 295 312 329 Other assets 6,091 6,402 5,831 5,857 6,212 Total assets $ 220,567 $ 219,827 $ 217,836 $ 213,758 $ 213,765 LIABILITIES Deposits: Noninterest-bearing $ 39,396 $ 40,016 $ 39,276 $ 39,799 $ 43,141 Interest-bearing 112,178 111,063 110,333 106,055 103,092 Total deposits 151,574 151,079 149,609 145,854 146,233 Credit balances of factoring clients 1,250 1,175 1,152 1,089 1,282 Short-term borrowings 391 386 395 485 453 Long-term borrowings 36,770 37,072 37,145 37,169 37,259 Total borrowings 37,161 37,458 37,540 37,654 37,712 Other liabilities 7,754 7,628 7,687 7,906 8,149 Total liabilities 197,739 197,340 195,988 192,503 193,376 STOCKHOLDERS’ EQUITY Preferred stock 881 881 881 881 881 Common stock 14 15 15 15 15 Additional paid in capital 3,389 4,099 4,099 4,108 4,106 Retained earnings 18,703 18,102 17,435 16,742 16,267 Accumulated other comprehensive loss (159) (610) (582) (491) (880) Total stockholders’ equity 22,828 22,487 21,848 21,255 20,389 Total liabilities and stockholders’ equity $ 220,567 $ 219,827 $ 217,836 $ 213,758 $ 213,765 BancShares Balance Sheets (unaudited) ($ in millions)

31 3Q24 2Q24 1Q24 4Q23 3Q23 INTEREST INCOME Interest and fees on loans $ 2,430 $ 2,422 $ 2,354 $ 2,391 $ 2,426 Interest on investment securities 358 330 282 241 180 Interest on deposits at banks 350 378 448 485 504 Total interest income 3,138 3,130 3,084 3,117 3,110 INTEREST EXPENSE Deposits 1,004 975 928 865 769 Borrowings 338 334 339 341 351 Total interest expense 1,342 1,309 1,267 1,206 1,120 Net interest income 1,796 1,821 1,817 1,911 1,990 Provision for credit losses 117 95 64 249 192 Net interest income after provision for credit losses 1,679 1,726 1,753 1,662 1,798 NONINTEREST INCOME Rental income on operating lease equipment 262 259 255 252 248 Fee income and other service charges 81 77 75 80 71 Client investment fees 55 54 50 51 52 Wealth management services 54 52 51 48 49 International fees 29 30 28 30 30 Service charges on deposit accounts 45 44 44 44 44 Factoring commissions 19 19 17 22 21 Cardholder services, net 42 40 40 36 41 Merchant services, net 12 12 12 12 12 Insurance commissions 14 13 15 14 13 Realized gain (loss) on sale of investment securities, net 4 — — — (12) Fair value adjustment on marketable equity securities, net 9 (2) (4) 9 (1) Gain on sale of leasing equipment, net 5 4 10 2 10 Gain on acquisition — — — (83) 12 Loss on extinguishment of debt — — (2) — — Other noninterest income 19 37 36 26 25 Total noninterest income 650 639 627 543 615 NONINTEREST EXPENSE Depreciation on operating lease equipment 99 98 96 96 95 Maintenance and other operating lease expenses 59 60 45 59 51 Salaries and benefits 788 745 744 714 727 Net occupancy expense 62 58 62 65 65 Equipment expense 128 126 114 114 117 Professional fees 42 24 25 28 12 Third-party processing fees 55 58 60 66 54 FDIC insurance expense 31 33 41 82 36 Marketing expense 20 18 14 24 22 Acquisition-related expenses 46 44 58 116 121 Intangible asset amortization 15 15 17 17 17 Other noninterest expense 111 107 100 111 99 Total noninterest expense 1,456 1,386 1,376 1,492 1,416 Income before income taxes 873 979 1,004 713 997 Income tax expense 234 272 273 199 245 Net income $ 639 $ 707 $ 731 $ 514 $ 752 Preferred stock dividends $ 15 $ 16 $ 15 $ 15 $ 15 Net income available to common stockholders $ 624 $ 691 $ 716 $ 499 $ 737 BancShares Income Statements (unaudited) ($ in millions)

32 Noninterest income ($ in millions) 3Q24 Change vs 2Q24 3Q24 2Q24 1Q24 4Q23 3Q23 $ % Rental income on operating lease equipment $ 262 $ 259 $ 255 $ 252 $ 248 $ 3 1.3 % Fee income and other service charges 81 77 75 80 71 4 6.5 Client investment fees 55 54 50 51 52 1 1.2 Wealth management services 54 52 51 48 49 2 4.0 International fees 29 30 28 30 30 (1) (0.8) Service charges on deposit accounts 45 44 44 44 44 1 0.2 Factoring commissions 19 19 17 22 21 — (0.1) Cardholder services, net 42 40 40 36 41 2 5.1 Merchant services, net 12 12 12 12 12 — (2.6) Insurance commissions 14 13 15 14 13 1 0.6 Realized gain (loss) on sale of investment securities, net 4 — — — (12) 4 100.0 Fair value adjustment on marketable equity securities, net 9 (2) (4) 9 (1) 11 633.7 Gain on sale of leasing equipment, net 5 4 10 2 10 1 42.2 Gain on acquisition — — — (83) 12 — — Loss on extinguishment of debt — — (2) — — — — Other noninterest income 19 37 36 26 25 (18) (47.7) Total noninterest income - GAAP $ 650 $ 639 $ 627 $ 543 $ 615 $ 11 1.8 % Depreciation on operating lease equipment $ (99) $ (98) $ (96) $ (96) $ (95) $ (1) (1.0) % Maintenance and other operating lease expenses (59) (60) (45) (59) (51) 1 1.9 Realized gain (loss) on sale of investment securities, net (4) — — — 12 (4) (100.0) Fair value adjustment on marketable equity securities, net (9) 2 4 (9) 1 (11) (633.7) Gain on sale of leasing equipment, net (5) (4) (10) (2) (10) (1) (42.2) Gain on acquisition — — — 83 (12) — — Loss on extinguishment of debt — — 2 — — — — Other noninterest income — — (4) (5) 8 — — Total notable items $ (176) $ (160) $ (149) $ (88) $ (147) $ (16) (10.0) % Rental income on operating lease equipment $ 104 $ 101 $ 114 $ 97 $ 102 $ 3 3.5 % Fee income and other service charges 81 77 75 80 71 4 6.5 Client investment fees 55 54 50 51 52 1 1.2 Wealth management services 54 52 51 48 49 2 4.0 International fees 29 30 28 30 30 (1) (0.8) Service charges on deposit accounts 45 44 44 44 44 1 0.2 Factoring commissions 19 19 17 22 21 — (0.1) Cardholder services, net 42 40 40 36 41 2 5.1 Merchant services, net 12 12 12 12 12 — (2.6) Insurance commissions 14 13 15 14 13 1 0.6 Other noninterest income 19 37 32 21 33 (18) (47.7) Total noninterest income - adjusted (Non-GAAP) (1) $ 474 $ 479 $ 478 $ 455 $ 468 $ (5) (1.0) % (1) Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations.

33 3Q24 Change vs 2Q24 3Q24 2Q24 1Q24 4Q23 3Q23 $ % Depreciation on operating lease equipment $ 99 $ 98 $ 96 $ 96 $ 95 $ 1 1.0 % Maintenance and other operating lease expenses 59 60 45 59 51 (1) (1.9) Salaries and benefits 788 745 744 714 727 43 5.6 Net occupancy expense 62 58 62 65 65 4 7.2 Equipment expense 128 126 114 114 117 2 1.9 Professional fees 42 24 25 28 12 18 75.9 Third-party processing fees 55 58 60 66 54 (3) (5.7) FDIC insurance expense 31 33 41 82 36 (2) (6.4) Marketing expense 20 18 14 24 22 2 14.9 Acquisition-related expenses 46 44 58 116 121 2 4.7 Intangible asset amortization 15 15 17 17 17 — (1.9) Other noninterest expense 111 107 100 111 99 4 4.1 Total noninterest expense - GAAP $ 1,456 $ 1,386 $ 1,376 $ 1,492 $ 1,416 $ 70 5.0 % Depreciation on operating lease equipment $ (99) $ (98) $ (96) $ (96) $ (95) $ (1) (1.0) % Maintenance and other operating lease expenses (59) (60) (45) (59) (51) 1 1.9 Professional fees — (1) (3) (5) — 1 100.0 FDIC insurance expense — (2) (9) (64) — 2 100.0 Acquisition-related expenses (46) (44) (58) (116) (121) (2) (4.7) Intangible asset amortization (15) (15) (17) (17) (17) — 1.9 Other noninterest expense (8) 2 6 — — (10) (500.0) Total notable items $ (227) $ (218) $ (222) $ (357) $ (284) $ (9) (4.1) % Salaries and benefits $ 788 $ 745 $ 744 $ 714 $ 727 $ 43 5.6 % Net occupancy expense 62 58 62 65 65 4 7.2 Equipment expense 128 126 114 114 117 2 1.9 Professional fees 42 23 22 23 12 19 84.7 Third-party processing fees 55 58 60 66 54 (3) (5.7) FDIC insurance expense 31 31 32 18 36 — — Marketing expense 20 18 14 24 22 2 14.9 Other noninterest expense 103 109 106 111 99 (6) (4.6) Total nontinterest expense - adjusted (Non-GAAP) (1) $ 1,229 $ 1,168 $ 1,154 $ 1,135 $ 1,132 $ 61 5.3 % Noninterest expense ($ in millions) (1) Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations.

34 Loan Portfolios in Focus ($ in billions, as of September 30, 2024) Total Loans $138.7 Total Loans CRE $22.7 CRE Portfolio Composition Balance % of total loans Multi-Family $ 5.7 4.1 % Medical Office 3.7 2.7 General Office 2.5 1.8 Commercial Bank 0.8 0.6 Other 1.7 1.2 Industrial / Warehouse 3.5 2.6 Retail 2.0 1.4 Hotel/Motel 0.9 0.6 Other 4.4 3.2 Total $ 22.7 16.4 % Innovation Portfolio Composition Balance % of total loans Innovation C&I and cash flow dependent $ 9.2 6.6 % Investor dependent - growth stage 2.4 1.8 Investor dependent - early stage 1.1 0.8 Total $ 12.7 9.2 % Innovation $12.7 Note – The definition of CRE in these tables is aligned with supervisory guidance on commercial real estate 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). Totals may not foot due to rounding.

35 $534 $448 $323 $1,231 2024 2025 2026 2027 and beyond General Office CRE Portfolio (as of September 30, 2024) CA 20% NC / SC 20% FL 11% VA 6% AZ 6% MA 5% TX 4% Other 28% Total General Office $2.5 B Geographic Diversification Loan Maturity Schedule ($ in millions) 21% 18% 13% 48% (1) There are approximately $0.8 billion of general office loans in the Commercial Bank which has experienced recent portfolio stress. The ALLL ratio on this portfolio totaled 9.99%. Top 5 MSAs ($ in millions) Los Angeles $ 327 Phoenix $ 143 Boston $ 129 San Francisco $ 113 Charlotte $ 109 Percent of total loans 0.6 % General Office Portfolio Metrics % of total loans 1.8 % % of CRE loans 11.2 % Average loan amount $2 MM NCO ratio (YTD) 3.77 % Delinquencies/Loans 12.61 % NPLs/Loans 13.61 % Criticized loans/Loans 23.95 % ALLL ratio (1) 4.89 %

36 SVB Investor Dependent Portfolio (as of September 30, 2024) Portfolio Metrics Early Stage Growth Stage Loan balance $1.1 B $2.4 B % of Innovation loans 8.9 % 19.1 % % of ID loans 31.7 % 68.3 % Avg. loan size $283 K $3.7 MM Median loan size $31 K $750 K NCO ratio (YTD) 8.74 % 1.32 % NPLs/Loans 4.96 % 1.46 % Criticized loans/Loans 25.83 % 13.71 % ALLL ratio 8.44 % 4.32 % Client Industry Concentration 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 intact with an average tenure at SVB of ~25 years. 58% 13% 11% 10% 8% Software Life Science - Products Hardware Life Science - Services Energy & Resource Innovation Please do not review - data is not available. To be provided in subsequent draft. Craig - Changed NCO ratio to YTD instead of QTD similar to previous slide per feedback from Robert Hawley and Andy Giangrave

37 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, 2024 June 30, 2024 September 30, 2023 Liquid assets: Available cash $ 24,705 $ 24,480 $ 35,896 High quality liquid securities 33,654 32,427 21,123 Total liquid assets (a) $ 58,359 $ 56,907 $ 57,019 Contingent liquidity: FDIC credit facility (1) $ 8,126 $ 11,335 $ 19,409 FHLB facility 15,795 14,684 13,525 FRB facility 5,621 5,526 4,989 Line of credit 100 100 100 Total contingent sources (b) $ 29,642 $ 31,645 $ 38,023 Total liquidity (a + b) $ 88,001 $ 88,552 $ 95,042 Total uninsured deposits (c) $ 58,592 $ 57,148 $ 55,774 Coverage ratio of liquidity to uninsured deposits (a + b) / c 150 % 155 % 170 % Coverage ratio of liquidity to uninsured deposits (FDIC max) (a + b) / c (2) 256 % 258 % 261 % SEC MD&A Liquidity Risk (1) The FDIC credit facility shown for 3Q24, 2Q24 and 3Q23 includes immediately available capacity and is based on the amount of collateral currently pledged at quarter end for each respective period. (2) The FDIC credit facility has a maximum capacity of $70 billion which may be used for liquidity coverage ratios. The maximum is the amount of contingent liquidity available should additional collateral be pledged to secure the facility.

38 (1) 3Q24 (1) Carrying value (2) % of Portfolio Yield (3) Duration in years AFS Portfolio U.S. Treasury $ 11,817 31 % 4.33 % 0.9 Government agency 85 — 5.01 0.3 Commercial mortgage-backed securities 2,778 7 4.24 2.3 Residential mortgage-backed securities 13,016 34 4.14 3.4 Corporate bonds 477 1 6.47 0.9 Municipal bonds 17 — 8.14 0.1 Total AFS portfolio $ 28,190 73 % 4.27 % 2.2 HTM portfolio U.S. Treasury $ 482 1 % 1.38 % 2.6 Government agency 1,512 4 1.53 2.9 Commercial mortgage-backed securities 3,429 9 2.38 3.2 Residential mortgage-backed securities 4,667 12 2.44 6.0 Other investments 301 1 1.56 4.3 Total HTM portfolio $ 10,391 27 % 2.21 % 4.5 Grand total $ 38,581 100 % 3.71 % 2.8 Debt Securities Overview ($ in millions, period end balances) (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.

39 Change vs. 3Q24 2Q24 3Q23 2Q24 3Q23 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) $ 137,602 $ 2,430 7.03 % $ 135,965 $ 2,422 7.15 % $ 131,653 $ 2,426 7.30 % $ 1,637 $ 8 (0.12) % $ 5,949 $ 4 (0.27) % Investment securities 38,189 354 3.70 36,445 327 3.60 24,388 177 2.90 1,744 27 0.10 13,801 177 0.80 Securities purchased under agreements to resell 241 4 5.34 236 3 5.37 223 3 5.28 5 1 (0.03) 18 1 0.06 Interest-earning deposits at banks 26,167 350 5.33 28,059 378 5.42 37,456 504 5.34 (1,892) (28) (0.09) (11,289) (154) (0.01) Total interest-earning assets (1) $ 202,199 $ 3,138 6.18 % $ 200,705 $ 3,130 6.26 % $ 193,720 $ 3,110 6.37 % $ 1,494 $ 8 -0.08 % $ 8,479 $ 28 -0.19 % Interest-bearing deposits $ 112,446 $ 1,004 3.55 % $ 110,902 $ 975 3.54 % $ 100,958 $ 769 3.02 % $ 1,544 $ 29 0.01 % $ 11,488 $ 235 0.53 % Securities sold under customer repurchase agreements 384 — 0.55 380 — 0.46 454 — 0.35 4 — 0.09 (70) — 0.20 Other short-term borrowings — — — — — — — — — — — — — — — Long-term borrowings 37,064 338 3.64 37,100 334 3.60 37,699 351 3.72 (36) 4 0.04 (635) (13) (0.08) Total borrowings $ 37,448 $ 338 3.61 % $ 37,480 $ 334 3.56 % $ 38,153 $ 351 3.68 % $ (32) $ 4 0.05 % $ (705) $ (13) (0.07) % Total interest-bearing liabilities $ 149,894 $ 1,342 3.57 % $ 148,382 $ 1,309 3.54 % $ 139,111 $ 1,120 3.20 % $ 1,512 $ 33 0.03 % $ 10,783 $ 222 0.37 % Net interest income $ 1,796 $ 1,821 $ 1,990 $ (25) $ (194) Net interest spread (1) 2.61 % 2.72 % 3.17 % (0.11) % (0.56) % Net interest margin (1) 3.53 % 3.64 % 4.07 % (0.11) % (0.54) % 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) YTD not disclosed Q1 (1) The balance and rate presented is calculated net of average credit balances and deposits of factoring clients. Note: Certain items above do not precisely recalculate as presented due to rounding.

40 Highlights • The Commercial Bank segment achieved strong loan growth during the quarter, 7.1% annualized over the linked quarter, largely driven by strong origination volume in our Industry Verticals, including Tech Media and Telecom and Healthcare. • Factoring volume totaled $6.1 billion, an increase of 15.8% from the linked quarter due to seasonal trends, but a decrease of 6.6% from the prior year quarter as clients are being conservative with inventory levels as consumer spend on discretionary goods continues to lag spend on travel and services. • Segment revenue decreased $3 million compared to the linked quarter. Increase (decrease) 3Q24 vs. 2Q24 3Q24 vs. 3Q23 Income Statement 3Q24 2Q24 3Q23 $ % $ % Net interest income $ 274 $ 279 $ 249 $ (5) (2.0) % $ 25 10.1 % Noninterest income 133 131 139 2 1.6 (6) (4.3) Net revenue 407 410 388 (3) (0.7) 19 4.9 Noninterest expense 227 221 205 6 2.5 22 10.6 Pre-provision net revenue (1) 180 189 183 (9) (4.8) (3) (1.6) Provision for credit losses 29 22 132 7 29.2 (103) (78.1) Income before income taxes 151 167 51 (16) (9.3) 100 195.3 Income tax expense 41 44 14 (3) (6.8) 27 199.1 Net income $ 110 $ 123 $ 37 $ (13) (10.2) % $ 73 193.8 % Period end Balance Sheet (2) Loans and leases $ 32,689 $ 32,116 $ 30,220 $ 573 7.1 % $ 2,469 8.2 % Deposits 2,754 2,958 3,370 (204) (27.5) (616) (18.3) Other Key Metrics Factoring volume $ 6,094 $ 5,261 $ 6,528 $ 833 15.8 % $ (434) (6.6) % Commercial Bank Segment ($ in millions) (1) Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations. (2) Linked quarter loan and deposit growth percentages are annualized using end of period balances. Please do not review - data is update based on latest rounded financials but has not yet been validated and data and commentary will be updated in subsequent draft Please do not review commentary. To be provided in subsequent draft.

41 General Bank Segment ($ in millions) (1) Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations. (2) Linked quarter loan and deposit growth percentages are annualized using end of period balances. Increase (decrease) 3Q24 vs. 2Q24 3Q24 vs. 3Q23 Income Statement 3Q24 2Q24 3Q23 $ % $ % Net interest income $ 768 $ 738 $ 681 $ 30 4.1 % $ 87 12.9 % Noninterest income 149 152 135 (3) (2.2) 14 9.3 Net revenue 917 890 816 27 3.0 101 12.4 Noninterest expense 517 497 482 20 4.2 35 7.4 Pre-provision net revenue (1) 400 393 334 7 1.8 66 19.8 Provision for credit losses 38 55 24 (17) (30.9) 14 56.7 Income before income taxes 362 338 310 24 6.8 52 16.4 Income tax expense 99 93 85 6 6.4 14 15.0 Net income $ 263 $ 245 $ 225 $ 18 7.0 % $ 38 17.0 % Period end Balance Sheet (2) Loans and leases $ 66,092 $ 65,195 $ 61,035 $ 897 5.5 % $ 5,057 8.3 % Deposits 72,169 71,479 69,108 690 3.8 3,061 4.4 Other Key Metrics Number of branches 540 542 555 (2) (0.4) % (15) (2.7) % Wealth management assets under management ($B) $ 53.5 $ 51.8 $ 47.5 $ 1.7 3.3 $ 6.0 12.6 Card volume 4,362 4,449 4,312 (87) (2.0) 50 1.2 Merchant volume 1,770 1,810 1,725 (40) (2.2) 45 2.6 Highlights • The General Bank segment achieved strong loan growth during the quarter, 5.5% annualized over the linked quarter, driven primarily by business and commercial loan production in the Branch Network, along with strong production in Wealth. • Deposits increased $690 million compared to the linked quarter driven by growth in the Branch Network. • Segment revenue increased $27 million compared to the linked quarter as net interest income increased $30 million reflecting balance sheet growth, and noninterest income decreased by $3 million. Noninterest expense increased $20 million. Please do not review - data is update based on latest rounded financials but has not yet been validated and data and commentary will be updated in subsequent draft Please do not review commentary. To be provided in subsequent draft.

42 Increase (decrease) 3Q24 vs. 2Q24 3Q24 vs. 3Q23 Income Statement 3Q24 2Q24 3Q23 $ % $ % Net interest income $ 583 $ 577 $ 537 $ 6 1.2 % $ 46 8.6 % Noninterest income 139 139 141 — — (2) (0.6) Net revenue 722 716 678 6 0.8 44 6.5 Noninterest expense 393 387 413 6 1.7 (20) (4.6) Pre-provision net revenue (1) 329 329 265 — — 64 24.2 Provision for credit losses 50 18 39 32 195.1 11 30.0 Income before income taxes 279 311 226 (32) (10.3) 53 23.3 Income tax expense 75 85 61 (10) (11.3) 14 22.3 Net income $ 204 $ 226 $ 165 $ (22) (9.9) % $ 39 0.4 % Period end Balance Sheet (2) Loans and leases $ 39,852 $ 41,968 $ 41,906 $ (2,116) (20.1) % $ (2,054) (4.9) % Deposits 35,945 35,891 36,236 54 0.6 (291) (0.8) Other Key Metrics Off balance sheet client funds $ 57,860 $ 59,255 $ 59,840 $ (1,395) (2.4) % $ (1,980) (3.3) % Card volume 1,138 1,191 1,380 (53.0) (4.5) (242) (17.5) % Merchant volume 1,954 1,767 1,536 187 10.6 418 27.2 % SVB Commercial Segment ($ in millions) Note – SVB Commercial segment results do not include the accretion impact of SVB loans or the impact of overnight investments and debt that was added at the acquisition date (the aforementioned items are contained within Corporate). (1) Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations. (2) Linked quarter loan and deposit growth percentages are annualized using end of period balances. Highlights • SVB Commercial segment loans decreased $2.1 billion driven by declines in Global Fund Banking as repayment levels outpaced loan origination and draw activity on lines of credit. • Deposit balances were relatively stable compared to the linked quarter, while off balance sheet client funds declined by $1.4 billion. The decrease in total client funds reflects slower VC investment activity and continued client cash burn. • Segment revenue increased $6 million driven by higher net interest income from higher average loan balances, partially offset by higher interest expense from a shift to interest-bearing deposits. Noninterest income was flat compared to the linked quarter. Noninterest expense increased $6 million. • Provision for credit losses increased by $32 million from the linked quarter, driven by higher specific reserves in our investor dependent portfolios. Please do not review - data is update based on latest rounded financials but has not yet been validated and data and commentary will be updated in subsequent draft Please do not review commentary. To be provided in subsequent draft.

43 Rail Segment ($ in millions) (1) Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations. (2) Linked quarter operating lease equipment growth percentage is annualized using end of period balances. (3) Railcars and locomotives number is rounded. Highlights • The fleet is effectively fully utilized, with a utilization rate of 98.1%. • Favorable renewal repricing trends continued, up 30% over the expiring rate for the quarter, with gains in both freight cars (+31%) and tank cars (+29%). • Adjusted rental income on operating lease equipment increased $4 million from the linked quarter, driven by fleet growth during the quarter. • Short-term outlook continues to be positive for maintaining strong utilization and repricing. Further improvement in conditions could be limited if velocity improves and/or economic softness seeps into the rail commodity markets. • The Rail portfolio is driven by the industrial sector business cycle, and financial performance generally lags the economic cycle. Increase (decrease) 3Q24 vs. 2Q24 3Q24 vs. 3Q23 Income Statement 3Q24 2Q24 3Q23 $ % $ % Rental income on operating leases $ 205 $ 201 $ 190 $ 4 1.6 % $ 15 7.9 % Less: depreciation on operating lease equipment 52 51 49 1 2.5 3 6.4 Less: maintenance and other operating lease expenses 59 60 51 (1) (1.9) 8 16.0 Adjusted rental income on operating lease equipment (1) 94 90 90 4 3.5 4 4.1 Interest expense, net 48 45 40 3 4.4 8 19.4 Noninterest income 2 2 4 — — (2) (46.2) Noninterest expense 19 18 16 1 0.5 3 14.3 Income before income taxes 29 29 38 — — (9) (21.6) Income tax expense 8 8 10 — — (2) (24.4) Net income $ 21 $ 21 $ 28 $ — — % $ (7) (20.6) % Period end Balance Sheet (2) Operating lease equipment, net $ 8,419 $ 8,178 $ 7,922 $ 241 11.7 % $ 497 6.3 % Other Key Metrics Railcars and locomotives (3) 125,600 123,200 122,500 2,400 1.9 % 3,100 2.5 % Utilization 98.1 % 98.8 % 98.7 % nm (0.7) nm (0.6) Renewal rate to previous rate 130 % 122 % 138 % nm 8.0 nm (8.0) Please do not review - data is update based on latest rounded financials but has not yet been validated and data and commentary will be updated in subsequent draft Please do not review commentary. To be provided in subsequent draft.

44 Highlights • Net interest income decreased $53 million compared to the linked quarter driven primarily by lower purchase accounting accretion and lower interest income from overnight investments, partially offset by increased interest income from higher investment securities. • Noninterest expense increased $37 million driven primarily by net staff additions, temporary labor and professional fees, associated with technology projects and continued build out of LFI regulatory capabilities. • Direct Bank deposits were relatively flat compared to the linked quarter. Corporate ($ in millions) (1) Non-GAAP measure: see Section V entitled Non-GAAP Reconciliations. (2) Linked quarter investment securities and Direct Bank deposit growth percentages are annualized using end of period balances. Increase (decrease) 3Q24 vs. 2Q24 3Q24 vs. 3Q23 Income Statement 3Q24 2Q24 3Q23 $ % $ % Net interest income $ 219 $ 272 $ 563 $ (53) (19.6) % $ (344) (61.2) % Noninterest income 22 14 6 8 50.5 16 314.6 Net revenue 241 286 569 (45) (15.7) (328) (57.6) Noninterest expense 189 152 200 37 23.9 (11) (5.7) Pre-provision net revenue (1) 52 134 369 (82) (61.2) (317) (85.9) Provision (benefit) for credit losses — — (3) — — 3 100.1 Income before income taxes 52 134 372 (82) (61.5) (320) (86.1) Income tax expense (benefit) 11 42 75 (31) (74.4) (64) (85.2) Net income $ 41 $ 92 $ 297 $ (51) (55.5) % $ (256) (86.3) % Period end Balance Sheet (2) Investment securities $ 38,663 $ 37,666 $ 26,818 $ 997 10.5 % $ 11,845 44.2 % Direct Bank deposits 39,504 39,669 35,647 (165) (1.7) 3,857 10.8 Please do not review - data is update based on latest rounded financials but has not yet been validated and data and commentary will be updated in subsequent draft Please do not review commentary. To be provided in subsequent draft. Highlighted commentary subject to change

45 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 Loans and leases (including off balance sheet exposure) (1) Beginning balance - unamortized fair value mark $ (1,857) $ (2,005) $ (2,173) $ (2,378) $ (2,731) Other 4 3 5 7 78 Accretion 107 145 163 198 275 Ending balance $ (1,746) $ (1,857) $ (2,005) $ (2,173) $ (2,378) Core deposits and other intangibles Beginning balance $ 280 $ 295 $ 312 $ 329 $ 347 Amortization (16) (15) (17) (17) (18) Ending balance $ 264 $ 280 $ 295 $ 312 $ 329 Deposits (2) Beginning balance - unamortized fair value mark $ (4) $ (7) $ (11) $ (16) $ (22) Amortization 2 3 4 5 6 Ending balance $ (2) $ (4) $ (7) $ (11) $ (16) Borrowings (2) Beginning balance - unamortized fair value mark $ 143 $ 151 $ 161 $ 169 $ 181 Amortization (8) (8) (8) (8) (12) Other — — (2) — — Ending balance $ 135 $ 143 $ 151 $ 161 $ 169 Purchase accounting marks ($ in millions) Note – 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.

Non-GAAP Reconciliations Section V

47 1Q23 4Q22 1Q22 Rental income on operating lease equipment (2) $ (158) $ (158) $ (146) Realized gain on sale of investment securities available for sale, net (4) — 12 Fair value adjustment on marketable equity securities, net (9) 2 1 Gain on sale of leasing equipment, net (5) (4) (10) Gain on acquisition — — (12) Gain on extinguishment of debt — — — Other noninterest income(3) — — 8 Impact on adjusted noninterest income $ (176) $ (160) $ (147) Depreciation on operating lease equipment (2) $ (99) $ (98) $ (95) Maintenance and other operating lease expenses (2) (59) (60) (51) Salaries and benefits — — — Acquisition-related expenses (46) (44) (121) Intangible asset amortization (15) (15) (17) Other noninterest expense (4) (8) 2 — Impact on adjusted noninterest expense $ (227) $ (218) $ (284) CECL Day 2 provision and reserve for unfunded commitments — (716) 3 Provision for credit losses- investment securities available for sale — (4) — Provision for credit losses - total adjustments $ — $ — $ 3 Impact on adjusted pre-tax income $ 134 $ 173 $ 38 Income tax impact (5) (6) 15 10 58 Impact on adjusted net income $ 36 $ 48 $ 76 Impact on adjusted diluted EPS $ 2.45 $ 3.33 5.25 Notable Items (1) ($ in millions, except per share data) 3Q24 2Q24 1Q24 4Q23 3Q23 Rental income on operating lease equipment (2) $ (158) $ (158) $ (141) $ (155) $ (146) Realized (gain) loss on sale of investment securities, net (4) — — — 12 Fair value adjustment on marketable equity securities, net (9) 2 4 (9) 1 Gain (loss) on sale of leasing equipment, net (5) (4) (10) (2) (10) Gain on acquisition, net of tax — — — 83 (12) Loss on extinguishment of debt — — 2 — — Other noninterest income (3) — — (4) (5) 8 Impact of notable items on adjusted noninterest income $ (176) $ (160) $ (149) $ (88) $ (147) Depreciation on operating lease equipment (2) $ (99) $ (98) $ (96) $ (96) $ (95) Maintenance and other operating lease expenses (2) (59) (60) (45) (59) (51) Professional fees (4) — (1) (3) (5) — FDIC insurance special assessment — (2) (9) (64) — Acquisition-related expenses (46) (44) (58) (116) (121) Intangible asset amortization (15) (15) (17) (17) (17) Other noninterest expense (5) (8) 2 6 — — Impact of notable items on adjusted noninterest expense $ (227) $ (218) $ (222) $ (357) $ (284) Benefit for credit losses on investment securities AFS — — — — 3 Impact of notable items on adjusted provision for credit losses $ — $ — $ — $ — $ 3 Impact of notable items on adjusted pre-tax income $ 51 $ 58 $ 73 $ 269 $ 134 Income tax impact (6) 15 10 20 90 58 Impact of notable items on adjusted net income $ 36 $ 48 $ 53 $ 179 $ 76 Impact of notable items on adjusted diluted EPS $ 2.45 $ 3.33 $ 3.66 $ 12.25 $ 5.25 (1) Notable items include income and expense for infrequent transactions and certain recurring items (typically noncash) that management believes should be excluded from adjusted measures (non- GAAP) to enhance understanding of operations and comparability to historical periods. Management utilizes both GAAP and adjusted measures (non-GAAP) to analyze BancShares’ performance. Refer to subsequent pages of this 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 deducted from rental income on operating lease equipment to calculate adjusted rental income on operating lease equipment (non-GAAP). There is no net impact to earnings for this non-GAAP item because adjusted noninterest income and expense are reduced by the same amount. Management believes adjusted rental income on operating lease equipment (non-GAAP) is meaningful because it helps management monitor the performance and profitability of the operating leases after deducting direct expenses. Refer to subsequent pages of this presentation for a reconciliation of non-GAAP measures to the most directly comparable GAAP measures. (3) Other noninterest income includes a gain on litigation settlement in 1Q24, a gain on sale of insurance accounts in 4Q23, and a SVB Acquisition accounting adjustment related to FX translation in 3Q23. (4) Professional fees include expenses related to integration activities. (5) Other noninterest expense consists of a technology fee in 3Q24 and litigation reserve releases in 2Q24 and 1Q24. (6) For the periods presented, the income tax impact may include tax discrete items and changes in the estimated annualized effective tax rate.

48 Non-GAAP Reconciliations 3Q24 2Q24 3Q23 Net income and EPS Net income (GAAP) a $ 639 707 752 Preferred stock dividends 15 16 15 Net income available to common stockholders (GAAP) b 624 691 737 Total notable items, after income tax c 36 48 76 Adjusted net income (non-GAAP) d = (a+c) 675 755 828 Adjusted net income available to common stockholders (non-GAAP) e = (b+c) $ 660 739 813 Weighted average common shares outstanding Basic f 14,375,974 14,534,499 14,528,310 Diluted g 14,375,974 14,534,499 14,539,133 EPS (GAAP) Basic b/f $ 43.42 47.54 50.71 Diluted b/g 43.42 47.54 50.67 Adjusted EPS (non-GAAP) Basic e/f $ 45.87 50.87 55.96 Diluted e/g 45.87 50.87 55.92 Noninterest income and expense Noninterest income (GAAP) h $ 650 639 615 Impact of notable items, before income tax (176) (160) (147) Adjusted noninterest income (non-GAAP) i $ 474 479 468 Noninterest expense (GAAP) j $ 1,456 1,386 1,416 Impact of notable items, before income tax (227) (218) (284) Adjusted noninterest expense (non-GAAP) k $ 1,229 1,168 1,132 Provision for credit losses $ 117 95 192 Less: provision (benefit) for credit losses on investment securities available for sale — — (3) Adjusted provision for credit losses (non-GAAP) $ 117 95 195 Note: Certain items above do not precisely recalculate as presented due to rounding. Non-GAAP Reconciliations ($ in millions, except share and per share data)

49 Non-GAAP Reconciliations ($ in millions) Non-GAAP Reconciliations 3Q24 2Q24 3Q23 PPNR Net income (GAAP) a $ 639 707 752 Plus: provision for credit losses 117 95 192 Plus: income tax expense 234 272 245 PPNR (non-GAAP) l $ 990 1,074 1,189 Impact of notable items (1) 51 58 137 Adjusted PPNR (non-GAAP) m $ 1,041 1,132 1,326 ROA Net income (GAAP) a $ 639 707 752 Annualized net income n = a annualized 2,544 2,842 2,983 Adjusted net income (non-GAAP) d 675 755 828 Annualized adjusted net income p = d annualized 2,684 3,036 3,286 Average assets o 220,466 218,891 211,994 ROA n/o 1.15 % 1.30 % 1.41 % Adjusted ROA (non-GAAP) p/o 1.22 1.39 1.55 PPNR ROA PPNR (non-GAAP) l $ 990 1,074 1,189 Annualized PPNR q = l annualized 3,942 4,316 4,717 Adjusted PPNR (non-GAAP) m 1,041 1,132 1,326 Annualized adjusted PPNR r = m annualized 4,141 4,552 5,261 PPNR ROA (non-GAAP) q/o 1.79 % 1.97 % 2.23 % Adjusted PPNR ROA (non-GAAP) r/o 1.88 2.08 2.48 (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.

50 Non-GAAP Reconciliations ($ in millions) Non-GAAP Reconciliations 3Q24 2Q24 3Q23 ROE and ROTCE Annualized net income available to common stockholders s = b annualized $ 2,483 2,779 2,923 Annualized adjusted net income available to common stockholders t = e annualized $ 2,623 2,974 3,225 Average stockholders' equity (GAAP) $ 22,851 22,052 20,116 Less: average preferred stock 881 881 881 Average common stockholders' equity u $ 21,970 21,171 19,235 Less: average goodwill 346 346 346 Less: average other intangible assets 275 288 338 Average tangible common equity (non-GAAP) v $ 21,349 20,537 18,551 ROE s/u 11.30 % 13.13 % 15.20 % Adjusted ROE (non-GAAP) t/u 11.94 14.05 16.77 ROTCE (non-GAAP) s/v 11.63 13.53 15.76 Adjusted ROTCE (non-GAAP) t/v 12.29 14.48 17.39 Tangible common equity to tangible assets Stockholders' equity (GAAP) w $ 22,828 22,487 20,389 Less: preferred stock 881 881 881 Common equity x $ 21,947 21,606 19,508 Less: goodwill 346 346 346 Less: other intangible assets 265 280 329 Tangible common equity (non-GAAP) y $ 21,336 20,980 18,833 Total assets (GAAP) z 220,567 219,827 213,765 Tangible assets (non-GAAP) aa 219,956 219,201 213,090 Total equity to total assets (GAAP) w/z 10.35 % 10.23 % 9.54 % Tangible common equity to tangible assets (non-GAAP) y/aa 9.70 9.57 8.84 Note: Certain items above do not precisely recalculate as presented due to rounding.

51 Non-GAAP Reconciliations ($ in millions, except share and per share data) Non-GAAP Reconciliations 3Q24 2Q24 3Q23 Book value and tangible book value per common share Common shares outstanding at period end bb 14,179,208 14,529,735 14,520,103 Book value per share x/bb $ 1,547.81 1,487.00 1,343.52 Tangible book value per common share (non-GAAP) y/bb 1,504.75 1,443.92 1,297.00 Efficiency ratio Net interest income cc $ 1,796 1,821 1,990 Efficiency ratio (GAAP) j / (h + cc) 59.49 % 56.36 % 54.34 % Adjusted efficiency ratio (non-GAAP) k / (i + cc) 54.15 50.77 46.04 Rental income on operating lease equipment Rental income on operating lease equipment (GAAP) $ 262 259 248 Less: depreciation on operating lease equipment 99 98 95 Less: maintenance and other operating lease expenses 59 60 51 Adjusted rental income on operating lease equipment (non-GAAP) $ 104 101 102 Rental income on operating lease equipment: Rail segment Rental income on operating lease equipment $ 205 201 190 Less: depreciation on operating lease equipment 52 51 49 Less: maintenance and other operating lease expenses 59 60 51 Adjusted rental income on operating lease equipment (non-GAAP) $ 94 90 90 Income tax expense Income tax expense (GAAP) $ 234 272 245 Impact of notable items 15 10 58 Adjusted income tax expense (non-GAAP) $ 249 282 303 Note: Certain items above do not precisely recalculate as presented due to rounding.

52 Non-GAAP Reconciliations ($ in millions) Non-GAAP Reconciliations 3Q24 2Q24 3Q23 PPNR: Commercial Bank Segment Segment net income (GAAP) $ 110 123 37 Plus: provision for credit losses 29 22 132 Plus: income tax expense 41 44 14 PPNR (non-GAAP) $ 180 189 183 PPNR: General Bank Segment Segment net income (GAAP) $ 263 245 225 Plus: provision for credit losses 38 55 24 Plus: income tax expense 99 93 85 PPNR (non-GAAP) $ 400 393 334 PPNR: SVB Commercial Segment Segment net income (GAAP) $ 204 226 165 Plus: provision for credit losses 50 18 39 Plus: income tax expense 75 85 61 PPNR (non-GAAP) $ 329 329 265 PPNR: Corporate Net income (GAAP) $ 41 92 297 Plus: provision for credit losses — — (3) Plus: income tax expense (benefit) 11 42 75 PPNR (non-GAAP) $ 52 134 369 Total Risk Based Capital Ratio Total risk based capital ratio (GAAP) 15.36 % Less: impact of FDIC Shared Loss Agreement 0.85 Adjusted total risk based capital ratio (non-GAAP) 14.51 % CET1 Capital Ratio CET1 capital ratio (GAAP) 13.24 % Less: impact of FDIC Shared Loss Agreement 0.73 Adjusted CET1 capital ratio (non-GAAP) 12.51 % Tier 1 Capital Ratio Tier 1 capital ratio (GAAP) 13.78 % Less: impact of FDIC Shared Loss Agreement 0.76 Adjusted Tier 1 capital ratio (non-GAAP) 13.02 %

53 Non-GAAP Reconciliations ($ in millions) Non-GAAP Reconciliations 3Q24 2Q24 1Q24 4Q23 3Q23 Net interest income & Net interest margin Net interest income (GAAP) cc $ 1,796 1,821 1,817 1,911 1,990 Loan PAA income dd 107 145 163 198 275 Other PAA (expense) income ee (6) (5) (4) (4) (6) Total PAA ff = (dd + ee) $ 101 140 159 194 269 Net interest income, excluding PAA (non-GAAP) gg = (cc - ff) $ 1,695 1,681 1,658 1,717 1,721 Annualized net interest income (GAAP) hh = cc annualized $ 7,147 7,322 7,308 7,584 7,894 Annualized net interest income, excluding PAA (non-GAAP) ii = ee annualized 6,746 6,760 6,670 6,813 6,829 Average interest-earning assets jj 202,199 200,705 198,587 196,253 193,720 NIM (GAAP) hh/jj 3.53 % 3.64 % 3.67 % 3.86 % 4.07 % NIM, excluding PAA (non-GAAP) ii/jj 3.33 3.36 3.35 3.47 3.52

Cover Page	Oct. 24, 2024
Cover [Abstract]
Entity Central Index Key	0000798941
Amendment Flag	false
Document Type	8-K
Document Period End Date	Oct. 24, 2024
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. 24, 2024
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

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