10-K 0000759944-26-000028 (2026-02-12) vs 10-K 0000759944-25-000013 (2025-02-13)
| Section | Compared text | Words now | Changed |
| Risk Factors | Item 1A | 8,993 |
4.7% |
| MD&A | Item 7 | 17,539 |
24.9% |
| Legal Proceedings | Item 3, via Note 17 – COMMITMENTS AND CONTINGENCIES | 789 |
5.2% |
| Accounting Policies | Item 8, Note 1 – SIGNIFICANT ACCOUNTING POLICIES | 640 |
45.4% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 126 words changed in this paragraph; it is 34% similar to last year's version.
As of December 31, 2024, the 2025, our ACL economic forecast over a two-year reasonable and supportable period was consistent with December 31, 2023, with reflects the economy going into a shallow two-quarter contraction inclusive of uncertainties related to the implementation of tariffs and protectionist trade policies, inflationary pressures, and geopolitical tensions. This forecast is generally applied to the retail and commercial and industrial portfolios and projects peak unemployment of approximately 5.3% and a start-to-trough real GDP decline of approximately 0.5%, compared to peak unemployment of approximately 5.1% and a start-to-trough real GDP decline of approximately 0.4%. These forecasts reflect 0.4% at December 31, 2024. More severe economic scenarios are applied within the CRE portfolio, such as general office, with peak unemployment of approximately 9.4% and a mild recession over the two-year reasonable start-to-trough real GDP decline of approximately 4.4%, compared to peak unemployment of approximately 9.3% and supportable period. a start-to-trough real GDP decline of approximately 4.4% at December 31, 2024.
Source: Item 7, 10-K 0000759944-26-000028 vs Item 7, 10-K 0000759944-25-000013
Accounting Policies 122 words changed in this paragraph; it is 33% similar to last year's version.
Pronouncement Summary of Guidance Effects on Financial Statements Improvements to Reportable Segment Income Tax Disclosures •Requires disclosure a tabular income tax rate reconciliation that includes specific categories and other significant categories, disaggregated by nature, that exceed 5% of significant segment expenses regularly provided to income tax expense at the CODM statutory tax rate •The Company adopted the new standard ASU on January 1, 2024, 2025 on a retrospective basis, effective for annual financial statements for the year ended December 31, 2024 2025 Issued December 2023 •Requires disclosure of income taxes paid, net of refunds received, disaggregated by federal, state, and subsequent interim periods beginning foreign taxes, and further disaggregated by individual jurisdictions that exceed 5% of total income taxes paid, net of refunds received •Required disclosures for income taxes are included in 2025. Note 21 •Requires disclosure of pre-tax income disaggregated between domestic and foreign, and income tax expense disaggregated by federal, state, and foreign
Source: Item 8, Note 1 – SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000759944-26-000028 vs Item 8, Note 1 – SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000759944-25-000013
Risk Factors 85 words changed in this paragraph; it is 83% similar to last year's version.
We are heavily regulated by multiple banking, consumer protection, securities securities, and other regulatory authorities at the federal and state levels. This regulatory oversight is primarily established to protect depositors, the DIF, consumers of financial products, and the financial system as a whole, not for the protection of shareholders or other investors. Changes to statutes, regulations, rules rules, or policies, including their interpretation, implementation implementation, or enforcement, could affect us in substantial and unpredictable ways, including by, for example, subjecting us to additional costs, limiting the types of financial services and other products we may offer, limiting our ability to pursue acquisitions acquisitions, and increasing the ability of third parties, including non-banks, to offer competing financial services and products. In recent years, we, together with the rest of the financial services industry, have faced particularly intense scrutiny, with many new regulatory initiatives and vigorous oversight and enforcement on the part of numerous regulatory and governmental authorities. Legislatures and regulators have pursued a broad array of initiatives intended to promote the safety and soundness of financial institutions, financial market stability, the transparency and liquidity of financial markets, and consumer and investor protection. Certain regulators and law enforcement authorities have also recently required admissions of wrongdoing and, in some cases, criminal pleas as part of the resolutions of matters brought by them against financial institutions. Any such resolution of a matter involving us could lead to increased exposure to civil litigation, could adversely affect our reputation, could result in penalties or limitations on our ability to do business or engage in certain activities activities, and could have other negative effects. In addition, a single event or issue may give rise to numerous and overlapping investigations and proceedings, including by multiple federal and state regulators and other governmental authorities.
Source: Item 1A, 10-K 0000759944-26-000028 vs Item 1A, 10-K 0000759944-25-000013
Legal Proceedings 26 words changed in this paragraph; it is 92% similar to last year's version.
Letters of credit in the table above reflect commercial, standby financial financial, and standby performance letters of credit. Financial and performance standby letters of credit are issued by the Company for the benefit of its customers. They are used as conditional guarantees of payment to a third party in the event the customer either fails to make specific payments (financial) or fails to complete a specific project or activity (performance). The Company’s exposure to credit loss in the event of counterparty nonperformance in connection with the above instruments is represented by the contractual amount of those instruments. Letters of credit are generally secured, secured according to the creditworthiness of the counterparty, with collateral including, but not limited to, cash, accounts receivable, inventory inventory, or investment securities. Credit risk associated with letters of credit is considered in determining the appropriate amount of allowances the allowance for unfunded commitments. Standby letters of credit and commercial letters of credit are issued for terms of up to no more than two years and one year, respectively.
Source: Item 3, via Note 17 – COMMITMENTS AND CONTINGENCIES, 10-K 0000759944-26-000028 vs Item 3, via Note 19 – COMMITMENTS AND CONTINGENCIES, 10-K 0000759944-25-000013
Every change, by type
Sentences and paragraphs of CFG's Risk Factors and MD&A, 10-K 2026-02-12 against 10-K 2025-02-13.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
U.S. global trade policies, including the imposition of tariffs and uncertainty surrounding the resolution of trade disputes, or renewal of trade agreements, with various countries, may cause inflation to rise and ultimately affect interest rates. In addition, the risk of government shutdowns could cause volatility in the financial markets by adversely impacting consumer and investor confidence. Unfavorable changes related to these national economic and political conditions may also result in increased delinquencies and defaults among borrowers in light of economic uncertainty, which could require us to charge off a higher percentage of loans and increase the provision for credit losses, ultimately reducing our net income.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
Volatility and uncertainty related to inflation and the effects of inflation Inflation may enhance or contribute to some of the risks of our business by also negatively impacting our costs and expenses, including increasing funding costs and expenses related to talent acquisition and retention, and negatively impacting impact consumer demand and client purchasing power for our products and services, as well as the ability of our borrowers to repay their obligations.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
Volatility and uncertainty related to inflation and the its associated effects of inflation may enhance or contribute to some of the certain risks of our business that we face by negatively impacting our funding costs and expenses, including increasing funding costs and expenses related to talent acquisition and retention, and negatively impacting consumer demand and client purchasing power for our products and services, as well as the ability of borrowers to repay their obligations. retention.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
Adverse economic and political conditions, such as recent global trade policies, inflationary pressures, and government shutdowns could require us to charge off a higher percentage of loans and increase the provision for credit losses, which would reduce our net income and otherwise have a material adverse effect on our business, financial condition condition, and results of operations.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
An increase in interest rates could cause lower weaken demand for loans by customers, reducing our net interest income due to lower loan balances and origination-related fee income due to lower production volume, and could also have an adverse impact on our credit costs, as borrowers may have difficulty in making higher interest payments. volume.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
If the The yield curve, typically upward sloping with short-term rates lower than long-term rates, were to flatten or invert, could cause our net interest income and net interest margin may decrease to decline if it were to flatten or invert, as the cost of our short-term funding increases is likely to increase relative to the yield we can earn on our long-term assets.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
There are risks Risks and uncertainties, uncertainties associated with each element of our strategy exist, many of which are not within our control, associated with each element of our strategy. control.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
Limitations on the manner in which regulated financial institutions, such as us, can compensate their officers and employees, including those contained in pending rule proposals implementing the requirements of Section 956 of the Dodd-Frank Act, employees may make it more difficult for such institutions to compete for talent with financial institutions and other companies not subject to these or similar limitations.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
Ongoing legislative or regulatory uncertainties Uncertainties and changes regarding in legislation, regulations, and/or global standards related to climate risk management and practices may result in higher regulatory, compliance, credit and credit, and/or reputational risks and costs.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
In addition, under the terms of our derivatives contracts, we may be required to maintain a minimum credit rating, post additional collateral or terminate such contracts. contracts if we don’t maintain a minimum credit rating.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
This is especially true Also, our customers are routinely the target of fraudulent schemes as we continue to expand customer capabilities to utilize the Internet and other remote channels to transact business.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
Any failure, interruption interruption, or breach in the security of our communication and information systems, including system due to cyber-attacks to, among other things, cyberattacks or our failure to adequately maintain and manage our systems or implement system changes and upgrades, could result in failures or disruptions in our customer relationship management, general ledger, deposit, loan loan, and other systems.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedRisk Factors
Our business is affected by national economic and political conditions, as well as perceptions of those conditions and future economic prospects. prospects, with changes in such conditions neither predictable or controllable.
Read it in 10-K 2026-02-12 at sec.gov ↗
Quiet changesRisk Factors
Our ability to meet our obligations and support our operations could be materially affected by a variety of conditions, including market-wide illiquidity or disruption, a general loss of market or customer confidence in the financial services industry generally or in the Company specifically, or reductions in one or more of our credit ratings.
Read it in 10-K 2026-02-12 at sec.gov ↗
Quiet changesRisk Factors
The regulatory environment in which we operate continues to be subject to significant and evolving regulatory requirements that could have a material adverse effect on our business and earnings.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
This summary highlights select financial information of the Company as well as information regarding certain significant events and transactions occurring during the year ended December 31, 2025. This summary should be read in conjunction with this entire document for a more complete understanding of trends, events, commitments, uncertainties, liquidity, capital resources, and critical accounting policies and estimates. Each of these items, taken individually or collectively, could have an impact on the Company’s financial condition, results of operations, and cash flows. For additional information regarding our financial performance and condition, see “Consolidated Statement of Operations Analysis – 2025 compared with 2024” and “Consolidated Balance Sheet Analysis.”
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
•Net interest income of $5.9 billion increased $220 million and net interest margin of 2.97% increased 13 basis points compared to 2024. The increase in net interest income is driven by higher net interest margin which reflects lower funding costs, including the reduction of higher-cost funding given the auto loan portfolio runoff and education loan sale, lower terminated swap impacts, and fixed-rate asset repricing benefits, partially offset by lower asset yields.
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AddedMD&A
•Noninterest income of $2.4 billion increased $218 million compared to 2024, reflecting growth across a number of fee categories, primarily wealth and capital markets fees.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
•Tangible book value per common share of $38.07 increased 18% from 2024, driven by a decrease in common shares outstanding of eleven million and a net increase in tangible common equity of $2.1 billion. The increase in tangible common equity is primarily attributable to increases in AOCI of $1.6 billion and retained earnings of $933 million, including net income of $1.8 billion for the year ended December 31, 2025.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
See “Non-GAAP Financial Measures” for more information regarding the ROTCE and tangible book value per common share non-GAAP financial measures presented herein.
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AddedMD&A
During the first quarter of 2025, we entered into an agreement to sell $1.9 billion of education loans and subsequently reclassified these loans to LHFS. Upon reclassification to LHFS, a charge-off of $25 million was recognized, which was covered by existing reserves. This transaction settled ratably each quarter throughout 2025.
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AddedMD&A
On July 31, 2025, we issued $400 million, or 400,000 shares, of 6.500% fixed-rate reset non-cumulative perpetual Series I Preferred Stock, par value of $25 per share with a liquidation preference of $1,000 per share. Holders of Series I Preferred Stock will be entitled to receive dividend payments only when, as, and if declared by our Board of Directors. Dividends are payable quarterly in arrears on January 6, April 6, July 6, and October 6 of each year.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
On October 15, 2025, we announced that our Board of Directors declared a quarterly common stock dividend of $0.46 per share, a $0.04, or 9.5%, increase compared to the prior quarter. The dividend was paid on November 12, 2025 to shareholders of record at the close of business on October 29, 2025.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
On July 4, 2025, H.R. 1, entitled the One Big Beautiful Bill Act, was signed into law. This bill includes a broad range of tax reform provisions affecting individuals and businesses, including extending and modifying certain key Tax Cuts & Jobs Act provisions, extending certain Inflation Reduction Act energy incentives while accelerating the phase-out of others, and implementing various other tax cuts and spending measures. We have completed our evaluation of the bill and do not expect it to have a material impact on our Consolidated Financial Statements.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
See “Regulation and Supervision” in Item 1 for 2025 developments related to regulations to which we are subject.
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
(dollars in millions) Average Income/ Yield/ Average Income/ Yield/ Average Yield/
Read it in 10-K 2026-02-12 at sec.gov ↗
AddedMD&A
Net interest income and net interest margin, FTE(1) $5,869 2.98% $5,650 2.85% 13
Read it in 10-K 2026-02-12 at sec.gov ↗
RemovedMD&A
This document contains non-GAAP financial measures denoted as “Underlying” results and “including AOCI impact.” Underlying results for any given reporting period exclude certain items that may occur in that period which management does not consider indicative of our on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe our Underlying results in any given reporting period reflect our on-going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. We further believe the presentation of Underlying results increases comparability of period-to-period results.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
Non-GAAP measures are denoted throughout our MD&A by the use of the term “Underlying.” Where there is a reference to these metrics in that paragraph, all measures that follow are on the same basis when applicable. For more information on the computation of non-GAAP financial measures, see “Non-GAAP Financial Measures and Reconciliations.”
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RemovedMD&A
Results reflect notable items of $98 million or $0.21 per diluted common share, net of tax benefit, compared to $357 million or $0.75 per diluted common share, net of tax benefit, in 2023.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
Table 1: Notable Items Year Ended December 31, 2024 Less: notable items (dollars in millions) Reported results (GAAP) Integration related costs(1) TOP and other(2) FDIC special assessment(3) Underlying results (non-GAAP) Noninterest income $2,176 $— $15 $— $2,161 Noninterest expense 5,234 10 115 31 5,078 Income tax expense 379 (3) (33) (7) 422
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RemovedMD&A
Year Ended December 31, 2023 Less: notable items (dollars in millions) Reported results (GAAP) Integration related costs(1) TOP and other(2) FDIC special assessment(3) Underlying results (non-GAAP) Noninterest income $1,983 $— $— $— $1,983 Noninterest expense 5,507 104 177 225 5,001 Income tax expense 422 (28) (63) (58) 571
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RemovedMD&A
(2) Primarily includes our TOP revenue and efficiency initiatives for the years ended December 31, 2024 and 2023.
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RemovedMD&A
◦On an Underlying basis, net income available to common stockholders of $1.5 billion compared to $1.8 billion in 2023.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
◦On an Underlying basis, the efficiency ratio of 65.2% compared to 60.8% in 2023.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
(1) See Note 1 for information regarding updates to the Consolidated Balance Sheets during 2024.
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RemovedMD&A
(2) Net interest income and net interest margin is presented on a FTE basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial and industrial loans for the periods presented.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
Net interest margin on a FTE basis decreased 25 basis points compared to 2023, reflecting higher funding and swap costs and the impact of building liquidity, partially offset by higher interest-earning-asset yields and the benefit of Non-Core portfolio runoff.
Read it in 10-K 2025-02-13 at sec.gov ↗
RemovedMD&A
(2) See Note 1 for information regarding updates to the Consolidated Balance Sheets during 2024.
Read it in 10-K 2025-02-13 at sec.gov ↗
RewordedMD&A
Commercial and Industrial Loans by Industry Sector December 31, 2025 2024 December 31, 2023 (dollars in millions) Balance % of Balance % of Total Loans and Leases Total Loans and Leases Industry sector Finance and insurance Capital call facilities $8,579 6% $6,070 4% $5,780 4% Secured private credit finance 3,963 3 2,908 2 Other finance and insurance 6,446 5 6,021 4 4,633 3 3,538 3 Other manufacturing 3,604 3 3,491 3 3,748 Technology 3,203 2 Technology 2,818 2 3,351 2 Accommodation and food services 2,044 1 2,599 2 2,948 2 Health, pharma, and social assistance 2,368 2 2,322 2 2,598 2 Wholesale trade 2,010 1 2,467 2 Retail trade 2,000 1 2,379 2 Professional, scientific, and technical services 2,407 2 2,313 2 2,339 2 Other services 2,061 1 2,168 1 Energy and related 1,816 1 2,085 1 2,034 Other services 2,419 2 2,061 1 Wholesale trade 2,604 2 2,010 1 Retail trade 1,744 1 2,000 1 Arts, entertainment, and recreation 1,683 1 1,509 1 1,602 1 Administrative and waste management 1,486 1 1,352 1 1,599 Automotive 1,245 1 1,026 1 Rental and leasing 1,257 1 923 1 1,073 1 Consumer products manufacturing 717 1 710 1 984 1 Automotive 1,026 1 898 1 Other 3,460 2 2,816 2 2,985 2 Total commercial and industrial $49,232 35% $42,551 31% $44,974 31%
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Swaps Receive fixed/pay SOFR 26,250 $30,750 1.0 3.4 3.9 $26,250 1.7 3.1 4.5 17,780 0.8 4.0 5.4 Receive fixed/pay SOFR - forward-starting 17,000 3.3 3.6 3.3 20,000 3.5 3.7 4.0 31,250 2.9 3.3 4.6 Basis swaps Receive SOFR/pay 1-month term SOFR 12,000 0.8 — 3.9/3.7 11,500 1.6 — 4.5/4.3 5,000 1.0 — 5.3/5.3 Receive SOFR/pay 1-month term SOFR - forward-starting 1,000 1.0 — 3.9/3.7 3,000 2.4 — 4.0/4.0 14,000 2.7 — 5.2/5.1 Floor Rate Cap Rate Floor Rate Cap Rate Options Interest rate collars(1) — — — — 1,000 1.5 2.5 3.7 Interest rate collars - forward-starting(1) — — — — 500 2.5 2.7 4.4 Floor spreads - forward-starting(2) — — — — 2,500 2.8 2.2/3.2 — Total cash flow hedges 60,750 72,030 $60,750 $60,750 Total hedges $67,358 $69,077 $77,895
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Nonaccrual Loans and Leases December 31, (dollars in millions) 2025 2024 2023 Change Percent Commercial and industrial $277 $241 $297 ($56) (19 $36 15 Commercial real estate 618 776 477 299 63 (158) (20) Total commercial 895 1,017 774 243 31 (122) (12) Residential mortgages 196 192 177 15 8 4 2 Home equity 319 283 285 (2) (1) 36 13 Automobile 28 48 61 (13) (21) (20) (42) Education 20 56 28 28 100 (36) (64) Other retail 46 68 39 29 74 (22) (32) Total retail 609 647 590 57 10 (38) (6) Nonaccrual loans and leases $1,504 $1,664 $1,364 $300 22 ($160) (10 Nonaccrual loans and leases to total loans and leases 1.05 % 1.20 % 0.93 % 27 bps (15 bps) Allowance for loan and lease losses to nonaccrual loans and leases 129 124 154 (30 %) 5 % Allowance for credit losses to nonaccrual loans and leases 145 136 170 (34 %) 9 %
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Noninterest Income Year Ended December 31, (dollars in millions) 2025 2024 2023 Change Percent Service charges and fees $444 $420 $410 $10 2% $24 6% Capital markets fees 511 467 319 148 46 44 9 Wealth fees 360 294 66 22 Card fees 346 368 296 72 24 Wealth fees(1) 294 259 35 14 (22) (6) Mortgage banking fees 233 209 242 (33) (14) 24 11 Foreign exchange and derivative products 156 146 183 (37) (20) 10 7 Letter of credit and loan fees 186 175 168 7 4 11 6 Securities gains, net 22 18 28 (10) (36) 4 22 Other income(2) income(1) 136 79 78 1 1 57 72 Noninterest income $2,394 $2,176 $1,983 $193 $218 10%
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Results of Modeled and Non-Modeled Measures for Regulatory Capital Calculations (dollars in millions) For the Three Months Ended December 31, 2024 2025 For the Three Months Ended December 31, 2023 2024 Market Risk Category Period End Average High Low Period End Average High Low Interest Rate $1 $1 $1 $1 $2 $1 $3 $1 $3 $3 $5 $2 Foreign Exchange Currency Rate — — 4 — — — — 2 — Credit Spread 2 2 2 1 1 1 — 2 2 2 1 Commodity — — — — — — — — General VaR 1 2 4 1 3 2 3 1 4 4 6 3 Specific Risk VaR — — — — — — — — Total VaR $1 $2 $4 $1 $3 $2 $3 $1 $4 $4 $6 $3 Stressed General VaR $9 $5 $9 $4 $7 $7 $12 $4 $4 $7 $14 $3 Stressed Specific Risk VaR — — — — — — — — Total Stressed VaR $9 $5 $9 $4 $7 $7 $12 $4 $4 $7 $14 $3 Market Risk Regulatory Capital $21 $28 $33 Specific Risk Not Modeled Add-on 27 25 17 de Minimis Exposure Add-on 2 — 1 Total Market Risk Regulatory Capital $50 $53 $51 Market Risk-Weighted Assets $621 $665 $643
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RewordedMD&A
Federal agencies and U.S. government sponsored entities — — — — — — 8,187 2.30 8,187 2.30 7,595 2.29 7,595 2.29 Asset-backed securities — — 412 3.81 338 5.67 — — — — 412 3.81 338 5.67 Total debt securities held to maturity — — 412 3.81 338 5.67 — — 8,187 2.30 8,599 2.37 7,595 2.29 7,933 2.43 Total debt securities $— —% $5,748 $110 2.98% $1,767 3.45% $36,070 3.74% $43,585 3.63% $5,002 3.17% $1,911 3.49% $37,810 3.82% $44,833 3.73%
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Noninterest income increased $64 $121 million compared to 2023, 2024, driven by wealth fees reflecting increased sales activity and higher asset management fees, higher credit card mortgage banking fees, and service charges and fees given fees, reflecting growth in assets under management, primarily driven by net inflows as well as market appreciation, higher MSR valuation results, net of hedging, and higher overdraft and cash management fees.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 437 438 433 Tangible common equity T (non-GAAP)(2) $16,341 $14,246 $14,417 Common shares outstanding at period end 429,242,174 440,543,381 Tangible book value per common share T/S (non-GAAP)(3) $38.07 $32.34 $30.91 Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying:
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Noninterest Expense Year Ended December 31, (dollars in millions) 2025 2024 2023 Change Percent Salaries and employee benefits $2,798 $2,657 $2,599 $58 2 $141 5% Equipment and software 783 769 756 13 14 2 Outside services 633 639 687 (48) (7) (6) (1) Occupancy 435 447 492 (45) (9) (12) (3) Other operating expense 662 722 973 (251) (26) (60) (8) Noninterest expense $5,311 $5,234 $5,507 ($273) (5 $77 1%
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
Total borrowed funds of $12.4 $11.3 billion as of December 31, 2024 2025 decreased $1.6 $1.1 billion compared to December 31, 2023, 2024, driven by a decline of approximately $4.2 billion in FHLB advances, partially offset by the issuance of senior debt and secured borrowings collateralized by loans. loans and senior debt, partially offset by an increase in FHLB advances.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
The decrease increase in total loans and leases as of December 31, 2024 2025 compared to December 31, 2023 2024 reflects a $4.7 $4.0 billion decrease increase in commercial given market conditions resulting driven by net new money originations in relatively low client demand corporate banking and lower higher line of credit utilization, partially offset by growth in the Private Bank. CRE paydowns.
Read it in 10-K 2026-02-12 at sec.gov ↗
RewordedMD&A
The increase decline in nonaccrual loans and leases as of December 31, 2024 2025 compared to December 31, 2023 was 2024 reflects a decrease in commercial primarily driven by the general office segment of CRE. CRE, and a decrease in retail driven by the sale of education loans and continued runoff of the auto portfolio.
Read it in 10-K 2026-02-12 at sec.gov ↗