EX-99.2 6 brhc10033093_ex99-2.htm EXHIBIT 99.2
     First Citizens BancShares  Fourth Quarter 2021 Earnings Conference CallJanuary 26, 2022      Exhibit 99.2 
 
 2  Important Notices  Forward Looking StatementsThis 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 and future performance of First Citizens BancShares, Inc. ("BancShares"). Words such as “anticipates,” “believes,” “estimates,” “expects,” “predicts,” “forecasts,” “intends,” “plans,” “projects,” “targets,” “designed,” “could,” “may,” “should,” “will,” “potential,” “continue” or other similar words and expressions are intended to identify these forward-looking statements. These forward-looking statements are based on BancShares’ current expectations and assumptions regarding BancShares’ business, the economy, and other future conditions.Because forward-looking statements relate to future results and occurrences, they are subject to inherent risks, uncertainties, changes in circumstances and other risk factors that are difficult to predict. Many possible events or factors could affect BancShares’ future financial results and performance and could cause the actual results, performance or achievements of BancShares to differ materially from any anticipated results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, general competitive, economic, political, and market conditions, the impacts of the global COVID-19 pandemic on BancShares’ business and customers, the financial success or changing conditions or strategies of BancShares’ customers or vendors, fluctuations in interest rates, actions of government regulators, the availability of capital and personnel, and the failure to realize the anticipated benefits of BancShares’ previous acquisition transaction(s), including the recently completed transaction with CIT, which acquisition risks include (1) disruption from the transaction, or recently completed mergers, with customer, supplier or employee relationships, (2) the possibility that the amount of the costs, fees, expenses and charges related to the transaction may be greater than anticipated, including as a result of unexpected or unknown factors, events or liabilities, (3) reputational risk and the reaction of the parties’ customers to the transaction, (4) the risk that the cost savings and any revenue synergies from the transaction may not be realized or take longer than anticipated to be realized, and (5) difficulties experienced in the integration of the businesses.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, 2020, its Quarterly Reports on Form 10-Q for the periods ended March 31, 2021, June 30, 2021 and September 30, 2021, and its other filings with the Securities and Exchange Commission (the “SEC”), and in CIT’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, as amended on Form 10-K/A, its Quarterly Reports on Form 10-Q for the periods ended March 31, 2021, June 30, 2021 and September 30, 2021, and its other filings with the SEC.Non-GAAP MeasuresCertain measures included in this presentation are "Non-GAAP," meaning they are not presented in accordance with generally accepted accounting principles in the U.S. and also are not codified in U.S. banking regulations currently applicable to BancShares. BancShares believes that Non-GAAP financial measures, when reviewed in conjunction with GAAP financial information, can provide transparency about or an alternative means of assessing its operating results and financial position to its investors, analysts and management. The Non-GAAP measures presented in this presentation are listed, and are reconciled to the most comparable GAAP measure, in the Non-GAAP reconciliation table(s) appearing in the Appendix. 
 
 3  Completed Merger with CIT Group, Inc.  (1) Data as of December 31, 2021. Unless specifically noted otherwise, the financial information included in this presentation does not include the financial results of CIT.  California  Arizona  New  Mexico  Texas  Oregon  Washington  Wisconsin  Missouri  Florida  Georgia  Tennessee  West Virginia  MarylandVirginia NorthCarolina (HQ)South Carolina  Colorado KansasOklahoma  Nebraska                  Nevada  Hawaii    A Nationwide Franchise with: 600+ branches in22 states          First Citizens (529)CIT Group (80)  Standalone  Standalone  Scale      $58BTotal Assets  $51BTotal Deposits  $32BTotal Loans & Leases  Scale      $53BTotal Assets  $39BTotal Deposits  $41BTotal Loans & Leases          120+ Year Operating History  100+ Year Operating History  Complementary Marking Position      46Major MSAS Served  Top 20US Bank by Assets  22States Served  Increased Scale (1)      $111BTotal Assets  $90BTotal Deposits  $73BTotal Loans and Leases 
 
 4  Forever First® means remembering that banking is about people first and money second.  We are a purpose-driven bank that always puts its customers first as epitomized by our motto, Forever First®  We combine the resources, convenience and services of a large national bank with the personal touch you would expect in a neighborhood bank.  We've built a track record of service, stability and reliability and never compromise the security of our customers’ assets, regardless of market trends or financial pressures. 
 
 5  5             
 
 4Q21 vs. 3Q21  Net income available to common shareholders totaled$118.6 million, or $12.09 per share in 4Q21 compared to$119.4 million, or $12.17 per share in 3Q21.Pre-provision net revenue (1) decreased $8.5 million primarily due to higher noninterest expense and lower realized gains on sales of AFS securities, partially offset by higher net interest income.The net benefit from provision for credit losses increased$4.0 million due primarily to lower net charge offs in 4Q21.  4Q21 vs. 4Q20  Net income available to common shareholders totaled$118.6 million, or $12.09 per share in 4Q21 compared to$133.4 million, or $13.59 per share in 4Q20.Pre-provision net revenue (1) decreased $31.6 million primarily due to lower noninterest income and higher noninterest expense.The net benefit from provision for credit losses was $5.1 million in 4Q21 compared to provision expense of $5.4 million in 4Q20 due to lower net charge-offs and a $4.7 million reserve release in 4Q21 compared to a nominal reserve build in 4Q20.      Increase (Decrease)          3Q21    4Q20    $ in thousands  4Q21  3Q21  4Q20  $  %  $  %  Net interest income Noninterest income Noninterest expense  $357,402 114,259323,188  $ 10,515 3.0% $ (1,314) (0.4)%(8,685) (7.1) (12,506) (9.9)10,369 3.3 17,815 5.8  Pre-provision net revenue(1)  148,473  Provision (benefit) for credit losses  (5,138)  $346,887 $358,716 122,944 126,765312,819 305,373157,012 180,108(1,120) 5,403  (8,539) (5.4) (31,635) (17.6)(4,018) 358.8 (10,541) (195.1)  Income before income taxes  153,611 158,132 174,705  Income taxes  30,329  34,060 36,621  (4,521) (2.9) (21,094) (12.1)(3,731) (11.0) (6,292) (17.2)  Net income  123,282 124,073 138,084  Preferred dividends  4,636  (791) (0.6) (14,802) (10.7)— — — —  Net income available to common shareholders  $118,646  4,636 4,636$119,437 $133,448  $ (791) (0.7)% $(14,802) (11.1)%                                                                                                                6    Highlights  Quarterly Earnings Highlights  Earnings per share  $ 12.09  $ 12.17  $ 15.09  $ 14.53  $ 13.59  Return on average assets  0.84 %  0.88 %  1.13 %  1.16 %  1.11 %  Return on average equity  10.96  11.29  14.64  14.70  14.02  Return on average tangiblecommon equity (1)  12.00  12.39  16.14  16.28  15.60  Net interest margin  2.58  2.61  2.68  2.80  3.02  Cost of deposits  0.06  0.07  0.07  0.08  0.10  Efficiency ratio (1)  66.31  66.09  64.61  63.35  64.28  Net charge-off ratio (1) (2)  (0.01)  0.06  0.03  0.04  0.07  Effective tax rate  19.74  21.54  23.06  23.01  20.96  Key Financial Ratios & Metrics  4Q21  3Q21  2Q21  1Q21  4Q20      This is a Non-GAAP measure. For a reconciliation of this measure to the most directly comparable GAAP measure, please see the Appendix.Net charge-off ratio shown net of SBA-PPP loans that are guaranteed by the SBA. This is a Non-GAAP measure. For a reconciliation of this measure to the most directly comparable GAAP measure, please see the Appendix. 
 
   Income taxes  154,202  126,159  28,043  22.2  Net income  547,459  491,723  55,736  11.3  Preferred dividends  18,544  14,062 4,482 31.9      Net income available to common shareholders     $ 528,915 $ 477,661 $ 51,254 10.7 %  7    Highlights          Increase (Decrease)      $ in thousands  2021    2020  $  %    Net interest income  $ 1,390,334    $ 1,388,169  $ 2,165  0.2 %    Noninterest income  508,002    476,750  31,252  6.6  ▪  Noninterest expense  1,233,510    1,188,685  44,825  3.8    Pre-provision net revenue (1)  664,826  676,234    (11,408)  (1.7)  ▪  Provision (benefit) for credit losses  (36,835)  58,352    (95,187)  (163.1)    Income before taxes  701,661  617,882    83,779  13.6    Full Year Earnings Highlights  This is a Non-GAAP measure. For a reconciliation of this measure to the most directly comparable GAAP measure, please see the Appendix.Net charge-off ratio shown net of SBA-PPP loans that are guaranteed by the SBA. This is a Non-GAAP measure. For a reconciliation of this measure to the most directly comparable GAAP measure, please see the Appendix.  Key Financial Ratios & Metrics  YTD21  YTD20  Earnings per share  $ 53.88  $ 47.50  Return on average assets  1.00 %  1.07 %  Return on average equity  12.84  12.96  Return on average tangible common equity (1)  14.12  14.51  Net interest margin  2.66  3.17  Cost of deposits  0.07  0.17  Efficiency ratio (1)  65.11  65.11  Net charge-off ratio (1) (2)  0.03  0.08  Effective tax rate  21.98  20.42  Net income available to common shareholders totaled $528.9 million or $53.88 per share in 2021 compared to $477.7 million or$47.50 per share in 2020.Pre-provision net revenue (1) decreased $11.4 million due to higher noninterest expenses only partially offset by increased noninterest income and net interest income.The net benefit from provision from credit losses was $36.8 million in 2021 compared to provision expense of $58.4 million in 2020 due to lower net charge offs and a $45.8 million reserve release compared to a $35.9 million reserve build in 2020 driven primarily by uncertainty surrounding COVID-19. 
 
 4Q21 vs. 3Q21Net interest income (TE) (1) increased $10.5 million, or by 3.0%, primarily due to higher SBA-PPP loan interest and fee income of $6.5 million and higher loan (ex. SBA-PPP) and investment balances, partially offset by lower loan (ex. SBA-PPP) and investment yields.Net interest margin (TE) (1) decreased 3 bps from 2.61% to 2.58%. The largest impact was a change in the earning asset mix driven by excess liquidity, partially offset by the impact of SBA-PPP loans.4Q21 vs. 4Q20Net interest income (TE) (1) decreased $1.4 million, or by 0.4%, primarily due to a decrease in loan yields (ex. SBA-PPP) and a decrease in interest and fee income on SBA-PPP loans, largely offset by organic loan growth (ex. SBA-PPP), higher investment and overnight balances and yields, as well as lower rates paid on interest-bearing deposits.Net interest margin (TE) (1) declined 44 bps due primarily to changes in earning asset mix driven by excess liquidity and a decline in the yield on loans, partially offset by lower rates paid on interest-bearing deposits and higher investment yields.  Quarterly Net Interest Income and Margin (TE) (1) Trends  8            $359,370  $347,650  $329,407  $334,238  $336,654  $348,130  $11,720  $340,271$10,864  $347,035$12,797  $347,451$10,797  $357,950$9,820  3.02%  2.80%  2.68%  2.61%  2.58%  NII (excl. PCD)    PCD NII        NIM  4Q20  1Q21  2Q21  3Q21  4Q21  $200,000  $300,000  $400,000  $500,000  0.00%  1.00%  2.00%  3.00%  4.00%    Net Interest Income & Margin (TE) (1)  (1) Taxable-equivalent (TE) net interest income and TE net interest margin presented above.    Highlights 
 
 Net Interest Margin (TE) (1) Rollforward - Drivers of Margin Compression  9                        2.61%  (8) bps  (2) bps  +7 bps  2.58%  3Q21  Earning Asset Mix  Investment Yield  SBA-PPP  4Q21                                    3.02%  (42) bps  (8) bps  (2) bps  +1 bps  +3 bps  +4 bps  2.58%  4Q20  Earning Asset Mix  Loan Yield  SBA-PPP  Debt Rate  Investment Yield  Deposit Costs  4Q21  NIM Rollforwards  3Q21 to 4Q21  4Q20 to 4Q21                (1) Taxable-equivalent (TE) net interest income and TE net interest margin presented above. 
 
 Quarterly Average Balances and Yields (TE) (1)  10  Taxable-equivalent (TE) net interest income, TE yields and TE net interest margin presented above.Total loans & leases include PCD and non-PCD loans, nonaccrual loans and loans held for sale.    Average Balance and Yield (TE) Analysis ($ in thousands) (1)  4Q21        3Q21      4Q20      3Q21    Change vs    4Q20      Income/ Avg. Balance Expense (1)    Yield/ Rate  Avg. Balance  Income/ Expense (1)  Yield/ Rate  Avg. Balance  Income/ Expense (1)  Yield/ Rate  Avg. Balance  Income/ Expense (1)  Yield/ Rate  Avg. Balance  Income/ Expense (1)  Yield/ Rate  Non-PCD loans & leases  $ 32,131,037 $ 318,961    3.90 %  $ 32,322,918  $ 308,941  3.76 %  $ 32,485,088  $ 333,581  4.04 %  $ (191,881)  $ 10,020  0.14 %  $ (354,051)  $ (14,620)  (0.14)%  PCD loans & leases  356,997 9,820    10.89  384,673  10,797  11.10  479,302  11,720  9.69  (27,676)  (977)  (0.21)  (122,305)  (1,900)  1.20  Total loans & leases (2)  32,488,033 328,781    3.98  32,707,591  319,738  3.85  32,964,390  345,300  4.12  (219,558)  9,043  0.13  (476,357)  (16,519)  (0.14)  Investment securities  11,424,103 39,724    1.39  10,707,519  39,286  1.47  9,889,124  31,211  1.26  716,584  438  (0.08)  1,534,979  8,513  0.13  Overnight investments  10,689,674 4,050    0.15  8,956,055  3,395  0.15  4,069,309  1,019  0.10  1,733,619  655  —  6,620,365  3,031  0.05  Total interest earning assets  $ 54,601,810 $ 372,555    2.69 %  $ 52,371,165  $ 362,419  2.73 %  $ 46,922,823  $ 377,530  3.17 %  $2,230,645  $ 10,136  (0.04)%  $7,678,987  $ (4,975)  (0.48)%  Interest bearing deposits  $ 29,009,284 $ 7,832    0.11 %  $ 27,768,225  $ 8,073  0.12 %  $ 24,466,229  $ 11,057  0.18 %  $1,241,059  $ (241)  (0.01)%  $4,543,055  $ (3,225)  (0.07)%  Customer repurchase obligations  650,123 260    0.16  672,114  358  0.21  684,311  374  0.22  (21,991)  (98)  (0.05)  (34,188)  (114)  (0.06)  Other borrowings  1,217,099 6,513    2.12  1,222,452  6,537  2.12  1,250,682  6,729  2.13  (5,353)  (24)  —  (33,583)  (216)  (0.01)  Total interest bearing liabilities  $ 30,876,506 $ 14,605    0.19 %  $ 29,662,791  $ 14,968  0.20 %  $ 26,401,222  $ 18,160  0.27 %  $1,213,715  $ (363)  (0.01)%  $4,475,284  $ (3,555)  (0.08)%  Total taxable equivalent net interest income    $ 357,950    $ 347,451      $ 359,370                  Net interest spread      2.50 %      2.53 %      2.90 %      (0.03)  (0.40)      Taxable equivalent net interest income and NIM    $ 357,950  2.58 %    $ 347,451  2.61 %    $ 359,370  3.02 %    $ 10,499  (0.03)%  $ (1,420) (0.44)%                                      Taxable equivalent net interest income and NIM excluding PCD and SBA-PPP    $ 321,622  2.37 %    $ 316,620  2.47 %    $ 305,423  2.76 %    $ 5,002  (0.10)%    $ 16,199  (0.39)% 
 
 4Q21 vs. 3Q21  Noninterest income decreased by $8.7 million primarily due to the following:$8.1 million decrease in other income (non-core) (1) due to lower securities gains.  4Q21 vs. 4Q20  Noninterest income decreased by $12.5 million primarily due to the following:$21.2 million decrease in other income (non-core) (1) primarily due to the following:  $15.9 million decrease in fair value adjustments on marketable equity securities;  $5.3 million decrease in securities gains, partially offset by:  $8.6 million increase in core noninterest income driven by the following:$5.3 million increase in wealth management services driven by higher advisory and brokerage fees and trust income;$3.6 million increase in service charges on deposits;$2.6 million increase in cardholder services income, net driven by increased transaction volume; partially offset by a;$6.0 million decrease in mortgage income driven by lower gain on sale and production volume.  Noninterest Income    Summary ($ in millions)    Highlights  11          $127  $137  $134  $123  $114  $24  $25  $27  $11  $16  $16  $16  $18  $18$3  $11  $13  $6  $6  $6  $6  $9  $9  $8  $7  $19  $20  $22  $23  $21  $23  $22  $22  $25  $26  $28  $32  $32  $32  $33      3Q21 4Q21Other income (core) Merchant services (net) Service charges on deposits                      1Q21 2Q21(1)Other income (non-core)MortgageCardholder services (net) Wealth management services      4Q20  Core:$103  Core:$112  Core:$107  Core:$112  Core:$111  (1) Other income (non-core) includes fair value adjustments on marketable equity securities, realized gains (losses) on AFS securities, and gains (losses) on extinguishment of debt. This is a Non-GAAP measure. For a reconciliation of this measure to the most directly comparable GAAP measure, please see the Appendix. 
 
 Noninterest Expense    Summary ($ in millions)    Highlights  12              $305  $296  $302  $313  $323  $182  $184  $189  $193  $193  $61  $59  $57  $59  $60  $53  $43  $47  $51  $58  $9  $10  $9  $10  $12  PersonnelOther expenses (core)      Occupancy & equipment Other expenses (non-core)              4Q20  1Q21  2Q21  3Q21 4Q21  Core:$296  Core:$286  Core:$293  Core:$303  Core:$311    4Q20  1Q21  2Q21  3Q21  4Q21  Efficiency Ratio  64.28 %  63.35 %  64.61 %  66.09 %  66.31 %    Efficiency Ratio(2) Trending  (1)  4Q21 vs. 3Q21Noninterest expense increased by $10.4 million primarily due to the following:$6.8 million increase in other expenses (core) driven by a $1.4 million increase in foreclosure and collection expense, a $1.0 million increase in consulting costs, and a $4.4 million increase in various other expenses;$2.6 million increase in other expenses (non-core) (1) due to merger-related expenses.Efficiency ratio (2) was 66.31% in 4Q21, up from 66.09% in 3Q21. The increase was due to a 2.6% increase in core noninterest expense compared to a 2.2% decrease in core noninterest income.4Q21 vs. 4Q20Noninterest expense increased by $17.8 million primarily due to the following:  $10.8 million increase in personnel expense driven by annual merit increases, increases in revenue-driven incentives, and an increase in temporary personnel costs;$4.8 million increase in other expenses (core) driven by a $3.7 million increase in third party service fees due to continued investment in digital and technology to support revenue- generating businesses and improve internal processes;$3.6 million increase in other expenses (non-core) (1) driven by merger-related expenses.  Efficiency ratio (2) was 66.31% in 4Q21, up from 64.28% in 4Q20. The increase was due to a 4.8% increase in core noninterest expense compared to a 1.6% increase in core noninterest income.  Other expenses (non-core) include merger-related expense and intangible amortization. This is a Non-GAAP measure. For a reconciliation of this measure to the most directly comparable GAAP measure, please see the Appendix.Efficiency ratio is a Non-GAAP measure and is calculated as adjusted noninterest expense divided by net revenue (net interest income plus adjusted noninterest income). For a reconciliation of this measure to the most directly comparable GAAP measure, please see the Appendix. 
 
 Highlights  13  Balance Sheet Highlights & Key Financial Ratios        ($ in millions, except per share amounts)        Change vs.      4Q21  3Q21  4Q20  3Q21  4Q20  Assets            Cash and due from banks  $ 338  $ 337  $ 362  $ 1  $ (24)  Overnight investments  9,115  9,875  4,347  (760)  4,768  Investment securities  13,110  10,875  9,923  2,235  3,187  Assets held for sale  99  98  125  1  (26)  Non-PCD loans  32,034  32,143  32,329  (109)  (295)  PCD loans  338  373  463  (35)  (125)  Loans and leases  32,372  32,516  32,792  (144)  (420)  Allowance for credit losses  (178)  (183)  (224)  5  46  Net loans and leases  32,193  32,333  32,568  (139)  (375)  Other assets  3,453  3,384  2,633  68  820  Total assets  $ 58,308  $ 56,902  $ 49,958  $ 1,406  $ 8,350  Liabilities and shareholders'            equity            Noninterest-bearing deposits  $ 21,405  $ 21,514  $ 18,014  $ (109)  $ 3,391  Interest-bearing deposits  30,001  28,551  25,418  1,450  4,583  Total deposits  51,406  50,065  43,432  1,341  7,974  Other liabilities  2,165  2,256  2,297  (91)  (132)  Shareholders' equity  4,737  4,581  4,229  156  508  Total liabilities and shareholders' equity  $ 58,308  $ 56,902  $ 49,958  $ 1,406  $ 8,350  Key Financial Ratios:            Book value per share (1)  $ 447.95  $ 432.07  $ 396.21  $ 15.88 $ 51.74    Tangible book value per share (1)  410.74  394.15  357.35  16.59 53.39    Loan to deposit ratio  62.97 %  64.95 %  75.50 %  (1.98)% (12.53)%    ACL to total loans and leases:            Non-PCD (1) (2)  0.52  0.53  0.67  (0.01) (0.15)    PCD  4.38  4.94  5.18  (0.56) (0.80)    Total (1) (2)  0.56  0.58  0.74  (0.02) (0.18)    Noninterest bearing deposits to            total deposits  41.64  42.97  41.48  (1.33) 0.16    4Q21 vs 3Q21Investment securities increased $2.2 billion due to the purchasing of US Treasuries to deploy excess liquidity created by deposit growth.Loans decreased $144 million, or by 1.8% annualized, primarily due to $593 million in SBA-PPP loan forgiveness, partially offset by $449 million in organic growth (5.7% annualized). This organic growth was driven by commercial and industrial loans as well as owner occupied commercial mortgages.Deposits increased $1.3 billion, or by 10.6% annualized, driven by organic growth.4Q21 vs 4Q20Overnight investments and investment securities increased by $4.8 billion and $3.2 billion, respectively, funded primarily by deposit growth. New investment purchases were primarily in MBS, CMBS, and US Treasuries.Loans decreased $420 million, or by 1.3%, primarily due to a $1.9 billion net decrease in SBA-PPP loans as forgiveness payments outpaced fundings, partially offset by $1.5 billion in organic growth (4.9%) driven by growth in owner occupied commercial mortgages and commercial and industrial loans.Deposits increased $8.0 billion, or by 18.4%, driven by organic growth.  This is a Non-GAAP measure. For a reconciliation of this measure to the most directly comparable GAAP measure, please see the Appendix.Allowance ratio shown net of SBA-PPP loans that are guaranteed by the SBA. 
 
                                                                                                 $32,792  $33,181  $32,690  $32,516  $32,372  $20,152  $9,771  $9,651  $9,802  $9,914  $9,754  $373  $2,406$463  $2,770$433  $1,698$397  $1,087  $439348  $20,327 61.3% $20,793 63.6% $21,142 65.0% $21,786 67.3%  Commercial      Consumer      PCD loans      SBA-PPP      4Q20  1Q21  2Q21  3Q21  4Q21  $0  $5,000  $10,000  $15,000  $20,000  $25,000  $30,000  $35,000  Loan Composition ($ in millions)  Loans and Leases  14  8.3%1.3%  29.1%  5.2%1.2%  30.0%  3.3%1.2%  30.5%  1.5%1.1%  30.1%  Highlights  Quarter to Date Annualized and Year over Year Growth  4Q21 vs. 3Q21:  Total Loans (1.8)%, Adjusted Loans (1) 5.7%Loans decreased $144 million, or by 1.8% on an annualized basis primarily due to a $593 million net decrease in SBA- PPP loans, partially offset by $449 million in organic growth driven primarily by commercial and industrial loans as well as owner-occupied commercial mortgages.  4Q21 vs. 4Q20:  Total Loans (1.3)%, Adjusted Loans (1) 4.9%Loans decreased $420 million, or by 1.3%, primarily due to a$1.9 billion net decrease in SBA-PPP loans, partially offset by$1.5 billion in organic growth driven primarily by owner- occupied commercial mortgages and commercial and industrial loans.  7.3%1.4%  29.8%  61.5%  (1) Adjusted for SBA-PPP loans. This is a Non-GAAP measure. For a reconciliation of this measure to the most directly comparable GAAP measure, please see the "Loans excluding SBA-PPP" reconciliation in the Appendix. 
 
 15  Nonperforming Assets (1)  Provision (Benefit) for Credit Losses                        $ in thousands  $5,025  $2,689  $1,954  $4,781  $(437)  0.07%  0.04%  0.03%  0.06%  NCO $    4Q20 1Q21 2Q21 3Q21 4Q21NCO Ratio  $(2,500)  $0  $2,500  $5,000  $7,500  (0.05)%  0.00%  0.05%  0.10%  0.15%  Net Charge-Offs (NCO) & Ratio (1)                          $ in thousands  $242,373 $243,046 $231,149  $204,424  $159,634  0.80%  0.80%  0.74%  0.65%  0.50%    4Q20 1Q21 2Q21 3Q21 4Q21Nonperforming $ Nonperforming Ratio  $0  $100,000  $200,000  $300,000  $400,000 2.00%  0.00%  0.50%  1.00%  1.50%  Quarterly Credit Quality Trends                            $ in thousands  $224,314  $210,651  $189,094  $183,194  $178,493  $200,327  $187,716  $170,354  $164,756  $163,691  $23,987  $22,935  $18,740  $18,438  $14,802  0.74%  0.69%  0.61%  0.58%  0.56%      4Q20 1Q21Non-PCD ACL  2Q21 3Q21PCD ACL  4Q21Allowance Ratio  $125,000  $150,000  $175,000  $200,000  $225,000  $250,000 4.00%  1.00%  2.00%  3.00%  Allowance & Allowance Ratio (1)  (1) Net charge-off, allowance, and nonperforming assets ratios exclude SBA-PPP loans. Nonperforming assets ratio is total nonperforming assets divided by total loans and other real estate. This is a Non-GAAP measure. For a reconciliation of this measure to the most directly comparable GAAP measure, please see the Appendix.        $ in thousands  $5,403  $(10,974)  $(1,120)  $(5,138)  $(19,603)4Q20 1Q21 2Q21 3Q21Provision (Benefit) for Credit Losses    4Q21  $(30,000)  $(20,000)  $(10,000)  $0  $10,000  $20,000  $30,000  On Day 1 of CECL adoption (January 1, 2020), ACL was 0.65% of total loans.      (0.01%) 
 
 16  Nonperforming Assets (1)  Provision (Benefit) for Credit Losses                          $ in thousands  $22,594  $26,648  $30,012  $22,448  $8,986  0.10%  0.11%  0.11%  0.08%  0.03%  NCO $    2019 2020NCO Ratio  2017  2018  2021  $0  $7,000  $14,000  $21,000  $28,000  $35,000  0.00%  0.05%  0.10%  0.15%  0.20%  0.25%  Net Charge-Offs (NCO) & Ratio (1)                          $ in thousands  $144,255 $133,852  $168,280  $242,373  $159,634  0.61%  0.52%  0.58%  0.80%  0.50%  2017 2018Nonperforming $    2019 2020 2021Nonperforming Ratio  $0  $100,000  $200,000  $300,000 2.00%  0.00%  0.50%  1.00%  1.50%  Annual Credit Quality Trends                            $ in thousands  $221,893  $223,712  $178,493  $211,867  $214,568  $217,605  $200,327  $163,691  $10,026  $9,144  $225,141 $224,314$7,536  $23,987  $14,802  0.94%  0.88%  0.78%  0.74%  0.56%      Non-PCD ACL PCD ACL Allowance Ratio  2017  2018  2019  2020  2021  $125,000  $150,000  $175,000  $200,000  $225,000  $250,000 5.00%  0.00%  1.00%  2.00%  3.00%  4.00%  Allowance & Allowance Ratio (1)  (1) Net charge-off, allowance, and nonperforming assets ratios for 2021 and 2020 exclude SBA-PPP loans. Nonperforming assets ratio is total nonperforming assets divided by total loans and other real estate. This is a Non-GAAP measure. For a reconciliation of this measure to the most directly comparable GAAP measure, please see the Appendix.        $ in thousands  $25,692  $28,468  $31,441  $58,352  $(36,835)    2017 2018 2019Provision (Benefit) for Credit Losses  2020  2021  $(80,000)  $(40,000)  $0  $40,000  $80,000 
 
 ACL as of December 31, 2020  $ 200,327  $ 23,987  $ 224,314  Charge-offs  (33,105)  (2,317)  (35,422)  Recoveries  18,975  7,461  26,436  Net (charge-offs) recoveries  $ (14,130)  $ 5,144  $ (8,986)  Provision for credit losses  (22,506)  (14,329)  (36,835)  ACL as of December 31, 2021  $ 163,691  $ 14,802  $ 178,493  $ in thousands Non-PCD PCD Total  17  Highlights  Ratios shown net of SBA-PPP loans that are guaranteed by the SBA. This is a Non-GAAP measure. For a reconciliation of this measure to the most directly comparable GAAP measure, please see the Appendix..Coverage ratio defined as: Allowance ratio / NCO ratio.  Allowance for Credit Losses (ACL)    4Q21  3Q21  2Q21  1Q21  4Q20  YTD21 YTD20    ACL to Non-PCD loans  0.52%  0.53%  0.56%  0.63%  0.67%  0.52%  0.67%  ACL to PCD loans  4.38  4.94  4.73  5.30  5.18  4.38  5.18  Allowance ratio  0.56%  0.58%  0.61%  0.69%  0.74%  0.56%  0.74%                  NCO ratio  (0.01)%  0.06%  0.03%  0.04%  0.07%  0.03%  0.08%                  Coverage ratio(2)  NM  9.67  20.33  17.25  10.57  18.67  9.25  Allowance Rollforward  Credit Quality Ratios (1)  Portfolio remains stable with strong credit quality.  Net charge-off ratio is near historic lows at 3 bps for the year ended December 31, 2021.Provision credit of $36.8 million in YTD21 was driven primarily by a $45.8 million reserve release due to improved macroeconomic factors and continued strong credit performance, partially offset by net charge-offs of $9.0 million. 
 
 Quarter to Date Annualized and Year over Year Growth  4Q21 vs. 3Q21: Total Deposits 10.6%  Increase of $1.3 billion, or 10.6%, on an annualized basis, driven primarily by growth in checking with interest accounts of $925 million, money market accounts of $444 million, and savings accounts of $173 million.  4Q21 vs. 4Q20: Total Deposits 18.4%  Increase of $8.0 billion, or 18.4%, driven primarily by growth in noninterest-bearing deposits of $3.4 billion, checking with interest accounts of $2.1 billion, money market accounts of $2.0 billion, savings accounts of$932 million, partially offset by a decrease in time deposits of $408 million.  Deposits  Deposit Composition ($ in millions)  Highlights  18                                                                                    $43,432  $47,331  $48,411  $50,065  $51,406  $18,014  $20,515  $20,974  $21,514  $21,405  $11,377  $13,439  $2,889  $2,481 4.8%  $14,826 28.9%      2Q21 3Q21Checking with interest Time deposits          4Q20 1Q21Noninterest-bearing deposits Money market & savings      4Q21  $5,000$0  $10,000  $15,000  $20,000  $25,000  $30,000  $35,000  $40,000  $45,000  $50,000  $55,000  41.6%  $2,573 5.1%  $14,209 28.4%  $11,769 $12,69423.5% 24.7%  43.0%  $2,621 5.4%  27.8%  23.5%  43.3%  $2,729 5.8%  $13,267 28.0%  $10,82022.9%  43.3%  6.6%  $11,937 27.5%  $10,59224.4%  41.5% 
 
 Highlights  19  Funding Mix  4Q21 3Q21 2Q21 1Q21 4Q20                    3Q21  4Q20  Total deposits  $ 51,406 96.6 %  $ 50,065  96.4 %  $ 48,411  96.2 %  $ 47,331  96.1 %  $ 43,432  95.8 %  $ 1,341 $ 7,974    Securities sold under customer                        repurchase agreements  589 1.1  664  1.3  693  1.4  681  1.4  641  1.4  (75) (52)    FHLB advances  645 1.2  646  1.2  647  1.3  649  1.3  655  1.5  (1) (10)    Subordinated debt  478 1.0  497  1.0  497  1.0  497  1.0  505  1.1  (19) (27)    Unsecured borrowings  72 0.1  76  0.1  80  0.1  84  0.2  88  0.2  (4) (16)    Total deposits and borrowed funds  $ 53,190 100.0 %  $ 51,948  100.0 %  $ 50,328  100.0 %  $ 49,242  100.0 %  $ 45,321  100.0 %  $ 1,242  $ 7,869  Change vs.                0.10%  0.08%  0.07%  0.07%  0.06%  0.18%  0.14%  0.13%  0.12%  0.11%  0.27%  0.23%  0.21%  0.20%  0.19%              Cost of DepositsCost of Interest-Bearing Deposits Cost of Interest-Bearing Liabilities  QTD 4Q20  QTD 1Q21  QTD 2Q21  QTD 3Q21  QTD 4Q21  0.00%  0.10%  0.20%  0.30%  0.40%  4Q21 vs. 3Q21No noteworthy changes in funding mix or cost of interest-bearing liabilities.  4Q21 vs. 4Q20  No noteworthy changes in funding mix.  Cost of interest-bearing liabilities decreased 8 bps driven by maturing time deposits and a reduction in money market rates.  Total cost of deposits decreased 4 bps due to a decline in cost of interest-bearing deposits.  Summary ($ in millions)  Cost of Funds 
 
 Capital Ratios  Capital levels remain strong and in excess of the capital conservation buffer.Year-to-date net income before preferred dividends of $547.5 million contributed to a 165 bps increase in risk-based capital ratios.The decline in the Tier 1 Leverage ratio was due to sustained deposit growth.Tangible book value per share (3) growth of 14.9% since December 31, 2020, supported by strong earnings.    Risk-Based Capital Total Tier 1 CET1      Tier 1 Leverage            December 31, 2020  13.81 %  11.63 %  10.61 %  7.86 %  Net income  1.65  1.65  1.65  1.12  Change in RWA or AA (2)  (0.85)  (0.73)  (0.68)  (1.34)  Common dividends  (0.06)  (0.06)  (0.06)  (0.04)  Preferred dividends  (0.06)  (0.06)  (0.06)  (0.04)  Other  (0.14)  0.04  0.04  0.03  December 31, 2021  14.35 %  12.47 %  11.50 %  7.59 %  Change since Q4 2020  0.54 %  0.84 %  0.89 %  (0.27)%  20  Highlights  Capital amounts and ratios for 4Q21 are preliminary.RWA: risk-weighted assets. AA: average assets. RWA impacts total, Tier 1, and CET1 risk-based capital ratios. AA impacts Tier 1 leverage ratio.This is a Non-GAAP measure. For a reconciliation of this measure to the most directly comparable GAAP measure, please see the Appendix.          10.61%  11.00%  11.14%  11.34%  11.50%  14.14%  14.30%  14.35%  13.81%11.63%  12.02%  14.15%12.13%  12.32%  12.47%  CET1    Tier 1    Total    4Q20  1Q21  2Q21  3Q21  4Q21  0.00%  5.00%  10.00%  15.00%  Trending Risk-Based Capital Ratios (1)  Capital Ratio Rollforward (1)          $396.21  $405.59  $421.39  $432.07  $447.95  $357.35  $367.07  $383.19  $394.15  $410.74    BVPS      TBVPS  4Q20  1Q21  2Q21  3Q21  4Q21  $325  $350  $375  $400  $425  $450  $475  Book Value and Tangible Book Value Per Share (3) 
 
 Appendix     
 
 22  CIT Group, Inc. (in millions, unaudited)  Income Statement  Quarters Ended      December 31, 2021  September 30, 2021 December 31, 2020  Interest income      Interest and fees on loans  $ 340.6  $ 341.9 $ 387.2  Other interest and dividends  21.8  17.9 28.0  Total interest income  362.4  359.8 415.2  Interest expense      Interest on deposits  44.7  47.3 77.7  Interest on borrowings  55.0  55.7 61.9  Total interest expense  99.7  103.0 139.6  Net interest revenue  262.7  256.8 275.6  Provision for credit losses  (70.7)  (67.1) (0.5)  Net interest revenue, after credit provision  333.4  323.9 276.1  Noninterest income      Rental Income on operating lease equipment  204.2  186.2 198.9  Other noninterest income  147.6  124.7 161.3  Total noninterest income  351.8  310.9 360.2  Noninterest expense      Depreciation on operating lease equipment  88.1  85.1 85.5  Maintenance and other operating lease expenses  52.1  50.5 54.2  Operating expenses  245.4  268.2 319.6  Goodwill impairment  0  0 140.4  Loss (gain) on debt extinguishment and deposit      redemption  0.2  0 0.1  Total noninterest expenses  385.8  403.8 599.8  Income (loss) before provision (benefit) for income taxes  299.4  231.0 36.5  Provision (benefit) for income taxes  83.3  55.5 27.9  Net Income (loss)  $ 216.1  $ 175.5 $ 8.6  Less: preferred stock dividends  12.2  2.8 12.2  Net Income (loss) available to common shareholders  $ 203.9  $ 172.7 $ (3.6)    December 31, 2021    December 31, 2020          $  1,402.2  $  1,667.8    81.2    131.2    1,483.4    1,799.0            203.9    475.8    225.2    257.5    429.1    733.3    1,054.3    1,065.7    (327.4)    800.3    1,381.7    265.4            773.3    810.9    662.9    540.5    1,436.2    1,351.4            340.7    327.4    209.0    212.5    1,038.8    1,309.9    0    485.1    0.3    (14.7)    1,588.8    2,320.2    1,229.1    (703.4)    306.8    (88.1)  $  922.3  $  (615.3)    30.1    31.1  $  892.2  $  (646.4)  Years Ended 
 
 23  CIT Group, Inc. (in millions, unaudited)  Balance Sheet  Quarters Ended      December 31, 2021  September 30, 2021 December 31, 2020  Assets      Total cash and interest bearing cash  $ 3,016.1  $ 4,598.5 $ 4,011.7  Securities purchased under agreement to resell  0  100.0 150.0  Investment securities  6,813.7  5,775.2 6,889.0  Assets held for sale  53.3  95.8 721.2  Loans  32,839.6  33,461.0 36,144.6  Allowance for credit losses  (712.3)  (790.4) (1,063.8)  Loans, net of allowance for credit losses  32,127.3  32,670.6 35,080.8  Operating lease equipment, net  8,024.3  7,937.5 7,836.6  Bank-owned life insurance  1,201.5  1,193.4 1,168.8  Other assets  2,003.4  2,049.0 2,248.5  Total assets  $ 53,239.6  $ 54,420.0 $ 58,106.6        Liabilities      Deposits  $ 39,357.9  $ 40,237.3 $ 43,071.6  Credit balances of factoring clients  1,533.5  1,556.6 1,719.9  Other liabilities  1,793.3  2,203.9 1,754.9  Borrowings      FHLB advances  0  0 1,100.0  Other secured and structured financings  14.2  12.0 6.1  Senior unsecured  3,741.9  3,740.3 4,236.3  Subordinated unsecured  495.4  495.3 494.9  Total borrowings  4,251.5  4,247.6 5,837.3  Total liabilities  $ 46,936.2  $ 48,245.4 $ 52,383.7    $ 525.0    Equity      Stockholders' equity      Preferred Stock    $ 525.0 $ 525.0  Common Stock  1.6  1.6 1.6  Paid-in capital  6,932.3  6,930.1 6,892.0  Retained earnings  2,180.3  2,011.0 1,428.3  Accumulated other comprehensive income (loss)  (163.6)  (121.2) 35.7  Treasury stock, at cost  (3,172.2)  (3,171.9) (3,159.7)  Total common stockholders' equity  5,778.4  5,649.6 5,197.9  Total equity  6,303.4  6,174.6 5,722.9  Total liabilities and equity  $ 53,239.6  $ 54,420.0 $ 58,106.6 
 
         Quarter-to-Date          Year-to-Date  INCOME STATEMENT DATA  December 31,  September 30, June 30,    March 31,  December 31,    December 31, December 31,  In thousands  2021  2021 2021    2021  2020    2021 2020  Pre-Provision Net Revenue                Income before income taxesLess: Provision (credit) for credit losses  $ 153,611(5,138)  $ 158,132(1,120)  $ 198,568(19,603)  $ 191,349(10,974)  $ 174,7055,403      Pre-provision net revenue  $ 148,473  $ 157,012  $ 178,965  $ 180,375  $ 180,108      Other Income (non-core)Securities gains  $ —  $ 8,082  $ 15,830  $ 9,207  $ 5,281      Fair value adjustments on equity securities  3,066  3,350  11,654  16,011  18,934      Loss on extinguishment of debt  —  —  —  (17)  —      Other income (non-core)  $ 3,066  $ 11,432  $ 27,484  $ 25,201  $ 24,215      Other Expenses (non-core)Merger-related expense  $ 9,862  $ 7,013  $ 5,769  $ 6,819  $ 5,342      Amortization of core deposit and other intangible assets  2,593  2,857  3,082  3,328  3,540      Other expenses (non-core)  $ 12,455  $ 9,870  $ 8,851  $ 10,147  $ 8,882      $ 701,661(36,835)  $ 617,88258,352  $ 664,826  $ 676,234  $ 33,119  $ 60,253  34,081  29,395  (17)  —  $ 67,183  $ 89,648  $ 29,463  $ 17,450  11,860  15,391  $ 41,323  $ 32,841  Reconciliation of GAAP to Non-GAAP Measures  24 
 
 $ 508,002  $ 476,750  33,119  60,253  34,081  29,395  (17)  —  $ 440,819  $ 387,102  $ 1,233,510  $ 1,188,685  29,463  17,450  11,861  15,391  $ 1,192,186  $ 1,155,844  $ 1,192,186  $ 1,155,844  1,390,334  1,388,169  440,819  387,102  $ 1,831,153  $ 1,775,271  65.11 %  65.11 %  $ 114,259  $ 122,944  $ 134,150  $ 136,649  $ 126,765  —  8,082  15,830  9,207  5,281  3,066  3,350  11,654  16,011  18,934  —  —  —  (17)  —  $ 111,193  $ 111,512  $ 106,666  $ 111,448  $ 102,550  $ 323,188  $ 312,819  $ 301,578  $ 295,926  $ 305,373  9,862  7,013  5,769  6,819  5,342  2,593  2,857  3,082  3,328  3,540  $ 310,733  $ 302,949  $ 292,727  $ 285,779  $ 296,491  $ 310,733  $ 302,949  $ 292,727  $ 285,779  $ 296,491  357,402  346,886  346,393  339,652  358,716  111,193  111,512  106,666  111,448  102,550  $ 468,595  $ 458,398  $ 453,059  $ 451,100  $ 461,266  66.31 %  66.09 % 64.61 % 63.35 % 64.28 %        Quarter-to-Date  Year-to-Date  INCOME STATEMENT DATAIn thousands  December 31,2021  September 30,2021  June 30,2021  March 31,2021  December 31,2020  December 31,2021  December 31,2020  Adjusted Noninterest Income Total noninterest income Less: Securities gainsLess: Fair value adjustments on equity securities Less: Loss on extinguishment of debtAdjusted noninterest incomeAdjusted Noninterest Expense Total noninterest expense Less: Merger-related expenseLess: Amortization of core deposit and other intangibleAdjusted noninterest expenseEfficiency RatioAdjusted noninterest expense (numerator)Net interest income Adjusted noninterest income Net revenue (denominator)Efficiency ratio          Reconciliation of GAAP to Non-GAAP Measures  25 
 
 $ 32,372  $ 32,792  494  2,406  $ 31,878  $ 30,386  $ 32,750  $ 31,507  1,777  1,969  $ 30,973  $ 29,538  $ 17831,878  $ 22430,386  0.56 %  0.74 %  $ 16431,540  $ 20029,923  0.52 %  0.67 %  $ 160  $ 242  31,878  30,386  39  50  31,917  30,436  0.50 %  0.80 %  $ 930,973  $ 2229,538  0.03 %  0.08 %  $ 32,372  $ 32,516 $ 32,690 $ 33,181 $ 32,792  494  1,087 1,698 2,770 2,406  $ 31,878  $ 31,429 $ 30,992 $ 30,411 $ 30,386  $ 32,388  $ 32,608 $ 33,042 $ 32,970 $ 32,854  760  1,403 2,323 2,645 2,842  $ 31,628  $ 31,205 $ 30,719 $ 30,325 $ 30,012  $ 178  $ 183 $ 189 $ 211 $ 224  31,878  31,429 30,992 30,411 30,386  0.56 %  0.58 % 0.61 % 0.69 % 0.74 %  $ 164  $ 165 $ 170 $ 188 $ 200  31,540  31,056 30,595 29,978 29,923  0.52 %  0.53 % 0.56 % 0.63 % 0.67 %  $ 160  $ 204 $ 231 $ 243 $ 242  31,878  31,429 30,992 30,411 30,386  39  41 44 49 50  31,917  31,470 31,036 30,460 30,436  0.50 %  0.65 % 0.74 % 0.80 % 0.80 %  $ —  $ 5 $ 2 $ 3 $ 5  31,628  31,205 30,719 30,325 30,012  (0.01)%  0.06 % 0.03 % 0.04 % 0.07 %  Quarter-to-Date  Year-to-Date  BALANCE SHEET DATAIn millions  December 31,2021  September 30,2021  June 30,2021  March 31,2021  December 31,2020  December 31,2021  December 31,2020  SBA-PPP Impact on Loans and Deposits Total loansLess: SBA-PPP loansLoans excluding SBA-PPPAverage loansLess: Average SBA-PPP loansAverage loans excluding SBA-PPPAllowance for Credit Loss Ratios Allowance RatioTotal allowance for credit lossesTotal loan balance excluding SBA-PPPAllowance ratio excluding SBA-PPPNon-PCD allowance for credit lossesNon-PCD loan balance excluding SBA-PPPNon-PCD allowance ratio excluding SBA-PPPNonperforming Assets RatioNonperforming assetsLoan balance excluding SBA-PPP Other real estate owned (OREO)Loan balance excluding SBA-PPP & OREO (denominator)Non-Performing assets ratio excluding SBA-PPPNet Charge-Off RatioNet charge-offsAverage loan balance excluding SBA-PPPNet charge-off ratio excluding SBA-PPP          Reconciliation of GAAP to Non-GAAP Measures  26 
 
 $ 4,737(340)  $ 4,229(340)  4,397  3,889  (346)  (350)  (19)  (31)  $ 4,032  $ 3,508  $ 528,915  $ 477,661  $ 4,460,722  $ 3,954,007  339,937  274,015  4,120,785  3,679,992  350,286  350,002  25,075  38,315  $ 3,745,424  $ 3,291,675  14.12 %  14.51 %  $ 4,737(340)  $ 4,581(340)  $ 4,476(340)  $ 4,322(340)  $ 4,229(340)  4,397  4,241  4,136  3,982  3,889  (346)  (350)  (350)  (350)  (350)  (19)  (22)  (25)  (28)  (31)  $ 4,032  $ 3,869  $ 3,761  $ 3,604  $ 3,508  $ 118,646  $ 119,436  $ 148,152  $ 142,680  $ 133,448  $ 4,632,918  $ 4,536,592  $ 4,398,173  $ 4,275,204  $ 4,126,095  339,937  339,937  339,937  339,937  339,937  4,292,981  4,196,655  4,058,236  3,935,267  3,786,158  350,252  350,298  350,298  350,298  350,298  20,686  23,419  26,493  29,820  33,043  $ 3,922,044  $ 3,822,939  $ 3,681,445  $ 3,555,149  $ 3,402,817  12.00 %  12.39 % 16.14 % 16.28 % 15.60 %        Quarter-to-Date  Year-to-Date  BALANCE SHEET DATAIn millions  December 31, September 30,2021 2021  June 30,2021  March 31,2021  December 31,2020  December 31, December 31,2021 2020  Common Equity and Tangible Common EquityShareholders' equity Preferred stockCommon equityLess: GoodwillLess: Core deposit and other intangible assetsTotal tangible common equityReturn on Average Tangible Common Shareholder's Equity Net income available to common shareholdersAverage shareholders' equity Less: Average preferred stockAverage common shareholders' equity Less: Average goodwillLess: Average core deposit and other intangible assetsAverage tangible common shareholders' equityReturn on average tangible common shareholders' equity          Reconciliation of GAAP to Non-GAAP Measures  27 
 
 $ 4,737,241  $ 4,581,295 $ 4,476,490 $ 4,321,400 $ 4,229,268  (339,937)  (339,937) (339,937) (339,937) (339,937)  $ 4,397,304  $ 4,241,358 $ 4,136,553 $ 3,981,463 $ 3,889,331  9,816,405  9,816,405 9,816,405 9,816,405 9,816,405  $ 447.95  $ 432.07 $ 421.39 $ 405.59 $ 396.21  $ 4,737,241  $ 4,581,295 $ 4,476,490 $ 4,321,400 $ 4,229,268  (339,937)  (339,937) (339,937) (339,937) (339,937)  (346,064)  (350,298) (350,298) (350,298) (350,298)  (19,288)  (21,879) (24,737) (27,819) (31,147)  $ 4,031,952  $ 3,869,181 $ 3,761,518 $ 3,603,346 $ 3,507,886  9,816,405  9,816,405 9,816,405 9,816,405 9,816,405  $ 410.74  $ 394.15 $ 383.19 $ 367.07 $ 357.35  PER SHARE DATAIn thousands (excl. per share data)  December 31,2021  September 30,2021  June 30,2021  March 31,2021  December 31,2020  Book Value Per Share Total shareholders' equity Less: Preferred stock Total common equityDivided by: Shares outstandingBook value per shareTangible Book Value Per ShareTotal shareholders' equity Less: Preferred stock Less: GoodwillLess: CDI and other intangiblesTangible equityDivided by: Shares outstandingTangible book value per share      Reconciliation of GAAP to Non-GAAP Measures  28