Investor Presentaiton
Supplemental
GAAP to Core Results: Core ROTCE - Annual
4Q 2023 Preliminary Results
Core Return on Tangible Common Equity ("Core ROTCE")
Numerator ($ millions)
GAAP net income attributable to common shareholders
Discontinued operations, net of tax
Core OID
Repositioning items
Change in fair value of equity securities
Tax on Core OID & change in fair value of equity securities
(tax rate 21% starting in 1Q18, 35% prior)
Significant Discrete tax items & other
Core net income attributable to common shareholders
FY 2023
FY 2022
FY 2021
FY 2020
FY 2019
FY 2018
FY 2017
$
910
$
1,604
$
3,003
$
1,085
$
1,715
$
1,263
$
929
2
1
5
1
6
48
42
38
36
29
86
(3)
71
201
77
228
50
(107)
215
7
(29)
(89)
121
(30)
(70)
(57)
(1)
13
(43)
(94)
61
(78)
(201)
(25)
119
[a] $
930
$
1,929
$
3,146
$
1,141
$
1,472
$
1,427
$
1,091
Denominator (Average, $ billions)
GAAP shareholder's equity
$
13.3
$
14.3
$
16.2
$
14.1
$
13.8
$
13.4
$
13.4
Preferred equity
2.3
2.3
1.4
Goodwill & identifiable intangibles, net of deferred tax liabilities ("DTLS")
(0.9)
(0.9)
(0.5)
(0.4)
(0.4)
(0.3)
(0.3)
Tangible common equity
$
10.1
$
11.1
$
14.4
$
13.7
$
13.5
$
13.1
$
13.1
Core OID balance
(0.8)
(0.9)
(1.0)
(1.0)
(1.1)
(1.1)
(1.2)
Net deferred tax asset ("DTA")
(1.2)
(0.8)
(0.5)
(0.1)
(0.2)
(0.4)
(0.7)
Normalized common equity
Core Return on Tangible Common Equity
[b] $
8.1
$
9.4
$
12.9
$
12.6
$
12.2
$
11.6
$
11.2
[a] / [b]
11.5%
20.5%
24.3%
9.1%
12.0%
12.3%
9.8%
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