Exhibit 99.2

SYNCHRONY FINANCIAL
FINANCIAL SUMMARY
(unaudited, in millions, except per share statistics)
Quarter Ended
Mar 31,
2021		Dec 31,
2020		Sep 30,
2020		Jun 30,
2020		Mar 31,
2020		1Q'21 vs. 1Q'20
EARNINGS
Net interest income$3,439 $3,659 $3,457 $3,396 $3,890 $(451)(11.6)%
Retailer share arrangements(989)(1,047)(899)(773)(926)(63)6.8 %
Provision for credit losses334 750 1,210 1,673 1,677 (1,343)(80.1)%
Net interest income, after retailer share arrangements and provision for credit losses2,116 1,862 1,348 950 1,287 829 64.4 %
Other income131 82 131 95 97 34 35.1 %
Other expense932 1,000 1,067 986 1,002 (70)(7.0)%
Earnings before provision for income taxes1,315 944 412 59 382 933 244.2 %
Provision for income taxes290 206 99 11 96 194 202.1 %
Net earnings$1,025 $738 $313 $48 $286 $739 258.4 %
Net earnings available to common stockholders$1,014 $728 $303 $37 $275 $739 268.7 %
COMMON SHARE STATISTICS
Basic EPS $1.74 $1.25 $0.52 $0.06 $0.45 $1.29 286.7 %
Diluted EPS $1.73 $1.24 $0.52 $0.06 $0.45 $1.28 284.4 %
Dividend declared per share$0.22 $0.22 $0.22 $0.22 $0.22 $— — %
Common stock price$40.66 $34.71 $26.17 $22.16 $16.09 $24.57 152.7 %
Book value per share $21.86 $20.49 $19.47 $19.13 $19.27 $2.59 13.4 %
Tangible common equity per share(1)
$17.95 $16.72 $15.75 $15.28 $15.35 $2.60 16.9 %
Beginning common shares outstanding584.0 583.8 583.7 583.2 615.9 (31.9)(5.2)%
Issuance of common shares— — — — — — — %
Stock-based compensation2.2 0.2 0.1 0.5 0.9 1.3 144.4 %
Shares repurchased(5.1)— — — (33.6)28.5 (84.8)%
Ending common shares outstanding581.1 584.0 583.8 583.7 583.2 (2.1)(0.4)%
Weighted average common shares outstanding 583.3 583.9 583.8 583.7 604.9 (21.6)(3.6)%
Weighted average common shares outstanding (fully diluted) 587.5 586.6 584.8 584.4 607.4 (19.9)(3.3)%
(1) Tangible Common Equity ("TCE") is a non-GAAP measure. For corresponding reconciliation of TCE to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.

1

SYNCHRONY FINANCIAL
SELECTED METRICS
(unaudited, $ in millions)
Quarter Ended
Mar 31,
2021		Dec 31,
2020		Sep 30,
2020		Jun 30,
2020		Mar 31,
2020		1Q'21 vs. 1Q'20
PERFORMANCE METRICS
Return on assets(1)
4.3 %3.1 %1.3 %0.2 %1.1 %3.2 %
Return on equity(2)
31.8 %23.6 %10.3 %1.6 %9.1 %22.7 %
Return on tangible common equity(3)
40.8 %30.4 %13.1 %1.6 %11.6 %29.2 %
Net interest margin(4)
13.98 %14.64 %13.80 %13.53 %15.15 %(1.17)%
Efficiency ratio(5)
36.1 %37.1 %39.7 %36.3 %32.7 %3.4 %
Other expense as a % of average loan receivables, including held for sale4.82 %5.01 %5.44 %5.04 %4.77 %0.05 %
Effective income tax rate22.1 %21.8 %24.0 %18.6 %25.1 %(3.0)%
CREDIT QUALITY METRICS
Net charge-offs as a % of average loan receivables, including held for sale3.62 %3.16 %4.42 %5.35 %5.36 %(1.74)%
30+ days past due as a % of period-end loan receivables(6)
2.83 %3.07 %2.67 %3.13 %4.24 %(1.41)%
90+ days past due as a % of period-end loan receivables(6)
1.52 %1.40 %1.24 %1.77 %2.10 %(0.58)%
Net charge-offs$699 $631 $866 $1,046 $1,125 $(426)(37.9)%
Loan receivables delinquent over 30 days(6)
$2,175 $2,514 $2,100 $2,453 $3,500 $(1,325)(37.9)%
Loan receivables delinquent over 90 days(6)
$1,170 $1,143 $973 $1,384 $1,735 $(565)(32.6)%
Allowance for credit losses (period-end)$9,901 $10,265 $10,146 $9,802 $9,175 $726 7.9 %
Allowance coverage ratio(7)
12.88 %12.54 %12.92 %12.52 %11.13 %1.75 %
BUSINESS METRICS
Purchase volume(8)(9)
$34,749 $39,874 $36,013 $31,155 $32,042 $2,707 8.4 %
Period-end loan receivables$76,858 $81,867 $78,521 $78,313 $82,469 $(5,611)(6.8)%
Credit cards$73,244 $78,455 $75,204 $75,353 $79,832 $(6,588)(8.3)%
Consumer installment loans$2,319 $2,125 $1,987 $1,779 $1,390 $929 66.8 %
Commercial credit products$1,248 $1,250 $1,270 $1,140 $1,203 $45 3.7 %
Other$47 $37 $60 $41 $44 $3 6.8 %
Average loan receivables, including held for sale$78,358 $79,452 $78,005 $78,697 $84,428 $(6,070)(7.2)%
Period-end active accounts (in thousands)(9)(10)
65,219 68,540 64,800 63,430 68,849 (3,630)(5.3)%
Average active accounts (in thousands)(9)(10)
66,280 66,261 64,270 64,836 72,078 (5,798)(8.0)%
LIQUIDITY
Liquid assets
Cash and equivalents$16,620 $11,524 $13,552 $16,344 $13,704 $2,916 21.3 %
Total liquid assets$22,636 $18,321 $21,402 $22,352 $19,225 $3,411 17.7 %
Undrawn credit facilities
Undrawn credit facilities$5,400 $5,400 $5,400 $5,650 $5,600 $(200)(3.6)%
Total liquid assets and undrawn credit facilities$28,036 $23,721 $26,802 $28,002 $24,825 $3,211 12.9 %
Liquid assets % of total assets23.62 %19.09 %22.37 %23.15 %19.61 %4.01 %
Liquid assets including undrawn credit facilities % of total assets29.25 %24.72 %28.02 %29.00 %25.32 %3.93 %
(1) Return on assets represents net earnings as a percentage of average total assets.
(2) Return on equity represents net earnings as a percentage of average total equity.
(3) Return on tangible common equity represents net earnings available to common stockholders as a percentage of average tangible common equity. Tangible common equity ("TCE") is a non-GAAP measure. For corresponding reconciliation of TCE to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.
(4) Net interest margin represents net interest income divided by average interest-earning assets.
(5) Efficiency ratio represents (i) other expense, divided by (ii) net interest income, plus other income, less retailer share arrangements.
(6) Based on customer statement-end balances extrapolated to the respective period-end date.
(7) Allowance coverage ratio represents allowance for credit losses divided by total period-end loan receivables.
(8) Purchase volume, or net credit sales, represents the aggregate amount of charges incurred on credit cards or other credit product accounts less returns during the period.
(9) Includes activity and accounts associated with loan receivables held for sale.
(10) Active accounts represent credit card or installment loan accounts on which there has been a purchase, payment or outstanding balance in the current month.

2

SYNCHRONY FINANCIAL
STATEMENTS OF EARNINGS
(unaudited, $ in millions)
Quarter Ended
Mar 31,
2021		Dec 31,
2020		Sep 30,
2020		Jun 30,
2020		Mar 31,
2020		1Q'21 vs. 1Q'20
Interest income:
Interest and fees on loans$3,732 $3,981 $3,821 $3,808 $4,340 $(608)(14.0)%
Interest on cash and debt securities10 12 16 22 67 (57)(85.1)%
Total interest income3,742 3,993 3,837 3,830 4,407 (665)(15.1)%
Interest expense:
Interest on deposits170 200 245 293 356 (186)(52.2)%
Interest on borrowings of consolidated securitization entities51 52 53 59 73 (22)(30.1)%
Interest on senior unsecured notes82 82 82 82 88 (6)(6.8)%
Total interest expense303 334 380 434 517 (214)(41.4)%
Net interest income3,439 3,659 3,457 3,396 3,890 (451)(11.6)%
Retailer share arrangements(989)(1,047)(899)(773)(926)(63)6.8 %
Provision for credit losses334 750 1,210 1,673 1,677 (1,343)(80.1)%
Net interest income, after retailer share arrangements and provision for credit losses2,116 1,862 1,348 950 1,287 829 64.4 %
Other income:
Interchange revenue171 185 172 134 161 10 6.2 %
Debt cancellation fees69 72 68 69 69 — — %
Loyalty programs(179)(202)(155)(134)(158)(21)13.3 %
Other70 27 46 26 25 45 180.0 %
Total other income131 82 131 95 97 34 35.1 %
Other expense:
Employee costs364 347 382 327 324 40 12.3 %
Professional fees190 186 187 189 197 (7)(3.6)%
Marketing and business development95 139 107 91 111 (16)(14.4)%
Information processing131 128 125 116 123 8 6.5 %
Other152 200 266 263 247 (95)(38.5)%
Total other expense932 1,000 1,067 986 1,002 (70)(7.0)%
Earnings before provision for income taxes1,315 944 412 59 382 933 244.2 %
Provision for income taxes290 206 99 11 96 194 202.1 %
Net earnings$1,025 $738 $313 $48 $286 $739 258.4 %
Net earnings available to common stockholders$1,014 $728 $303 $37 $275 $739 268.7 %

3

SYNCHRONY FINANCIAL
STATEMENTS OF FINANCIAL POSITION
(unaudited, $ in millions)
Quarter Ended
Mar 31,
2021		Dec 31,
2020		Sep 30,
2020		Jun 30,
2020		Mar 31,
2020		Mar 31, 2021 vs. Mar 31, 2020
Assets
Cash and equivalents$16,620 $11,524 $13,552 $16,344 $13,704 $2,916 21.3 %
Debt securities6,550 7,469 8,432 6,623 6,146 404 6.6 %
Loan receivables:
Unsecuritized loans held for investment53,823 56,472 52,613 52,629 54,765 (942)(1.7)%
Restricted loans of consolidated securitization entities23,035 25,395 25,908 25,684 27,704 (4,669)(16.9)%
Total loan receivables76,858 81,867 78,521 78,313 82,469 (5,611)(6.8)%
Less: Allowance for credit losses(9,901)(10,265)(10,146)(9,802)(9,175)(726)7.9 %
Loan receivables, net66,957 71,602 68,375 68,511 73,294 (6,337)(8.6)%
Loan receivables held for sale23 5 4 4 5 18 NM
Goodwill1,104 1,078 1,078 1,078 1,078 26 2.4 %
Intangible assets, net1,169 1,125 1,091 1,166 1,208 (39)(3.2)%
Other assets3,431 3,145 3,126 2,818 2,603 828 31.8 %
Total assets$95,854 $95,948 $95,658 $96,544 $98,038 $(2,184)(2.2)%
Liabilities and Equity
Deposits:
Interest-bearing deposit accounts$62,419 $62,469 $63,195 $63,857 $64,302 $(1,883)(2.9)%
Non-interest-bearing deposit accounts342 313 298 291 313 29 9.3 %
Total deposits62,761 62,782 63,493 64,148 64,615 (1,854)(2.9)%
Borrowings:
Borrowings of consolidated securitization entities7,193 7,810 7,809 8,109 9,291 (2,098)(22.6)%
Senior unsecured notes7,967 7,965 7,962 7,960 7,957 10 0.1 %
Total borrowings15,160 15,775 15,771 16,069 17,248 (2,088)(12.1)%
Accrued expenses and other liabilities4,494 4,690 4,295 4,428 4,205 289 6.9 %
Total liabilities82,415 83,247 83,559 84,645 86,068 (3,653)(4.2)%
Equity:
Preferred stock734 734 734 734 734 — — 
Common stock1 1 1 1 1 — — %
Additional paid-in capital9,592 9,570 9,552 9,532 9,523 69 0.7 %
Retained earnings11,470 10,621 10,024 9,852 9,960 1,510 15.2 %
Accumulated other comprehensive income (loss)(56)(51)(31)(37)(49)(7)14.3 %
Treasury stock(8,302)(8,174)(8,181)(8,183)(8,199)(103)1.3 %
Total equity13,439 12,701 12,099 11,899 11,970 1,469 12.3 %
Total liabilities and equity$95,854 $95,948 $95,658 $96,544 $98,038 $(2,184)(2.2)%

4

SYNCHRONY FINANCIAL
AVERAGE BALANCES, NET INTEREST INCOME AND NET INTEREST MARGIN
(unaudited, $ in millions)
Quarter Ended
Mar 31, 2021Dec 31, 2020Sep 30, 2020Jun 30, 2020Mar 31, 2020
InterestAverageInterestAverageInterestAverageInterestAverageInterestAverage
AverageIncome/Yield/AverageIncome/Yield/AverageIncome/Yield/AverageIncome/Yield/AverageIncome/Yield/
BalanceExpenseRateBalanceExpenseRateBalanceExpenseRateBalanceExpenseRateBalanceExpenseRate
Assets
Interest-earning assets:
Interest-earning cash and equivalents$14,610 $4 0.11 %$11,244 $4 0.14 %$13,664 $4 0.12 %$15,413 $3 0.08 %$12,902 $42 1.31 %
Securities available for sale6,772 6 0.36 %8,706 8 0.37 %7,984 12 0.60 %6,804 19 1.12 %5,954 25 1.69 %
Loan receivables, including held for sale:
Credit cards74,865 3,657 19.81 %76,039 3,908 20.45 %74,798 3,752 19.96 %75,942 3,740 19.81 %81,716 4,272 21.03 %
Consumer installment loans2,219 53 9.69 %2,057 50 9.67 %1,892 46 9.67 %1,546 37 9.63 %1,432 35 9.83 %
Commercial credit products1,231 21 6.92 %1,293 23 7.08 %1,238 22 7.07 %1,150 30 10.49 %1,243 33 10.68 %
Other43 1 NM63 — — 77 1 NM59 1 NM37 — — %
Total loan receivables, including held for sale78,358 3,732 19.32 %79,452 3,981 19.93 %78,005 3,821 19.49 %78,697 3,808 19.46 %84,428 4,340 20.67 %
Total interest-earning assets99,740 3,742 15.22 %99,402 3,993 15.98 %99,653 3,837 15.32 %100,914 3,830 15.26 %103,284 4,407 17.16 %
Non-interest-earning assets:
Cash and due from banks1,635 1,525 1,489 1,486 1,450 
Allowance for credit losses(10,225)(10,190)(9,823)(9,221)(8,708)
Other assets5,305 5,228 5,021 4,779 4,696 
Total non-interest-earning assets(3,285)(3,437)(3,313)(2,956)(2,562)
Total assets$96,455 $95,965 $96,340 $97,958 $100,722 
Liabilities
Interest-bearing liabilities:
Interest-bearing deposit accounts$62,724 $170 1.10 %$62,800 $200 1.27 %$63,569 $245 1.53 %$64,298 $293 1.83 %$64,366 $356 2.22 %
Borrowings of consolidated securitization entities7,694 51 2.69 %7,809 52 2.65 %8,057 53 2.62 %8,863 59 2.68 %9,986 73 2.94 %
Senior unsecured notes7,965 82 4.18 %7,963 82 4.10 %7,960 82 4.10 %7,958 82 4.14 %8,807 88 4.02 %
Total interest-bearing liabilities78,383 303 1.57 %78,572 334 1.69 %79,586 380 1.90 %81,119 434 2.15 %83,159 517 2.50 %
Non-interest-bearing liabilities
Non-interest-bearing deposit accounts346 308 307 309 299 
Other liabilities4,655 4,663 4,308 4,349 4,672 
Total non-interest-bearing liabilities5,001 4,971 4,615 4,658 4,971 
Total liabilities83,384 83,543 84,201 85,777 88,130 
Equity
Total equity13,071 12,422 12,139 12,181 12,592 
Total liabilities and equity$96,455 $95,965 $96,340 $97,958 $100,722 
Net interest income$3,439 $3,659 $3,457 $3,396 $3,890 
Interest rate spread(1)
13.65 %14.29 %13.42 %13.11 %14.66 %
Net interest margin(2)
13.98 %14.64 %13.80 %13.53 %15.15 %
(1) Interest rate spread represents the difference between the yield on total interest-earning assets and the rate on total interest-bearing liabilities.
(2) Net interest margin represents net interest income divided by average interest-earning assets.

5

SYNCHRONY FINANCIAL
BALANCE SHEET STATISTICS
(unaudited, $ in millions, except per share statistics)
Quarter Ended
Mar 31,
2021		Dec 31,
2020		Sep 30,
2020		Jun 30,
2020		Mar 31,
2020		Mar 31, 2021 vs.
Mar 31, 2020
BALANCE SHEET STATISTICS
Total common equity$12,705 $11,967 $11,365 $11,165 $11,236 $1,469 13.1 %
Total common equity as a % of total assets13.25 %12.47 %11.88 %11.56 %11.46 %1.79 %
Tangible assets$93,581 $93,745 $93,489 $94,300 $95,752 $(2,171)(2.3)%
Tangible common equity(1)
$10,432 $9,764 $9,196 $8,921 $8,950 $1,482 16.6 %
Tangible common equity as a % of tangible assets(1)
11.15 %10.42 %9.84 %9.46 %9.35 %1.80 %
Tangible common equity per share(1)
$17.95 $16.72 $15.75 $15.28 $15.35 $2.60 16.9 %
REGULATORY CAPITAL RATIOS(2)(3)
Basel III - CECL Transition
Total risk-based capital ratio(4)
19.7 %18.1 %18.1 %17.6 %16.5 %
Tier 1 risk-based capital ratio(5)
18.3 %16.8 %16.7 %16.3 %15.2 %
Tier 1 leverage ratio(6)
14.5 %14.0 %13.3 %12.7 %12.3 %
Common equity Tier 1 capital ratio17.4 %15.9 %15.8 %15.3 %14.3 %
(1) Tangible common equity ("TCE") is a non-GAAP measure. We believe TCE is a more meaningful measure of the net asset value of the Company to investors. For corresponding reconciliation of TCE to a GAAP financial measure, see Reconciliation of Non-GAAP Measures and Calculations of Regulatory Measures.
(2) Regulatory capital ratios at March 31, 2021 are preliminary and therefore subject to change.
(3) Capital ratios starting March 31, 2020 reflect election to delay for two years an estimate of CECL’s effect on regulatory capital in accordance with the interim final rule issued by U.S. banking agencies in March 2020.
(4) Total risk-based capital ratio is the ratio of total risk-based capital divided by risk-weighted assets.
(5) Tier 1 risk-based capital ratio is the ratio of Tier 1 capital divided by risk-weighted assets.
(6) Tier 1 leverage ratio is the ratio of Tier 1 capital divided by total average assets, after certain adjustments. Tier 1 leverage ratios are based upon the use of daily averages for all periods presented.

6

SYNCHRONY FINANCIAL
PLATFORM RESULTS
(unaudited, $ in millions)
Quarter Ended
Mar 31,
2021		Dec 31,
2020		Sep 30,
2020		Jun 30,
2020		Mar 31,
2020		1Q'21 vs. 1Q'20
RETAIL CARD
Purchase volume(1)(2)
$26,540 $31,256 $27,374 $24,380 $24,008 $2,532 10.5 %
Period-end loan receivables$47,855 $52,130 $49,595 $49,967 $52,390 $(4,535)(8.7)%
Average loan receivables, including held for sale$49,044 $50,235 $49,503 $50,238 $53,820 $(4,776)(8.9)%
Average active accounts (in thousands)(2)(3)
49,078 49,001 47,065 46,970 53,018 (3,940)(7.4)%
Interest and fees on loans$2,547 $2,719 $2,619 $2,640 $3,037 $(490)(16.1)%
Other income$66 $50 $84 $56 $59 $7 11.9 %
Retailer share arrangements$(970)$(1,026)$(877)$(752)$(904)$(66)7.3 %
PAYMENT SOLUTIONS
Purchase volume(1)(2)
$5,561 $5,942 $5,901 $4,823 $5,375 $186 3.5 %
Period-end loan receivables$19,682 $20,153 $19,550 $19,119 $19,973 $(291)(1.5)%
Average loan receivables, including held for sale$19,867 $19,734 $19,247 $19,065 $20,344 $(477)(2.3)%
Average active accounts (in thousands)(2)(3)
11,496 11,536 11,497 11,900 12,681 (1,185)(9.3)%
Interest and fees on loans$627 $673 $650 $632 $706 $(79)(11.2)%
Other income$19 $4 $13 $14 $13 $6 46.2 
Retailer share arrangements$(15)$(17)$(20)$(18)$(18)$3 (16.7)%
CARECREDIT
Purchase volume(1)
$2,648 $2,676 $2,738 $1,952 $2,659 $(11)(0.4)%
Period-end loan receivables$9,321 $9,584 $9,376 $9,227 $10,106 $(785)(7.8)%
Average loan receivables, including held for sale$9,447 $9,483 $9,255 $9,394 $10,264 $(817)(8.0)%
Average active accounts (in thousands)(3)
5,706 5,724 5,708 5,966 6,379 (673)(10.6)%
Interest and fees on loans$558 $589 $552 $536 $597 $(39)(6.5)%
Other income$46 $28 $34 $25 $25 $21 84.0 %
Retailer share arrangements$(4)$(4)$(2)$(3)$(4)$— — %
TOTAL SYF
Purchase volume(1)(2)
$34,749 $39,874 $36,013 $31,155 $32,042 $2,707 8.4 %
Period-end loan receivables$76,858 $81,867 $78,521 $78,313 $82,469 $(5,611)(6.8)%
Average loan receivables, including held for sale$78,358 $79,452 $78,005 $78,697 $84,428 $(6,070)(7.2)%
Average active accounts (in thousands)(2)(3)
66,280 66,261 64,270 64,836 72,078 (5,798)(8.0)%
Interest and fees on loans$3,732 $3,981 $3,821 $3,808 $4,340 $(608)(14.0)%
Other income$131 $82 $131 $95 $97 $34 35.1 %
Retailer share arrangements$(989)$(1,047)$(899)$(773)$(926)$(63)6.8 %
(1) Purchase volume, or net credit sales, represents the aggregate amount of charges incurred on credit cards or other credit product accounts less returns during the period.
(2) Includes activity and balances associated with loan receivables held for sale.
(3) Active accounts represent credit card or installment loan accounts on which there has been a purchase, payment or outstanding balance in the current month.

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SYNCHRONY FINANCIAL
RECONCILIATION OF NON-GAAP MEASURES AND CALCULATIONS OF REGULATORY MEASURES(1)
(unaudited, $ in millions, except per share statistics)
Quarter Ended
Mar 31,
2021		Dec 31,
2020		Sep 30,
2020		Jun 30,
2020		Mar 31,
2020
COMMON EQUITY AND REGULATORY CAPITAL MEASURES(2)
GAAP Total equity$13,439 $12,701 $12,099 $11,899 $11,970 
Less: Preferred stock(734)(734)(734)(734)(734)
Less: Goodwill(1,104)(1,078)(1,078)(1,078)(1,078)
Less: Intangible assets, net(1,169)(1,125)(1,091)(1,166)(1,208)
Tangible common equity$10,432 $9,764 $9,196 $8,921 $8,950 
Add: CECL transition amount2,595 2,686 2,656 2,570 2,417 
Adjustments for certain deferred tax liabilities and certain items in accumulated comprehensive income (loss)354 341 305 302 304 
Common equity Tier 1 $13,381 $12,791 $12,157 $11,793 $11,671 
Preferred stock734 734 734 734 734 
Tier 1 capital$14,115 $13,525 $12,891 $12,527 $12,405 
Add: Allowance for credit losses includible in risk-based capital1,031 1,079 1,034 1,031 1,082 
Total Risk-based capital$15,146 $14,604 $13,925 $13,558 $13,487 
ASSET MEASURES(2)
Total average assets$96,455 $95,965 $96,340 $97,958 $100,722 
Adjustments for:
Add: CECL transition amount2,595 2,686 2,656 2,570 2,417 
Disallowed goodwill and other disallowed intangible assets
(net of related deferred tax liabilities) and other		(1,987)(1,924)(1,906)(1,980)(2,010)
Total assets for leverage purposes$97,063 $96,727 $97,090 $98,548 $101,129 
Risk-weighted assets$76,965 $80,561 $76,990 $77,048 $81,639 
CECL FULLY PHASED-IN CAPITAL MEASURES
Tier 1 capital$14,115 $13,525 $12,891 $12,527 $12,405 
Less: CECL transition adjustment(2,595)(2,686)(2,656)(2,570)(2,417)
Tier 1 capital (CECL fully phased-in)$11,520 $10,839 $10,235 $9,957 $9,988 
Add: Allowance for credit losses9,901 10,265 10,146 9,802 9,175 
Tier 1 capital (CECL fully phased-in) + Reserves for credit losses$21,421 $21,104 $20,381 $19,759 $19,163 
Risk-weighted assets$76,965 $80,561 $76,990 $77,048 $81,639 
Less: CECL transition adjustment(2,386)(2,477)(2,447)(2,361)(2,204)
Risk-weighted assets (CECL fully phased-in)$74,579 $78,084 $74,543 $74,687 $79,435 
TANGIBLE COMMON EQUITY PER SHARE
GAAP book value per share$21.86 $20.49 $19.47 $19.13 $19.27 
Less: Goodwill(1.90)(1.85)(1.85)(1.85)(1.85)
Less: Intangible assets, net(2.01)(1.92)(1.87)(2.00)(2.07)
Tangible common equity per share$17.95 $16.72 $15.75 $15.28 $15.35 
(1) Regulatory measures at March 31, 2021 are presented on an estimated basis.
(2) Capital ratios starting March 31, 2020 reflect election to delay for two years an estimate of CECL’s effect on regulatory capital in accordance with the interim final rule issued by U.S. banking agencies in March 2020

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