2021 3rd Quarter Earnings (Slides)

3rd Quarter 2021

Financial Results Presentation

October 27, 2021

Third Quarter & YTD Snapshot

3Q21 & YTD RESULTS

millions, except per share and ratios

		NET REVENUE				NET EARNINGS	EPS
						3Q21 GAAP $1.54	NON-GAAP$1.65
	3Q21: GAAP & NON-GAAP	$1,145		3Q21: GAAP $183	NON-GAAP$196
	YTD:	GAAP & NON-GAAP	$3,433		YTD:	GAAP $537	NON-GAAP$574	YTD: GAAP $4.54	NON-GAAP$4.85
		ANNUALIZEDROE		ANNUALIZEDROTCE	BOOK VALUE PER SHARE
	3Q21: GAAP 17.9% NON-GAAP19.2%	3Q21 GAAP 25.9%	NON-GAAP27.7%	TBV $27.35	BV $39.38
	YTD:	GAAP 18.3% NON-GAAP19.5%	YTD:	GAAP 27.0%	NON-GAAP28.9%
						HIGHLIGHTS
		Record Nine Month				Record Nine Month
			Net Revenue				Pre-tax Income & EPS
		Record Quarterly & Nine Month			Announced Acquisition of
		Global Wealth Management Revenue		Vining Sparks
		Record Nine Month				Record Investment Banking
		Institutional Group Revenue			AdvisoryPipelines
		Quarterly Earnings Report					1

Third Quarter Results

FINANCIAL RESULTS

	millions	3Q21	Y/Y Change	Sequential	YTD	VS 2020
	Change
	Global Wealth Management	$656	24%	3%	$1,925	19%
	Institutional	492	36%	-6%	1,519	39%
	Other	-3	-58%	-45%	-11	-36%
	Net revenue	1,145	30%	-1%	3,433	28%
	Compensation expense	667	27%	-3%	2,044	25%
	Operating expense1	205	10%	4%	607	8%
	Provision for credit loss	-1	n/m	n/m	-16	n/m
	Pre-tax income	274	60%	-2%	798	74%
	Taxes	69	68%	-2%	197	76%
	Net income	205	57%	-2%	600	73%
	Preferred dividends	10	-2%	17%	26	34%
	Net income available to common	195	62%	-3%	574	75%
	shareholders
	Diluted EPS	$1.65	56%	-3%	$4.85	68%
	Compensation ratio	58.2%	-140 bps	-130 bps	59.5%	-120 bps
	Operating expense ratio2	17.9%	-310 bps	90 bps	17.7%	-320 bps
	Pre-tax operating margin	23.9%	450 bps	-40 bps	23.2%	610 bps
	Book value per share	$39.38	16%	4%
	Tangible book value per share	$27.35	27%	6%
	ROTCE	27.7%	550 bps	-280 bps

1. Operating Expense = Non-Compensation Expense - Provision for Credit Loss
2. Operating Expense Ratio excludes Provision for Credit Loss)

THIRD QUARTER HIGHLIGHTS

• Second Highest Quarterly Non-GAAP Net Revenue of $1.15 billion, up 30% Y/Y:
• Record Global Wealth Management Revenue of $656 million, up 24% Y/Y
• Third Highest Quarterly Institutional Group Revenue of $492 million, up 36%
• Non-GAAPPre-tax Margin of 23.9%, up 450 bps Y/Y
• Fee-basedClient Assets of $150 billion, up 31% Y/Y
• Tangible Book Value Per Share of $27.35, up 27% Y/Y
• Non-GAAPannualized ROTCE of 27.7%, up 550 basis points Y/Y

NET REVENUE

	$1,200	$1,135	$1,153	$1,145
	$1,100	$1,060
millions	$1,000
$900	$883

$800

$700

3Q20

4Q20

1Q21

2Q21

3Q21

Quarterly Earnings Report

2

Impressive Track Record of Growth

							Annualized4 2015-2021
(millions)	2015(1)	2016(1)	2017	2018	2019	2020	2021	Change
Total net revenue3	$2,335	$2,580	$2,928	$3,025	$3,337	$3,752	$4,577	96%
growth		10%	13%	3%	10%	12%	22%
Global Wealth Management	$1,377	$1,563	$1,822	$1,990	$2,131	$2,191	$2,567	86%
growth		14%	17%	9%	7%	3%	17%
Institutional Group	$976	$1,014	$1,111	$1,055	$1,214	$1,583	$2,025	108%
Growth		4%	10%	-5%	15%	30%	28%
Earnings per share2,3	$1.27	$1.59	$2.66	$3.52	$4.07	$4.56	$6.47	411%
growth		26%	67%	32%	16%	12%	42%
Assets	$13,326	$19,129	$21,384	$24,520	$24,610	$26,604	$30,820	131%
growth		44%	12%	15%	0%	8%	16%

1. 2015 & 2016 exclude duplicative acquisition costs
2. Earnings per share have been adjusted to reflect December 2020 three for two stock split
3. Non-GAAP
4. Annualized 2021 based on annualized results through 9/30/2021

	Non-GAAPPre-tax Margin				Non-GAAP Return on Tangible Common
25.0%						23.2%				Equity
20.0%			19.6%	19.9%	19.0%		35.0%							28.9%
	17.1%
					30.0%
									24.4%	24.6%	24.7%
15.0%							25.0%
11.9%								20.6%
10.0%						20.0%
10.0%							15.0%		12.3%
							10.0%
							10.0%
5.0%
						5.0%
0.0%							0.0%
2015	2016	2017	2018	2019	2020	2021		2015	2016	2017	2018	2019	2020	2021
						Annualized								Annualized
	Quarterly Earnings Report											3

Vining Sparks Acquisition

Vining Sparks

• Founded in 1981 & Headquartered in Memphis, TN
• A Client-centered Financial Partner that Offers StrategicBalance Sheet & Investment Solutions Focused on Depositories
• Approximately275 Associates in 13 Offices
• Approximately4,000 Institutional Clients
• Averaged Approximately $150 million in Annual RevenueSince 2008
• More than $150 billion in Annual TradingVolume
• Approximately$100 millionin Equity Capital

Highly Complementary Depository Focus

• More than 300 Fixed Income Professionals Focused on Banks & Thrifts on a Combined Basis
• More than 1,600 Unique Bank & Thrift s Covered on a Combined Basis
• Only 5% Net Revenue Overlap
• Solid Synergy Opportunities Through Capital Offerings and M&A Opportunities Across ViningSparks Core Relationships

Revenue from Bank& Thrift Clients	Revenue from Bank& Thrift Clients
by Type	by Asset Size

				$2B - $10B
				39%
Public		Public	Sub $2B			$2B -
65%	Private	28%			$10B
	26%		Sub $2B	18%
	35%		Private
			72%		72%
			$30B+	$10B - $30B		$10B - $30B
			10%	25%		7%
						$30B+
						3%
	Quarterly Earnings Report					4