CFG 10-Q Quarterly Report March 31, 2024 | Alphaminr
CITIZENS FINANCIAL GROUP INC/RI
ALPHAMINR

CFG 10-Q Quarter ended March 31, 2024

Balance Sheet
Cash Flow
Income Statement
Debt
CITIZENS FINANCIAL GROUP INC/RI
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended
March 31, 2024
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period From
(Not Applicable)
Commission File Number 001-36636
image1-logoa03.jpg
(Exact name of the registrant as specified in its charter)
Delaware 05-0412693
(State or Other Jurisdiction of
Incorporation or Organization) 		(I.R.S. Employer
Identification Number)
One Citizens Plaza , Providence , RI 02903
( Address of principal executive offices, including zip code )
( 203 ) 900-6715
( Registrant’s telephone number, including area code )
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading symbol(s) Name of each exchange on which registered
Common stock, $0.01 par value per share
CFG New York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 6.350% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D
CFG PrD New York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E
CFG PrE New York Stock Exchange
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days.
☑ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
☑ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer
☑
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☑ No
There were 455,019,971 shares of the registrant’s common stock ($0.01 par value) outstanding on April 26, 2024.


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Table of Contents

Citizens Financial Group, Inc. | 2

GLOSSARY OF ACRONYMS AND TERMS
The following is a list of common acronyms and terms used regularly in our financial reporting:
2023 Form 10-K
Annual Report on Form 10-K for the year ended December 31, 2023
AACL Adjusted Allowance for Credit Losses
ACL Allowance for Credit Losses: Allowance for Loan and Lease Losses plus Allowance for Unfunded Lending Commitments
AFS Available for Sale
ALM Asset and Liability Management
AOCI Accumulated Other Comprehensive Income (Loss)
ASU Accounting Standards Update
ATM Automated Teller Machine
Board or Board of Directors The Board of Directors of Citizens Financial Group, Inc.
bps Basis Points
CBNA Citizens Bank, National Association
CCAR Comprehensive Capital Analysis and Review
CCB Capital Conservation Buffer
CECL
Current Expected Credit Losses (ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments )
CET1 Common Equity Tier 1
CET1 capital ratio Common Equity Tier 1 capital divided by total risk-weighted assets as defined under the U.S. Basel III Standardized approach
Citizens, CFG, the Company, we, us, or our Citizens Financial Group, Inc. and its Subsidiaries
CLTV Combined Loan-to-Value
COVID Coronavirus Disease
CRE
Commercial Real Estate
EPS Earnings Per Share
EVE Economic Value of Equity
Exchange Act The Securities Exchange Act of 1934, as amended
Fannie Mae (FNMA) Federal National Mortgage Association
FDIC Federal Deposit Insurance Corporation
FDM Financially Distressed Modification
FHA Federal Housing Administration
FHLB Federal Home Loan Bank
FICO Fair Isaac Corporation (credit rating)
FRB or Federal Reserve Board of Governors of the Federal Reserve System and, as applicable, Federal Reserve Bank(s)
Freddie Mac (FHLMC) Federal Home Loan Mortgage Corporation
FTE Fully Taxable Equivalent
FTP
Funds Transfer Pricing
GAAP Accounting Principles Generally Accepted in the United States of America
GDP Gross Domestic Product
Ginnie Mae (GNMA) Government National Mortgage Association
GSE Government Sponsored Entity
HTM Held To Maturity
Investors Investors Bancorp, Inc. and its subsidiaries
JMP JMP Group LLC
LHFS Loans Held for Sale
LIHTC Low Income Housing Tax Credit
M&A
Merger and Acquisition
Citizens Financial Group, Inc. | 3

MD&A Management’s Discussion and Analysis of Financial Condition and Results of Operations
Mid-Atlantic District of Columbia, Delaware, Maryland, New Jersey, New York, Pennsylvania, Virginia, and West Virginia
Midwest Illinois, Indiana, Michigan, and Ohio
Modified AACL transition
The Day-1 CECL adoption entry booked to ACL plus 25% of subsequent CECL ACL reserve build
Modified CECL transition
The Day-1 CECL adoption entry booked to retained earnings plus 25% of subsequent CECL ACL reserve build
MSRs Mortgage Servicing Rights
New England Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont
NMTC New Markets Tax Credit
OCC Office of the Comptroller of the Currency
OCI Other Comprehensive Income (Loss)
Operating Leverage
Period-over-period percent change in total revenue, less the period-over-period percent change in noninterest expense
Parent Company Citizens Financial Group, Inc. (the Parent Company of Citizens Bank, National Association and other subsidiaries)
PCD Purchased Credit Deteriorated
ROTCE Return on Average Tangible Common Equity
RPA Risk Participation Agreement
RWA Risk-Weighted Assets
SBA United States Small Business Administration
SCB Stress Capital Buffer
SEC United States Securities and Exchange Commission
SOFR Secured Overnight Financing Rate
SVaR Stressed Value at Risk
TBAs To-Be-Announced Mortgage Securities
Tier 1 capital ratio Tier 1 capital, which includes Common Equity Tier 1 capital plus non-cumulative perpetual preferred equity that qualifies as additional tier 1 capital, divided by total risk-weighted assets as defined under the U.S. Basel III Standardized approach
Tier 1 leverage ratio Tier 1 capital, which includes Common Equity Tier 1 capital plus non-cumulative perpetual preferred equity that qualifies as additional tier 1 capital, divided by quarterly adjusted average assets as defined under the U.S. Basel III Standardized approach
TOP Tapping Our Potential
Total capital ratio Total capital, which includes Common Equity Tier 1 capital, tier 1 capital, and allowance for credit losses and qualifying subordinated debt that qualifies as tier 2 capital, divided by total risk-weighted assets as defined under the U.S. Basel III Standardized approach
USDA United States Department of Agriculture
VA United States Department of Veterans Affairs
VaR Value at Risk
VIE Variable Interest Entity
Citizens Financial Group, Inc. | 4

PART I. FINANCIAL INFORMATION
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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Citizens Financial Group, Inc. | 5

FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook,” “guidance” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.”
Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation:
• Negative economic, business and political conditions, including as a result of the interest rate environment, supply chain disruptions, inflationary pressures and labor shortages, that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits;
• The general state of the economy and employment, as well as general business and economic conditions, and changes in the competitive environment;
• Our capital and liquidity requirements under regulatory standards and our ability to generate capital and liquidity on favorable terms;
• The effect of changes in our credit ratings on our cost of funding, access to capital markets, ability to market our securities, and overall liquidity position;
• The effect of changes in the level of commercial and consumer deposits on our funding costs and net interest margin;
• Our ability to execute on our strategic business initiatives and achieve our financial performance goals across our Consumer, Commercial and Private Bank businesses;
• The effects of geopolitical instability, including the wars in Ukraine and the Middle East, on economic and market conditions, inflationary pressures and the interest rate environment, commodity price and foreign exchange rate volatility, and heightened cybersecurity risks;
• Our ability to comply with heightened supervisory requirements and expectations;
• Liabilities and business restrictions resulting from litigation and regulatory investigations;
• The effect of changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale;
• Changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources and affect the ability to originate and distribute financial products in the primary and secondary markets;
• Financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses;
• Environmental risks, such as physical or transition risks associated with climate change, and social and governance risks, that could adversely affect our reputation, operations, business, and customers;
• A failure in or breach of our compliance with laws, as well as operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; and
• Management’s ability to identify and manage these and other risks.
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In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares from or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends.
More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section in Part I, Item 1A of our 2023 Form 10-K.
INTRODUCTION
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $220.4 billion in assets as of March 31, 2024. Headquartered in Providence, Rhode Island, we offer a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. We help our customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, we provide an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,300 ATMs and more than 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, we offer a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com.
The following MD&A is intended to assist readers in their analysis of the accompanying unaudited interim Consolidated Financial Statements and supplemental financial information. It should be read in conjunction with the unaudited interim Consolidated Financial Statements and Notes to Consolidated Financial Statements in Part I, Item 1, as well as other information contained in this document and our 2023 Form 10-K.
Non-GAAP Financial Measures
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.
Other companies may use similarly titled non-GAAP financial measures that may be calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP.
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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FINANCIAL PERFORMANCE
Key Highlights
Net income decreased $177 million for the three months ended March 31, 2024, with earnings per diluted common share down $0.35 to $0.65 compared to the same period in 2023.
Results reflect notable items of $61 million or $0.14 per diluted common share, net of tax benefit, for the three months ended March 31, 2024, compared to $49 million or $0.10 per diluted common share, net of tax benefit, for the same period in 2023.
Table 1: Notable Items
Three Months Ended March 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 $517 $— $3 $— $514
Noninterest expense 1,358 3 47 35 1,273
Income tax expense
96 (1) (11) (9) 117
Three Months Ended March 31, 2023
Less: notable items
(dollars in millions) Reported results (GAAP)
Integration related costs (1)
TOP and other (2)
FDIC special assessment
Underlying results (non-GAAP)
Noninterest income $485 $— $— $— $485
Noninterest expense 1,296 52 14 — 1,230
Income tax expense
153 (13) (4) — 170
(1) Includes integration related costs associated with acquisitions.
(2) Includes our TOP transformational and revenue and efficiency initiatives for the three months ended March 31, 2024 and 2023, and net fee-related components associated with a credit card processor arrangement for the three months ended March 31, 2024.
(3) Represents an industry-wide FDIC special assessment. For more information, see “Regulation and Supervision - Deposit Insurance” in our 2023 Form 10-K.
• Net income available to common stockholders decreased $184 million for the three months ended March 31, 2024, compared to the same period in 2023.
◦ On an Underlying basis, which excludes notable items, net income available to common stockholders of $365 million for the three months ended March 31, 2024, compared with $537 million for the same period in 2023.
◦ On an Underlying basis, earnings per diluted common share of $0.79 for the three months ended March 31, 2024, compared to $1.10 for the same period in 2023.
• Total revenue decreased $169 million for the three months ended March 31, 2024, compared to the same period in 2023, driven by a decrease of 12% in net interest income.
• The efficiency ratio of 69.3% for the three months ended March 31, 2024, compared to 60.9% for the same period in 2023.
◦ On an Underlying basis, the efficiency ratio of 65.1% for the three months ended March 31, 2024, compared to 57.8% for the same period in 2023.
• ROTCE of 8.9% for the three months ended March 31, 2024, compared to 14.4% for the same period in 2023.
◦ On an Underlying basis, ROTCE of 10.6% for the three months ended March 31, 2024, compared to 15.8% for the same period in 2023.
• Tangible book value per common share of $30.19 decreased 2% from December 31, 2023.
For additional information regarding our financial performance, see “Results of Operations.”

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RESULTS OF OPERATIONS
Net Interest Income
Net interest income is our largest source of revenue and is the difference between the interest earned on interest-earning assets (generally loans and investment securities) and the interest expense incurred in connection with interest-bearing liabilities (generally deposits and borrowed funds). The level of net interest income is primarily a function of the difference between the effective yield on our average interest-earning assets and the effective cost of our interest-bearing liabilities. These factors are influenced by the pricing and mix of interest-earning assets and interest-bearing liabilities which, in turn, are impacted by external factors such as economic conditions, competition for loans and deposits, the monetary policy of the FRB and market interest rates. For further discussion, refer to the “Market Risk” and “Risk Governance” sections of our 2023 Form 10-K.
Table 2: Major Components of Net Interest Income
Three Months Ended March 31,
2024 2023
Change
(dollars in millions)
Average
Balances
Income/
Expense
Yields/
Rates
Average
Balances
Income/
Expense
Yields/
Rates
Average
Balances
Yields/
Rates (bps)
Assets
Interest-bearing cash and due from banks and deposits in banks $10,268 $140 5.39 % $5,899 $69 4.65 % $4,369 74 bps
Taxable investment securities 43,904 399 3.63 38,953 266 2.74 4,951 89
Non-taxable investment securities 1 — 2.60 2 — 2.68 (1) (8)
Total investment securities 43,905 399 3.63 38,955 266 2.74 4,950 89
Commercial and industrial 44,577 635 5.64 53,429 747 5.60 (8,852) 4
Commercial real estate 29,265 468 6.32 28,892 416 5.75 373 57
Total commercial 73,842 1,103 5.91 82,321 1,163 5.65 (8,479) 26
Residential mortgages 31,384 283 3.60 30,075 250 3.33 1,309 27
Home equity 15,080 298 7.94 14,073 240 6.92 1,007 102
Automobile 7,758 82 4.25 11,937 119 4.04 (4,179) 21
Education 11,816 156 5.31 12,796 154 4.88 (980) 43
Other retail 4,942 129 10.54 5,290 121 9.25 (348) 129
Total retail 70,980 948 5.36 74,171 884 4.81 (3,191) 55
Total loans and leases 144,822 2,051 5.64 156,492 2,047 5.25 (11,670) 39
Loans held for sale, at fair value 850 14 6.37 1,009 15 5.87 (159) 50
Other loans held for sale 223 6 10.72 197 5 9.98 26 74
Interest-earning assets 200,068 2,610 5.20 202,552 2,402 4.76 (2,484) 44
Noninterest-earning assets 20,702 20,159 543
Total assets $220,770 $222,711 ($1,941)
Liabilities and Stockholders’ Equity
Checking with interest $32,302 $109 1.35 % $35,974 $97 1.09 % ($3,672) 26
Money market 52,926 445 3.38 49,942 287 2.33 2,984 105
Savings 27,745 121 1.76 29,460 79 1.09 (1,715) 67
Term 26,447 312 4.74 12,839 87 2.72 13,608 202
Total interest-bearing deposits 139,420 987 2.85 128,215 550 1.74 11,205 111
Short-term borrowed funds 498 7 5.53 542 6 4.97 (44) 56
Long-term borrowed funds 13,664 174 5.08 17,780 203 4.55 (4,116) 53
Total borrowed funds 14,162 181 5.09 18,322 209 4.57 (4,160) 52
Total interest-bearing liabilities 153,582 1,168 3.05 146,537 759 2.09 7,045 96
Demand deposits 36,684 46,135 (9,451)
Other noninterest-bearing liabilities 6,791 6,323 468
Total liabilities 197,057 198,995 (1,938)
Stockholders’ equity 23,713 23,716 (3)
Total liabilities and stockholders’ equity $220,770 $222,711 ($1,941)
Interest rate spread 2.15 % 2.67 % (52)
Net interest income and net interest margin $1,442 2.90 % $1,643 3.29 % (39)
Net interest income and net interest margin, FTE (1)
$1,446 2.91 % $1,647 3.30 % (39)
Memo: Total deposits (interest-bearing and demand) $176,104 $987 2.25 % $174,350 $550 1.28 % $1,754 97 bps
(1) 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.
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Net interest income decreased $201 million, or 12%, for the three months ended March 31, 2024, compared to the same period in 2023, reflecting lower net interest margin and a 1% decline in average interest-earning assets.
Net interest margin on a FTE basis decreased 39 basis points for the three months ended March 31, 2024, compared to the same period in 2023, reflecting higher funding costs, swap impacts and the impact of building liquidity, partially offset by higher interest-earning-asset yields and the benefit of Non-Core portfolio runoff.
Average interest-earning assets decreased $2.5 billion, or 1%, for the three months ended March 31, 2024, compared to the same period in 2023, driven by a decline in total loans and leases, partially offset by an increase in investment securities and cash held in interest-bearing deposits.
Average deposits increased $1.8 billion, or 1%, for the three months ended March 31, 2024, compared to the same period in 2023, reflecting growth in retail and Private Bank deposits.
Average total borrowed funds decreased $4.2 billion for the three months ended March 31, 2024, compared to the same period in 2023, reflecting a decline in FHLB advances driven by Non-Core portfolio runoff, partially offset by an increase in secured borrowings collateralized by auto loans.
Noninterest Income
Table 3: Noninterest Income
Three Months Ended March 31,
(dollars in millions) 2024 2023 Change Percent
Service charges and fees $96 $100 ($4) (4 %)
Capital markets fees 118 83 35 42
Card fees 86 72 14 19
Trust and investment services fees 68 63 5 8
Mortgage banking fees 49 57 (8) (14)
Foreign exchange and derivative products 36 48 (12) (25)
Letter of credit and loan fees 42 40 2 5
Securities gains, net 5 5 — —
Other income (1)
17 17 — —
Noninterest income $517 $485 $32 7 %
(1) Includes bank-owned life insurance income and other income for all periods presented.
The primary drivers for the change in noninterest income for the three months ended March 31, 2024, compared to the same period in 2023, are highlighted below.
• Capital markets fees increased reflecting higher bond and equity underwriting fees, and M&A advisory fees.
• Card fees increased primarily reflecting higher credit card fees, including favorable vendor contract negotiations.
• Trust and investment services fees reflect increased sales activity and asset management fees.
• Foreign exchange and derivative products revenue decreased given reduced client activity related to interest rate and commodities hedging.
• Mortgage banking fees declined reflecting lower servicing and production fees.
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Noninterest Expense
Table 4: Noninterest Expense
Three Months Ended March 31,
(dollars in millions) 2024 2023 Change Percent
Salaries and employee benefits $691 $658 $33 5 %
Equipment and software 192 169 23 14
Outside services 158 176 (18) (10)
Occupancy 114 124 (10) (8)
Other operating expense 203 169 34 20
Noninterest expense $1,358 $1,296 $62 5 %
The increase in noninterest expense for the three months ended March 31, 2024, compared to the same period in 2023, was driven by salaries and employee benefits reflecting our Private Bank start-up investment, partially offset by lower headcount, equipment and software reflecting technology investments, and other operating expense largely associated with FDIC deposit insurance, reflecting an estimate of CBNA’s incremental special assessment of $35 million recognized in the first quarter of 2024. For more information regarding CBNA’s special assessment, see “Regulation and Supervision - Deposit Insurance” in our 2023 Form 10-K.
Provision for Credit Losses
The provision for credit losses is the result of a detailed analysis performed to estimate our ACL. The total provision for credit losses includes the provision for loan and lease losses and the provision for unfunded commitments. Refer to “Analysis of Financial Condition — Credit Quality” for more information.
Provision expense of $171 million for the three months ended March 31, 2024, compared to $168 million for the same period in 2023. The provision expense for the three months ended March 31, 2024 reflects higher reserves against the CRE Office portfolio primarily driven by elevated interest rates and return-to-office dynamics.
Income Tax Expense
Income tax expense of $96 million decreased $57 million for the three months ended March 31, 2024, compared to the same period in 2023. The effective income tax rate of 22.3% for the three months ended March 31, 2024 decreased from 23.0% compared to the same period in 2023. These decreases were driven by lower pre-tax income, partially offset by higher tax expense associated with stock compensation. Provision for income taxes is calculated by applying the estimated annual effective tax rate to year-to-date pre-tax income, adjusting for discrete items that occurred during the period.
Business Operating Segments
We have three business operating segments: Consumer Banking, Commercial Banking, and Non-Core. See Note 1 for a description of segment changes made during the third quarter of 2023 and Note 16 for more information regarding our business operating segments.
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The following tables present certain financial data of our business operating segments. Total business operating segment financial results differ from total consolidated financial results. These differences are reflected in Other non-segment operations. See Note 16 for additional information.
Table 5: Selected Financial Data for Business Operating Segments
Three Months Ended March 31,
Consumer Banking Commercial Banking
Non-Core
(dollars in millions) 2024 2023 2024 2023 2024 2023
Net interest income $1,093 $1,011 $514 $597 ($37) ($15)
Noninterest income 258 256 227 201 — —
Total revenue 1,351 1,267 741 798 (37) (15)
Noninterest expense 903 857 317 331 25 32
Profit (loss) before credit losses
448 410 424 467 (62) (47)
Net charge-offs 81 63 81 47 19 21
Income (loss) before income tax expense (benefit)
367 347 343 420 (81) (68)
Income tax expense (benefit)
95 90 84 101 (21) (18)
Net income (loss)
$272 $257 $259 $319 ($60) ($50)
Average Balances:
Total assets $73,833 $71,872 $70,100 $78,891 $10,554 $15,686
Total loans and leases (1)
67,448 65,570 67,187 75,734 10,507 15,620
Deposits 120,019 115,578 45,912 48,966 — —
Interest-earning assets 68,050 66,251 67,536 76,130 10,507 15,620
(1) Includes LHFS.
Consumer Banking
Net interest income increased $82 million for the three months ended March 31, 2024, compared to the same period in 2023, driven by higher net interest margin reflecting higher interest-earning asset yields and growth in average interest-earning assets. This increase was partially offset by higher funding costs.
Noninterest income increased $2 million for the three months ended March 31, 2024, compared to the same period in 2023, driven by trust and investment services fees reflecting increased sales activity and asset management fees, and higher credit card fees. This increase was partially offset by mortgage banking fees reflecting lower servicing and production fees and service charges and fees given seasonality and lower overdraft fees.
Noninterest expense increased $46 million for the three months ended March 31, 2024, compared to the same period in 2023, driven by salaries and benefits reflecting our Private Bank start-up investment and equipment and software driven by technology investments. This increase was partially offset by reductions in other operating expense associated with lower fraud and travel.
Net charge-offs increased $18 million for the three months ended March 31, 2024, compared to the same period in 2023, driven primarily by other retail and education.
Commercial Banking
Net interest income decreased $83 million for the three months ended March 31, 2024, compared to the same period in 2023, driven by lower net interest margin, a decline in average interest-earning assets and higher funding costs, partially offset by higher interest-earning asset yields.
Noninterest income increased $26 million for the three months ended March 31, 2024, compared to the same period in 2023, driven by capital markets fees reflecting higher bond and equity underwriting fees, and M&A advisory fees. This increase was partially offset by foreign exchange and derivative products revenue given reduced client activity related to interest rate and commodities hedging.
Noninterest expense decreased $14 million for the three months ended March 31, 2024, compared to the same period in 2023, driven primarily by salaries and employee benefits reflecting lower headcount.
Net charge-offs increased $34 million for the three months ended March 31, 2024, compared to the same period in 2023, driven by the general office segment of CRE.
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Non-Core
Net interest income decreased $22 million for the three months ended March 31, 2024, compared to the same period in 2023, driven by the highest-cost implied marginal funding sources during 2024, including secured borrowings collateralized by auto loans and FHLB advances.
Average loans and leases decreased $5.1 billion for the three months ended March 31, 2024, compared to the same period in 2023, driven by planned Non-Core portfolio runoff.
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ANALYSIS OF FINANCIAL CONDITION
Securities
Table 6: Amortized Cost and Fair Value of Securities
March 31, 2024 December 31, 2023
(dollars in millions)
Amortized
Cost (1)
Fair Value
Amortized
Cost (1)
Fair Value
U.S. Treasury and other $4,944 $4,770 $4,493 $4,380
State and political subdivisions 1 1 1 1
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities 27,989 25,865 26,289 24,477
Other/non-agency 278 257 279 255
Total mortgage-backed securities 28,267 26,122 26,568 24,732
Collateralized loan obligations 293 294 667 664
Total debt securities available for sale $33,505 $31,187 $31,729 $29,777
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities $8,587 $7,682 $8,696 $7,887
Total mortgage-backed securities 8,587 7,682 8,696 7,887
Asset-backed securities 467 450 488 463
Total debt securities held to maturity $9,054 $8,132 $9,184 $8,350
Total debt securities available for sale and held to maturity
$42,559 $39,319 $40,913 $38,127
Equity securities, at cost (2)
$791 $791 $869 $869
Equity securities, at fair value (2)
178 178 173 173
(1) Excludes portfolio level basis adjustments of $(74) million and $60 million, respectively, for securities designated in active fair value hedge relationships at March 31, 2024 and December 31, 2023.
(2) Included in other assets in the Consolidated Balance Sheets.
The primary objective of the securities portfolio is to provide a readily available source of liquidity. The portfolio primarily includes high quality, highly liquid investments reflecting our ongoing commitment to maintain strong contingent liquidity levels and pledging capacity.
As of March 31, 2024, U.S. Treasuries and mortgage-backed securities issued by GNMA and GSEs represented 97% of the fair value of our debt securities portfolio, with approximately $31.5 billion of unencumbered high-quality liquid securities serving as potential collateral for borrowings from the FHLB, FRB discount window, and the Fixed Income Clearing Corporation bilateral repurchase agreement market.
For further discussion of the use of our securities as liquidity collateral see the “Liquidity Risk Management and Governance” section in this document. For further discussion of liquidity requirements, see “Regulation and Supervision — Liquidity Requirements” in our 2023 Form 10-K.
We manage our securities portfolio duration and convexity risk through asset selection and securities structure, and maintain duration levels within our risk appetite in the context of the broader interest rate risk framework and limits. As of March 31, 2024, the portfolio’s average effective duration, including recent hedging actions to reduce duration, was 3.8 years compared with 3.9 years as of December 31, 2023.
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Loans and Leases
Table 7: Composition of Loans and Leases, Excluding LHFS
(dollars in millions) March 31, 2024 December 31, 2023 Change Percent
Commercial and industrial $43,951 $44,974 ($1,023) (2) %
Commercial real estate 28,872 29,471 (599) (2)
Total commercial 72,823 74,445 (1,622) (2)
Residential mortgages 31,512 31,332 180 1
Home equity 15,113 15,040 73 —
Automobile 7,277 8,258 (981) (12)
Education 11,646 11,834 (188) (2)
Other retail 4,817 5,050 (233) (5)
Total retail 70,365 71,514 (1,149) (2)
Total loans and leases $143,188 $145,959 ($2,771) (2) %
See Note 1 for a description of changes made to the Company’s loans and leases presentation during the first quarter of 2024.
The decrease in total loans and leases as of March 31, 2024 compared to December 31, 2023 reflects a $1.6 billion decrease in commercial given balance sheet optimization actions, paydowns and market conditions driving lower client demand. Retail decreased $1.1 billion, primarily driven by planned Non-Core portfolio runoff.
Credit Quality
See Note 1 for a description of changes made to the Company’s loans and leases presentation during the first quarter of 2024.
The ACL is a reserve to absorb estimated future credit losses in accordance with GAAP. For additional information regarding the ACL, see “Critical Accounting Estimates — Allowance for Credit Losses” and Note 4, and Note 6 in our 2023 Form 10-K.
The ACL as of March 31, 2024 compared to December 31, 2023 reflects a reserve decrease of $10 million. For further information see Note 4.
Table 8: ACL and Related Coverage Ratios by Portfolio
March 31, 2024 December 31, 2023
(dollars in millions) Loans and Leases Allowance Coverage Loans and Leases Allowance Coverage
Allowance for Loan and Lease Losses
Commercial and industrial $43,951 $592 1.35 % $44,974 $587 1.31 %
Commercial real estate 28,872 642 2.22 29,471 663 2.25
Total commercial 72,823 1,234 1.69 74,445 1,250 1.68
Residential mortgages 31,512 171 0.54 31,332 181 0.58
Home equity 15,113 98 0.65 15,040 100 0.66
Automobile 7,277 42 0.57 8,258 57 0.69
Education 11,646 267 2.29 11,834 259 2.18
Other retail 4,817 274 5.70 5,050 251 4.98
Total retail 70,365 852 1.21 71,514 848 1.19
Total loans and leases $143,188 $2,086 1.46 % $145,959 $2,098 1.44 %
Allowance for Unfunded Lending Commitments
Commercial (1)
$191 1.96 % $175 1.91 %
Retail (2)
31 1.25 45 1.25
Total allowance for unfunded lending commitments 222 220
Allowance for credit losses $143,188 $2,308 1.61 % $145,959 $2,318 1.59 %
(1) Coverage ratio includes total commercial allowance for unfunded lending commitments and total commercial allowance for loan and lease losses in the numerator and total commercial loans and leases in the denominator.
(2) Coverage ratio includes total retail allowance for unfunded lending commitments and total retail allowance for loan losses in the numerator and total retail loans in the denominator.

Citizens Financial Group, Inc. | 15

Table 9: Nonaccrual Loans and Leases
(dollars in millions) March 31, 2024 December 31, 2023 Change Percent
Commercial and industrial $294 $297 ($3) (1 %)
Commercial real estate 597 477 120 25
Total commercial 891 774 117 15
Residential mortgages 174 177 (3) (2)
Home equity 288 285 3 1
Automobile 47 61 (14) (23)
Education 29 28 1 4
Other retail 40 39 1 3
Total retail 578 590 (12) (2)
Nonaccrual loans and leases $1,469 $1,364 $105 8 %
Nonaccrual loans and leases to total loans and leases 1.02 % 0.93 % 9 bps
Allowance for loan and lease losses to nonaccrual loans and leases 142 154 (12 %)
Allowance for credit losses to nonaccrual loans and leases 157 170 (13 %)
Table 10: Ratio of Net Charge-Offs to Average Loans and Leases
Three Months Ended March 31,
2024 2023
(dollars in millions) Net Charge-Offs Average Balance Ratio Net Charge-Offs Average Balance Ratio
Commercial and industrial ($3) $44,577 (0.03) % $49 $53,429 0.37 %
Commercial real estate 88 29,265 1.22 3 28,892 0.05
Total commercial 85 73,842 0.47 52 82,321 0.26
Residential mortgages 1 31,384 0.01 1 30,075 0.01
Home equity (2) 15,080 (0.06) (3) 14,073 (0.07)
Automobile 14 7,758 0.73 15 11,937 0.51
Education 27 11,816 0.92 18 12,796 0.57
Other retail 56 4,942 4.56 50 5,290 3.81
Total retail 96 70,980 0.54 81 74,171 0.44
Total loans and leases $181 $144,822 0.50 % $133 $156,492 0.34 %
For the three months ended March 31, 2024, net charge-offs increased $48 million and the net charge-off ratio increased 16 basis points compared to the same period in 2023. The increase in net charge-offs reflects a $15 million increase in retail, primarily unsecured, and a $33 million increase in commercial, primarily driven by the general office segment of CRE.
Commercial Loan Asset Quality
Our commercial portfolio consists of traditional commercial and industrial loans, commercial leases, and commercial real estate loans. As discussed in our 2023 Form 10-K, we utilize internal risk ratings to monitor credit quality for commercial loans and leases.
Total commercial criticized balances of $8.7 billion at March 31, 2024 increased $231 million compared to December 31, 2023.
Commercial and industrial criticized balances of $3.3 billion at March 31, 2024 decreased from $3.5 billion at December 31, 2023, primarily driven by declines in the healthcare and wholesale trade sectors.
Commercial real estate criticized balances of $5.4 billion at March 31, 2024 increased from $5.0 billion at December 31, 2023, attributable to the continued impacts of interest rates and return-to-office dynamics on the Office sector and the continued impacts of interest rates on the Multi-family sector. Approximately 97% of commercial real estate loans remain current on payments as of March 31, 2024.
For more information on the distribution of commercial loans by vintage date and regulatory classification rating, see Note 4.
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Table 11: Commercial and Industrial Loans by Industry Sector
March 31, 2024 December 31, 2023
(dollars in millions) Balance
% of
Total Loans and Leases
Balance
% of
Total Loans and Leases
Industry sector
Finance and insurance
Capital call facilities $5,090 4 % $5,780 4 %
Other finance and insurance 5,831 4 6,021 4
Other manufacturing 3,807 2 3,748 2
Technology 3,283 2 3,351 2
Accommodation and food services 2,777 2 2,948 2
Health, pharma, and social assistance 2,478 2 2,598 2
Wholesale trade 2,396 2 2,467 2
Retail trade 2,115 1 2,379 2
Professional, scientific, and technical services 2,390 2 2,339 2
Other services 2,408 2 2,168 1
Energy and related 2,044 1 2,034 1
Arts, entertainment, and recreation 1,597 1 1,602 1
Administrative and waste management 1,516 1 1,599 1
Rental and leasing 936 1 1,073 1
Consumer products manufacturing 918 1 984 1
Automotive 907 1 898 1
Other 3,458 2 2,985 2
Total commercial and industrial $43,951 31 % $44,974 31 %
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Table 12: Commercial Real Estate by Property Type and State
March 31, 2024 December 31, 2023
(dollars in millions) Balance
% of
Total Loans and Leases
Balance
% of
Total Loans and Leases
Property type
Multi-family $9,491 7 % $9,367 6 %
Office
Credit tenant lease and life sciences (1)
2,265 2 2,268 2
Other general office 3,443 2 3,648 3
Retail 3,376 2 3,407 2
Industrial 4,079 3 3,981 3
Co-op 1,816 1 1,796 1
Data center 722 1 841 1
Hospitality 552 — 608 —
Other 3,128 2 3,555 2
Total commercial real estate $28,872 20 % $29,471 20 %
State
New York $6,749 5 % $7,035 5 %
New Jersey 3,792 3 3,829 3
Pennsylvania 2,574 2 2,613 2
California 2,151 1 2,314 1
Texas 1,859 1 2,163 1
Massachusetts 1,873 1 1,897 1
Florida 1,078 1 1,087 1
Other Southeast (2)
3,169 2 3,056 2
Other 5,627 4 5,477 4
Total commercial real estate $28,872 20 % $29,471 20 %
(1) Credit tenant lease includes loans to nationally recognized tenants with high credit ratings and life sciences includes loans to provide lab and office space for tenants involved in the study and development of scientific discoveries.
(2) Includes Georgia, Maryland, North Carolina, South Carolina and Virginia.
Retail Loan Asset Quality
We utilize credit scores provided by FICO, which are generally refreshed on a quarterly basis, and payment and delinquency status, among other data points, to monitor credit quality for retail loans. FICO credit scores represent current and historical national industry-wide consumer level credit performance data, which management believes are the strongest indicator of potential credit losses over the contractual life of the loan and a good predictor of a borrower’s future payment performance.
Table 13: Retail Loan Portfolio Analysis
March 31, 2024 December 31, 2023
Days Past Due and Accruing Days Past Due and Accruing
Current 30-59 60-89 90+ Nonaccrual Current 30-59 60-89 90+ Nonaccrual
Residential mortgages
97.56 % 0.86 % 0.37 % 0.66 % 0.55 % 97.34 % 0.90 % 0.38 % 0.82 % 0.56 %
Home equity 97.40 0.52 0.17 — 1.91 97.34 0.55 0.22 — 1.89
Automobile 97.36 1.58 0.41 — 0.65 96.94 1.74 0.58 — 0.74
Education 99.23 0.34 0.16 0.02 0.25 99.14 0.41 0.19 0.02 0.24
Other retail 97.10 0.89 0.62 0.56 0.83 97.02 0.97 0.67 0.57 0.77
Total retail 97.75 % 0.78 % 0.31 % 0.34 % 0.82 % 97.56 % 0.85 % 0.36 % 0.40 % 0.83 %
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Table 14: Retail Asset Quality Metrics
March 31, 2024 December 31, 2023
Average refreshed FICO for total portfolio 773 772
CLTV ratio for secured real estate (1)
50 % 50 %
(1) The real estate secured portfolio CLTV is calculated as the mortgage and second lien loan balance divided by the most recently available value of the property.
For more information on the aging of accruing and nonaccrual retail loans, and the distribution of retail loans by vintage date and FICO score, see Note 4.
Deposits
Table 15: Composition of Deposits
(dollars in millions) March 31, 2024 % of Total Deposits December 31, 2023 % of Total Deposits
Demand $36,593 21 % $37,107 21 %
Money market 52,182 30 53,812 30
Checking with interest 34,487 19 31,876 18
Savings 27,912 16 27,983 16
Term 25,254 14 26,564 15
Total deposits $176,428 100 % $177,342 100 %
Total deposits as of March 31, 2024 decreased compared to December 31, 2023, reflecting growth in retail and Private Bank deposits, which were more than offset by seasonal declines in commercial.
Table 16: Uninsured and Insured/Secured Deposits
(dollars in millions) March 31, 2024 December 31, 2023
Total deposits $176,428 $177,342
Estimated uninsured deposits (1)
69,658 73,584
Less: Uninsured affiliate deposits eliminated in consolidation 10,457 14,650
Less: Preferred deposits (1)(2)
6,769 7,486
CFG adjusted estimated uninsured deposits, excluding preferred deposits
52,432 51,448
Total estimated insured/secured deposits $123,996 $125,894
Insured/secured deposits to total deposits 70 % 71 %
(1) As reported on CBNA’s Call Report.
(2) Represents uninsured deposits of states and political subdivisions that are secured or collateralized as required under state law.
Borrowed Funds
Total borrowed funds of $13.8 billion as of March 31, 2024 decreased $159 million compared to December 31, 2023, driven by a decline in FHLB advances, partially offset by the issuance of senior debt and secured borrowings collateralized by auto loans. For more information regarding our borrowed funds, see “Liquidity” and Note 7.
CAPITAL AND REGULATORY MATTERS
As a bank and financial holding company, we are subject to regulation and supervision by the FRB. Our banking subsidiary, CBNA, is a national banking association primarily regulated by the OCC. Our regulation and supervision continues to evolve as the legal and regulatory frameworks governing our operations continue to change. See “Regulation and Supervision” in our 2023 Form 10-K for more information.
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Capital Adequacy Process
Our assessment of capital adequacy begins with our Board-approved risk appetite and risk management framework. This framework provides for the identification, measurement and management of material risks. There have been no significant changes to our capital adequacy risk appetite and risk management framework as described in “Capital and Regulatory Matters” in our 2023 Form 10-K.
The FRB regularly supervises and evaluates our capital adequacy and capital planning processes, including the submission of an annual capital plan approved by our Board of Directors or one of its committees. Under the FRB’s capital requirements we must maintain capital ratios above the sum of the regulatory minimum and SCB requirement to avoid restrictions on capital distributions and discretionary bonus payments. The FRB utilizes the supervisory stress test to determine our SCB, which is re-calibrated with each biennial supervisory stress test and updated annually to reflect our planned common stock dividends. As an institution subject to Category IV standards, we are subject to biennial supervisory stress testing in even-numbered years; however, the FRB required us to participate in the 2023 CCAR supervisory stress test to incorporate the effects of the Investors acquisition. Our SCB associated with the 2023 CCAR supervisory stress test is 4.0%, effective until September 30, 2024. We submitted our 2024 Capital Plan to the FRB on April 3, 2024 and expect the FRB to provide us with our preliminary SCB requirement in June and our final SCB requirement by August 31, 2024, which will become effective as of October 1, 2024.
Regulations relating to capital planning, regulatory reporting, stress testing and capital buffer requirements applicable to firms like us are presently subject to rule-making and potential further guidance and interpretation by the applicable federal regulators. We will continue to evaluate the impact of these and any other prudential regulatory changes, including their potential resultant changes in our regulatory and compliance costs and expenses.
For more information on our capital adequacy process, see “Capital and Regulatory Matters” in our 2023 Form 10-K.
Regulatory Capital Ratios and Capital Composition
Under the current U.S. Basel III capital framework, we and our banking subsidiary, CBNA, must meet the following specific minimum requirements: CET1 capital ratio of 4.5%, tier 1 capital ratio of 6.0%, total capital ratio of 8.0% and tier 1 leverage ratio of 4.0%. As a bank holding company, our SCB of 4.0% is imposed on top of the three minimum risk-based capital ratios listed above and a CCB of 2.5% is imposed on top of the three minimum risk-based capital ratios listed above for CBNA.
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For additional discussion of the U.S. Basel III capital framework and its related application, see “Regulation and Supervision” in our 2023 Form 10-K. The table below presents the regulatory capital ratios for CFG and CBNA under the U.S. Basel III Standardized rules:
Table 17: Regulatory Capital Ratios Under the U.S. Basel III Standardized Rules
March 31, 2024 December 31, 2023
(dollars in millions) Amount Ratio Amount Ratio
Required Minimum Capital Ratio (1)
CET1 capital
CFG $18,090 10.6 % $18,358 10.6 % 8.5 %
CBNA 19,407 11.4 19,411 11.3 7.0
Tier 1 capital
CFG 20,104 11.8 20,372 11.8 10.0
CBNA 19,407 11.4 19,411 11.3 8.5
Total capital
CFG 23,466 13.8 23,608 13.7 12.0
CBNA 22,573 13.3 22,453 13.0 10.5
Tier 1 leverage
CFG 20,104 9.3 20,372 9.3 4.0
CBNA 19,407 9.0 19,411 8.9 4.0
Risk-weighted assets
CFG 170,125 172,601
CBNA 169,589 172,094
Quarterly adjusted average assets (2)
CFG 216,001 219,591
CBNA 215,374 218,974
(1) Represents minimum requirement under the current capital framework plus the SCB of 4.0% and CCB of 2.5% for CFG and CBNA, respectively. The SCB and CCB are not applicable to the Tier 1 leverage ratio.
(2) Represents total average assets less certain amounts deducted from Tier 1 capital.
At March 31, 2024, CFG’s CET1 and tier 1 capital ratios were stable compared to December 31, 2023. Net income and a $2.5 billion decrease in RWA was offset by common share repurchases, dividends, and a decrease in the modified CECL transition amount as we entered the third year of the CECL three-year transition period. Lower commercial and auto loans were the key drivers for the decline in RWA.
At March 31, 2024, CBNA’s CET1 and tier 1 capital ratios increased slightly compared to December 31, 2023. Net income and a $2.5 billion decrease in RWA, primarily driven by lower commercial and auto loans, was partially offset by dividend payments to the Parent Company and a decrease in the modified CECL transition amount as we entered the third year of the CECL three-year transition period.
At March 31, 2024, CFG’s and CBNA’s total capital ratios increased driven by their respective changes in CET1 and tier 1 capital described above and a reduction in the modified AACL transition amount.
At March 31, 2024, CFG’s tier 1 leverage ratio was stable compared to December 31, 2023, whereas CBNA’s tier 1 leverage ratio increased slightly. CBNA’s tier 1 leverage ratio reflects a decline in quarterly adjusted average assets and changes in tier 1 capital described above.
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Table 18: Capital Composition Under the U.S. Basel III Capital Framework
(dollars in millions) March 31, 2024 December 31, 2023
Total common stockholders' equity $21,747 $22,328
Exclusions:
Modified CECL transitional amount 96 192
Net unrealized (gains)/losses recorded in AOCI, net of tax:
Debt securities 2,497 2,338
Derivatives 1,343 1,087
Unamortized net periodic benefit costs 324 333
Deductions:
Goodwill, net of deferred tax liability (7,778) (7,779)
Other intangible assets, net of deferred tax liability (127) (134)
Deferred tax assets that arise from tax loss and credit carryforwards (12) (7)
Total common equity tier 1 capital 18,090 18,358
Qualifying preferred stock 2,014 2,014
Total tier 1 capital 20,104 20,372
Qualifying subordinated debt (1)
1,321 1,319
Allowance for credit losses 2,308 2,318
Exclusions from tier 2 capital:
Modified AACL transitional amount (125) (249)
Allowance on PCD assets (142) (152)
Adjusted allowance for credit losses 2,041 1,917
Total capital $23,466 $23,608
(1) As of March 31, 2024 and December 31, 2023, the amount of non-qualifying subordinated debt excluded from regulatory capital was $482 million. See Note 7 for more details on our outstanding subordinated debt.
Capital Transactions
We completed the following capital transactions during the three months ended March 31, 2024:
• Repurchased $300 million of our outstanding common stock;
• Declared quarterly common stock dividends of $0.42 per share, aggregating to $197 million; and
• Declared preferred stock dividends aggregating to $30 million.
For additional detail regarding our common and preferred stock dividends see Note 10.
All future capital distributions are subject to consideration and approval by our Board of Directors prior to execution. The timing and amount of future dividends and share repurchases will depend on various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory considerations.
AOCI Impact on Regulatory Capital
Under the current applicable regulatory capital rules we have made the AOCI opt-out election, which enables us to exclude components of AOCI from regulatory capital. As noted in the “Capital and Stress Testing Requirements” section of “Regulation and Supervision” in our 2023 Form 10-K, the regulatory agencies are considering the inclusion of AOCI components in regulatory capital for Category IV firms like us, notably the AOCI relative to securities and pension.
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The following table presents our regulatory capital ratios including the AOCI impact from securities and pension, which we believe provides useful information in light of recent events and the potential for change in the regulatory capital framework.
Table 19: AOCI Impact on Regulatory Capital
March 31, 2024
CFG CBNA
(dollars in millions) CET1 Tier 1 Total CET1 Tier 1 Total
Regulatory capital, including AOCI impact:
Regulatory capital (as reported) $18,090 $20,104 $23,466 $19,407 $19,407 $22,573
Unrealized gains (losses) on securities and pension (2,821) (2,821) (2,821) (2,804) (2,804) (2,804)
Deferred tax assets - securities and pension AOCI (13) (13) (13) (13) (13) (13)
Regulatory capital, including AOCI impact (non-GAAP) $15,256 $17,270 $20,632 $16,590 $16,590 $19,756
Risk-weighted assets, including AOCI impact:
Risk-weighted assets (as reported) $170,125 $170,125 $170,125 $169,589 $169,589 $169,589
Unrealized gains (losses) on securities and pension (748) (748) (748) (731) (731) (731)
Deferred tax assets - securities and pension AOCI 2,354 2,354 2,354 2,337 2,337 2,337
Risk-weighted assets, including AOCI impact (non-GAAP) $171,731 $171,731 $171,731 $171,195 $171,195 $171,195
Ratio:
Regulatory capital ratio (as reported) 10.6 % 11.8 % 13.8 % 11.4 % 11.4 % 13.3 %
Regulatory capital ratio, including AOCI impact (non-GAAP) 8.9 % 10.1 % 12.0 % 9.7 % 9.7 % 11.5 %
Recent Regulatory Developments
On March 6, 2024, the SEC adopted a final rule to require registrants to disclose certain climate-related information in their registration statements and annual reports. Subsequent to adoption, a number of businesses and business groups filed petitions seeking a judicial review of the final rule, asserting that the SEC does not have the authority to promulgate it. On April 4, 2024, the SEC issued an order staying its final rule pending completion of the judicial review of certain petitions consolidated in the U.S. Court of Appeals for the Eighth Circuit. We will continue to monitor the outcome of this judicial review.
LIQUIDITY
We consider the effective and prudent management of liquidity fundamental to our safety and soundness. We define liquidity as our ability to meet our obligations when they come due. As a financial institution, we must maintain operating liquidity to meet expected daily and forecasted cash-flow requirements, as well as contingent liquidity to meet unexpected (stress scenario) funding requirements. Reflecting the importance of meeting all unexpected and stress-scenario funding requirements, we identify and manage contingent liquidity, consisting of cash balances at the FRB, unencumbered high-quality liquid securities and unused FHLB borrowing capacity. Separately, we also identify and manage asset liquidity as a subset of contingent liquidity, consisting of cash balances at the FRB and unencumbered high-quality liquid securities. We maintain additional secured borrowing capacity at the FRB discount window, but do not view this as a primary means of funding, but rather a potential source in a stressed environment or during a market disruption. We manage liquidity at the consolidated enterprise level and at each material legal entity.
Parent Company Liquidity
Our Parent Company’s primary sources of cash are dividends and interest received from CBNA resulting from investing in bank equity and subordinated debt as well as externally issued preferred stock, senior debt and subordinated debt. Uses of cash include the routine cash flow requirements as a bank holding company, including periodic share repurchases and payments of dividends, interest and expenses; the needs of subsidiaries, including CBNA for additional equity and, as required, its need for debt financing; and the support for extraordinary funding requirements when necessary. To the extent the Parent Company relies on wholesale borrowings, uses also include payments of related principal and interest.
During the three months ended March 31, 2024, the Parent Company issued $1.25 billion of 5.841% fixed-to-floating rate senior notes due 2030.
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Our Parent Company’s cash and cash equivalents represent a source of liquidity that can be used to meet various needs and totaled $2.6 billion and $2.9 billion as of March 31, 2024 and December 31, 2023, respectively.
During the three months ended March 31, 2024 and 2023, the Parent Company declared dividends on common stock of $197 million and $205 million, respectively, and declared dividends on preferred stock of $30 million and $23 million, respectively.
During the three months ended March 31, 2024, the Parent Company repurchased $300 million of its outstanding common stock.
On April 25, 2024, CFG issued $750 million of 6.645% fixed-to-floating rate senior notes due 2035.
CBNA Liquidity
As CBNA’s primary business involves taking deposits and making loans, a key role of liquidity management is to ensure that customers have timely access to funds. Liquidity management also involves maintaining sufficient liquidity to repay wholesale borrowings, pay operating expenses and support extraordinary funding requirements when necessary. In the ordinary course of business, the liquidity of CBNA is managed by matching sources and uses of cash. The primary sources of bank liquidity include deposits from our consumer and commercial customers; payments of principal and interest on loans and investment securities; and wholesale borrowings, as needed, and as described under “Liquidity Risk Management and Governance.” The primary uses of bank liquidity include withdrawals and maturities of deposits; payment of interest on deposits; funding of loans and related commitments; and funding of securities purchases. To the extent that CBNA relies on wholesale borrowings, uses also include payments of related principal and interest. For further information on CBNA’s outstanding debt see Note 7.
During the three months ended March 31, 2024, CBNA issued $1.5 billion of secured borrowings collateralized by auto loans.
Liquidity Risk
Liquidity risk is the risk arising from the inability to meet our obligations when they come due. We must maintain adequate funding to meet current and future obligations, including customer loan requests, deposit maturities and withdrawals, debt service requirements, equipment and premises leases, and other cash commitments, under both normal operating conditions and periods of company-specific and/or market stress.
We primarily rely on customer deposits to be a relatively stable and low-cost source of funding. In addition to customer deposits, our funding sources also include our ability to securitize loans in secondary markets, raise funds in the debt and equity capital markets, pledge loans and/or securities for borrowing from the FHLB, pledge securities as collateral for borrowing under repurchase agreements, and sell AFS securities.
Credit ratings assigned by agencies such as Moody’s, Standard and Poor’s, and Fitch impact our access to unsecured wholesale market funds and to large uninsured customer deposits and are presented in the table below.
Table 20: Credit Ratings
March 31, 2024
Moody’s
Standard &
Poor’s
Fitch
Citizens Financial Group, Inc.:
Long-term issuer Baa1 BBB+ BBB+
Short-term issuer NR A-2 F1
Subordinated debt Baa1 BBB BBB
Preferred Stock Baa3 BB+ BB
Citizens Bank, National Association:
Long-term issuer Baa1 A- BBB+
Short-term issuer NR A-2 F1
Long-term deposits A1 NR A-
Short-term deposits P-1 NR F1
NR = Not rated
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We currently have a “stable” outlook at Standard & Poor’s, a “negative” outlook at Moody’s and a “stable” outlook at Fitch. Changes in our public credit ratings could affect both the cost and availability of our wholesale funding.
Existing and evolving regulatory liquidity requirements represent another key driver of systemic liquidity conditions and liquidity management practices. The FRB and OCC regularly evaluate our liquidity as part of the overall supervisory process. In addition, we are subject to existing and evolving regulatory liquidity requirements, some of which are subject to further rulemaking, guidance and interpretation by the applicable federal regulators. For further discussion, see the “Liquidity Requirements” section under “Regulation and Supervision” in our 2023 Form 10-K.
Liquidity Risk Management and Governance
Liquidity risk is measured and managed by the Funding and Liquidity unit within our Treasury group in accordance with policy guidelines promulgated by our Board and the Asset Liability Committee. The Funding and Liquidity unit is responsible for maintaining a liquidity management framework that effectively manages liquidity risk. Processes within this framework include, but are not limited to, regular and comprehensive reporting, including current levels versus threshold limits for a broad set of liquidity metrics and early warning indicators, explanatory commentary relating to emerging risk trends and, as appropriate, recommended remedial strategies, liquidity stress testing, contingency funding plans, and collateral management.
Our Funding and Liquidity unit’s primary goals are to deliver and maintain prudent levels of operating liquidity to support expected and projected funding requirements, contingent liquidity to support unexpected funding requirements resulting from idiosyncratic, systemic, and combination stress events, and regulatory liquidity requirements in a timely manner from stable and cost-efficient funding sources. We seek to accomplish these goals by funding loans with stable deposits, by prudently controlling dependence on wholesale funding, particularly short-term unsecured funding, and by maintaining ample available liquidity, including a contingent liquidity buffer of unencumbered high-quality loans and securities.
We maintain a contingency funding plan designed to ensure that liquidity sources are sufficient to meet ongoing obligations and commitments, particularly in a stressed environment or during a market disruption. The plan identifies members of the liquidity contingency team and provides a framework for management to follow, including notification and escalation of potential liquidity stress events.
As of March 31, 2024:
• Organically generated deposits continue to be our primary source of funding, resulting in a consolidated period-end loans-to-deposits ratio, excluding LHFS, of 81.2%;
◦ Estimated insured/secured deposits comprise 70% of our consolidated deposit base of $176.4 billion.
• Our total available liquidity, comprised of contingent liquidity and available discount window capacity, was approximately $81.0 billion;
◦ Contingent liquidity was $60.6 billion, consisting of unencumbered high-quality liquid securities of $31.5 billion, unused FHLB capacity of $18.7 billion, and our cash balances at the FRB of $10.4 billion; and
◦ Available discount window capacity was $20.4 billion, defined as available total borrowing capacity from the FRB based on identified collateral, which is primarily secured by non-mortgage commercial and retail loans.
For a summary of our sources and uses of cash by type of activity for the three months ended March 31, 2024 and 2023, see the Consolidated Statements of Cash Flows in Item 1.
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The Funding and Liquidity unit monitors a variety of liquidity and funding metrics and early warning indicators and metrics, including specific risk thresholds limits. These monitoring tools are broadly classified as follows:
• Current liquidity sources and capacities, including cash balances at the FRB, free and liquid securities, and secured borrowing capacity at the FHLB and FRB discount window;
• Liquidity stress sources, including idiosyncratic, systemic and combined stresses, in addition to evolving regulatory requirements; and
• Current and prospective exposures, including secured and unsecured wholesale funding, and spot and cumulative cash-flow gaps across a variety of horizons.
Further, certain of these metrics are monitored individually for CBNA and for our consolidated enterprise on a daily basis, including cash position, unencumbered securities, asset liquidity and available FHLB borrowing capacity. In order to identify emerging trends and risks and inform funding decisions, specific metrics are also forecasted over a one-year horizon.
Off-Balance Sheet Arrangements
We engage in a variety of activities that are not reflected in our Consolidated Balance Sheets that are generally referred to as “off-balance sheet arrangements.” For more information on these types of activities, see Note 11.
CRITICAL ACCOUNTING ESTIMATES
Our Consolidated Financial Statements included in this Report are prepared in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires us to establish accounting policies and make estimates that affect amounts reported in our Consolidated Financial Statements.
An accounting estimate requires assumptions and judgments about uncertain matters that could have a material effect on our Consolidated Financial Statements. Estimates are made using facts and circumstances known at a point in time. Changes in those facts and circumstances could produce results substantially different from those estimates. Our significant accounting policies and estimates include the ACL, fair value measurements and the evaluation and measurement of goodwill impairment. For additional information regarding fair value measurements, see “Critical Accounting Estimates” in our 2023 Form 10-K.
Allowance for Credit Losses
The ACL of $2.3 billion at March 31, 2024 remained stable compared to December 31, 2023.
As of March 31, 2024, the ACL accounts for an economic forecast over a two-year reasonable and supportable period with peak unemployment of approximately 4.9% and start-to-trough real GDP decline of approximately 0.3%. This forecast reflects a mild recession over the two-year reasonable and supportable period. This compares to our December 31, 2023 forecast which reflected peak unemployment of approximately 5% with a start-to-trough real GDP decline of approximately 0.4%.
Our determination of the ACL is sensitive to changes in forecasted macroeconomic conditions during the reasonable and supportable forecast period. To illustrate the sensitivity, we applied a more pessimistic scenario than that described above which reflects deeper real GDP contraction across our two-year reasonable and supportable forecast period with peak unemployment of approximately 5.4% and start-to-trough real GDP decline of approximately 1.8%. Excluding consideration of qualitative adjustments, this scenario would result in a quantitative lifetime loss estimate of approximately 1.2x our modeled period-end ACL, or an increase of approximately $370 million. This analysis relates only to the modeled credit loss estimate and not to the overall period-end ACL, which includes qualitative adjustments.
Because several quantitative and qualitative factors are considered in determining the ACL, this sensitivity analysis does not necessarily reflect the nature and extent of future changes in the ACL or even what the ACL would be under these economic circumstances. The sensitivity analysis is intended to provide insights into the impact of adverse changes in the macroeconomic environment and the corresponding impact to modeled loss estimates. The hypothetical determination does not incorporate the impact of management judgment or other qualitative factors that could be applied in the actual estimation of the ACL and does not imply any expectation of future deterioration in our loss rates.
Citizens Financial Group, Inc. | 26

It remains difficult to estimate how changes in economic forecasts might affect our ACL because such forecasts consider a wide variety of variables and inputs, and changes in the variables and inputs may not occur at the same time or in the same direction, and such changes may have differing impacts by product type. The variables and inputs may be idiosyncratically affected by risks to the economy, including changing monetary and fiscal policies, impacts from the recent stress on the banking industry, and their impact on inflationary trends. Changes in one or multiple of the key macroeconomic variables may have a material impact on our estimation of expected credit losses.
For additional information regarding the ACL, see Note 4 and “Critical Accounting Estimates - Allowance for Credit Losses” and Note 6 in our 2023 Form 10-K.
Goodwill
We review the goodwill of each reporting unit for impairment on an annual basis as of October 31 st or more frequently if events or circumstances change that indicate an impairment may exist. When assessing goodwill for impairment, a qualitative assessment may be made to determine whether it is more-likely-than-not that the fair value of a reporting unit is below its carrying value. For the quarter ended March 31, 2024, Citizens elected to perform a qualitative analysis to determine whether it was more-likely-than-not that the fair value of its reporting units was less than the respective reporting unit’s carrying value. As a result of this qualitative assessment, the Company concluded that it was not more-likely-than-not that the fair value of its reporting units was below their respective carrying amount and, therefore, there was no impairment to the carrying value of the Company's goodwill as of March 31, 2024.
The process of evaluating the fair value of a reporting unit is subjective, involving management assumptions, estimates and forecasts, and the use of external or internal valuations. Future potential changes in assumptions, estimates or forecasts may impact the estimated fair value of a reporting unit and cause the fair value of the reporting unit to be below its carrying value. Additionally, a reporting unit’s fair value could change based on market conditions or other factors, which could impact whether the fair value of a reporting unit is less than its carrying value.
For additional information regarding Goodwill, see “Critical Accounting Estimates - Goodwill” and Note 10 in our 2023 Form 10-K.
Citizens Financial Group, Inc. | 27

ACCOUNTING AND REPORTING DEVELOPMENTS
Accounting standards issued but not adopted as of March 31, 2024
Pronouncement Summary of Guidance Effects on Financial Statements
Improvements to Reportable Segment Disclosures

Issued November 2023
• Requires disclosure of significant segment expenses regularly provided to the chief operating decision maker (“CODM”)

• Requires disclosure of an amount for other segment items by reportable segment and a description of its composition

• Requires disclosure of the title and position of the CODM
• Required effective date: Annual financial statements for the year ending December 31, 2024 and subsequent interim periods beginning in 2025. Early adoption is permitted.

• Adoption is expected to have a meaningful impact on our required segment disclosures in the Consolidated Financial Statements.
Improvements to Income Tax Disclosures

Issued December 2023
• Requires an annual income tax rate reconciliation table that includes specific categories and other significant categories, disaggregated by nature, that exceed 5% of income tax expense at the statutory tax rate

• Requires a qualitative description of the states and local jurisdictions that make up more than 50% of the effect of the state and local income tax category

• Requires description of the nature, effect and underlying causes of the reconciling items and the judgment used in categorizing these items

• Requires annual disclosure of income taxes paid, net of refunds received, disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdictions that exceed 5% of total income taxes paid, net of refunds received

• Requires disclosure of 1) income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and 2) income tax expense (or benefit) from continuing operations disaggregated by federal, state and foreign

• Eliminates the requirement to disclose the nature and estimate of the change in unrecognized tax benefits expected in the next twelve months

• Eliminates the requirement to disclose the cumulative amount of each type of temporary difference when a deferred tax liability is not recognized because of the exceptions to comprehensive recognition of deferred taxes related to subsidiaries and corporate joint ventures

• Required effective date: Annual financial statements for the year ending December 31, 2025. Early adoption is permitted.

• Adoption is expected to have a meaningful impact on our required income tax disclosures in the Consolidated Financial Statements.

Accounting for and Disclosure of Crypto Assets

Issued December 2023
• Applies to assets that meet the definition of intangible assets, do not provide the asset holder with enforceable rights to goods, services or other assets, reside on a distributed ledger, are secured through cryptography, are fungible, and are not created or issued by the reporting entity or its related parties

• Required to subsequently measure these assets at fair value

• Required to present crypto assets measured at fair value separately from other intangible assets and changes from the remeasurement of crypto assets separately from changes in the carrying amounts of other intangible assets
• Required effective date: January 1, 2025, with early adoption permitted.

• Adoption is not expected to have a material impact on our Consolidated Financial Statements.
Citizens Financial Group, Inc. | 28

RISK GOVERNANCE
We are committed to maintaining a strong, integrated and proactive approach to the management of all risks to which we are exposed in pursuit of our business objectives. A key aspect of our Board’s responsibility as the main decision-making body is setting our risk appetite to ensure that the levels of risk that we are willing to accept in the attainment of our strategic business and financial objectives are clearly understood.
To enable our Board to carry out its objectives, it has delegated authority for risk management activities, as well as governance and oversight of those activities, to a number of Board and executive management level risk committees. The Executive Risk Committee, chaired by the Chief Risk Officer, is responsible for oversight of risk across the enterprise and actively considers our inherent material risks, analyzes our overall risk profile and seeks confirmation that the risks are being appropriately identified, assessed and mitigated. Reporting to the Executive Risk Committee are the following committees covering specific areas of risk: Compliance and Operational Risk, Model Risk, Credit Policy, Asset Liability, Business Initiatives Review, and Conduct and Ethics.
There have been no significant changes in our risk governance practices, risk framework, risk appetite, or credit risk as described in “Risk Governance” in our 2023 Form 10-K.
MARKET RISK
Market risk refers to potential losses arising from changes in interest rates, foreign exchange rates, equity prices, commodity prices and/or other relevant market rates or prices. Modest market risk arises from trading activities that serve customer needs, including the hedging of interest rate and foreign exchange risk. As described below, the market risk arising from our non-trading banking activities, such as the origination of loans and deposit-gathering, is more significant. We have established enterprise-wide policies and methodologies to identify, measure, monitor and report market risk. We actively manage market risk for both non-trading and trading activities.
Non-Trading Risk
Our non-trading banking activities expose us to market risk. This market risk is composed of interest rate risk, as we have no commodity risk and de minimis direct currency and equity risk. We also have market risk related to capital markets loan originations, as well as the valuation of our MSRs. There have been no significant changes in our sources of interest rate risk, interest rate risk practices, risk framework, metrics or assumptions as described in “Market Risk — Non-Trading Risk” in our 2023 Form 10-K.
The table below presents the sensitivity of net interest income to various parallel yield curve shifts from the market implied forward yield curve. Our policies involve measuring exposures as a percentage change in net interest income over the next year due to either instantaneous or gradual parallel changes in rates relative to the market implied forward yield curve. As the following table illustrates, our balance sheet is marginally asset-sensitive; net interest income would benefit from an increase in interest rates, while exposure to a decline in interest rates is within limits established and monitored by senior management. While an instantaneous and severe shift in interest rates is included in this analysis, we believe that any actual shift in interest rates would be more gradual and, therefore, have a more modest impact.
Table 21: Sensitivity of Net Interest Income
Estimated % Change in Net Interest Income over 12 Months
Basis points March 31, 2024 December 31, 2023
Instantaneous Change in Interest Rates
+200 0.4 % — %
+100 0.6 0.5
-100 (1.5) (1.5)
-200 (3.3) (3.0)
Gradual Change in Interest Rates
+200 0.5 % 0.4 %
+100 0.4 0.5
-100 (1.0) (1.0)
-200 (2.2) (1.9)
Citizens Financial Group, Inc. | 29

We continue to manage asset sensitivity within the scope of our policy, changing market conditions and changes in our balance sheet. The Company’s base case net interest income assumes the forward-rate path implied by the yield curve is realized, which reflects a Fed Funds rate of 5.00% at the end of 2024, reflecting two 25 basis point reductions beginning in the second half of 2024. The rate risk exposure is then measured based on assumed changes from that base case rate path.
Our asset sensitivity remains broadly neutral as of March 31, 2024, consistent with December 31, 2023. This reflects the impacts of changes in our balance sheet mix, including securities, loans, deposits, borrowed funds and hedge activity, which is primarily comprised of received fixed swaps that offset our naturally asset-sensitive balance sheet. Our sensitivity profile exhibits asymmetry for up and down rate scenarios as we expect to see incremental deposit migration to higher rate products in response to rising rate scenarios compared to declining rate scenarios.
We use a valuation measure of exposure to structural interest rate risk, EVE, as a supplement to net interest income simulations. EVE complements net interest income simulation analysis as it estimates risk exposure over a long-term horizon. EVE measures the extent to which the economic value of assets, liabilities and off-balance sheet instruments may change in response to fluctuations in interest rates. This analysis is highly dependent upon assumptions applied to assets and liabilities with non-contractual maturities. We employ sophisticated models for prepayments and deposit pricing and attrition, which provide a granular view of cash flows based on the unique characteristics of the underlying products and customer segments. The change in value is expressed as a percentage of regulatory capital.
We use interest rate contracts as part of our ALM strategy to manage exposure to the variability in the interest cash flows on our floating-rate assets and wholesale funding, the variability in the fair value of AFS securities, and to hedge market risk on fixed-rate capital markets debt issuances.
Citizens Financial Group, Inc. | 30

The following table presents interest rate derivative contracts that we have entered into as of March 31, 2024 and December 31, 2023.
Table 22: Interest Rate Hedges Used to Manage Non-Trading Interest Rate Exposure
March 31, 2024 December 31, 2023
Weighted Average Weighted Average
(dollars in millions) Notional Amount Maturity (Years) Fixed Rate Reset Rate Notional Amount Maturity (Years) Fixed Rate Reset Rate
Fair value hedges:
Asset conversion swaps:
AFS securities:
Pay fixed/receive SOFR $6,999 5.8 3.8 % 5.3 % $5,365 6.2 3.8 % 5.4 %
Pay fixed/receive SOFR - forward-starting
50 6.7 3.9 5.4 — — — —
Liability conversion swaps:
Long-term borrowed funds:
Receive fixed/pay SOFR
500 1.6 2.6 5.6 500 1.9 2.6 5.6
Total fair value hedges 7,549 5,865
Cash flow hedges:
Asset conversion swaps:
Loans:
Swaps
Receive fixed/pay SOFR 19,780 1.4 3.5 5.3 17,780 0.8 4.0 5.4
Receive fixed/pay SOFR - forward-starting 23,250 2.8 3.4 4.7 31,250 2.9 3.3 4.6
Basis swaps
Receive SOFR/pay 1-month term SOFR 11,500 1.5 — 5.3/5.3 5,000 1.0 — 5.3/5.3
Receive SOFR/pay 1-month term SOFR - forward-starting 7,500 2.8 — 4.5/4.8 14,000 2.7 — 5.2/5.1
Floor Rate Cap Rate Floor Rate Cap Rate
Options
Interest rate collars (1)
1,000 1.3 2.5 3.7 1,000 1.5 2.5 3.7
Interest rate collars - forward-starting (1)
500 2.2 2.7 4.4 500 2.5 2.7 4.4
Floor spreads (2)
500 1.9 3.0/4.1 — — — — —
Floor spreads - forward-starting (2)
2,000 2.7 2.0/3.0 — 2,500 2.8 2.2/3.2 —
Total cash flow hedges 66,030 72,030
Total hedges $73,579 $77,895
(1) Weighted average floor and cap rates represents strike rates through which CFG will receive interest if the SOFR rate falls below the floor strike rate and pay interest if the SOFR rate exceeds the cap strike rate.
(2) Weighted average floor rate represents strike rates for the short and long interest rate floors, respectively. CFG will receive interest if the SOFR rate falls below the upper strike rate and pay interest if the SOFR rate falls below the lower strike rate, effectively hedging the corridor between the two strike rates. The structure also includes a short cap and a long floor which are utilized to neutralize the initial premium.
Citizens Financial Group, Inc. | 31

The following table presents the average active notional amounts for our interest rate derivatives, based on contract effective date, during the remainder of 2024 and for the next five years:
Table 23: Average Active Notional for Interest Rate Derivative Contracts
Year Ended
(dollars in millions) 2024 2025 2026 2027 2028 2029
Fair value hedges
Pay fixed/receive SOFR (1)
$6,816 $7,043 $6,815 $5,401 $5,104 $3,815
Receive fixed/pay SOFR (2)
500 441 — — — —
Cash flow hedges
Receive fixed/pay SOFR (2)
24,914 30,094 21,900 7,589 210 —
Receive SOFR/pay 1-month term SOFR 12,186 13,052 8,847 1,952 — —
Interest rate collars
1,260 1,001 240 — — —
Floor spreads
1,488 2,500 1,467 460 — —
Total $47,164 $54,131 $39,269 $15,402 $5,314 $3,815
Weighted average receive fixed rate 3.1 % 3.2 % 3.5 % 3.7 % 2.6 % — %
Weighted average pay fixed rate 3.8 3.8 3.8 3.7 3.7 3.7
(1) Pay fixed rate leg of the interest rate derivative contract is included in the computation of the weighted average pay fixed rate.
(2) Receive fixed rate leg of the interest rate derivative contract is included in the computation of the weighted average receive fixed rate.
Table 24: Pre-Tax Gains (Losses) Recorded in the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income on Cash Flow Hedges
Three Months Ended March 31,
(dollars in millions) 2024 2023
Amount of pre-tax net gains (losses) recognized in OCI ($550) $233
Amount of pre-tax net gains (losses) reclassified from AOCI into interest income (203) (127)
Amount of pre-tax net gains (losses) reclassified from AOCI into interest expense — —
Using the interest rate curve at March 31, 2024, we estimate that approximately $938 million in pre-tax net losses related to cash flow hedge strategies will be reclassified from AOCI to net interest income over the next 12 months, including $456 million from terminated swaps. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations and the addition of other hedges subsequent to March 31, 2024.
Capital Markets
A key component of our capital markets activities is the underwriting and distribution of corporate credit facilities to finance merger and acquisition transactions for our clients. We have a rigorous risk management process around these activities, including a limit structure capping our underwriting risk, potential loss, and sub-limits for specific asset classes. Further, the ability to approve underwriting exposure is delegated only to senior level individuals in the credit risk management and capital markets organizations with each transaction adjudicated in the Loan Underwriting Approval Committee.
Mortgage Servicing Rights
We have market risk associated with the value of residential MSRs, which are impacted by various types of inherent risks, including duration, basis, convexity, volatility and yield curve.
As part of our overall risk management strategy we enter into various free-standing derivatives, such as interest rate swaps, interest rate swaptions, interest rate futures and forward contracts to purchase mortgage-backed securities to economically hedge the changes in fair value of our MSRs. As of March 31, 2024 and December 31, 2023, the fair value of our MSRs was $1.6 billion, and the total notional amount of related derivative contracts was $11.6 billion and $15.1 billion, respectively. Gains and losses on MSRs and the related derivatives used for hedging are included in mortgage banking fees in the Consolidated Statements of Operations.
As with our traded market risk-based activities, earnings at risk excludes the impact of MSRs. MSRs are captured under our single price risk management framework that is used for calculating a management value at risk consistent with the definition used by banking regulators.
Citizens Financial Group, Inc. | 32

Trading Risk
We are exposed to market risk primarily through client facilitation activities including derivatives and foreign exchange products as well as underwriting and market making activities. Exposure is created as a result of changes in interest rates and related basis spreads and volatility, foreign exchange rates, equity prices, and credit spreads on a select range of interest rates, foreign exchange, commodities, equity securities, corporate bonds and secondary loan instruments. These securities underwriting and trading activities are conducted through CBNA and Citizens JMP Securities, LLC. There have been no significant changes in our market risk governance, market risk measurement, or market risk practices including VaR, stressed VaR, sensitivity analysis, stress testing, or VaR model review and validation as described in “Market Risk — Trading Risk” in our 2023 Form 10-K.
Market Risk Regulatory Capital
The U.S. banking regulators’ “Market Risk Rule” covers the calculation of market risk capital. Under this rule, all of our client facing trades and associated hedges maintain a net low risk and qualify as “covered positions.” The internal management VaR measure is calculated based on the same population of trades that is utilized for regulatory VaR.
Table 25: Results of Modeled and Non-Modeled Measures for Regulatory Capital Calculations
(dollars in millions) For the Three Months Ended March 31, 2024 For the Three Months Ended March 31, 2023
Market Risk Category
Period End
Average
High Low Period End Average High Low
Interest Rate $4 $3 $5 $2 $2 $3 $4 $2
Foreign Exchange Currency Rate — — — — — — — —
Credit Spread 1 2 3 1 1 1 2 1
Commodity — — — — — — — —
General VaR 5 4 6 2 2 3 5 2
Specific Risk VaR — — — — — — — —
Total VaR $5 $4 $6 $2 $2 $3 $5 $2
Stressed General VaR $5 $6 $12 $3 $5 $8 $13 $4
Stressed Specific Risk VaR — — — — — — — —
Total Stressed VaR $5 $6 $12 $3 $5 $8 $13 $4
Market Risk Regulatory Capital $32 $32
Specific Risk Not Modeled Add-on 21 20
de Minimis Exposure Add-on 1 —
Total Market Risk Regulatory Capital $54 $52
Market Risk-Weighted Assets $675 $654
Citizens Financial Group, Inc. | 33

VaR Backtesting
Backtesting is one form of validation of the VaR model and is run daily. The Market Risk Rule requires a comparison of our internal VaR measure to the actual net trading revenue (excluding fees, commissions, reserves, intra-day trading and net interest income) for each day over the preceding year (the most recent 250 business days). Any observed loss in excess of the VaR number is taken as an exception. The level of exceptions determines the multiplication factor used to derive the VaR and SVaR-based capital requirement for regulatory reporting purposes, when applicable. We perform sub-portfolio backtesting as required under the Market Risk Rule, using models approved by our banking regulators for interest rate, credit spread and foreign exchange positions.
The following graph shows our daily net trading revenue and total internal, modeled VaR for the twelve months ended March 31, 2024.
Q1 2024 Backtesting Graph.gif
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NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
For more information on the computation of our non-GAAP financial measures, see “Introduction — Non-GAAP Financial Measures,” included in this Report. The following table presents computations of non-GAAP financial measures representing our “Underlying” results used in the MD&A:
Table 26: Reconciliations of Non-GAAP Measures
As of and for the Three Months Ended March 31,
(dollars in millions, except per share data) Ref. 2024 2023
Noninterest income, Underlying:
Noninterest income (GAAP) A $517 $485
Less: Notable items 3 —
Noninterest income, Underlying (non-GAAP) B $514 $485
Total revenue, Underlying:
Total revenue (GAAP) C $1,959 $2,128
Less: Notable items 3 —
Total revenue, Underlying (non-GAAP) D $1,956 $2,128
Noninterest expense, Underlying:
Noninterest expense (GAAP) E $1,358 $1,296
Less: Notable items 85 66
Noninterest expense, Underlying (non-GAAP) F $1,273 $1,230
Pre-provision profit:
Total revenue (GAAP) C $1,959 $2,128
Less: Noninterest expense (GAAP) E 1,358 1,296
Pre-provision profit (non-GAAP)
$601 $832
Pre-provision profit, Underlying
Total revenue, Underlying (non-GAAP) D $1,956 $2,128
Less: Noninterest expense, Underlying (non-GAAP) F 1,273 1,230
Pre-provision profit, Underlying (non-GAAP) $683 $898
Income before income tax expense, Underlying:
Income before income tax expense (GAAP) G $430 $664
Less: Income (expense) before income tax expense (benefit) related to notable items
(82) (66)
Income before income tax expense, Underlying (non-GAAP) H $512 $730
Income tax expense and effective income tax rate, Underlying:
Income tax expense (GAAP) I $96 $153
Less: Income tax expense (benefit) related to notable items (21) (17)
Income tax expense, Underlying (non-GAAP) J $117 $170
Effective income tax rate (GAAP) I/G 22.28 % 22.97 %
Effective income tax rate, Underlying (non-GAAP) J/H 22.84 23.25
Net income, Underlying:
Net income (GAAP) K $334 $511
Add: Notable items, net of income tax benefit 61 49
Net income, Underlying (non-GAAP) L $395 $560
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP) M $304 $488
Add: Notable items, net of income tax benefit 61 49
Net income available to common stockholders, Underlying (non-GAAP) N $365 $537
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP) O $21,700 $21,702
Return on average common equity M/O 5.63 % 9.11 %
Return on average common equity, Underlying (non-GAAP)
N/O 6.77 10.01

Citizens Financial Group, Inc. | 35

As of and for the Three Months Ended March 31,
(dollars in millions, except per share data) Ref. 2024 2023
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP) O $21,700 $21,702
Less: Average goodwill (GAAP) 8,188 8,177
Less: Average other intangibles (GAAP) 153 192
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 433 422
Average tangible common equity P $13,792 $13,755
Return on average tangible common equity M/P 8.86 % 14.38 %
Return on average tangible common equity, Underlying (non-GAAP) N/P 10.65 15.80
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP) Q $220,770 $222,711
Return on average total assets K/Q 0.61 % 0.93 %
Return on average total assets, Underlying (non-GAAP) L/Q 0.72 1.02
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP) Q $220,770 $222,711
Less: Average goodwill (GAAP) 8,188 8,177
Less: Average other intangibles (GAAP) 153 192
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 433 422
Average tangible assets R $212,862 $214,764
Return on average total tangible assets K/R 0.63 % 0.97 %
Return on average total tangible assets, Underlying (non-GAAP) L/R 0.75 1.06
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio E/C 69.33 % 60.90 %
Efficiency ratio, Underlying (non-GAAP) F/D 65.05 57.84
Noninterest income as a % of total revenue, Underlying:
Noninterest income as a % of total revenue A/C 26.41 % 22.81 %
Noninterest income as a % of total revenue, Underlying (non-GAAP) B/D 26.32 22.81
Operating leverage and operating leverage, Underlying:
(Decrease) increase in total revenue (7.96) % 29.39 %
Increase in noninterest expense 4.77 17.22
Operating leverage (12.73) % 12.17 %
(Decrease) increase in total revenue, Underlying (non-GAAP) (8.09) % 29.39 %
Increase in noninterest expense, Underlying (non-GAAP) 3.38 16.43
Operating leverage, Underlying (non-GAAP) (11.47) % 12.96 %
Tangible book value per common share:
Common shares - at period end (GAAP) S 458,485,032 483,982,264
Common stockholders' equity (GAAP) $21,747 $22,187
Less: Goodwill (GAAP) 8,188 8,177
Less: Other intangible assets (GAAP) 148 185
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 433 422
Tangible common equity T $13,844 $14,247
Tangible book value per common share T/S $30.19 $29.44
Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying:
Average common shares outstanding - basic (GAAP) U 461,358,681 485,444,313
Average common shares outstanding - diluted (GAAP) V 463,797,964 487,712,146
Net income per average common share - basic (GAAP) M/U $0.66 $1.00
Net income per average common share - diluted (GAAP) M/V 0.65 1.00
Net income per average common share - basic, Underlying (non-GAAP) N/U 0.79 1.10
Net income per average common share - diluted, Underlying (non-GAAP) N/V 0.79 1.10
Dividend payout ratio and dividend payout ratio, Underlying:
Cash dividends declared and paid per common share W $0.42 $0.42
Dividend payout ratio W/(M/U) 64 % 42 %
Dividend payout ratio, Underlying (non-GAAP) W/(N/U) 53 38
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ITEM 1. FINANCIAL STATEMENTS

Page

Citizens Financial Group, Inc. | 37

CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(dollars in millions, except par value) March 31, 2024 December 31, 2023
ASSETS:
Cash and due from banks (1)
$ 1,098 $ 1,794
Interest-bearing cash and due from banks 10,501 9,834
Interest-bearing deposits in banks (1)
392 405
Debt securities available for sale, at fair value (including $ 80 and $ 110 pledged to creditors, respectively) (2)
31,187 29,777
Debt securities held to maturity (fair value of $ 8,132 and $ 8,350 respectively, and including $ 183 and $ 204 pledged to creditors, respectively) (2)
9,054 9,184
Loans held for sale, at fair value 505 676
Other loans held for sale 50 103
Loans and leases
143,188 145,959
Less: Allowance for loan and lease losses ( 2,086 ) ( 2,098 )
Net loans and leases (1)
141,102 143,861
Derivative assets 469 440
Premises and equipment, net 872 895
Bank-owned life insurance 3,311 3,291
Goodwill 8,188 8,188
Other intangible assets (3)
148 157
Other assets (1)
13,571 13,359
TOTAL ASSETS $ 220,448 $ 221,964
LIABILITIES AND STOCKHOLDERS’ EQUITY:
LIABILITIES:
Deposits:
Noninterest-bearing $ 36,593 $ 37,107
Interest-bearing 139,835 140,235
Total deposits 176,428 177,342
Short-term borrowed funds 9 505
Derivative liabilities 1,705 1,562
Long-term borrowed funds (1)
13,804 13,467
Other liabilities (1)
4,741 4,746
TOTAL LIABILITIES 196,687 197,622
Commitments and Contingencies (refer to Note 11)
STOCKHOLDERS’ EQUITY:
Preferred stock:
$ 25.00 par value, 100,000,000 shares authorized; 2,050,000 shares issued and outstanding at March 31, 2024 and December 31, 2023
2,014 2,014
Common stock:
$ 0.01 par value, 1,000,000,000 shares authorized; 649,141,636 shares issued and 458,485,032 shares outstanding at March 31, 2024 and 647,829,720 shares issued and 466,418,055 shares outstanding at December 31, 2023
6 6
Additional paid-in capital 22,272 22,250
Retained earnings 9,923 9,816
Treasury stock, at cost, 190,656,604 and 181,411,665 shares at March 31, 2024 and December 31, 2023, respectively
( 6,290 ) ( 5,986 )
Accumulated other comprehensive income (loss) ( 4,164 ) ( 3,758 )
TOTAL STOCKHOLDERS’ EQUITY 23,761 24,342
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 220,448 $ 221,964
(1) Includes amounts in consolidated VIEs. See Note 6 for additional information.
(2) Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
(3) Excludes MSRs, which are reported in Other assets.
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

Citizens Financial Group, Inc. | 38

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended March 31,
(dollars in millions, except per share data) 2024 2023
INTEREST INCOME:
Interest and fees on loans and leases $ 2,051 $ 2,047
Interest and fees on loans held for sale 14 15
Interest and fees on other loans held for sale 6 5
Investment securities 399 266
Interest-bearing deposits in banks 140 69
Total interest income 2,610 2,402
INTEREST EXPENSE:
Deposits 987 550
Short-term borrowed funds 7 6
Long-term borrowed funds 174 203
Total interest expense 1,168 759
Net interest income 1,442 1,643
Provision (benefit) for credit losses 171 168
Net interest income after provision (benefit) for credit losses 1,271 1,475
NONINTEREST INCOME:
Service charges and fees 96 100
Capital markets fees 118 83
Card fees 86 72
Trust and investment services fees 68 63
Mortgage banking fees 49 57
Foreign exchange and derivative products 36 48
Letter of credit and loan fees 42 40
Securities gains, net 5 5
Other income 17 17
Total noninterest income 517 485
NONINTEREST EXPENSE:
Salaries and employee benefits 691 658
Equipment and software 192 169
Outside services 158 176
Occupancy 114 124
Other operating expense 203 169
Total noninterest expense 1,358 1,296
Income before income tax expense 430 664
Income tax expense 96 153
NET INCOME $ 334 $ 511
Net income available to common stockholders $ 304 $ 488
Weighted-average common shares outstanding:
Basic 461,358,681 485,444,313
Diluted 463,797,964 487,712,146
Per common share information:
Basic earnings $ 0.66 $ 1.00
Diluted earnings 0.65 1.00
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
Citizens Financial Group, Inc. | 39

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Three Months Ended March 31,
(dollars in millions) 2024 2023
Net income $ 334 $ 511
Other comprehensive income (loss):
Net unrealized derivative instruments gains (losses) arising during the periods, net of income taxes of ($ 145 ) and $ 60 , respectively
( 405 ) 173
Reclassification adjustment for net derivative (gains) losses included in net income, net of income taxes of $ 54 and $ 33 , respectively
149 94
Net unrealized debt securities gains (losses) arising during the periods, net of income taxes of ($ 56 ) and $ 109 , respectively
( 173 ) 327
Reclassification of net debt securities (gains) losses to net income, net of income taxes of $ 5 and $ 7 , respectively
14 20
Employee benefit plans:
Actuarial gain (loss), net of income taxes of $ 1 and $ — , respectively
4 —
Reclassification of actuarial (gain) loss to net income, net of income taxes of $ 1 and $ 1 , respectively
5 3
Total other comprehensive income (loss), net of income taxes ( 406 ) 617
Total comprehensive income (loss) ($ 72 ) $ 1,128
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
Citizens Financial Group, Inc. | 40

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
Preferred
Stock 		Common
Stock 		Additional Paid-in Capital Retained Earnings Treasury Stock, at Cost Accumulated Other Comprehensive Income (Loss) Total
(dollars and shares in millions) Shares Amount Shares Amount
Balance at January 1, 2023 2 $ 2,014 492 $ 6 $ 22,142 $ 9,159 ($ 5,071 ) ($ 4,560 ) $ 23,690
Dividends to common stockholders — — — — — ( 205 ) — — ( 205 )
Dividends to preferred stockholders — — — — — ( 23 ) — — ( 23 )
Treasury stock purchased — — ( 10 ) — — — ( 400 ) — ( 400 )
Share repurchase excise tax — — — — — — ( 4 ) — ( 4 )
Share-based compensation plans — — 2 — 33 — — — 33
Employee stock purchase plan — — — — 8 — — — 8
Cumulative effect of change in accounting principle — — — — — ( 26 ) — — ( 26 )
Total comprehensive income (loss):
Net income — — — — — 511 — — 511
Other comprehensive income (loss) — — — — — — — 617 617
Total comprehensive income (loss) — — — — — 511 — 617 1,128
Balance at March 31, 2023 2 $ 2,014 484 $ 6 $ 22,183 $ 9,416 ($ 5,475 ) ($ 3,943 ) $ 24,201
Balance at January 1, 2024 2 $ 2,014 466 $ 6 $ 22,250 $ 9,816 ($ 5,986 ) ($ 3,758 ) $ 24,342
Dividends to common stockholders — — — — — ( 197 ) — — ( 197 )
Dividends to preferred stockholders — — — — — ( 30 ) — — ( 30 )
Treasury stock purchased — — ( 9 ) — — — ( 300 ) — ( 300 )
Share repurchase excise tax — — — — — — ( 4 ) — ( 4 )
Share-based compensation plans — — 1 — 15 — — — 15
Employee stock purchase plan — — — — 7 — — — 7
Total comprehensive income (loss):
Net income — — — — — 334 — — 334
Other comprehensive income (loss) — — — — — — — ( 406 ) ( 406 )
Total comprehensive income (loss) — — — — — 334 — ( 406 ) ( 72 )
Balance at March 31, 2024 2 $ 2,014 458 $ 6 $ 22,272 $ 9,923 ($ 6,290 ) ($ 4,164 ) $ 23,761
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

Citizens Financial Group, Inc. | 41

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Three Months Ended March 31,
(dollars in millions) 2024 2023
OPERATING ACTIVITIES
Net income $ 334 $ 511
Adjustments to reconcile net income to net change due to operating activities:
Provision (benefit) for credit losses 171 168
Net change in loans held for sale, at fair value
171 ( 81 )
Depreciation, amortization and accretion 102 118
Deferred income tax expense (benefit) — ( 63 )
Share-based compensation 34 33
Net gain on sale of assets
( 5 ) ( 5 )
Net (increase) decrease in other assets ( 47 ) ( 372 )
Net increase (decrease) in other liabilities ( 206 ) 845
Net change due to operating activities 554 1,154
INVESTING ACTIVITIES
Investment securities:
Purchases of debt securities available for sale ( 3,057 ) ( 1,223 )
Proceeds from maturities and paydowns of debt securities available for sale 593 423
Proceeds from sales of debt securities available for sale 692 1,395
Proceeds from maturities and paydowns of debt securities held to maturity 150 182
Net (increase) decrease in interest-bearing deposits in banks 13 ( 17 )
Purchases of loans ( 345 ) —
Sales of loans 107 315
Net (increase) decrease in loans and leases 2,873 696
Capital expenditures, net ( 10 ) ( 52 )
Other 23 ( 227 )
Net change due to investing activities 1,039 1,492
FINANCING ACTIVITIES
Net increase (decrease) in deposits ( 914 ) ( 8,530 )
Net increase (decrease) in short-term borrowed funds ( 496 ) 1,015
Proceeds from issuance of long-term borrowed funds 5,765 5,710
Repayments of long-term borrowed funds ( 5,437 ) ( 2,752 )
Treasury stock purchased
( 300 ) ( 400 )
Dividends paid to common stockholders ( 197 ) ( 205 )
Dividends paid to preferred stockholders ( 31 ) ( 33 )
Other
( 12 ) ( 24 )
Net change due to financing activities ( 1,622 ) ( 5,219 )
Net change in cash and cash equivalents (1)
( 29 ) ( 2,573 )
Cash and cash equivalents at beginning of period (1)
11,628 10,547
Cash and cash equivalents at end of period (1)
$ 11,599 $ 7,974
Non-cash items:
Transfer of loans from loans held for investment to loans held for sale
$ 107 $ —
(1) Cash and cash equivalents include cash and due from banks and interest-bearing cash and due from banks as reflected on the Consolidated Balance Sheets.

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
Citizens Financial Group, Inc. | 42

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying unaudited interim Consolidated Financial Statements and Notes have been prepared in accordance with the instructions for Form 10-Q and, therefore, do not include all information and notes included in annual financial statements prepared in accordance with GAAP. The Consolidated Financial Statements include all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the interim period results presented. These unaudited interim financial statements and notes should be read in conjunction with the audited Consolidated Financial Statements and Notes included in the Company’s 2023 Form 10-K. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year.
The unaudited interim Consolidated Financial Statements include the accounts of Citizens and its subsidiaries, including VIEs in which Citizens is a primary beneficiary. Investments in VIEs in which the Company does not have the ability to exercise significant influence are not consolidated. All intercompany transactions and balances have been eliminated in consolidation.
During the third quarter of 2023, the Company’s indirect auto and certain purchased consumer loan portfolios were transferred from the Consumer Banking segment into a new Non-Core segment to reflect the manner in which management is currently assessing performance and allocating resources. Prior period results have been revised to conform to the new segment presentation. See Note 16 for additional information.
During the first quarter of 2024, the Company modified the presentation of its loans and leases portfolio to include leases in the commercial and industrial financing receivable class. Prior period results have been revised to conform to the new presentation. See Notes 3 and 4 for additional information relative to the Company’s loans and leases portfolio.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change include the determination of the ACL, fair value measurements and the evaluation and measurement of goodwill impairment.
Significant Accounting Policies
For further information regarding the Company’s significant accounting policies, see Note 1 in the Company’s 2023 Form 10-K.
Citizens Financial Group, Inc. | 43

NOTE 2 - SECURITIES
The following table presents the major components of securities at amortized cost and fair value:
March 31, 2024 December 31, 2023
(dollars in millions)
Amortized Cost (1)
Gross Unrealized Gains Gross Unrealized Losses Fair Value
Amortized Cost (1)
Gross Unrealized Gains Gross Unrealized Losses Fair Value
U.S. Treasury and other $ 4,944 $ 8 ($ 182 ) $ 4,770 $ 4,493 $ 26 ($ 139 ) $ 4,380
State and political subdivisions 1 — — 1 1 — — 1
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities 27,989 26 ( 2,150 ) 25,865 26,289 45 ( 1,857 ) 24,477
Other/non-agency 278 — ( 21 ) 257 279 — ( 24 ) 255
Total mortgage-backed securities 28,267 26 ( 2,171 ) 26,122 26,568 45 ( 1,881 ) 24,732
Collateralized loan obligations 293 1 — 294 667 — ( 3 ) 664
Total debt securities available for sale, at fair value $ 33,505 $ 35 ($ 2,353 ) $ 31,187 $ 31,729 $ 71 ($ 2,023 ) $ 29,777
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities $ 8,587 $ 1 ($ 906 ) $ 7,682 $ 8,696 $ 9 ($ 818 ) $ 7,887
Total mortgage-backed securities 8,587 1 ( 906 ) 7,682 8,696 9 ( 818 ) 7,887
Asset-backed securities 467 1 ( 18 ) 450 488 — ( 25 ) 463
Total debt securities held to maturity $ 9,054 $ 2 ($ 924 ) $ 8,132 $ 9,184 $ 9 ($ 843 ) $ 8,350
Equity securities, at cost (2)
$ 791 $— $— $ 791 $ 869 $— $— $ 869
Equity securities, at fair value (2)
178 — — 178 173 — — 173
(1) Excludes portfolio level basis adjustments of $( 74 ) million and $ 60 million, respectively, for securities designated in active fair value hedge relationships at March 31, 2024 and December 31, 2023.
(2) Included in other assets in the Consolidated Balance Sheets.
Accrued interest receivable on debt securities totaled $ 142 million and $ 125 million as of March 31, 2024 and December 31, 2023, respectively, and is included in other assets in the Consolidated Balance Sheets.
Citizens Financial Group, Inc. | 44

The following table presents the amortized cost and fair value of debt securities by contractual maturity as of March 31, 2024. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without incurring penalties.
Distribution of Maturities
(dollars in millions) 1 Year or Less After 1 Year through 5 Years After 5 Years through 10 Years After 10 Years Total
Amortized cost:
U.S. Treasury and other $ — $ 3,507 $ 1,437 $ — $ 4,944
State and political subdivisions — — — 1 1
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities — 1,853 2,056 24,080 27,989
Other/non-agency — — — 278 278
Collateralized loan obligations — — 59 234 293
Total debt securities available for sale — 5,360 3,552 24,593 33,505
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities — — — 8,587 8,587
Asset-backed securities — 467 — — 467
Total debt securities held to maturity — 467 — 8,587 9,054
Total amortized cost of debt securities $ — $ 5,827 $ 3,552 $ 33,180 $ 42,559
Fair value:
U.S. Treasury and other $ — $ 3,334 $ 1,436 $ — $ 4,770
State and political subdivisions — — — 1 1
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities — 1,761 1,945 22,159 25,865
Other/non-agency — — — 257 257
Collateralized loan obligations — — 59 235 294
Total debt securities available for sale — 5,095 3,440 22,652 31,187
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities — — — 7,682 7,682
Asset-backed securities — 450 — — 450
Total debt securities held to maturity — 450 — 7,682 8,132
Total fair value of debt securities $ — $ 5,545 $ 3,440 $ 30,334 $ 39,319
Taxable interest income from investment securities as presented in the Consolidated Statements of Operations was $ 399 million and $ 266 million for the three months ended March 31, 2024 and 2023, respectively.
The following table presents realized gains and losses on the sale of securities:
Three Months Ended March 31,
(dollars in millions) 2024 2023
Gains $ 5 $ 9
Losses — ( 4 )
Securities gains, net $ 5 $ 5
The following table presents the amortized cost and fair value of debt securities pledged:
March 31, 2024 December 31, 2023
(dollars in millions) Amortized Cost Fair Value Amortized Cost Fair Value
Pledged against derivatives, to qualify for fiduciary powers, or to secure public and other deposits as required by law $ 7,402 $ 6,838 $ 5,619 $ 5,305
Pledged as collateral for FHLB borrowing capacity 242 222 242 220
Pledged against repurchase agreements — — — —
Citizens Financial Group, Inc. | 45

The Company enters into security repurchase agreements with unrelated counterparties, which involve the transfer of a security from one party to another, and a subsequent transfer of substantially the same security back to the original party. These repurchase agreements are typically short-term in nature and are accounted for as secured borrowed funds in the Company’s Consolidated Balance Sheets. The Company recognized no offsetting short-term receivables or payables associated with security repurchase agreements as of March 31, 2024 or December 31, 2023.
There were no securitizations of mortgage loans retained in the investment portfolio for the three months ended March 31, 2024 and 2023.
Impairment
The Company evaluated its existing HTM portfolio as of March 31, 2024 and concluded that 95 % of HTM securities met the zero expected credit loss criteria and, therefore, no ACL was recognized. Lifetime expected credit losses on the remainder of the HTM portfolio were determined to be insignificant based on the modeling of the Company’s credit loss position in the securities. The Company monitors the credit exposure through the use of credit quality indicators. For these securities, the Company uses external credit ratings or an internally derived credit rating when an external rating is not available. All securities were determined to be investment grade at March 31, 2024.
The following tables present AFS debt securities with fair values below their respective carrying values, separated by the duration the securities have been in a continuous unrealized loss position:
March 31, 2024
Less than 12 Months 12 Months or Longer Total
(dollars in millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses
U.S. Treasury and other $ 758 ($ 7 ) $ 3,211 ($ 175 ) $ 3,969 ($ 182 )
State and political subdivisions — — 1 — 1 —
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities 5,710 ( 39 ) 16,007 ( 2,111 ) 21,717 ( 2,150 )
Other/non-agency — — 257 ( 21 ) 257 ( 21 )
Total mortgage-backed securities 5,710 ( 39 ) 16,264 ( 2,132 ) 21,974 ( 2,171 )
Collateralized loan obligations 74 — 10 — 84 —
Total $ 6,542 ($ 46 ) $ 19,486 ($ 2,307 ) $ 26,028 ($ 2,353 )
December 31, 2023
Less than 12 Months 12 Months or Longer Total
(dollars in millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses
U.S. Treasury and other $ 49 $ — $ 3,245 ($ 139 ) $ 3,294 ($ 139 )
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities 2,939 ( 24 ) 16,398 ( 1,833 ) 19,337 ( 1,857 )
Other/non-agency — — 255 ( 24 ) 255 ( 24 )
Total mortgage-backed securities 2,939 ( 24 ) 16,653 ( 1,857 ) 19,592 ( 1,881 )
Collateralized loan obligations 56 — 607 ( 3 ) 663 ( 3 )
Total $ 3,044 ($ 24 ) $ 20,505 ($ 1,999 ) $ 23,549 ($ 2,023 )
Citizens does not currently have the intent to sell these debt securities, and it is not more-likely-than-not that the Company will be required to sell these debt securities prior to recovery of their amortized cost bases. Citizens has determined that credit losses are not expected to be incurred on the AFS debt securities identified with unrealized losses as of March 31, 2024. The unrealized losses on these debt securities reflect non-credit-related factors driven by changes in interest rates. Therefore, the Company has determined that these debt securities are not impaired.
Citizens Financial Group, Inc. | 46

NOTE 3 - LOANS AND LEASES
Loans held for investment are reported at the amount of their outstanding principal, net of charge-offs, unearned income, deferred loan origination fees and costs, and unamortized premiums or discounts on purchased loans.
The following table presents loans and leases, excluding LHFS:
(dollars in millions) March 31, 2024 December 31, 2023
Commercial and industrial $ 43,951 $ 44,974
Commercial real estate 28,872 29,471
Total commercial 72,823 74,445
Residential mortgages 31,512 31,332
Home equity 15,113 15,040
Automobile 7,277 8,258
Education 11,646 11,834
Other retail 4,817 5,050
Total retail 70,365 71,514
Total loans and leases $ 143,188 $ 145,959
Accrued interest receivable on loans and leases held for investment totaled $ 850 million and $ 875 million as of March 31, 2024 and December 31, 2023, respectively, and is included in other assets in the Consolidated Balance Sheets.
Loans pledged as collateral for FHLB borrowing capacity, primarily residential mortgages and home equity products, totaled $ 36.3 billion and $ 36.0 billion at March 31, 2024 and December 31, 2023, respectively. Loans pledged as collateral to support the contingent ability to borrow at the FRB discount window, if necessary, were primarily comprised of education, automobile, commercial and industrial, and commercial real estate loans, and totaled $ 31.1 billion and $ 31.9 billion at March 31, 2024 and December 31, 2023, respectively.
Interest income on direct financing and sales-type leases for the three months ended March 31, 2024 and 2023 was $ 11 million and $ 12 million, respectively, and is reported within interest and fees on loans and leases in the Consolidated Statements of Operations.
The following table presents the composition of LHFS:
March 31, 2024 December 31, 2023
(dollars in millions)
Residential Mortgages (1)
Commercial (2)
Total
Residential Mortgages (1)
Commercial (2)
Total
Loans held for sale at fair value $ 437 $ 68 $ 505 $ 614 $ 62 $ 676
Other loans held for sale — 50 50 — 103 103
(1) Residential mortgage LHFS are originated for sale.
(2) Commercial LHFS at fair value consist of loans managed by the Company’s commercial secondary loan desk. Other commercial LHFS primarily consist of loans associated with the Company’s syndication business.
NOTE 4 - CREDIT QUALITY AND THE ALLOWANCE FOR CREDIT LOSSES
Allowance for Credit Losses
The Company’s estimate of expected credit losses in its loan and lease portfolios is recorded in the ACL and considers extensive historical loss experience, including the impact of loss mitigation and restructuring programs that the Company offers to borrowers experiencing financial difficulty, as well as projected loss severity as a result of loan default.
For a detailed discussion of the ACL reserve methodology and estimation techniques as of December 31, 2023, see Note 6 in the Company’s 2023 Form 10-K. There were no significant changes to the ACL reserve methodology during the three months ended March 31, 2024.
Citizens Financial Group, Inc. | 47

The following table presents a summary of changes in the ACL for the three months ended March 31, 2024:
Three Months Ended March 31, 2024
(dollars in millions) Commercial Retail Total
Allowance for loan and lease losses, beginning of period $ 1,250 $ 848 $ 2,098
Charge-offs ( 102 ) ( 129 ) ( 231 )
Recoveries 17 33 50
Net charge-offs ( 85 ) ( 96 ) ( 181 )
Provision expense (benefit) for loans and leases 69 100 169
Allowance for loan and lease losses, end of period 1,234 852 2,086
Allowance for unfunded lending commitments, beginning of period 175 45 220
Provision expense (benefit) for unfunded lending commitments 16 ( 14 ) 2
Allowance for unfunded lending commitments, end of period 191 31 222
Total allowance for credit losses, end of period $ 1,425 $ 883 $ 2,308
During the three months ended March 31, 2024, net charge-offs of $ 181 million and a provision for expected credit losses of $ 171 million resulted in an decrease of $ 10 million to the ACL.
As of March 31, 2024, the ACL accounts for an economic forecast over a two-year reasonable and supportable period with peak unemployment of approximately 4.9% and start-to-trough real GDP decline of approximately 0.3%. This forecast reflects a mild recession over the two-year reasonable and supportable period.
The following table presents a summary of changes in the ACL for the three months ended March 31, 2023:
Three Months Ended March 31, 2023
(dollars in millions) Commercial Retail Total
Allowance for loan and lease losses, beginning of period $ 1,060 $ 923 $ 1,983
Charge-offs
( 59 ) ( 112 ) ( 171 )
Recoveries 7 31 38
Net charge-offs ( 52 ) ( 81 ) ( 133 )
Provision expense (benefit) for loans and leases
103 64 167
Allowance for loan and lease losses, end of period 1,111 906 2,017
Allowance for unfunded lending commitments, beginning of period 207 50 257
Provision expense (benefit) for unfunded lending commitments 8 ( 7 ) 1
Allowance for unfunded lending commitments, end of period 215 43 258
Total allowance for credit losses, end of period $ 1,326 $ 949 $ 2,275
Credit Quality Indicators
The Company presents loan and lease portfolio segments and classes by credit quality indicator and vintage year. Citizens defines the vintage date for the purpose of this disclosure as the date of the most recent credit decision. Renewals are categorized as new credit decisions and reflect the renewal date as the vintage date, except for renewals of loans modified for borrowers experiencing financial difficulty, or FDMs, which are presented in the original vintage.
Citizens utilizes internal risk ratings to monitor credit quality for commercial loans and leases. For more information on these ratings see Note 6 in the Company’s 2023 Form 10-K.
Citizens Financial Group, Inc. | 48

The following table presents the amortized cost basis of commercial loans and leases by vintage date and internal risk rating as of March 31, 2024:
Term Loans and Leases by Origination Year
Revolving Loans
(dollars in millions) 2024 2023 2022 2021 2020 Prior to 2020 Within the Revolving Period Converted to Term Total
Commercial and industrial
Pass $ 1,261 $ 3,535 $ 5,966 $ 5,103 $ 1,280 $ 2,843 $ 20,606 $ 49 $ 40,643
Special Mention — 56 219 353 66 106 312 — 1,112
Substandard Accrual
— 22 187 305 188 387 802 11 1,902
Nonaccrual
— 5 67 31 6 112 66 7 294
Total commercial and industrial 1,261 3,618 6,439 5,792 1,540 3,448 21,786 67 43,951
Commercial real estate
Pass 466 1,555 5,966 6,009 2,258 5,626 1,621 3 23,504
Special Mention — 6 915 502 370 452 129 — 2,374
Substandard Accrual
— 49 284 271 368 1,330 95 — 2,397
Nonaccrual
— — 78 34 12 470 3 — 597
Total commercial real estate 466 1,610 7,243 6,816 3,008 7,878 1,848 3 28,872
Total commercial
Pass 1,727 5,090 11,932 11,112 3,538 8,469 22,227 52 64,147
Special Mention — 62 1,134 855 436 558 441 — 3,486
Substandard Accrual
— 71 471 576 556 1,717 897 11 4,299
Nonaccrual
— 5 145 65 18 582 69 7 891
Total commercial $ 1,727 $ 5,228 $ 13,682 $ 12,608 $ 4,548 $ 11,326 $ 23,634 $ 70 $ 72,823
The following table presents the amortized cost basis of commercial loans and leases by vintage date and internal risk rating as of December 31, 2023:
Term Loans and Leases by Origination Year
Revolving Loans
(dollars in millions) 2023 2022 2021 2020 2019 Prior to 2019 Within the Revolving Period Converted to Term Total
Commercial and industrial
Pass $ 3,694 $ 6,512 $ 5,331 $ 1,445 $ 1,147 $ 2,299 $ 21,033 $ 53 $ 41,514
Special Mention 59 221 355 30 50 113 368 — 1,196
Substandard Accrual
8 189 337 218 125 287 792 11 1,967
Nonaccrual
1 72 54 4 5 102 53 6 297
Total commercial and industrial 3,762 6,994 6,077 1,697 1,327 2,801 22,246 70 44,974
Commercial real estate
Pass 1,906 5,791 6,062 2,555 2,294 3,895 1,975 8 24,486
Special Mention — 713 539 222 183 260 75 — 1,992
Substandard Accrual
— 277 203 469 528 939 100 — 2,516
Nonaccrual
1 66 2 23 144 238 3 — 477
Total commercial real estate 1,907 6,847 6,806 3,269 3,149 5,332 2,153 8 29,471
Total commercial
Pass 5,600 12,303 11,393 4,000 3,441 6,194 23,008 61 66,000
Special Mention 59 934 894 252 233 373 443 — 3,188
Substandard Accrual
8 466 540 687 653 1,226 892 11 4,483
Nonaccrual
2 138 56 27 149 340 56 6 774
Total commercial $ 5,669 $ 13,841 $ 12,883 $ 4,966 $ 4,476 $ 8,133 $ 24,399 $ 78 $ 74,445
For retail loans, Citizens utilizes FICO credit scores and the loan’s payment and delinquency status to monitor credit quality. Management believes FICO scores are the strongest indicator of credit losses over the contractual life of the loan and assist management in predicting the borrower’s future payment performance. Scores are based on current and historical national industry-wide consumer level credit performance data.
Citizens Financial Group, Inc. | 49

The following table presents the amortized cost basis of retail loans by vintage date and current FICO score as of March 31, 2024:
Term Loans by Origination Year Revolving Loans
(dollars in millions) 2024 2023 2022 2021 2020 Prior to 2020 Within the Revolving Period Converted to Term Total
Residential mortgages
800+ $ 152 $ 1,165 $ 3,188 $ 5,210 $ 3,050 $ 4,217 $ — $ — $ 16,982
740-799 299 1,099 1,827 2,421 1,420 2,111 — — 9,177
680-739 92 317 630 754 462 1,071 — — 3,326
620-679 5 57 116 168 90 557 — — 993
<620 — 18 55 118 87 736 — — 1,014
No FICO available (1)
— — — 2 1 17 — — 20
Total residential mortgages 548 2,656 5,816 8,673 5,110 8,709 — — 31,512
Home equity
800+ — — 4 4 1 89 4,938 212 5,248
740-799 — 1 2 2 1 76 4,822 239 5,143
680-739 — — 1 1 2 92 2,822 192 3,110
620-679 — — 2 1 2 76 731 144 956
<620 — — 3 2 1 79 331 240 656
Total home equity — 1 12 10 7 412 13,644 1,027 15,113
Automobile
800+ — 73 483 936 309 155 — — 1,956
740-799 — 123 609 919 322 166 — — 2,139
680-739 — 134 520 627 215 122 — — 1,618
620-679 — 83 287 309 98 72 — — 849
<620 — 46 224 274 91 80 — — 715
Total automobile — 459 2,123 3,065 1,035 595 — — 7,277
Education
800+ 55 373 673 1,630 1,376 1,699 — — 5,806
740-799 69 413 658 961 784 968 — — 3,853
680-739 22 175 267 305 254 405 — — 1,428
620-679 6 50 64 68 57 130 — — 375
<620 1 8 20 26 24 68 — — 147
No FICO available (1)
2 1 — — — 34 — — 37
Total education 155 1,020 1,682 2,990 2,495 3,304 — — 11,646
Other retail
800+ 38 151 56 30 27 24 483 — 809
740-799 55 211 70 35 35 29 924 1 1,360
680-739 46 177 61 30 30 21 925 2 1,292
620-679 24 99 40 18 14 7 397 2 601
<620 3 40 35 15 11 4 247 1 356
No FICO available (1)
4 3 — — 2 — 390 — 399
Total other retail 170 681 262 128 119 85 3,366 6 4,817
Total retail
800+ 245 1,762 4,404 7,810 4,763 6,184 5,421 212 30,801
740-799 423 1,847 3,166 4,338 2,562 3,350 5,746 240 21,672
680-739 160 803 1,479 1,717 963 1,711 3,747 194 10,774
620-679 35 289 509 564 261 842 1,128 146 3,774
<620 4 112 337 435 214 967 578 241 2,888
No FICO available (1)
6 4 — 2 3 51 390 — 456
Total retail $ 873 $ 4,817 $ 9,895 $ 14,866 $ 8,766 $ 13,105 $ 17,010 $ 1,033 $ 70,365
(1) Represents loans for which an updated FICO score was unavailable (e.g., due to recent profile changes).
Citizens Financial Group, Inc. | 50

The following table presents the amortized cost basis of retail loans by vintage date and current FICO score as of December 31, 2023:
Term Loans by Origination Year Revolving Loans
(dollars in millions) 2023 2022 2021 2020 2019 Prior to 2019 Within the Revolving Period Converted to Term Total
Residential mortgages
800+ $ 889 $ 3,067 $ 5,172 $ 3,117 $ 1,131 $ 3,125 $ — $ — $ 16,501
740-799 1,333 1,940 2,560 1,411 592 1,625 — — 9,461
680-739 367 631 758 466 266 873 — — 3,361
620-679 54 135 165 90 121 445 — — 1,010
<620 9 48 104 95 161 561 — — 978
No FICO available (1)
1 — 2 1 3 14 — — 21
Total residential mortgages 2,653 5,821 8,761 5,180 2,274 6,643 — — 31,332
Home equity
800+ — 4 4 1 4 91 5,078 222 5,404
740-799 — 1 2 1 3 82 4,708 241 5,038
680-739 1 1 1 2 5 93 2,693 202 2,998
620-679 — 1 1 2 8 77 718 137 944
<620 — 2 1 1 10 80 332 230 656
Total home equity 1 9 9 7 30 423 13,529 1,032 15,040
Automobile
800+ 81 539 1,062 368 162 47 — — 2,259
740-799 134 671 1,038 375 165 52 — — 2,435
680-739 147 577 708 252 118 39 — — 1,841
620-679 94 316 345 112 65 26 — — 958
<620 44 232 291 100 66 32 — — 765
Total automobile 500 2,335 3,444 1,207 576 196 — — 8,258
Education
800+ 296 671 1,637 1,418 600 1,185 — — 5,807
740-799 368 694 1,050 850 369 678 — — 4,009
680-739 143 289 333 273 134 298 — — 1,470
620-679 30 65 68 58 32 107 — — 360
<620 5 18 25 23 15 55 — — 141
No FICO available (1)
10 — 1 — — 36 — — 47
Total education 852 1,737 3,114 2,622 1,150 2,359 — — 11,834
Other retail
800+ 183 70 38 35 16 18 500 — 860
740-799 258 87 46 45 21 19 963 1 1,440
680-739 214 76 39 39 18 11 973 2 1,372
620-679 118 48 23 19 6 4 419 2 639
<620 31 35 18 14 4 2 251 2 357
No FICO available (1)
7 1 — 1 — — 373 — 382
Total other retail 811 317 164 153 65 54 3,479 7 5,050
Total retail
800+ 1,449 4,351 7,913 4,939 1,913 4,466 5,578 222 30,831
740-799 2,093 3,393 4,696 2,682 1,150 2,456 5,671 242 22,383
680-739 872 1,574 1,839 1,032 541 1,314 3,666 204 11,042
620-679 296 565 602 281 232 659 1,137 139 3,911
<620 89 335 439 233 256 730 583 232 2,897
No FICO available (1)
18 1 3 2 3 50 373 — 450
Total retail $ 4,817 $ 10,219 $ 15,492 $ 9,169 $ 4,095 $ 9,675 $ 17,008 $ 1,039 $ 71,514
(1) Represents loans for which an updated FICO score was unavailable (e.g., due to recent profile changes).
Citizens Financial Group, Inc. | 51

The following tables present gross charge-offs by vintage date for the Company’s loan and lease portfolios:
Three Months Ended March 31, 2024
Term Loans and Leases by Origination Year
Revolving Loans
(dollars in millions) 2024 2023 2022 2021 2020 Prior to 2020 Within the Revolving Period Converted to Term Total
Commercial and industrial
$ — $ 5 $ 1 $ 4 $ — $ 1 $ 3 $ — $ 14
Commercial real estate
— — — — 59 29 — — 88
Total commercial
— 5 1 4 59 30 3 — 102
Residential mortgages — — — — — 2 — — 2
Home equity — — — — — 1 2 1 4
Automobile — 2 9 11 3 3 — — 28
Education — — 1 6 7 18 — — 32
Other retail 4 9 4 3 — 4 39 — 63
Total retail 4 11 14 20 10 28 41 1 129
Total loans and leases $ 4 $ 16 $ 15 $ 24 $ 69 $ 58 $ 44 $ 1 $ 231
Three Months Ended March 31, 2023
Term Loans and Leases by Origination Year
Revolving Loans
(dollars in millions) 2023 2022 2021 2020 2019 Prior to 2019 Within the Revolving Period Converted to Term Total
Commercial and industrial
$ — $ — $ 27 $ 4 $ — $ — $ 24 $ — $ 55
Commercial real estate
— — — — 1 3 — — 4
Total commercial
— — 27 4 1 3 24 — 59
Residential mortgages — — — — — 1 — — 1
Home equity — — — — — 1 1 — 2
Automobile — 7 11 4 4 4 — — 30
Education — 2 3 4 3 11 — — 23
Other retail 5 15 4 3 3 3 23 — 56
Total retail 5 24 18 11 10 20 24 — 112
Total loans and leases $ 5 $ 24 $ 45 $ 15 $ 11 $ 23 $ 48 $ — $ 171
Citizens Financial Group, Inc. | 52

Nonaccrual and Past Due Assets
The following tables present an aging analysis of accruing and nonaccrual loans and leases as of March 31, 2024 and December 31, 2023:
March 31, 2024
Days Past Due and Accruing
(dollars in millions) Current 30-59 60-89 90+ Nonaccrual Total Nonaccrual with no related ACL
Commercial and industrial $ 43,530 $ 76 $ 28 $ 23 $ 294 $ 43,951 $ 25
Commercial real estate 27,938 291 7 39 597 28,872 54
Total commercial 71,468 367 35 62 891 72,823 79
Residential mortgages
30,742 271 116 209 174 31,512 136
Home equity 14,720 79 26 — 288 15,113 192
Automobile 7,085 115 30 — 47 7,277 6
Education 11,556 40 19 2 29 11,646 4
Other retail 4,677 43 30 27 40 4,817 1
Total retail 68,780 548 221 238 578 70,365 339
Total $ 140,248 $ 915 $ 256 $ 300 $ 1,469 $ 143,188 $ 418
Guaranteed residential mortgages (1)
$ 714 $ 116 $ 59 $ 202 $ — $ 1,091 $ —
December 31, 2023
Days Past Due and Accruing
(dollars in millions) Current 30-59 60-89 90+ Nonaccrual Total Nonaccrual with no related ACL
Commercial and industrial $ 44,591 $ 62 $ 18 $ 6 $ 297 $ 44,974 $ 30
Commercial real estate 28,745 150 59 40 477 29,471 71
Total commercial 73,336 212 77 46 774 74,445 101
Residential mortgages
30,499 282 118 256 177 31,332 144
Home equity 14,640 82 33 — 285 15,040 198
Automobile 8,005 144 48 — 61 8,258 7
Education 11,732 49 23 2 28 11,834 3
Other retail 4,899 49 34 29 39 5,050 —
Total retail 69,775 606 256 287 590 71,514 352
Total $ 143,111 $ 818 $ 333 $ 333 $ 1,364 $ 145,959 $ 453
Guaranteed residential mortgages (1)
$ 675 $ 128 $ 76 $ 243 $ — $ 1,122 $ —
(1) Guaranteed residential mortgages represent loans fully or partially guaranteed by the FHA, VA, and USDA, and are included in the amounts presented for Residential mortgages.
At March 31, 2024 and December 31, 2023, the Company had collateral-dependent residential mortgage and home equity loans totaling $ 542 million and $ 556 million, respectively, and collateral-dependent commercial loans totaling $ 339 million and $ 233 million, respectively.
The amortized cost basis of mortgage loans collateralized by residential real estate for which formal foreclosure proceedings were in-process was $ 328 million and $ 336 million as of March 31, 2024 and December 31, 2023, respectively.
Loan Modifications to Borrowers Experiencing Financial Difficulty
The Company offers loan modifications to retail and commercial borrowers as a result of its loss mitigation activities that may result in a payment delay, interest rate reduction, term extension, principal forgiveness, or combination thereof. Payment delays consist of modifications that result in a delay of contractual amounts due greater than three months over a rolling 12-month period.
Citizens Financial Group, Inc. | 53

Commercial loan modifications are offered on a case-by-case basis and generally include a payment delay, term extension and/or interest rate reduction. The Company does not typically offer principal forgiveness for commercial loans. Retail loan modifications are offered through structured loan modification programs, which are summarized below.
• Forbearance programs provide borrowers experiencing some form of hardship a period of time during which their contractual payment obligations are suspended, resulting in a payment delay and/or term extension.
• Other repayment plans are offered due to hardship and include an interest rate reduction and/or term extension designed to enable the borrower to return the loan to current status in an expeditious manner.
• Settlement agreements may be executed with borrowers experiencing a long-term hardship or who are delinquent, resulting in principal forgiveness. Upon fulfillment of the terms of the settlement agreement, the unpaid principal amount is forgiven resulting in a charge-off of the outstanding principal balance.
• Certain reorganization bankruptcy judgments may result in any one of the four modification types or some combination thereof.
The following tables present the period-end amortized cost of loans to borrowers experiencing financial difficulty that were modified during the three months ended March 31, 2024 and 2023, disaggregated by class of financing receivable and modification type. The modification type reflects the cumulative effect of all FDMs received during the indicated period.
Three Months Ended March 31, 2024
(dollars in millions) Interest Rate Reduction Term Extension Payment Delay Principal Forgiveness Interest Rate Reduction and Term Extension Term Extension and Payment Delay Total
Total as a % of Loan Class (1)
Commercial and industrial $ — $ 85 $ 65 $ — $ 1 $ 32 $ 183 0.42 %
Commercial real estate — 443 24 — 40 1 508 1.76
Total commercial — 528 89 — 41 33 691 0.95
Residential mortgages 1 37 5 — 3 — 46 0.15
Home equity 1 1 — — 4 — 6 0.04
Automobile — — — — — — — —
Education 3 — 18 — — — 21 0.18
Other retail 5 — — — — — 5 0.10
Total retail 10 38 23 — 7 — 78 0.11
Total (2)
$ 10 $ 566 $ 112 $ — $ 48 $ 33 $ 769 0.54 %
Three Months Ended March 31, 2023
(dollars in millions) Interest Rate Reduction Term Extension Payment Delay Principal Forgiveness Interest Rate Reduction and Term Extension Term Extension and Payment Delay Total
Total as a % of Loan Class (1)
Commercial and industrial $ — $ 44 $ 32 $ — $ — $ 21 $ 97 0.19 %
Commercial real estate — 55 — — — — 55 0.19
Total commercial — 99 32 — — 21 152 0.19
Residential mortgages 2 19 — — 3 — 24 0.08
Home equity — 1 — — 2 — 3 0.02
Automobile — — — — — — — —
Education 1 — 1 — — — 2 0.02
Other retail 3 — — — — — 3 0.06
Total retail 6 20 1 — 5 — 32 0.04
Total (2)
$ 6 $ 119 $ 33 $ — $ 5 $ 21 $ 184 0.12 %
(1) Represents the total amortized cost as of period-end divided by the period-end amortized cost of the corresponding loan class. Accrued interest receivable is excluded from amortized cost and is immaterial.
(2) Excludes borrowers that had their debt discharged by means of a Chapter 7 bankruptcy filing.
Citizens Financial Group, Inc. | 54

The following tables present the financial effect of loans to borrowers experiencing financial difficulty that were modified during the three months ended March 31, 2024 and 2023, disaggregated by class of financing receivable.
Three Months Ended March 31, 2024
(dollars in millions)
Weighted-Average Interest Rate Reduction (1)
Weighted-Average Term Extension (in Months) (1)
Weighted-Average Payment Deferral (1)
Amount of Principal Forgiven (2)
Commercial and industrial 4.49 % 9 $ 1 $ —
Commercial real estate 0.53 16 1 —
Residential mortgages 2.01 88 — —
Home equity 3.16 88 — —
Automobile — — — —
Education 4.31 — — —
Other retail 19.80 — — 2
Three Months Ended March 31, 2023
(dollars in millions)
Weighted-Average Interest Rate Reduction (1)
Weighted-Average Term Extension (in Months) (1)
Weighted-Average Payment Deferral (1)
Amount of Principal Forgiven (2)
Commercial and industrial 4.05 % 9 $ 1 $ —
Commercial real estate — 14 — —
Residential mortgages 1.47 44 — —
Home equity 2.02 139 — —
Automobile 2.76 23 — —
Education 5.77 — — —
Other retail 17.79 22 — 1
(1) Weighted based on period-end amortized cost.
(2) Amounts are recorded as charge-offs.
The following tables present an aging analysis of the period-end amortized cost of loans to borrowers experiencing financial difficulty that were modified during the twelve month period ending March 31, 2024 and the three month period ending March 31, 2023, disaggregated by class of financing receivable. A loan in a forbearance or repayment plan is reported as past due according to its contractual terms until contractually modified. Subsequent to modification, it is reported as past due based on its restructured terms.
March 31, 2024
Days Past Due and Accruing
(dollars in millions) Current 30-59 60-89 90+ Nonaccrual Total
Commercial and industrial $ 223 $ 1 $ 5 $ — $ 144 $ 373
Commercial real estate 667 38 5 33 136 879
Total commercial 890 39 10 33 280 1,252
Residential mortgages 71 17 — 22 15 125
Home equity 5 — — — 10 15
Automobile — — — — — —
Education 51 1 — — 6 58
Other retail 10 1 1 — 1 13
Total retail 137 19 1 22 32 211
Total $ 1,027 $ 58 $ 11 $ 55 $ 312 $ 1,463

Citizens Financial Group, Inc. | 55

March 31, 2023
Days Past Due and Accruing
(dollars in millions) Current 30-59 60-89 90+ Nonaccrual Total
Commercial and industrial $ 76 $ — $ — $ — $ 21 $ 97
Commercial real estate 55 — — — — 55
Total commercial 131 — — — 21 152
Residential mortgages 16 4 — 2 2 24
Home equity 1 — — — 2 3
Automobile — — — — — —
Education 2 — — — — 2
Other retail 3 — — — — 3
Total retail 22 4 — 2 4 32
Total $ 153 $ 4 $ — $ 2 $ 25 $ 184
The following table presents the period-end amortized cost of loans to borrowers experiencing financial difficulty that defaulted during the period presented and were modified within the previous 12 months preceding the default, disaggregated by class of financing receivable and modification type. The period-end amortized cost of loans modified during the three months ended March 31, 2023 that subsequently defaulted is immaterial and not presented as a result. The modification type reflects the cumulative effect of all FDMs at the time of default. A loan is considered to be in default if, subsequent to modification, it becomes 90 or more days past due or is placed on nonaccrual status.
Three Months Ended March 31, 2024
(dollars in millions) Interest Rate Reduction Term Extension Total
Commercial and industrial $ — $ 34 $ 34
Commercial real estate — 38 38
Total commercial — 72 72
Residential mortgages — 6 6
Home equity — — —
Automobile — — —
Education 2 — 2
Other retail — — —
Total retail 2 6 8
Total $ 2 $ 78 $ 80
Unfunded commitments related to loans modified during the three months ended March 31, 2024 were $ 32 million at March 31, 2024. Unfunded commitments related to loans modified during the year ended December 31, 2023 were $ 221 million at December 31, 2023.
Concentrations of Credit Risk
The Company’s lending activity is geographically well diversified with an emphasis in our core markets located in the New England, Mid-Atlantic and Midwest regions. Generally, loans are collateralized by assets including real estate, inventory, accounts receivable, other personal property and investment securities. As of March 31, 2024 and December 31, 2023, there were no material concentration risks within the commercial or retail loan portfolios. Exposure to credit losses arising from lending transactions may fluctuate with fair values of collateral supporting loans, which may not perform according to contractual agreements. The Company’s policy is to collateralize loans to the extent necessary; however, unsecured loans are also granted on the basis of the financial strength of the applicant, the facts surrounding the transaction and the strength of the Company’s enterprise value.
NOTE 5 - MORTGAGE BANKING AND OTHER SERVICED LOANS
The Company sells residential mortgages into the secondary market and retains no beneficial interest in these sales, but may retain the servicing rights for the loans sold. The Company may exercise its option to repurchase eligible government guaranteed residential mortgages or may be obligated to subsequently repurchase a loan if the purchaser discovers a representation or warranty violation such as noncompliance with eligibility or servicing requirements, or customer fraud that should have been identified in a loan file review.
Citizens Financial Group, Inc. | 56

The following table summarizes activity related to residential mortgage loans sold with servicing rights retained:
Three Months Ended March 31,
(dollars in millions) 2024 2023
Cash proceeds from residential mortgage loans sold with servicing retained $ 1,488 $ 1,575
Gain on sales (1)
15 19
Contractually specified servicing, late and other ancillary fees (1)
79 77
(1) Reported in mortgage banking fees in the Consolidated Statements of Operations.
The unpaid principal balance of residential mortgage loans related to our MSRs was $ 97.0 billion and $ 97.4 billion at March 31, 2024 and December 31, 2023, respectively. The Company manages the risk associated with changes in the value of the MSRs with an active economic hedging strategy, which includes the purchase of freestanding derivatives.
The following table summarizes changes in MSRs recorded using the fair value method:
As of and for the Three Months Ended March 31,
(dollars in millions) 2024 2023
Fair value as of beginning of the period $ 1,552 $ 1,530
Amounts capitalized 18 21
Changes in unpaid principal balance during the period (1)
( 46 ) ( 41 )
Changes in fair value during the period (2)
40 ( 14 )
Fair value at end of the period $ 1,564 $ 1,496
(1) Represents changes in value of the MSRs due to i) passage of time including the impact from both regularly scheduled loan principal payments and partial
paydowns, and ii) loans that paid off during the period.
(2) Represents changes in value primarily driven by market conditions. These changes are recorded in mortgage banking fees in the Consolidated Statements of Operations.

The fair value of MSRs is estimated by using the present value of estimated future net servicing cash flows, taking into consideration actual and expected mortgage loan prepayment rates, discount rates, contractual servicing fee income, servicing costs, default rates, ancillary income, and other economic factors, which are determined based on current market interest rates. The valuation does not attempt to forecast or predict the future direction of interest rates.
The sensitivity analysis below presents the impact of an immediate 10 % and 20 % adverse change in key economic assumptions to the current fair value of MSRs. These sensitivities are hypothetical, with the effect of a variation in a particular assumption on the fair value of the MSRs calculated independently without changing any other assumption. Changes in one factor may result in changes in another (e.g., changes in interest rates, which drive changes in prepayment rates, could result in changes in discount rates), which may amplify or counteract the sensitivities. The primary risk inherent in the Company’s MSRs is an increase in prepayments of the underlying mortgage loans serviced, which is largely dependent upon movements in market interest rates.
(dollars in millions) March 31, 2024 December 31, 2023
Fair value $ 1,564 $ 1,552
Weighted average life (years) 8.9 8.8
Weighted average constant prepayment rate 7.0 % 7.2 %
Decline in fair value from 10 % adverse change
$ 41 $ 37
Decline in fair value from 20 % adverse change
$ 75 $ 71
Weighted average option adjusted spread 632 bps 630 bps
Decline in fair value from 10 % adverse change
$ 44 $ 43
Decline in fair value from 20 % adverse change
$ 87 $ 87
The Company’s mortgage banking derivatives include commitments to originate mortgages held for sale, certain loan sale agreements, and other financial instruments that meet the definition of a derivative. Refer to Note 8 for additional information.
Citizens Financial Group, Inc. | 57

Other Serviced Loans
Citizens engages in other servicing relationships from time to time. The following table presents the unpaid principal balance of other serviced loans:
(dollars in millions) March 31, 2024 December 31, 2023
Education $ 479 $ 502
Commercial and industrial (1)
98 94
(1) Represents the government guaranteed portion of SBA loans sold to outside investors .
NOTE 6 - VARIABLE INTEREST ENTITIES
Citizens, in the normal course of business, engages in a variety of activities with entities that are considered VIEs, as defined by GAAP, with its variable interest arising from contractual, ownership or other monetary interests in the entity. A VIE typically does not have sufficient equity at risk to finance its activities without additional subordinated financial support from other parties.
For more details regarding the Company’s involvement with VIEs see Note 11 in the Company’s 2023 Form 10-K.
Consolidated VIEs
The Company has consolidated VIEs related to secured borrowings collateralized by auto loans. The following table summarizes the carrying amount of assets and liabilities for the Company’s consolidated VIEs:
(dollars in millions) March 31, 2024 December 31, 2023
Assets:
Cash and due from banks $ — $ 13
Interest-bearing deposits in banks
169 106
Net loans and leases
4,039 3,194
Other assets 17 14
Total assets $ 4,225 $ 3,327
Liabilities:
Long-term borrowed funds $ 3,530 $ 2,692
Other liabilities 9 8
Total liabilities $ 3,539 $ 2,700
Secured Borrowings
Citizens utilizes a portion of its auto loan portfolio to support certain secured borrowing arrangements, which provide a source of funding for the Company and involves the transfer of auto loans to bankruptcy remote special purpose entities (“SPEs”). These SPEs then issue asset-backed notes to third-parties collateralized by the transferred loans.
The assets of a particular VIE are the primary source of funds to settle its obligations. Creditors of these VIEs do not have recourse to the general credit of the Company. The performance of the loans transferred to the SPEs is the most significant driver impacting the economic performance of the VIEs.
Citizens Financial Group, Inc. | 58

Unconsolidated VIEs
Citizens is involved with various VIEs that are not consolidated including lending to special purpose entities, investments in asset-backed securities and investments in entities that sponsor affordable housing, renewable energy and economic development projects. Citizens’ maximum exposure to loss resulting from its involvement with these entities is limited to the balance sheet carrying amount of its investments, unfunded commitments, and the outstanding principal balance of loans to special purpose entities.
A summary of these investments is presented below:
(dollars in millions) March 31, 2024 December 31, 2023
Lending to special purpose entities included in loans and leases $ 4,737 $ 4,760
LIHTC investments included in other assets 2,472 2,444
LIHTC unfunded commitments included in other liabilities 1,046 1,025
Asset-backed investments included in HTM securities 467 488
Renewable energy investments included in other assets 298 314
NMTC investments included in other assets 3 3
Lending to Special Purpose Entities
Citizens provides lending facilities to third-party sponsored special purpose entities. As of March 31, 2024 and December 31, 2023, the lending facilities had undrawn commitments to extend credit of $ 2.7 billion. For more information on commitments to extend credit see Note 11.
Asset-backed securities
The Company’s investments in asset-backed securities are collateralized by education loans sold to a third-party sponsored VIE. Citizens acts as the primary servicer for the sold loans and receives a servicing fee. A third-party servicer is responsible for all loans that become significantly delinquent.
Low Income Housing Tax Credit Partnerships
The purpose of the Company’s LIHTC investments is to assist in achieving the goals of the Community Reinvestment Act and to earn an adequate return of capital.
Renewable Energy Entities
The Company’s investments in certain renewable energy entities provide benefits from government incentives and other tax attributes (e.g., tax depreciation).
Contingent commitments related to the Company’s renewable energy investments were $ 63 million at March 31, 2024, and are expected to be paid in varying amounts through 2026. These payments are contingent upon the level of electricity production attained by the renewable energy entity relative to its targeted threshold and changes in the production tax credit rates set by the Internal Revenue Service.
New Markets Tax Credit Program
The Company participates in the NMTC program which provides a tax incentive for private sector investment into economic development projects and businesses located in low-income communities.
Citizens Financial Group, Inc. | 59

The following table summarizes the impact to the Consolidated Statements of Operations relative to the Company’s tax credit programs for which it has elected to apply the proportional amortization method of accounting:
Three Months Ended March 31,
(dollars in millions) 2024 2023
Tax credits recognized $ 97 $ 87
Other tax benefits recognized 23 18
Amortization ( 99 ) ( 81 )
Net benefit (expense) included in income tax expense 21 24
Other income 1 1
Allocated income (loss) on investments ( 3 ) ( 3 )
Net benefit (expense) included in noninterest income ( 2 ) ( 2 )
Net benefit (expense) included in the Consolidated Statements of Operations (1)
$ 19 $ 22
(1) Includes the impact of tax credit investments when the election to apply the proportional amortization method was in effect during the periods presented. For 2024 and 2023, this includes LIHTC, renewable energy and NMTC investments.
The Company did not recognize impairment losses resulting from the forfeiture or ineligibility of income tax credits or other circumstances during the three months ended March 31, 2024 and 2023.
NOTE 7 - BORROWED FUNDS
Short-term borrowed funds
Short-term borrowed funds were $ 9 million and $ 505 million as of March 31, 2024 and December 31, 2023, respectively.
Long-term borrowed funds
The following table presents a summary of the Company’s long-term borrowed funds:
(dollars in millions) March 31, 2024 December 31, 2023
Parent Company:
3.750 % fixed-rate subordinated debt, due July 2024
$ 90 $ 90
4.023 % fixed-rate subordinated debt, due October 2024
17 17
4.350 % fixed-rate subordinated debt, due August 2025
133 133
4.300 % fixed-rate subordinated debt, due December 2025
336 336
2.850 % fixed-rate senior unsecured notes, due July 2026
499 499
5.841 % fixed/floating-rate senior unsecured notes, due January 2030
1,244 —
2.500 % fixed-rate senior unsecured notes, due February 2030
298 298
3.250 % fixed-rate senior unsecured notes, due April 2030
747 746
3.750 % fixed-rate reset subordinated debt, due February 2031
69 69
4.300 % fixed-rate reset subordinated debt, due February 2031
135 135
4.350 % fixed-rate reset subordinated debt, due February 2031
60 60
2.638 % fixed-rate subordinated debt, due September 2032
565 563
5.641 % fixed-rate reset subordinated debt, due May 2037
398 398
CBNA’s Global Note Program:
2.250 % senior unsecured notes, due April 2025
749 749
4.119 % fixed/floating-rate senior unsecured notes, due May 2025
650 649
6.064 % fixed/floating-rate senior unsecured notes, due October 2025
599 599
5.284 % fixed/floating-rate senior unsecured notes, due January 2026
350 349
3.750 % senior unsecured notes, due February 2026
480 483
4.575 % fixed/floating-rate senior unsecured notes, due August 2028
798 798
Additional Borrowings by CBNA and Other Subsidiaries:
Federal Home Loan Bank advances, 5.499 % weighted average rate, due through 2043 (1)
2,036 3,786
Secured borrowings, 5.479 % weighted average rate, due through 2030 (1)(2)
3,530 2,692
Other 21 18
Total long-term borrowed funds $ 13,804 $ 13,467
(1) Rate disclosed reflects the weighted average rate as of March 31, 2024.
(2) Collateralized by auto loans. See Note 6 for additional information.
Citizens Financial Group, Inc. | 60

At March 31, 2024, the Company’s long-term borrowed funds include principal balances of $ 13.9 billion, unamortized debt issuance costs and discounts of $ 75 million, and hedging basis adjustments of ($ 19 ) million. At December 31, 2023, the Company’s long-term borrowed funds include principal balances of $ 13.6 billion, unamortized debt issuance costs and discounts of $ 74 million, and hedging basis adjustments of ($ 17 ) million. See Note 8 for further information about the Company’s hedging of certain long-term borrowed funds.
Advances, lines of credit and letters of credit from the FHLB are collateralized primarily by residential mortgages and home equity products sufficient to satisfy the collateral maintenance level established by the FHLB. The utilized FHLB borrowing capacity, primarily for advances and letters of credit, was $ 6.0 billion and $ 9.2 billion at March 31, 2024 and December 31, 2023, respectively. The Company’s available FHLB borrowing capacity was $ 18.7 billion and $ 15.9 billion at March 31, 2024 and December 31, 2023, respectively. Citizens can also borrow from the FRB discount window to meet short-term liquidity requirements. Collateral, including certain loans, is pledged to support this borrowing capacity. At March 31, 2024, the Company’s unused secured borrowing capacity was approximately $ 70.6 billion, which includes unencumbered securities, FHLB borrowing capacity, and FRB discount window capacity.
The following table presents a summary of maturities for the Company’s long-term borrowed funds at March 31, 2024:
(dollars in millions) Parent Company CBNA and Other Subsidiaries Consolidated
Year
2024 $ 107 $ — $ 107
2025 469 4,193 4,662
2026 499 2,472 2,971
2027 — 9 9
2028 — 2,218 2,218
2029 and thereafter 3,516 321 3,837
Total $ 4,591 $ 9,213 $ 13,804
NOTE 8 - DERIVATIVES
In the normal course of business, Citizens enters into derivative transactions to meet the financing and hedging needs of its customers and reduce its own exposure to fluctuations in interest rates and foreign currency exchange rates. These transactions include interest rate swap contracts, interest rate options, foreign exchange contracts, residential loan commitment rate locks, interest rate future contracts, swaptions, certain commodities, forward commitments to sell TBAs, forward sale contracts and purchase options. The Company does not use derivatives for speculative purposes. Information regarding the valuation methodology and inputs used to estimate the fair value of the Company’s derivative instruments is described in Note 20 in the Company’s 2023 Form 10-K.
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The following table presents derivative instruments included in the Consolidated Balance Sheets:
March 31, 2024 December 31, 2023
(dollars in millions) Notional Amount Derivative Assets Derivative Liabilities Notional Amount Derivative Assets Derivative Liabilities
Derivatives designated as hedging instruments:
Interest rate contracts
$ 82,579 $ 259 $ 43 $ 86,895 $ 173 $ 44
Derivatives not designated as hedging instruments:
Interest rate contracts
193,442 222 1,273 185,993 291 1,105
Foreign exchange contracts 30,398 389 290 32,528 434 378
Commodities contracts 1,062 711 665 1,251 685 640
TBA contracts 2,501 2 5 2,337 3 16
Other contracts 729 8 — 549 7 —
Total derivatives not designated as hedging instruments 228,132 1,332 2,233 222,658 1,420 2,139
Total gross derivatives 310,711 1,591 2,276 309,553 1,593 2,183
Less: Gross amounts offset in the Consolidated Balance Sheets (1)
( 480 ) ( 480 ) ( 471 ) ( 471 )
Less: Cash collateral applied (1)
( 642 ) ( 91 ) ( 682 ) ( 150 )
Total net derivatives presented in the Consolidated Balance Sheets $ 469 $ 1,705 $ 440 $ 1,562
(1) Amounts represent the impact of enforceable master netting agreements that allow the Company to net settle positive and negative positions, as well as collateral paid and received.
The Company’s derivative transactions are internally divided into three sub-groups: institutional, customer facilitation and residential loan. Certain derivative transactions within these sub-groups are designated as fair value or cash flow hedges, as described below:
Derivatives Designated As Hedging Instruments
The Company’s institutional derivatives qualify for hedge accounting treatment. The net interest accruals on interest rate swaps designated in a fair value or cash flow hedge relationship are treated as an adjustment to interest income or interest expense of the item being hedged. All hedging relationships are formally documented at inception, as well as risk management objectives and strategies for undertaking various accounting hedges. In addition, the effectiveness of hedge relationships is monitored during the duration of the hedge period. The methods utilized to assess hedge effectiveness vary based on the hedge relationship and each relationship is monitored to ensure that management’s initial intent continues to be satisfied. Hedge accounting treatment is discontinued when the derivative is terminated or when it is determined that a derivative is not expected to be, or has ceased to be, effective as a hedge. Changes in the fair value of a derivative are reflected in earnings after termination of the hedge relationship.
Fair Value Hedges
In a fair value hedge, changes in the fair value of both the derivative instrument and the hedged asset or liability attributable to the risk being hedged are recognized in the same income statement line item in the Consolidated Statements of Operations when the changes in fair value occur. During 2023, the Company entered into fair value hedges to manage interest rate risk within the AFS securities portfolio.
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The following table presents the effect of fair value hedges on the Consolidated Statements of Operations and the respective line items affected for each hedged item:
Location and Amount of Gains (Losses) Recognized
Interest Income
Interest Expense
(dollars in millions)
Investment Securities
Long-Term Borrowed Funds
Three Months Ended March 31, 2024
Gains (losses) on fair value hedges recognized on:
Hedged items
($ 135 ) $ 3
Derivatives
139 ( 3 )
Amounts related to interest settlements on derivatives
25 ( 4 )
Total income (expense) recognized on fair value hedges
$ 29 ($ 4 )
Three Months Ended March 31, 2023
Gains (losses) on fair value hedges recognized on:
Hedged items
$ — ($ 8 )
Derivatives
— 8
Amounts related to interest settlements on derivatives — ( 5 )
Total income (expense) recognized on fair value hedges $ — ($ 5 )
The following table reflects amounts recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges:
(dollars in millions) March 31, 2024 December 31, 2023
Debt securities available for sale (1)
Long-term borrowed funds
Debt securities available for sale (1)
Long-term borrowed funds
Carrying amount of hedged assets $ 9,125 $— $ 7,253 $—
Carrying amount of hedged liabilities — 480 — 483
Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items ( 74 ) ( 19 ) 60 ( 17 )
(1) Includes the amortized cost basis of closed portfolios used to designate hedging relationships under the portfolio layer method. The hedged item is a layer of the closed portfolio which is expected to be remaining at the end of the hedging relationship. As of March 31, 2024 and December 31, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $ 6.8 billion and $ 5.9 billion, respectively, including associated cumulative basis adjustments of $( 58 ) million and $ 39 million, respectively. The amount of the designated hedging instruments was $ 4.8 billion and $ 4.0 billion at March 31, 2024 and December 31, 2023, respectively.
Cash Flow Hedges
In a cash flow hedge the entire change in the fair value of the interest rate swap included in the assessment of hedge effectiveness is initially recorded in OCI and is subsequently reclassified from AOCI into earnings in the period during which the hedged item affects earnings.
Citizens has entered into interest rate swap agreements designed to hedge a portion of the Company’s floating-rate assets and liabilities. All of these swaps are deemed highly effective cash flow hedges. The Company has also entered into certain interest rate option agreements that utilize interest rate floors and caps, or some combination thereof, providing the ability to hedge the variability in cash flows within different interest rate bands. Option premiums paid and received are excluded from the assessment of hedge effectiveness and are amortized over the life of the instruments.
The following table presents the pre-tax net gains (losses) recorded in the Consolidated Statements of Operations and in the Consolidated Statements of Comprehensive Income related to derivative instruments designated as cash flow hedges:
Three Months Ended March 31,
(dollars in millions) 2024 2023
Amount of pre-tax net gains (losses) recognized in OCI ($ 550 ) $ 233
Amount of pre-tax net gains (losses) reclassified from AOCI into interest income ( 203 ) ( 127 )
Amount of pre-tax net gains (losses) reclassified from AOCI into interest expense — —
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Using the interest rate curve at March 31, 2024 with respect to cash flow hedge strategies, the Company estimates that approximately $ 938 million in pre-tax net losses will be reclassified from AOCI to net interest income over the next 12 months, including $ 456 million related to terminated swaps. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations and the addition of other hedges subsequent to March 31, 2024.
Derivatives Not Designated As Hedging Instruments
The Company offers derivatives to customers in connection with their risk management needs consisting primarily of interest rate, foreign exchange and commodity contracts. Market risk exposure from customer transactions is primarily managed by entering into a variety of hedging transactions with third-party dealers. Gains and losses on customer-related derivatives are reported in foreign exchange and derivatives products in the Consolidated Statements of Operations.
Residential mortgage loans that will be sold in the secondary market and the related loan commitments, which are considered derivatives, are accounted for at fair value. Forward contracts to sell mortgage-backed securities are utilized to hedge the fair value of the loans and related commitments. Gains and losses on the loans and related commitments, and the derivatives used to economically hedge them, are reported in mortgage banking fees in the Consolidated Statements of Operations.
Residential MSRs are accounted for at fair value. Derivatives utilized to hedge the fair value of residential MSRs include interest rate futures, swaps, options, and forward contracts to purchase mortgage-backed securities. Gains and losses on residential MSRs and the related derivatives are reported in mortgage banking fees in the Consolidated Statements of Operations.
The following table presents the effect of economic hedges on noninterest income:
Amounts Recognized in
Noninterest Income for the
Three Months Ended March 31, Affected Line Item in the Consolidated Statements of Operations
(dollars in millions) 2024 2023
Economic hedge type:
Customer interest rate contracts ($ 494 ) $ 34 Foreign exchange and derivative products
Derivatives hedging interest rate risk 503 ( 19 ) Foreign exchange and derivative products
Customer foreign exchange contracts ( 110 ) ( 4 ) Foreign exchange and derivative products
Derivatives hedging foreign exchange risk 145 ( 2 ) Foreign exchange and derivative products
Customer commodity contracts 35 ( 475 ) Foreign exchange and derivative products
Derivatives hedging commodity price risk ( 32 ) 486 Foreign exchange and derivative products
Residential loan commitments ( 2 ) 2 Mortgage banking fees
Derivatives hedging residential loan commitments and mortgage loans held for sale, at fair value
3 ( 11 ) Mortgage banking fees
Derivative contracts used to hedge residential MSRs ( 38 ) 16 Mortgage banking fees
Total $ 10 $ 27
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NOTE 9 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table presents the changes in the balances, net of income taxes, of each component of AOCI:
As of and for the Three Months Ended March 31,
(dollars in millions) Net Unrealized Gains (Losses) on Derivatives Net Unrealized Gains (Losses) on Debt Securities Employee Benefit Plans Total AOCI
Balance at January 1, 2023 ($ 1,416 ) ($ 2,771 ) ($ 373 ) ($ 4,560 )
Other comprehensive income (loss) before reclassifications 173 327 — 500
Amounts reclassified to the Consolidated Statements of Operations 94 20 3 117
Net other comprehensive income (loss) 267 347 3 617
Balance at March 31, 2023 ($ 1,149 ) ($ 2,424 ) ($ 370 ) ($ 3,943 )
Balance at January 1, 2024 ($ 1,087 ) ($ 2,338 ) ($ 333 ) ($ 3,758 )
Other comprehensive income (loss) before reclassifications ( 405 ) ( 173 ) 4 ( 574 )
Amounts reclassified to the Consolidated Statements of Operations 149 14 5 168
Net other comprehensive income (loss) ( 256 ) ( 159 ) 9 ( 406 )
Balance at March 31, 2024 ($ 1,343 ) ($ 2,497 ) ($ 324 ) ($ 4,164 )
Primary location in the Consolidated Statements of Operations of amounts reclassified from AOCI Net interest income
Securities gains, net and Net interest income
Other operating expense
NOTE 10 - STOCKHOLDERS’ EQUITY
Preferred Stock
The following table summarizes the Company’s preferred stock:
March 31, 2024 December 31, 2023
(dollars in millions, except per share data) Liquidation value per share Preferred Shares Carrying Amount Preferred Shares Carrying Amount
Authorized ($ 25 par value per share)
100,000,000 100,000,000
Issued and outstanding:
Series B $ 1,000 300,000 $ 296 300,000 $ 296
Series C 1,000 300,000 297 300,000 297
Series D 1,000
(1)
300,000
(2)
293 300,000 293
Series E 1,000
(1)
450,000
(3)
437 450,000 437
Series F 1,000 400,000 395 400,000 395
Series G 1,000 300,000 296 300,000 296
Total 2,050,000 $ 2,014 2,050,000 $ 2,014
(1) Equivalent to $ 25 per depositary share.
(2) Represented by 12,000,000 depositary shares each representing a 1/40th interest in the Series D Preferred Stock.
(3) Represented by 18,000,000 depositary shares each representing a 1/40th interest in the Series E Preferred Stock.
For further detail regarding the terms and conditions of the Company’s preferred stock, see Note 17 in the Company’s 2023 Form 10-K.
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Dividends
The following table summarizes the Company’s dividend activity for the three months ended March 31, 2024 and 2023.
Three Months Ended March 31, 2024 Three Months Ended March 31, 2023
(dollars in millions, except per share data) Dividends Declared per Share Dividends Declared Dividends Paid Dividends Declared per Share Dividends Declared Dividends Paid
Common stock $ 0.42 $ 197 $ 197 $ 0.42 $ 205 $ 205
Preferred stock
Series B $ 21.72 $ 7 $ 7 $ — $ — $ 9
Series C 15.94 5 5 15.94 5 5
Series D 15.88 5 5 15.88 5 5
Series E 12.50 5 5 12.50 5 5
Series F 14.13 5 6 14.13 5 6
Series G 10.00 3 3 10.00 3 3
Total preferred stock $ 30 $ 31 $ 23 $ 33
Treasury Stock
During the three months ended March 31, 2024 and 2023, the Company repurchased $ 300 million, or 9,244,939 shares, and repurchased $ 400 million, or 10,089,291 shares, respectively, of its outstanding common stock, which are held in treasury stock.
NOTE 11 - COMMITMENTS AND CONTINGENCIES
A summary of outstanding off-balance sheet arrangements is presented below. For more information on these arrangements, see Note 19 in the Company’s 2023 Form 10-K.
(dollars in millions) March 31, 2024 December 31, 2023
Commitments to extend credit $ 94,436 $ 94,201
Letters of credit 2,055 1,977
Loans sold with recourse 99 96
Marketing rights 17 18
Risk participation agreements 1 3
Total $ 96,608 $ 96,295
Commitments to Extend Credit
Commitments to extend credit are agreements to lend to customers in accordance with conditions contractually agreed upon in advance. These commitments generally have fixed expiration dates or termination clauses and may require payment of a fee. Since many of these commitments are expected to expire without being drawn upon, the contract amounts are not necessarily indicative of future cash requirements.
Letters of Credit
Letters of credit in the table above reflect commercial, standby 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 (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 collateralized by cash, accounts receivable, inventory or investment securities. Credit risk associated with letters of credit is considered in determining the appropriate amount of allowances for unfunded commitments. Standby letters of credit and commercial letters of credit are issued for terms of up to two years and one year , respectively.
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Other Commitments
Citizens has additional off-balance sheet arrangements that are summarized below:
• Marketing Rights - During 2003, Citizens entered into a 25 -year agreement to acquire the naming and marketing rights of a baseball stadium in Pennsylvania.
• Loans sold with recourse - Citizens is an originator and servicer of residential mortgages and routinely sells such mortgage loans in the secondary market and to GSEs. In the context of such sales, the Company makes certain representations and warranties regarding the characteristics of the underlying loans and, as a result, may be contractually required to repurchase such loans or indemnify certain parties against losses for certain breaches of those representations and warranties. The Company also sells the government guaranteed portion of certain SBA loans to outside investors, for which it retains the servicing rights.
• Risk Participation Agreements - RPAs are guarantees issued by the Company to other parties for a fee, whereby the Company agrees to participate in the credit risk of a derivative customer of the other party. The current amount of credit exposure is spread out over multiple counterparties. At March 31, 2024, the remaining terms on these RPAs ranged from less than one year to ten years .
Contingencies
The Company operates in a legal and regulatory environment that exposes it to potentially significant risks. A certain amount of litigation ordinarily results from the nature of the Company’s banking and other businesses. The Company is a party to legal proceedings, including class actions. The Company is also the subject of investigations, reviews, subpoenas, and regulatory matters arising out of its normal business operations which, in some instances, relate to concerns about fair lending, unfair and/or deceptive practices, and mortgage-related issues. In addition, the Company engages in discussions with relevant governmental and regulatory authorities on a regular and ongoing basis regarding various issues, and any issues discussed or identified may result in investigatory or other action being taken. Litigation and regulatory matters may result in settlements, damages, fines, penalties, public or private censure, increased costs, required remediation, restrictions on business activities, or other impacts on the Company.
In these disputes and proceedings, the Company contests liability and the amount of damages as appropriate. Given their complex nature, and based on the Company's experience, it may be years before some of these matters are finally resolved. Moreover, before liability can be reasonably estimated for a claim, numerous legal and factual issues may need to be examined, including through potentially lengthy discovery and determination of important factual matters, and by addressing novel or unsettled legal issues relevant to the proceedings in question. The Company cannot predict with certainty if, how, or when such claims will be resolved or what the eventual settlement, fine, penalty or other relief, if any, may be, particularly for claims that are at an early stage in their development or where claimants seek substantial or indeterminate damages. The Company recognizes a provision for a claim when, in the opinion of management after seeking legal advice, it is probable that a liability exists and the amount of loss can be reasonably estimated. In many proceedings, however, it is not possible to determine whether any loss is probable or to estimate the amount of any loss.
Based on information currently available, the advice of legal counsel and other advisers, and established reserves, management believes that the aggregate liabilities, if any, potentially arising from these proceedings will not have a materially adverse effect on the Company’s unaudited interim Consolidated Financial Statements.
NOTE 12 - FAIR VALUE MEASUREMENTS
Citizens measures or monitors many of its assets and liabilities on a fair value basis. Fair value is used on a recurring basis for assets and liabilities for which fair value is the required or elected measurement basis of accounting. Fair value is also used on a nonrecurring basis to evaluate assets for impairment or for disclosure purposes. Nonrecurring fair value adjustments typically involve the application of lower of cost or market accounting or write-downs of individual assets. Fair value measurement guidance is also applied to determine amounts reported for certain disclosures in this Note for assets and liabilities that are not required to be reported at fair value in the financial statements.
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Fair Value Option
Citizens elected to account for residential mortgage LHFS and certain commercial and industrial, and commercial real estate LHFS at fair value. The following table presents the difference between the aggregate fair value and the aggregate unpaid principal balance of LHFS measured at fair value:
March 31, 2024 December 31, 2023
(dollars in millions) Aggregate Fair Value Aggregate Unpaid Principal Aggregate Fair Value Greater (Less) Than Aggregate Unpaid Principal Aggregate Fair Value Aggregate Unpaid Principal Aggregate Fair Value Greater (Less) Than Aggregate Unpaid Principal
Residential mortgage loans held for sale, at fair value
$ 437 $ 427 $ 10 $ 614 $ 593 $ 21
Commercial and industrial, and commercial real estate loans held for sale, at fair value
68 74 ( 6 ) 62 69 ( 7 )
For more information on the election of the fair value option for these assets see Note 20 in the Company’s 2023 Form 10-K.
Recurring Fair Value Measurements
Citizens utilizes a variety of valuation techniques to measure its assets and liabilities at fair value on a recurring basis. For more information on the valuation techniques utilized to measure fair value on a recurring basis, see Note 20 in the Company’s 2023 Form 10-K.
Short-term investments
Short-term investments include corporate bonds and U.S. Treasury securities managed by the Company’s trading desks. U.S. Treasury securities are classified as Level 1 in the fair value hierarchy as quoted prices in active markets are readily available. The fair value of corporate bonds is estimated using a combination of direct market quotes for a particular bond, or a comparable bond if recent market data is not available, and a discounted cash flow model that incorporates certain credit attributes of the bond issuer. External pricing services are utilized to corroborate the fair value of corporate bonds, which may result in an adjustment to the underlying bond’s valuation if price differences exceed certain thresholds. Corporate bonds are classified as Level 2 in the fair value hierarchy given the observable market inputs utilized to value these instruments. Short-term investments are included in interest-bearing deposits in banks in the Consolidated Balance Sheets.
Short-term borrowed funds
Short-term borrowed funds include short positions in corporate bonds held by the Company’s trading desks and are classified as Level 2 in the fair value hierarchy. See “Short-term investments” above for more information regarding the valuation technique utilized to value corporate bonds.
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The following table presents assets and liabilities measured at fair value, including gross derivative assets and liabilities, on a recurring basis at March 31, 2024:
(dollars in millions) Total Level 1 Level 2 Level 3
Debt securities available for sale:
Mortgage-backed securities $ 26,122 $ — $ 26,122 $ —
Collateralized loan obligations 294 — 294 —
State and political subdivisions 1 — 1 —
U.S. Treasury and other 4,770 4,770 — —
Total debt securities available for sale 31,187 4,770 26,417 —
Loans held for sale, at fair value:
Residential loans held for sale
437 — 437 —
Commercial loans held for sale
68 — 68 —
Total loans held for sale, at fair value
505 — 505 —
Mortgage servicing rights 1,564 — — 1,564
Derivative assets:
Interest rate contracts 481 — 481 —
Foreign exchange contracts 389 — 389 —
Commodities contracts 711 — 711 —
TBA contracts 2 — 2 —
Other contracts 8 — — 8
Total derivative assets 1,591 — 1,583 8
Equity securities, at fair value (1)
118 118 — —
Short-term investments
21 10 11 —
Total assets $ 34,986 $ 4,898 $ 28,516 $ 1,572
Derivative liabilities:
Interest rate contracts $ 1,316 $ — $ 1,316 $ —
Foreign exchange contracts 290 — 290 —
Commodities contracts 665 — 665 —
TBA contracts 5 — 5 —
Other contracts — — — —
Total derivative liabilities 2,276 — 2,276 —
Short-term borrowed funds
9 — 9 —
Total liabilities $ 2,285 $ — $ 2,285 $ —
(1) Excludes investments of $ 60 million included in other assets in the Consolidated Balance Sheets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient. These investments include capital contributions to private investment funds and have unfunded capital commitments of $ 25 million at March 31, 2024, which may be called at any time during prescribed time periods. The credit exposure is generally limited to the carrying amount of investments made and unfunded capital commitments.
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The following table presents assets and liabilities measured at fair value, including gross derivative assets and liabilities, on a recurring basis at December 31, 2023:
(dollars in millions) Total Level 1 Level 2 Level 3
Debt securities available for sale:
Mortgage-backed securities $ 24,732 $ — $ 24,732 $ —
Collateralized loan obligations 664 — 664 —
State and political subdivisions 1 — 1 —
U.S. Treasury and other 4,380 4,380 — —
Total debt securities available for sale 29,777 4,380 25,397 —
Loans held for sale, at fair value:
Residential loans held for sale
614 — 614 —
Commercial loans held for sale
62 — 62 —
Total loans held for sale, at fair value
676 — 676 —
Mortgage servicing rights 1,552 — — 1,552
Derivative assets:
Interest rate contracts 464 — 464 —
Foreign exchange contracts 434 — 434 —
Commodities contracts 685 — 685 —
TBA contracts 3 — 3 —
Other contracts 7 — — 7
Total derivative assets 1,593 — 1,586 7
Equity securities, at fair value (1)
115 115 — —
Total assets $ 33,713 $ 4,495 $ 27,659 $ 1,559
Derivative liabilities:
Interest rate contracts $ 1,149 $ — $ 1,149 $ —
Foreign exchange contracts 378 — 378 —
Commodities contracts 640 — 640 —
TBA contracts 16 — 16 —
Other contracts — — — —
Total derivative liabilities 2,183 — 2,183 —
Total liabilities $ 2,183 $ — $ 2,183 $ —
(1) Excludes investments of $ 58 million included in other assets in the Consolidated Balance Sheets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient. These investments include capital contributions to private investment funds and have unfunded capital commitments of $ 28 million at December 31, 2023, which may be called at any time during prescribed time periods. The credit exposure is generally limited to the carrying amount of investments made and unfunded capital commitments.
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The following tables present a roll forward of the balance sheet amounts for assets and liabilities measured at fair value on a recurring basis and classified as Level 3:
Three Months Ended March 31, 2024
(dollars in millions) Mortgage Servicing Rights Other Derivative Contracts
Beginning balance $ 1,552 $ 7
Issuances 18 13
Settlements (1)
( 46 ) ( 10 )
Changes in fair value during the period recognized in earnings (2)
40 ( 2 )
Ending balance $ 1,564 $ 8
Three Months Ended March 31, 2023
(dollars in millions) Mortgage Servicing Rights Other Derivative Contracts
Beginning balance $ 1,530 $ 1
Issuances 21 15
Settlements (1)
( 41 ) ( 5 )
Changes in fair value during the period recognized in earnings (2)
( 14 ) 2
Ending balance $ 1,496 $ 13
(1) For MSRs, represents changes in value of the MSRs due to i) passage of time including the impact from both regularly scheduled loan principal payments and partial paydowns, and ii) loans that paid off during the period. For other derivative contracts, represents the closeout of interest rate lock commitments.
(2) Represents changes in value primarily driven by market conditions. These changes are recorded in mortgage banking fees in the Consolidated Statements of Operations.
The following table presents quantitative information about significant unobservable inputs utilized to measure the fair value of Level 3 assets and liabilities.
As of March 31, 2024 As of December 31, 2023
Financial Instrument
Valuation Technique Unobservable Input Range (Weighted Average) Range (Weighted Average)
Mortgage servicing rights Discounted Cash Flow Constant prepayment rate
5.76 - 17.58 % CPR ( 6.96 % CPR)
6.70 - 14.55 % CPR ( 7.23 % CPR)
Option adjusted spread
398 - 1,058 bps ( 632 bps)
398 - 1,058 bps ( 630 bps)
Other derivative contracts Internal Model Pull through rate
24.12 - 100.00 % ( 76.07 %)
24.90 - 99.70 % ( 80.34 %)
MSR value
7.20 - 153.60 bps ( 100.58 bps)
( 8.90 )- 141.24 bps ( 88.04 bps)
Nonrecurring Fair Value Measurements
Fair value is also used on a nonrecurring basis to evaluate certain assets for impairment or for disclosure purposes. For more information on the valuation techniques utilized to measure fair value on a nonrecurring basis, see Note 20 in the Company’s 2023 Form 10-K.
The following table presents losses on assets measured at fair value on a nonrecurring basis and recorded in earnings:
Three Months Ended March 31,
(dollars in millions) 2024 2023
Collateral-dependent loans ($ 56 ) ($ 4 )

The following table presents assets measured at fair value on a nonrecurring basis:
March 31, 2024 December 31, 2023
(dollars in millions) Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3
Collateral-dependent loans $ 881 $ — $ 881 $ — $ 789 $ — $ 789 $ —
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Fair Value of Financial Instruments
The following tables present the estimated fair value for financial instruments not recorded at fair value in the Consolidated Financial Statements. The carrying amounts are recorded in the Consolidated Balance Sheets under the indicated captions:
March 31, 2024
Total Level 1 Level 2 Level 3
(dollars in millions) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value
Financial assets:
Debt securities held to maturity $ 9,054 $ 8,132 $ — $ — $ 8,587 $ 7,682 $ 467 $ 450
Other loans held for sale
50 50 — — — — 50 50
Net loans and leases 141,102 137,760 — — 881 881 140,221 136,879
Other assets 791 791 — — 768 768 23 23
Financial liabilities:
Deposits 176,428 176,162 — — 176,428 176,162 — —
Short-term borrowed funds 9 9 — — 9 9 — —
Long-term borrowed funds 13,804 13,421 — — 13,804 13,421 — —
December 31, 2023
Total Level 1 Level 2 Level 3
(dollars in millions) Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value
Financial assets:
Debt securities held to maturity $ 9,184 $ 8,350 $ — $ — $ 8,696 $ 7,887 $ 488 $ 463
Other loans held for sale
103 103 — — — — 103 103
Net loans and leases 143,861 140,504 — — 789 789 143,072 139,715
Other assets 869 869 — — 851 851 18 18
Financial liabilities:
Deposits 177,342 177,096 — — 177,342 177,096 — —
Short-term borrowed funds 505 505 — — 505 505 — —
Long-term borrowed funds 13,467 13,012 — — 13,467 13,012 — —
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NOTE 13 - NONINTEREST INCOME
Revenues from Contracts with Customers
The following tables present the components of revenue from contracts with customers disaggregated by revenue stream and business operating segment:
Three Months Ended March 31, 2024
(dollars in millions) Consumer Banking Commercial Banking
Non-Core
Other Consolidated
Service charges and fees $ 63 $ 33 $ — $ — $ 96
Card fees 66 15 — 3 84
Capital markets fees — 116 — — 116
Trust and investment services fees 68 — — — 68
Other banking fees 1 2 — — 3
Total revenue from contracts with customers $ 198 $ 166 $ — $ 3 $ 367
Total revenue from other sources (1)
60 61 — 29 150
Total noninterest income $ 258 $ 227 $ — $ 32 $ 517
Three Months Ended March 31, 2023
(dollars in millions) Consumer Banking Commercial Banking
Non-Core
Other
Consolidated
Service charges and fees $ 67 $ 32 $ — $ — $ 99
Card fees 59 12 — — 71
Capital markets fees — 71 — — 71
Trust and investment services fees 63 — — — 63
Other banking fees 1 4 — — 5
Total revenue from contracts with customers $ 190 $ 119 $ — $ — $ 309
Total revenue from other sources (1)
66 82 — 28 176
Total noninterest income $ 256 $ 201 $ — $ 28 $ 485
(1) Includes bank-owned life insurance income of $ 24 million and $ 23 million for the three months ended March 31, 2024 and 2023, respectively.
The Company recognized trailing commissions of $ 4 million for the three months ended March 31, 2024 and 2023, related to ongoing commissions from previous investment sales.
NOTE 14 - OTHER OPERATING EXPENSE
The following table presents the details of other operating expense:
Three Months Ended March 31,
(dollars in millions) 2024 2023
Marketing $ 35 $ 38
Deposit insurance 76 36
Other 92 95
Other operating expense $ 203 $ 169
Citizens Financial Group, Inc. | 73

NOTE 15 - EARNINGS PER SHARE
Three Months Ended March 31,
(dollars in millions, except per share data) 2024 2023
Numerator (basic and diluted):
Net income $ 334 $ 511
Less: Preferred stock dividends 30 23
Net income available to common stockholders $ 304 $ 488
Denominator:
Weighted-average common shares outstanding - basic 461,358,681 485,444,313
Dilutive common shares: share-based awards 2,439,283 2,267,833
Weighted-average common shares outstanding - diluted 463,797,964 487,712,146
Earnings per common share:
Basic $ 0.66 $ 1.00
Diluted (1)
0.65 1.00
(1) Potential dilutive common shares are excluded from the computation of diluted EPS in the periods where the effect would be antidilutive. Excluded from the computation of diluted EPS were weighted average antidilutive shares totaling 1,305,850 and 1,278,383 for the three months ended March 31, 2024 and 2023, respectively.
NOTE 16 - BUSINESS OPERATING SEGMENTS
Citizens is managed by its Chief Executive Officer on a segment basis. The Company’s three business operating segments are Consumer Banking, Commercial Banking, and Non-Core. The business operating segments are determined based on the products and services provided, or the type of customer served. Each business operating segment has a segment head that reports directly to the Chief Executive Officer, who has final authority over resource allocation decisions and performance assessment. The business operating segments reflect this management structure and the manner in which financial information is currently evaluated by the Chief Executive Officer.
Developing and applying methodologies used to allocate items among the business operating segments is a dynamic process. Accordingly, financial results may be revised periodically as management systems are enhanced, methods of evaluating performance or product lines are updated, or organizational structure changes occur.
See Note 1 for a description of segment changes made during the third quarter of 2023. For more information on the Company’s business operating segments, as well as Other non-segment operations, see Note 26 in the Company’s 2023 Form 10-K.
Three Months Ended March 31, 2024
(dollars in millions) Consumer Banking Commercial Banking
Non-Core
Other Consolidated
Net interest income $ 1,093 $ 514 ($ 37 ) ($ 128 ) $ 1,442
Noninterest income 258 227 — 32 517
Total revenue 1,351 741 ( 37 ) ( 96 ) 1,959
Noninterest expense 903 317 25 113 1,358
Profit (loss) before provision (benefit) for credit losses 448 424 ( 62 ) ( 209 ) 601
Provision (benefit) for credit losses 81 81 19 ( 10 ) 171
Income (loss) before income tax expense (benefit) 367 343 ( 81 ) ( 199 ) 430
Income tax expense (benefit) 95 84 ( 21 ) ( 62 ) 96
Net income (loss) $ 272 $ 259 ($ 60 ) ($ 137 ) $ 334
Total average assets $ 73,833 $ 70,100 $ 10,554 $ 66,283 $ 220,770
Citizens Financial Group, Inc. | 74

Three Months Ended March 31, 2023
(dollars in millions) Consumer Banking Commercial Banking
Non-Core
Other Consolidated
Net interest income $ 1,011 $ 597 ($ 15 ) $ 50 $ 1,643
Noninterest income 256 201 — 28 485
Total revenue 1,267 798 ( 15 ) 78 2,128
Noninterest expense 857 331 32 76 1,296
Profit (loss) before provision (benefit) for credit losses 410 467 ( 47 ) 2 832
Provision (benefit) for credit losses 63 47 21 37 168
Income (loss) before income tax expense (benefit) 347 420 ( 68 ) ( 35 ) 664
Income tax expense (benefit) 90 101 ( 18 ) ( 20 ) 153
Net income (loss) $ 257 $ 319 ($ 50 ) ($ 15 ) $ 511
Total average assets $ 71,872 $ 78,891 $ 15,686 $ 56,262 $ 222,711
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Quantitative and qualitative disclosures about market risk are presented in the “Market Risk” section of Part I, Item 2 and is incorporated herein by reference.
ITEM 4. CONTROLS AND PROCEDURES
The Company maintains a set of disclosure controls and procedures designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. The design of any disclosure controls and procedures is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Any controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute, assurance of achieving the desired control objectives. In accordance with Rule 13a-15(b) of the Exchange Act, as of the end of the period covered by this quarterly report on Form 10-Q, an evaluation was carried out under the supervision and with the participation of the Company’s management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of its disclosure controls and procedures. Based on that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures, as of the end of the period covered by this quarterly report on Form 10-Q, were effective to provide reasonable assurance that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and is accumulated and communicated to the Company’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
There were no changes in our internal control over financial reporting identified in management's evaluation pursuant to Rules 13a-15(d) or 15d-15(d) of the Exchange Act during the period covered by this quarterly report on Form 10-Q that materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Information required by this item is presented in Note 11 and is incorporated herein by reference.
ITEM 1A. RISK FACTORS
In addition to the other information set forth in this Report, you should consider the risks described under Item 1A “Risk Factors” in the Company’s 2023 Form 10-K.
Citizens Financial Group, Inc. | 75

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Details of the repurchases of the Company’s common stock during the three months ended March 31, 2024 are included below:
Period
Total Number of Shares Repurchased (1)
Average Price Paid Per Share
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)
Maximum Dollar Amount of Shares That May Yet Be Purchased as Part of Publicly Announced Plans or Programs (2)
January 1, 2024 - January 31, 2024 1,167,972 $33.30 1,167,972 $1,055,111,234
February 1, 2024 - February 29, 2024 6,827,356 $32.34 6,827,224 $834,285,967
March 1, 2024 - March 31, 2024 1,249,611 $32.27 1,248,350 $794,000,087
(1) Includes shares repurchased to satisfy applicable tax withholding obligations in connection with an employee share-based compensation plan and the forfeiture of unvested restricted stock awards.
(2) On February 17, 2023, the Company announced that its Board of Directors increased the capacity under its common share repurchase program by an additional $1.15 billion, which was incremental to the $850 million of capacity remaining as of December 31, 2022 under the prior June 2022 authorization.
Common stock share repurchases may be executed in the open market or in privately negotiated transactions, including under Rule 10b5-1 plans and accelerated share repurchase and other structured transactions. The timing and exact amount of future share repurchases will be subject to various factors, including the Company’s capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory considerations.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS
3.1 Amended and Restated Certificate of Incorporation of the Registrant as in effect on the date hereof, as filed with the Secretary of State of the State of Delaware and effective April 28, 2022 (incorporated herein by reference to Exhibit 3.1 of the Current Report on Form 8-K, filed April 29, 2022)

3.2 Amended and Restated Bylaws of the Registrant (as amended and restated on February 16, 2023) (incorporated herein by reference to Exhibit 3.2 of the Annual Report on Form 10-K, filed February 17, 2023)

10.1 Citizens Financial Group, Inc. Non-Employee Directors Compensation Policy, Amended and Effective as of April 25, 2024†*

10.2 Amended and Restated Citizens Financial Group, Inc. 2014 Omnibus Incentive Plan, Amended and Restated Effective as of April 25, 2024†*

10.3 Amended and Restated Citizens Financial Group, Inc. 2014 Non-Employee Directors Compensation Plan, Amended and Restated Effective as of April 25, 2024†*

10.4 Amended and Restated Citizens Financial Group, Inc. 2014 Employee Stock Purchase Plan, Amended and Restated Effective as of July 1, 2024†*

31.1 Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*

31.2 Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*

32.1 Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*

Citizens Financial Group, Inc. | 76

32.2 Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*

101    The following materials from the Registrant's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024, formatted in inline XBRL: (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Stockholders’ Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to Consolidated Financial Statements*

104    Cover page interactive data file in inline XBRL format, included in Exhibit 101 to this report*

† Indicates management contract or compensatory plan or arrangement.
* Filed herewith.
Citizens Financial Group, Inc. | 77

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on May 6, 2024.

CITIZENS FINANCIAL GROUP, INC.
(Registrant)
By: /s/ C. Jack Read
Name: C. Jack Read
Title: Executive Vice President, Chief Accounting Officer and Controller
(Principal Accounting Officer and Authorized Officer)

Citizens Financial Group, Inc. | 78
TABLE OF CONTENTS
Part I. Financial InformationprintItem 2. Management S Discussion and Analysis Of Financial Condition and Results Of OperationsprintItem 1. Financial StatementsprintNote 1 - Significant Accounting PoliciesprintNote 2 - SecuritiesprintNote 3 - Loans and LeasesprintNote 4 - Credit Quality and The Allowance For Credit LossesprintNote 5 - Mortgage Banking and Other Serviced LoansprintNote 6 - Variable Interest EntitiesprintNote 7 - Borrowed FundsprintNote 8 - DerivativesprintNote 9 - Accumulated Other Comprehensive Income (loss)printNote 10 - Stockholders EquityprintNote 11 - Commitments and ContingenciesprintNote 12 - Fair Value MeasurementsprintNote 13 - Noninterest IncomeprintNote 14 - Other Operating ExpenseprintNote 15 - Earnings Per ShareprintNote 16 - Business Operating SegmentsprintItem 3. Quantitative and Qualitative Disclosures About Market RiskprintItem 4. Controls and ProceduresprintPart II. Other InformationprintItem 1. Legal ProceedingsprintItem 1A. Risk FactorsprintItem 2. Unregistered Sales Of Equity Securities and Use Of ProceedsprintItem 3. Defaults Upon Senior SecuritiesprintItem 4. Mine Safety DisclosuresprintItem 5. Other InformationprintItem 6. Exhibitsprint

Exhibits

3.1 Amended and Restated Certificate of Incorporation of the Registrant as in effect on the date hereof, as filed with the Secretary of State of the State of Delaware and effective April 28, 2022 (incorporated herein by reference to Exhibit 3.1 of the Current Report on Form 8-K, filed April 29, 2022)3.2Amended and Restated Bylaws of the Registrant (as amended and restated on February 16, 2023) (incorporated herein by reference to Exhibit 3.2 of the Annual Report on Form 10-K, filed February 17, 2023)10.1 Citizens Financial Group, Inc. Non-Employee Directors Compensation Policy, Amended and Effective as of April 25, 2024*10.2 Amended and Restated Citizens Financial Group, Inc. 2014 Omnibus Incentive Plan, Amended and Restated Effective as of April 25, 2024*10.3 Amended and Restated Citizens Financial Group, Inc. 2014 Non-Employee Directors Compensation Plan, Amended and Restated Effective as of April 25, 2024*10.4 Amended and Restated Citizens Financial Group, Inc. 2014 Employee Stock Purchase Plan, Amended and Restated Effective as of July 1, 2024*31.1 Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*31.2 Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*32.1Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*32.2Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*