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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
September 30, 2021
☐ 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
cfg-20210930_g1.jpg
(Exact name of the registrant as specified in its charter)
Delaware05-0412693
(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 classTrading symbol(s)Name of each exchange on which registered
Common stock, $0.01 par value per share
CFGNew 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 PrDNew 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 PrENew 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 426,199,576 shares of Registrant’s common stock ($0.01 par value) outstanding on October 22, 2021.


cfg-20210930_g1.jpg
Table of Contents
 3
Part I. Financial Information
 6
Item 1. Financial Statements
Notes to the Consolidated Financial Statements (unaudited)
 6
Item 3. Quantitative and Qualitative Disclosures about Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
Signature

Citizens Financial Group, Inc. | 2

GLOSSARY OF ACRONYMS AND TERMS
    The following is a list of common acronyms and terms we regularly use in our financial reporting:
2020 Form 10-K
Annual Report on Form 10-K for the year ended December 31, 2020
AACLAdjusted Allowance for Credit Losses
ACLAllowance for Credit Losses: Allowance for Loan and Lease Losses plus Allowance for Unfunded Lending Commitments
AFSAvailable for Sale
ALLLAllowance for Loan and Lease Losses
ALMAsset and Liability Management
AOCIAccumulated Other Comprehensive Income (Loss)
ARRCAlternative Reference Rate Committee
ASUAccounting Standards Update
ATMAutomated Teller Machine
Board or Board of DirectorsThe Board of Directors of Citizens Financial Group, Inc.
bpsBasis Points
Capital Plan RuleFederal Reserve’s Regulation Y Capital Plan Rule
CARES ActCoronavirus Aid, Relief, and Economic Security Act
CBNACitizens Bank, National Association
CCARComprehensive Capital Analysis and Review
CCBCapital Conservation Buffer
CCMICitizens Capital Markets, Inc.
CECLCurrent Expected Credit Losses (ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments)
CET1Common Equity Tier 1
CET1 capital ratioCommon 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 ourCitizens Financial Group, Inc. and its Subsidiaries
CLOCollateralized Loan Obligation
CLTVCombined Loan-to-Value
COVID-19 pandemicCoronavirus Disease 2019 Pandemic
CRECommercial Real Estate
Dodd-Frank ActThe Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
Elevated cashCash above targeted operating levels
EPSEarnings Per Share
ERCExecutive Risk Committee
EVEEconomic Value of Equity
Exchange ActThe Securities Exchange Act of 1934
Fannie Mae (FNMA)Federal National Mortgage Association
FCAFinancial Conduct Authority
FDICFederal Deposit Insurance Corporation
FHAFederal Housing Administration
FHLBFederal Home Loan Bank
FICOFair Isaac Corporation (credit rating)
FRB or Federal ReserveBoard of Governors of the Federal Reserve System and, as applicable, Federal Reserve Bank(s)
Freddie Mac (FHLMC)Federal Home Loan Mortgage Corporation
FTEFully Taxable Equivalent
GAAPAccounting Principles Generally Accepted in the United States of America
GDPGross Domestic Product
Citizens Financial Group, Inc. | 3

Ginnie Mae (GNMA)Government National Mortgage Association
GSEGovernment Sponsored Entity
HSBCHSBC Bank U.S.A., N.A.
HSBC branchesHSBC’s East Coast branches and National Online deposit business
HTMHeld To Maturity
ICEIntercontinental Exchange
InvestorsInvestors Bancorp, Inc.
JMPJMP Group LLC
Last-of-LayerLast-of-layer is a fair value hedge of the interest rate risk of a portfolio of similar prepayable assets whereby the last dollar amount within the portfolio of assets is identified as the hedged item
LHFSLoans Held for Sale
LIBORLondon Interbank Offered Rate
LIHTCLow Income Housing Tax Credit
LTVLoan to Value
MBSMortgage-Backed Securities
MD&AManagement’s Discussion and Analysis of Financial Condition and Results of Operations
Mid-AtlanticDistrict of Columbia, Delaware, Maryland, New Jersey, New York, Pennsylvania, Virginia, and West Virginia
MidwestIllinois, Indiana, Michigan, and Ohio
Modified CECL TransitionThe Day-1 CECL adoption entry booked to retained earnings plus 25% of subsequent CECL ACL reserve build
Modified AACL TransitionThe Day-1 CECL adoption entry booked to ACL plus 25% of subsequent CECL ACL reserve build
MSRsMortgage Servicing Rights
NCOsNet charge-offs
New EnglandConnecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont
NPLsNonaccrual loans and leases
OCCOffice of the Comptroller of the Currency
OCIOther Comprehensive Income (Loss)
Operating Leverage
Period-over-period percent change in total revenue, less the period-over-period percent change in noninterest expense
Parent CompanyCitizens Financial Group, Inc. (the Parent Company of Citizens Bank, National Association and other subsidiaries)
PPPPaycheck Protection Program
ROTCEReturn on Average Tangible Common Equity
RPARisk Participation Agreement
RWARisk-Weighted Assets
SBAUnited States Small Business Administration
SCBStress Capital Buffer
SECUnited States Securities and Exchange Commission
SOFRSecured Overnight Financing Rate
SVaRStressed Value at Risk
Tailoring RulesRules establishing risk-based categories for determining prudential standards for large U.S. and foreign banking organizations, consistent with the Dodd-Frank Act, as amended by the Economic Growth, Regulatory Relief and Consumer Protection Act
TBAsTo-Be-Announced Mortgage Securities
TDRTroubled Debt Restructuring
Tier 1 capital ratioTier 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
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Tier 1 leverage ratioTier 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
Total capital ratioTotal 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
USDAUnited States Department of Agriculture
VAUnited States Department of Veterans Affairs
VaRValue at Risk
VIEVariable Interest Entities
WillametteWillamette Management Associates, Inc.
Citizens Financial Group, Inc. | 5

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

Page
Forward-Looking Statements
 7
 8
 10
Selected Consolidated Financial Data
Results of Operations
Analysis of Financial Condition

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FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements regarding potential future share repurchases and future dividends as well as the potential effects of the COVID-19 pandemic and associated lockdowns on our business, operations, financial performance and prospects, are forward-looking statements. Also, 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 and political conditions that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits which may affect, among other things, the level of nonaccrual assets, charge-offs and provision expense;
•The rate of growth in the economy and employment levels, as well as general business and economic conditions, and changes in the competitive environment;
•Our ability to implement our business strategy, including the cost savings and efficiency components, and achieve our financial performance goals, including through the integration of Investors and the HSBC branches;
•The COVID-19 pandemic and associated lockdowns and their effects on the economic and business environments in which we operate;
•Our ability to meet heightened supervisory requirements and expectations;
•Liabilities and business restrictions resulting from litigation and regulatory investigations;
•Our capital and liquidity requirements under regulatory capital standards and our ability to generate capital internally or raise capital on favorable terms;
•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;
•The effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin;
•Financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses;
•A failure in or breach of our operational or security systems or infrastructure, or those of our third party vendors or other service providers, including as a result of cyber-attacks;
•An inability to complete the acquisitions of Investors or the HSBC branches, or changes in the current anticipated timeframe, terms or manner of such acquisitions;
•Greater than expected costs or other difficulties related to the integration of our business and that of Investors and HSBC branches;
•The inability to retain existing Investors or HSBC clients and employees following the closings of the Investors and HSBC branch acquisitions;
Citizens Financial Group, Inc. | 7

•The occurrence of any event change or other circumstance that could give rise to the right of one or both parties to terminate (i) the agreement to acquire Investors or (ii) the agreement to acquire HSBC branches; and
•Management’s ability to identify and manage these and other risks.
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, risk-weighted assets, capital impacts of strategic initiatives, market conditions and regulatory and accounting 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. Further, statements about the effects of the COVID-19 pandemic and associated lockdowns on our business, operations, financial performance and prospects may constitute forward-looking statements and are subject to the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, third parties and us. In addition, statements about our net charge-off guidance constitute forward-looking statements and are subject to the risk that the actual charge-offs may differ, possibly materially, from what is reflected in those statements due to, among other potential factors, the impact of the COVID-19 pandemic and the effectiveness of stimulus and forbearance programs in response, changes in economic conditions, and idiosyncratic events affecting our commercial loans. Statements about Citizens’ agreement to acquire Investors and CBNA’s agreement to acquire HSBC branches also constitute forward-looking statements and are subject to the risk that actual results could be materially different from those expressed in those statements, including if either of both transactions are not consummated in a timely manner or at all, or if integration is more costly or difficult than expected.
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 2020 Form 10-K as well as Part II, Item 1A of our Form 10-Q for the quarter ended June 30, 2021.
INTRODUCTION
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions with $187.0 billion in assets as of September 30, 2021. 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 to offer tailored advice, ideas, and solutions. In Consumer Banking, we provide an integrated experience that includes mobile and online banking, a 24/7 customer contact center, the convenience of approximately 3,000 ATMs and approximately 1,000 branches in 11 states in the New England, Mid-Atlantic, and Midwest regions. 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.
On May 26, 2021, CBNA entered into an agreement to acquire 80 East Coast branches and the national online deposit business from HSBC for an approximate 2.0% premium paid on deposits at closing. The HSBC acquisition provides an attractive entry into important metro markets and supports our national expansion strategy. The branch purchase includes 66 locations in the New York City Metro area, 9 locations in the Mid-Atlantic/Washington D.C. area, and 5 locations in Southeast Florida. As of September 30, 2021, there were approximately $8.4 billion in deposits and $1.9 billion in loans. The transaction is expected to close in the first quarter of 2022, subject to customary closing terms and conditions and regulatory approvals.
On July 28, 2021 Citizens entered into a definitive agreement and a plan of merger under which we will acquire all of the outstanding shares of Investors for a combination of stock and cash. Pursuant to the terms of the agreement, Investors shareholders will receive 0.297 of a share of the Company’s common stock and $1.46 in cash for each share of Investors they own. The acquisition of Investors enhances Citizens’ banking franchise, adding an attractive middle market, small business and consumer customer base while building our physical presence in the northeast with the addition of 154 branches located in the greater New York City and Philadelphia metropolitan areas and across New Jersey. As of September 30, 2021, Investors disclosed that it had total assets of $27.3 billion, including $21.6 billion of loans, $24.5 billion of liabilities, including $20.4 billion of
Citizens Financial Group, Inc. | 8

deposits, and $2.8 billion of stockholders’ equity. The merger is expected to close in early second quarter 2022, subject to approval by the shareholders of Investors, regulatory approvals, and other customary closing conditions.
On August 5, 2021, Citizens entered into a definitive agreement to acquire Willamette, a valuation consulting and forensic analysis firm with offices in Chicago, Atlanta, and Portland, Oregon. This transaction further strengthens our growing corporate financial advisory capabilities. The acquisition was completed on September 1, 2021.
On September 8, 2021, Citizens entered into a definitive agreement to acquire JMP in an all-cash transaction. This acquisition further strengthens Citizens’ corporate finance and strategic advisory capabilities. Under the agreement, JMP shareholders will receive $7.50 for each common share of JMP they own, or approximately $149 million in cash. This transaction is targeted to close in mid-fourth quarter 2021, subject to approval by the shareholders of JMP and other customary closing conditions.
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 the unaudited interim Consolidated Financial Statements in Part I, Item 1, as well as other information contained in this document and our 2020 Form 10-K.
Non-GAAP Financial Measures
This document contains non-GAAP financial measures denoted as “Underlying”, “excluding PPP loans”, as well as other results excluding the impact of certain items. 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 or results excluding the impact of certain items in any given reporting period reflect our on-going financial performance and increase comparability of period-to-period results, and useful to consider in addition to our GAAP financial results.
Other companies may use similarly titled non-GAAP financial measures that are 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 or identified as excluding the impact of certain items. 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
Quarterly Results - Key Highlights
    Net income of $530 million increased 69% from $314 million in the third quarter of 2020, with earnings per diluted common share of $1.18, up $0.50 from $0.68 per diluted common share in the third quarter of 2020. ROTCE of 13.7% compared to 8.3% in the third quarter of 2020.
    Third quarter 2021 results reflect $16 million of expenses, net of tax benefit, or $0.04 per diluted common share, from notable items compared to $24 million of expenses, net of tax benefit, or $0.05 per diluted common share, from notable items in third quarter of 2020. On an Underlying basis, which excludes notable items, net income available to common stockholders of $520 million compared with $313 million in the third quarter of 2020. Underlying EPS of $1.22 compared to $0.73 in the third quarter of 2020. Underlying ROTCE of 14.2% compared with 9.0% in third quarter of 2020.
Table 1: Notable Items
Three Months Ended September 30,
20212020
(in millions)Noninterest expenseIncome tax expenseNet IncomeNoninterest expenseIncome tax expenseNet Income
Reported results (GAAP):$1,011 $151 $530 $988 $61 $314 
Less notable items:
Total integration costs4 (1)(3)2 — (2)
Other notable items(1)
19 (6)(13)29 (7)(22)
Total notable items23 (7)(16)31 (7)(24)
Underlying results (non-GAAP)$988 $158 $546 $957 $68 $338 
(1) Other notable items for the third quarter of 2021 include a pension settlement charge and a compensation-related tax credit as well as TOP 6 transformational and revenue and efficiency initiatives. Third quarter 2020 includes our TOP 6 transformational and revenue and efficiency initiatives.

•Total revenue of $1.7 billion decreased $132 million, or 7%, from the third quarter of 2020, driven by a decrease of 21% in noninterest income, partially offset by a 1% increase in net interest income.
•Net interest income of $1.1 billion increased 1% compared to the third quarter of 2020 reflecting 4% growth in interest-earning assets, largely offset by lower net interest margin.
◦Net interest margin of 2.72% decreased 10 basis points compared to 2.82% in the third quarter of 2020, primarily reflecting the impact of elevated cash balances and the lower rate environment, partly offset by improved funding mix and deposit pricing and the benefit of accelerated PPP loan forgiveness.
–Net interest margin on a FTE basis of 2.72% decreased 11 basis points compared to 2.83% in the third quarter of 2020.
–Average loans and leases of $122.6 billion decreased $2.3 billion, or 2%, from $124.9 billion in the third quarter of 2020, driven by a $5.2 billion decrease in commercial reflecting payoffs and a $1.9 billion decrease in PPP loans. The decrease in commercial was partially offset by a $2.9 billion increase in retail driven by growth in education, residential mortgage and automobile, partially offset by planned runoff of personal unsecured installment loans and a decrease in home equity.
–Average deposits of $151.9 billion increased $10.5 billion, or 7%, from $141.4 billion in the third quarter of 2020, reflecting an increase in demand deposits, money market accounts, savings and checking with interest, partially offset by a decrease in term deposits.
◦Noninterest income of $514 million decreased $140 million, or 21%, from the third quarter of 2020, driven by a decline in mortgage banking fees and other income, partially offset by higher capital markets, service charges, card and trust and investment services fees.
•Noninterest expense of $1.0 billion was stable compared to the third quarter of 2020.
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◦On an Underlying basis, noninterest expense of $988 million increased $31 million, or 3%, from the third quarter of 2020, given higher salaries and employee benefits, outside services and other operating expense.
•The efficiency ratio of 60.9% compared to 55.2% in the third quarter of 2020.
◦On an Underlying basis, the efficiency ratio of 59.5% compared to 53.4% in the third quarter of 2020.
•Credit provision benefit of $33 million compares with a $428 million credit provision expense in the third quarter of 2020, reflecting strong credit performance across the retail and commercial loan portfolios and improvement in the macroeconomic outlook.
Year to Date and Period End - Key Highlights
Net income of $1.8 billion increased $1.2 billion from the first nine months of 2020, with earnings per diluted common share of $3.99, up $2.76 from $1.23 per diluted common share in the first nine months of 2020. ROTCE of 16.1% increased from 5.1% in the first nine months of 2020. Improved results primarily reflect the impact of the COVID-19 pandemic and associated lockdowns in the first nine months of 2020, resulting in a significant ACL reserve build during this period.
In the first nine months of 2021, results reflect $39 million of expenses, net of tax benefit, or $0.10 per diluted common share, from notable items compared to $59 million of expenses, net of tax benefit, or $0.14 per diluted common share, from notable items in the first nine months of 2020.
Table 2: Notable Items
Nine Months Ended September 30,
20212020
(in millions)Noninterest expenseIncome tax expenseNet IncomeNoninterest expenseIncome tax expenseNet Income
Reported results (GAAP)$3,020 $504 $1,789 $2,979 $126 $601 
Less notable items:
Total integration costs6 (2)(4)8 (2)(6)
Other notable items(1)
48 (13)(35)75 (22)(53)
Total notable items54 (15)(39)83 (24)(59)
Underlying results (non-GAAP)$2,966 $519 $1,828 $2,896 $150 $660 
(1) For the nine months ended September 30, 2021, Other notable items include a pension settlement charge and a compensation-related credit as well as our TOP 6 transformational and revenue and efficiency initiatives. Other notable items for the nine months ended September 30, 2020 includes our TOP 6 transformational and revenue and efficiency initiatives as well as an income tax benefit related to legacy tax matters.
•Net income available to common stockholders of $1.7 billion increased $1.2 billion, compared to $526 million in the first nine months of 2020.
◦On an Underlying basis, which excludes notable items, net income available to common stockholders of $1.7 billion compared with $585 million in the first nine months of 2020.
◦On an Underlying basis, EPS of $4.09 compared to $1.37 in the first nine months of 2020.
•Total revenue of $4.9 billion decreased $271 million, or 5%, from the first nine months of 2020, driven by declines of 11% and 2% in noninterest income and net interest income, respectively.
◦Net interest income of $3.4 billion decreased 2% given lower net interest margin, partially offset by 5% growth in interest-earning assets.
◦Net interest margin of 2.73% decreased 20 basis points from 2.93% in the first nine months of 2020, reflecting the impact of a lower rate environment, lower interest-earning asset yields and elevated cash balances, partly offset by improved funding mix and deposit pricing and the benefit of accelerated PPP loan forgiveness.
–Net interest margin on a FTE basis of 2.73% decreased 20 basis points, compared to 2.93% in the first nine months of 2020.
–Average loans and leases of $123.0 billion decreased $1.9 billion, or 2%, from $124.9 billion in the first nine months of 2020, driven by a $3.5 billion decrease in commercial reflecting line of credit repayments and net payoffs, partially offset by an increase in PPP loans. The decrease in commercial was partially offset by a $1.6 billion increase in retail driven by
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growth in education, residential mortgage and automobile, partially offset by planned run-off of personal unsecured installment loans and a decrease in home equity.
–Period-end loans increased $228 million from the fourth quarter of 2020, reflecting 5% growth in retail and a 5% decline in commercial.
–Average deposits of $149.6 billion increased $13.1 billion, or 10%, from $136.5 billion in the first nine months of 2020, reflecting an increase in demand deposits, money market accounts, savings and checking with interest, partially offset by a decrease in term deposits.
–Period-end deposit growth of $5.1 billion, or 3%, from the fourth quarter of 2020, reflecting elevated liquidity tied to government stimulus associated with the COVID-19 disruption.
◦Noninterest income of $1.5 billion decreased $200 million, or 11%, from the first nine months of 2020, driven by a decline in mortgage banking fees partially offset by improved capital markets, trust and investment services, letter of credit and loan, card and service charges and fees.
•Noninterest expense of $3.0 billion was stable compared to the first nine months of 2020.
◦On an Underlying basis, noninterest expense increased 2% from the first nine months of 2020, reflecting higher outside services, equipment and software expense, and salaries and employee benefits, partially offset by a decrease in other operating expense.
•The efficiency ratio of 61.3% compared to 57.3% for the first nine months of 2020, and ROTCE of 16.1% compared to 5.1%.
◦On an Underlying basis, the efficiency ratio of 60.2% compared to 55.7% for the first nine months of 2020, and ROTCE of 16.5% compared to 5.7%.
•Credit provision benefit of $386 million compares with a $1.5 billion credit provision expense for the first nine months of 2020, reflecting strong credit performance across the retail and commercial loan portfolios and improvement in the macroeconomic outlook.
•Tangible book value per common share of $34.44 increased 7% from the first nine months of 2020. Fully diluted average common shares outstanding was stable over the same period.
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SELECTED CONSOLIDATED FINANCIAL DATA
The summary of the Consolidated Operating Data for the three and nine months ended September 30, 2021 and 2020 and the summary Consolidated Balance Sheet data as of September 30, 2021 and December 31, 2020 are derived from our unaudited interim Consolidated Financial Statements, included in Part I, Item 1. Our historical results are not necessarily indicative of the results expected for any future period.
Table 3: Summary of Consolidated Operating Data
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in millions, except per share amounts) 2021 202020212020
OPERATING DATA:
Net interest income$1,145 $1,137 $3,386 $3,457 
Noninterest income514 654 1,541 1,741 
Total revenue1,659 1,791 4,927 5,198 
Provision for credit losses(33)428 (386)1,492 
Noninterest expense1,011 988 3,020 2,979 
Income before income tax expense681 375 2,293 727 
Income tax expense151 61 504 126 
Net income$530 $314 $1,789 $601 
Net income available to common stockholders$504 $289 $1,708 $526 
Net income per common share - basic $1.18 $0.68 $4.01 $1.23 
Net income per common share - diluted $1.18 $0.68 $3.99 $1.23 
OTHER OPERATING DATA:
Return on average common equity9.39 %5.60 %10.91 %3.45 %
Return on average tangible common equity13.71 8.33 16.08 5.15 
Return on average total assets1.13 0.70 1.30 0.46 
Return on average total tangible assets1.17 0.73 1.35 0.48 
Efficiency ratio60.92 55.18 61.30 57.31 
Operating leverage(9.64)7.77 (6.59)2.95 
Net interest margin, FTE(1)
2.72 2.83 2.73 2.93 
Effective income tax rate22.35 16.10 22.01 17.27 
(1) Net interest margin is presented on a FTE basis using the federal statutory tax rate of 21%.
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Table 4: Summary of Consolidated Balance Sheet data
(dollars in millions)September 30, 2021December 31, 2020
BALANCE SHEET DATA:
Total assets$187,007 $183,349 
Loans held for sale, at fair value3,177 3,564 
Other loans held for sale93 439 
Loans and leases123,318 123,090 
Allowance for loan and lease losses(1,855)(2,443)
Total securities28,107 26,847 
Goodwill7,065 7,050 
Total liabilities163,584 160,676 
Total deposits152,221 147,164 
Short-term borrowed funds8 243 
Long-term borrowed funds6,947 8,346 
Total stockholders’ equity23,423 22,673 
OTHER BALANCE SHEET DATA:
Asset Quality Ratios:
Allowance for loan and lease losses to loans and leases1.50 %1.98 %
Allowance for credit losses to loans and leases1.63 2.17 
Allowance for credit losses to loans and leases, excluding the impact of PPP loans(1)
1.65 2.24 
Allowance for loan and lease losses to nonaccrual loans and leases248 240 
Allowance for credit losses to nonaccrual loans and leases268 262 
Nonaccrual loans and leases to loans and leases0.61 0.83 
Capital Ratios:
CET1 capital ratio10.3 %10.0 %
Tier 1 capital ratio11.6 11.3 
Total capital ratio13.4 13.4 
Tier 1 leverage ratio9.7 9.4 
(1) For more information on the computation of non-GAAP financial measures, see “—Introduction — Non-GAAP Financial Measures” and “—Non-GAAP Financial Measures and Reconciliations.”


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RESULTS OF OPERATIONS
Net Interest Income
The following table presents a five quarter trend of our Net interest margin, FTE and Net interest income:
cfg-20210930_g2.jpg

Third quarter 2021 versus second quarter 2021: Net interest income of $1.1 billion was up 2% given higher day count and interest-earning asset growth, with stable net interest margin. Net interest margin on a FTE basis of 2.72% reflects the benefit of accelerated PPP forgiveness, improved funding mix, and deposit pricing, partially offset by higher cash balances and lower earning-asset yields. Interest-bearing deposit costs of 14 basis points decreased 2 basis points.

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Table 5: Major Components of Net Interest Income, Quarter-to-Date
Three Months Ended September 30,
20212020
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$13,749 $6 0.16 %$6,250 $2 0.10 %$7,499 6 bps
Taxable investment securities27,466 116 1.69 24,654 121 1.95 2,812 (26)
Non-taxable investment securities2 — 2.60 4 — 2.60 (2)—
Total investment securities27,468 116 1.69 24,658 121 1.95 2,810 (26)
Commercial and industrial42,330 362 3.36 46,844 383 3.20 (4,514)16
Commercial real estate14,656 96 2.56 14,644 96 2.57 12 (1)
Leases1,695 12 2.72 2,373 16 2.65 (678)7
Total commercial loans and leases58,681 470 3.14 63,861 495 3.03 (5,180)11
Residential mortgages20,834 157 3.01 19,427 153 3.15 1,407 (14)
Home equity11,829 92 3.08 12,416 100 3.21 (587)(13)
Automobile13,136 126 3.83 12,019 128 4.23 1,117 (40)
Education12,707 134 4.19 10,929 130 4.74 1,778 (55)
Other retail5,454 99 7.15 6,260 114 7.22 (806)(7)
Total retail loans63,960 608 3.78 61,051 625 4.08 2,909 (30)
Total loans and leases122,641 1,078 3.47 124,912 1,120 3.54 (2,271)(7)
Loans held for sale, at fair value3,299 21 2.51 3,295 21 2.60 4 (9)
Other loans held for sale112 1 3.98 1,061 16 6.02 (949)(204)
Interest-earning assets167,269 1,222 2.89 160,176 1,280 3.15 7,093 (26)
Noninterest-earning assets18,839 17,499 1,340 
Total assets$186,108 $177,675 $8,433 
Liabilities and Stockholders’ Equity
Checking with interest$27,965 $7 0.09 %$26,638 $8 0.13 %$1,327 (4)
Money market accounts49,159 18 0.14 45,187 33 0.28 3,972 (14)
Regular savings20,803 5 0.09 16,902 10 0.24 3,901 (15)
Term deposits6,071 5 0.43 12,032 38 1.25 (5,961)(82)
Total interest-bearing deposits103,998 35 0.14 100,759 89 0.35 3,239 (21)
Short-term borrowed funds23 — 2.06 240 — 0.13 (217)193
Long-term borrowed funds6,956 42 2.38 9,196 54 2.35 (2,240)3
Total borrowed funds6,979 42 2.38 9,436 54 2.30 (2,457)8
Total interest-bearing liabilities110,977 77 0.28 110,195 143 0.52 782 (24)
Demand deposits47,873 40,608 7,265 
Other liabilities3,904 4,374 (470)
Total liabilities162,754 155,177 7,577 
Stockholders’ equity23,354 22,498 856 
Total liabilities and stockholders’ equity$186,108 $177,675 $8,433 
Interest rate spread2.61 %2.63 %(2)
Net interest income and net interest margin$1,145 2.72 %$1,137 2.82 %(10)
Net interest income and net interest margin, FTE(1)
$1,147 2.72 %$1,140 2.83 %(11)
Memo: Total deposits (interest-bearing and demand)$151,871 $35 0.09 %$141,367 $89 0.25 %$10,504 (16) 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.
Third quarter 2021 vs third quarter 2020: Net interest income of $1.1 billion increased 1% from the third quarter of 2020 reflecting 4% growth in interest-earning assets, largely offset by lower net interest margin.
Net interest margin on a FTE basis of 2.72% decreased 11 basis points compared to 2.83% in the third quarter of 2020, primarily reflecting the impact of elevated cash balances and the lower rate environment, partially offset by an improved funding mix, deposit pricing, and the benefit of accelerated PPP loan forgiveness. Interest-bearing deposit costs decreased 21 basis points. Average interest-earning asset yields of 2.89% decreased 26 basis points from 3.15% in the third quarter of 2020, while average interest-bearing liability costs of 0.28% decreased 24 basis points from 0.52% in the third quarter of 2020.
    Average interest-earning assets of $167.3 billion increased $7.1 billion, or 4%, from the third quarter of 2020, as elevated liquidity drove a $7.5 billion increase in cash held in interest-bearing deposits, and a $2.8 billion increase in investments. Loans and loans held for sale decreased $3.2 billion, or 2%, with a $5.2 billion decrease in average commercial reflecting line of credit repayments and net payoffs and a 1.9 billion decrease in
Citizens Financial Group, Inc. | 16

PPP loans. Retail loans increased $2.9 billion driven by growth in education, residential mortgage, and automobile, partially offset by planned run-off of personal unsecured installment loans and a decrease in home equity. Loans held for sale decreased $945 million, driven by education.
    Average deposits of $151.9 billion increased $10.5 billion, or 7%, from the third quarter of 2020, reflecting an increase in demand deposits, money market accounts, savings and checking with interest, partially offset by a decrease in term deposits. Average total borrowed funds of $7.0 billion decreased $2.5 billion from the third quarter of 2020, as strong customer deposit inflows enabled the pay down of senior debt and short-term borrowings. Total borrowed funds costs of $42 million decreased $12 million from the third quarter of 2020. The total borrowed funds cost of 2.38% increased 8 basis points from 2.30% in the third quarter of 2020.
Table 6: Major Components of Net Interest Income, Year-to-Date
Nine Months Ended September 30,
20212020
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$11,967 $12 0.13 %$4,453 $8 0.24 %$7,514 (11) bps
Taxable investment securities27,366 368 1.79 25,056 398 2.12 2,310 (33)
Non-taxable investment securities3 — 2.60 4 — 2.60 (1)—
Total investment securities27,369 368 1.79 25,060 398 2.12 2,309 (33)
Commercial and industrial43,661 1,054 3.19 46,813 1,212 3.40 (3,152)(21)
Commercial real estate14,601 285 2.57 14,354 341 3.12 247 (55)
Leases1,800 37 2.73 2,427 50 2.74 (627)(1)
Total commercial loans and leases60,062 1,376 3.02 63,594 1,603 3.31 (3,532)(29)
Residential mortgages20,160 459 3.03 19,056 467 3.27 1,104 (24)
Home equity11,884 279 3.14 12,730 363 3.81 (846)(67)
Automobile12,634 376 3.98 12,063 388 4.30 571 (32)
Education12,593 403 4.28 10,908 424 5.19 1,685 (91)
Other retail 5,659 304 7.18 6,556 369 7.51 (897)(33)
Total retail loans62,930 1,821 3.87 61,313 2,011 4.38 1,617 (51)
Total loans and leases122,992 3,197 3.45 124,907 3,614 3.84 (1,915)(39)
Loans held for sale, at fair value3,435 63 2.45 2,635 56 2.85 800 (40)
Other loans held for sale242 9 4.88 791 32 5.32 (549)(44)
Interest-earning assets166,005 3,649 2.92 157,846 4,108 3.45 8,159 (53)
Noninterest-earning assets18,386 17,046 1,340 
Total assets$184,391 $174,892 $9,499 
Liabilities and Stockholders’ Equity:
Checking with interest$27,126 $18 0.09 %$25,857 $56 0.29 %$1,269 (20)
Money market accounts49,362 61 0.16 43,411 165 0.51 5,951 (35)
Regular savings19,839 15 0.10 15,667 43 0.37 4,172 (27)
Term deposits7,195 33 0.64 15,692 176 1.49 (8,497)(85)
Total interest-bearing deposits103,522 127 0.16 100,627 440 0.58 2,895 (42)
Short-term borrowed funds80 — 0.74 368 1 0.53 (288)21
Long-term borrowed funds7,570 136 2.38 11,660 210 2.39 (4,090)(1)
Total borrowed funds7,650 136 2.36 12,028 211 2.33 (4,378)3
Total interest-bearing liabilities111,172 263 0.32 112,655 651 0.77 (1,483)(45)
Demand deposits46,120 35,922 10,198 
Other liabilities4,166 4,172 (6)
Total liabilities161,458 152,749 8,709 
Stockholders’ equity22,933 22,143 790 
Total liabilities and stockholders’ equity$184,391 $174,892 $9,499 
Interest rate spread2.61 %2.68 %(7)
Net interest income and net interest margin$3,386 2.73 %$3,457 2.93 %(20)
Net interest income and net interest margin, FTE(1)
$3,393 2.73 %$3,467 2.93 %(20)
Memo: Total deposits (interest-bearing and demand)$149,642 $127 0.11 %$136,549 $440 0.43 %$13,093 (32) 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.
First nine months 2021 versus first nine months 2020: Net interest income of $3.4 billion decreased 2% from the first nine months of 2020, reflecting 5% growth in interest-earning assets, largely offset by lower net interest margin.
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Net interest margin on a FTE basis of 2.73% decreased 20 basis points compared to 2.93% in the first nine months of 2020, primarily reflecting the impact of a lower rate environment, and elevated cash balances given strong deposit flows, partially offset by the benefit of accelerated PPP loan forgiveness, improved funding mix, and deposit pricing. Average interest-earning asset yields of 2.92% decreased 53 basis points from 3.45% in the first nine months of 2020, while average interest-bearing liability costs of 0.32% decreased 45 basis points from 0.77% in the first nine months of 2020.
Average interest-earning assets of $166.0 billion increased $8.2 billion, or 5%, from the first nine months of 2020, as elevated liquidity drove a $7.5 billion increase in cash held in interest-bearing deposits and a $2.3 billion, or 9%, increase in investments. Results also reflected a $1.7 billion, or 1%, decrease in average loans and leases and LHFS with a $3.5 billion decrease in average commercial loans and leases reflecting payoffs, partially offset by a $1.3 billion increase in PPP loans. Furthermore, average retail loans increased $1.6 billion, driven by growth in education, residential mortgage, and automobile, partially offset by decreases in home equity and other retail given run-off of personal unsecured installment loans. Loans held for sale increased $251 million, reflecting mortgage originations.
Average deposits of $149.6 billion increased $13.1 billion, or 10%, from the first nine months of 2020, reflecting growth in demand deposits, money market accounts, savings, and checking with interest, partially offset by a decline in term deposits. Average total borrowed funds of $7.7 billion decreased $4.4 billion from the first nine months of 2020, given the pay down of senior debt and short-term borrowings. Total borrowed funds costs of $136 million decreased $75 million from the first nine months of 2020. The total borrowed funds cost of 2.36% increased 3 basis points from 2.33% in the first nine months of 2020.
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Noninterest Income

The following table presents a five quarter trend of our noninterest income:
cfg-20210930_g3.jpg
Third quarter 2021 versus second quarter 2021: Noninterest income of $514 million increased $29 million, or 6%, from the second quarter of 2021. Results reflect higher mortgage banking fees, service charges and fees, card fees and other income, partially offset by lower capital markets fees.
•Mortgage banking fees increased driven by strong origination levels, the benefit of lower agency fees and improved MSR hedge results.
•Services charges and fees and card fees increased reflecting seasonality and the benefit of economic recovery.
•Other income increased reflecting the benefit of higher community development-related income and a seasonal improvement in tax-advantaged investments.
•Capital markets fees declined from record levels reflecting seasonally lower activity, primarily in syndication fees, partially offset by higher merger and acquisition advisory fees.
Table 7: Noninterest Income
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)20212020ChangePercent20212020ChangePercent
Mortgage banking fees$108 $287 ($179)(62 %)$358 $722 ($364)(50 %)
Service charges and fees110 97 13 13 309 299 10 3 
Capital markets fees72 58 14 24 244 162 82 51 
Card fees66 57 9 16 185 161 24 15 
Trust and investment services fees61 53 8 15 179 151 28 19 
Letter of credit and loan fees39 37 2 5 115 102 13 13 
Foreign exchange and interest rate products29 27 2 7 85 85 — — 
Securities gains, net3 1 2 200 9 4 5 125 
Other income(1)
26 37 (11)(30)57 55 2 4 
Noninterest income$514 $654 ($140)(21 %)$1,541 $1,741 ($200)(11 %)
(1) Includes bank-owned life insurance income and other miscellaneous income for all periods presented.

Third quarter 2021 versus third quarter 2020: Noninterest income decreased $140 million, or 21%, from the third quarter of 2020. Results reflect lower mortgage banking fees and other income, partially offset by higher capital markets, service charges, card and trust and investment services fees.
•Mortgage banking fees decreased driven by lower gain-on-sale margins and production volumes.
•Capital markets fees increased driven by loan syndication and merger and acquisition advisory fees.
•Service charges and fees increased reflecting recovery from COVID-19 impacts.
•Card fees increased reflecting higher debit and credit card volumes given economic recovery.
Citizens Financial Group, Inc. | 19

•Other income decreased largely tied to a gain on the sale of education loans in the third quarter of 2020.
•Trust and investment services fees increased driven by an increase in assets under management from higher equity market levels and strong inflows.
First nine months 2021 versus first nine months 2020: Noninterest income decreased $200 million, or 11%, from the first nine months of 2020. Results reflect lower mortgage banking fees partially offset by improved capital markets, trust and investment services, letter of credit and loan, card and service charges and fees.
•Mortgage banking fees decreased reflecting increased industry capacity and heightened competition resulting in lower gain-on-sale margins and production volumes.
•Capital markets fees increased driven by loan syndication, underwriting, and merger and acquisition advisory fees.
•Trust and investment services fees increased driven by an increase in assets under management from higher equity market levels and strong inflows.
•Letter of credit and loan fees increased reflecting higher commitment fees.
•Card fees and service charges and fees increased largely tied to economic recovery.
Noninterest Expense
    The following table presents a five quarter trend of our noninterest expense:
cfg-20210930_g4.jpg
Third quarter 2021 versus second quarter 2021: Noninterest expense of $1.0 billion, or $988 million on an Underlying basis, was up slightly reflecting strong expense discipline and the benefit of efficiency initiatives.
Table 8: Noninterest Expense
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)20212020ChangePercent20212020ChangePercent
Salaries and employee benefits$509 $524 ($15)(3 %)$1,581 $1,586 ($5)— %
Equipment and software157 149 8 5 464 424 40 9 
Outside services144 139 5 4 420 405 15 4 
Occupancy77 81 (4)(5)247 247 — — 
Other operating expense124 95 29 31 308 317 (9)(3)
Noninterest expense$1,011 $988 $23 2 %$3,020 $2,979 $41 1 %
Third quarter 2021 versus third quarter 2020: Noninterest expense increased $23 million, or 2%, compared to the third quarter of 2020 and remains well-controlled. Salaries and employee benefits were lower as a result of a compensation-related credit associated with the CARES Act. Other operating expenses increased reflecting a pension settlement charge. On an Underlying basis, noninterest expense of $988 million increased $31 million, or 3%, compared to $957 million given higher salaries and employee benefits, outside services and other operating expense.
•Higher salaries and employee benefits reflect revenue-based compensation and merit increases.
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•Outside services increased largely tied to growth initiatives.
•Other operating expense increased reflecting higher travel and advertising costs.
First nine months 2021 versus first nine months 2020: Noninterest expense increased $41 million, or 1%, and was stable with the first nine months of 2020. On an Underlying basis, noninterest expense of $3.0 billion increased $70 million, or 2%, given higher salaries and employee benefits and outside services due to the reasons stated above and higher equipment and software expense. These increases were partially offset by a decline in other operating expense.
•Equipment and software expense increased reflecting higher technology spend.
•Other operating expense decreased reflecting lower travel and advertising costs.
Provision for Credit Losses
The following table presents a five quarter trend of our provision for credit losses, net charge-offs and net charge-off ratio:
            
cfg-20210930_g5.jpg
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 — Allowance for Credit Losses and Nonaccrual Loans and Leases” for more information.
Third quarter 2021 versus second quarter 2021: In the third quarter of 2021, strong credit performance across the retail and commercial loan portfolios and improvement in the macroeconomic outlook resulted in a credit provision benefit of $33 million. This compared to a credit provision benefit of $213 million in the second quarter of 2021.
Third quarter 2021 versus third quarter 2020: The credit provision benefit was $33 million in the third quarter of 2021, compared with a $428 million credit provision expense in the third quarter of 2020. The credit provision expense in 2020 reflects the adverse impacts from the COVID-19 pandemic and associated lockdowns, while the credit provision benefit in 2021 reflects strong credit performance and improving macroeconomic outlook.
First nine months 2021 versus first nine months 2020: The credit provision benefit was $386 million in the first nine months of 2021. This compared to a credit provision expense of $1.5 billion in the first nine months of 2020, which reflected the adverse impacts from the COVID-19 pandemic and associated lockdowns.
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Income Tax Expense
The following table presents a five quarter trend of our income tax expense and effective income tax rate:
cfg-20210930_g6.jpg
Third quarter 2021 versus third quarter 2020: Income tax expense increased $90 million from the third quarter of 2020 due to increased taxable income. The effective income tax rate increased to 22.4% from 16.1% in the third quarter of 2020, driven by the decreased benefit of tax advantaged investments on higher pre-tax income.
First nine months 2021 versus first nine months 2020: Income tax expense for the first nine months of 2021 was $504 million compared to $126 million in the first nine months of 2020. Income tax expense increased $378 million from the first nine months of 2020 due to increased taxable income. The effective income tax rate increased to 22.0% from 17.3% in the first nine months of 2020 driven by the decreased benefit of tax advantaged investment on higher pre-tax income.
Business Operating Segments
We have two business operating segments: Consumer Banking and Commercial Banking. Segment results are derived by specifically attributing managed assets, liabilities, capital and related revenues, provision for credit losses, which, at the segment level, is equal to net charge-offs, and other expenses. Non-segment operations are classified as Other, which includes assets, liabilities, capital, revenues, provision for credit losses, expenses and income tax expense not attributed to our Consumer or Commercial Banking segments as well as treasury and community development. In addition, Other includes goodwill not directly allocated to a business operating segment and any associated goodwill impairment charges. For impairment testing purposes, we allocate all goodwill to our Consumer Banking and/or Commercial Banking reporting units. There have been no significant changes in our methodologies used to allocate items to our business operating segments as described in “—Results of Operations — Business Operating Segments” in our 2020 Form 10-K.
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The following table presents 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 in Item 1 for further information.
Table 9: Selected Financial Data for Business Operating Segments, Quarter-to-Date
Consumer BankingCommercial Banking
Three Months Ended September 30,Three Months Ended September 30,
(dollars in millions)2021202020212020
Net interest income$919 $845 $428 $421 
Noninterest income315 495 168 144 
Total revenue1,234 1,340 596 565 
Noninterest expense749 742 226 210 
Profit before credit losses485 598 370 355 
Net charge-offs35 55 15 161 
Income before income tax expense450 543 355 194 
Income tax expense114 136 81 41 
Net income$336 $407 $274 $153 
Average Balances:
Total assets$75,070 $73,605 $56,702 $60,889 
Total loans and leases(1)(2)
70,984 69,719 53,815 57,796 
Deposits100,968 94,212 45,465 41,393 
Interest-earning assets71,879 69,925 54,177 58,177 
(1) Includes LHFS.
(2) The majority of PPP loans are reflected in Consumer Banking in accordance with how they are managed.
Consumer Banking
Net interest income increased $74 million, or 9%, from the third quarter of 2020, reflecting the benefit of accelerated PPP loan forgiveness and a $1.3 billion increase in average loans led by education, residential mortgage, and automobile, partially offset by a decline in other retail consistent with planned run-off of personal unsecured installment loans. In addition, higher deposit volumes, reflecting improved funding mix and deposit pricing, contributed to higher net interest income. Noninterest income decreased $180 million, or 36%, from the third quarter of 2020, driven by lower mortgage banking fees resulting from lower gain-on-sale margins and production volumes, and a decline in other income largely tied to a gain on the sale of education loans in the third quarter of 2020. These decreases were partially offset by recovery in service charges and fees from deposit products, card, as well as trust and investment services, reflecting an increase in assets under management. Noninterest expense was stable compared to the third quarter of 2020. Net charge-offs of $35 million decreased $20 million, or 36%, driven by the impact of U.S. Government stimulus programs and strong collateral values in automobile and residential real estate.
    Commercial Banking
    Net interest income of $428 million was stable compared to the third quarter of 2020. Noninterest income of $168 million increased $24 million, or 17%, from $144 million in the third quarter of 2020, driven by strength in capital markets due to higher loan syndication and merger and acquisition advisory fees, reflecting favorable market conditions and a strong pipeline. Noninterest expense of $226 million increased $16 million, or 8%, from $210 million in the third quarter of 2020, largely tied to increased technology spend as well as higher salaries and employee benefits. Net charge-offs of $15 million decreased $146 million from the third quarter of 2020 reflecting the stabilization from effects of the COVID-19 pandemic and associated lockdowns.
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Table 10: Selected Financial Data for Business Operating Segments, Year-to-Date
Consumer BankingCommercial Banking
Nine Months Ended September 30,Nine Months Ended September 30,
(dollars in millions)2021202020212020
Net interest income$2,679 $2,452 $1,268 $1,205 
Noninterest income949 1,280 516 413 
Total revenue3,628 3,732 1,784 1,618 
Noninterest expense2,250 2,215 679 644 
Profit before credit losses1,378 1,517 1,105 974 
Net charge-offs139 232 150 274 
Income before income tax expense1,239 1,285 955 700 
Income tax expense315 322 205 147 
Net income$924 $963 $750 $553 
Average Balances:
Total assets$75,317 $71,227 $57,318 $61,722 
Total loans and leases(1)(2)
70,857 67,763 54,459 58,784 
Deposits99,708 90,377 44,501 38,905 
Interest-earning assets71,777 67,866 54,828 59,201 
(1) Includes LHFS.
(2) The majority of PPP loans are reflected in Consumer Banking in accordance with how they are managed.
Consumer Banking
Net interest income of $2.7 billion increased $227 million, or 9%, from the first nine months of 2020, driven by the benefit of accelerated PPP loan forgiveness, loan and deposit growth, as well as improved funding mix, and deposit pricing. Average loans increased $3.1 billion led by education, residential mortgage, and automobile, partially offset by a decline in other retail given planned run-off of personal unsecured installment loans. Deposits increased $9.3 billion, or 10%, as a result of elevated liquidity tied to government stimulus associated with the COVID-19 disruption. Noninterest income decreased $331 million, or 26%, from the first nine months of 2020, driven by lower mortgage banking fees as increased industry capacity and heightened competition resulted in lower gain-on-sale margins and production volumes. This decrease was partially offset by higher trust and investment services fees driven by an increase in assets under management, and higher card fees and service charges and fees, reflecting continued volume recovery from COVID-19 impacts. Noninterest expense increased $35 million, or 2%, from the first nine months of 2020, reflecting higher salaries and employee benefits tied to higher revenue-based compensation, combined with higher equipment and software expense and outside services resulting from increased technology spend and growth initiatives. Net charge-offs of $139 million decreased $93 million, or 40%, driven by the impact of U.S. Government stimulus and forbearance, as well as strong collateral values in automobile and residential real estate.
Commercial Banking
Net interest income of $1.3 billion increased $63 million, or 5%, from $1.2 billion in the first nine months of 2020, driven by higher deposit volumes reflecting improved funding mix and deposit pricing. Noninterest income of $516 million increased $103 million, or 25%, from $413 million in the first nine months of 2020, driven by strength in capital markets from higher loan syndication and merger and acquisition advisory fees, in addition to higher letter of credit and loan fees. Noninterest expense of $679 million increased $35 million, or 5%, from $644 million in the first nine months of 2020, largely tied to growth initiatives, increased technology spends, and higher salaries and employee benefits. Net charge-offs of $150 million decreased $124 million, or 45%, from the first nine months of 2020, reflecting the stabilization from effects of the COVID-19 pandemic and associated lockdowns.
Citizens Financial Group, Inc. | 24


ANALYSIS OF FINANCIAL CONDITION
Securities
Table 11: Amortized Cost and Fair Value of AFS and HTM Securities
September 30, 2021December 31, 2020
(in millions)Amortized
Cost 		Fair Value Amortized
Cost		Fair Value
U.S. Treasury and other$11 $11 $11 $11 
State and political subdivisions2 2 3 3 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities23,838 23,840 21,954 22,506 
Other/non-agency280 291 396 422 
Total mortgage-backed securities24,118 24,131 22,350 22,928 
Collateralized loan obligations767 767 — — 
   Total debt securities available for sale, at fair value $24,898 $24,911 $22,364 $22,942 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities$1,705 $1,778 $2,342 $2,464 
Total mortgage-backed securities1,705 1,778 2,342 2,464 
Asset-backed securities787 789 893 893 
   Total debt securities held to maturity$2,492 $2,567 $3,235 $3,357 
   Total debt securities available for sale and held to maturity
$27,390 $27,478 $25,599 $26,299 
Equity securities, at cost$616 $616 $604 $604 
Equity securities, at fair value88 88 66 66 
Our securities portfolio is managed to maintain prudent levels of liquidity, credit quality, and market risk while achieving returns that align with our overall portfolio management strategy. The portfolio primarily includes high quality, highly liquid investments reflecting our ongoing commitment to maintain strong contingent liquidity levels and pledging capacity. U.S. government-guaranteed notes and GSE-issued mortgage-backed securities represent 93% of the fair value of our debt securities portfolio holdings. Holdings backed by mortgages dominate our portfolio and facilitate our ability to pledge those securities to the FHLB for collateral purposes. For further discussion of the liquidity coverage ratios, see “Regulation and Supervision — Liquidity Requirements” in our 2020 Form 10-K.
The fair value of the AFS debt securities portfolio of $24.9 billion at September 30, 2021 increased $2.0 billion from $22.9 billion at December 31, 2020, including $2.5 billion in portfolio growth, offset by a $566 million reduction in unrealized gains driven by a steepening yield curve. The decline in the fair value of the HTM debt securities portfolio of $790 million was primarily attributable to portfolio run-off. For further information, see Note 2.
As of September 30, 2021, the portfolio’s average effective duration was 3.9 years compared with 2.7 years as of December 31, 2020, as higher long-term rates drove a decrease in both actual and projected securities prepayment speeds. 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.
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Loans and Leases    
Table 12: Composition of Loans and Leases, Excluding LHFS
(in millions)September 30, 2021December 31, 2020Change Percent
Commercial and industrial(1)
$41,854 $44,173 ($2,319)(5)%
Commercial real estate14,508 14,652 (144)(1)
Leases1,593 1,968 (375)(19)
Total commercial57,955 60,793 (2,838)(5)
Residential mortgages(2)
21,513 19,539 1,974 10 
Home equity11,889 12,149 (260)(2)
Automobile13,492 12,153 1,339 11 
Education13,000 12,308 692 6 
Other retail5,469 6,148 (679)(11)
Total retail65,363 62,297 3,066 5 
Total loans and leases$123,318 $123,090 $228 — %
(1) Includes PPP loans fully guaranteed by the SBA of $1.9 billion at September 30, 2021 and $4.2 billion at December 31, 2020.
(2) Includes fully or partially guaranteed FHA, VA and USDA loans of $1.4 billion at September 30, 2021 and $249 million at December 31, 2020, including loans acquired through the exercise of the GNMA early buyout option.
Total loans and leases increased $228 million from $123.1 billion as of December 31, 2020, reflecting a $3.1 billion increase in retail driven by mortgage, automobile, and education, and a $2.8 billion decrease in commercial driven by payoffs and a decrease in PPP loans.
Allowance for Credit Losses and Nonaccrual Loans and Leases
The ACL is created through charges to the provision for credit losses in order to provide appropriate reserves to absorb estimated future credit losses in accordance with GAAP. For additional information regarding the ACL, see Note 4 of this report, and “Critical Accounting Estimates” and Note 5 in the Company’s 2020 Form 10-K.
The ACL of $2.0 billion as of September 30, 2021 compared with the ACL of $2.7 billion as of December 31, 2020, reflecting a reserve release of $666 million. For further information, see Note 4.
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Table 13: ACL and Related Coverage Ratios by Portfolio
September 30, 2021December 31, 2020
(in millions)Loans and LeasesAllowanceCoverageLoans and LeasesAllowanceCoverage
Allowance for Loan and Lease Losses
Commercial and industrial$41,854 $592 1.41 %$44,173 $821 1.86 %
Commercial real estate14,508 212 1.46 14,652 360 2.46 
Leases1,593 63 3.92 1,968 52 2.67 
Total commercial57,955 867 1.50 60,793 1,233 2.03 
Residential mortgages21,513 141 0.65 19,539 141 0.72 
Home equity11,889 92 0.78 12,149 134 1.10 
Automobile13,492 165 1.22 12,153 200 1.65 
Education13,000 332 2.56 12,308 361 2.93 
Other retail5,469 258 4.72 6,148 374 6.07 
Total retail65,363 988 1.51 62,297 1,210 1.94 
Total loans and leases$123,318 $1,855 1.50 %$123,090 $2,443 1.98 %
Allowance for Unfunded Lending Commitments
Commercial(1)
$130 1.72 %$186 2.33 %
Retail(2)
19 1.54 41 2.01 
     Total allowance for unfunded lending commitments149 227 
Allowance for credit losses(3)
$123,318 $2,004 1.63 %$123,090 $2,670 2.17 %
(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.
(3) Excluding the impact of PPP loans, the ACL Coverage Ratio would have been 1.65% and 2.24% for September 30, 2021 and December 31, 2020, respectively. For more information on the computation of non-GAAP financial measures, see “—Introduction — Non-GAAP Financial Measures” and “—Non-GAAP Financial Measures and Reconciliations.”
Table 14: Nonaccrual Loans and Leases
(dollars in millions)September 30, 2021December 31, 2020Change Percent
Commercial and industrial$170 $280 ($110)(39 %)
Commercial real estate98 176 (78)(44)
Leases1 2 (1)(50)
Total commercial269 458 (189)(41)
Residential mortgages(1)
164 167 (3)(2)
Home equity216 276 (60)(22)
Automobile55 72 (17)(24)
Education23 18 5 28 
Other retail20 28 (8)(29)
Total retail478 561 (83)(15)
Nonaccrual loans and leases$747 $1,019 ($272)(27 %)
Nonaccrual loans and leases to total loans and leases0.61 %0.83 %(22  bps)
Allowance for loan and lease losses to nonaccrual loans and leases248 240 8 %
Allowance for credit losses to nonaccrual loans and leases268 262 6 %
(1) Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
NPLs of $747 million as of September 30, 2021 decreased $272 million, or 27%, from December 31, 2020, reflecting a $189 million decrease in commercial and a $83 million decrease in retail. Commercial NPLs decreased through loan sale activity, repayments, and charge-offs.
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Table 15: Net Charge-offs and Charge-Off Ratios, Quarter-to-Date
Three Months Ended September 30,Three Months Ended September 30,
(dollars in millions)20212020Change20212020Change
Commercial and industrial$10 $80 ($70)0.09 %0.68 %(59  bps)
Commercial real estate5 42 (37)0.12 1.13 (101)
Leases(1)48 (49)(0.22)7.99 (821)
Total commercial 14 170 (156)0.09 1.06 (97)
Residential mortgages— — — — — — 
Home equity(12)(2)(10)(0.42)(0.10)(32)
Automobile2 7 (5)0.06 0.24 (18)
Education13 5 8 0.41 0.21 20 
Other retail27 39 (12)1.99 2.46 (47)
Total retail30 49 (19)0.19 0.32 (13)
Total net charge-offs$44 $219 ($175)0.14 %0.70 %(56  bps)
Third quarter 2021 NCOs of $44 million decreased $175 million, or 80%, from $219 million in the third quarter of 2020, driven by decreases in commercial and retail of $156 million and $19 million, respectively. Third quarter 2021 annualized net charge-offs of 0.14% of average loans and leases were down 56 basis points from the third quarter of 2020. The overall improvement in the macroeconomic environment and post-pandemic reopening drove the significant decline in commercial NCOs. Retail NCOs remained low driven by continued benefit to consumers from government stimulus and strong collateral values in residential real estate and automobile.

Table 16: Net Charge-offs and Charge-Off Ratios, Year-to-Date
Nine Months Ended September 30,Nine Months Ended September 30,
(dollars in millions)20212020Change20212020Change
Commercial and industrial$115 $189 ($74)0.35 %0.54 %(19  bps)
Commercial real estate31 42 (11)0.28 0.39 (11)
Leases13 54 (41)1.01 2.99 (198)
Total commercial 159 285 (126)0.35 0.60 (25)
Residential mortgages(2)1 (3)(0.01)0.01 (2)
Home equity(29)(7)(22)(0.33)(0.08)(25)
Automobile11 54 (43)0.12 0.60 (48)
Education33 29 4 0.35 0.36 (1)
Other retail108 141 (33)2.55 2.88 (33)
Total retail121 218 (97)0.26 0.48 (22)
Total net charge-offs$280 $503 ($223)0.30 %0.54 %(24  bps)
First nine months 2021 NCOs of $280 million decreased $223 million, or 44%, from $503 million in the first nine months of 2020, driven by decreases in commercial and retail of $126 million and $97 million, respectively. First nine months 2021 annualized net charge-offs of 0.30% of average loans and leases were down 24 basis points from first nine months of 2020.
Retail and commercial NCOs were down in the first nine months of 2021 as compared to the first nine months of 2020. The decline in retail NCOs is primarily due to U.S. Government stimulus programs and forbearance, as well as strong collateral values in residential real estate and automobile. The decrease in commercial NCOs reflects the economic recovery following the COVID-19 pandemic and associated lockdowns. We continue to assess risks to the recovery, including potential for continuing impacts from COVID-19 variants, challenges in the global supply chain and recent inflationary trends, as well as potential impacts from ending monetary and fiscal stimulus programs. We have maintained a variety of measures to identify and monitor areas of potential risk, including direct outreach to commercial clients and close monitoring of retail credit metrics.
Commercial Loan Asset Quality
Our commercial loan and lease portfolio consists of traditional commercial and industrial loans, commercial leases and commercial real estate loans. The portfolio is predominantly focused on customers in our footprint and adjacent states in which we have a physical presence where our local delivery model provides for
Citizens Financial Group, Inc. | 28

strong client connectivity. Additionally, we also do business in certain specialized industry sectors on a national basis. As discussed in our 2020 Form 10-K, for commercial loans and leases, we utilize regulatory classification ratings to monitor credit quality.
As of September 30, 2021, commercial NPLs of $269 million decreased $189 million from $458 million as of December 31, 2020, representing 0.5% and 0.8% of the commercial loan and lease portfolio as of September 30, 2021 and December 31, 2020, respectively.
Table 17: Commercial Loans and Leases by Regulatory Classification
September 30, 2021
Criticized
(in millions)PassSpecial MentionSubstandardDoubtfulTotal
Commercial and industrial(1)
$39,218 $1,115 $1,386 $135 $41,854 
Commercial real estate13,146 616 735 11 14,508 
Leases1,519 49 24 1 1,593 
Total commercial$53,883 $1,780 $2,145 $147 $57,955 

December 31, 2020
Criticized
(in millions)PassSpecial MentionSubstandardDoubtfulTotal
Commercial and industrial(1)
$40,878 $1,583 $1,464 $248 $44,173 
Commercial real estate13,356 804 416 76 14,652 
Leases1,922 33 12 1 1,968 
Total commercial$56,156 $2,420 $1,892 $325 $60,793 
(1) Includes $1.9 billion and $4.2 billion of PPP loans designated as pass that are fully guaranteed by the SBA as of September 30, 2021 and December 31, 2020, respectively.
Total commercial criticized balances of $4.1 billion as of September 30, 2021 decreased $565 million compared with December 31, 2020. Commercial criticized as a percent of total commercial of 7.0% at September 30, 2021 decreased from 7.6% at December 31, 2020.
Commercial and industrial criticized balances of $2.6 billion, or 6.3% of the total commercial and industrial loan portfolio as of September 30, 2021, decreased from $3.3 billion, or 7.5%, as of December 31, 2020. The decrease was primarily driven by net repayments and charge-offs. Commercial and industrial criticized loans represented 65% of total criticized loans as of September 30, 2021 compared to 71% as of December 31, 2020.
Commercial real estate criticized balances of $1.4 billion, or 9.4% of the commercial real estate portfolio, was stable compared to December 31, 2020 at $1.3 billion, or 8.8%. Commercial real estate accounted for 33% of total criticized loans as of September 30, 2021 compared to 28% as of December 31, 2020.
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Table 18: Commercial Loans and Leases by Industry Sector
September 30, 2021December 31, 2020
(dollars in millions)Balance% of
Total Loans and Leases		Balance% of
Total Loans and Leases
Finance and insurance$7,939 6 %$6,473 5 %
Health, pharma, and social assistance2,914 2 3,253 3 
Accommodation and food services3,083 3 3,159 3 
Professional, scientific, and technical services2,542 2 2,804 2 
Other manufacturing3,708 3 3,686 3 
Technology3,822 3 3,546 3 
Retail trade2,258 2 2,312 2 
Energy and related1,971 2 2,237 2 
Wholesale trade2,261 2 1,976 2 
Arts, entertainment, and recreation902 1 1,383 1 
Other services1,845 1 1,360 1 
Administrative and waste management services1,226 1 1,327 1 
Transportation and warehousing1,092 1 1,169 1 
Consumer products manufacturing1,160 1 1,078 1 
Automotive1,000 1 1,057 1 
Educational services597 — 844 — 
Chemicals717 — 736 — 
Real estate and rental and leasing886 1 734 — 
All other(1)
28 — 884 1 
Total commercial and industrial39,951 32 40,018 32 
Real estate and rental and leasing12,984 11 13,167 11 
Accommodation and food services819 1 749 1 
Finance and insurance560 — 498 — 
All other(1)
145 — 238 — 
Total commercial real estate14,508 12 14,652 12 
Total leases1,593 1 1,968 2 
Total commercial(2)
$56,052 45 %$56,638 46 %
(1) Deferred fees and costs are reported in All other.
(2) Excludes PPP loans of $1.9 billion and $4.2 billion as of September 30, 2021 and December 31, 2020, respectively.
Retail Loan Asset Quality
For retail loans, we utilize credit scores provided by FICO, which generally refresh on a quarterly basis, and a loan’s payment and delinquency status to monitor credit quality. Management believes FICO credit scores are the strongest indicator of credit losses over the contractual life of a loan as the scores are based on current and historical national industry-wide consumer level credit performance data. These scores assist management in predicting the borrower’s future payment performance. The largest portion of the retail portfolio is represented by borrowers located in the New England, Mid-Atlantic, and Midwest regions, although we have continued to lend selectively in areas outside the footprint primarily in automobile, education and point-of-sale financing.
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Table 19: Aging of Retail Loans as a Percentage of Loan Class
September 30, 2021December 31, 2020
Days Past DueDays Past Due
Current-2930-5960-89 90+Current-2930-5960-89 90+
Residential mortgages(1)
96.97 %0.72 %0.26 %2.05 %98.73 %0.30 %0.11 %0.86 %
Home equity98.03 0.29 0.13 1.55 97.53 0.50 0.23 1.74 
Automobile98.71 0.87 0.31 0.11 97.93 1.40 0.53 0.14 
Education99.55 0.25 0.11 0.09 99.56 0.27 0.11 0.06 
Other retail98.21 0.71 0.51 0.57 98.36 0.62 0.47 0.55 
Total retail98.14 %0.58 %0.24 %1.04 %98.47 %0.58 %0.25 %0.70 %
(1) 90+ day past due includes $289 million and $44 million of loans fully or partially guaranteed by the FHA, VA, and USDA at September 30, 2021 and December 31, 2020, respectively.

For more information on the aging of accruing and nonaccrual retail loans, see Note 4.
Table 20: Retail Asset Quality Metrics
September 30, 2021December 31, 2020
Average refreshed FICO for total portfolio768 771 
CLTV ratio for secured real estate(1)
57 %60 %
Nonaccrual retail loans to total retail0.73 0.90 
(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.
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in millions)20212020ChangePercent20212020ChangePercent
Net charge-offs$30 $49 ($19)(39 %)$121 $218 ($97)(44 %)
Annualized net charge-off rate0.19 %0.32 %(13) bps0.26 %0.48 %(22) bps
Retail asset quality continues to reflect a stronger economic outlook. The retail annualized net charge-off rate decreased to 0.19% for the third quarter of 2021 from 0.32% in the third quarter of 2020. The net charge-off rate of 0.26% for the nine months ended September 30, 2021 reflected a decrease of 22 basis points from the nine months ended September 30, 2020, driven by the forbearance and stimulus programs stemming from the COVID-19 pandemic and associated lockdowns, as well as strong collateral values in automobile and residential real estate.
Troubled Debt Restructurings
In the first quarter of 2020, we adopted the CARES Act and interagency guidance issued by the bank regulatory agencies which provide that COVID-19-related modifications to retail and commercial loans that met certain eligibility criteria are exempt from classification as a TDR. We generally do not consider payment deferrals and forbearance plans established due to the COVID-19 pandemic to be TDRs.
For additional information regarding TDRs, see Note 5 in our 2020 Form 10-K.
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Table 21: Accruing and Nonaccrual Troubled Debt Restructurings
September 30, 2021
As a % of Accruing TDRs
(dollars in millions)Accruing30-89 Days
Past Due		90+ Days Past DueNonaccrualTotal
Commercial and industrial$161 — %— %$70 $231 
Commercial real estate— — — 9 9 
Total commercial161 — — 79 240 
Residential mortgages(1)
339 3.9 9.8 39 378 
Home equity198 0.5 — 74 272 
Automobile8 0.1 — 28 36 
Education112 0.4 0.1 12 124 
Other retail21 0.2 — 2 23 
Total retail678 5.1 9.9 155 833 
Total$839 5.1 %9.9 %$234 $1,073 
December 31, 2020
As a % of Accruing TDRs
(dollars in millions)Accruing30-89 Days
Past Due		90+ Days Past DueNonaccrualTotal
Commercial and industrial$134 0.1 %— %$97 $231 
Commercial real estate26 — — — 26 
Total commercial160 0.1 — 97 257 
Residential mortgages(1)
172 2.1 2.0 43 215 
Home equity221 1.0 — 83 304 
Automobile13 0.4 — 33 46 
Education116 0.5 0.3 10 126 
Other retail25 0.2 — 2 27 
Total retail547 4.2 2.3 171 718 
Total$707 4.3 %2.3 %$268 $975 
(1) Includes $82 million and $14 million in 90+ days past due and accruing that are fully or partially guaranteed by the FHA, VA, and USDA at September 30, 2021 and December 31, 2020, respectively.
Deposits
Table 22: Composition of Deposits
(in millions)September 30, 2021December 31, 2020ChangePercent
Demand$48,184 $43,831 $4,353 10 %
Checking with interest27,985 27,204 781 3 
Regular savings21,166 18,044 3,122 17 
Money market accounts48,935 48,569 366 1 
Term deposits5,951 9,516 (3,565)(37)
Total deposits$152,221 $147,164 $5,057 3 %
    
Total deposits as of September 30, 2021 increased $5.1 billion, or 3%, to $152.2 billion, from $147.2 billion as of December 31, 2020, as a result of elevated liquidity tied to government stimulus associated with the COVID-19 disruption. Citizens Access®, our national digital platform, ended the quarter with $4.6 billion of deposits, down from $5.9 billion as of December 31, 2020, primarily due to rate reduction strategies that resulted in a decrease in term deposits.
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Borrowed Funds
Total borrowed funds as of September 30, 2021 decreased $1.6 billion from December 31, 2020, driven by a $235 million and $1.4 billion decrease in short-term and long-term borrowed funds, respectively. Strong deposit growth enabled the paydown of senior debt.
    Long-term borrowed funds
Table 23: Summary of Long-Term Borrowed Funds
(in millions)September 30, 2021December 31, 2020
Parent Company:
2.375% fixed-rate senior unsecured debt, due July 2021(1)
$— $350 
4.150% fixed-rate subordinated debt, due September 2022(2)
168 182 
3.750% fixed-rate subordinated debt, due July 2024(2)
90 159 
4.023% fixed-rate subordinated debt, due October 2024(2)
17 25 
4.350% fixed-rate subordinated debt, due August 2025(2)
133 193 
4.300% fixed-rate subordinated debt, due December 2025(2)
336 450 
2.850% fixed-rate senior unsecured notes, due July 2026
497 497 
2.500% fixed-rate senior unsecured notes, due February 2030
298 297 
3.250% fixed-rate senior unsecured notes, due April 2030
745 745 
3.750% fixed-rate reset subordinated debt, due February 2031(2)
69 — 
4.300% fixed-rate reset subordinated debt, due February 2031(2)
135 — 
4.350% fixed-rate reset subordinated debt, due February 2031(2)
61 — 
2.638% fixed-rate subordinated debt, due September 2032
548 543 
CBNA’s Global Note Program:
2.550% senior unsecured notes, due May 2021
— 1,003 
3.250% senior unsecured notes, due February 2022
704 716 
0.845% floating-rate senior unsecured notes, due February 2022(3)
300 299 
0.932% floating-rate senior unsecured notes, due May 2022(3)
250 250 
2.650% senior unsecured notes, due May 2022
505 510 
3.700% senior unsecured notes, due March 2023
517 527 
1.082% floating-rate senior unsecured notes, due March 2023(3)
250 249 
2.250% senior unsecured notes, due April 2025
746 746 
3.750% senior unsecured notes, due February 2026
533 551 
Additional Borrowings by CBNA and Other Subsidiaries:
Federal Home Loan Bank advances, 0.864% weighted average rate, due through 2041
19 19 
Other26 35 
Total long-term borrowed funds$6,947 $8,346 
(1) Notes were redeemed on June 28, 2021.
(2) The September 30, 2021 balances reflect the results of the February 2021 subordinated debt private exchange offers. See “Capital and Regulatory Matters-Regulatory Capital Ratios and Capital Composition” for additional information.
(3) Rate disclosed reflects the floating rate as of September 30, 2021.
The Parent Company’s long-term borrowed funds as of September 30, 2021 and December 31, 2020 included principal balances of $3.2 billion and $3.5 billion, respectively, and unamortized deferred issuance costs and/or discounts of $82 million and $90 million, respectively. CBNA and other subsidiaries’ long-term borrowed funds as of September 30, 2021 and December 31, 2020 included principal balances of $3.8 billion and $4.8 billion, respectively, with unamortized deferred issuance costs and/or discounts of $8 million and $11 million, respectively, and hedging basis adjustments of $63 million and $112 million, respectively. See Note 8 for further information about our hedging of certain long-term borrowed funds. For information regarding our liquidity and available borrowing capacity, see “—Liquidity” and Note 7.
CAPITAL AND REGULATORY MATTERS
As a bank holding company and a financial holding company, we are subject to regulation and supervision by the FRB. Our banking subsidiary, CBNA, is a national banking association whose primary federal regulator is the OCC. Our regulation and supervision continues to evolve as the legal and regulatory frameworks governing our operations continue to change. For more information, see “Regulation and Supervision” in our 2020 Form 10-K.
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Tailoring of Prudential Requirements
Under the FRB’s Tailoring Rules, Category IV firms, such as us, are subject to biennial supervisory stress testing and are exempt from company-run stress testing and related disclosure requirements. The FRB supervises Category IV firms on an ongoing basis, including evaluation of the capital adequacy and capital planning processes during off-cycle years. We are also required to develop, maintain and submit to the FRB an annual capital plan, which must be reviewed and approved by our board of directors or one of its committees. On April 2, 2021, we submitted our 2021 Capital Plan to the FRB under the FRB’s 2021 CCAR process. For more information, see the “Tailoring of Prudential Requirements” section in item 1 of our 2020 Form 10-K.
Under the FRB’s Capital Plan Rule, a firm must update and resubmit its capital plan prior to the next annual submission date under certain circumstances, which includes a material change in the firm’s risk profile, financial condition or corporate structure since its last capital plan submission. On July 28, 2021, we announced an agreement to acquire Investors, which required us to resubmit our capital plan to the FRB, which was submitted on September 15, 2021.
Under the stress capital buffer (“SCB”) framework, the FRB will not object to capital plans on quantitative grounds and each firm is required to maintain capital ratios above the sum of its minimum and SCB requirements to avoid restrictions on capital distributions and discretionary bonus payments. On October 1, 2020, our SCB of 3.4% became effective and applied to our capital actions through September 30, 2021.
On February 3, 2021, the FRB adopted a final rule effective April 5, 2021 to tailor the requirements of its Capital Plan Rule, specifically modifying capital planning, regulatory reporting and stress capital buffer requirements to be consistent with the Tailoring Rules framework. Under the final rule, for Category IV firms, like us, the SCB will be re-calibrated with each biennial supervisory stress test and updated annually to reflect our planned common stock dividends. In addition, Category IV firms have the ability to elect to participate in the supervisory stress test and receive an updated SCB requirement in a year in which they are not subject to the supervisory stress test. We did not elect to participate in the 2021 supervisory stress test. On August 5, 2021, the FRB announced that our SCB will remain unchanged at 3.4% from October 1, 2021 through September 30, 2022. 

In light of the heightened uncertainty related to the COVID-19 pandemic and associated lockdowns, the FRB took certain actions to preserve capital at banks. Among those actions, the FRB imposed certain limitations on firms for the third and fourth quarters of 2020, including mandatory suspension of share repurchases and limiting common stock dividends to existing rates and the average quarterly net income over the prior four quarters. The FRB modified its limitations on capital distributions for the first and second quarters of 2021 such that firms that participate in CCAR, like us, may resume share repurchases provided that the aggregate of share repurchases and common stock dividends for the applicable quarter did not exceed average quarterly net income for the trailing four quarters. Beginning July 1, 2021, the FRB lifted the temporary additional restrictions on capital distributions and authorized firms, like us, that are on a two-year cycle and not subject to supervisory stress testing this year to make capital distributions that are consistent with the regulatory capital rules, including normal restrictions under the FRB stress capital buffer framework. In addition, we temporarily suspended share repurchases in connection with entering into the agreement to acquire Investors, and are poised to resume share repurchases after the Investors shareholder vote scheduled for November 19, 2021. In January 2021, our board of directors authorized us to repurchase up to $750 million of our common stock, of which $655 million is available as of September 30, 2021. 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, risk-weighted assets, capital impacts of strategic initiatives, market conditions and regulatory considerations.

Regulations relating to capital planning, regulatory reporting and SCB requirements applicable to firms like us are subject to ongoing 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, see “Regulation and Supervision” and “—Capital and Regulatory Matters” in our 2020 Form 10-K.
Capital Framework
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 3.4% is imposed on top of
Citizens Financial Group, Inc. | 34

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 our banking subsidiary.
Under the U.S. Basel III rules, the CET1 deduction threshold for MSRs, certain deferred tax assets and significant investments in the capital of unconsolidated institutions is 25%. As of September 30, 2021, we did not meet the threshold for these additional capital deductions. MSRs or deferred tax assets not deducted from CET1 capital are assigned a 250% risk weight and significant investments in the capital of unconsolidated financial institutions not deducted from CET1 capital are assigned an exposure category risk weight.

In reaction to the COVID-19 pandemic, the FRB and the other federal banking regulators adopted a final rule relative to regulatory capital treatment of ACL under CECL. This rule allowed electing banking organizations to delay the estimated impact of CECL on regulatory capital for a two-year period ending January 1, 2022, followed by a three-year transition period ending January 1, 2025 to phase-in the aggregate amount of the capital benefit provided during the initial two-year delay. As of September 30, 2021, $401 million of the capital benefit has been accumulated for application to the three-year transition period.

For additional discussion of the U.S. Basel III capital framework and its related application, see “Regulation and Supervision” in our 2020 Form 10-K. The table below presents our actual regulatory capital ratios under the U.S. Basel III Standardized rules:
Table 24: Regulatory Capital Ratios Under the U.S. Basel III Standardized Rules
September 30, 2021December 31, 2020
Required Minimum plus Required CCB for Non-Leverage Ratios(1)
(in millions, except ratio data)AmountRatioAmountRatio
   CET1 capital$15,584 10.3 %$14,607 10.0 %7.9 %
   Tier 1 capital17,598 11.6 16,572 11.3 9.4 
   Total capital20,295 13.4 19,602 13.4 11.4 
   Tier 1 leverage17,598 9.7 16,572 9.4 4.0 
   Risk-weighted assets151,796 146,781 
   Quarterly adjusted average assets180,528 175,370 
(1) Required “Minimum Capital ratios” are: CET1 capital of 4.5%; Tier 1 capital of 6.0%; Total capital of 8.0%; and Tier 1 leverage of 4.0%. “Minimum Capital ratios” also include a SCB of 3.4%; N/A to Tier 1 leverage.
At September 30, 2021, our CET1 capital, tier 1 capital and total capital ratios were 10.3%, 11.6% and 13.4%, respectively, as compared with 10.0%, 11.3% and 13.4%, respectively, as of December 31, 2020. The CET1 capital ratio increased as net income for the nine months ended September 30, 2021 was partially offset by dividends and common share repurchases as described in “—Capital Transactions” below, $5.0 billion of risk-weighted asset (“RWA”) growth and a decrease in the modified CECL transitional amount. The tier 1 capital ratio increased due to the changes in the CET1 capital ratio described above and the issuance of Series G Preferred Stock, partially offset by the redemption of Series A Preferred Stock as described in “—Capital Transactions” below. The total capital ratio increased as the changes in the CET1 and tier 1 capital ratios described above combined with the subordinated debt exchange offer in the first quarter of 2021, as described in the “Regulatory Capital Ratios and Capital Composition” section below, were partially offset by the reduction in the net AACL impact and a decrease in qualifying subordinated debt. At September 30, 2021, our CET1 capital, tier 1 capital and total capital ratios were approximately 240 basis points, 220 basis points and 200 basis points, respectively, above their regulatory minimums plus our SCB. All ratios remained well above the U.S. Basel III minimums.
Regulatory Capital Ratios and Capital Composition
CET1 capital under U.S. Basel III Standardized rules totaled $15.6 billion at September 30, 2021, an increase of $977 million from $14.6 billion at December 31, 2020, largely driven by net income for the nine months ended September 30, 2021, partially offset by dividends, a decrease in the modified CECL transitional amount and common share repurchases. Tier 1 capital at September 30, 2021 totaled $17.6 billion, reflecting a $1.0 billion increase from $16.6 billion at December 31, 2020, driven by the changes in CET1 capital and the issuance of Series G Preferred Stock, partially offset by the redemption of Series A Preferred Stock. Total capital of $20.3 billion at September 30, 2021 increased $693 million from December 31, 2020, driven by the changes in CET1 and tier 1 capital and an increase in qualifying subordinated debt, partially offset by the reduction in the net AACL impact.
RWA totaled $151.8 billion at September 30, 2021, based on U.S. Basel III Standardized rules, up $5.0 billion from December 31, 2020, driven by higher automobile loans, commercial commitments, MSRs, agency
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securities, education loans, bank-owned life insurance and retail commitments partially offset by lower commercial and other retail loans.
As of September 30, 2021, the tier 1 leverage ratio was 9.7%, up from 9.4% at December 31, 2020, driven by higher tier 1 capital, partially offset by the $5.2 billion increase in quarterly adjusted average assets.

Table 25: Capital Composition Under the U.S. Basel III Capital Framework
(in millions)September 30, 2021December 31, 2020
Total common shareholders' equity$21,409 $20,708 
Exclusions:
Modified CECL transitional amount401 568 
Net unrealized (gains)/losses recorded in accumulated other comprehensive income (loss), net of tax:
Debt and equity securities33 (380)
Derivatives74 11 
Unamortized net periodic benefit costs401 429 
Deductions:
Goodwill(7,065)(7,050)
Deferred tax liability associated with goodwill384 379 
Other intangible assets(53)(58)
Total common equity tier 115,584 14,607 
Qualifying preferred stock 2,014 1,965 
Total tier 1 capital17,598 16,572 
Qualifying subordinated debt(1)
1,208 1,204 
Allowance for credit losses2,004 2,670 
Exclusions from tier 2 capital:
Modified AACL transitional amount(515)(682)
Excess allowance for credit losses(2)
— (162)
Adjusted allowance for credit losses1,489 1,826 
Total capital$20,295 $19,602 
(1) As of September 30, 2021 and December 31, 2020, the amount of non-qualifying subordinated debt excluded from regulatory capital was $349 million and $348 million, respectively.
(2) Excess allowance represents the amount excluded from tier 2 capital that is in excess of 1.25% of risk weighted assets, excluding market risk.
On February 11, 2021, we completed $265 million in private exchange offers for five series of outstanding subordinated notes. Exchange offer participants received newly-issued fixed-rate reset subordinated notes due 2031 which are redeemable by us five years prior to their maturity. These subordinated debt exchange offers will benefit our tier 2 and total capital going forward by increasing the amount of subordinated debt eligible for inclusion in tier 2 capital without increasing the aggregate principal amount of subordinated debt outstanding. See Note 7 for more details on our outstanding subordinated debt.
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 2020 Form 10-K.
Capital Transactions
We completed the following capital actions during the nine months ended September 30, 2021:
•Issued 300,000 shares of CFG 4.000% fixed-rate reset non-cumulative perpetual Series G Preferred Stock at an aggregate offering price of $300 million;
•Redeemed all outstanding shares of CFG Series A Non-Cumulative Perpetual Preferred Stock on July 6, 2021;
•Completed $265 million of subordinated debt private exchange offers in February 2021;
•Declared and paid quarterly common stock dividends of $0.39 per share in the first, second and third quarters of 2021, aggregating to $502 million;
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•Declared a quarterly dividend of $10.49 per share in first quarter of 2021 and $10.50 per share in the second quarter of 2021 on the 5.500% fixed-to-floating rate non-cumulative perpetual Series A Preferred Stock, aggregating to $5 million;
•Declared a semi-annual dividend of $30.00 per share on the 6.000% fixed-to-floating rate non-cumulative perpetual Series B Preferred Stock, aggregating to $9 million;
•Declared quarterly dividends of $15.94 per share on the 6.375% fixed-to-floating rate non-cumulative perpetual Series C Preferred Stock, aggregating to $15 million;
•Declared quarterly dividends of $15.88 per share on the 6.350% fixed-to-floating rate non-cumulative perpetual Series D Preferred Stock, aggregating to $14 million;
•Declared quarterly dividends of $12.50 per share on the 5.000% fixed-rate non-cumulative perpetual Series E Preferred Stock, aggregating to $17 million;
•Declared quarterly dividends of $14.13 per share on the 5.650% fixed-rate non-cumulative perpetual Series F Preferred Stock, aggregating to $17 million;
•Declared a quarterly dividend of $12.78 per share in the third quarter of 2021 on the 4.000% fixed-rate reset non-cumulative perpetual Series G Preferred Stock, aggregating to $4 million; and
•Repurchased $95 million of our outstanding common stock at a weighted-average price per share of $42.32.
Banking Subsidiary’s Capital
Table 26: CBNA's Capital Ratios Under the U.S. Basel III Standardized Rules
September 30, 2021December 31, 2020
(dollars in millions, except ratio data)AmountRatioAmountRatio
CET1 capital$16,791 11.1 %$16,032 10.9 %
Tier 1 capital16,791 11.1 16,032 10.9 
Total capital19,405 12.8 18,980 13.0 
Tier 1 leverage16,791 9.3 16,032 9.2 
Risk-weighted assets151,438 146,558 
Quarterly adjusted average assets180,034 174,954 

CBNA’s CET1 and tier 1 capital totaled $16.8 billion at September 30, 2021, up $759 million from $16.0 billion at December 31, 2020. This increase was primarily driven by net income for the nine months ended September 30, 2021, partially offset by dividends paid to the Parent Company and a decrease in the modified CECL transitional amount. Total capital was $19.4 billion at September 30, 2021, an increase of $425 million from $19.0 billion at December 31, 2020, driven by the change in CET1 capital partially offset by the reduction in the net AACL impact.

CBNA’s RWA totaled $151.4 billion at September 30, 2021, up $4.9 billion from December 31, 2020, driven by higher automobile loans, commercial commitments, MSRs, agency securities, education loans, bank-owned life insurance and retail commitments partially offset by lower commercial and other retail loans.
As of September 30, 2021, CBNA’s tier 1 leverage ratio of 9.3% increased as the increase in tier 1 capital was mostly offset by the $5.1 billion increase in quarterly adjusted average assets.
LIQUIDITY
Liquidity is defined as our ability to meet our cash-flow and collateral obligations in a timely manner, at a reasonable cost. An institution must maintain operating liquidity to meet its expected daily and forecasted cash-flow requirements, as well as contingent liquidity to meet unexpected (stress scenario) funding requirements. As noted earlier, 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 and 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 securities. We consider the effective and prudent management of liquidity fundamental to our health and strength. We manage liquidity at the consolidated enterprise level and at each legal entity, including at the Parent Company and CBNA level.
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Parent Company Liquidity
Our Parent Company’s primary sources of cash are dividends and interest received from CBNA as a result of investing in bank equity and subordinated debt as well as externally issued preferred stock, senior 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 has relied on wholesale borrowings, uses also include payments of related principal and interest.
During the nine months ended September 30, 2021, the Parent Company completed the following transactions:
•Redeemed all outstanding shares of 5.50% fixed-to-floating rate non-cumulative perpetual Series A Preferred Stock;
•Issued 300,000 shares of 4.00% fixed-rate reset non-cumulative perpetual Series G Preferred Stock at an aggregate offering price of $300 million; and
•Redeemed $350 million of 2.375% fixed-rate senior unsecured debt due July 2021.
During the three months ended September 30, 2021 and 2020, the Parent Company declared dividends on common stock of $167 million and $168 million, respectively, and declared dividends on preferred stock of $26 million and $25 million, respectively.
During the nine months ended September 30, 2021 and 2020, the Parent Company declared dividends on common stock of $502 million and $504 million, respectively, and declared dividends on preferred stock of $81 million and $75 million, respectively.
Our Parent Company’s cash and cash equivalents represent a source of liquidity that can be used to meet various needs and totaled $2.5 billion and $2.7 billion as of September 30, 2021 and December 31, 2020, respectively. The Parent Company’s double-leverage ratio, the combined equity investment in Parent Company subsidiaries divided by Parent Company equity, is a measure of reliance on equity cash flows from subsidiaries to fund Parent Company obligations. At September 30, 2021, the Parent Company’s double-leverage ratio was 97.2%.
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 from deposits and for loans. 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 debt 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 has relied on wholesale borrowings, uses also include payments of related principal and interest. For further information on CBNA’s outstanding debt, see Note 7.
Liquidity Risk
We define liquidity risk as the risk that an entity will be unable to meet its payment obligations in a timely manner, at a reasonable cost. Liquidity risk can arise due to contingent liquidity risk and/or funding liquidity risk.
Contingent liquidity risk is the risk that market conditions may reduce an entity’s ability to liquidate, pledge and/or finance certain assets and thereby substantially reduce the liquidity value of such assets. Drivers of contingent liquidity risk include general market disruptions as well as specific issues regarding the credit quality and/or valuation of a security or loan, issuer or borrower and/or asset class.
Funding liquidity risk is the risk that market conditions and/or entity-specific events may reduce an entity’s ability to raise funds from depositors and/or wholesale market counterparties. Drivers of funding liquidity risk may be idiosyncratic or systemic, reflecting impediments to operations and/or damaged market confidence.
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Factors Affecting Liquidity
Given the composition of assets and borrowing sources, contingent liquidity risk at CBNA would be materially affected by events such as deterioration of financing markets for high-quality securities (e.g., mortgage-backed securities and other instruments issued by the GNMA, FNMA and the FHLMC), by any inability of the FHLBs to provide collateralized advances and/or by a refusal of the FRB to act as a lender of last resort in systemic stress.
Similarly, given the structure of its balance sheet, the funding liquidity risk of CBNA would be materially affected by an adverse idiosyncratic event (e.g., a major loss, causing a perceived or actual deterioration in its financial condition), an adverse systemic event (e.g., default or bankruptcy of a significant capital markets participant), or a combination of both. Consequently, and despite ongoing exposure to a variety of idiosyncratic and systemic events, we view our contingent liquidity risk and our funding liquidity risk to be relatively modest.
An additional variable affecting our access to unsecured wholesale market funds and to large denomination (i.e., uninsured) customer deposits is the credit ratings assigned by such agencies as Moody’s, Standard and Poor’s, and Fitch.
Table 27: Credit Ratings
 September 30, 2021
 
Moody’s  
Standard and
Poor’s
Fitch  
Citizens Financial Group, Inc.:   
Long-term issuerNRBBB+BBB+
Short-term issuerNRA-2F1
Subordinated debtNRBBBBBB
Preferred StockNRBB+BB
Citizens Bank, National Association:
Long-term issuerBaa1A-BBB+
Short-term issuerNRA-2F1
Long-term depositsA1NRA-
Short-term depositsP-1NRF1
 NR = Not rated
Changes in our public credit ratings could affect both the cost and availability of our wholesale funding. As a result, and in order to maintain a conservative funding profile, CBNA continues to minimize reliance on unsecured wholesale funding. At September 30, 2021, our wholesale funding consisted primarily of term debt issued by the Parent Company and CBNA.
Existing and evolving regulatory liquidity requirements represent another key driver of systemic liquidity conditions and liquidity management practices. The FRB, the OCC, and the FDIC 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 “Regulation and Supervision — Tailoring of Prudential Requirements” and “—Liquidity Requirements” in our 2020 Form 10-K.
Liquidity Risk Management and Governance
Liquidity risk is measured and managed by the Funding and Liquidity unit within our Treasury unit in accordance with policy guidelines promulgated by our Board and the Asset Liability Committee. In managing liquidity risk, the Funding and Liquidity unit delivers 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.
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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 this goal 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. As of September 30, 2021:
•Organically generated deposits continue to be our primary source of funding, resulting in a consolidated period end loan-to-deposits ratio, excluding LHFS, of 81.0%;
•Our cash position, which is defined as cash balance held at the FRB, totaled $12.5 billion;
•Our total available liquidity, comprised of contingent liquidity and available discount window capacity, was approximately $76.1 billion;
•Contingent liquidity was $48.7 billion, consisting of unencumbered high-quality liquid securities of $21.1 billion, unused FHLB capacity of $15.1 billion, and our cash position of $12.5 billion. Asset liquidity, a component of contingent liquidity, was $33.6 billion, consisting of our cash position of $12.5 billion and unencumbered high-quality liquid securities of $21.1 billion;
•Available discount window capacity, defined as available total borrowing capacity from the FRB based on identified collateral, is secured by non-mortgage commercial and retail loans and totaled $27.4 billion. Use of this borrowing capacity would be considered only during exigent circumstances; and
•For a summary of our sources and uses of cash by type of activity for the nine months ended September 30, 2021 and 2020, see the Consolidated Statements of Cash Flows.
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 at the FRBs, free and liquid securities and secured FHLB borrowing capacity;
•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
The following table presents our outstanding off-balance sheet arrangements. For further information, see Note 11.
Table 28: Outstanding Off-Balance Sheet Arrangements
(in millions)September 30, 2021December 31, 2020ChangePercent
Commitments to extend credit$80,629 $74,160 $6,469 9 %
Letters of credit1,939 2,239 (300)(13)
Risk participation agreements57 98 (41)(42)
Loans sold with recourse70 54 16 30 
Marketing rights26 29 (3)(10)
Total$82,721 $76,580 $6,141 8 %
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CRITICAL ACCOUNTING ESTIMATES
Our unaudited interim 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 audited Consolidated Financial Statements.
An accounting estimate requires assumptions and judgments about uncertain matters that could have a material effect on our unaudited interim 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 most significant accounting policies and estimates and their related application are discussed below. For additional information regarding fair value measurements, see “—Critical Accounting Estimates” in our 2020 Form 10-K.
Allowance for Credit Losses
The ACL decreased from $2.7 billion at December 31, 2020 to $2.0 billion at September 30, 2021, reflecting a reserve release of $666 million.
To determine the ACL as of September 30, 2021, we utilized an economic forecast that generally reflects real GDP growth of approximately 5.8% over 2021. The forecast also projects the unemployment rate to be in the range of 5.3% to 6.3% throughout 2021. This forecast reflects an overall improved macroeconomic outlook as compared to December 31, 2020. We continue to utilize our qualitative allowance framework to reassess and adjust ACL reserve levels. Macroeconomic forecast risk, driven by uncertainty and volatility of key macroeconomic variables, is one of the primary factors influencing our qualitative reserve. As the economic recovery following the COVID-19 pandemic has continued, we have assessed risks to the recovery, including potential for continuing impacts from COVID-19 variants, challenges in the global supply chain, and recent inflationary trends, as well as potential impacts from ending monetary and fiscal stimulus programs. In addition to judgment applied to the commercial portfolio as a whole, we continued to apply management judgment to adjust the modeled reserves in the commercial industry sectors most impacted by the COVID-19 pandemic and associated lockdowns, including CRE retail, CRE office and hospitality and casual dining.
Our determination of the ACL is sensitive to changes in forecasted macroeconomic conditions during the reasonable and supportable period. To illustrate the sensitivity, we applied a more pessimistic scenario than that described above which assumes that challenges in acceptance of vaccines cause COVID-19-related infections to abate later than in our base case scenario, with concerns rising about resistant strains. Consumer spending is slower to rebound, with businesses reopening more slowly and vacation spending muted. This pessimistic scenario reflects real GDP growth of approximately 2.5% and unemployment in the range of 5.9% to 8.4% over 2021. 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 $230 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 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.
To provide additional context regarding sensitivity to more pessimistic scenarios, our ACL balance of $2.0 billion represents 23% of the $8.6 billion of nine-quarter losses projected in the Federal Reserve run of the December 2020 Supervisory Severely Adverse scenario, which forecasted more protracted unemployment and GDP declines compared with our ACL calculation. Our ACL calculation also included the impacts of government stimulus.
Comparatively, our ACL represents 39% of the $5.1 billion of projected losses in the Company run results of the Supervisory Severely Adverse scenario. Losses projected under the Company Supervisory Severely Adverse scenario are lower than the Federal Reserve results due to methodology and modeling differences. As an example, the Federal Reserve’s models did not recognize contractual loss sharing arrangements in the merchant loan portfolio. Both the Company and Federal Reserve results include incremental losses associated with loan
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originations assumed post-September 30, 2020. In contrast, our September 30, 2021 ACL balance considers only existing loans and lines of credit as of the reporting date.
While the economic recovery from the COVID-19 pandemic continues, significant future uncertainty still exists, including the impacts of COVID-19 variants and challenges from vaccine acceptance rates on consumer sentiment and spending behavior. 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 types. The variables and inputs may be idiosyncratically affected by risks to the recovery, including potential for continuing impacts from COVID-19 variants, challenges in the global supply chain and recent inflationary trends, as well as potential impacts from ending monetary and fiscal stimulus programs. Changes in one or multiple of the key variables may have a material impact to our estimation of expected credit losses.
We continue to monitor the impact of COVID-19 and related fiscal and monetary policy measures on the economy and the resulting potentially material effects on the ACL.
For additional information regarding the ACL, see Note 4 of this report, and “Critical Accounting Estimates” and Note 5 in the Company’s 2020 Form 10-K.
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 (“ERC”), 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 ERC are the following additional committees covering specific areas of risk: Compliance and Operational Risk Committee, Model Risk Committee, Credit Policy Committee, Asset Liability Committee, Business Initiatives Review Committee, and the Conduct and Ethics Committee.
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 2020 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 hedging of interest rate and foreign exchange risk. As described below, more material market risk arises from our non-trading banking activities, such as loan origination and deposit-gathering. 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
We are exposed to market risk as a result of non-trading banking activities. This market risk is substantially 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 2020 Form 10-K.
The table below reports net interest income exposures against a variety of interest rate scenarios. 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 asset sensitive; net interest income would benefit from an increase in interest rates, while exposure to a decline in interest rates is within limit. While an instantaneous and severe shift in interest rates is included in this analysis, we believe that any actual shift in interest rates would likely be more gradual and therefore have a more modest impact.
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The table below presents the sensitivity of net interest income to various parallel yield curve shifts from the market implied forward yield curve:
Table 29: Sensitivity of Net Interest Income
Estimated % Change in Net Interest Income over 12 Months
Basis pointsSeptember 30, 2021December 31, 2020
Instantaneous Change in Interest Rates  
20020.8 %21.2 %
10010.9 11.2 
-25(2.4)(2.7)
Gradual Change in Interest Rates
2009.8 10.8 
1004.9 5.5 
-25(1.2)(1.5)
We continue to manage asset sensitivity within the scope of our policy and changing market conditions. Asset sensitivity against a 200 basis point gradual increase in rates decreased 1.0% to 9.8% as of September 30, 2021 as compared to 10.8% at December 31, 2020, resulting from loan and deposit mix changes and the addition of $10.5 billion of receive-fixed/pay-variable interest rate swaps. Current levels of asset sensitivity remain elevated relative to our core sensitivity profile due to these cash and deposit balances which are a result of monetary and fiscal stimulus programs. Changes in interest rates can also affect the risk positions, which impacts the repricing sensitivity or beta of the deposit base as well as the cash flows on assets that allow for early payoff without a penalty. The risk position is managed within our risk limits, and long-term view of interest rates through occasional adjustments to securities investments, interest rate swaps and mix of funding.
We use a valuation measure of exposure to structural interest rate risk, Economic Value of Equity (“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. The change in value is expressed as a percentage of regulatory capital.
We use interest rate swap contracts to manage the interest rate exposure to variability in the interest cash flows on our floating-rate assets and floating-rate wholesale funding, and to hedge market risk on fixed-rate capital markets debt issuances.
Table 30: Interest Rate Swap Contracts Used to Manage Non-Trading Interest Rate Exposure
September 30, 2021December 31, 2020
Weighted AverageWeighted Average
(dollars in millions)Notional AmountMaturity (Years)Receive RatePay Rate Notional AmountMaturity (Years)Receive RatePay Rate
Cash flow - receive-fixed/pay-variable - conventional ALM(1)
$16,250 3.2 1.1 %0.1 %$12,350 1.0 1.5 %0.2 %
Fair value - receive-fixed/pay-variable - conventional debt2,200 1.5 2.5 0.1 3,200 1.7 2.1 0.2 
Cash flow - pay-fixed/receive-variable - conventional ALM(1)(2)
3,000 2.7 0.1 1.7 4,750 3.9 0.2 1.4 
Fair value - pay-fixed/receive-variable - conventional ALM(1)
2,000 3.0 0.1 1.5 2,000 3.7 0.2 1.5 
Total portfolio swaps$23,450 3.0 1.0 %0.4 %$22,300 2.0 1.2 %0.6 %
(1) Asset Liability Management (“ALM”) strategies used to manage interest rate exposures include interest rate swap contracts used to manage exposure to the variability in the interest cash flows on our floating-rate commercial loans and floating-rate wholesale funding, as well as the variability in the fair value of AFS securities.
(2) December 31, 2020 includes $1.8 billion of forward-starting, pay-fixed interest rate swaps that were terminated in the first quarter of 2021.
Using the interest rate curve at September 30, 2021, the estimated net contribution to net interest income related to our ALM hedge strategies is approximately $103 million for the full-year 2021 compared to $133 million for the full-year 2020. The estimated net contribution could differ from amounts actually recognized due to changes in interest rates and the addition of other hedges subsequent to September 30, 2021.
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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 relating to derivative instruments designated as cash flow hedges:
Table 31: Pre-Tax Gains (Losses) Recorded in the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2021202020212020
Amount of pre-tax net gains (losses) recognized in OCI($15)$— $19 $118 
Amount of pre-tax net gains (losses) reclassified from OCI into interest income46 68 141 128 
Amount of pre-tax net gains (losses) reclassified from OCI into interest expense(13)(11)(37)(22)
(1) Using the interest rate curve at September 30, 2021, with respect to cash flow hedge strategies, we estimate that approximately $76 million will be reclassified from AOCI to net interest income over the next 12 months.
LIBOR Transition
As previously disclosed, many of our lending products, securities, derivatives, and other financial transactions utilize the LIBOR benchmark rate and will be impacted by its planned discontinuance. In late 2018, we formed a LIBOR Transition Program designed to guide the organization through the planned discontinuation of LIBOR. The Program, with direction and oversight from our Chief Financial Officer, is responsible for developing, maintaining and executing against a coordinated strategy to ensure a timely and orderly transition from LIBOR. The Program is structured to address various initiatives including program governance, transition management, communications, exposure management, new alternative reference rate product delivery, risk management, contract remediation, operations and technology readiness, accounting and reporting, as well as tax and regulation impacts. Risks associated with the LIBOR transition are tracked and reviewed on a quarterly basis with a focus on the identification of mitigation actions.

The ARRC recommended that banks be systemically and operationally capable of supporting transactions in alternative reference rates, such as SOFR, by the end of September 2020. Guided by this milestone, we are systemically and operationally prepared to support alternative reference rate transactions. On March 5, 2021, the Financial Conduct Authority (“FCA”) formally announced the future cessation or loss of representation of the LIBOR benchmark settings currently published by the Intercontinental Exchange (“ICE”) Benchmark Administration. Further, the FCA stated that the 1-week and 2-month U.S. Dollar LIBOR rates will cease as of December 31, 2021 and all other U.S. Dollar LIBOR tenors will cease as of June 30, 2023. With the FRB, OCC, and FDIC (collectively, the agencies) supporting this announcement, the LIBOR Transition Program adjusted LIBOR transition activities and timelines accordingly. The agencies continue to urge market participants to stop entering into new U.S. Dollar LIBOR contracts as soon as practicable, but no later than the end of 2021. We are continuing all efforts to move new originations to alternative reference rates over the course of 2021 in anticipation of this deadline. However, our plans for legacy contract remediation now extend through mid-2023 given the FCA announcement. More broadly, program governance remains robust, and progress has been made in the above-outlined initiatives as management continues to closely monitor industry and regulatory developments pertaining to the transition.    
Capital Markets
A key component of our capital markets activities is the underwriting and distribution of corporate credit facilities to partially 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, our 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 relative to the fair market value of the MSRs, 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. As of September 30, 2021 and December 31, 2020, the fair value of our MSRs was $978 million and $658 million, respectively, and the total notional amount of related derivative contracts was $15.4 billion and $11.4 billion,
Citizens Financial Group, Inc. | 44

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 that is consistent with the definition used by banking regulators.
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, and credit spreads on a select range of interest rates, foreign exchange, commodities, corporate bonds and secondary loan instruments. These trading activities are conducted through CBNA and CCMI. 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 2020 Form 10-K.
Market Risk Regulatory Capital
The U.S. banking regulators’ “Market Risk Rule” covers the calculation of market risk capital. For the purposes of the Market Risk Rule, all of our client facing trades and associated hedges maintain a net low risk and do 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 32: Results of Modeled and Non-Modeled Measures for Regulatory Capital Calculations
(in millions)For the Three Months Ended September 30, 2021For the Three Months Ended September 30, 2020
Market Risk Category 
Period End
Average
HighLowPeriod EndAverageHighLow
Interest Rate$1 $1 $3 $— $1 $1 $4 $1 
Foreign Exchange Currency Rate1 1 1 1 — — 4 — 
Credit Spread6 9 14 4 11 10 12 7 
Commodity— — — — — — — — 
General VaR6 10 14 4 11 8 15 6 
Specific Risk VaR— — — — — — — — 
Total VaR$6 $10 $17 $4 $11 $8 $15 $6 
Stressed General VaR$8 $11 $16 $5 $13 $10 $20 $7 
Stressed Specific Risk VaR— — — — — — — — 
Total Stressed VaR$8 $11 $16 $5 $13 $10 $20 $7 
Market Risk Regulatory Capital$62 $55 
Specific Risk Not Modeled Add-on16 12 
Total Market Risk Regulatory Capital$78 $67 
Market Risk-Weighted Assets$973 $834 
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, commodity, and foreign exchange positions.
Citizens Financial Group, Inc. | 45

The following graph shows our daily net trading revenue and total internal, modeled VaR for the twelve months ended September 30, 2021.
Daily VaR Backtestingcfg-20210930_g7.jpg
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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 tables present computations of non-GAAP financial measures representing our Underlying results used throughout the MD&A:

Table 33: Reconciliations of Non-GAAP Measures
  As of and for the Three Months Ended September 30,As of and for the Nine Months Ended September 30,
(in millions, except share, per share and ratio data)Ref.2021202020212020
Total revenue, Underlying:
Total revenue (GAAP)A$1,659 $1,791 $4,927 $5,198 
Less: Notable items— — — — 
Total revenue, Underlying (non-GAAP)B$1,659 $1,791 $4,927 $5,198 
Noninterest expense, Underlying:
Noninterest expense (GAAP)C$1,011 $988 $3,020 $2,979 
Less: Notable items23 31 54 83 
Noninterest expense, Underlying (non-GAAP)D$988 $957 $2,966 $2,896 
Pre-provision profit:
Total revenue (GAAP)A$1,659 $1,791 $4,927 $5,198 
Less: Noninterest expense (GAAP)C1,011 988 3,020 2,979 
Pre-provision profit (GAAP)$648 $803 $1,907 $2,219 
Pre-provision profit, Underlying
Total revenue, Underlying (non-GAAP)B$1,659 $1,791 $4,927 $5,198 
Less: Noninterest expense, Underlying (non-GAAP)D988 957 2,966 2,896 
Pre-provision profit, Underlying (non-GAAP)$671 $834 $1,961 $2,302 
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)E$681 $375 $2,293 $727 
Less: Income (loss) before income tax expense (benefit) related to notable items(23)(31)(54)(83)
Income before income tax expense, Underlying (non-GAAP)F$704 $406 $2,347 $810 
Income tax expense and effective income tax rate, Underlying:
Income tax expense (GAAP)G$151 $61 $504 $126 
Less: Income tax expense (benefit) related to notable items(7)(7)(15)(24)
Income tax expense, Underlying (non-GAAP)H$158 $68 $519 $150 
Effective income tax rate (GAAP)G/E22.35 %16.10 %22.01 %17.27 %
Effective income tax rate, Underlying (non-GAAP)H/F22.45 16.79 22.09 18.57 
Net income, Underlying:
Net income (GAAP)I$530 $314 $1,789 $601 
Add: Notable items, net of income tax benefit16 24 39 59 
Net income, Underlying (non-GAAP)J$546 $338 $1,828 $660 
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)K504 289 $1,708 $526 
Add: Notable items, net of income tax benefit16 24 39 59 
Net income available to common stockholders, Underlying (non-GAAP)L$520 $313 $1,747 $585 
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)M$21,326 $20,534 $20,926 $20,401 
Return on average common equityK/M9.39 %5.60 %10.91 %3.45 %
Return on average common equity, Underlying (non-GAAP)
L/M9.70 6.05 11.17 3.83 



Citizens Financial Group, Inc. | 47

  As of and for the Three Months Ended September 30,As of and for the Nine Months Ended September 30,
(in millions, except share, per share and ratio data)Ref.2021202020212020
Return on average tangible common equity and return on average tangible common equity, Underlying: 
Average common equity (GAAP)M$21,326 $20,534 $20,926 $20,401 
Less: Average goodwill (GAAP)7,055 7,050 7,052 7,049 
Less: Average other intangibles (GAAP)52 62 54 65 
Add: Average deferred tax liabilities related to goodwill (GAAP)383 375 381 375 
Average tangible common equity N$14,602 $13,797 $14,201 $13,662 
Return on average tangible common equity K/N13.71 %8.33 %16.08 %5.15 %
Return on average tangible common equity, Underlying (non-GAAP)L/N14.17 9.00 16.46 5.71 
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)O$186,108 $177,675 $184,391 $174,892 
Return on average total assetsI/O1.13 %0.70 %1.30 %0.46 %
Return on average total assets, Underlying (non-GAAP)J/O1.16 0.76 1.33 0.50 
Return on average total tangible assets and return on average total tangible assets, Underlying: 
Average total assets (GAAP)O$186,108 $177,675 $184,391 $174,892 
Less: Average goodwill (GAAP) 7,055 7,050 7,052 7,049 
Less: Average other intangibles (GAAP) 52 62 54 65 
Add: Average deferred tax liabilities related to goodwill (GAAP) 383 375 381 375 
Average tangible assets P$179,384 $170,938 $177,666 $168,153 
Return on average total tangible assets I/P1.17 %0.73 %1.35 %0.48 %
Return on average total tangible assets, Underlying (non-GAAP)J/P1.21 0.79 1.38 0.52 
Efficiency ratio and efficiency ratio, Underlying: 
Efficiency ratio C/A60.92 %55.18 %61.30 %57.31 %
Efficiency ratio, Underlying (non-GAAP)D/B59.55 53.44 60.21 55.72 
Operating leverage and operating leverage, Underlying:
(Decrease) increase in total revenue(7.33)%9.29 %(5.20)%7.07 %
Increase in noninterest expense2.31 1.52 1.39 4.12 
Operating leverage(9.64)%7.77 %(6.59 %)2.95 %
(Decrease) increase in total revenue, Underlying (non-GAAP)(7.33)%9.29 %(5.20)%7.07 %
Increase in noninterest expense, Underlying (non-GAAP)3.26 0.32 2.45 2.32 
Operating leverage, Underlying (non-GAAP)(10.59)%8.97 %(7.65 %)4.75 %
Tangible book value per common share:
Common shares - at period end (GAAP)Q426,199,576 427,073,084 426,199,576 427,073,084 
Common stockholders' equity (GAAP)$21,409 $20,504 $21,409 $20,504 
Less: Goodwill (GAAP)7,065 7,050 7,065 7,050 
Less: Other intangible assets (GAAP)51 60 51 60 
Add: Deferred tax liabilities related to goodwill (GAAP)384 377 384 377 
Tangible common equityR$14,677 $13,771 $14,677 $13,771 
Tangible book value per common shareR/Q$34.44 $32.24 $34.44 $32.24 
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)S426,086,717 426,846,096 425,996,867 427,058,412 
Average common shares outstanding - diluted (GAAP)T427,840,964 427,992,349 427,679,885 428,142,358 
Net income per average common share - basic (GAAP)K/S$1.18 $0.68 $4.01 $1.23 
Net income per average common share - diluted (GAAP)K/T1.18 0.68 3.99 1.23 
Net income per average common share - basic, Underlying (non-GAAP)L/S1.22 0.73 4.10 1.37 
Net income per average common share - diluted, Underlying (non-GAAP)L/T1.22 0.73 4.09 1.37 
Dividend payout ratio and dividend payout ratio, Underlying:
Cash dividends declared and paid per common shareU$0.39 $0.39 $1.17 $1.17 
Dividend payout ratioU/(K/S)33 %58 %29 %95 %
Dividend payout ratio, Underlying (non-GAAP)U/(L/S)32 53 29 85 

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The following table presents computations of non-GAAP financial measures representing certain metrics excluding the impact of PPP loans used throughout the MD&A:

Table 34: Reconciliations of Non-GAAP Measures - Excluding PPP
(in millions, except share, per share and ratio data)Ref.September 30, 2021December 31, 2020
Allowance for credit losses to total loans and leases, excluding the impact of PPP loans:
Total loans and leases (GAAP)A$123,318 $123,090 
Less: PPP loans1,903 4,155 
Total loans and leases, excluding the impact of PPP loans (non-GAAP)B$121,415 $118,935 
Allowance for credit losses (GAAP)C$2,004 $2,670 
Allowance for credit losses to total loans and leases (GAAP)C/A1.63 %2.17 %
Allowance for credit losses to total loans and leases, excluding the impact of PPP loans (non-GAAP)C/B1.65 %2.24 %

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ITEM 1. FINANCIAL STATEMENTS

Page

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CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions, except share data)September 30, 2021December 31, 2020
ASSETS:
Cash and due from banks$1,145 $1,037 
Interest-bearing cash and due from banks12,571 11,696 
Interest-bearing deposits in banks289 306 
Debt securities available for sale, at fair value (including $621 and $549 pledged to creditors, respectively)(1)
24,911 22,942 
Debt securities held to maturity (fair value of $2,567 and $3,357 respectively, and including $85 and $144 pledged to creditors, respectively)(1)
2,492 3,235 
Loans held for sale, at fair value3,177 3,564 
Other loans held for sale93 439 
Loans and leases 123,318 123,090 
Less: Allowance for loan and lease losses(1,855)(2,443)
Net loans and leases121,463 120,647 
Derivative assets1,769 1,915 
Premises and equipment, net732 759 
Bank-owned life insurance2,428 1,756 
Goodwill7,065 7,050 
Other assets8,872 8,003 
TOTAL ASSETS$187,007 $183,349 
LIABILITIES AND STOCKHOLDERS’ EQUITY:
LIABILITIES:
Deposits:
Noninterest-bearing$48,184 $43,831 
Interest-bearing104,037 103,333 
          Total deposits152,221 147,164 
Short-term borrowed funds8 243 
Derivative liabilities187 128 
Deferred taxes, net689 629 
Long-term borrowed funds6,947 8,346 
Other liabilities3,532 4,166 
TOTAL LIABILITIES163,584 160,676 
Contingencies (refer to Note 11)
STOCKHOLDERS’ EQUITY:
Preferred stock:
$25.00 par value,100,000,000 shares authorized; 2,050,000 and 2,000,000 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively
2,014 1,965 
Common stock:
$0.01 par value, 1,000,000,000 shares authorized; 571,110,802 shares issued and 426,199,576 shares outstanding at September 30, 2021 and 569,876,133 shares issued and 427,209,831 shares outstanding at December 31, 2020
6 6 
Additional paid-in capital18,981 18,940 
Retained earnings7,648 6,445 
Treasury stock, at cost, 144,911,226 and 142,666,302 shares at September 30, 2021 and December 31, 2020, respectively
(4,718)(4,623)
Accumulated other comprehensive income (loss)(508)(60)
TOTAL STOCKHOLDERS’ EQUITY$23,423 $22,673 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$187,007 $183,349 
(1) Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended September 30,Nine Months Ended September 30,
 (in millions, except share and per share data)2021202020212020
INTEREST INCOME:
Interest and fees on loans and leases$1,078 $1,120 $3,197 $3,614 
Interest and fees on loans held for sale, at fair value21 21 63 56 
Interest and fees on other loans held for sale 1 16 9 32 
Investment securities 116 121 368 398 
Interest-bearing deposits in banks 6 2 12 8 
Total interest income1,222 1,280 3,649 4,108 
INTEREST EXPENSE:
Deposits 35 89 127 440 
Short-term borrowed funds— — — 1 
Long-term borrowed funds42 54 136 210 
Total interest expense77 143 263 651 
Net interest income1,145 1,137 3,386 3,457 
Provision for credit losses(33)428 (386)1,492 
Net interest income after provision for credit losses1,178 709 3,772 1,965 
NONINTEREST INCOME:
Mortgage banking fees108 287 358 722 
Service charges and fees110 97 309 299 
Capital markets fees72 58 244 162 
Card fees66 57 185 161 
Trust and investment services fees61 53 179 151 
Letter of credit and loan fees39 37 115 102 
Foreign exchange and interest rate products29 27 85 85 
Securities gains, net3 1 9 4 
Other income26 37 57 55 
Total noninterest income514 654 1,541 1,741 
NONINTEREST EXPENSE:
Salaries and employee benefits509 524 1,581 1,586 
Equipment and software157 149 464 424 
Outside services144 139 420 405 
Occupancy77 81 247 247 
Other operating expense124 95 308 317 
Total noninterest expense1,011 988 3,020 2,979 
Income before income tax expense 681 375 2,293 727 
Income tax expense151 61 504 126 
NET INCOME$530 $314 $1,789 $601 
Net income available to common stockholders$504 $289 $1,708 $526 
Weighted-average common shares outstanding:
Basic426,086,717 426,846,096 425,996,867 427,058,412 
Diluted427,840,964 427,992,349 427,679,885 428,142,358 
Per common share information:
Basic earnings $1.18 $0.68 $4.01 $1.23 
Diluted earnings 1.18 0.68 3.99 1.23 

The accompanying Notes to unaudited interim Consolidated Financial Statements are an integral part of these statements.
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2021202020212020
Net income$530 $314 $1,789 $601 
Other comprehensive income (loss):
Net unrealized derivative instruments gains (losses) arising during the periods, net of income taxes of $(4), $0, $5 and $30, respectively
(11)— 14 88 
Reclassification of net derivative (gains) losses included in net income, net of income taxes of $(8), $(15), $(27) and $(27), respectively
(25)(42)(77)(79)
Net unrealized debt securities gains (losses) arising during the periods, net of income taxes of $(35), $(14), $(132) and $131, respectively
(109)(44)(406)405 
Reclassification of net debt securities (gains) losses to net income, net of income taxes of $(1), $0, $(2) and $(1), respectively
(2)(1)(7)(3)
Reclassification of actuarial loss to net income, net of income taxes of $1, $1, $2 and $2, respectively
20 3 28 10 
Total other comprehensive income (loss), net of income taxes(127)(84)(448)421 
Total comprehensive income (loss)$403 $230 $1,341 $1,022 

The accompanying Notes to unaudited interim Consolidated Financial Statements are an integral part of these statements.
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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
Preferred
 Stock		Common
 Stock		Additional Paid-in CapitalRetained EarningsTreasury Stock, at CostAccumulated Other Comprehensive Income (Loss)Total
(in millions)SharesAmountSharesAmount
Balance at July 1, 20202 $1,965 427 $6 $18,908 $6,068 ($4,623)$94 $22,418 
Dividends to common stockholders— — — — — (168)— — (168)
Dividends to preferred stockholders— — — — — (25)— — (25)
Share-based compensation plans— — — — 10 — — — 10 
Employee stock purchase plan— — — — 4 — — — 4 
Total comprehensive income (loss):
Net income— — — — — 314 — — 314 
Other comprehensive income (loss)— — — — — — — (84)(84)
Total comprehensive income (loss)— — — — — 314 — (84)230 
Balance at September 30, 20202 $1,965 427 $6 $18,922 $6,189 ($4,623)$10 $22,469 
Balance at July 1, 20212 $2,014 426 $6 $18,964 $7,314 ($4,718)($381)$23,199 
Dividends to common stockholders— — — — — (167)— — (167)
Dividends to preferred stockholders— — — — — (26)— — (26)
Preferred stock redemption— — — — — (3)— — (3)
Share-based compensation plans— — — — 11 — — — 11 
Employee stock purchase plan — — — — 6 — — — 6 
Total comprehensive income (loss):
Net income— — — — — 530 — — 530 
Other comprehensive income (loss)— — — — — — — (127)(127)
Total comprehensive income (loss)— — — — — 530 — (127)403 
Balance at September 30, 20212 $2,014 426 $6 $18,981 $7,648 ($4,718)($508)$23,423 

The accompanying Notes to unaudited interim Consolidated Financial Statements are an integral part of these statements.



Citizens Financial Group, Inc. | 54

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
Preferred
 Stock		Common
 Stock		Additional Paid-in CapitalRetained EarningsTreasury Stock, at CostAccumulated Other Comprehensive Income (Loss)Total
(in millions)SharesAmountSharesAmount
Balance at January 1, 20202 $1,570 433 $6 $18,891 $6,498 ($4,353)($411)$22,201 
Dividends to common stockholders— — — — — (504)— — (504)
Dividends to preferred stockholders— — — — — (75)— — (75)
Preferred stock issued— 395 — — — — — — 395 
Treasury stock purchased— — (7)— — — (270)— (270)
Share-based compensation plans— — 1 — 17 — — — 17 
Employee stock purchase plan— — — — 14 — — — 14 
Cumulative effect of change in accounting principle— — — — — (331)— — (331)
Total comprehensive income (loss):
Net income— — — — — 601 — — 601 
Other comprehensive income (loss)— — — — — — — 421 421 
Total comprehensive income (loss)— — — — — 601 — 421 1,022 
Balance at September 30, 20202 $1,965 427 $6 $18,922 $6,189 ($4,623)$10 $22,469 
Balance at January 1, 20212 $1,965 427 $6 $18,940 $6,445 ($4,623)($60)$22,673 
Dividends to common stockholders— — — — — (502)— — (502)
Dividends to preferred stockholders— — — — — (81)— — (81)
Preferred stock issued— 296 — — — — — — 296 
Preferred stock redemption— (247)— — — (3)— — (250)
Treasury stock purchased— — (2)— — — (95)— (95)
Share-based compensation plans— — 1 — 24 — — — 24 
Employee stock purchase plan — — — — 17 — — — 17 
Total comprehensive income (loss):
Net income— — — — — 1,789 — — 1,789 
Other comprehensive income (loss)— — — — — — — (448)(448)
Total comprehensive income (loss)— — — — — 1,789 — (448)1,341 
Balance at September 30, 20212 $2,014 426 $6 $18,981 $7,648 ($4,718)($508)$23,423 

The accompanying Notes to unaudited interim Consolidated Financial Statements are an integral part of these statements.

Citizens Financial Group, Inc. | 55

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Nine Months Ended September 30,
(in millions)20212020
OPERATING ACTIVITIES
Net income$1,789 $601 
Adjustments to reconcile net income to net change in cash due to operating activities:
Provision for credit losses(386)1,492 
Net change in loans held for sale623 (655)
Depreciation, amortization and accretion453 419 
Deferred income taxes214 (251)
Share-based compensation47 34 
Net gain on sales of:
Debt securities (9)(4)
Premises and equipment(1)— 
Net (increase) decrease in other assets(2,393)(2,960)
Net increase (decrease) in other liabilities833 569 
Net change due to operating activities1,170 (755)
INVESTING ACTIVITIES
Investment securities:
Purchases of debt securities available for sale(8,669)(5,547)
Proceeds from maturities and paydowns of debt securities available for sale6,059 4,583 
Proceeds from sales of debt securities available for sale158 48 
Proceeds from maturities and paydowns of debt securities held to maturity752 629 
Net (increase) decrease in interest-bearing deposits in banks17 (31)
Acquisitions, net of cash acquired(14)(3)
Net (increase) decrease in loans and leases(384)(5,303)
Capital expenditures, net(59)1 
Purchase of bank-owned life insurance(650)— 
Other(197)124 
Net change due to investing activities(2,987)(5,499)
FINANCING ACTIVITIES
Net increase (decrease) in deposits5,057 17,608 
Net increase (decrease) in short-term borrowed funds(240)(43)
Proceeds from issuance of long-term borrowed funds— 8,323 
Repayments of long-term borrowed funds(1,356)(13,258)
Treasury stock purchased(95)(270)
Net proceeds from issuance of preferred stock296 395 
Redemption of preferred stock(250)— 
Dividends paid to common stockholders(502)(504)
Dividends paid to preferred stockholders(88)(73)
Premium paid to exchange subordinated debt(1)(80)
Payments of employee tax withholding for share-based compensation(21)(14)
Net change due to financing activities2,800 12,084 
Net change in cash and cash equivalents(1)
983 5,830 
Cash and cash equivalents at beginning of period(1)
12,733 3,386 
Cash and cash equivalents at end of period(1)
$13,716 $9,216 
(1) Cash and cash equivalents includes cash and due from banks and interest-bearing cash and due from banks as reflected in the Consolidated Balance Sheets.

The accompanying Notes to unaudited interim Consolidated Financial Statements are an integral part of these statements.
Citizens Financial Group, Inc. | 56

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1 - BASIS OF PRESENTATION
Basis of Presentation
The unaudited interim Consolidated Financial Statements, including the Notes presented in this document of Citizens Financial Group, Inc., have been prepared in accordance with GAAP interim reporting requirements, and therefore do not include all information and Notes included in the audited Consolidated Financial Statements in conformity with GAAP. These unaudited interim Consolidated Financial Statements and Notes presented in this document should be read in conjunction with the Company’s audited Consolidated Financial Statements and accompanying Notes included in the Company’s 2020 Form 10-K. The Company’s principal business activity is banking, conducted through its banking subsidiary, CBNA.
The unaudited interim Consolidated Financial Statements include the accounts of the Company and subsidiaries in which the Company has a controlling financial interest. All intercompany transactions and balances have been eliminated. The Company has evaluated its unconsolidated entities and does not believe that any entity in which it has an interest, but does not currently consolidate, meets the requirements to be consolidated as a variable interest entity. The unaudited interim Consolidated Financial Statements include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods. The results for interim periods are not necessarily indicative of results for a full year.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the ACL.
Significant Accounting Policies
For further information regarding the Company’s significant accounting policies, see Note 1 in the Company’s 2020 Form 10-K.
Completed Acquisitions
On September 1, 2021, the Company closed on its acquisition of Willamette, a Chicago, Illinois-based business valuation, forensic analysis, and transaction financial advisory services firm. This acquisition resulted in an estimated increase to goodwill of $15 million which was allocated to the Commercial business segment as of September 30, 2021. The Company expects that some adjustments of the fair values assigned to the assets acquired and liabilities assumed may subsequently be recorded, although any such adjustments are not expected to be material.
Pending Acquisitions
On May 26, 2021, the Company announced that it had entered into an agreement to acquire 80 East Coast branches and the national online deposit business from HSBC for an approximate 2.0% premium paid on deposits at closing. The branch purchase includes 66 locations in the New York City Metro area, 9 locations in the Mid-Atlantic/Washington D.C. area, and 5 locations in Southeast Florida. As of September 30, 2021, there were approximately $8.4 billion in deposits and $1.9 billion in loans. The transaction is expected to close in the first quarter of 2022, subject to the satisfaction of customary closing terms and conditions and regulatory approvals.
On July 28, 2021, the Company announced that it had entered into a definitive agreement and plan of merger under which the Company will acquire all of the outstanding shares of Investors for a combination of stock and cash. Pursuant to the terms of the agreement, Investors shareholders will receive 0.297 of a share of the Company’s common stock and $1.46 in cash for each share of Investors they own. The acquisition of Investors builds our physical presence in the northeast with the addition of 154 branches located in the greater New York City and Philadelphia metropolitan areas and across New Jersey. As of September 30, 2021, Investors had total assets of $27.3 billion, including $21.6 billion of loans, $24.5 billion of liabilities, including $20.4 billion of deposits, and $2.8 billion of stockholders’ equity. The merger is expected to close in early second quarter 2022, subject to approval by the shareholders of Investors, regulatory approvals, and other customary closing conditions.
On September 8, 2021, Citizens entered into a definitive agreement to acquire JMP in an all-cash transaction. Under the agreement, JMP shareholders will receive $7.50 for each common share of JMP they own,
Citizens Financial Group, Inc. | 57

or approximately $149 million in cash. This transaction is targeted to close in mid-fourth quarter 2021, subject to approval by the shareholders of JMP and other customary closing conditions.
NOTE 2 - SECURITIES
The following table presents the major components of securities at amortized cost and fair value:
September 30, 2021December 31, 2020
(in millions)Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. Treasury and other$11 $— $— $11 $11 $— $— $11 
State and political subdivisions2 — — 2 3 — — 3 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities23,838 307 (305)23,840 21,954 571 (19)22,506 
Other/non-agency280 11 — 291 396 26 — 422 
Total mortgage-backed securities24,118 318 (305)24,131 22,350 597 (19)22,928 
Collateralized loan obligations767 — — 767 — — — — 
Total debt securities available for sale, at fair value$24,898 $318 ($305)$24,911 $22,364 $597 ($19)$22,942 
Federal agencies and U.S. government sponsored entities$1,705 $73 $— $1,778 $2,342 $122 $— $2,464 
Total mortgage-backed securities1,705 73 — 1,778 2,342 122 — 2,464 
Asset-backed securities787 2 — 789 893 — — 893 
Total debt securities held to maturity$2,492 $75 $— $2,567 $3,235 $122 $— $3,357 
Equity securities, at cost$616 $— $— $616 $604 $— $— $604 
Equity securities, at fair value88 — — 88 66 — — 66 
Accrued interest receivable on debt securities totaled $53 million and $55 million as of September 30, 2021 and December 31, 2020, respectively, and is included in other assets in the Consolidated Balance Sheets.
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The following table presents the amortized cost and fair value of debt securities by contractual maturity as of September 30, 2021. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without incurring penalties.
September 30, 2021
Distribution of Maturities
(in millions)1 Year or LessAfter 1 Year through 5 YearsAfter 5 Years through 10 YearsAfter 10 YearsTotal
Amortized cost:
U.S. Treasury and other$11 $— $— $— $11 
State and political subdivisions— — — 2 2 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities1 32 1,989 21,816 23,838 
Other/non-agency— — — 280 280 
Collateralized loan obligations— — — 767 767 
Total debt securities available for sale12 32 1,989 22,865 24,898 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities— — — 1,705 1,705 
Asset-backed securities— — 787 — 787 
Total debt securities held to maturity— — 787 1,705 2,492 
Total amortized cost of debt securities$12 $32 $2,776 $24,570 $27,390 
Fair value:
U.S. Treasury and other$11 $— $— $— $11 
State and political subdivisions— — — 2 2 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities1 33 2,036 21,770 23,840 
Other/non-agency— — — 291 291 
Collateralized loan obligations— — — 767 767 
Total debt securities available for sale12 33 2,036 22,830 24,911 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities— — — 1,778 1,778 
Asset-backed securities— — 789 — 789 
Total debt securities held to maturity— — 789 1,778 2,567 
Total fair value of debt securities$12 $33 $2,825 $24,608 $27,478 
        
Taxable interest income from investment securities as presented in the Consolidated Statements of Operations was $116 million and $121 million for the three months ended September 30, 2021 and 2020, respectively, and $368 million and $398 million for the nine months ended September 30, 2021 and 2020, respectively.

The following table presents realized gains and losses on securities:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2021202020212020
Gains on sale of debt securities$3 $1 $9 $4 
Losses on sale of debt securities— — — — 
Debt securities gains, net$3 $1 $9 $4 
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The following table presents the amortized cost and fair value of debt securities pledged:
September 30, 2021December 31, 2020
(in millions)Amortized CostFair ValueAmortized CostFair Value
Pledged against derivatives, to qualify for fiduciary powers, and to secure public and other deposits as required by law$4,547 $4,556 $3,818 $3,937 
Pledged against FHLB borrowed funds227 239 394 423 
Pledged against repurchase agreements1 1 224 231 

The Company regularly 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 of short-term receivables or payables as of September 30, 2021 or December 31, 2020. The Company offsets certain derivative assets and derivative liabilities in the Consolidated Balance Sheets. For further information, see Note 8.
Securitizations of mortgage loans retained in the investment portfolio were $60 million and $223 million for the three and nine months ended September 30, 2021, respectively. There were $34 million securitizations of mortgage loans retained in the investment portfolio for the three and nine months ended September 30, 2020. These securitizations include a substantive guarantee by a third party. In 2021, the guarantors were FNMA, FHLMC, and GNMA. The debt securities received from the guarantors are classified as AFS.
Impairment
As of September 30, 2021, the Company concluded that 68% of HTM securities met the zero expected credit loss criteria; therefore, no ACL was recognized. For the remainder, the lifetime expected credit losses 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 September 30, 2021.
The following tables present AFS mortgage-backed debt securities with fair values below their respective carrying values, separated by the duration the securities have been in a continuous unrealized loss position:
September 30, 2021
Less than 12 Months12 Months or LongerTotal
(dollars in millions)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Federal agencies and U.S. government sponsored entities$682 ($21)$11,969 ($284)$12,651 ($305)

December 31, 2020
Less than 12 Months12 Months or LongerTotal
(dollars in millions)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Federal agencies and U.S. government sponsored entities$1,991 ($19)$— $— $1,991 ($19)
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 agency MBS, non-agency MBS, and CLOs identified with unrealized losses as of September 30, 2021. 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.
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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.
(in millions)September 30, 2021December 31, 2020
Commercial and industrial(1)
$41,854 $44,173 
Commercial real estate14,508 14,652 
Leases1,593 1,968 
Total commercial57,955 60,793 
Residential mortgages(2)
21,513 19,539 
Home equity11,889 12,149 
Automobile13,492 12,153 
Education13,000 12,308 
Other retail5,469 6,148 
Total retail65,363 62,297 
Total loans and leases$123,318 $123,090 
(1) Includes $1.9 billion and $4.2 billion of PPP loans fully guaranteed by the SBA as of September 30, 2021 and December 31, 2020, respectively.
(2) Includes fully or partially guaranteed FHA, VA and USDA loans of $1.4 billion at September 30, 2021 and $249 million at December 31, 2020, including loans acquired through an exercise of the GNMA early buyout option.
 
Included in other assets is accrued interest receivable on loans and leases held for investment totaling $464 million and $449 million as of September 30, 2021 and December 31, 2020, respectively.
During the three months ended September 30, 2021 and 2020, the Company purchased $323 million and $801 million of education loans, and $119 million and $101 million of other retail loans, respectively. During the three months ended September 30, 2021, the Company purchased $478 million of residential mortgage loans as compared to none in the same period of 2020. During the nine months ended September 30, 2021 and 2020, the Company purchased $975 million and $1.7 billion of education loans, and $472 million and $628 million of other retail loans, respectively. During the nine months ended September 30, 2021, the Company purchased $478 million of residential mortgage loans as compared to none in the same period of 2020.
During the three months ended September 30, 2021 and 2020, the Company sold $202 million and $94 million of commercial loans, respectively. During the three months ended September 30, 2020, the Company sold $879 million of education loans as compared to none in the same period of 2021. During the nine months ended September 30, 2021 and 2020, the Company sold $765 million and $356 million of commercial loans, respectively. During the nine months ended September 30, 2020, the Company sold $1.5 billion of residential mortgage loans and $879 million of education loans as compared to none in the same period of 2021.
Loans pledged as collateral for FHLB borrowed funds, primarily residential mortgages and home equity products, totaled $25.2 billion and $25.5 billion at September 30, 2021 and December 31, 2020, 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 $38.1 billion and $40.0 billion at September 30, 2021 and December 31, 2020, respectively.
Interest income on direct financing and sales-type leases was $12 million and $17 million for the three months ended September 30, 2021 and 2020, respectively, and is reported within interest and fees on loans and leases in the Consolidated Statements of Operations. For the nine months ended September 30, 2021 and 2020, this interest income was $37 million and $54 million, respectively.
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    The following table presents the composition of LHFS.
September 30, 2021December 31, 2020
(in millions)
Residential Mortgages(1)
Commercial(2)
Total
Residential Mortgages(1)
Commercial(2)
Total
Loans held for sale at fair value$3,104 $73 $3,177 $3,416 $148 $3,564 
Other loans held for sale— 93 93 — 439 439 
(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 generally consist of loans associated with the Company’s syndication business.
NOTE 4 - ALLOWANCE FOR CREDIT LOSSES, NONACCRUAL LOANS AND LEASES, AND CONCENTRATIONS OF CREDIT RISK
Allowance for Credit Losses    
Recorded in the ACL is management’s estimate of expected credit losses in the Company’s loan and lease portfolios. See Note 5 in the Company’s 2020 Form 10-K for a detailed discussion of the ACL reserve methodology and estimation techniques as of December 31, 2020. There were no significant changes to the ACL reserve methodology in the nine months ended September 30, 2021.
The following table presents a summary of changes in the ALLL and the allowance for unfunded lending commitments for the three months ended and nine months ended September 30, 2021:
Three Months Ended September 30, 2021Nine Months Ended September 30, 2021
(in millions)CommercialRetailTotalCommercialRetailTotal
Allowance for loan and lease losses, beginning of period$953 $994 $1,947 $1,233 $1,210 $2,443 
Charge-offs(17)(70)(87)(196)(243)(439)
Recoveries3 40 43 37 122 159 
Net charge-offs(14)(30)(44)(159)(121)(280)
Provision charged to income(72)24 (48)(207)(101)(308)
Allowance for loan and lease losses, end of period$867 $988 $1,855 $867 $988 $1,855 
Allowance for unfunded lending commitments, beginning of period$121 $13 $134 $186 $41 $227 
Provision for unfunded lending commitments9 6 15 (56)(22)(78)
Allowance for unfunded lending commitments, end of period$130 $19 $149 $130 $19 $149 
Overall, an ending ACL balance of $2.0 billion at September 30, 2021 compared to $2.7 billion at December 31, 2020. The difference in ACL as of September 30, 2021 as compared to December 31, 2020 was due to net charge-offs of $280 million, as detailed below, coupled with a credit provision benefit of $386 million. This reflected strong credit performance across the retail and commercial loan portfolios, and improvement in the macroeconomic outlook.     
The decrease in commercial net charge-offs of $126 million for the nine months ended September 30, 2021 as compared to the nine months ended September 30, 2020 reflects the economic recovery following the COVID-19 pandemic and associated lockdowns. Retail net charge-offs were down $97 million in the nine months ended September 30, 2021 as compared to the nine months ended September 30, 2020 as a result of government stimulus and forbearance programs as well as strong collateral values in residential real estate and automobile.
To determine the ACL as of September 30, 2021, Citizens utilized an economic forecast that generally reflects real GDP growth of approximately 5.8% over 2021. The forecast also projects the unemployment rate to be in the range of 5.3% to 6.3% throughout 2021. This forecast reflects an overall improved macroeconomic outlook as compared to December 31, 2020. We continue to utilize our qualitative allowance framework to reassess and adjust ACL reserve levels. Macroeconomic forecast risk, driven by uncertainty and volatility of key macroeconomic variables, is one of the primary factors influencing our qualitative reserve. As the economic recovery following the COVID-19 pandemic has continued, we have assessed risks to the recovery, including potential for continuing impacts from COVID-19 variants, challenges in the global supply chain, and recent inflationary trends, as well as potential impacts from ending monetary and fiscal stimulus programs. In addition to judgment applied to the commercial portfolio as a whole, Citizens continued to apply management judgment
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to adjust the modeled reserves in the commercial industry sectors most impacted by the COVID-19 pandemic and associated lockdowns, including CRE retail, CRE office and hospitality and casual dining.

The following table presents a summary of changes in the ALLL and the allowance for unfunded lending commitments for the three months and nine months ended September 30, 2020:
Three Months Ended September 30, 2020Nine Months Ended September 30, 2020
(in millions)CommercialRetailTotalCommercialRetailTotal
Allowance for loan and lease losses, beginning of period$1,235 $1,213 $2,448 $674 $578 $1,252 
Cumulative effect of change in accounting principle— — — (176)629 453 
Allowance for loan and lease losses, beginning of period, adjusted1,235 1,213 2,448 498 1,207 1,705 
Charge-offs(171)(86)(257)(292)(319)(611)
Recoveries1 37 38 7 101 108 
Net charge-offs(170)(49)(219)(285)(218)(503)
Provision charged to income224 89 313 1,076 264 1,340 
Allowance for loan and lease losses, end of period$1,289 $1,253 $2,542 $1,289 $1,253 $2,542 
Allowance for unfunded lending commitments, beginning of period$69 $10 $79 $44 $— $44 
Cumulative effect of change in accounting principle— — — (3)1 (2)
Allowance for unfunded lending commitments, beginning of period, adjusted69 10 79 41 1 42 
Provision for unfunded lending commitments83 32 115 111 41 152 
Allowance for unfunded lending commitments, end of period$152 $42 $194 $152 $42 $194 
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. In general, renewals are categorized as new credit decisions and reflect the renewal date as the vintage date. Loans modified in a TDR are considered a continuation of the original loan and vintage date corresponds with the most recent credit decision.
For commercial loans and leases, Citizens utilizes regulatory classification ratings to monitor credit quality. The assignment of regulatory classification ratings occurs at loan origination and are periodically re-evaluated by Citizens utilizing a risk-based approach, including any time management becomes aware of information affecting the borrowers' ability to fulfill their obligations. The review process considers both quantitative and qualitative factors. Loans with a “pass” rating are those that the Company believes will fully repay in accordance with the contractual loan terms. Commercial loans and leases identified as “criticized” have some weakness or potential weakness that indicate an increased probability of future loss. Citizens groups “criticized” loans into three categories, “special mention,” “substandard,” and “doubtful.” Special mention loans have potential weaknesses that, if left uncorrected, may result in deterioration of the Company’s credit position at some future date. Substandard loans are inadequately protected loans; these loans have well-defined weaknesses that could hinder normal repayment or collection of the debt. Doubtful loans have the same weaknesses as substandard, with the added characteristic that the possibility of loss is high and collection of the full amount of the loan is improbable.
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The following table presents the amortized cost basis of commercial loans and leases, by vintage date and regulatory classification rating, as of September 30, 2021:
Term Loans by Origination YearRevolving Loans
(in millions)20212020201920182017Prior to 2017Within the Revolving PeriodConverted to TermTotal
Commercial and industrial
Pass(1)
$6,411 $4,086 $4,723 $3,079 $1,723 $2,480 $16,578 $138 $39,218 
Special Mention4 47 226 148 55 182 451 2 1,115 
Substandard40 110 229 121 91 227 550 18 1,386 
Doubtful26 8 12 21 11 17 37 3 135 
Total commercial and industrial6,481 4,251 5,190 3,369 1,880 2,906 17,616 161 41,854 
Commercial real estate
Pass1,073 2,586 3,835 2,484 863 1,343 962 — 13,146 
Special Mention46 3 148 99 169 151 — — 616 
Substandard28 97 91 279 150 81 9 — 735 
Doubtful— 9 — — — 2 — — 11 
Total commercial real estate1,147 2,695 4,074 2,862 1,182 1,577 971 — 14,508 
Leases
Pass284 281 191 180 79 504 — — 1,519 
Special Mention2 16 2 8 5 16 — — 49 
Substandard1 16 6 — — 1 — — 24 
Doubtful— — — — — 1 — — 1 
Total leases287 313 199 188 84 522 — — 1,593 
Total commercial
Pass(1)
7,768 6,953 8,749 5,743 2,665 4,327 17,540 138 53,883 
Special Mention52 66 376 255 229 349 451 2 1,780 
Substandard69 223 326 400 241 309 559 18 2,145 
Doubtful26 17 12 21 11 20 37 3 147 
Total commercial$7,915 $7,259 $9,463 $6,419 $3,146 $5,005 $18,587 $161 $57,955 
(1) Includes $1.9 billion of PPP loans designated as pass that are fully guaranteed by the SBA originating in 2021 and 2020.
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The following table presents the amortized cost basis of commercial loans and leases, by vintage date and regulatory classification rating, as of December 31, 2020:
Term Loans by Origination YearRevolving Loans
(in millions)20202019201820172016Prior to 2016Within the Revolving PeriodConverted to TermTotal
Commercial and industrial
Pass(1)
$8,036 $5,730 $4,180 $2,174 $1,157 $1,980 $17,281 $340 $40,878 
Special Mention34 264 163 84 60 173 771 34 1,583 
Substandard91 195 248 100 81 127 600 22 1,464 
Doubtful65 10 34 38 3 31 63 4 248 
Total commercial and industrial8,226 6,199 4,625 2,396 1,301 2,311 18,715 400 44,173 
Commercial real estate
Pass1,848 2,836 2,810 1,106 566 919 3,271 — 13,356 
Special Mention19 130 121 92 94 48 300 — 804 
Substandard116 2 65 5 53 26 149 — 416 
Doubtful16 26 8 — — 2 24 — 76 
Total commercial real estate1,999 2,994 3,004 1,203 713 995 3,744 — 14,652 
Leases
Pass455 246 229 139 180 673 — — 1,922 
Special Mention3 4 2 4 2 18 — — 33 
Substandard— 2 2 4 4 — — — 12 
Doubtful— — — — — 1 — — 1 
Total leases458 252 233 147 186 692 — — 1,968 
Total commercial
Pass(1)
10,339 8,812 7,219 3,419 1,903 3,572 20,552 340 56,156 
Special Mention56 398 286 180 156 239 1,071 34 2,420 
Substandard207 199 315 109 138 153 749 22 1,892 
Doubtful81 36 42 38 3 34 87 4 325 
Total commercial$10,683 $9,445 $7,862 $3,746 $2,200 $3,998 $22,459 $400 $60,793 
(1) Includes $4.2 billion of PPP loans designated as pass that are fully guaranteed by the SBA originating in 2020.
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.
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The following table presents the amortized cost basis of retail loans, by vintage date and FICO scores, as of September 30, 2021:
Term Loans by Origination YearRevolving Loans
(in millions)20212020201920182017Prior to 2017Within the Revolving PeriodConverted to TermTotal
Residential mortgages
800+$1,585 $3,179 $1,403 $395 $784 $2,389 $— $— $9,735 
740-7992,607 2,087 853 265 384 1,253 — — 7,449 
680-739639 613 356 173 185 611 — — 2,577 
620-67984 117 169 103 112 306 — — 891 
<6208 56 166 167 165 281 — — 843 
No FICO available(1)
2 5 1 — — 10 — — 18 
Total residential mortgages4,925 6,057 2,948 1,103 1,630 4,850 — — 21,513 
Home equity
800+— 2 6 6 4 154 4,333 294 4,799 
740-7991 1 5 5 8 137 3,405 299 3,861 
680-739— 1 8 13 17 151 1,665 250 2,105 
620-679— 3 13 23 19 123 345 176 702 
<620— 2 16 22 21 96 86 179 422 
Total home equity1 9 48 69 69 661 9,834 1,198 11,889 
Automobile
800+1,287 897 608 286 183 84 — — 3,345 
740-7991,781 1,177 707 344 195 85 — — 4,289 
680-7391,436 958 589 277 154 69 — — 3,483 
620-679680 436 297 156 89 45 — — 1,703 
<620120 142 168 118 75 45 — — 668 
No FICO available(1)
4 — — — — — — — 4 
Total automobile5,308 3,610 2,369 1,181 696 328 — — 13,492 
Education
800+1,080 1,865 921 566 519 951 — — 5,902 
740-7991,245 1,743 730 402 297 550 — — 4,967 
680-739369 526 246 150 113 278 — — 1,682 
620-67929 60 41 34 28 105 — — 297 
<6202 8 11 11 10 46 — — 88 
No FICO available(1)
10 — — — — 54 — — 64 
Total education2,735 4,202 1,949 1,163 967 1,984 — — 13,000 
Other retail
800+134 288 154 79 37 35 366 — 1,093 
740-799211 395 216 103 47 29 711 2 1,714 
680-739179 308 151 69 29 14 667 5 1,422 
620-679114 150 51 24 8 5 264 5 621 
<62019 39 19 11 3 3 78 6 178 
No FICO available(1)
120 7 — — — — 313 1 441 
Total other retail777 1,187 591 286 124 86 2,399 19 5,469 
Total retail
800+4,086 6,231 3,092 1,332 1,527 3,613 4,699 294 24,874 
740-7995,845 5,403 2,511 1,119 931 2,054 4,116 301 22,280 
680-7392,623 2,406 1,350 682 498 1,123 2,332 255 11,269 
620-679907 766 571 340 256 584 609 181 4,214 
<620149 247 380 329 274 471 164 185 2,199 
No FICO available(1)
136 12 1 — — 64 313 1 527 
Total retail$13,746 $15,065 $7,905 $3,802 $3,486 $7,909 $12,233 $1,217 $65,363 
(1) Represents loans for which an updated FICO score was unavailable (e.g., due to recent profile changes).
Citizens Financial Group, Inc. | 66

The following table presents the amortized cost basis of retail loans, by vintage date and FICO scores, as of December 31, 2020:
Term Loans by Origination YearRevolving Loans
(in millions)20202019201820172016Prior to 2016Within the Revolving PeriodConverted to TermTotal
Residential mortgages
800+$2,687 $1,885 $638 $1,129 $1,615 $1,755 $— $— $9,709 
740-7992,931 1,133 398 527 743 904 — — 6,636 
680-739784 351 162 172 295 458 — — 2,222 
620-67997 94 44 56 66 223 — — 580 
<62012 28 35 58 50 185 — — 368 
No FICO available(1)
1 2 1 5 1 14 — — 24 
Total residential mortgages6,512 3,493 1,278 1,947 2,770 3,539 — — 19,539 
Home equity
800+2 8 10 7 5 216 4,319 344 4,911 
740-7992 6 7 6 5 180 3,234 331 3,771 
680-7391 6 10 15 8 179 1,632 284 2,135 
620-679— 10 18 21 14 136 402 195 796 
<6201 17 30 29 18 122 105 214 536 
Total home equity6 47 75 78 50 833 9,692 1,368 12,149 
Automobile
800+1,056 812 424 312 169 62 — — 2,835 
740-7991,514 1,022 531 344 172 59 — — 3,642 
680-7391,347 889 461 282 138 47 — — 3,164 
620-679669 484 259 157 84 32 — — 1,685 
<620140 242 189 137 79 34 — — 821 
No FICO available(1)
2 — — — — 4 — — 6 
Total automobile4,728 3,449 1,864 1,232 642 238 — — 12,153 
Education
800+1,817 1,363 849 781 578 777 — — 6,165 
740-7991,797 1,009 541 387 251 423 — — 4,408 
680-739450 294 173 127 90 221 — — 1,355 
620-67926 35 33 28 25 95 — — 242 
<6202 5 10 10 8 41 — — 76 
No FICO available(1)
2 — — — — 60 — — 62 
Total education4,094 2,706 1,606 1,333 952 1,617 — — 12,308 
Other retail
800+461 380 163 77 15 44 341 — 1,481 
740-799620 460 184 81 19 31 638 2 2,035 
680-739495 302 111 48 10 13 561 5 1,545 
620-679248 104 37 14 3 5 174 7 592 
<62024 30 17 6 1 3 77 8 166 
No FICO available(1)
54 1 — — — — 272 2 329 
Total other retail1,902 1,277 512 226 48 96 2,063 24 6,148 
Total retail
800+6,023 4,448 2,084 2,306 2,382 2,854 4,660 344 25,101 
740-7996,864 3,630 1,661 1,345 1,190 1,597 3,872 333 20,492 
680-7393,077 1,842 917 644 541 918 2,193 289 10,421 
620-6791,040 727 391 276 192 491 576 202 3,895 
<620179 322 281 240 156 385 182 222 1,967 
No FICO available(1)
59 3 1 5 1 78 272 2 421 
Total retail$17,242 $10,972 $5,335 $4,816 $4,462 $6,323 $11,755 $1,392 $62,297 
(1) Represents loans for which an updated FICO score was unavailable (e.g., due to recent profile changes).
Citizens Financial Group, Inc. | 67


Nonaccrual and Past Due Assets
The following table presents nonaccrual loans and leases and loans accruing and 90 days or more past due:
As of September 30, 2021As of December 31, 2020
(in millions)Nonaccrual loans and leases90+ days past due and accruingNonaccrual with no related ACLNonaccrual loans and leases90+ days past due and accruingNonaccrual with no related ACL
Commercial and industrial$170 $4 $61 $280 $20 $56 
Commercial real estate98 — 1 176 — 2 
Leases1 — — 2 1 — 
Total commercial269 4 62 458 21 58 
Residential mortgages(1)
164 293 142 167 30 96 
Home equity216 — 188 276 — 207 
Automobile55 — 29 72 — 17 
Education23 1 2 18 2 2 
Other retail20 14 2 28 9 — 
Total retail478 308 363 561 41 322 
Total loans and leases$747 $312 $425 $1,019 $62 $380 
(1) 90+ days past due and accruing includes $289 million and $21 million of loans fully or partially guaranteed by the FHA, VA, and USDA for September 30, 2021 and December 31, 2020, respectively.

Interest income is generally not recognized for loans and leases that are on nonaccrual status. The Company reverses accrued interest receivable with a charge to interest income upon classifying the loan or lease as nonaccrual.
    The following table presents an analysis of the age of both accruing and nonaccrual loan and lease past due amounts:
September 30, 2021December 31, 2020
Days Past DueDays Past Due
(in millions)Current-2930-5960-89 90+ TotalCurrent-2930-5960-89 90+ Total
Commercial and industrial$41,783 $25 $3 $43 $41,854 $43,817 $223 $16 $117 $44,173 
Commercial real estate14,402 3 5 98 14,508 14,531 1 85 35 14,652 
Leases1,591 — 1 1 1,593 1,956 9 — 3 1,968 
Total commercial57,776 28 9 142 57,955 60,304 233 101 155 60,793 
Residential mortgages(1)
20,861 155 57 440 21,513 19,291 59 21 168 19,539 
Home equity11,654 35 16 184 11,889 11,848 61 28 212 12,149 
Automobile13,318 117 42 15 13,492 11,901 170 65 17 12,153 
Education12,941 33 14 12 13,000 12,255 33 13 7 12,308 
Other retail5,371 39 28 31 5,469 6,047 38 29 34 6,148 
Total retail64,145 379 157 682 65,363 61,342 361 156 438 62,297 
Total$121,921 $407 $166 $824 $123,318 $121,646 $594 $257 $593 $123,090 
(1) 90+ days past due includes $289 million and $44 million of loans fully or partially guaranteed by the FHA, VA, and USDA at September 30, 2021 and December 31, 2020, respectively.
At September 30, 2021 and December 31, 2020, the Company had collateral-dependent residential mortgage and home equity loans totaling $543 million and $552 million, respectively. At September 30, 2021 and December 31, 2020, the Company had collateral-dependent commercial loans totaling $42 million and $206 million, respectively.
The amortized cost basis of mortgage loans collateralized by residential real estate for which formal foreclosure proceedings were in process was $150 million and $119 million as of September 30, 2021 and December 31, 2020, respectively.
Citizens Financial Group, Inc. | 68

Troubled Debt Restructurings
The following tables summarize loans modified during the three and nine months ended September 30, 2021 and 2020. The balances represent the post-modification outstanding amortized cost basis and may include loans that became TDRs during the period and were subsequently paid off in full, charged off, or sold prior to period end. Pre-modification balances for modified loans approximate the post-modification balances shown.
Three Months Ended September 30, 2021
Amortized Cost Basis
(dollars in millions)Number of Contracts
Interest Rate Reduction(1)
Maturity Extension(2)
Other(3)
Total
Commercial and industrial7 $— $38 $10 $48 
Total commercial7 — 38 10 48 
Residential mortgages101 2 7 7 16 
Home equity69 — 1 3 4 
Automobile224 — — 1 1 
Education226 — — 8 8 
Other retail549 3 — 1 4 
Total retail1,169 5 8 20 33 
Total1,176 $5 $46 $30 $81 

Three Months Ended September 30, 2020
Amortized Cost Basis
(dollars in millions)Number of Contracts
Interest Rate Reduction(1)
Maturity Extension(2)
Other(3)
Total
Commercial and industrial14 $— $103 $1 $104 
Total commercial14 — 103 1 104 
Residential mortgages107 9 6 4 19 
Home equity179 2 4 6 12 
Automobile1,191 1 — 18 19 
Education140 — — 3 3 
Other retail484 1 — — 1 
Total retail2,101 13 10 31 54 
Total2,115 $13 $113 $32 $158 
Nine Months Ended September 30, 2021
Amortized Cost Basis
(dollars in millions)Number of Contracts
Interest Rate Reduction(1)
Maturity Extension(2)
Other(3)
Total
Commercial and industrial29 $— $44 $64 $108 
Total commercial29 — 44 64 108 
Residential mortgages814 14 133 54 201 
Home equity318 3 9 10 22 
Automobile1,272 1 — 14 15 
Education638 — — 21 21 
Other retail1,764 7 — 2 9 
Total retail4,806 25 142 101 268 
Total4,835 $25 $186 $165 $376 
Citizens Financial Group, Inc. | 69

Nine Months Ended September 30, 2020
Amortized Cost Basis
(dollars in millions)Number of Contracts
Interest Rate Reduction(1)
Maturity Extension(2)
Other(3)
Total
Commercial and industrial52 $— $106 $95 $201 
Total commercial52 — 106 95 201 
Residential mortgages348 26 27 11 64 
Home equity568 8 8 21 37 
Automobile2,368 2 — 35 37 
Education373 — — 9 9 
Other retail2,167 8 — 2 10 
Total retail5,824 44 35 78 157 
Total5,876 $44 $141 $173 $358 
(1) Includes modifications that consist of multiple concessions, one of which is an interest rate reduction.
(2) Includes modifications that consist of multiple concessions, one of which is a maturity extension (unless one of the other concessions was an interest rate reduction).
(3) Includes modifications other than interest rate reductions or maturity extensions, such as lowering scheduled payments for a specified period of time, principal forgiveness, and capitalizing arrearages. Also included are the following: deferrals, trial modifications, certain bankruptcies, loans in forbearance and prepayment plans. Modifications can include the deferral of accrued interest resulting in post-modification balances being higher than pre-modification.
Modified TDRs resulted in charge-offs of $1 million and $43 million for the three months ended September 30, 2021 and 2020, respectively. Citizens recorded $5 million and $49 million of charge-offs related to TDRs for the nine months ended September 30, 2021 and 2020, respectively.
Unfunded commitments related to TDRs were $51 million and $49 million at September 30, 2021 and December 31, 2020, respectively.
The following table provides a summary of TDRs that defaulted (became 90 days or more past due) within 12 months of their modification date:
 Three Months Ended September 30,Nine Months Ended September 30,
(dollars in millions)2021202020212020
Commercial TDRs$— $14 $23 $53 
Retail TDRs(1)
37 22 66 47 
Total$37 $36 $89 $100 
(1) Includes $34 million and $6 million of loans fully or partially government guaranteed by the FHA, VA, and USDA for the three months ended September 30, 2021 and 2020, respectively and $37 million and $14 million of loans fully or partially government guaranteed by the FHA, VA, and USDA for the nine months ended September 30, 2021 and 2020, respectively.
Concentrations of Credit Risk
Most of the Company’s lending activity is with customers 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 September 30, 2021 and December 31, 2020, Citizens had a significant amount of loans collateralized by residential and commercial real estate. There were no significant concentration risks within the commercial loan 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, based on the financial strength of the applicant and facts Citizens will grant unsecured loans.
Citizens Financial Group, Inc. | 70

Certain loan products, including residential mortgages, home equity loans and lines of credit, and credit cards, have contractual features that may increase credit exposure to the Company in the event of an increase in interest rates or a decline in housing values. These products include loans that exceed 90% of the value of the underlying collateral (high LTV loans), interest-only residential mortgages, and loans with low introductory rates. The following tables present balances of loans with these characteristics:
September 30, 2021
(in millions)Residential MortgagesHome EquityOther RetailEducationTotal
High loan-to-value$179 $18 $— $— $197 
Interest-only3,317 — — 1 3,318 
Low introductory rate— — 156 — 156 
Multiple characteristics and other2 — — — 2 
Total$3,498 $18 $156 $1 $3,673 
December 31, 2020
(in millions)Residential MortgagesHome EquityOther RetailTotal
High loan-to-value$289 $64 $— $353 
Interest-only2,801 — — 2,801 
Low introductory rate— — 170 170 
Total$3,090 $64 $170 $3,324 
NOTE 5 - MORTGAGE BANKING AND OTHER
The Company sells residential mortgages to GSEs and other parties, who may issue securities backed by pools of such loans. The Company retains no beneficial interests 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.
The following table summarizes activity related to residential mortgage loans sold with servicing rights retained:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2021202020212020
Cash proceeds from residential mortgage loans sold with servicing retained$9,024 $9,504 $28,601 $23,668 
Repurchased residential mortgages114 — 1,283 — 
Gain on sales(1)
96 273 321 699 
Contractually specified servicing, late and other ancillary fees(1)
63 56 181 169 
(1) Reported in mortgage banking fees in the Consolidated Statements of Operations.
The unpaid principal balance of residential mortgage loans related to our MSR was $87.4 billion and $81.2 billion at September 30, 2021 and December 31, 2020, respectively. The Company manages an active hedging strategy to manage the risk associated with changes in the value of the MSR portfolio, which includes the purchase of freestanding derivatives.
Citizens Financial Group, Inc. | 71

The following table summarizes changes in MSRs recorded using the fair value method:
As of and for the Three Months Ended September 30,As of and for the Nine Months Ended September 30,
(in millions)2021202020212020
Fair value as of beginning of the period$902 $568 $658 $642 
Transfers upon election of fair value method(1)
— — — 190 
Fair value as of beginning of the period, adjusted902 568 658 832 
Amounts capitalized109 85 318 238 
Changes in unpaid principal balance during the period(2)
(54)(55)(159)(141)
Changes in fair value during the period(3)
21 8 161 (323)
Fair value at end of the period$978 $606 $978 $606 
(1) Effective January 1, 2020, the Company elected to account for all MSRs previously accounted for under the amortization method under the fair value method.
(2) 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.
(3) 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 to current fair value of an immediate 50 basis point and 100 basis point adverse change in key economic assumptions and the decline in fair value if the respective adverse change was realized. 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. In reality, 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 the 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.
September 30, 2021December 31, 2020
ActualDecline in fair value due toActualDecline in fair value due to
(dollars in millions)
Fair value$978
50 bps adverse change
100 bps adverse change
$658
50 bps adverse change
100 bps adverse change
Weighted average life (in years)6.04.2
Weighted average constant prepayment rate(1)
11.3%$125$27517.3%$122$202
Weighted average option adjusted spread582 bps2039595 bps1224
(1) Estimated adverse change for the weighted average constant prepayment rate based on an adverse change in market interest rates.
Other Serviced Loans
From time to time, Citizens engages in other servicing relationships. The following table presents the unpaid principal balance of other serviced loans:
(in millions)September 30, 2021December 31, 2020
Education$809 $974 
Commercial(1)
67 51 
(1) Represents the government guaranteed portion of SBA loans sold to outside investors.
Citizens Financial Group, Inc. | 72

NOTE 6 - VARIABLE INTEREST ENTITIES
    Citizens is involved in various entities that are considered VIEs, including investments in limited partnerships that sponsor affordable housing projects, limited liability companies that sponsor renewable energy projects or asset-backed securities, and lending to special purpose entities. Citizens’ maximum exposure to loss as a result of its involvement with these entities is limited to the balance sheet carrying amount of its investment in equity and asset-backed securities, unfunded commitments, and outstanding principal balance of loans to special purpose entities. The Company does not consolidate any of its investments in these entities. These investments are included in other assets in the Consolidated Balance Sheets. For more details see Note 10 in the 2020 Form 10-K.
A summary of these investments is presented below:
(in millions)September 30, 2021December 31, 2020
Lending to special purpose entities included in loans and leases$1,849 $1,295 
LIHTC investment included in other assets1,899 1,687 
LIHTC unfunded commitments included in other liabilities910 875 
Investment in asset-backed securities included in HTM securities 789 893 
Renewable energy investments included in other assets441 403 
Lending to Special Purpose Entities
Citizens provides lending facilities to third-party sponsored special purpose entities. As of September 30, 2021 and December 31, 2020, the lending facilities had aggregate unpaid principal balances of $1.8 billion and $1.3 billion, respectively, and undrawn commitments to extend credit of $2.2 billion and $1.5 billion, respectively.
Low Income Housing Tax Credit Partnerships
The purpose of the Company’s equity investments is to assist in achieving the goals of the Community Reinvestment Act and to earn an adequate return of capital.
The following table presents other information related to the Company’s affordable housing tax credit investments:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2021202020212020
Tax credits included in income tax expense$48 $40 $150 $120 
Other tax benefits included in income tax expense11 10 36 30 
Total tax benefits included in income tax expense59 50 186 150 
Less: Amortization included in income tax expense50 42 156 127 
Net benefit from affordable housing tax credit investments included in income tax expense$9 $8 $30 $23 
No LIHTC investment impairment losses were recognized in the three and nine months ended September 30, 2021 and 2020, respectively.

NOTE 7 - BORROWED FUNDS
Short-term borrowed funds
Short-term borrowed funds were $8 million and $243 million as of September 30, 2021 and December 31, 2020, respectively.
Citizens Financial Group, Inc. | 73

Long-term borrowed funds
The following table presents a summary of the Company’s long-term borrowed funds:
(in millions)September 30, 2021December 31, 2020
Parent Company:
2.375% fixed-rate senior unsecured debt, due July 2021(1)
$— $350 
4.150% fixed-rate subordinated debt, due September 2022(2)
168 182 
3.750% fixed-rate subordinated debt, due July 2024(2)
90 159 
4.023% fixed-rate subordinated debt, due October 2024(2)
17 25 
4.350% fixed-rate subordinated debt, due August 2025(2)
133 193 
4.300% fixed-rate subordinated debt, due December 2025(2)
336 450 
2.850% fixed-rate senior unsecured notes, due July 2026
497 497 
2.500% fixed-rate senior unsecured notes, due February 2030
298 297 
3.250% fixed-rate senior unsecured notes, due April 2030
745 745 
3.750% fixed-rate reset subordinated debt, due February 2031(2)
69 — 
4.300% fixed-rate reset subordinated debt, due February 2031(2)
135 — 
4.350% fixed-rate reset subordinated debt, due February 2031(2)
61 — 
2.638% fixed-rate subordinated debt, due September 2032
548 543 
CBNA’s Global Note Program:
2.550% senior unsecured notes, due May 2021
— 1,003 
3.250% senior unsecured notes, due February 2022
704 716 
0.845% floating-rate senior unsecured notes, due February 2022(3)
300 299 
0.932% floating-rate senior unsecured notes, due May 2022(3)
250 250 
2.650% senior unsecured notes, due May 2022
505 510 
3.700% senior unsecured notes, due March 2023
517 527 
1.082% floating-rate senior unsecured notes, due March 2023(3)
250 249 
2.250% senior unsecured notes, due April 2025
746 746 
3.750% senior unsecured notes, due February 2026
533 551 
Additional Borrowings by CBNA and Other Subsidiaries:
Federal Home Loan Bank advances, 0.864% weighted average rate, due through 2041
19 19 
Other26 35 
Total long-term borrowed funds$6,947 $8,346 
(1) Notes were redeemed on June 28, 2021.
(2) September 30, 2021 balances reflect the February 2021 completion of $265 million in private exchange offers for five series of outstanding subordinated notes whereby participants received newly issued 3.750%, 4.300%, and 4.350% fixed-rate reset subordinated notes due 2031 which are redeemable by the Company five years prior to their maturity.
(3) Rate disclosed reflects the floating rate as of September 30, 2021.
The Parent Company’s long-term borrowed funds as of September 30, 2021 and December 31, 2020 included principal balances of $3.2 billion and $3.5 billion, respectively, and unamortized deferred issuance costs and/or discounts of $82 million and $90 million, respectively. CBNA and other subsidiaries’ long-term borrowed funds as of September 30, 2021 and December 31, 2020 included principal balances of $3.8 billion and $4.8 billion, respectively, with unamortized deferred issuance costs and/or discounts of $8 million and $11 million, respectively, and hedging basis adjustments of $63 million and $112 million, respectively. 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 at least sufficient to satisfy the collateral maintenance level established by the FHLB. The utilized borrowing capacity for FHLB advances and letters of credit was $2.2 billion and $3.2 billion at September 30, 2021 and December 31, 2020, respectively. The Company’s available FHLB borrowing capacity was $15.1 billion and $13.9 billion at September 30, 2021 and December 31, 2020, 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 September 30, 2021, the Company’s unused secured borrowing capacity was approximately $63.6 billion, which includes unencumbered securities, FHLB borrowing capacity, and FRB discount window capacity.
Citizens Financial Group, Inc. | 74

The following table presents a summary of maturities for the Company’s long-term borrowed funds at September 30, 2021:
(in millions)Parent CompanyCBNA and Other SubsidiariesConsolidated
Year
2021$— $4 $4 
2022168 1,765 1,933 
2023— 768 768 
2024107 — 107 
2025469 760 1,229 
2026 and thereafter2,353 553 2,906 
Total$3,097 $3,850 $6,947 
NOTE 8 - DERIVATIVES
In the normal course of business, Citizens enters into a variety of derivative transactions to meet the financing needs of its customers and to 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 19 in the Company’s 2020 Form 10-K.
The following table presents derivative instruments included in the Consolidated Balance Sheets:
September 30, 2021December 31, 2020
(in millions)
Notional Amount(1)
Derivative AssetsDerivative Liabilities
Notional Amount(1)
Derivative AssetsDerivative Liabilities
Derivatives designated as hedging instruments:
Interest rate contracts$23,450 $18 $2 $22,300 $1 $3 
Derivatives not designated as hedging instruments:
Interest rate contracts142,109 912 167 149,021 1,565 214 
Foreign exchange contracts16,342 249 205 16,789 320 291 
Commodities contracts539 822 822 246 62 61 
TBA contracts9,284 44 9 11,149 8 65 
Other contracts5,604 53 — 8,051 197 — 
Total derivatives not designated as hedging instruments2,080 1,203 2,152 631 
Gross derivative fair values2,098 1,205 2,153 634 
Less: Gross amounts offset in the Consolidated Balance Sheets(2)
(233)(233)(182)(182)
Less: Cash collateral applied(2)
(96)(785)(56)(324)
Total net derivative fair values presented in the Consolidated Balance Sheets$1,769 $187 $1,915 $128 
(1) The notional or contractual amount of interest rate derivatives and foreign exchange contracts is the amount upon which interest and other payments under the contract are based. For interest rate contracts, the notional amount is typically not exchanged. Therefore, notional amounts should not be taken as the measure of credit or market risk, as they do not measure the true economic risk of these contracts.
(2) 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 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. The Company formally documents at inception all hedging relationships, as well as risk management objectives and strategies for undertaking various accounting
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hedges. Additionally, the Company monitors the effectiveness of its hedge relationships during the duration of the hedge period. The methods utilized to assess hedge effectiveness vary based on hedge relationship and the Company monitors each relationship to ensure that management’s initial intent continues to be satisfied. The Company discontinues hedge accounting treatment when it is determined that a derivative is not expected to be, or has ceased to be, effective as a hedge and subsequently reflects changes in the fair value of the derivative in earnings after termination of the hedge relationship.
Fair Value Hedges
Citizens has outstanding interest rate swap agreements utilized to manage the interest rate exposure on its long-term borrowings and AFS debt securities. Certain fair value hedges have been designated as a last-of-layer hedge, which affords the Company the ability to execute a fair value hedge of the interest rate risk associated with a portfolio of similar prepayable assets whereby the last dollar amount estimated to remain in the portfolio of assets is identified as the hedged item.
The following table presents the change in fair value of interest rate contracts designated as fair value hedges, as well as the change in fair value of the related hedged items attributable to the risk being hedged, included in the Consolidated Statements of Operations:
Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2021202020212020Affected Line Item in the Consolidated Statements of Operations
Interest rate swaps hedging borrowed funds($13)($16)($51)$82 Interest expense - long-term borrowed funds
Hedged long-term debt attributable to the risk being hedged13 17 50 (78)Interest expense - long-term borrowed funds
Interest rate swaps hedging fixed rate loans— — — 17 Interest and fees on loans and leases
Hedged fixed rate loans attributable to the risk being hedged— — — (17)Interest and fees on loans and leases
Interest rate swaps hedging debt securities available for sale7 7 39 (114)Interest income - investment securities
Hedged debt securities available for sale attributable to risk being hedged(7)(7)(39)114 Interest income - investment securities
The following table reflects amounts recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges:    
September 30, 2021December 31, 2020
(in millions)
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$7,287 $— $10,869 $— 
Carrying amount of hedged liabilities— 2,259 — 3,307 
Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items57 63 96 112 
(1) The Company designated $2.0 billion as the hedged amount (from a closed portfolio of prepayable financial assets with an amortized cost basis of $7.3 billion and $10.9 billion as of September 30, 2021 and December 31, 2020, respectively) in a last-of-layer hedging relationship, which commenced in the third quarter of 2019.
Cash Flow Hedges
Citizens has outstanding interest rate swap agreements designed to hedge a portion of the Company’s floating-rate assets, and liabilities. All of these swaps have been deemed highly effective cash flow hedges. During the next 12 months, there are $76 million in pre-tax net gains on derivative instruments included in OCI expected to be reclassified to net interest income in the Consolidated Statements of Operations. 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 September 30, 2021.
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 relating to derivative instruments designated as cash flow hedges:
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Three Months Ended September 30,Nine Months Ended September 30,
(in millions)2021202020212020
Amount of pre-tax net gains (losses) recognized in OCI($15)$— $19 $118 
Amount of pre-tax net gains (losses) reclassified from OCI into interest income46 68 141 128 
Amount of pre-tax net gains (losses) reclassified from OCI into interest expense(13)(11)(37)(22)

Derivatives Not Designated As Hedging Instruments
Economic Hedges
The Company’s economic hedges include those related to offsetting customer derivatives, residential mortgage loan derivatives (including interest rate lock commitments and forward sales commitments) and derivatives to hedge its residential MSR portfolio. Customer derivatives include interest rate, foreign exchange and commodity derivative contracts designed to meet the hedging and financing needs of the Company’s customers, and are economically hedged by the Company to offset its market exposure. Interest rate lock commitments on residential mortgage loans that will be held for sale are considered derivative instruments, and are economically hedged by entering into forward sale commitments to manage changes in fair value due to interest rate risk. Residential MSR portfolio derivatives are entered to hedge the risk of changes in the fair value of the Company’s MSRs.
The following table presents the effect of economic hedges on noninterest income:
Amounts Recognized in
Noninterest Income for the
Three Months Ended September 30,Nine Months Ended September 30,Affected Line Item in the Consolidated Statements of Operations
(in millions)2021202020212020
Economic hedge type:
Customer interest rate contracts($10)$7 ($225)$1,276 Foreign exchange and interest rate products
Derivatives hedging interest rate risk17 1 244 (1,245)Foreign exchange and interest rate products
Customer foreign exchange contracts(61)80 (158)73 Foreign exchange and interest rate products
Derivatives hedging foreign exchange risk95 (126)234 (77)Foreign exchange and interest rate products
Customer commodity contracts468 26 881 (30)Foreign exchange and interest rate products
Derivatives hedging commodity price risk(465)(25)(874)32 Foreign exchange and interest rate products
Residential loan commitments(13)36 (184)190 Mortgage banking fees
Derivatives hedging residential loan commitments and mortgage loans held for sale, at fair value4 6 138 (13)Mortgage banking fees
Derivative contracts used to hedge residential MSRs(20)2 (149)335 Mortgage banking fees
Total$15 $7 ($93)$541 
    
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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 September 30,
(in millions)Net Unrealized Gains (Losses) on DerivativesNet Unrealized Gains (Losses) on Debt SecuritiesEmployee Benefit PlansTotal AOCI
Balance at July 1, 2020$54 $448 ($408)$94 
Other comprehensive income (loss) before reclassifications— (44)— (44)
Amounts reclassified to the Consolidated Statements of Operations(42)(1)3 (40)
Net other comprehensive income (loss)(42)(45)3 (84)
Balance at September 30, 2020$12 $403 ($405)$10 
Balance at July 1, 2021($38)$78 ($421)($381)
Other comprehensive income (loss) before reclassifications(11)(109)— (120)
Amounts reclassified to the Consolidated Statements of Operations(25)(2)20 (7)
Net other comprehensive income (loss)(36)(111)20 (127)
Balance at September 30, 2021($74)($33)($401)($508)
Primary location of amounts reclassified to the Consolidated Statements of OperationsNet interest incomeSecurities gains, netOther operating expense
As of and for the Nine Months Ended September 30,
(in millions)Net Unrealized Gains (Losses) on DerivativesNet Unrealized Gains (Losses) on Debt SecuritiesEmployee Benefit PlansTotal AOCI
Balance at January 1, 2020$3 $1 ($415)($411)
Other comprehensive income (loss) before reclassifications88 405 — 493 
Amounts reclassified to the Consolidated Statements of Operations(79)(3)10 (72)
Net other comprehensive income (loss)9 402 10 421 
Balance at September 30, 2020$12 $403 ($405)$10 
Balance at January 1, 2021($11)$380 ($429)($60)
Other comprehensive income (loss) before reclassifications14 (406)— (392)
Amounts reclassified to the Consolidated Statements of Operations(77)(7)28 (56)
Net other comprehensive income (loss)(63)(413)28 (448)
Balance at September 30, 2021($74)($33)($401)($508)
Primary location of amounts reclassified to the Consolidated Statements of OperationsNet interest incomeSecurities gains, netOther operating expense

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NOTE 10 - STOCKHOLDERS’ EQUITY
Preferred Stock
The following table summarizes the Company’s preferred stock:
September 30, 2021December 31, 2020
(in millions, except per share and share data)Liquidation value per sharePreferred SharesCarrying AmountPreferred SharesCarrying Amount
Authorized ($25 par value per share)
100,000,000 100,000,000 
Issued and outstanding:
Series A$1,000 — $—250,000 $247
Series B1,000 300,000 296 300,000 296 
Series C1,000 300,000 297 300,000 297 
Series D1,000 
(1)
300,000 
(2)
293 300,000 293 
Series E1,000 
(1)
450,000 
(3)
437 450,000 437 
Series F1,000 400,000 395 400,000 395 
Series G1,000 300,000 296 — —
Total2,050,000 $2,0142,000,000 $1,965
(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.
On July 6, 2021, the Company redeemed all outstanding shares of the 5.500% fixed-to-floating rate non-cumulative perpetual Series A Preferred Stock.

On June 11, 2021, the Company issued $300 million, or 300,000 shares, of 4.000% fixed-rate reset non-cumulative perpetual Series G Preferred Stock, par value of $25.00 per share with a liquidation preference of $1,000 per share (the “Series G Preferred Stock”). For further detail regarding the terms and conditions of the Company’s Series G Preferred Stock, see Note 10 to the Company’s Consolidated Financial Statements in the Form 10-Q for the period ended June 30, 2021.

For further detail regarding the terms and conditions of the Company’s preferred stock, see Note 16 to the Company’s Consolidated Financial Statements in the 2020 Form 10-K.
Dividends
Three Months Ended September 30, 2021Three Months Ended September 30, 2020
(in millions, except per share data)Dividends Declared per ShareDividends DeclaredDividends PaidDividends Declared per ShareDividends DeclaredDividends Paid
Common stock$0.39 $167 $167 $0.39 $168 $168 
Preferred stock
Series A$— $— $3 $10.90 $3 $3 
Series B— — 9 — — 9 
Series C15.94 5 5 15.94 4 5 
Series D15.88 5 4 15.88 4 5 
Series E12.50 6 6 12.50 6 6 
Series F14.13 6 6 19.15 8 — 
Series G12.78 4 — — — — 
Total preferred stock$26 $33 $25 $28 
Citizens Financial Group, Inc. | 79

Nine Months Ended September 30, 2021Nine Months Ended September 30, 2020
(in millions, except per share data)Dividends Declared per ShareDividends DeclaredDividends PaidDividends Declared per ShareDividends DeclaredDividends Paid
Common stock$1.17 $502 $502 $1.17 $504 $504 
Preferred stock
Series A$20.99 $5 $8 $51.88 $13 $10 
Series B30.00 9 18 30.00 9 18 
Series C47.81 15 15 47.81 14 15 
Series D47.63 14 13 47.63 14 15 
Series E37.50 17 17 37.50 17 15 
Series F42.38 17 17 19.15 8 — 
Series G12.78 4 — — — — 
Total preferred stock$81 $88 $75 $73 
Treasury Stock
During the nine months ended September 30, 2021, the Company repurchased $95 million, or 2,244,924 shares, 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 18 in the Company’s 2020 Form 10-K.
(in millions)September 30, 2021December 31, 2020
Commitments to extend credit$80,629 $74,160 
Letters of credit1,939 2,239 
Risk participation agreements57 98 
Loans sold with recourse70 54 
Marketing rights26 29 
Total$82,721 $76,580 
Commitments to Extend Credit
Commitments to extend credit are agreements to lend to customers in accordance with conditions contractually agreed upon in advance. Generally, the commitments 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. Generally, letters of credit are collateralized by cash, accounts receivable, inventory or investment securities. Credit risk associated with letters of credit is considered in determining the appropriate amounts of allowances for unfunded commitments. Standby letters of credit and commercial letters of credit are issued for terms of up to ten years and one year, respectively.
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,
Citizens Financial Group, Inc. | 80

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 September 30, 2021, the remaining terms on these RPAs ranged from less than one year to eight 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, mortgage-related issues, and mis-selling of certain products. 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. Additionally, fair value is 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. Citizens also applies the fair value measurement guidance 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.
Citizens Financial Group, Inc. | 81

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:
September 30, 2021December 31, 2020
(in millions)Aggregate Fair ValueAggregate Unpaid PrincipalAggregate Fair Value Greater (Less) Than Aggregate Unpaid PrincipalAggregate Fair ValueAggregate Unpaid PrincipalAggregate Fair Value Greater (Less) Than Aggregate Unpaid Principal
Residential mortgage loans held for sale, at fair value$3,104 $3,029 $75 $3,416 $3,260 $156 
Commercial and industrial, and commercial real estate loans held for sale, at fair value73 75 (2)148 153 (5)
For more information on the election of the fair value option for these assets see Note 19 in the Company’s 2020 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 recurring fair value see Note 19 in the Company’s 2020 Form 10-K.
Collateralized Loan Obligations
The fair value of CLOs is estimated using observable inputs, including prices of similar securities that trade in the market. The Company classifies these securities in Level 2 of the fair value hierarchy using these observable inputs.
Derivatives - Commodities Contracts
The fair value of commodity derivatives uses the mid-point of market observable quoted prices as an input into the fair value model. The model uses the observed market prices combined with other market observed inputs to derive the fair value of the instrument, which generally classifies it as Level 2 instrument.
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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 September 30, 2021:
(in millions)TotalLevel 1Level 2Level 3
Debt securities available for sale:
Mortgage-backed securities$24,131 $— $24,131 $— 
Collateralized loan obligations767 — 767 — 
State and political subdivisions2 — 2 — 
U.S. Treasury and other11 11 — — 
Total debt securities available for sale24,911 11 24,900 — 
Loans held for sale, at fair value:
Residential loans held for sale3,104 — 3,104 — 
Commercial loans held for sale73 — 73 — 
Total loans held for sale, at fair value3,177 — 3,177 — 
Mortgage servicing rights978 — — 978 
Derivative assets:
Interest rate contracts930 — 930 — 
Foreign exchange contracts249 — 249 — 
Commodities contracts822 — 822 — 
TBA contracts44 — 44 — 
Other contracts53 — — 53 
Total derivative assets2,098 — 2,045 53 
Equity securities, at fair value88 88 — — 
Total assets$31,252 $99 $30,122 $1,031 
Derivative liabilities:
Interest rate contracts$169 $— $169 $— 
Foreign exchange contracts205 — 205 — 
Commodities contracts822 — 822 — 
TBA contracts9 — 9 — 
Total derivative liabilities1,205 — 1,205 — 
Total liabilities$1,205 $— $1,205 $— 
Citizens Financial Group, Inc. | 83

The following table presents assets and liabilities measured at fair value, including gross derivative assets and liabilities, on a recurring basis at December 31, 2020:
(in millions)TotalLevel 1Level 2Level 3
Debt securities available for sale:
Mortgage-backed securities$22,928 $— $22,928 $— 
State and political subdivisions3 — 3 — 
U.S. Treasury and other11 11 — — 
Total debt securities available for sale22,942 11 22,931 — 
Loans held for sale, at fair value:
Residential loans held for sale3,416 — 3,416 — 
Commercial loans held for sale148 — 148 — 
Total loans held for sale, at fair value3,564 — 3,564 — 
Mortgage servicing rights658 — — 658 
Derivative assets:
Interest rate contracts1,566 — 1,566 — 
Foreign exchange contracts320 — 320 — 
Commodities contracts62 — 62 — 
TBA contracts8 — 8 — 
Other contracts197 — — 197 
Total derivative assets2,153 — 1,956 197 
Equity securities, at fair value66 66 — — 
Total assets$29,383 $77 $28,451 $855 
Derivative liabilities:
Interest rate contracts$217 $— $217 $— 
Foreign exchange contracts291 — 291 — 
Commodities contracts61 — 61 — 
TBA contracts65 — 65 — 
Total derivative liabilities634 — 634 — 
Total liabilities$634 $— $634 $— 
Citizens Financial Group, Inc. | 84

The following tables present a roll forward of the balance sheet amounts for assets measured at fair value on a recurring basis and classified as Level 3:
Three Months Ended September 30, 2021Nine Months Ended September 30, 2021
(in millions)Mortgage Servicing RightsOther Derivative ContractsMortgage Servicing RightsOther Derivative Contracts
Beginning balance$902 $89 $658 $197 
Issuances109 81 318 323 
Settlements(2)
(54)(104)(159)(283)
Changes in fair value during the period recognized in earnings(3)
21 (13)161 (184)
Ending balance$978 $53 $978 $53 

Three Months Ended September 30, 2020Nine Months Ended September 30, 2020
(in millions)Mortgage Servicing RightsAsset-Backed SecuritiesOther Derivative ContractsMortgage Servicing RightsAsset-Backed SecuritiesOther Derivative Contracts
Beginning balance$568 $— $173 $642 $— $19 
Transfers upon election of fair value method(1)
— — — 190 — — 
Beginning balance, adjusted568 — 173 832 — 19 
Purchases— 813 — — 813 — 
Issuances85 — 283 238 — 688 
Settlements(2)
(55)— (372)(141)— (792)
Changes in fair value during the period recognized in earnings(3)
8 — 125 (323)— 294 
Ending balance$606 $813 $209 $606 $813 $209 
(1) Effective January 1, 2020, the Company elected to account for all MSRs previously accounted for under the amortization method under the fair value method.
(2) 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.
(3) 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 the Company’s Level 3 assets, including the range and weighted-average of the significant unobservable inputs used to fair value these assets, as well as valuation techniques used.
As of September 30, 2021
Valuation TechniqueUnobservable InputRange (Weighted Average)
Mortgage servicing rightsDiscounted Cash FlowConstant prepayment rate
9.96-27.98% CPR (11.3% CPR)
Option adjusted spread
350-1,318 bps (582 bps)
Other derivative contractsInternal ModelPull through rate
10.96-100.00% (83.30%)
MSR value
(10.00)-145.29 bps (99.79 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 nonrecurring fair value see Note 19 in the Company’s 2020 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 September 30,Nine Months Ended September 30,
(in millions)2021202020212020
Collateral-dependent loans ($4)($21)($23)($65)

Citizens Financial Group, Inc. | 85

The following table presents assets measured at fair value on a nonrecurring basis:
September 30, 2021December 31, 2020
(in millions)TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Collateral-dependent loans $585 $— $585 $— $758 $— $758 $— 
The following tables present the estimated fair value for financial instruments not recorded at fair value in the unaudited interim Consolidated Financial Statements. The carrying amounts are recorded in the Consolidated Balance Sheets under the indicated captions:
September 30, 2021
TotalLevel 1Level 2Level 3
(in millions)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair ValueCarrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Financial assets:
Debt securities held to maturity$2,492 $2,567 $— $— $1,705 $1,778 $787 $789 
Other loans held for sale93 93 — — — — 93 93 
Loans and leases123,318 123,318 — — 585 585 122,733 122,733 
Other assets616 616 — — 593 593 23 23 
Financial liabilities:
Deposits152,221 152,237 — — 152,221 152,237 — — 
Short-term borrowed funds8 8 — — 8 8 — — 
Long-term borrowed funds6,947 7,260 — — 6,947 7,260 — — 
December 31, 2020
TotalLevel 1Level 2Level 3
(in millions)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair ValueCarrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Financial assets:
Debt securities held to maturity $3,235 $3,357 $— $— $2,342 $2,464 $893 $893 
Other loans held for sale439 439 — — — — 439 439 
Loans and leases123,090 123,678 — — 758 758 122,332 122,920 
Other assets604 604 — — 596 596 8 8 
Financial liabilities:
Deposits147,164 147,223 — — 147,164 147,223 — — 
Short-term borrowed funds243 243 — — 243 243 — — 
Long-term borrowed funds8,346 8,850 — — 8,346 8,850 — — 
Citizens Financial Group, Inc. | 86

NOTE 13 - NONINTEREST INCOME
Revenues from Contracts with Customers
The following table presents the components of revenue from contracts with customers disaggregated by revenue stream and business operating segment:
Three Months Ended September 30, 2021Three Months Ended September 30, 2020
(in millions)Consumer BankingCommercial BankingOtherConsolidatedConsumer BankingCommercial BankingOther
Consolidated
Service charges and fees$82 $27 $— $109 $71 $25 $— $96 
Card fees57 8 — 65 49 7 — 56 
Capital markets fees— 69 — 69 — 50 — 50 
Trust and investment services fees61 — — 61 53 — — 53 
Other banking fees— 3 — 3 — 3 — 3 
Total revenue from contracts with customers$200 $107 $— $307 $173 $85 $— $258 
Total revenue from other sources115 61 31 207 322 59 15 396 
Total noninterest income$315 $168 $31 $514 $495 $144 $15 $654 
Nine Months Ended September 30, 2021Nine Months Ended September 30, 2020
(in millions)Consumer BankingCommercial BankingOtherConsolidatedConsumer BankingCommercial BankingOtherConsolidated
Service charges and fees$230 $78 $— $308 $222 $76 $— $298 
Card fees160 23 — 183 136 24 — 160 
Capital markets fees— 225 — 225 — 163 — 163 
Trust and investment services fees179 — — 179 151 — — 151 
Other banking fees— 7 — 7 — 7 — 7 
Total revenue from contracts with customers$569 $333 $— $902 $509 $270 $— $779 
Total revenue from other sources380 183 76 639 771 143 48 962 
Total noninterest income$949 $516 $76 $1,541 $1,280 $413 $48 $1,741 

The Company recognized trailing commissions of $4 million and $3 million for the three months ended September 30, 2021 and 2020, respectively, and $12 million and $10 million for the nine months ended September 30, 2021 and 2020, respectively, 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 September 30,Nine Months Ended September 30,
(in millions)2021202020212020
Marketing$32 $24 $82 $75 
Other92 71 226 242 
Other operating expense$124 $95 $308 $317 
Citizens Financial Group, Inc. | 87

NOTE 15 - EARNINGS PER SHARE
Three Months Ended September 30,Nine Months Ended September 30,
(in millions, except share and per share data)2021202020212020
Numerator (basic and diluted):
Net income$530 $314 $1,789 $601 
Less: Preferred stock dividends26 25 81 75 
Net income available to common stockholders$504 $289 $1,708 $526 
Denominator:
Weighted-average common shares outstanding - basic426,086,717 426,846,096 425,996,867 427,058,412 
Dilutive common shares: share-based awards1,754,247 1,146,253 1,683,018 1,083,946 
Weighted-average common shares outstanding - diluted427,840,964 427,992,349 427,679,885 428,142,358 
Earnings per common share:
Basic$1.18 $0.68 $4.01 $1.23 
Diluted(1)
1.18 0.68 3.99 1.23 
(1) Potential dilutive common shares were 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 10,614 and 1,193,668 for the three months ended September 30, 2021 and 2020, respectively, and 4,238 and 1,249,785 for the nine months ended September 30, 2021 and 2020, respectively.
NOTE 16 - BUSINESS OPERATING SEGMENTS
Citizens is managed by its Chief Executive Officer on a segment basis. The Company’s two business operating segments are Consumer Banking and Commercial Banking. The business segments are determined based on the products and services provided, or the type of customer served. Each segment has a segment head who reports directly to the Chief Executive Officer. The Chief Executive Officer has final authority over resource allocation decisions and performance assessment. The business segments reflect this management structure and the manner in which financial information is currently evaluated by the Chief Executive Officer. For more information on the Company’s business operating segments, as well as Other non-segment operations, see Note 25 in the Company’s 2020 Form 10-K.
As of and for the Three Months Ended September 30, 2021
(in millions)Consumer BankingCommercial BankingOtherConsolidated
Net interest income$919 $428 ($202)$1,145 
Noninterest income315 168 31 514 
Total revenue1,234 596 (171)1,659 
Noninterest expense749 226 36 1,011 
Profit (loss) before provision for credit losses485 370 (207)648 
Provision for credit losses35 15 (83)(33)
Income (loss) before income tax expense (benefit)450 355 (124)681 
Income tax expense (benefit)114 81 (44)151 
Net income (loss)$336 $274 ($80)$530 
Total average assets$75,070 $56,702 $54,336 $186,108 
As of and for the Three Months Ended September 30, 2020
(in millions)Consumer BankingCommercial BankingOtherConsolidated
Net interest income$845 $421 ($129)$1,137 
Noninterest income495 144 15 654 
Total revenue 1,340 565 (114)1,791 
Noninterest expense742 210 36 988 
Profit (loss) before provision for credit losses598 355 (150)803 
Provision for credit losses55 161 212 428 
Income (loss) before income tax expense (benefit)543 194 (362)375 
Income tax expense (benefit)136 41 (116)61 
Net income (loss)$407 $153 ($246)$314 
Total average assets $73,605 $60,889 $43,181 $177,675 
Citizens Financial Group, Inc. | 88

As of and for the Nine Months Ended September 30, 2021
(in millions)Consumer BankingCommercial BankingOtherConsolidated
Net interest income$2,679 $1,268 ($561)$3,386 
Noninterest income949 516 76 1,541 
Total revenue3,628 1,784 (485)4,927 
Noninterest expense2,250 679 91 3,020 
Profit (loss) before provision for credit losses1,378 1,105 (576)1,907 
Provision for credit losses139 150 (675)(386)
Income (loss) before income tax expense (benefit)1,239 955 99 2,293 
Income tax expense (benefit)315 205 (16)504 
Net income (loss)$924 $750 $115 $1,789 
Total average assets$75,317 $57,318 $51,756 $184,391 
As of and for the Nine Months Ended September 30, 2020
(in millions)Consumer BankingCommercial BankingOtherConsolidated
Net interest income$2,452 $1,205 ($200)$3,457 
Noninterest income1,280 413 48 1,741 
Total revenue 3,732 1,618 (152)5,198 
Noninterest expense2,215 644 120 2,979 
Profit (loss) before provision for credit losses1,517 974 (272)2,219 
Provision for credit losses232 274 986 1,492 
Income (loss) before income tax expense (benefit)1,285 700 (1,258)727 
Income tax expense (benefit)322 147 (343)126 
Net income (loss)$963 $553 ($915)$601 
Total average assets $71,227 $61,722 $41,943 $174,892 
There have been no significant changes in the management accounting practices utilized by the Company regarding the basis of presentation for segment results as discussed in Note 25 in the Company’s 2020 Form 10-K.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
The information presented in the “Market Risk” section of Part I, Item 2 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, 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, 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.
PART II. OTHER INFORMATION

Citizens Financial Group, Inc. | 89
CITIZENS FINANCIAL GROUP, INC.

ITEM 1. LEGAL PROCEEDINGS

The information required by this item is presented in Note 11, which 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 the caption “Risk Factors” in the Company’s 2020 Form 10-K and Form 10-Q for the period ended June 30, 2021.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 6. EXHIBITS

2.1 Agreement and Plan of Merger, dated July 28, 2021, by and between Citizens Financial Group, Inc. and Investors Bancorp, Inc. (incorporated herein by reference to Exhibit 2.1 of the Current Report on Form 8-K, filed July 30, 2021)

3.1 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 July 8, 2021 (incorporated herein by reference to Exhibit 3.1 of the Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021, filed August 3, 2021)

3.2 Amended and Restated Bylaws of the Registrant (as amended and restated on April 23, 2020) (incorporated herein by reference to Exhibit 3.2 of the Current Report on Form 8-K, filed April 24, 2020)

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*

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 September 30, 2021, 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*

* Filed herewith.
Citizens Financial Group, Inc. | 90

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 November 3, 2021.

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. | 91