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Published: 2023-08-08 00:00:00 ET
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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
June 30, 2023
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period From
(Not Applicable)
Commission File Number 001-36636
image1-logoa03.jpg
(Exact name of the registrant as specified in its charter)
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 472,294,410 shares of the registrant’s common stock ($0.01 par value) outstanding on July 28, 2023.


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Table of Contents
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Citizens Financial Group, Inc. | 2

GLOSSARY OF ACRONYMS AND TERMS
    The following is a list of common acronyms and terms used regularly in our financial reporting:
2022 Form 10-K
Annual Report on Form 10-K for the year ended December 31, 2022
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)
ASUAccounting Standards Update
ATMAutomated Teller Machine
Board or Board of DirectorsThe Board of Directors of Citizens Financial Group, Inc.
bpsBasis Points
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
CLTVCombined Loan-to-Value
COVIDCoronavirus Disease
Dodd-Frank ActThe Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
EPSEarnings Per Share
EVEEconomic Value of Equity
Exchange ActThe Securities Exchange Act of 1934, as amended
Fannie Mae (FNMA)Federal National Mortgage Association
FCAFinancial Conduct Authority
FDICFederal Deposit Insurance Corporation
FDMFinancially Distressed Modification
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
Ginnie Mae (GNMA)Government National Mortgage Association
GSEGovernment Sponsored Entity
HSBCHSBC Bank U.S.A., N.A.
HSBC transactionAcquisition of HSBC East Coast branches and national online deposit business
HTMHeld To Maturity
InvestorsInvestors Bancorp, Inc. and its subsidiaries
Citizens Financial Group, Inc. | 3

JMPJMP Group LLC
LHFSLoans Held for Sale
LIBORLondon Interbank Offered Rate
LIHTCLow Income Housing Tax Credit
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 AACL TransitionThe Day-1 CECL adoption entry booked to ACL plus 25% of subsequent CECL ACL reserve build
Modified CECL TransitionThe Day-1 CECL adoption entry booked to retained earnings plus 25% of subsequent CECL ACL reserve build
MSRsMortgage Servicing Rights
New EnglandConnecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont
NMTCNew Markets Tax Credit
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)
PCDPurchased Credit Deteriorated
PPPThe U.S. Small Business Administration’s Paycheck 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
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
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
TOPTapping Our Potential
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 Entity
Citizens Financial Group, Inc. | 4

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

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Citizens Financial Group, Inc. | 5

FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook,” “guidance” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.”
Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation:
•Negative economic, business and political conditions, including as a result of the interest rate environment, supply chain disruptions, inflationary pressures and labor shortages, that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits;
•The general state of the economy and employment, as well as general business and economic conditions, and changes in the competitive environment;
•Our capital and liquidity requirements under regulatory standards and our ability to generate capital and liquidity on favorable terms;
•The effect of changes in the level of commercial and consumer deposits on our funding costs and net interest margin;
•Our ability to implement our business strategy, including the cost savings and efficiency components, and achieve our financial performance goals, including the anticipated benefits of the Investors acquisition and HSBC transaction;
•The effects of geopolitical instability, including as a result of Russia’s invasion of Ukraine and the imposition of sanctions on Russia and other actions in response, on economic and market conditions, inflationary pressures and the interest rate environment, commodity price and foreign exchange rate volatility, and heightened cybersecurity risks;
•Our ability to meet heightened supervisory requirements and expectations;
•Liabilities and business restrictions resulting from litigation and regulatory investigations;
•The effect of changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale;
•Changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources and affect the ability to originate and distribute financial products in the primary and secondary markets;
•Financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses;
•Environmental risks, such as physical or transitional risks associated with climate change, and social and governance risks, that could adversely affect our reputation, operations, business, and customers;
•A failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; and
•Management’s ability to identify and manage these and other risks.
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In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, receipt of required regulatory approvals and other regulatory considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares from or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends.
More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section in Part I, Item 1A of our 2022 Form 10-K.
INTRODUCTION
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $223.1 billion in assets as of June 30, 2023. Headquartered in Providence, Rhode Island, we offer a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. We help our customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, we provide an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,400 ATMs and more than 1,100 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, we offer a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com.
The following MD&A is intended to assist readers in their analysis of the accompanying unaudited interim Consolidated Financial Statements and supplemental financial information. It should be read in conjunction with the unaudited interim Consolidated Financial Statements and Notes to the unaudited interim Consolidated Financial Statements in Part I, Item 1, as well as other information contained in this document and our 2022 Form 10-K.
Non-GAAP Financial Measures
This document contains non-GAAP financial measures denoted as “Underlying” results and “including AOCI impact”. Underlying results for any given reporting period exclude certain items that may occur in that period which management does not consider indicative of our on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe our Underlying results in any given reporting period reflect our on-going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. We further believe the presentation of Underlying results increases comparability of period-to-period results.
Other companies may use similarly titled non-GAAP financial measures that 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.” Where there is a reference to these metrics in that paragraph, all measures that follow are on the same basis when applicable. For more information on the computation of non-GAAP financial measures, see “Non-GAAP Financial Measures and Reconciliations.”
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FINANCIAL PERFORMANCE
Key Highlights
Net income increased $114 million and $205 million for the three and six months ended June 30, 2023, respectively, with earnings per diluted common share up $0.25 to $0.92 and up $0.34 to $1.92 compared to the same periods in 2022.
Results reflect notable items of $53 million or $0.12 per diluted common share, net of tax benefit, for the three months ended June 30, 2023, compared to $231 million or $0.47 per diluted common share, net of tax benefit, for the same period in 2022. For the six months ended June 30, 2023, notable items were $102 million or $0.22 per diluted common share, net of tax benefit, as compared to $287 million or $0.63 per diluted common share, net of tax benefit, for the same period in 2022.
Table 1: Notable Items
Three Months Ended June 30, 2023
Less: notable items
(dollars in millions)Reported results (GAAP)
Integration related costs(1)
TOP and other(2)
ProvisionUnderlying results (non-GAAP)
Noninterest expense$1,306 $39 $34 $— $1,233 
Income tax expense134 (11)(9)— 154 
Three Months Ended June 30, 2022
Less: notable items
(dollars in millions)Reported results (GAAP)
Integration related costs(1)
TOP and other(2)
Provision(3)
Underlying results (non-GAAP)
Provision (benefit) for credit losses$216 $— $— $145 $71 
Noninterest income494 (31)— — 525 
Noninterest expense1,305 104 21 — 1,180 
Income tax expense114 (28)(5)(37)184 
Six Months Ended June 30, 2023
Less: notable items
(dollars in millions)Reported results (GAAP)
Integration related costs(1)
TOP and other(2)
ProvisionUnderlying results (non-GAAP)
Noninterest expense$2,602 $91 $48 $— $2,463 
Income tax expense287 (24)(13)— 324 
Six Months Ended June 30, 2022
Less: notable items
(dollars in millions)Reported results (GAAP)
Integration related costs(1)
TOP and other(2)
Provision(3)
Underlying results (non-GAAP)
Provision (benefit) for credit losses$219 $— $— $169 $50 
Noninterest income992 (31)— — 1,023 
Noninterest expense2,411 141 32 — 2,238 
Income tax expense230 (38)(5)(43)316 
(1) Includes integration related costs associated with acquisitions for the three and six months ended June 30, 2023 and 2022, and mark-to-market losses on loans acquired from Investors classified as LHFS for the three and six months ended June 30, 2022.
(2) Includes our TOP transformational and revenue and efficiency initiatives for the three and six months ended June 30, 2023 and 2022, and income tax impacts related to legacy tax matters for the six months ended June 30, 2022.
(3) Includes the initial provision for credit losses tied to the HSBC transaction and Investors acquisition. As required by purchase accounting, a fair value mark for performing loans including both credit and interest rate components is recorded in addition to the provision for credit losses expense, thus the credit exposure has been “double counted”.
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•Net income available to common stockholders increased $112 million and $204 million for the three and six months ended June 30, 2023, respectively, compared to the same periods in 2022.
◦On an Underlying basis, which excludes notable items, net income available to common stockholders of $497 million and $1.0 billion for the three and six months ended June 30, 2023, respectively, compared with $563 million and $1.0 billion for the same periods in 2022.
◦On an Underlying basis, earnings per diluted common share of $1.04 and $2.14 for the three and six months ended June 30, 2023, respectively, compared to $1.14 and $2.21 for the same periods in 2022.
•Total revenue increased $95 million and $578 million for the three and six months ended June 30, 2023, respectively, compared to the same periods in 2022, driven by increases of 6% and 22%, respectively, in net interest income, including the impacts of the HSBC transaction and Investors acquisition during the six-month period.
•The efficiency ratio of 62.3% and 61.6% for the three and six months ended June 30, 2023, respectively, compared to 65.3% and 66.2% for the same periods in 2022.
◦On an Underlying basis, the efficiency ratio of 58.9% and 58.3% for the three and six months ended June 30, 2023, respectively, compared to 58.2% and 60.9% for the same periods in 2022.
•ROTCE of 12.4% and 13.4% for the three and six months ended June 30, 2023, respectively, compared to 9.1% and 10.2% for the same periods in 2022.
◦On an Underlying basis, ROTCE of 13.9% and 14.8% for the three and six months ended June 30, 2023, respectively, compared to 15.5% and 14.2% for the same periods in 2022.
•Tangible book value per common share of $28.72 increased 3% from December 31, 2022.
For additional information regarding our financial performance, see “Results of Operations” included in this report.

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RESULTS OF OPERATIONS
Net Interest Income
Net interest income is our largest source of revenue and is the difference between the interest earned on interest-earning assets (generally loans, leases and investment securities) and the interest expense incurred in connection with interest-bearing liabilities (generally deposits and borrowed funds). The level of net interest income is primarily a function of the difference between the effective yield on our average interest-earning assets and the effective cost of our interest-bearing liabilities. These factors are influenced by the pricing and mix of interest-earning assets and interest-bearing liabilities which, in turn, are impacted by external factors such as local economic conditions, competition for loans and deposits, the monetary policy of the FRB and market interest rates. For further discussion, refer to the “Market Risk” and “Risk Governance” sections of our 2022 Form 10-K.
Table 2: Major Components of Net Interest Income
Three Months Ended June 30,
20232022
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$7,768 $100 5.10 %$4,630 $13 1.06 %$3,138 404 bps
Taxable investment securities38,000 267 2.81 35,900 201 2.25 2,100 56 
Non-taxable investment securities2 — 2.68 3 — 2.62 (1)6 
Total investment securities38,002 267 2.81 35,903 201 2.25 2,099 56 
Commercial and industrial49,770 765 6.09 50,517 418 3.28 (747)281 
Commercial real estate29,115 445 6.05 27,592 243 3.48 1,523 257 
Leases1,352 12 3.69 1,575 10 2.61 (223)108 
Total commercial80,237 1,222 6.03 79,684 671 3.33 553 270 
Residential mortgages30,566 259 3.38 28,486 221 3.10 2,080 28 
Home equity14,340 264 7.38 12,811 105 3.27 1,529 411 
Automobile10,997 113 4.14 14,172 127 3.60 (3,175)54 
Education12,430 155 5.00 13,144 137 4.18 (714)82 
Other retail5,155 119 9.30 5,557 109 7.87 (402)143 
Total retail73,488 910 4.96 74,170 699 3.77 (682)119 
Total loans and leases153,725 2,132 5.52 153,854 1,370 3.55 (129)197 
Loans held for sale, at fair value1,381 20 5.74 1,937 17 3.60 (556)214 
Other loans held for sale622 12 7.90 2,353 25 4.21 (1,731)369 
Interest-earning assets201,498 2,531 5.00 198,677 1,626 3.26 2,821 174 
Noninterest-earning assets20,875 22,290 (1,415)
Total assets$222,373 $220,967 $1,406 
Liabilities and Stockholders’ Equity
Checking with interest$34,586 $110 1.28 %$38,747 $15 0.16 %($4,161)112 
Money market49,665 348 2.81 48,795 23 0.19 870 262 
Savings29,640 108 1.46 27,661 9 0.14 1,979 132 
Term17,180 157 3.68 6,970 7 0.31 10,210 337 
Total interest-bearing deposits131,071 723 2.21 122,173 54 0.18 8,898 203 
Short-term borrowed funds1,446 22 5.82 3,995 10 0.98 (2,549)484 
Long-term borrowed funds16,795 198 4.70 10,222 57 2.26 6,573 244 
Total borrowed funds18,241 220 4.80 14,217 67 1.90 4,024 290 
Total interest-bearing liabilities149,312 943 2.53 136,390 121 0.36 12,922 217 
Demand deposits42,178 54,189 (12,011)
Other noninterest-bearing liabilities6,580 5,991 589 
Total liabilities198,070 196,570 1,500 
Stockholders’ equity24,303 24,397 (94)
Total liabilities and stockholders’ equity$222,373 $220,967 $1,406 
Interest rate spread2.47 %2.90 %(43)
Net interest income and net interest margin$1,588 3.16 %$1,505 3.04 %12 
Net interest income and net interest margin, FTE(1)
$1,593 3.17 %$1,507 3.04 %13 
Memo: Total deposits (interest-bearing and demand)$173,249 $723 1.68 %$176,362 $54 0.12 %($3,113)156  bps
Citizens Financial Group, Inc. | 10

Six Months Ended June 30,
20232022
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$6,839 $169 4.91 %$6,333 $17 0.52 %$506 439 bps
Taxable investment securities38,474 533 2.77 32,591 339 2.08 5,883 69 
Non-taxable investment securities2 — 2.68 2 — 2.61 — 7 
Total investment securities38,476 533 2.77 32,593 339 2.08 5,883 69 
Commercial and industrial50,876 1,500 5.87 47,747 746 3.11 3,129 276 
Commercial real estate29,004 861 5.90 20,867 333 3.17 8,137 273 
Leases1,393 24 3.50 1,568 21 2.71 (175)79 
Total commercial81,273 2,385 5.84 70,182 1,100 3.12 11,091 272 
Residential mortgages30,322 509 3.35 25,987 390 3.00 4,335 35 
Home equity14,207 504 7.16 12,469 195 3.15 1,738 401 
Automobile11,465 232 4.09 14,352 254 3.58 (2,887)51 
Education12,612 309 4.94 13,091 268 4.13 (479)81 
Other retail 5,222 240 9.27 5,492 211 7.75 (270)152 
Total retail73,828 1,794 4.89 71,391 1,318 3.71 2,437 118 
Total loans and leases155,101 4,179 5.39 141,573 2,418 3.42 13,528 197 
Loans held for sale, at fair value1,196 35 5.79 2,150 33 3.11 (954)268 
Other loans held for sale410 17 8.40 1,409 32 4.48 (999)392 
Interest-earning assets202,022 4,933 4.88 184,058 2,839 3.09 17,964 179 
Noninterest-earning assets20,519 20,674 (155)
Total assets$222,541 $204,732 $17,809 
Liabilities and Stockholders’ Equity:
Checking with interest$35,276 $207 1.18 %$34,605 $20 0.12 %$671 106 
Money market49,803 635 2.57 48,012 35 0.15 1,791 242 
Savings29,551 187 1.28 25,758 14 0.11 3,793 117 
Term15,021 244 3.27 5,976 10 0.30 9,045 297 
Total interest-bearing deposits129,651 1,273 1.98 114,351 79 0.14 15,300 184 
Short-term borrowed funds997 28 5.59 2,023 10 1.00 (1,026)459 
Long-term borrowed funds17,284 401 4.63 8,155 98 2.40 9,129 223 
Total borrowed funds18,281 429 4.68 10,178 108 2.13 8,103 255 
Total interest-bearing liabilities147,932 1,702 2.31 124,529 187 0.30 23,403 201 
Demand deposits44,145 51,430 (7,285)
Other noninterest-bearing liabilities6,453 5,073 1,380 
Total liabilities198,530 181,032 17,498 
Stockholders’ equity24,011 23,700 311 
Total liabilities and stockholders’ equity$222,541 $204,732 $17,809 
Interest rate spread2.57 %2.79 %(22)
Net interest income and net interest margin$3,231 3.23 %$2,652 2.91 %32 
Net interest income and net interest margin, FTE(1)
$3,240 3.23 %$2,656 2.91 %32 
Memo: Total deposits (interest-bearing and demand)$173,796 $1,273 1.48 %$165,781 $79 0.10 %$8,015 138  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.
Net interest income increased $83 million, or 6%, and $579 million, or 22%, for the three and six months ended June 30, 2023, respectively, compared to the same periods in 2022, reflecting higher net interest margin and growth of 1% and 10%, respectively, in average interest-earning assets, including the impacts of the HSBC transaction and Investors acquisition during the six-month period.
Net interest margin on a FTE basis increased 13 basis points and 32 basis points for the three and six months ended June 30, 2023, respectively, compared to the same periods in 2022, reflecting higher interest-earning asset yields given higher market interest rates and interest-earning asset growth, partially offset by increased funding costs. Average interest-earning asset yields increased 174 basis points and 179 basis points, while average interest-bearing liability costs increased 217 basis points and 201 basis points, respectively, compared to the same periods.
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Average interest-earning assets increased $2.8 billion, or 1%, and $18.0 billion, or 10%, for the three and six months ended June 30, 2023, respectively, compared to the same periods in 2022. The increase in the six-month period is primarily attributable to growth in loans and leases reflecting the impacts of the HSBC transaction and Investors acquisition, and growth in investments, while the increase in the three-month period reflects growth in cash held in interest-bearing deposits and investments, partially offset by a decline in LHFS.
Average deposits decreased $3.1 billion, or 2%, and increased $8.0 billion, or 5%, for the three and six months ended June 30, 2023, respectively, compared to the same periods in 2022. The decrease in the three-month period is primarily due to rate-related outflows, while the increase in the six-month period is primarily attributable to the impacts of the HSBC transaction and Investors acquisition.
Average total borrowed funds increased $4.0 billion and $8.1 billion for the three and six months ended June 30, 2023, respectively, compared to the same periods in 2022, driven primarily by an increase in FHLB advances.
Noninterest Income
Table 3: Noninterest Income
Three Months Ended June 30,Six Months Ended June 30,
(dollars in millions)20232022ChangePercent20232022ChangePercent
Service charges and fees$101 $108 ($7)(6 %)$201 $206 ($5)(2 %)
Capital markets fees82 88 (6)(7)165 181 (16)(9)
Card fees80 71 9 13 152 131 21 16 
Mortgage banking fees59 72 (13)(18)116 141 (25)(18)
Trust and investment services fees65 66 (1)(2)128 127 1 1 
Foreign exchange and derivative products44 60 (16)(27)92 111 (19)(17)
Letter of credit and loan fees43 40 3 8 83 78 5 6 
Securities gains, net9 1 8 NM14 5 9 180 
Other income(1)
23 (12)35 NM40 12 28 233 
Noninterest income$506 $494 $12 2 %$991 $992 ($1)— %
(1) Includes bank-owned life insurance income and other income for all periods presented.
Significant changes in noninterest income for the three and six months ended June 30, 2023, compared to the same periods in 2022, are highlighted below.
•Other income increased driven by $31 million of mark-to-market losses on loans acquired from Investors recognized in the second quarter of 2022.
•Mortgage banking fees declined driven by lower production volumes and servicing revenue, partially offset by improved gain-on-sale margins.
•Card fees increased given higher transaction volumes.
•Foreign exchange and derivative products revenue decreased reflecting lower client hedging activity.
•Capital markets fees decreased reflecting lower syndication fees, partially offset by higher merger and acquisition advisory fees.
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Noninterest Expense
Table 4: Noninterest Expense
Three Months Ended June 30,Six Months Ended June 30,
(dollars in millions)20232022ChangePercent20232022ChangePercent
Salaries and employee benefits$615 $683 ($68)(10 %)$1,273 $1,277 ($4)— %
Outside services177 189 (12)(6)353 358 (5)(1)
Equipment and software181 169 12 7 350 319 31 10 
Occupancy136 111 25 23 260 194 66 34 
Other operating expense197 153 44 29 366 263 103 39 
Noninterest expense$1,306 $1,305 $1 — %$2,602 $2,411 $191 8 %
Noninterest expense was stable for the three months ended June 30, 2023 and increased for the six months ended June 30, 2023, compared to the same periods in 2022, driven primarily by acquisition-related costs and higher other operating expense associated with advertising, fraud losses, and FDIC insurance costs as a result of the increase in the base deposit insurance assessment rate of two basis points effective January 1, 2023. In addition, equipment and software increased reflecting higher software maintenance and amortization costs. These increases were partially offset by the benefit of efficiency initiatives and lower salaries and employee benefits given lower variable compensation.
Provision for Credit Losses
The provision for credit losses is the result of a detailed analysis performed to estimate our ACL. The total provision for credit losses includes the provision for loan and lease losses and the provision for unfunded commitments. Refer to “—Analysis of Financial Condition — Credit Quality” for more information.
Credit provision expense of $176 million and $344 million for the three and six months ended June 30, 2023, respectively, compared to $216 million and $219 million for the same periods in 2022. The provision expense for the three and six months ended June 30, 2023 reflects an increased net charge-off level in the Commercial Real Estate Office portfolio given return to office dynamics and rising interest rates. Provision expense for the three and six months ended June 30, 2022 reflects lower charge-off levels and reduced reserve requirements as COVID concerns subsided, partially offset by the provision associated with the Investors acquisition in the second quarter of 2022.
Income Tax Expense
Income tax expense of $134 million and $287 million increased $20 million and $57 million for the three and six months ended June 30, 2023, respectively, compared to the same periods in 2022, driven by higher pre-tax income. The effective income tax rate of 22.1% and 22.5% for the same periods decreased from 23.8% and 22.7%, respectively, compared to the same periods in 2022, primarily driven by additional tax expense incurred in 2022 related to acquisitions, partially offset by the adoption of the proportional amortization method for qualified investments in tax credit structures in 2023 and increased non-deductible FDIC premium expense. Provision for income taxes is calculated by applying the estimated annual effective tax rate to year-to-date pre-tax income, adjusting for discrete items that occurred during the period.
Business Operating Segments
We have two business operating segments: Consumer Banking and Commercial Banking. Segment results are determined based on our management reporting system, which assigns balance sheet and statement of operations items to each of the business segments. The process is designed around our organizational and management structure. The results derived are not necessarily comparable with similar information published by other financial institutions.
Developing and applying methodologies used to allocate items among the business operating segments is a dynamic process. Accordingly, financial results may be revised periodically as management systems are enhanced, methods of evaluating performance or product lines are updated, or our organizational structure changes.
There have been no significant changes in our methodologies used to allocate items to our business operating segments as described in Note 26 in our 2022 Form 10-K.
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The following tables present certain financial data of our business operating segments. Total business operating segment financial results differ from total consolidated financial results. These differences are reflected in Other non-segment operations. See Note 16 for additional information.
Table 5: Selected Financial Data for Business Operating Segments
Consumer BankingCommercial Banking
Three Months Ended June 30,Three Months Ended June 30,
(dollars in millions)2023202220232022
Net interest income$1,104 $995 $584 $534 
Noninterest income268 280 207 221 
Total revenue1,372 1,275 791 755 
Noninterest expense908 881 315 308 
Profit before credit losses464 394 476 447 
Net charge-offs82 39 71 10 
Income before income tax expense382 355 405 437 
Income tax expense100 90 100 96 
Net income$282 $265 $305 $341 
Average Balances:
Total assets$87,040 $88,881 $77,546 $78,638 
Total loans and leases(1)
80,684 83,248 74,295 74,172 
Deposits115,846 118,482 45,494 51,575 
Interest-earning assets81,328 84,026 74,687 74,422 
Consumer BankingCommercial Banking
Six Months Ended June 30,Six Months Ended June 30,
(dollars in millions)2023202220232022
Net interest income$2,200 $1,852 $1,181 $950 
Noninterest income524 537 408 434 
Total revenue2,724 2,389 1,589 1,384 
Noninterest expense1,797 1,665 646 580 
Profit before credit losses927 724 943 804 
Net charge-offs165 88 118 22 
Income before income tax expense762 636 825 782 
Income tax expense199 162 201 170 
Net income$563 $474 $624 $612 
Average Balances:
Total assets$87,298 $83,247 $78,215 $69,927 
Total loans and leases(1)
80,935 78,268 75,010 66,134 
Deposits115,713 111,610 47,220 48,067 
Interest-earning assets81,598 79,067 75,405 66,412 
(1) Includes LHFS.
Consumer Banking
Net interest income increased $109 million and $348 million for the three and six months ended June 30, 2023, respectively, compared to the same periods in 2022, driven by higher net interest margin reflecting higher interest-earning asset yields given higher market interest rates, partially offset by higher funding costs. Growth in average interest-earning assets, including the impacts of the HSBC transaction and Investors acquisition, is also a driver during the six-month period.
Noninterest income decreased $12 million and $13 million for the three and six months ended June 30, 2023, respectively, compared to the same periods in 2022, driven by a decline in mortgage banking fees reflecting lower production volumes and servicing revenue, partially offset by improved gain-on-sale margins, and a decline in service charges and fees given the elimination of non-sufficient funds fees. These decreases were partially offset by higher card fees given higher transaction volumes.
Citizens Financial Group, Inc. | 14

Noninterest expense increased $27 million and $132 million for the three and six months ended June 30, 2023, respectively, compared to the same periods in 2022, driven primarily by acquisition-related costs and higher other operating expense associated with advertising, fraud losses, and FDIC insurance costs as a result of the increase in the base deposit insurance assessment rate of two basis points effective January 1, 2023. These increases were partially offset by the benefit of efficiency initiatives.
Net charge-offs increased $43 million and $77 million for the three and six months ended June 30, 2023, respectively, compared to the same periods in 2022, driven by other retail, auto and education as credit losses continue to gradually normalize off pandemic-era lows.
Commercial Banking
Net interest income increased $50 million and $231 million for the three and six months ended June 30, 2023, respectively, compared to the same periods in 2022, driven by higher net interest margin reflecting higher interest-earning asset yields given higher market interest rates, partially offset by higher funding costs. Growth in average interest-earning assets, including the impact of the Investors acquisition, is also a driver during the six-month period.
Noninterest income decreased $14 million and $26 million for the three and six months ended June 30, 2023, respectively, compared to the same periods in 2022, driven by a decline in capital markets fees reflecting lower syndication fees, partially offset by higher merger and acquisition advisory fees, and a decline in foreign exchange and derivative products revenue reflecting lower client hedging activity. These decreases were partially offset by higher service charges and fees reflecting the benefit of acquisitions and improvement in Treasury Solutions fees and higher card fees given higher transaction volumes.
Noninterest expense increased $7 million and $66 million for the three and six months ended June 30, 2023, respectively, compared to the same periods in 2022, driven primarily by acquisition-related costs and higher other operating expense associated with FDIC insurance costs as a result of the increase in the base deposit insurance assessment rate of two basis points effective January 1, 2023, partially offset by the benefit of efficiency initiatives.
Net charge-offs increased $61 million and $96 million for the three and six months ended June 30, 2023, respectively, compared to the same periods in 2022, reflecting higher charge-offs in Commercial Real Estate Office and the normalization of credit losses off pandemic-era lows.
Citizens Financial Group, Inc. | 15

ANALYSIS OF FINANCIAL CONDITION
Securities
Table 6: Amortized Cost and Fair Value of Securities
June 30, 2023December 31, 2022
(dollars in millions)
Amortized
Cost(1)
Fair Value Amortized
Cost		Fair Value
U.S. Treasury and other$3,429 $3,236 $3,678 $3,486 
State and political subdivisions2 2 2 2 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities22,154 20,042 21,250 19,062 
Other/non-agency279 247 280 251 
Total mortgage-backed securities22,433 20,289 21,530 19,313 
Collateralized loan obligations1,248 1,228 1,248 1,206 
   Total debt securities available for sale$27,112 $24,755 $26,458 $24,007 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities$8,990 $8,225 $9,253 $8,506 
Total mortgage-backed securities8,990 8,225 9,253 8,506 
Asset-backed securities530 503 581 536 
   Total debt securities held to maturity$9,520 $8,728 $9,834 $9,042 
   Total debt securities available for sale and held to maturity
$36,632 $33,483 $36,292 $33,049 
Equity securities (at cost)$917 $917 $1,058 $1,058 
Equity securities (at fair value)147 147 153 153 
(1) Excludes portfolio level basis adjustments of $9 million for securities designated in active fair value hedge relationships. The basis adjustments represent a reduction to the amortized cost of the securities being hedged.
The primary objective of the securities portfolio is to provide a ready source of liquidity. The portfolio primarily includes high-quality, highly-liquid investments reflecting our ongoing commitment to maintain strong contingent liquidity levels and pledging capacity.
As of June 30, 2023, U.S. Treasury, GNMA and GSE-issued mortgage-backed securities represent 94% of the fair value of our debt securities portfolio holdings, with approximately $26.9 billion in fair value of unencumbered high-quality liquid securities serving as potential collateral for borrowings from the FHLB, FRB discount window, the Fixed Income Clearing Corporation bilateral repurchase agreement market, and the Bank Term Funding Program. Under the Bank Term Funding Program, securities are pledged at par value instead of fair value.
For further discussion of the use of our securities as liquidity collateral see the “Liquidity Risk Management and Governance” section in this document. For further discussion of liquidity requirements, see “Regulation and Supervision — Liquidity Requirements” in our 2022 Form 10-K.
We manage our securities portfolio duration and convexity risk through asset selection and securities structure, and maintain duration levels within our risk appetite in the context of the broader interest rate risk framework and limits. As of June 30, 2023, the portfolio’s average effective duration was 5.5 years compared with 5.8 years as of December 31, 2022.
Citizens Financial Group, Inc. | 16

Loans and Leases    
Table 7: Composition of Loans and Leases, Excluding LHFS
(dollars in millions)June 30, 2023December 31, 2022Change Percent
Commercial and industrial$48,038 $51,836 ($3,798)(7)%
Commercial real estate28,947 28,865 82 — 
Leases1,294 1,479 (185)(13)
Total commercial78,279 82,180 (3,901)(5)
Residential mortgages30,769 29,921 848 3 
Home equity14,487 14,043 444 3 
Automobile10,428 12,292 (1,864)(15)
Education12,246 12,808 (562)(4)
Other retail5,111 5,418 (307)(6)
Total retail73,041 74,482 (1,441)(2)
Total loans and leases$151,320 $156,662 ($5,342)(3)%
Total loans and leases as of June 30, 2023 decreased compared to December 31, 2022, reflecting a $3.9 billion decrease in commercial given loan sales as part of balance sheet optimization actions and reduced line utilization by companies in anticipation of a softer economic environment. Retail declined $1.4 billion, given planned runoff in auto and a decline in education, partially offset by growth in mortgage and home equity.
Credit Quality
The ACL is a reserve to absorb estimated future credit losses in accordance with GAAP. For additional information regarding the ACL, see “Critical Accounting Estimates — Allowance for Credit Losses” and Note 4 of this report, and “Critical Accounting Estimates — Allowance for Credit Losses” and Note 6 in our 2022 Form 10-K.
The ACL of $2.3 billion at June 30, 2023 compared with an ACL of $2.2 billion as of December 31, 2022, reflecting a reserve increase of $59 million. For further information see Note 4.
Table 8: ACL and Related Coverage Ratios by Portfolio
June 30, 2023December 31, 2022
(dollars in millions)Loans and LeasesAllowanceCoverageLoans and LeasesAllowanceCoverage
Allowance for Loan and Lease Losses
Commercial and industrial$48,038 $586 1.22 %$51,836 $581 1.12 %
Commercial real estate28,947 541 1.87 28,865 456 1.58 
Leases1,294 30 2.34 1,479 23 1.59 
Total commercial78,279 1,157 1.48 82,180 1,060 1.29 
Residential mortgages30,769 205 0.67 29,921 207 0.69 
Home equity14,487 100 0.69 14,043 89 0.63 
Automobile10,428 89 0.86 12,292 131 1.07 
Education12,246 261 2.13 12,808 268 2.09 
Other retail5,111 232 4.53 5,418 228 4.21 
Total retail73,041 887 1.21 74,482 923 1.24 
Total loans and leases$151,320 $2,044 1.35 %$156,662 $1,983 1.27 %
Allowance for Unfunded Lending Commitments
Commercial(1)
$213 1.75 %$207 1.54 %
Retail(2)
42 1.27 50 1.31 
     Total allowance for unfunded lending commitments255 257 
Allowance for credit losses$151,320 $2,299 1.52 %$156,662 $2,240 1.43 %
(1) Coverage ratio includes total commercial allowance for unfunded lending commitments and total commercial allowance for loan and lease losses in the numerator and total commercial loans and leases in the denominator.
(2) Coverage ratio includes total retail allowance for unfunded lending commitments and total retail allowance for loan losses in the numerator and total retail loans in the denominator.

Citizens Financial Group, Inc. | 17

Table 9: Nonaccrual Loans and Leases
(dollars in millions)June 30, 2023December 31, 2022Change Percent
Commercial and industrial$280 $249 $31 12 %
Commercial real estate352 103 249 242 
Leases3 — 3 — 
Total commercial635 352 283 80 
Residential mortgages201 234 (33)(14)
Home equity251 241 10 4 
Automobile51 56 (5)(9)
Education22 33 (11)(33)
Other retail31 28 3 11 
Total retail556 592 (36)(6)
Nonaccrual loans and leases$1,191 $944 $247 26 %
Nonaccrual loans and leases to total loans and leases0.79 %0.60 %19  bps
Allowance for loan and lease losses to nonaccrual loans and leases172 %210 %(38 %)
Allowance for credit losses to nonaccrual loans and leases193 %237 %(44 %)
Table 10: Ratio of Net Charge-Offs to Average Loans and Leases
Three Months Ended June 30,
20232022
(dollars in millions)Net Charge-OffsAverage BalanceRatioNet Charge-OffsAverage BalanceRatio
Commercial and industrial$15 $49,770 0.12 %$10 $50,517 0.08 %
Commercial real estate62 29,115 0.86 — 27,592 — 
Leases(1)1,352 (0.22)— 1,575 (0.05)
Total commercial 76 80,237 0.38 10 79,684 0.05 
Residential mortgages— 30,566 — (1)28,486 (0.01)
Home equity(3)14,340 (0.08)(9)12,811 (0.27)
Automobile8 10,997 0.30 6 14,172 0.16 
Education22 12,430 0.68 11 13,144 0.34 
Other retail49 5,155 3.84 32 5,557 2.25 
Total retail76 73,488 0.41 39 74,170 0.21 
Total loans and leases$152 $153,725 0.40 %$49 $153,854 0.13 %
Six Months Ended June 30,
20232022
(dollars in millions)Net Charge-OffsAverage BalanceRatioNet Charge-OffsAverage BalanceRatio
Commercial and industrial$67 $50,876 0.26 %$21 $47,747 0.09 %
Commercial real estate65 29,004 0.46 — 20,867 — 
Leases(4)1,393 (0.54)— 1,568 0.03 
Total commercial128 81,273 0.32 21 70,182 0.06 
Residential mortgages1 30,322 — (1)25,987 (0.01)
Home equity(6)14,207 (0.08)(18)12,469 (0.30)
Automobile23 11,465 0.41 12 14,352 0.17 
Education40 12,612 0.63 27 13,091 0.41 
Other retail99 5,222 3.83 67 5,492 2.43 
Total retail157 73,828 0.43 87 71,391 0.24 
Total loans and leases$285 $155,101 0.37 %$108 $141,573 0.15 %
For the three and six months ended June 30, 2023, the net charge-off ratio increased 27 basis points and 22 basis points, respectively, compared to the same periods in 2022. Net charge-offs increased $103 million and $177 million, respectively, compared to the same periods.
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For the three months ended June 30, 2023, the increase in net charge-offs reflects a $37 million increase in retail, primarily other retail and education, and a $66 million increase in commercial driven by Commercial Real Estate Office. For the six months ended June 30, 2023, the increase in net charge-offs reflects a $70 million increase in retail, primarily other retail, education and auto, and a $107 million increase in commercial, with increases in commercial real estate and commercial and industrial. The increase in commercial real estate was driven by Commercial Real Estate Office while the commercial and industrial increase reflects company specific idiosyncratic charge-offs. The increase in retail is trending up as expected from pandemic lows.
Commercial Loan Asset Quality
Our commercial portfolio consists of traditional commercial and industrial loans, commercial leases and commercial real estate loans. As discussed in our 2022 Form 10-K, we utilize regulatory classification ratings to monitor credit quality for commercial loans and leases.
Total commercial criticized balances of $8.0 billion at June 30, 2023 increased $2.4 billion compared with December 31, 2022.
Commercial and industrial criticized balances of $3.6 billion at June 30, 2023, increased from $3.1 billion at December 31, 2022, primarily driven by the impact of increasing interest rates and certain sector-specific labor shortages in Retail and Wholesale Trade, and labor costs, labor shortages, and reimbursement challenges in health care-related not-for-profit facilities, including skilled nursing, assisted living, continuing care retirement and hospitals.
Commercial real estate criticized balances of $4.3 billion increased from $2.4 billion at December 31, 2022, primarily driven by the combined impacts of interest rates and return-to-office dynamics on the Office sector and the impacts of interest rates on the Multi-family sector. Approximately 99% of commercial real estate loans remain current on payments.
For more information on the distribution of commercial loans by vintage date and regulatory classification rating, see Note 4.
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Table 11: Commercial Loans and Leases
June 30, 2023December 31, 2022
(dollars in millions)Balance% of
Total Loans and Leases		Balance% of
Total Loans and Leases
Sector
Finance and insurance
Capital call facilities$6,335 4 %$6,753 4 %
Other5,972 3 5,310 3 
Other manufacturing3,990 3 4,474 3 
Technology3,893 3 4,367 3 
Accommodation and food services3,249 2 3,572 2 
Health, pharma, and social assistance2,781 2 3,056 2 
Professional, scientific, and technical services2,765 2 3,067 2 
Wholesale trade2,532 2 2,955 2 
Retail trade2,288 1 2,391 2 
Other services2,473 2 2,713 2 
Energy and related2,087 1 2,299 1 
Real estate and rental and leasing1,435 1 1,542 1 
Consumer products manufacturing1,166 1 1,511 1 
Administrative and waste management services1,545 1 1,710 1 
Arts, entertainment, and recreation1,593 1 1,587 1 
Automotive1,218 1 1,316 1 
All other(1)
2,716 2 3,091 2 
Total commercial and industrial48,038 32 51,715 33 
Property type
Multi-family8,844 6 8,696 6 
Office6,213 4 6,253 4 
Retail3,431 2 3,208 2 
Industrial3,744 3 3,344 2 
Co-op1,899 1 1,824 1 
Data centers909 1 870 1 
Hospitality607 — 638 — 
All other(1)
3,300 2 4,032 2 
Total commercial real estate28,947 19 28,865 18 
Total leases1,294 1 1,479 1 
Total commercial(2)
$78,279 52 %$82,059 52 %
(1) Includes deferred fees and costs.
(2) Excludes PPP loans of $121 million as of December 31, 2022.
Retail Loan Asset Quality
We utilize credit scores provided by FICO, which are generally refreshed on a quarterly basis, and payment and delinquency status, among other data points, to monitor credit quality for retail loans. Management believes FICO credit scores are the strongest indicator of potential credit losses over the contractual life of the loan. These scores represent current and historical national industry-wide consumer level credit performance data, which management considers to predict a 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.
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Table 12: Retail Loan Portfolio Analysis
June 30, 2023December 31, 2022
Days Past Due and AccruingDays Past Due and Accruing
Current30-5960-8990+NonaccrualCurrent30-5960-8990+Nonaccrual
Residential mortgages(1)
98.12 %0.29 %0.10 %0.84 %0.65 %97.68 %0.32 %0.15 %1.07 %0.78 %
Home equity97.72 0.38 0.17 — 1.73 97.68 0.46 0.14 — 1.72 
Automobile97.88 1.25 0.38 — 0.49 97.93 1.24 0.37 — 0.46 
Education99.37 0.27 0.16 0.02 0.18 99.30 0.28 0.13 0.03 0.26 
Other retail97.67 0.80 0.53 0.39 0.61 97.71 0.81 0.55 0.41 0.52 
Total retail98.19 %0.48 %0.19 %0.38 %0.76 %98.02 %0.52 %0.21 %0.46 %0.79 %
(1) 90+ days past due and accruing includes $256 million and $316 million of loans fully or partially guaranteed by the FHA, VA, and USDA at June 30, 2023 and December 31, 2022, respectively.
Table 13: Retail Asset Quality Metrics
June 30, 2023December 31, 2022
Average refreshed FICO for total portfolio772 770 
CLTV ratio for secured real estate(1)
52 %50 %
(1) The real estate secured portfolio CLTV is calculated as the mortgage and second lien loan balance divided by the most recently available value of the property.
For more information on the aging of accruing and nonaccrual retail loans, and the distribution of retail loans by vintage date and FICO score, see Note 4.
Deposits
Table 14: Composition of Deposits
(dollars in millions)June 30, 2023% of Total DepositsDecember 31, 2022% of Total Deposits
Demand$40,286 23 %$49,283 27 %
Money market52,542 29 49,905 28 
Checking with interest35,028 20 39,721 22 
Savings29,824 17 29,805 16 
Term19,987 11 12,010 7 
Total deposits$177,667 100 %$180,724 100 %
Total deposits as of June 30, 2023 decreased compared to December 31, 2022, driven by seasonal and rate-related outflows. In addition, as rates rose another 25 basis points in the second quarter of 2023, we saw continued migration of lower cost deposits to higher-yielding categories, primarily in Commercial, with non-interest bearing deposits now representing approximately 23% of our total deposits.
Table 15: Insured/Secured Deposits
(dollars in millions)June 30, 2023
Total deposits$177,667 
Estimated uninsured deposits(1)
76,777 
Less: Uninsured affiliate deposits eliminated in consolidation15,795 
Less: Secured deposits(1)
8,381 
CFG adjusted estimated uninsured, excluding secured deposits52,601 
Total estimated insured/secured deposits$125,066 
Insured/secured deposits to total deposits70 %
(1) As reported on CBNA’s June 30, 2023 Call Report.
Estimated CFG insured/secured deposits totaled $125.1 billion, comprised of $116.7 billion of insured deposits and $8.4 billion of collateralized preferred deposits from states and municipalities, making up 70% of our consolidated deposit base of $177.7 billion as of June 30, 2023.
Citizens Financial Group, Inc. | 21

Table 16: Term Deposits in Excess of the FDIC Insurance Limit by Remaining Maturity
(dollars in millions)June 30, 2023
Three months or less$913 
After three months through six months236 
After six months through twelve months779 
After twelve months 17 
Total term deposits(1)
$1,945 
(1) Includes term deposits per account in excess of $250,000.
Borrowed Funds
Total borrowed funds of $15.2 billion as of June 30, 2023 decreased $691 million compared to December 31, 2022, primarily driven by a decline in FHLB advances, partially offset by the issuance of secured borrowings collateralized by auto loans. For more information regarding our borrowed funds, see “Liquidity” and Note 7.
CAPITAL AND REGULATORY MATTERS
We are subject to regulation and supervision by the FRB as a bank and financial holding company. Our banking subsidiary, CBNA, is a national banking association primarily regulated by the OCC. Our regulation and supervision continues to evolve as the legal and regulatory frameworks governing our operations continue to change.
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 2022 Form 10-K.
The FRB regularly supervises and evaluates our capital adequacy and capital planning processes, including the submission of an annual capital plan approved by our Board of Directors or one of its committees, which was submitted on April 4, 2023. Under the FRB’s capital requirements we must maintain capital ratios above the sum of the regulatory minimum and SCB requirement to avoid restrictions on capital distributions and discretionary bonus payments. The FRB utilizes the supervisory stress test to determine our SCB, which is re-calibrated with each biennial supervisory stress test and updated annually to reflect our planned common stock dividends. As an institution subject to Category IV standards, we are subject to biennial supervisory stress testing in even-numbered years; however, the FRB required us to participate in the 2023 CCAR supervisory stress test to incorporate the effects of the Investors acquisition. Our SCB associated with the 2022 supervisory stress test is 3.4%, effective until September 30, 2023, and our SCB associated with the 2023 supervisory stress test is 4.0%, effective October 1, 2023 through September 30, 2024.
Regulations relating to capital planning, regulatory reporting, stress testing and capital buffer requirements applicable to firms like us are presently subject to rule-making and potential further guidance and interpretation by the applicable federal regulators. We will continue to evaluate the impact of these and any other prudential regulatory changes, including their potential resultant changes in our regulatory and compliance costs and expenses.
For more information on our capital adequacy process, see the “Regulation and Supervision”, “Capital and Regulatory Matters” and “Tailoring of Prudential Requirements” sections in our 2022 Form 10-K, and “Recent Regulatory Developments — Proposed Regulatory Capital Revisions” below.
Regulatory Capital Ratios and Capital Composition
Under the current U.S. Basel III capital framework, we and our banking subsidiary, CBNA, must meet the following specific minimum requirements: CET1 capital ratio of 4.5%, tier 1 capital ratio of 6.0%, total capital ratio of 8.0% and tier 1 leverage ratio of 4.0%. As a bank holding company, our SCB of 3.4% is imposed on top of the three minimum risk-based capital ratios listed above and a CCB of 2.5% is imposed on top of the three minimum risk-based capital ratios listed above for CBNA.
Citizens Financial Group, Inc. | 22

For additional discussion of the U.S. Basel III capital framework and its related application, see “Regulation and Supervision” in our 2022 Form 10-K and “Recent Regulatory Developments — Proposed Regulatory Capital Revisions” below. The table below presents the regulatory capital ratios for CFG and CBNA under the U.S. Basel III Standardized rules:
Table 17: Regulatory Capital Ratios Under the U.S. Basel III Standardized Rules
June 30, 2023December 31, 2022
(dollars in millions)AmountRatioAmountRatio
Required Minimum Capital Ratio(1)
CET1 capital
CFG$18,381 10.3 %$18,574 10.0 %7.9 %
CBNA19,761 11.1 20,669 11.2 7.0 
Tier 1 capital
CFG20,395 11.4 20,588 11.1 9.4 
CBNA19,761 11.1 20,669 11.2 8.5 
Total capital
CFG23,748 13.3 23,755 12.8 11.4 
CBNA22,808 12.8 23,534 12.7 10.5 
Tier 1 leverage
CFG20,395 9.4 20,588 9.3 4.0 
CBNA19,761 9.1 20,669 9.4 4.0 
Risk-weighted assets
CFG179,034 185,224 
CBNA178,473 184,781 
Quarterly adjusted average assets(2)
CFG217,264 220,779 
CBNA216,628 220,182 
(1) Represents minimum requirement under the current capital framework plus the SCB of 3.4% and CCB of 2.5% for CFG and CBNA, respectively. The SCB and CCB are not applicable to the Tier 1 leverage ratio.
(2) Represents total average assets less certain amounts deducted from Tier 1 capital.
At June 30, 2023, CFG’s CET1 and tier 1 capital ratios increased compared to December 31, 2022. Net income and a $6.2 billion decrease in RWA, primarily driven by lower commercial and auto loans, was partially offset by common share repurchases, dividends and a decrease in the modified CECL transition amount as we entered the second year of the CECL three-year transition period.
At June 30, 2023, CBNA’s CET1 and tier 1 capital ratios decreased slightly compared to December 31, 2022. A dividend payment to the Parent Company and a decrease in the modified CECL transition amount as we entered the second year of the CECL three-year transition period, was partially offset by net income and a $6.3 billion decrease in RWA, primarily driven by lower commercial and auto loans.
At June 30, 2023, CFG’s and CBNA’s total capital ratios increased driven by their respective changes in CET1 and tier 1 capital described above and a reduction in the modified AACL transition amount.
At June 30, 2023, CFG’s tier 1 leverage ratio increased whereas CBNA’s tier 1 leverage ratio decreased compared to December 31, 2022, driven by their respective changes in tier 1 capital described above and a decline in quarterly adjusted average assets.
Citizens Financial Group, Inc. | 23

Table 18: Capital Composition Under the U.S. Basel III Capital Framework
(dollars in millions)June 30, 2023December 31, 2022
Total common stockholders' equity$21,571 $21,676 
Exclusions:
Modified CECL transitional amount192 288 
Net unrealized (gains)/losses recorded in accumulated other comprehensive income (loss), net of tax:
Debt securities2,643 2,771 
Derivatives1,553 1,416 
Unamortized net periodic benefit costs367 373 
Deductions:
Goodwill, net of deferred tax liability(7,793)(7,780)
Other intangible assets, net of deferred tax liability(150)(170)
Deferred tax assets that arise from tax loss and credit carryforwards(2)— 
Total common equity tier 1 capital18,381 18,574 
Qualifying preferred stock 2,014 2,014 
Total tier 1 capital20,395 20,588 
Qualifying subordinated debt(1)
1,431 1,427 
Allowance for credit losses2,299 2,240 
Exclusions from tier 2 capital:
Modified AACL transitional amount(249)(374)
Allowance on PCD assets(128)(126)
Adjusted allowance for credit losses1,922 1,740 
    Total capital$23,748 $23,755 
(1) As of June 30, 2023 and December 31, 2022, the amount of non-qualifying subordinated debt excluded from regulatory capital was $367 million. See Note 7 for more details on our outstanding subordinated debt.
Capital Transactions
We completed the following capital transactions during the six months ended June 30, 2023:
•Repurchased $656 million of our outstanding common stock;
•Declared and paid quarterly common stock dividends of $0.42 per share, aggregating to $410 million; and
•Declared and paid preferred stock dividends aggregating to $57 million.
For additional detail regarding our common and preferred stock dividends see Note 10.
In February 2023, our Board of Directors increased our common share repurchase authorization to $2.0 billion, which was an increase of $1.15 billion above the $850 million of capacity remaining as of December 31, 2022 under the prior June 2022 authorization. All future capital distributions are subject to consideration and approval by our Board of Directors prior to execution. The timing and amount of future dividends and share repurchases will depend on various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, receipt of required regulatory approvals and other regulatory considerations.
Citizens Financial Group, Inc. | 24

Recent Regulatory Developments
Bank Failures
On April 28, 2023, the FRB issued a report relative to its review of the supervision and regulation of Silicon Valley Bank (“SVB”). The report details the FRB’s assessment of the primary causes for SVB’s failure and emphasizes the FRB’s view that supervision and regulation need to be strengthened based on its findings. As a result, the FRB stated it intends to evaluate its supervisory and regulatory framework, with a focus on the following areas:
•Regulatory tailoring framework, including a reassessment of a range of rules for banks with $100 billion or more in assets;
•Management of interest rate risk;
•Liquidity risk, commencing with the risks of uninsured deposits; and
•Capital requirements.
We will continue to monitor and address changes to the FRB’s supervisory and regulatory framework that may result from this targeted review by the FRB and their associated impact on our business, financial condition or results of operations.
Deposit Insurance
Reform Options
On May 1, 2023, the FDIC released a comprehensive overview of the deposit insurance system and options for reform to address financial stability concerns stemming from recent bank failures. The three reform options outlined for consideration are provided below, all of which would require congressional approval.
•Maintain the existing deposit insurance framework at the current or a higher coverage limit;
•Provide unlimited deposit insurance for all deposits; and
•Provide different coverage across account types, with a focus on providing significantly higher or unlimited coverage to business payment accounts.
We will continue to monitor developments in this area and evaluate the resultant impact on our business if the FDIC decides to pursue reform of the deposit insurance system.
Proposed FDIC Special Assessment
On May 22, 2023, the FDIC issued a notice of proposed rulemaking that would impose special assessments to recover the loss to the Deposit Insurance Fund (“DIF”) arising from the protection of uninsured depositors in connection with the systemic risk determination announced on March 12, 2023, following the closures of Silicon Valley Bank and Signature Bank, as required by the Federal Deposit Insurance Act. Under the proposal, the special assessment would be levied on the insured depository institution’s (“IDI”) assessment base, which would be equal to estimated uninsured deposits as reported on the IDI’s December 31, 2022 Call Report, excluding the first $5 billion in estimated uninsured deposits. The special assessment would be imposed at an annual rate of approximately 12.5 basis points and would be collected over eight quarterly assessment periods beginning with the first quarter of 2024.
The FDIC’s initial estimate of the loss attributable to this systemic risk determination was $15.8 billion. This estimate will be periodically adjusted as assets are sold, liabilities are satisfied, and receivership expenses are incurred. The FDIC would cease collection of special assessments before the end of the initial eight-quarter collection period if they expect the loss to be less than expected assessment collections. The FDIC also reserves the right to extend the collection period if there is a shortfall in the amount collected relative to the estimated or actual loss.
Based on the proposed rulemaking and related accounting guidance, the special assessment would impact our noninterest expense by approximately $210 million upon adoption. This amount is subject to final rulemaking by the FDIC and associated revisions, if any, relative to the application and/or levy of the special assessment on IDIs, including the eventual loss to the DIF should it differ from the FDIC’s estimate.
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Proposed Regulatory Capital Revisions
On July 27, 2023, the FRB, FDIC and OCC issued a proposal to implement the Basel Committee on Banking Supervision’s finalization of the post-crisis bank regulatory capital reforms. The proposal, commonly referred to as Basel III “Endgame,” would significantly revise the capital requirements applicable to large banking organizations with total assets of $100 billion or more, including the Company. Under the proposal, Category III and IV firms, including the Company as a Category IV firm, would become subject to the same capital treatment regarding the inclusion of AOCI, deductions, and rules for minority interest as Category I and II firms. The proposal would also replace the existing models-based approaches for credit and operational risk, which currently apply only to Category I and II firms, with two new approaches applicable to Category I through Category IV firms. The first would use the existing standardized approach and a proposed revised market risk capital rule. The second would use a new expanded risk-based approach, which consists of new non-models-based approaches for credit risk, operational risk and credit valuation adjustment risk, as well as the proposed revised market risk capital rule. The approach resulting in the lower ratio would establish the binding ratio for purposes of satisfying regulatory capital requirements and buffers, including the SCB. Category III and IV firms would also be required to calculate counterparty credit exposure relating to derivatives transactions using the standardized approach for counterparty credit risk (SA-CCR). Additionally, Category IV firms would become subject to the supplementary leverage ratio and the countercyclical capital buffer. The proposal provides for a July 1, 2025 effective date, subject to a three-year transition period. The Company expects a net increase to its capital requirements based on our preliminary assessment of the proposed rule, with the largest impacts attributable to AOCI, as discussed below. The Company is continuing to evaluate the full impact of the proposal.
AOCI Impact on Regulatory Capital
Under the current applicable regulatory capital rules we have made the AOCI opt-out election, which enables us to exclude components of AOCI from regulatory capital. As noted above, the regulatory agencies are considering the inclusion of AOCI in regulatory capital for Category IV firms like us, including the AOCI relative to securities and pension.
The following table presents our regulatory capital ratios including the AOCI impact from securities and pension, which we believe provides useful information in light of recent events and the potential for change in the regulatory capital framework. After considering the inclusion of these components in AOCI, our regulatory capital ratios continue to exceed our required regulatory minimums.
Table 19: AOCI Impact on Regulatory Capital
June 30, 2023
CFGCBNA
(dollars in millions)CET1Tier 1TotalCET1Tier 1Total
Regulatory capital, including AOCI impact:
Regulatory capital (as reported)$18,381 $20,395 $23,748 $19,761 $19,761 $22,808 
Unrealized gains (losses) on securities and pension(3,010)(3,010)(3,010)(2,992)(2,992)(2,992)
Deferred tax assets - securities and pension AOCI(26)(26)(26)(27)(27)(27)
Regulatory capital, including AOCI impact (non-GAAP)$15,345 $17,359 $20,712 $16,742 $16,742 $19,789 
Risk-weighted assets, including AOCI impact:
Risk-weighted assets (as reported)$179,034 $179,034 $179,034 $178,473 $178,473 $178,473 
Unrealized gains (losses) on securities and pension(815)(815)(815)(797)(797)(797)
Deferred tax assets - securities and pension AOCI2,515 2,515 2,515 2,432 2,432 2,432 
Risk-weighted assets, including AOCI impact (non-GAAP)$180,734 $180,734 $180,734 $180,108 $180,108 $180,108 
Ratio:
Regulatory capital ratio (as reported)10.3 %11.4 %13.3 %11.1 %11.1 %12.8 %
Regulatory capital ratio, including AOCI impact (non-GAAP)8.5 %9.6 %11.5 %9.3 %9.3 %11.0 %
Citizens Financial Group, Inc. | 26

LIQUIDITY
We define liquidity as our ability to meet our cash-flow and collateral obligations in a timely manner, at a reasonable cost. As a financial institution, we must maintain operating liquidity to meet expected daily and forecasted cash-flow requirements, as well as contingent liquidity to meet unexpected (stress scenario) funding requirements. Reflecting the importance of meeting all unexpected and stress-scenario funding requirements, we identify and manage contingent liquidity, consisting of cash balances at the FRB, unencumbered high-quality liquid securities and unused FHLB borrowing capacity. Separately, we also identify and manage asset liquidity as a subset of contingent liquidity, consisting of cash balances at the FRB and unencumbered high-quality liquid securities. We maintain additional secured borrowing capacity at the FRB discount window, but do not view this as a primary means of funding, but rather a potential source of liquidity in a stressed environment or during a market disruption. 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 material legal entity.
Parent Company Liquidity
Our Parent Company’s primary sources of cash are dividends and interest received from CBNA resulting from investing in bank equity and subordinated debt as well as externally issued preferred stock, senior debt and subordinated debt. Uses of cash include the routine cash flow requirements as a bank holding company, including periodic share repurchases and payments of dividends, interest and expenses; the needs of subsidiaries, including CBNA for additional equity and, as required, its need for debt financing; and the support for extraordinary funding requirements when necessary. To the extent the Parent Company has relied on wholesale borrowings, uses also include payments of related principal and interest.
During the three months ended June 30, 2023 and 2022, the Parent Company declared dividends on common stock of $205 million and $195 million, respectively, and declared dividends on preferred stock of $34 million and $32 million, respectively.
During the six months ended June 30, 2023 and 2022, the Parent Company declared dividends on common stock of $410 million and $360 million, respectively, and declared dividends on preferred stock of $57 million and $56 million, respectively.
During the six months ended June 30, 2023, the Parent Company repurchased $656 million of its outstanding common stock.
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 $1.6 billion as of June 30, 2023 and December 31, 2022, 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. The Parent Company’s double-leverage ratio was 98.2% and 101.2% as of June 30, 2023 and December 31, 2022, respectively.
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.
During the six months ended June 30, 2023, CBNA completed the following transactions:
•Issued $450 million of 5.284% fixed-to-floating rate senior notes;
•Redeemed $750 million of senior notes due March 2023; and
•Issued $2.0 billion of secured borrowings collateralized by auto loans.
Citizens Financial Group, Inc. | 27

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.
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 GNMA, FNMA and 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, the funding liquidity risk of CBNA could 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 low.
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 & Poor’s, and Fitch.
Table 20: Credit Ratings
 June 30, 2023
 
Moody’s  
Standard &
Poor’s
Fitch  
Citizens Financial Group, Inc.:   
Long-term issuerBaa1BBB+BBB+
Short-term issuerNRA-2F1
Subordinated debtBaa1BBBBBB
Preferred StockBaa3BB+BB
Citizens Bank, National Association:
Long-term issuerBaa1A-BBB+
Short-term issuerNRA-2F1
Long-term depositsA1NRA-
Short-term depositsP-1NRF1
 NR = Not rated
Our ratings have remained unchanged, and we have a “stable” outlook at Standard & Poor’s, a “negative” outlook at Moody’s and a “positive” outlook at Fitch. Changes in our public credit ratings could affect both the cost and availability of our wholesale funding.
Existing and evolving regulatory liquidity requirements represent another key driver of systemic liquidity conditions and liquidity management practices. The FRB, OCC, and 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 2022 Form 10-K.
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Liquidity Risk Management and Governance
Liquidity risk is measured and managed by the Funding and Liquidity unit within our Treasury group in accordance with policy guidelines promulgated by our Board and the Asset Liability Committee. The Funding and Liquidity unit is responsible for maintaining a liquidity management framework that effectively manages liquidity risk. Processes within this framework include, but are not limited to, regular and comprehensive reporting, including current levels versus threshold limits for a broad set of liquidity metrics and early warning indicators, explanatory commentary relating to emerging risk trends and, as appropriate, recommended remedial strategies, liquidity stress testing, contingency funding plans, and collateral management.
Our Funding and Liquidity unit’s primary goals are to deliver and maintain prudent levels of operating liquidity to support expected and projected funding requirements, contingent liquidity to support unexpected funding requirements resulting from idiosyncratic, systemic, and combination stress events, and regulatory liquidity requirements in a timely manner from stable and cost-efficient funding sources. We seek to accomplish these goals by funding loans with stable deposits, by prudently controlling dependence on wholesale funding, particularly short-term unsecured funding, and by maintaining ample available liquidity, including a contingent liquidity buffer of unencumbered high-quality loans and securities.
We maintain a contingency funding plan designed to ensure that liquidity sources are sufficient to meet ongoing obligations and commitments, particularly in a stressed environment or during a market disruption. The plan identifies members of the liquidity contingency team and provides a framework for management to follow, including notification and escalation of potential liquidity stress events.
In response to the recent U.S. bank failures, the FRB established the Bank Term Funding Program to make additional funding available to eligible depository institutions to ensure the ability to meet the needs of all depositors. This program was designed to provide another source of liquidity against the par value of high-quality securities, eliminating the need to sell these securities during times of stress. Citizens is eligible to borrow under this program based on its existing eligibility for primary credit under the FRB discount window.
As of June 30, 2023:
•Organically generated deposits continue to be our primary source of funding, resulting in a consolidated period-end loans-to-deposits ratio, excluding LHFS, of 85.2%;
◦Estimated insured/secured deposits comprise 70% of our consolidated deposit base of $177.7 billion.
•Our total available liquidity, comprised of contingent liquidity and available discount window capacity, was approximately $78.8 billion;
◦Contingent liquidity was $50.9 billion, consisting of unencumbered high-quality liquid securities of $26.9 billion, unused FHLB capacity of $14.2 billion, and our cash balances at the FRB of $9.8 billion; and
◦Available discount window capacity was $27.9 billion, defined as available total borrowing capacity from the FRB based on identified collateral, which is primarily secured by non-mortgage commercial and retail loans.
For a summary of our sources and uses of cash by type of activity for the six months ended June 30, 2023 and 2022, see the Consolidated Statements of Cash Flows in Item 1.
The Funding and Liquidity unit monitors a variety of liquidity and funding metrics and early warning indicators and metrics, including specific risk thresholds limits. These monitoring tools are broadly classified as follows:
•Current liquidity sources and capacities, including cash balances at the FRB, free and liquid securities, and secured borrowing capacity at the FHLB and FRB discount window;
•Liquidity stress sources, including idiosyncratic, systemic and combined stresses, in addition to evolving regulatory requirements; and
•Current and prospective exposures, including secured and unsecured wholesale funding, and spot and cumulative cash-flow gaps across a variety of horizons.
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Further, certain of these metrics are monitored individually for CBNA and for our consolidated enterprise on a daily basis, including cash position, unencumbered securities, asset liquidity and available FHLB borrowing capacity. In order to identify emerging trends and risks and inform funding decisions, specific metrics are also forecasted over a one-year horizon.
Off-Balance Sheet Arrangements
We engage in a variety of activities that are not reflected in our Consolidated Balance Sheets that are generally referred to as “off-balance sheet arrangements.” For more information on these types of activities, see Note 11.
CRITICAL ACCOUNTING ESTIMATES
Our 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 2022 Form 10-K.
Allowance for Credit Losses
The ACL increased from $2.2 billion at December 31, 2022 to $2.3 billion at June 30, 2023.
Our ACL as of June 30, 2023 accounts for an economic forecast over our two-year reasonable and supportable period with peak unemployment of approximately 6% and peak-to-trough GDP decline of approximately 1%. This forecast reflects a moderate recession over the two-year reasonable and supportable period. This compares to our December 31, 2022 forecast which reflected the same unemployment rate with a slightly more adverse peak-to-trough GDP decline of approximately 1.4%.
Our determination of the ACL is sensitive to changes in forecasted macroeconomic conditions during the reasonable and supportable forecast period. To illustrate the sensitivity, we applied a more pessimistic scenario than that described above which assumes that monetary tightening triggers a deeper real GDP contraction across our two-year reasonable and supportable forecast period, resulting in a 1.5% peak-to-trough decline in real GDP. Excluding consideration of qualitative adjustments, this scenario would result in a quantitative lifetime loss estimate of approximately 1.10x our modeled period-end ACL, or an increase of approximately $245 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.
It remains difficult to estimate how changes in economic forecasts might affect our ACL because such forecasts consider a wide variety of variables and inputs, and changes in the variables and inputs may not occur at the same time or in the same direction, and such changes may have differing impacts by product type. The variables and inputs may be idiosyncratically affected by risks to the economy, including changing monetary and fiscal policies, impacts from the recent stress on the banking industry, and their impact on inflationary trends. Changes in one or multiple of the key macroeconomic variables may have a material impact to our estimation of expected credit losses.
For additional information regarding the ACL, see Note 4 of this report, and “Critical Accounting Estimates - Allowance for Credit Losses” and Note 6 in our 2022 Form 10-K.
Citizens Financial Group, Inc. | 30

RISK GOVERNANCE
We are committed to maintaining a strong, integrated, and proactive approach to the management of all risks to which we are exposed in pursuit of our business objectives. A key aspect of our Board’s responsibility as the main decision making body is setting our risk appetite to ensure that the levels of risk that we are willing to accept in the attainment of our strategic business and financial objectives are clearly understood.
To enable our Board to carry out its objectives, it has delegated authority for risk management activities, as well as governance and oversight of those activities, to a number of Board and executive management level risk committees. The Executive Risk Committee, chaired by the Chief Risk Officer, is responsible for oversight of risk across the enterprise and actively considers our inherent material risks, analyzes our overall risk profile and seeks confirmation that the risks are being appropriately identified, assessed and mitigated. Reporting to the Executive Risk Committee are the following committees covering specific areas of risk: Compliance and Operational Risk, Model Risk, Credit Policy, Asset Liability, Business Initiatives Review, and Conduct and Ethics.
There have been no significant changes in our risk governance practices, risk framework, risk appetite, or credit risk as described in “Risk Governance” in our 2022 Form 10-K.
MARKET RISK
Market risk refers to potential losses arising from changes in interest rates, foreign exchange rates, equity prices, commodity prices and/or other relevant market rates or prices. Modest market risk arises from trading activities that serve customer needs, including the hedging of interest rate and foreign exchange risk. As described below, the market risk arising from our non-trading banking activities, such as the origination of loans and deposit-gathering, is more significant. We have established enterprise-wide policies and methodologies to identify, measure, monitor and report market risk. We actively manage market risk for both non-trading and trading activities.
Non-Trading Risk
Our non-trading banking activities expose us to market risk. This market risk is composed of interest rate risk, as we have no commodity risk and de minimis direct currency and equity risk. We also have market risk related to capital markets loan originations, as well as the valuation of our MSRs. There have been no significant changes in our sources of interest rate risk, interest rate risk practices, risk framework, metrics or assumptions as described in “Market Risk — Non-Trading Risk” in our 2022 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 limits established and monitored by senior management. While an instantaneous and severe shift in interest rates is included in this analysis, we believe that any actual shift in interest rates would be more gradual and, therefore, have a more modest impact.
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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 21: Sensitivity of Net Interest Income
Estimated % Change in Net Interest Income over 12 Months
Basis pointsJune 30, 2023December 31, 2022
Instantaneous Change in Interest Rates  
+2003.1 %4.8 %
+1001.7 2.4 
-100(2.6)(2.5)
-200(6.1)(5.6)
Gradual Change in Interest Rates
+2001.3 %2.7 %
+1000.7 1.4 
-100(1.4)(1.4)
-200(3.1)(3.0)
We continue to manage asset sensitivity within the scope of our policy, changing market conditions and changes in our balance sheet. Asset sensitivity against a 200-basis point gradual increase in rates was 1.3% on June 30, 2023, compared with 2.7% on December 31, 2022. This decrease reflects the effects of our ongoing hedge activity combined with changes in our current and projected balance sheet mix due to the higher interest rate environment. Given the higher rate environment and cumulative effect of the FRB’s tightening of monetary policy, our down rate exposure exhibits a higher degree of sensitivity as deposit betas are expected to have an initial lagged response to a shift downward in rates over the twelve-month horizon. In addition, we expect continued non-interest bearing to interest-bearing deposit migration if rates continue to rise, naturally reducing our asset sensitivity, which is not expected to occur in a declining rate scenario. Changes in interest rates can also affect risk management activities, which impact the repricing sensitivity 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 derivatives and mix of funding.
We use a valuation measure of exposure to structural interest rate risk, EVE, as a supplement to net interest income simulations. EVE complements net interest income simulation analysis as it estimates risk exposure over a long-term horizon. EVE measures the extent to which the economic value of assets, liabilities and off-balance sheet instruments may change in response to fluctuations in interest rates. This analysis is highly dependent upon assumptions applied to assets and liabilities with non-contractual maturities. We employ sophisticated models for prepayments and deposit pricing and attrition, which provide a granular view of cash flows based on the unique characteristics of the underlying products and customer segments. The change in value is expressed as a percentage of regulatory capital.
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We use interest rate contracts as part of our ALM strategy to manage exposure to the variability in the interest cash flows on our floating-rate assets and wholesale funding, the variability in the fair value of AFS securities, and to hedge market risk on fixed-rate capital markets debt issuances.
The following table presents interest rate derivative contracts that we have entered into as of June 30, 2023 and December 31, 2022.
Table 22: Interest Rate Derivative Contracts Used to Manage Non-Trading Interest Rate Exposure
June 30, 2023December 31, 2022
Weighted AverageWeighted Average
(dollars in millions)Notional AmountMaturity (Years)Fixed RateReset Rate Notional AmountMaturity (Years)Fixed RateReset Rate
Fair value hedges:
Asset conversion swaps:
AFS securities:
Pay fixed/receive SOFR$433 6.6 3.4 %5.1 %$— — — %— %
Liability conversion swaps:
Long-term borrowed funds:
Receive fixed/pay 3-month LIBOR500 0.1 2.6 5.3 1,000 1.6 2.7 4.7 
Receive fixed/pay SOFR - forward-starting500 2.4 2.6 5.3 — — — — 
Total fair value hedges1,433 1,000 
Cash flow hedges:
Asset conversion swaps:
Loans:
Swaps
Receive fixed/pay SOFR17,000 0.8 4.6 5.1 500 2.7 3.5 4.3 
Receive fixed/pay SOFR - forward-starting29,530 3.0 3.1 5.2 13,500 3.2 3.0 4.5 
Receive fixed/pay 1-month LIBOR— — — — 15,250 3.8 1.8 4.3 
Receive fixed/pay 1-month LIBOR - forward-starting— — — — 2,000 5.2 2.9 4.9 
Basis swaps
Receive SOFR/pay 1-month term SOFR6,000 0.6 — 5.1/5.1— — — — 
Receive SOFR/pay 1-month term SOFR - forward-starting13,500 3.0 — 5.2/5.17,000 3.3 — 4.4/4.4
Floor RateCap RateFloor RateCap Rate
Options
Interest rate collars - forward-starting(1)
1,500 2.3 2.6 3.9 1,500 2.8 2.6 3.9 
Floor spreads - forward-starting(2)
1,500 2.8 2.3/3.4— — — — — 
Total cash flow hedges69,030 39,750 
Total hedges$70,463 $40,750 
(1) Weighted average floor and cap rates represents strike rates through which CFG will receive interest if the SOFR rate falls below the floor strike rate and pay interest if the SOFR rate exceeds the cap strike rate.
(2) Weighted average floor rate represents strike rates for the short and long interest rate floors, respectively. CFG will receive interest if the SOFR rate falls below the upper strike rate and pay interest if the SOFR rate falls below the lower strike rate, effectively hedging the corridor between the two strike rates. The structure also includes a short cap and a long floor which are utilized to neutralize the initial premium.
The increase in the notional amount as of June 30, 2023 compared to December 31, 2022 is driven by the conversion from LIBOR to SOFR during June and the resulting addition of basis swaps to match the floating-rate index of the hedged loan portfolio.
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The following table presents the average active notional amounts for our interest rate derivatives, based on contract effective date, during the remainder of 2023 and for the next five years:
Table 23: Average Active Notional for Interest Rate Derivative Contracts
Year Ended
(dollars in millions)202320242025202620272028
Fair value hedges
Pay fixed/receive SOFR(1)
$433 $433 $433 $433 $433 $433 
Receive fixed/pay 3-month LIBOR(2)
133 — — — — — 
Receive fixed/pay SOFR - forward-starting(2)
367 500 441 — — — 
Cash flow hedges
Receive fixed/pay SOFR(2)
16,734 3,156 853 500 500 210 
Receive fixed/pay SOFR - forward-starting(2)
2,710 22,627 26,460 13,900 2,370 — 
Receive SOFR/pay 1-month term SOFR5,823 642 — — — — 
Receive SOFR/pay 1-month term SOFR - forward-starting1,054 10,669 11,134 6,721 870 — 
Interest rate collars - forward-starting158 1,260 1,001 240 — — 
Floor spreads - forward-starting— 1,030 1,500 467 — — 
Total$27,412 $40,317 $41,822 $22,261 $4,173 $643 
Weighted average receive fixed rate4.3 %3.2 %3.1 %3.2 %3.4 %2.6 %
Weighted average pay fixed rate3.4 3.4 3.4 3.4 3.4 3.4 
(1) Pay fixed rate leg of the interest rate derivative contract is included in the computation of the weighted average pay fixed rate.
(2) Receive fixed rate leg of the interest rate derivative contract is included in the computation of the weighted average receive fixed rate.
Table 24: Pre-Tax Gains (Losses) Recorded in the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income on Cash Flow Hedges
Three Months Ended June 30,Six Months Ended June 30,
(dollars in millions)2023202220232022
Amount of pre-tax net gains (losses) recognized in OCI($680)($244)($447)($905)
Amount of pre-tax net gains (losses) reclassified from AOCI into interest income(137)12 (264)49 
Amount of pre-tax net gains (losses) reclassified from AOCI into interest expense1 (1)1 (6)
Using the interest rate curve at June 30, 2023, we estimate that approximately $728 million in pre-tax net losses related to cash flow hedge strategies will be reclassified from AOCI to net interest income over the next 12 months, including $466 million from terminated swaps. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations and the addition of other hedges subsequent to June 30, 2023.
LIBOR Transition
In July 2017, the United Kingdom’s FCA announced that it would no longer require banks to submit LIBOR rates after 2021. On March 5, 2021, the FCA formally announced the future cessation of 1-week and 2-month U.S. Dollar LIBOR rates as of December 31, 2021, with all other U.S. Dollar LIBOR tenors ceasing as of June 30, 2023. In the United States, the Alternative Reference Rates Committee, a group of private-market participants convened to help ensure a successful transition away from U.S. Dollar LIBOR, identified SOFR as its recommended alternative rate.
On March 15, 2022, the Adjustable Interest Rate (LIBOR) Act (the “LIBOR Act”) was signed into law, with the FRB adopting its final rule, effective February 27, 2023, to implement the LIBOR Act on December 16, 2022. The final rule addresses references to LIBOR in contracts that (i) are governed by U.S. law; (ii) will not mature before June 30, 2023; and (iii) lack fallback provisions providing for a clearly defined and practical replacement for LIBOR. An overview of the final rule is provided below.
•Identifies FRB-selected benchmark replacement rates based on SOFR for contracts that lack adequate fallback provisions, with a spread adjustment incorporated for each specified tenor of LIBOR;
•Authorizes persons who have discretionary authority for selecting a LIBOR replacement to opt into a statutory safe harbor from liability by selecting the benchmark identified by the FRB;
•Clarifies certain matters related to the implementation, administration, and calculation of the benchmark replacement rate;
Citizens Financial Group, Inc. | 34

•Indicates that the rule preempts any state or local law or standard related to the selection or use of a benchmark replacement rate for LIBOR; and
•Ensures that contracts adopting a benchmark rate selected by the FRB will not be interrupted or terminated following LIBOR’s replacement.
In 2018, we formed a LIBOR Transition Program (“the Program”) designed to develop plans for and 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’s key accomplishments since inception include, but are not limited to, the following:
•Moved new originations to alternative reference rates;
•Upgraded standard form provisions and issued implementation guidance to require the use of reference rate fallback language in any new and existing LIBOR contracts in connection with contract amendments made in the ordinary course of business;
•Remediated existing LIBOR loans and derivatives to alternative reference rates;
•Completed operational readiness of systems, models and applications to handle all potential alternative reference rates; and
•Analyzed existing fallback language in legacy contracts to devise a strategy for those requiring remediation.
As of June 30, 2023, the Company’s transition and remediation efforts are complete, with ongoing monitoring for LIBOR-based financial instruments that will transition to alternative rates at their next interest rate reset.
See the “Risk Factors” section in Part I, Item 1A of our 2022 Form 10-K for further discussion of the risks facing the Company in relation to the transition away from LIBOR.
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, potential loss, and sub-limits for specific asset classes. Further, the ability to approve underwriting exposure is delegated only to senior level individuals in the credit risk management and capital markets organizations with each transaction adjudicated in the Loan Underwriting Approval Committee.
Mortgage Servicing Rights    
We have market risk associated with the value of residential MSRs, which are impacted by various types of inherent risks, including duration, basis, convexity, volatility and yield curve.
As part of our overall risk management strategy we enter into various free-standing derivatives, such as interest rate swaps, interest rate swaptions, interest rate futures and forward contracts to purchase mortgage-backed securities to economically hedge the changes in fair value of our MSRs. As of June 30, 2023 and December 31, 2022, the fair value of our MSRs was $1.5 billion, and the total notional amount of related derivative contracts was $18.9 billion and $12.9 billion, respectively. Gains and losses on MSRs and the related derivatives used for hedging are included in mortgage banking fees in the Consolidated Statements of Operations.
As with our traded market risk-based activities, earnings at risk excludes the impact of MSRs. MSRs are captured under our single price risk management framework that is used for calculating a management value at risk consistent with the definition used by banking regulators.
Citizens Financial Group, Inc. | 35

Trading Risk
We are exposed to market risk primarily through client facilitation activities including derivatives and foreign exchange products as well as underwriting and market making activities. Exposure is created as a result of changes in interest rates and related basis spreads and volatility, foreign exchange rates, equity prices, and credit spreads on a select range of interest rates, foreign exchange, commodities, equity securities, corporate bonds and secondary loan instruments. These securities underwriting and trading activities are conducted through CBNA, CCMI and JMP. 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 2022 Form 10-K.
Market Risk Regulatory Capital
The U.S. banking regulators’ “Market Risk Rule” covers the calculation of market risk capital. Under this rule all of our client facing trades and associated hedges maintain a net low risk and qualify as “covered positions.” The internal management VaR measure is calculated based on the same population of trades that is utilized for regulatory VaR.
Table 25: Results of Modeled and Non-Modeled Measures for Regulatory Capital Calculations
(dollars in millions)For the Three Months Ended June 30, 2023For the Three Months Ended June 30, 2022
Market Risk Category 
Period End
Average
HighLowPeriod EndAverageHighLow
Interest Rate$3 $2 $7 $1 $1 $1 $2 $1 
Foreign Exchange Currency Rate— — — — — — 4 — 
Credit Spread2 2 3 1 3 3 4 2 
Commodity— — — — — — — — 
General VaR5 3 8 1 3 3 4 2 
Specific Risk VaR— — — — — — — — 
Total VaR$5 $3 $8 $1 $3 $3 $4 $2 
Stressed General VaR$13 $10 $20 $7 $14 $15 $20 $10 
Stressed Specific Risk VaR— — — — — — — — 
Total Stressed VaR$13 $10 $20 $7 $14 $15 $20 $10 
Market Risk Regulatory Capital$38 $54 
Specific Risk Not Modeled Add-on21 22 
de Minimis Exposure Add-on— — 
Total Market Risk Regulatory Capital$59 $76 
Market Risk-Weighted Assets$735 $955 
Citizens Financial Group, Inc. | 36

VaR Backtesting
Backtesting is one form of validation of the VaR model and is run daily. The Market Risk Rule requires a comparison of our internal VaR measure to the actual net trading revenue (excluding fees, commissions, reserves, intra-day trading and net interest income) for each day over the preceding year (the most recent 250 business days). Any observed loss in excess of the VaR number is taken as an exception. The level of exceptions determines the multiplication factor used to derive the VaR and SVaR-based capital requirement for regulatory reporting purposes, when applicable. We perform sub-portfolio backtesting as required under the Market Risk Rule, using models approved by our banking regulators for interest rate, credit spread and foreign exchange positions.
The following graph shows our daily net trading revenue and total internal, modeled VaR for the twelve months ended June 30, 2023.
Q2 2023 Backtesting Graph 10Q 2.gif
Citizens Financial Group, Inc. | 37

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
For more information on the computation of our non-GAAP financial measures, see “Introduction — Non-GAAP Financial Measures,” included in this Report. The following table presents computations of non-GAAP financial measures representing our “Underlying” results used in the MD&A:
Table 26: Reconciliations of Non-GAAP Measures
  As of and for the Three Months Ended June 30,As of and for the Six Months Ended June 30,
(dollars in millions, except per share data)Ref.2023202220232022
Noninterest income, Underlying:
Noninterest income (GAAP)A$506 $494 $991 $992 
Less: Notable items— (31)— (31)
Noninterest income, Underlying (non-GAAP)B$506 $525 $991 $1,023 
Total revenue, Underlying:
Total revenue (GAAP)C$2,094 $1,999 $4,222 $3,644 
Less: Notable items— (31)— (31)
Total revenue, Underlying (non-GAAP)D$2,094 $2,030 $4,222 $3,675 
Noninterest expense, Underlying:
Noninterest expense (GAAP)E$1,306 $1,305 $2,602 $2,411 
Less: Notable items73 125 139 173 
Noninterest expense, Underlying (non-GAAP)F$1,233 $1,180 $2,463 $2,238 
Pre-provision profit:
Total revenue (GAAP)C$2,094 $1,999 $4,222 $3,644 
Less: Noninterest expense (GAAP)E1,306 1,305 2,602 2,411 
Pre-provision profit (GAAP)$788 $694 $1,620 $1,233 
Pre-provision profit, Underlying
Total revenue, Underlying (non-GAAP)D$2,094 $2,030 $4,222 $3,675 
Less: Noninterest expense, Underlying (non-GAAP)F1,233 1,180 2,463 2,238 
Pre-provision profit, Underlying (non-GAAP)$861 $850 $1,759 $1,437 
Provision (benefit) for credit losses, Underlying:
Provision (benefit) for credit losses (GAAP)$176 $216 $344 $219 
Less: Notable items— 145 — 169 
Provision (benefit) for credit losses, Underlying (non-GAAP)$176 $71 $344 $50 
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)G$612 $478 $1,276 $1,014 
Less: Income (loss) before income tax expense (benefit) related to notable items(73)(301)(139)(373)
Income before income tax expense, Underlying (non-GAAP)H$685 $779 $1,415 $1,387 
Income tax expense and effective income tax rate, Underlying:
Income tax expense (GAAP)I$134 $114 $287 $230 
Less: Income tax expense (benefit) related to notable items(20)(70)(37)(86)
Income tax expense, Underlying (non-GAAP)J$154 $184 $324 $316 
Effective income tax rate (GAAP)I/G22.09 %23.77 %22.55 %22.68 %
Effective income tax rate, Underlying (non-GAAP)J/H22.51 23.69 22.89 22.82 
Net income, Underlying:
Net income (GAAP)K$478 $364 $989 $784 
Add: Notable items, net of income tax benefit53 231 102 287 
Net income, Underlying (non-GAAP)L$531 $595 $1,091 $1,071 
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)M$444 $332 $932 $728 
Add: Notable items, net of income tax benefit53 231 102 287 
Net income available to common stockholders, Underlying (non-GAAP)N$497 $563 $1,034 $1,015 
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)O$22,289 $22,383 $21,997 $21,686 
Return on average common equityM/O8.00 %5.95 %8.54 %6.77 %
Return on average common equity, Underlying (non-GAAP)
N/O8.97 10.06 9.48 9.43 

Citizens Financial Group, Inc. | 38

  As of and for the Three Months Ended June 30,As of and for the Six Months Ended June 30,
(dollars in millions, except per share data)Ref.2023202220232022
Return on average tangible common equity and return on average tangible common equity, Underlying: 
Average common equity (GAAP)O$22,289 $22,383 $21,997 $21,686 
Less: Average goodwill (GAAP)8,182 8,015 8,179 7,588 
Less: Average other intangibles (GAAP)181 213 186 147 
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)422 416 421 400 
Average tangible common equity P$14,348 $14,571 $14,053 $14,351 
Return on average tangible common equity M/P12.42 %9.13 %13.37 %10.22 %
Return on average tangible common equity, Underlying (non-GAAP)N/P13.93 15.45 14.84 14.25 
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)Q$222,373 $220,967 $222,541 $204,732 
Return on average total assetsK/Q0.86 %0.66 %0.90 %0.77 %
Return on average total assets, Underlying (non-GAAP)L/Q0.96 1.08 0.99 1.05 
Return on average total tangible assets and return on average total tangible assets, Underlying: 
Average total assets (GAAP)Q$222,373 $220,967 $222,541 $204,732 
Less: Average goodwill (GAAP)8,182 8,015 8,179 7,588 
Less: Average other intangibles (GAAP)181 213 186 147 
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)422 416 421 400 
Average tangible assets R$214,432 $213,155 $214,597 $197,397 
Return on average total tangible assets K/R0.89 %0.69 %0.93 %0.80 %
Return on average total tangible assets, Underlying (non-GAAP)L/R0.99 1.12 1.03 1.09 
Efficiency ratio and efficiency ratio, Underlying: 
Efficiency ratio E/C62.34 %65.27 %61.62 %66.16 %
Efficiency ratio, Underlying (non-GAAP)F/D58.86 58.16 58.34 60.90 
Noninterest income as a % of total revenue, Underlying:
Noninterest income as a % of total revenueA/C24.14 %24.72 %23.47 %27.22 %
Noninterest income as a % of total revenue, Underlying (non-GAAP)B/D24.14 25.88 23.47 27.84 
Operating leverage and operating leverage, Underlying:
Increase in total revenue4.77 %24.24 %15.88 %11.51 %
Increase in noninterest expense0.06 31.58 7.93 19.97 
Operating leverage4.71 %(7.34)%7.95 %(8.46)%
Increase in total revenue, Underlying (non-GAAP)3.16 %26.18 %14.90 %12.46 %
Increase in noninterest expense, Underlying (non-GAAP)4.39 20.47 10.08 13.11 
Operating leverage, Underlying (non-GAAP)(1.23)%5.71 %4.82 %(0.65)%
Tangible book value per common share:
Common shares - at period end (GAAP)S474,682,759 495,650,259 474,682,759 495,650,259 
Common stockholders' equity (GAAP)$21,571 $22,314 $21,571 $22,314 
Less: Goodwill (GAAP)8,188 8,081 8,188 8,081 
Less: Other intangible assets (GAAP)175 211 175 211 
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)422 422 422 422 
Tangible common equityT$13,630 $14,444 $13,630 $14,444 
Tangible book value per common shareT/S$28.72 $29.14 $28.72 $29.14 
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)U479,470,543 491,497,026 482,440,926 457,140,258 
Average common shares outstanding - diluted (GAAP)V480,975,281 493,296,114 484,252,103 459,167,747 
Net income per average common share - basic (GAAP)M/U$0.93 $0.68 $1.93 $1.59 
Net income per average common share - diluted (GAAP)M/V0.92 0.67 1.92 1.58 
Net income per average common share - basic, Underlying (non-GAAP)N/U1.04 1.14 2.14 2.22 
Net income per average common share - diluted, Underlying (non-GAAP)N/V1.04 1.14 2.14 2.21 
Dividend payout ratio and dividend payout ratio, Underlying:
Cash dividends declared and paid per common shareW$0.42 $0.39 $0.84 $0.78 
Dividend payout ratioW/(M/U)45 %57 %44 %49 %
Dividend payout ratio, Underlying (non-GAAP)W/(N/U)40 34 39 35 
Citizens Financial Group, Inc. | 39

ITEM 1. FINANCIAL STATEMENTS

Page

Citizens Financial Group, Inc. | 40

CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(dollars in millions, except par value)June 30, 2023December 31, 2022
ASSETS:
Cash and due from banks(1)
$1,689 $1,489 
Interest-bearing cash and due from banks9,878 9,058 
Interest-bearing deposits in banks284 303 
Debt securities available for sale, at fair value (including $1,393 and $270 pledged to creditors, respectively)(2)
24,755 24,007 
Debt securities held to maturity (fair value of $8,728 and $9,042 respectively, and including $179 and $110 pledged to creditors, respectively)(2)
9,520 9,834 
Loans held for sale, at fair value1,225 774 
Other loans held for sale196 208 
Loans and leases(1)
151,320 156,662 
Less: Allowance for loan and lease losses(2,044)(1,983)
Net loans and leases149,276 154,679 
Derivative assets719 842 
Premises and equipment, net876 844 
Bank-owned life insurance3,263 3,236 
Goodwill8,188 8,173 
Other intangible assets(3)
175 197 
Other assets(1)
13,022 13,089 
TOTAL ASSETS$223,066 $226,733 
LIABILITIES AND STOCKHOLDERS’ EQUITY:
LIABILITIES:
Deposits:
Noninterest-bearing$40,286 $49,283 
Interest-bearing137,381 131,441 
          Total deposits177,667 180,724 
Short-term borrowed funds1,099 3 
Derivative liabilities2,270 1,909 
Long-term borrowed funds(1)
14,100 15,887 
Other liabilities(1)
4,345 4,520 
TOTAL LIABILITIES199,481 203,043 
Commitments and Contingencies (refer to Note 11)
STOCKHOLDERS’ EQUITY:
Preferred stock:
$25.00 par value,100,000,000 shares authorized; 2,050,000 shares issued and outstanding at June 30, 2023 and December 31, 2022
2,014 2,014 
Common stock:
$0.01 par value, 1,000,000,000 shares authorized; 647,357,402 shares issued and 474,682,759 shares outstanding at June 30, 2023 and 645,220,018 shares issued and 492,282,158 shares outstanding at December 31, 2022
6 6 
Additional paid-in capital22,207 22,142 
Retained earnings9,655 9,159 
Treasury stock, at cost, 172,674,643 and 152,937,860 shares at June 30, 2023 and December 31, 2022, respectively
(5,734)(5,071)
Accumulated other comprehensive income (loss)(4,563)(4,560)
TOTAL STOCKHOLDERS’ EQUITY23,585 23,690 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$223,066 $226,733 
(1) Includes amounts in consolidated VIEs. See Note 6 for additional information.
(2) Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
(3) Excludes MSRs, which are reported in Other assets.
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

Citizens Financial Group, Inc. | 41

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended June 30,Six Months Ended June 30,
 (dollars in millions, except per share data)2023202220232022
INTEREST INCOME:
Interest and fees on loans and leases$2,132 $1,370 $4,179 $2,418 
Interest and fees on loans held for sale20 17 35 33 
Interest and fees on other loans held for sale 12 25 17 32 
Investment securities 267 201 533 339 
Interest-bearing deposits in banks 100 13 169 17 
Total interest income2,531 1,626 4,933 2,839 
INTEREST EXPENSE:
Deposits 723 54 1,273 79 
Short-term borrowed funds22 10 28 10 
Long-term borrowed funds198 57 401 98 
Total interest expense943 121 1,702 187 
Net interest income1,588 1,505 3,231 2,652 
Provision (benefit) for credit losses176 216 344 219 
Net interest income after provision (benefit) for credit losses1,412 1,289 2,887 2,433 
NONINTEREST INCOME:
Service charges and fees101 108 201 206 
Capital markets fees82 88 165 181 
Card fees80 71 152 131 
Mortgage banking fees59 72 116 141 
Trust and investment services fees65 66 128 127 
Foreign exchange and derivative products44 60 92 111 
Letter of credit and loan fees43 40 83 78 
Securities gains, net9 1 14 5 
Other income23 (12)40 12 
Total noninterest income506 494 991 992 
NONINTEREST EXPENSE:
Salaries and employee benefits615 683 1,273 1,277 
Outside services177 189 353 358 
Equipment and software181 169 350 319 
Occupancy136 111 260 194 
Other operating expense197 153 366 263 
Total noninterest expense1,306 1,305 2,602 2,411 
Income before income tax expense 612 478 1,276 1,014 
Income tax expense134 114 287 230 
NET INCOME$478 $364 $989 $784 
Net income available to common stockholders$444 $332 $932 $728 
Weighted-average common shares outstanding:
Basic479,470,543 491,497,026 482,440,926 457,140,258 
Diluted480,975,281 493,296,114 484,252,103 459,167,747 
Per common share information:
Basic earnings $0.93 $0.68 $1.93 $1.59 
Diluted earnings 0.92 0.67 1.92 1.58 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
Citizens Financial Group, Inc. | 42

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Three Months Ended June 30,Six Months Ended June 30,
(dollars in millions)2023202220232022
Net income$478 $364 $989 $784 
Other comprehensive income (loss):
Net unrealized derivative instruments gains (losses) arising during the periods, net of income taxes of ($175), ($66), ($115) and ($236), respectively
(505)(178)(332)(669)
Reclassification adjustment for net derivative (gains) losses included in net income, net of income taxes of $35, ($3), $68 and ($11), respectively
101 (8)195 (32)
Net unrealized debt securities gains (losses) arising during the periods, net of income taxes of ($80), ($271), $29 and ($628), respectively
(239)(779)88 (1,856)
Reclassification of net debt securities (gains) losses to net income, net of income taxes of $7, $0, $14 and ($1), respectively
20 (1)40 (4)
Reclassification of actuarial (gain) loss to net income, net of income taxes of $1, ($2), $2 and ($1), respectively
3 6 6 8 
Total other comprehensive income (loss), net of income taxes(620)(960)(3)(2,553)
Total comprehensive income (loss)($142)($596)$986 ($1,769)
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
Citizens Financial Group, Inc. | 43

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
(dollars and shares in millions)SharesAmountSharesAmount
Balance at April 1, 20222 $2,014 423 $6 $19,021 $8,209 ($4,918)($2,258)$22,074 
Dividends to common stockholders— — — — — (195)— — (195)
Dividends to preferred stockholders— — — — — (32)— — (32)
Issuance of common stock - business acquisition— — 72 — 3,036 — — — 3,036 
Treasury stock purchased— — — — — — (2)— (2)
Share-based compensation plans— — 1 — 36 — — — 36 
Employee stock purchase plan— — — — 7 — — — 7 
Total comprehensive income (loss):
Net income— — — — — 364 — — 364 
Other comprehensive income (loss)— — — — — — — (960)(960)
Total comprehensive income (loss)— — — — — 364 — (960)(596)
Balance at June 30, 20222 $2,014 496 $6 $22,100 $8,346 ($4,920)($3,218)$24,328 
Balance at April 1, 20232 $2,014 484 $6 $22,183 $9,416 ($5,475)($3,943)$24,201 
Dividends to common stockholders— — — — — (205)— — (205)
Dividends to preferred stockholders— — — — — (34)— — (34)
Treasury stock purchased— — (10)— — — (256)— (256)
Share repurchase excise tax— — — — — — (3)— (3)
Share-based compensation plans— — 1 — 18 — — — 18 
Employee stock purchase plan — — — — 6 — — — 6 
Total comprehensive income (loss):
Net income— — — — — 478 — — 478 
Other comprehensive income (loss)— — — — — — — (620)(620)
Total comprehensive income (loss)— — — — — 478 — (620)(142)
Balance at June 30, 20232 $2,014 475 $6 $22,207 $9,655 ($5,734)($4,563)$23,585 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
Citizens Financial Group, Inc. | 44

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
(dollars and shares in millions)SharesAmountSharesAmount
Balance at January 1, 20222 $2,014 422 $6 $19,005 $7,978 ($4,918)($665)$23,420 
Dividends to common stockholders— — — — — (360)— — (360)
Dividends to preferred stockholders— — — — — (56)— — (56)
Issuance of common stock - business acquisition— — 72 — 3,036 — — — 3,036 
Treasury stock purchased— — — — — — (2)— (2)
Share-based compensation plans— — 2 — 46 — — — 46 
Employee stock purchase plan— — — — 13 — — — 13 
Total comprehensive income (loss):
Net income— — — — — 784 — — 784 
Other comprehensive income (loss)— — — — — — — (2,553)(2,553)
Total comprehensive income (loss)— — — — — 784 — (2,553)(1,769)
Balance at June 30, 20222 $2,014 496 $6 $22,100 $8,346 ($4,920)($3,218)$24,328 
Balance at January 1, 20232 $2,014 492 $6 $22,142 $9,159 ($5,071)($4,560)$23,690 
Dividends to common stockholders— — — — — (410)— — (410)
Dividends to preferred stockholders— — — — — (57)— — (57)
Treasury stock purchased— — (20)— — — (656)— (656)
Share repurchase excise tax— — — — — — (7)— (7)
Share-based compensation plans— — 3 — 51 — — — 51 
Employee stock purchase plan — — — — 14 — — — 14 
Cumulative effect of change in accounting principle— — — — — (26)— — (26)
Total comprehensive income (loss):
Net income— — — — — 989 — — 989 
Other comprehensive income (loss)— — — — — — — (3)(3)
Total comprehensive income (loss)— — — — — 989 — (3)986 
Balance at June 30, 20232 $2,014 475 $6 $22,207 $9,655 ($5,734)($4,563)$23,585 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

Citizens Financial Group, Inc. | 45

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Six Months Ended June 30,
(dollars in millions)20232022
OPERATING ACTIVITIES
Net income$989 $784 
Adjustments to reconcile net income to net change in cash due to operating activities:
Provision (benefit) for credit losses344 219 
Net change in loans held for sale(451)1,220 
Depreciation, amortization and accretion230 327 
Deferred income tax expense (benefit)(40)78 
Share-based compensation55 52 
Net gain on sales of assets(14)(5)
Net (increase) decrease in other assets(827)(3,345)
Net increase (decrease) in other liabilities997 348 
Net change due to operating activities1,283 (322)
INVESTING ACTIVITIES
Investment securities:
Purchases of debt securities available for sale(3,206)(8,638)
Proceeds from maturities and paydowns of debt securities available for sale929 2,164 
Proceeds from sales of debt securities available for sale1,632 1,057 
Proceeds from maturities and paydowns of debt securities held to maturity369 502 
Net (increase) decrease in interest-bearing deposits in banks19 (153)
Acquisitions, net of cash acquired(1)
— (234)
Purchases of loans— (979)
Sales of loans2,335 417 
Net (increase) decrease in loans and leases2,659 (6,615)
Capital expenditures, net(91)(56)
Purchase of bank-owned life insurance— (100)
Other(5)(727)
Net change due to investing activities4,641 (13,362)
FINANCING ACTIVITIES
Net increase (decrease) in deposits(3,057)4,347 
Net increase (decrease) in short-term borrowed funds1,096 3,674 
Proceeds from issuance of long-term borrowed funds12,217 5,217 
Repayments of long-term borrowed funds(14,004)(1,756)
Treasury stock purchased, including excise tax(663)(2)
Dividends paid to common stockholders(410)(360)
Dividends paid to preferred stockholders(57)(56)
Payments of employee tax withholding for share-based compensation(26)(24)
Net change due to financing activities(4,904)11,040 
Net change in cash and cash equivalents(2)
1,020 (2,644)
Cash and cash equivalents at beginning of period(2)
10,547 9,158 
Cash and cash equivalents at end of period(2)
$11,567 $6,514 
Non-cash items:
Transfer of loans from portfolio to LHFS$2,401 $— 
Transfer of securities from available for sale to held to maturity— 7,810 
Investors Acquisition:
Fair value of assets acquired, excluding cash and cash equivalents— 27,171 
Goodwill and other intangible assets— 918 
Fair value of liabilities assumed— 24,966 
Common stock issued— 3,035 
Replacement equity awards— 19 
(1) Includes cash paid of $355 million to acquire Investors less $287 million in cash acquired, and $143 million and $23 million of cash paid for the HSBC transaction and acquisition of DH Capital, respectively, for the six months ended June 30, 2022.
(2) Cash and cash equivalents include cash and due from banks and interest-bearing cash and due from banks as reflected on the Consolidated Balance Sheets.

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
Citizens Financial Group, Inc. | 46

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, 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. The 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 2022 Form 10-K. The Company’s principal business activity is banking, conducted through its subsidiary CBNA.
The unaudited interim Consolidated Financial Statements include the accounts of Citizens and its subsidiaries, and VIEs in which Citizens has been determined to be the primary beneficiary. All intercompany transactions and balances have been eliminated. 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 2022 Form 10-K.
Citizens Financial Group, Inc. | 47

Accounting Pronouncements Adopted in 2023
PronouncementSummary of GuidanceEffects on Financial Statements
Troubled Debt Restructurings and Vintage Disclosures

Issued March 2022
•Effective date: January 1, 2023.

•Eliminates the separate recognition and measurement guidance for TDRs.

•Requires evaluation of all modifications to borrowers experiencing financial difficulty (or FDMs) to determine whether the modification results in a new loan or continuation of an existing loan.

•Requires expected credit losses measured under a discounted cash flow method to be determined using an effective interest rate based on the modified (not original) contractual terms of the loan.

•Enhances disclosures by creditors for modifications of receivables from borrowers experiencing financial difficulty in the form of principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay or a term extension.

•Requires disclosure of current period gross charge-offs by vintage year for loans and net investments in leases.

•Transition is prospective, with an option to adopt the recognition and measurement guidance for TDRs on a modified retrospective basis, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption.
•The Company adopted the new standard on January 1, 2023, and elected to apply the new measurement and recognition guidance for legacy TDRs under the modified retrospective transition method.

•Adoption did not have a material impact on the Company’s Consolidated Financial Statements. Required disclosures and discussion of significant accounting policies for modifications to borrowers experiencing financial difficulty are included in Note 4.

•Disclosure of gross charge-offs by vintage year did not have a material impact on the Company’s Consolidated Financial Statements.

Fair Value Hedging - Portfolio Layer Method

Issued March 2022
•Effective date: January 1, 2023.

•Replaces the ‘last-of-layer’ method.

•Allows the designation of multiple layers in a closed portfolio of financial assets.

•Permits hedging of non-prepayable and prepayable assets.

•Prohibits the consideration of basis adjustments when measuring expected credit losses of assets in the closed portfolio or determining whether an AFS security is impaired.

•The guidance on hedging multiple layers in a closed portfolio is applied prospectively. The guidance on the accounting for fair value basis adjustments is applied on a modified retrospective basis.
•The Company adopted the new standard on January 1, 2023.

•Adoption did not have a material impact on the Company’s Consolidated Financial Statements.
Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method

Issued March 2023
•Effective date: January 1, 2024.

•Permits use of the proportional amortization method of accounting for all tax equity investments provided that certain conditions are met.

•Proportional amortization method is elected on a tax-credit-program-by-tax-credit-program basis.

•Permits adoption under the modified retrospective method or retrospective method through a cumulative-effect adjustment to retained earnings as of the beginning of the current period or first period presented, respectively. Early adoption is permitted.
•The Company adopted the new standard on January 1, 2023 for renewable energy and new markets tax credit investments, under the modified retrospective approach.

•Adoption resulted in a cumulative-effect reduction of $26 million, net of taxes, to retained earnings and a corresponding reduction to other assets of $101 million and other liabilities of $75 million, reflecting the elimination of deferred tax liabilities associated with renewable energy investments that qualify for the proportional amortization method of accounting.

•Refer to Note 6 for additional information.
Citizens Financial Group, Inc. | 48

NOTE 2 - SECURITIES
The following table presents the major components of securities at amortized cost and fair value:
June 30, 2023December 31, 2022
(dollars in millions)
Amortized Cost(1)
Gross Unrealized GainsGross Unrealized LossesFair ValueAmortized CostGross Unrealized GainsGross Unrealized LossesFair Value
U.S. Treasury and other$3,429 $— ($193)$3,236 $3,678 $1 ($193)$3,486 
State and political subdivisions2 — — 2 2 — — 2 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities22,154 4 (2,116)20,042 21,250 10 (2,198)19,062 
Other/non-agency279 — (32)247 280 — (29)251 
Total mortgage-backed securities22,433 4 (2,148)20,289 21,530 10 (2,227)19,313 
Collateralized loan obligations1,248 — (20)1,228 1,248 — (42)1,206 
Total debt securities available for sale, at fair value$27,112 $4 ($2,361)$24,755 $26,458 $11 ($2,462)$24,007 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities$8,990 $4 ($769)$8,225 $9,253 $4 ($751)$8,506 
Total mortgage-backed securities8,990 4 (769)8,225 9,253 4 (751)8,506 
Asset-backed securities530 2 (29)503 581 — (45)536 
Total debt securities held to maturity$9,520 $6 ($798)$8,728 $9,834 $4 ($796)$9,042 
Equity securities, at cost$917 $— $— $917 $1,058 $— $— $1,058 
Equity securities, at fair value147 — — 147 153 — — 153 
(1) Excludes portfolio level basis adjustments of $9 million for securities designated in active fair value hedge relationships. The basis adjustments represent a reduction to the amortized cost of the securities being hedged.
Accrued interest receivable on debt securities totaled $109 million and $107 million as of June 30, 2023 and December 31, 2022, respectively, and is included in other assets in the Consolidated Balance Sheets.
Citizens Financial Group, Inc. | 49

The following table presents the amortized cost and fair value of debt securities by contractual maturity as of June 30, 2023. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without incurring penalties.
Distribution of Maturities
(dollars in millions)1 Year or LessAfter 1 Year through 5 YearsAfter 5 Years through 10 YearsAfter 10 YearsTotal
Amortized cost:
U.S. Treasury and other$— $2,489 $940 $— $3,429 
State and political subdivisions— — 2 2 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities— 1,295 2,530 18,329 22,154 
Other/non-agency— — — 279 279 
Collateralized loan obligations— — 24 1,224 1,248 
Total debt securities available for sale— 3,784 3,494 19,834 27,112 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities— — — 8,990 8,990 
Asset-backed securities— 530 — — 530 
Total debt securities held to maturity— 530 — 8,990 9,520 
Total amortized cost of debt securities$— $4,314 $3,494 $28,824 $36,632 
Fair value:
U.S. Treasury and other$— $2,351 $885 $— $3,236 
State and political subdivisions— — — 2 2 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities— 1,229 2,361 16,452 20,042 
Other/non-agency— — — 247 247 
Collateralized loan obligations— — 24 1,204 1,228 
Total debt securities available for sale— 3,580 3,270 17,905 24,755 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities— — — 8,225 8,225 
Asset-backed securities— 503 — — 503 
Total debt securities held to maturity— 503 — 8,225 8,728 
Total fair value of debt securities$— $4,083 $3,270 $26,130 $33,483 
Taxable interest income from investment securities as presented in the Consolidated Statements of Operations was $267 million and $201 million for the three months ended June 30, 2023 and 2022, respectively, and $533 million and $339 million for the six months ended June 30, 2023 and 2022, respectively.
The following table presents realized gains and losses on sale of securities:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in millions)2023202220232022
Gains$9 $2 $18 $9 
Losses— (1)(4)(4)
Securities gains, net$9 $1 $14 $5 
The following table presents the amortized cost and fair value of debt securities pledged:
June 30, 2023December 31, 2022
(dollars in millions)Amortized CostFair ValueAmortized CostFair Value
Pledged against derivatives, to qualify for fiduciary powers, or to secure public and other deposits as required by law$5,336 $4,762 $3,966 $3,527 
Pledged as collateral for FHLB borrowing capacity243 214 244 217 
Pledged against repurchase agreements1,248 1,228 — — 
Citizens Financial Group, Inc. | 50

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 June 30, 2023 or December 31, 2022.
There were no securitizations of mortgage loans retained in the investment portfolio for the three and six months ended June 30, 2023. Securitizations of mortgage loans retained in the investment portfolio were $40 million for the three and six months ended June 30, 2022. These securitizations include a substantive guarantee by a third party. The guarantors were FNMA and FHLMC in 2022. The debt securities received from the guarantors are classified as AFS.
Impairment
The Company evaluated its existing HTM portfolio as of June 30, 2023 and concluded that 94% of HTM securities met the zero expected credit loss criteria and, therefore, no ACL was recognized. Lifetime expected credit losses on the remainder of the HTM portfolio were determined to be insignificant based on the modeling of the Company’s credit loss position in the securities. The Company monitors the credit exposure through the use of credit quality indicators. For these securities, the Company uses external credit ratings or an internally derived credit rating when an external rating is not available. All securities were determined to be investment grade at June 30, 2023.
The following tables present AFS debt securities with fair values below their respective carrying values, separated by the duration the securities have been in a continuous unrealized loss position:
June 30, 2023
Less than 12 Months12 Months or LongerTotal
(dollars in millions)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Treasury and other$2,983 ($173)$253 ($20)$3,236 ($193)
State and political subdivisions2 — — — 2 — 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities7,552 (351)11,771 (1,765)19,323 (2,116)
Other/non-agency— — 247 (32)247 (32)
Total mortgage-backed securities7,552 (351)12,018 (1,797)19,570 (2,148)
Collateralized loan obligations— — 1,228 (20)1,228 (20)
Total$10,537 ($524)$13,499 ($1,837)$24,036 ($2,361)
December 31, 2022
Less than 12 Months12 Months or LongerTotal
(dollars in millions)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Treasury and other$3,356 ($193)$— $— $3,356 ($193)
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities13,353 (1,136)5,042 (1,062)18,395 (2,198)
Other/non-agency80 (8)171 (21)251 (29)
Total mortgage-backed securities13,433 (1,144)5,213 (1,083)18,646 (2,227)
Collateralized loan obligations785 (26)421 (16)1,206 (42)
Total$17,574 ($1,363)$5,634 ($1,099)$23,208 ($2,462)
Citizens does not currently have the intent to sell these debt securities, and it is not more likely than not that the Company will be required to sell these debt securities prior to recovery of their amortized cost bases. Citizens has determined that credit losses are not expected to be incurred on the AFS debt securities identified with unrealized losses as of June 30, 2023. The unrealized losses on these debt securities reflect non-credit-related factors driven by changes in interest rates. Therefore, the Company has determined that these debt securities are not impaired.
Citizens Financial Group, Inc. | 51

NOTE 3 - LOANS AND LEASES
Loans held for investment are reported at the amount of their outstanding principal, net of charge-offs, unearned income, deferred loan origination fees and costs, and unamortized premiums or discounts on purchased loans.
The following table presents loans and leases, excluding LHFS:
(dollars in millions)June 30, 2023December 31, 2022
Commercial and industrial$48,038 $51,836 
Commercial real estate28,947 28,865 
Leases1,294 1,479 
Total commercial78,279 82,180 
Residential mortgages30,769 29,921 
Home equity14,487 14,043 
Automobile10,428 12,292 
Education12,246 12,808 
Other retail5,111 5,418 
Total retail73,041 74,482 
Total loans and leases$151,320 $156,662 
Accrued interest receivable on loans and leases held for investment totaled $845 million and $820 million as of June 30, 2023 and December 31, 2022, respectively, and is included in other assets in the Consolidated Balance Sheets.
Loans pledged as collateral for FHLB borrowing capacity, primarily residential mortgages and home equity products, totaled $36.1 billion and $38.4 billion at June 30, 2023 and December 31, 2022, 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 $42.4 billion and $34.8 billion at June 30, 2023 and December 31, 2022, respectively.
In addition to loans pledged as collateral to secure borrowing capacity, the Company has secured borrowing arrangements collateralized by auto loans. See Note 6 for additional information.
Interest income on direct financing and sales-type leases for the three months ended June 30, 2023 and 2022 was $12 million and $10 million, respectively, and is reported within interest and fees on loans and leases in the Consolidated Statements of Operations. For the six months ended June 30, 2023 and 2022, this interest income was $24 million and $21 million, respectively.
The following table presents the composition of LHFS:
June 30, 2023December 31, 2022
(dollars in millions)
Residential Mortgages(1)
Commercial(2)
Total
Residential Mortgages(1)
Commercial(2)
Total
Loans held for sale at fair value$1,163 $62 $1,225 $666 $108 $774 
Other loans held for sale— 196 196 — 208 208 
(1) Residential mortgage LHFS are originated for sale.
(2) Commercial LHFS at fair value consist of loans managed by the Company’s commercial secondary loan desk. Other commercial LHFS primarily consist of loans associated with the Company’s syndication business.
NOTE 4 - CREDIT QUALITY AND THE ALLOWANCE FOR CREDIT LOSSES
Allowance for Credit Losses    
Management’s estimate of expected credit losses in the Company’s loan and lease portfolios is recorded in the ALLL and the allowance for unfunded lending commitments (collectively the ACL). The Company’s estimate of expected credit losses considers extensive historical loss experience, including the impact of loss mitigation and restructuring programs that the Company offers to borrowers experiencing financial difficulty, as well as projected loss severity as a result of loan default.
Citizens Financial Group, Inc. | 52

Effective January 1, 2023, the Company adopted new accounting guidance that eliminates the separate recognition and measurement of TDRs. Upon adoption of this guidance, the ACL for loans previously identified as TDRs is measured at the product level based on post-modification credit attributes and use of an econometric model.
For a detailed discussion of the ACL reserve methodology and estimation techniques as of December 31, 2022, see Note 6 in the Company’s 2022 Form 10-K. There were no significant changes to the ACL reserve methodology during the six months ended June 30, 2023.
The following table presents a summary of changes in the ACL for the three and six months ended June 30, 2023:
Three Months Ended June 30, 2023Six Months Ended June 30, 2023
(dollars in millions)CommercialRetailTotalCommercialRetailTotal
Allowance for loan and lease losses, beginning of period$1,111 $906 $2,017 $1,060 $923 $1,983 
Charge-offs(79)(110)(189)(138)(222)(360)
Recoveries3 34 37 10 65 75 
Net charge-offs(76)(76)(152)(128)(157)(285)
Provision expense (benefit) for loans and leases122 57 179 225 121 346 
Allowance for loan and lease losses, end of period1,157 887 2,044 1,157 887 2,044 
Allowance for unfunded lending commitments, beginning of period215 43 258 207 50 257 
Provision expense (benefit) for unfunded lending commitments(2)(1)(3)6 (8)(2)
Allowance for unfunded lending commitments, end of period213 42 255 213 42 255 
Total allowance for credit losses, end of period$1,370 $929 $2,299 $1,370 $929 $2,299 
During the six months ended June 30, 2023, net charge-offs of $285 million and a credit provision of $344 million resulted in an increase of $59 million to the ACL.
Our ACL as of June 30, 2023 accounts for an economic forecast over our two-year reasonable and supportable period with peak unemployment of approximately 6% and peak-to-trough GDP decline of approximately 1%. This forecast reflects a moderate recession over the two-year reasonable and supportable period.
Citizens Financial Group, Inc. | 53

The following table presents a summary of changes in the ACL for the three and six months ended June 30, 2022:
Three Months Ended June 30, 2022Six Months Ended June 30, 2022
(dollars in millions)CommercialRetailTotalCommercialRetailTotal
Allowance for loan and lease losses, beginning of period$778 $942 $1,720 $821 $937 $1,758 
Allowance on PCD loans and leases at acquisition99 2 101 99 2 101 
Charge-offs(1)
(13)(78)(91)(27)(165)(192)
Recoveries3 39 42 6 78 84 
Net charge-offs(10)(39)(49)(21)(87)(108)
Provision expense (benefit) for loans and leases(2)
120 72 192 88 125 213 
Allowance for loan and lease losses, end of period987 977 1,964 987 977 1,964 
Allowance for unfunded lending commitments, beginning of period147 11 158 153 23 176 
Provision expense (benefit) for unfunded lending commitments18 6 24 12 (6)6 
Allowance on PCD unfunded lending commitments at acquisition1 — 1 1 — 1 
Allowance for unfunded lending commitments, end of period166 17 183 166 17 183 
Total allowance for credit losses, end of period$1,153 $994 $2,147 $1,153 $994 $2,147 
(1) Excludes $33 million of charge-offs previously taken by Investors or recognized upon completion of the Investors acquisition under purchase accounting for the three and six months ended June 30, 2022. The initial allowance for loan and lease losses on PCD assets included these amounts and, after charging these amounts off upon acquisition, the net impact for PCD assets was $101 million of additional allowance for loan and lease losses.
(2) Includes $145 million and $169 million of initial provision expense related to non-PCD loans and leases acquired from Investors and HSBC for the three and six months ended June 30, 2022, respectively.
Citizens Financial Group, Inc. | 54

Credit Quality Indicators
The Company presents loan and lease portfolio segments and classes by credit quality indicator and vintage year. Citizens defines the vintage date for the purpose of this disclosure as the date of the most recent credit decision. Renewals are categorized as new credit decisions and reflect the renewal date as the vintage date, except for renewals of loans modified for borrowers experiencing financial difficulty, or FDMs, which are presented in the original vintage.
Citizens utilizes regulatory classification ratings to monitor credit quality for commercial loans and leases. For more information on regulatory classification ratings see Note 6 in the Company’s 2022 Form 10-K.
The following table presents the amortized cost basis of commercial loans and leases by vintage date and regulatory classification rating as of June 30, 2023, and gross charge-offs by vintage date for the six months ended June 30, 2023:
Term Loans by Origination YearRevolving Loans
(dollars in millions)20232022202120202019Prior to 2019Within the Revolving PeriodConverted to TermTotal
Commercial and industrial
Pass$1,946 $7,317 $6,579 $1,502 $1,382 $2,553 $22,996 $157 $44,432 
Special Mention8 145 256 137 64 186 493 1 1,290 
Substandard— 287 331 232 134 363 685 4 2,036 
Doubtful— 31 28 4 6 110 97 4 280 
Total commercial and industrial1,954 7,780 7,194 1,875 1,586 3,212 24,271 166 48,038 
Gross charge-offs— 1 32 4 1 5 29 — 72 
Commercial real estate
Pass958 5,314 6,361 3,098 2,474 4,633 1,830 4 24,672 
Special Mention— 489 378 205 467 173 205 — 1,917 
Substandard— 215 78 323 455 917 20 — 2,008 
Doubtful— 91 1 6 103 148 1 — 350 
Total commercial real estate958 6,109 6,818 3,632 3,499 5,871 2,056 4 28,947 
Gross charge-offs— — — 22 6 38 — — 66 
Leases
Pass63 190 306 210 76 358 — — 1,203 
Special Mention— 33 6 3 2 1 — — 45 
Substandard3 13 10 7 7 3 — — 43 
Doubtful— — 3 — — — — — 3 
Total leases66 236 325 220 85 362 — — 1,294 
Gross charge-offs— — — — — — — — — 
Total commercial
Pass2,967 12,821 13,246 4,810 3,932 7,544 24,826 161 70,307 
Special Mention8 667 640 345 533 360 698 1 3,252 
Substandard3 515 419 562 596 1,283 705 4 4,087 
Doubtful— 122 32 10 109 258 98 4 633 
Total commercial$2,978 $14,125 $14,337 $5,727 $5,170 $9,445 $26,327 $170 $78,279 
Gross charge-offs$— $1 $32 $26 $7 $43 $29 $— $138 

Citizens Financial Group, Inc. | 55

The following table presents the amortized cost basis of commercial loans and leases by vintage date and regulatory classification rating as of December 31, 2022:
Term Loans by Origination YearRevolving Loans
(dollars in millions)20222021202020192018Prior to 2018Within the Revolving PeriodConverted to TermTotal
Commercial and industrial
Pass$8,304 $8,469 $2,224 $2,074 $1,334 $1,952 $24,211 $148 $48,716 
Special Mention124 189 120 74 48 153 364 — 1,072 
Substandard150 218 203 255 99 349 597 14 1,885 
Doubtful10 14 1 5 41 14 76 2 163 
Total commercial and industrial8,588 8,890 2,548 2,408 1,522 2,468 25,248 164 51,836 
Commercial real estate
Pass5,767 6,442 3,639 3,066 2,145 3,536 1,888 3 26,486 
Special Mention1 119 103 390 99 113 62 — 887 
Substandard92 18 79 253 350 610 23 — 1,425 
Doubtful— 2 9 55 — 1 — — 67 
Total commercial real estate5,860 6,581 3,830 3,764 2,594 4,260 1,973 3 28,865 
Leases
Pass263 363 250 99 128 345 — — 1,448 
Special Mention4 5 2 6 1 3 — — 21 
Substandard— 4 3 3 — — — — 10 
Doubtful— — — — — — — — — 
Total leases267 372 255 108 129 348 — — 1,479 
Total commercial
Pass14,334 15,274 6,113 5,239 3,607 5,833 26,099 151 76,650 
Special Mention129 313 225 470 148 269 426 — 1,980 
Substandard242 240 285 511 449 959 620 14 3,320 
Doubtful10 16 10 60 41 15 76 2 230 
Total commercial$14,715 $15,843 $6,633 $6,280 $4,245 $7,076 $27,221 $167 $82,180 
For retail loans, Citizens utilizes FICO credit scores and the loan’s payment and delinquency status to monitor credit quality. Management believes FICO scores are the strongest indicator of credit losses over the contractual life of the loan and assist management in predicting the borrower’s future payment performance. Scores are based on current and historical national industry-wide consumer level credit performance data.
Citizens Financial Group, Inc. | 56

The following table presents the amortized cost basis of retail loans by vintage date and current FICO score as of June 30, 2023, and gross charge-offs by vintage date for the six months ended June 30, 2023:
Term Loans by Origination YearRevolving Loans
(dollars in millions)20232022202120202019Prior to 2019Within the Revolving PeriodConverted to TermTotal
Residential mortgages
800+$381 $2,785 $5,168 $3,187 $1,173 $3,305 $— $— $15,999 
740-799696 2,137 2,715 1,510 609 1,759 — — 9,426 
680-739198 656 835 472 292 919 — — 3,372 
620-67927 120 151 107 120 495 — — 1,020 
<6202 34 86 86 157 564 — — 929 
No FICO available(1)
— — 2 1 3 17 — — 23 
Total residential mortgages1,304 5,732 8,957 5,363 2,354 7,059 — — 30,769 
Gross charge-offs— — — — 1 1 — — 2 
Home equity
800+— 4 5 2 5 100 5,005 250 5,371 
740-799— 2 2 1 4 94 4,514 251 4,868 
680-739— — 1 1 6 109 2,490 223 2,830 
620-679— 1 — 2 9 92 648 140 892 
<620— — — 1 10 90 251 174 526 
Total home equity— 7 8 7 34 485 12,908 1,038 14,487 
Gross charge-offs— — — — — 2 3 — 5 
Automobile
800+92 606 1,274 478 238 97 — — 2,785 
740-799162 810 1,306 502 246 104 — — 3,130 
680-739186 737 922 343 178 81 — — 2,447 
620-679122 418 445 152 95 50 — — 1,282 
<62030 214 293 112 81 53 — — 783 
No FICO available(1)
1 — — — — — — — 1 
Total automobile593 2,785 4,240 1,587 838 385 — — 10,428 
Gross charge-offs— 15 21 7 6 5 — — 54 
Education
800+109 665 1,702 1,495 649 1,326 — — 5,946 
740-799166 758 1,176 982 413 755 — — 4,250 
680-73964 326 367 300 148 338 — — 1,543 
620-67910 62 66 55 34 116 — — 343 
<6201 13 21 21 14 51 — — 121 
No FICO available(1)
4 — — — — 39 — — 43 
Total education354 1,824 3,332 2,853 1,258 2,625 — — 12,246 
Gross charge-offs— 3 6 10 7 23 — — 49 
Other retail
800+32 144 65 58 30 32 522 — 883 
740-79948 166 79 75 40 33 1,042 1 1,484 
680-73942 125 66 63 31 20 1,060 3 1,410 
620-67925 75 38 31 11 7 450 3 640 
<6205 37 23 18 6 3 212 3 307 
No FICO available(1)
2 4 — 2 — — 378 1 387 
Total other retail154 551 271 247 118 95 3,664 11 5,111 
Gross charge-offs19 20 7 5 7 5 49 — 112 
Total retail
800+614 4,204 8,214 5,220 2,095 4,860 5,527 250 30,984 
740-7991,072 3,873 5,278 3,070 1,312 2,745 5,556 252 23,158 
680-739490 1,844 2,191 1,179 655 1,467 3,550 226 11,602 
620-679184 676 700 347 269 760 1,098 143 4,177 
<62038 298 423 238 268 761 463 177 2,666 
No FICO available(1)
7 4 2 3 3 56 378 1 454 
Total retail$2,405 $10,899 $16,808 $10,057 $4,602 $10,649 $16,572 $1,049 $73,041 
Gross charge-offs$19 $38 $34 $22 $21 $36 $52 $— $222 
(1) Represents loans for which an updated FICO score was unavailable (e.g., due to recent profile changes).
Citizens Financial Group, Inc. | 57

The following table presents the amortized cost basis of retail loans by vintage date and current FICO score as of December 31, 2022:
Term Loans by Origination YearRevolving Loans
(dollars in millions)20222021202020192018Prior to 2018Within the Revolving PeriodConverted to TermTotal
Residential mortgages
800+$2,132 $4,943 $3,143 $1,180 $363 $3,081 $— $— $14,842 
740-7992,376 2,991 1,660 638 257 1,635 — — 9,557 
680-739769 899 502 308 149 851 — — 3,478 
620-679125 168 135 138 99 422 — — 1,087 
<62017 68 77 165 147 455 — — 929 
No FICO available(1)
2 2 2 3 2 17 — — 28 
Total residential mortgages5,421 9,071 5,519 2,432 1,017 6,461 — — 29,921 
Home equity
800+4 5 2 5 6 110 4,958 267 5,357 
740-7992 2 1 4 6 97 4,350 274 4,736 
680-7391 1 1 6 11 114 2,296 234 2,664 
620-679— 1 2 9 16 93 558 143 822 
<620— — 2 12 18 82 178 172 464 
Total home equity7 9 8 36 57 496 12,340 1,090 14,043 
Automobile
800+650 1,453 584 324 120 54 — — 3,185 
740-799962 1,606 649 343 134 56 — — 3,750 
680-739920 1,187 460 254 102 44 — — 2,967 
620-679554 586 205 133 62 28 — — 1,568 
<620188 309 130 106 56 31 — — 820 
No FICO available(1)
2 — — — — — — — 2 
Total automobile3,276 5,141 2,028 1,160 474 213 — — 12,292 
Education
800+548 1,720 1,567 694 410 1,068 — — 6,007 
740-799735 1,351 1,126 486 267 609 — — 4,574 
680-739363 423 356 170 103 288 — — 1,703 
620-67954 76 62 38 29 102 — — 361 
<6206 16 20 12 11 50 — — 115 
No FICO available(1)
6 — — — — 42 — — 48 
Total education1,712 3,586 3,131 1,400 820 2,159 — — 12,808 
Other retail
800+182 105 93 48 25 27 491 — 971 
740-799230 134 121 68 31 25 974 1 1,584 
680-739175 109 103 52 21 14 993 4 1,471 
620-679108 65 52 18 8 4 435 4 694 
<62035 30 25 9 4 2 190 6 301 
No FICO available(1)
12 1 3 — — — 380 1 397 
Total other retail742 444 397 195 89 72 3,463 16 5,418 
Total retail
800+3,516 8,226 5,389 2,251 924 4,340 5,449 267 30,362 
740-7994,305 6,084 3,557 1,539 695 2,422 5,324 275 24,201 
680-7392,228 2,619 1,422 790 386 1,311 3,289 238 12,283 
620-679841 896 456 336 214 649 993 147 4,532 
<620246 423 254 304 236 620 368 178 2,629 
No FICO available(1)
22 3 5 3 2 59 380 1 475 
Total retail$11,158 $18,251 $11,083 $5,223 $2,457 $9,401 $15,803 $1,106 $74,482 
(1) Represents loans for which an updated FICO score was unavailable (e.g., due to recent profile changes).
Citizens Financial Group, Inc. | 58


Nonaccrual and Past Due Assets
The following tables present an aging analysis of accruing loans and leases, and nonaccrual loans and leases as of June 30, 2023 and December 31, 2022:
June 30, 2023
Days Past Due and Accruing
(dollars in millions)Current30-5960-89 90+Nonaccrual TotalNonaccrual with no related ACL
Commercial and industrial$47,727 $18 $11 $2 $280 $48,038 $72 
Commercial real estate28,514 24 57 — 352 28,947 23 
Leases1,291 — — — 3 1,294 — 
Total commercial77,532 42 68 2 635 78,279 95 
Residential mortgages(1)
30,189 90 32 257 201 30,769 145 
Home equity14,157 55 24 — 251 14,487 155 
Automobile10,207 130 40 — 51 10,428 6 
Education12,169 33 19 3 22 12,246 3 
Other retail4,992 41 27 20 31 5,111 1 
Total retail71,714 349 142 280 556 73,041 310 
Total$149,246 $391 $210 $282 $1,191 $151,320 $405 
December 31, 2022
Days Past Due and Accruing
(dollars in millions)Current30-5960-8990+Nonaccrual TotalNonaccrual with no related ACL
Commercial and industrial$51,389 $152 $25 $21 $249 $51,836 $64 
Commercial real estate28,665 51 45 1 103 28,865 7 
Leases1,475 4 — — — 1,479 — 
Total commercial81,529 207 70 22 352 82,180 71 
Residential mortgages(1)
29,228 95 45 319 234 29,921 187 
Home equity13,719 64 19 — 241 14,043 185 
Automobile12,039 152 45 — 56 12,292 9 
Education12,718 36 17 4 33 12,808 3 
Other retail5,294 44 30 22 28 5,418 1 
Total retail72,998 391 156 345 592 74,482 385 
Total$154,527 $598 $226 $367 $944 $156,662 $456 
(1) 90+ days past due and accruing includes $256 million and $316 million of loans fully or partially guaranteed by the FHA, VA, and USDA at June 30, 2023 and December 31, 2022, 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 a loan or lease as nonaccrual.
At June 30, 2023 and December 31, 2022, the Company had collateral-dependent residential mortgage and home equity loans totaling $547 million and $561 million, respectively. At June 30, 2023 and December 31, 2022, the Company had collateral-dependent commercial loans totaling $288 million and $21 million, respectively.
The amortized cost basis of mortgage loans collateralized by residential real estate for which formal foreclosure proceedings were in-process was $307 million and $250 million as of June 30, 2023 and December 31, 2022, respectively.
Citizens Financial Group, Inc. | 59

Loan Modifications to Borrowers Experiencing Financial Difficulty
Effective January 1, 2023, the Company adopted accounting guidance that eliminates the recognition and measurement of TDRs. Upon adoption of this guidance, all loan modifications to borrowers experiencing financial difficulty, or FDMs, are evaluated to determine whether the modification should be accounted for as a new loan or a continuation of the existing loan. The existing loan is derecognized and the restructured loan is accounted for as a new loan if the effective yield on the restructured loan is at least equal to the effective yield for comparable loans with similar collection risk and the modification to the original loan is more than minor. Any unamortized fees and costs from the original loan are recognized in interest income when the new loan is granted. If a loan restructuring does not meet these conditions, the existing loan’s amortized cost basis is carried forward and the modified loan is accounted for as a continuation of the existing loan. FDMs are generally accounted for as a continuation of the existing loan given the terms are typically not at market rates.
The Company offers loan modifications to retail and commercial borrowers as a result of its loss mitigation activities that may result in a payment delay, interest rate reduction, term extension, principal forgiveness, or combination thereof. Payment delays consist of modifications that result in a delay of contractual amounts due greater than three months over a rolling 12-month period.
Commercial loan modifications are offered on a case-by-case basis and generally include a payment delay, term extension and/or interest rate reduction. The Company does not typically offer principal forgiveness for commercial loans. Retail loan modifications are offered through structured loan modification programs, which are summarized below.
•Forbearance programs provide borrowers experiencing some form of hardship a period of time during which their contractual payment obligations are suspended, resulting in a payment delay and/or term extension.
•Other repayment plans are offered due to hardship and include an interest rate reduction and/or term extension designed to enable the borrower to return the loan to current status in an expeditious manner.
•Settlement agreements may be executed with borrowers experiencing a long-term hardship or who are delinquent, resulting in principal forgiveness. Upon fulfillment of the terms of the settlement agreement, the unpaid principal amount is forgiven resulting in a charge-off of the outstanding principal balance.
•Certain reorganization bankruptcy judgments may result in any one of the four modification types or some combination thereof.
The following tables present the period-end amortized cost of loans to borrowers experiencing financial difficulty that were modified during the three and six months ended June 30, 2023, disaggregated by class of financing receivable and modification type. The modification type reflects the cumulative effect of all FDMs received during the indicated period.
Three Months Ended June 30, 2023
(dollars in millions)Interest Rate ReductionTerm ExtensionPayment DelayPrincipal ForgivenessInterest Rate Reduction and Term ExtensionTerm Extension and Payment DelayTotal
Total as a % of Loan Class(1)
Commercial and industrial$— $123 $— $— $1 $1 $125 0.26 %
Commercial real estate— 298 — — — 1 299 1.03 
Total commercial— 421 — — 1 2 424 0.54 
Residential mortgages2 17 — — 8 — 27 0.09 
Home equity— 2 — — 2 — 4 0.03 
Automobile— — — — — — — — 
Education2 — 1 — — — 3 0.02 
Other retail3 — — — — — 3 0.06 
Total retail7 19 1 — 10 — 37 0.05 
Total(2)
$7 $440 $1 $— $11 $2 $461 0.30 %
Citizens Financial Group, Inc. | 60

Six Months Ended June 30, 2023
(dollars in millions)Interest Rate ReductionTerm ExtensionPayment DelayPrincipal ForgivenessInterest Rate Reduction and Term ExtensionTerm Extension and Payment DelayTotal
Total as a % of Loan Class(1)
Commercial and industrial$— $160 $32 $— $1 $21 $214 0.45 %
Commercial real estate— 335 — — — 1 336 1.16 
Total commercial— 495 32 — 1 22 550 0.70 
Residential mortgages4 35 — — 10 — 49 0.16 
Home equity— 3 — — 4 — 7 0.05 
Automobile— — — — — — — — 
Education4 — 1 — — — 5 0.04 
Other retail6 — — — — — 6 0.12 
Total retail14 38 1 — 14 — 67 0.09 
Total(2)
$14 $533 $33 $— $15 $22 $617 0.41 %
(1) Represents the total amortized cost as of period-end divided by the period-end amortized cost of the corresponding loan class. Accrued interest receivable is excluded from amortized cost and is immaterial.
(2) Excludes borrowers that had their debt discharged by means of a Chapter 7 bankruptcy filing.
The following tables present the financial effect of loans to borrowers experiencing financial difficulty that were modified during the three and six months ended June 30, 2023, disaggregated by class of financing receivable.
Three Months Ended June 30, 2023
Weighted-Average Interest Rate Reduction(1)(5)
Weighted-Average Term Extension (in Months)(2)(5)
Weighted-Average Payment Deferral(3)(5)
Amount of Principal Forgiven(4)
Commercial and industrial2.87 %9$46,369 $— 
Commercial real estate— 710,229 — 
Residential mortgages2.04 52— — 
Home equity2.20 1151,062 — 
Automobile2.40 191,342 — 
Education4.90 — 4,728 — 
Other retail18.76 — — 1 
Six Months Ended June 30, 2023
Weighted-Average Interest Rate Reduction(1)(5)
Weighted-Average Term Extension (in Months)(2)(5)
Weighted-Average Payment Deferral(3)(5)
Amount of Principal Forgiven(4)
Commercial and industrial3.06 %9$471,296 $— 
Commercial real estate— 810,229 — 
Residential mortgages1.86 48— — 
Home equity2.12 1251,917 — 
Automobile2.59 211,248 — 
Education5.00 — 3,610 — 
Other retail18.28 22— 2 
(1) Represents the weighted-average reduction of the loan’s interest rate.
(2) Represents the weighted-average extension of a loan’s maturity date.
(3) Represents the weighted-average amount of payments delayed as a result of the loan modification. Amounts are reported in whole dollars.
(4) Amounts are recorded as charge-offs and are reported in millions.
(5) Weighted based on period-end amortized cost.
Citizens Financial Group, Inc. | 61

The following table presents an aging analysis of the period-end amortized cost of loans to borrowers experiencing financial difficulty that were modified during the six months ended June 30, 2023, disaggregated by class of financing receivable. A loan in a forbearance or repayment plan is reported as past due according to its contractual terms until contractually modified. Subsequent to modification, it is reported as past due based on its restructured terms.
June 30, 2023
Days Past Due and Accruing
(dollars in millions)Current30-5960-89 90+Nonaccrual Total
Commercial and industrial$151 $7 $— $— $56 $214 
Commercial real estate256 24 — — 56 336 
Total commercial407 31 — — 112 550 
Residential mortgages33 — 2 4 10 49 
Home equity1 — — — 6 7 
Automobile— — — — — — 
Education4 — — — 1 5 
Other retail4 1 — — 1 6 
Total retail42 1 2 4 18 67 
Total$449 $32 $2 $4 $130 $617 
The following tables present the period-end amortized cost of loans to borrowers experiencing financial difficulty that were modified on or after January 1, 2023 that subsequently defaulted during the three and six months ended June 30, 2023, disaggregated by class of financing receivable and modification type. The modification type reflects the cumulative effect of all FDMs at the time of default. A loan is considered to be in default if, subsequent to modification, it becomes 90 or more days past due or is placed on nonaccrual status.
Three Months Ended June 30, 2023
(dollars in millions)Term ExtensionInterest Rate Reduction and Term ExtensionTotal
Commercial real estate$38 $— $38 
Total commercial38 — 38 
Residential mortgages2 2 4 
Total retail2 2 4 
Total$40 $2 $42 
Six Months Ended June 30, 2023
(dollars in millions)Term ExtensionInterest Rate Reduction and Term ExtensionTerm Extension and Payment DelayTotal
Commercial and industrial$3 $— $20 $23 
Commercial real estate38 — — 38 
Total commercial41 — 20 61 
Residential mortgages2 2 — 4 
Total retail2 2 — 4 
Total$43 $2 $20 $65 
Unfunded commitments related to loans modified during the six months ended June 30, 2023 were $76 million at June 30, 2023.
Citizens Financial Group, Inc. | 62

Troubled Debt Restructuring Disclosures Prior to the Adoption of ASU 2022-02
The following tables summarize loans modified during the three and six months ended June 30, 2022. 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 June 30, 2022
Amortized Cost Basis
(dollars in millions)Number of Contracts
Interest Rate Reduction(1)
Maturity Extension(2)
Other(3)
Total
Commercial and industrial9 $— $— $27 $27 
Total commercial9 — — 27 27 
Residential mortgages290 16 39 21 76 
Home equity72 — 1 5 6 
Automobile147 — — 1 1 
Education93 — — 5 5 
Other retail567 3 — 1 4 
Total retail1,169 19 40 33 92 
Total1,178 $19 $40 $60 $119 
Six Months Ended June 30, 2022
Amortized Cost Basis
(dollars in millions)Number of Contracts
Interest Rate Reduction(1)
Maturity Extension(2)
Other(3)
Total
Commercial and industrial19 $— $24 $34 $58 
Total commercial19 — 24 34 58 
Residential mortgages1,471 38 53 235 326 
Home equity250 2 1 14 17 
Automobile312 1 — 2 3 
Education236 — — 11 11 
Other retail1,088 5 — 1 6 
Total retail3,357 46 54 263 363 
Total3,376 $46 $78 $297 $421 
(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 $2 million, respectively, for the three and six months ended June 30, 2022. Unfunded commitments related to TDRs were $81 million at December 31, 2022.
The following table provides a summary of TDRs that defaulted (became 90 days or more past due) within 12 months of their modification date:
 Three Months EndedSix Months Ended
(dollars in millions)June 30, 2022
Commercial TDRs$— $— 
Retail TDRs(1)
181 196 
Total$181 $196 
(1) Includes $146 million and $156 million of loans fully or partially government guaranteed by the FHA, VA, and USDA for the three and six months ended June 30, 2022, respectively.
Citizens Financial Group, Inc. | 63

Concentrations of Credit Risk
The Company’s lending activity is geographically well diversified with an emphasis in our core markets located in the New England, Mid-Atlantic and Midwest regions. Generally, loans are collateralized by assets including real estate, inventory, accounts receivable, other personal property and investment securities. As of June 30, 2023 and December 31, 2022, there were no material concentration risks within the commercial or retail loan portfolios. Exposure to credit losses arising from lending transactions may fluctuate with fair values of collateral supporting loans, which may not perform according to contractual agreements. The Company’s policy is to collateralize loans to the extent necessary; however, unsecured loans are also granted on the basis of the financial strength of the applicant and the facts surrounding the transaction.
NOTE 5 - MORTGAGE BANKING AND OTHER SERVICED LOANS
The Company sells residential mortgages into the secondary market. 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 June 30,Six Months Ended June 30,
(dollars in millions)2023202220232022
Cash proceeds from residential mortgage loans sold with servicing retained$2,513 $4,576 $4,088 $11,158 
Repurchased residential mortgages(1)
— — — 87 
Gain on sales(2)
22 23 41 53 
Contractually specified servicing, late and other ancillary fees(2)
76 71 154 138 
(1) Includes government insured or guaranteed loans repurchased through the exercise of the Company’s removal of account provision option.
(2) Reported in mortgage banking fees in the Consolidated Statements of Operations.
The unpaid principal balance of residential mortgage loans related to our MSRs was $96.6 billion and $96.7 billion at June 30, 2023 and December 31, 2022, respectively. The Company manages the risk associated with changes in the value of the MSRs with an active hedging strategy, which includes the purchase of freestanding derivatives.
The following table summarizes changes in MSRs recorded using the fair value method:
As of and for the Three Months Ended June 30,As of and for the Six Months Ended June 30,
(dollars in millions)2023202220232022
Fair value as of beginning of the period$1,496 $1,241 $1,530 $1,029 
Amounts capitalized36 79 57 174 
Servicing rights acquired— 16 — 16 
Changes in unpaid principal balance during the period(1)
(41)(32)(82)(71)
Changes in fair value during the period(2)
33 107 19 263 
Fair value at end of the period$1,524 $1,411 $1,524 $1,411 
(1) Represents changes in value of the MSRs due to i) passage of time including the impact from both regularly scheduled loan principal payments and partial
paydowns, and ii) loans that paid off during the period.
(2) Represents changes in value primarily driven by market conditions. These changes are recorded in mortgage banking fees in the Consolidated Statements of Operations.

The fair value of MSRs is estimated by using the present value of estimated future net servicing cash flows, taking into consideration actual and expected mortgage loan prepayment rates, discount rates, contractual servicing fee income, servicing costs, default rates, ancillary income, and other economic factors, which are determined based on current market interest rates. The valuation does not attempt to forecast or predict the future direction of interest rates.
Citizens Financial Group, Inc. | 64

The sensitivity analysis below presents the impact of an immediate 10% and 20% adverse change in key economic assumptions to the current fair value of MSRs. These sensitivities are hypothetical, with the effect of a variation in a particular assumption on the fair value of the MSRs calculated independently without changing any other assumption. Changes in one factor may result in changes in another (e.g., changes in interest rates, which drive changes in prepayment rates, could result in changes in 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.
(dollars in millions)June 30, 2023December 31, 2022
Fair value$1,524$1,530
Weighted average life (years)9.09.1
Weighted average constant prepayment rate6.9%6.8%
Decline in fair value from 10% adverse change
$35$34
Decline in fair value from 20% adverse change
$68$66
Weighted average option adjusted spread628 bps629 bps
Decline in fair value from 10% adverse change
$42$43
Decline in fair value from 20% adverse change
$83$86
The Company’s mortgage banking derivatives include commitments to originate mortgages held for sale, certain loan sale agreements, and other financial instruments that meet the definition of a derivative. Refer to Note 8 for additional information.
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:
(dollars in millions)June 30, 2023December 31, 2022
Education$546 $602 
Commercial and industrial(1)
95 91 
(1) Represents the government guaranteed portion of SBA loans sold to outside investors
NOTE 6 - VARIABLE INTEREST ENTITIES
Citizens, in the normal course of business, engages in a variety of activities with entities that are considered VIEs, as defined by GAAP, with its variable interest arising from contractual, ownership or other monetary interests in the entity. A VIE typically does not have sufficient equity at risk to finance its activities without additional subordinated financial support from other parties. Citizens is the primary beneficiary of a VIE, and must consolidate it, if its variable interest provides it with the power to direct the activities that significantly impact the VIE and it has the right to receive benefits, or the obligation to absorb losses, that could potentially be significant to the VIE. Citizens considers both qualitative and quantitative factors regarding the nature, size and form of its involvement with the VIE to determine whether or not a variable interest held is significant to the VIE. Citizens assesses whether or not it is the primary beneficiary of a VIE on an ongoing basis.
Transfers of financial assets in which the Company has not surrendered control over the transferred assets are accounted for as a secured borrowing with a pledge of collateral. Control is generally considered surrendered when 1) the transferred assets are legally isolated from the Company and its creditors, even in bankruptcy, 2) the transferee has the right to pledge or exchange the transferred assets it received, with no condition that constrains the transferee from taking advantage of this right or that provides more than a trivial benefit to the Company, and 3) the Company does not maintain effective control over the transferred financial assets. Judgment is required to assess whether the Company maintains effective control over transferred financial assets.
For more details regarding the Company’s involvement with VIEs see Note 11 in the Company’s 2022 Form 10-K.
Citizens Financial Group, Inc. | 65

Consolidated VIEs
The Company has consolidated VIEs related to secured borrowings collateralized by auto loans. The following table summarizes the carrying amount of assets and liabilities for the Company’s consolidated VIEs:
(dollars in millions)June 30, 2023
Assets:
Cash and due from banks$149 
Loans and leases2,207 
Other assets6 
Total assets$2,362 
Liabilities:
Long-term borrowed funds$2,000 
Other liabilities2 
Total liabilities$2,002 
Secured Borrowings
Citizens utilizes a portion of its auto loan portfolio to support certain secured borrowing arrangements, which provide a source of funding for the Company and involves the transfer of auto loans to bankruptcy remote special purpose entities (“SPEs”). These SPEs then issue asset-backed notes to third-parties collateralized by the transferred loans. Citizens holds certain residual interests in the loans and, therefore, has a right to receive benefits or the obligation to absorb losses that could potentially be significant to the SPEs. In addition, the Company retains servicing for the transferred loans and, therefore, holds the power to direct the most significant activities that impact the economic performance of the SPEs. As a result, the Company concluded that it is the primary beneficiary of these SPEs and, accordingly, consolidates these VIEs.
The assets of a particular VIE are the primary source of funds to settle its obligations. Creditors of these VIEs do not have recourse to the general credit of the Company. The performance of the loans transferred to the SPEs is the most significant driver impacting the economic performance of the VIEs.
Unconsolidated VIEs
Citizens is involved with various VIEs that are not consolidated, including investments in entities that sponsor affordable housing, renewable energy and economic development projects, and asset-backed securities. In addition, Citizens provides lending facilities 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 investments, unfunded commitments, and the outstanding principal balance of loans to special purpose entities.
A summary of these investments is presented below:
(dollars in millions)June 30, 2023December 31, 2022
Lending to special purpose entities included in loans and leases$4,849 $4,578 
LIHTC investments included in other assets2,399 2,230 
LIHTC unfunded commitments included in other liabilities1,115 1,046 
Asset-backed investments included in HTM securities 530 581 
Renewable energy investments included in other assets249 374 
NMTC investments included in other assets4 4 
Lending to Special Purpose Entities
Citizens provides lending facilities to third-party sponsored special purpose entities. As of June 30, 2023 and December 31, 2022, the lending facilities had undrawn commitments to extend credit of $2.4 billion. For more information on commitments to extend credit see Note 11.
Low Income Housing Tax Credit Partnerships
The purpose of the Company’s LIHTC investments is to assist in achieving the goals of the Community Reinvestment Act and to earn an adequate return of capital.
Citizens Financial Group, Inc. | 66

Renewable Energy Entities
The Company’s investments in certain renewable energy entities provide benefits from government incentives and other tax attributes (e.g., tax depreciation).
Effective January 1, 2023, the Company made an election to account for its renewable energy investments using the proportional amortization method under newly adopted accounting guidance. Under the proportional amortization method, the Company amortizes the initial cost of its qualifying renewable energy investments in proportion to the income tax credits and other income tax benefits received in the current period as compared to the total income tax credits and other income tax benefits expected to be received over the life of the investment. The net amortization and income tax credits and other income tax benefits received are included as a component of income tax expense (benefit).
Contingent commitments related to the Company’s renewable energy investments were $7 million at June 30, 2023, and are expected to be paid in varying amounts through 2026. These payments are contingent upon the level of electricity production attained by the renewable energy entity relative to its targeted threshold and changes in the production tax credit rates set by the Internal Revenue Service.
New Markets Tax Credit Program
The Company participates in the NMTC program which provides a tax incentive for private sector investment into economic development projects and businesses located in low-income communities. The United States Department of the Treasury oversees the program and it is directly administered by the Community Development Financial Institutions Fund.
The Company’s investments in entities that sponsor economic development projects provide income tax credits to offset federal taxable income over a specified period of time. Independent third parties manage these entities and have the power to direct the activities which most significantly affect their performance. Therefore, Citizens is not the primary beneficiary of these entities and does not consolidate these VIEs as a result.
Effective January 1, 2023, the Company made an election to account for its NMTC investments using the proportional amortization method under newly adopted accounting guidance. Under the proportional amortization method, the Company applies a practical expedient and amortizes the initial cost of its qualifying NMTC investments in proportion to the income tax credits received in the current period as compared to the total income tax credits expected to be received over the life of the investment. The net amortization and income tax credits and other income tax benefits received are included as a component of income tax expense (benefit).
The following table summarizes the impact to the Consolidated Statements of Operations relative to the Company’s tax credit programs for which it has elected to apply the proportional amortization method of accounting:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in millions)2023202220232022
Tax credits recognized$87 $60 $174 $121 
Other tax benefits recognized20 16 38 31 
Amortization(85)(65)(166)(129)
Net benefit (expense) included in income tax expense22 11 46 23 
Other income2 — 3 — 
Allocated income (loss) on investments(3)— (6)— 
Net benefit (expense) included in noninterest income(1)— (3)— 
Net benefit (expense) included in the Consolidated Statements of Operations(1)
$21 $11 $43 $23 
(1) Includes the impact of tax credit investments when the election to apply the proportional amortization method was in effect during the periods presented. For 2023, this includes LIHTC, renewable energy and NMTC investments, and for 2022, includes LIHTC investments.
The Company did not recognize impairment losses resulting from the forfeiture or ineligibility of income tax credits or other circumstances during the three and six months ended June 30, 2023 and 2022.
NOTE 7 - BORROWED FUNDS
Short-term borrowed funds
Short-term borrowed funds were $1.1 billion and $3 million as of June 30, 2023 and December 31, 2022, respectively.
Citizens Financial Group, Inc. | 67

Long-term borrowed funds
The following table presents a summary of the Company’s long-term borrowed funds:
(dollars in millions)June 30, 2023December 31, 2022
Parent Company:
3.750% fixed-rate subordinated debt, due July 2024
$90 $90 
4.023% fixed-rate subordinated debt, due October 2024
17 17 
4.350% fixed-rate subordinated debt, due August 2025
133 133 
4.300% fixed-rate subordinated debt, due December 2025
336 336 
2.850% fixed-rate senior unsecured notes, due July 2026
498 498 
2.500% fixed-rate senior unsecured notes, due February 2030
298 298 
3.250% fixed-rate senior unsecured notes, due April 2030
746 746 
3.750% fixed-rate reset subordinated debt, due February 2031
69 69 
4.300% fixed-rate reset subordinated debt, due February 2031
135 135 
4.350% fixed-rate reset subordinated debt, due February 2031
60 61 
2.638% fixed-rate subordinated debt, due September 2032
560 556 
5.641% fixed-rate reset subordinated debt, due May 2037
398 397 
CBNA’s Global Note Program:
3.700% senior unsecured notes, due March 2023(1)
— 497 
5.676% floating-rate senior unsecured notes, due March 2023(1)(2)
— 250 
2.250% senior unsecured notes, due April 2025
748 748 
4.119% fixed/floating-rate senior unsecured notes, due May 2025
649 648 
6.064% fixed/floating-rate senior unsecured notes, due October 2025
599 598 
5.284% fixed/floating-rate senior unsecured notes, due January 2026
449 — 
3.750% senior unsecured notes, due February 2026
473 475 
4.575% fixed/floating-rate senior unsecured notes, due August 2028
797 797 
Additional Borrowings by CBNA and Other Subsidiaries:
Federal Home Loan Bank advances, 5.314% weighted average rate, due through 2041(3)
5,029 8,519 
Secured borrowings, 5.953% weighted average rate, due through 2030(3)(4)
2,000 — 
Other16 19 
Total long-term borrowed funds$14,100 $15,887 
(1) Notes were redeemed on February 27, 2023.
(2) Rate disclosed reflects the floating rate as of June 30, 2023, or final floating rate as applicable.
(3) Rate disclosed reflects the weighted average rate as of June 30, 2023.
(4) Collateralized by auto loans. See Note 6 for additional information.
At June 30, 2023, the Company’s long-term borrowed funds includes principal balances of $14.2 billion, unamortized debt issuance costs and discounts of $80 million, and hedging basis adjustments of ($26) million. At December 31, 2022, the Company’s long-term borrowed funds includes principal balances of $16.0 billion, unamortized debt issuance costs and discounts of $85 million, and hedging basis adjustments of ($27) million. See Note 8 for further information about the Company’s hedging of certain long-term borrowed funds.
Advances, lines of credit and letters of credit from the FHLB are collateralized primarily by residential mortgages and home equity products sufficient to satisfy the collateral maintenance level established by the FHLB. The utilized FHLB borrowing capacity, primarily for advances and letters of credit, was $11.1 billion and $15.7 billion at June 30, 2023 and December 31, 2022, respectively. The Company’s available FHLB borrowing capacity was $14.2 billion and $11.5 billion at June 30, 2023 and December 31, 2022, 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 June 30, 2023, the Company’s unused secured borrowing capacity was approximately $69.0 billion, which includes unencumbered securities, FHLB borrowing capacity, and FRB discount window capacity.
Citizens Financial Group, Inc. | 68

The following table presents a summary of maturities for the Company’s long-term borrowed funds at June 30, 2023:
(dollars in millions)Parent CompanyCBNA and Other SubsidiariesConsolidated
Year
2023$— $1 $1 
2024107 5,829 5,936 
2025469 2,020 2,489 
2026498 1,516 2,014 
2027— 2 2 
2028 and thereafter2,266 1,392 3,658 
Total$3,340 $10,760 $14,100 
NOTE 8 - DERIVATIVES
In the normal course of business Citizens enters into derivative transactions to meet the financing and hedging needs of its customers and reduce its own exposure to fluctuations in interest rates and foreign currency exchange rates. These transactions include interest rate swap contracts, interest rate options, foreign exchange contracts, residential loan commitment rate locks, interest rate future contracts, swaptions, certain commodities, forward commitments to sell TBAs, forward sale contracts and purchase options. The Company does not use derivatives for speculative purposes. Information regarding the valuation methodology and inputs used to estimate the fair value of the Company’s derivative instruments is described in Note 20 in the Company’s 2022 Form 10-K.
The following table presents derivative instruments included in the Consolidated Balance Sheets:
June 30, 2023December 31, 2022
(dollars in millions)Notional AmountDerivative AssetsDerivative LiabilitiesNotional AmountDerivative AssetsDerivative Liabilities
Derivatives designated as hedging instruments:
Interest rate contracts(1)
$76,463 $70 $65 $42,250 $16 $53 
Derivatives not designated as hedging instruments:
Interest rate contracts(1)
350,913 519 1,832 174,384 331 1,579 
Foreign exchange contracts34,072 440 383 29,475 527 519 
Commodities contracts1,059 699 662 1,103 953 942 
TBA contracts3,985 14 3 2,370 7 14 
Other contracts1,357 8 5 913 5 4 
Total derivatives not designated as hedging instruments391,386 1,680 2,885 208,245 1,823 3,058 
Total gross derivatives467,849 1,750 2,950 250,495 1,839 3,111 
Less: Gross amounts offset in the Consolidated Balance Sheets(2)
(519)(519)(623)(623)
Less: Cash collateral applied(2)
(512)(161)(374)(579)
Total net derivatives presented in the Consolidated Balance Sheets$719 $2,270 $842 $1,909 
(1) Includes approximately $150 billion in notional created as a result of the industry’s operational transition from LIBOR to SOFR.
(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.
Citizens Financial Group, Inc. | 69

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 all hedging relationships at inception, as well as risk management objectives and strategies for undertaking various accounting 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 the 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
In a fair value hedge, changes in the fair value of both the derivative instrument and the hedged asset or liability attributable to the risk being hedged are recognized in the same income statement line item in the Consolidated Statements of Operations when the changes in fair value occur. During the quarter the Company entered into fair value hedges to manage interest rate risk on the AFS securities portfolio.
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 June 30,Six Months Ended June 30,
(dollars in millions)2023202220232022Affected Line Item in the Consolidated Statements of Operations
Interest rate swaps hedging long-term borrowed funds($7)($15)$1 ($52)Interest expense - long-term borrowed funds
Hedged long-term borrowed funds attributable to the risk being hedged7 14 (1)51 Interest expense - long-term borrowed funds
Interest rate swaps hedging LHFS— (3)— (3)Interest and fees on other loans held for sale
Hedged loans held for sale attributable to the risk being hedged— 4 — 4 Interest and fees on other loans held for sale
Interest rate swaps hedging debt securities available for sale12 — 12 29 Interest income - investment securities
Hedged debt securities available for sale attributable to the risk being hedged(12)— (12)(29)Interest income - investment securities
The following table reflects amounts recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges:    
(dollars in millions)June 30, 2023December 31, 2022
Debt securities available for saleLong-term borrowed fundsDebt securities available for saleLong-term borrowed funds
Carrying amount of hedged assets$410 $— $— $— 
Carrying amount of hedged liabilities— 473 — 972 
Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items(9)(26)— (27)
Cash Flow Hedges
In a cash flow hedge the entire change in the fair value of the interest rate swap included in the assessment of hedge effectiveness is initially recorded in OCI and is subsequently reclassified from AOCI to current period earnings (net interest income) in the same period that the hedged item affects earnings.
Citizens Financial Group, Inc. | 70

Citizens has entered into interest rate swap agreements designed to hedge a portion of the Company’s floating-rate assets and liabilities. All of these swaps have been deemed highly effective cash flow hedges. The Company has also entered into certain interest rate option agreements that utilize interest rate floors and caps, or some combination thereof, providing the ability to hedge the variability in cash flows within different interest rate bands. Option premiums paid and received are excluded from the assessment of hedge effectiveness and are amortized over the life of the instruments.
The following table presents the pre-tax net gains (losses) recorded in the Consolidated Statements of Operations and in the Consolidated Statements of Comprehensive Income related to derivative instruments designated as cash flow hedges:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in millions)2023202220232022
Amount of pre-tax net gains (losses) recognized in OCI($680)($244)($447)($905)
Amount of pre-tax net gains (losses) reclassified from AOCI into interest income(137)12 (264)49 
Amount of pre-tax net gains (losses) reclassified from AOCI into interest expense1 (1)1 (6)
Using the interest rate curve at June 30, 2023 with respect to cash flow hedge strategies, the Company estimates that approximately $728 million in pre-tax net losses will be reclassified from AOCI to net interest income over the next 12 months, including $466 million related to terminated swaps. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations and the addition of other hedges subsequent to June 30, 2023.
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 MSRs. 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 derivatives are entered into 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 June 30,Six Months Ended June 30,Affected Line Item in the Consolidated Statements of Operations
(dollars in millions)2023202220232022
Economic hedge type:
Customer interest rate contracts($614)($408)($580)($1,175)Foreign exchange and derivative products
Derivatives hedging interest rate risk627 428 608 1,221 Foreign exchange and derivative products
Customer foreign exchange contracts9 (149)5 (123)Foreign exchange and derivative products
Derivatives hedging foreign exchange risk(18)246 (20)249 Foreign exchange and derivative products
Customer commodity contracts(94)372 (569)1,524 Foreign exchange and derivative products
Derivatives hedging commodity price risk102 (365)588 (1,513)Foreign exchange and derivative products
Residential loan commitments(20)(62)(18)(223)Mortgage banking fees
Derivatives hedging residential loan commitments and mortgage LHFS, at fair value26 126 15 397 Mortgage banking fees
Derivative contracts used to hedge residential MSRs(31)(96)(15)(242)Mortgage banking fees
Total($13)$92 $14 $115 
Citizens Financial Group, Inc. | 71

NOTE 9 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following tables present the changes in the balances, net of income taxes, of each component of AOCI:
As of and for the Three Months Ended June 30,
(dollars in millions)Net Unrealized Gains (Losses) on DerivativesNet Unrealized Gains (Losses) on Debt SecuritiesEmployee Benefit PlansTotal AOCI
Balance at April 1, 2022($676)($1,236)($346)($2,258)
Other comprehensive income (loss) before reclassifications(178)(779)— (957)
Amounts reclassified to the Consolidated Statements of Operations(8)(1)6 (3)
Net other comprehensive income (loss)(186)(780)6 (960)
Balance at June 30, 2022($862)($2,016)($340)($3,218)
Balance at April 1, 2023($1,149)($2,424)($370)($3,943)
Other comprehensive income (loss) before reclassifications(505)(239)— (744)
Amounts reclassified to the Consolidated Statements of Operations101 20 3 124 
Net other comprehensive income (loss)(404)(219)3 (620)
Balance at June 30, 2023($1,553)($2,643)($367)($4,563)
Primary location in the Consolidated Statements of Operations of amounts reclassified from AOCINet interest incomeSecurities gains, netOther operating expense
As of and for the Six Months Ended June 30,
(dollars in millions)Net Unrealized Gains (Losses) on DerivativesNet Unrealized Gains (Losses) on Debt SecuritiesEmployee Benefit PlansTotal AOCI
Balance at January 1, 2022($161)($156)($348)($665)
Other comprehensive income (loss) before reclassifications(669)(1,856)— (2,525)
Amounts reclassified to the Consolidated Statements of Operations(32)(4)8 (28)
Net other comprehensive income (loss)(701)(1,860)8 (2,553)
Balance at June 30, 2022($862)($2,016)($340)($3,218)
Balance at January 1, 2023($1,416)($2,771)($373)($4,560)
Other comprehensive income (loss) before reclassifications(332)88 — (244)
Amounts reclassified to the Consolidated Statements of Operations195 40 6 241 
Net other comprehensive income (loss)(137)128 6 (3)
Balance at June 30, 2023($1,553)($2,643)($367)($4,563)
Primary location in the Consolidated Statements of Operations of amounts reclassified from AOCINet interest incomeSecurities gains, netOther operating expense
Citizens Financial Group, Inc. | 72

NOTE 10 - STOCKHOLDERS’ EQUITY
Preferred Stock
The following table summarizes the Company’s preferred stock:
June 30, 2023December 31, 2022
(dollars in millions, except per 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 B$1,000 300,000 $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 G1,000 300,000 296 300,000 296 
Total2,050,000 $2,014 2,050,000 $2,014 
(1) Equivalent to $25 per depositary share.
(2) Represented by 12,000,000 depositary shares each representing a 1/40th interest in the Series D Preferred Stock.
(3) Represented by 18,000,000 depositary shares each representing a 1/40th interest in the Series E Preferred Stock.
For further detail regarding the terms and conditions of the Company’s preferred stock, see Note 17 in the Company’s 2022 Form 10-K.
Dividends
The following tables summarize the Company’s dividend activity for the three and six months ended June 30, 2023 and 2022.
Three Months Ended June 30, 2023Three Months Ended June 30, 2022
(dollars in millions, except per share data)Dividends Declared per ShareDividends DeclaredDividends PaidDividends Declared per ShareDividends DeclaredDividends Paid
Common stock$0.42 $205 $205 $0.39 $195 $195 
Preferred stock
Series B$30.00 $9 $— $30.00 $9 $— 
Series C15.94 5 5 15.94 5 5 
Series D15.87 5 5 15.87 4 4 
Series E12.50 6 6 12.50 6 6 
Series F14.12 6 5 14.12 5 5 
Series G10.00 3 3 10.00 3 3 
Total preferred stock$34 $24 $32 $23 
Six Months Ended June 30, 2023Six Months Ended June 30, 2022
(dollars in millions, except per share data)Dividends Declared per ShareDividends DeclaredDividends PaidDividends Declared per ShareDividends DeclaredDividends Paid
Common stock$0.84 $410 $410 $0.78 $360 $360 
Preferred stock
Series B$30.00 $9 $9 $30.00 $9 $9 
Series C31.88 10 10 31.88 10 10 
Series D31.75 10 10 31.75 9 9 
Series E25.00 11 11 25.00 11 11 
Series F28.25 11 11 28.25 11 11 
Series G20.00 6 6 20.00 6 6 
Total preferred stock$57 $57 $56 $56 
Treasury Stock
During the six months ended June 30, 2023, the Company repurchased $656 million, or 19,736,783 shares, of its outstanding common stock, which are held in treasury stock.
Citizens Financial Group, Inc. | 73

NOTE 11 - COMMITMENTS AND CONTINGENCIES
A summary of outstanding off-balance sheet arrangements is presented below. For more information on these arrangements, see Note 19 in the Company’s 2022 Form 10-K.
(dollars in millions)June 30, 2023December 31, 2022
Commitments to extend credit$95,665 $96,076 
Letters of credit2,177 2,119 
Loans sold with recourse97 92 
Marketing rights18 23 
Risk participation agreements2 4 
Total$97,959 $98,314 
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, 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 June 30, 2023, the remaining terms on these RPAs ranged from less than one year to seven years.
Citizens Financial Group, Inc. | 74

Contingencies
The Company operates in a legal and regulatory environment that exposes it to potentially significant risks. A certain amount of litigation ordinarily results from the nature of the Company’s banking and other businesses. The Company is a party to legal proceedings, including class actions. The Company is also the subject of investigations, reviews, subpoenas, and regulatory matters arising out of its normal business operations which, in some instances, relate to concerns about fair lending, unfair and/or deceptive practices, and mortgage-related issues. In addition, the Company engages in discussions with relevant governmental and regulatory authorities on a regular and ongoing basis regarding various issues, and any issues discussed or identified may result in investigatory or other action being taken. Litigation and regulatory matters may result in settlements, damages, fines, penalties, public or private censure, increased costs, required remediation, restrictions on business activities, or other impacts on the Company.
In these disputes and proceedings, the Company contests liability and the amount of damages as appropriate. Given their complex nature, and based on the Company's experience, it may be years before some of these matters are finally resolved. Moreover, before liability can be reasonably estimated for a claim, numerous legal and factual issues may need to be examined, including through potentially lengthy discovery and determination of important factual matters, and by addressing novel or unsettled legal issues relevant to the proceedings in question. The Company cannot predict with certainty if, how, or when such claims will be resolved or what the eventual settlement, fine, penalty or other relief, if any, may be, particularly for claims that are at an early stage in their development or where claimants seek substantial or indeterminate damages. The Company recognizes a provision for a claim when, in the opinion of management after seeking legal advice, it is probable that a liability exists and the amount of loss can be reasonably estimated. In many proceedings, however, it is not possible to determine whether any loss is probable or to estimate the amount of any loss.
Based on information currently available, the advice of legal counsel and other advisers, and established reserves, management believes that the aggregate liabilities, if any, potentially arising from these proceedings will not have a materially adverse effect on the Company’s unaudited interim Consolidated Financial Statements.
NOTE 12 - FAIR VALUE MEASUREMENTS
Citizens measures or monitors many of its assets and liabilities on a fair value basis. Fair value is used on a recurring basis for assets and liabilities for which fair value is the required or elected measurement basis of accounting. 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.
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:
June 30, 2023December 31, 2022
(dollars 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$1,163 $1,151 $12 $666 $656 $10 
Commercial and industrial, and commercial real estate loans held for sale, at fair value62 74 (12)108 127 (19)
For more information on the election of the fair value option for these assets see Note 20 in the Company’s 2022 Form 10-K.
Citizens Financial Group, Inc. | 75

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 20 in the Company’s 2022 Form 10-K.
The following table presents assets and liabilities measured at fair value, including gross derivative assets and liabilities, on a recurring basis at June 30, 2023:
(dollars in millions)TotalLevel 1Level 2Level 3
Debt securities available for sale:
Mortgage-backed securities$20,289 $— $20,289 $— 
Collateralized loan obligations1,228 — 1,228 — 
State and political subdivisions2 — 2 — 
U.S. Treasury and other3,236 3,236 — — 
Total debt securities available for sale24,755 3,236 21,519 — 
Loans held for sale, at fair value:
Residential loans held for sale1,163 — 1,163 — 
Commercial loans held for sale62 — 62 — 
Total loans held for sale, at fair value1,225 — 1,225 — 
Mortgage servicing rights1,524 — — 1,524 
Derivative assets:
Interest rate contracts589 — 589 — 
Foreign exchange contracts440 — 440 — 
Commodities contracts699 — 699 — 
TBA contracts14 — 14 — 
Other contracts8 — — 8 
Total derivative assets1,750 — 1,742 8 
Equity securities, at fair value(1)
99 99 — — 
Total assets$29,353 $3,335 $24,486 $1,532 
Derivative liabilities:
Interest rate contracts$1,897 $— $1,897 $— 
Foreign exchange contracts383 — 383 — 
Commodities contracts662 — 662 — 
TBA contracts3 — 3 — 
Other contracts5 — 3 2 
Total derivative liabilities2,950 — 2,948 2 
Total liabilities$2,950 $— $2,948 $2 
(1) Excludes investments of $48 million included in other assets in the Consolidated Balance Sheets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient. These investments include capital contributions to private investment funds and have unfunded capital commitments of $34 million at June 30, 2023, which may be called at any time during prescribed time periods. The credit exposure is generally limited to the carrying amount of investments made and unfunded capital commitments.
Citizens Financial Group, Inc. | 76

The following table presents assets and liabilities measured at fair value, including gross derivative assets and liabilities, on a recurring basis at December 31, 2022:
(dollars in millions)TotalLevel 1Level 2Level 3
Debt securities available for sale:
Mortgage-backed securities$19,313 $— $19,313 $— 
Collateralized loan obligations1,206 — 1,206 — 
State and political subdivisions2 — 2 — 
U.S. Treasury and other3,486 3,486 — — 
Total debt securities available for sale24,007 3,486 20,521 — 
Loans held for sale, at fair value:
Residential loans held for sale666 — 666 — 
Commercial loans held for sale108 — 108 — 
Total loans held for sale, at fair value774 — 774 — 
Mortgage servicing rights1,530 — — 1,530 
Derivative assets:
Interest rate contracts347 — 347 — 
Foreign exchange contracts527 — 527 — 
Commodities contracts953 — 953 — 
TBA contracts7 — 7 — 
Other contracts5 — — 5 
Total derivative assets1,839 — 1,834 5 
Equity securities, at fair value(1)
110 110 — — 
Total assets28,260 $3,596 $23,129 $1,535 
Derivative liabilities:
Interest rate contracts$1,632 $— $1,632 $— 
Foreign exchange contracts519 — 519 — 
Commodities contracts942 — 942 — 
TBA contracts14 — 14 — 
Other contracts4 — — 4 
Total derivative liabilities3,111 — 3,107 4 
Total liabilities$3,111 $— $3,107 $4 
(1) Excludes investments of $43 million included in other assets in the Consolidated Balance Sheets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient. These investments include capital contributions to private investment funds and have unfunded capital commitments of $42 million at December 31, 2022, which may be called at any time during prescribed time periods. The credit exposure is generally limited to the carrying amount of investments made and unfunded capital commitments.
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The following tables present a roll forward of the balance sheet amounts for assets measured at fair value on a recurring basis and classified as Level 3:
Three Months Ended June 30, 2023Six Months Ended June 30, 2023
(dollars in millions)Mortgage Servicing RightsOther Derivative ContractsMortgage Servicing RightsOther Derivative Contracts
Beginning balance$1,496 $13 $1,530 $1 
Issuances36 20 57 35 
Settlements(2)
(41)(7)(82)(12)
Changes in fair value during the period recognized in earnings(3)
33 (20)19 (18)
Ending balance$1,524 $6 $1,524 $6 
Three Months Ended June 30, 2022Six Months Ended June 30, 2022
(dollars in millions)Mortgage Servicing RightsOther Derivative ContractsMortgage Servicing RightsOther Derivative Contracts
Beginning balance$1,241 ($21)$1,029 $38 
Issuances79 23 174 64 
Acquisitions(1)
16 — 16 — 
Settlements(2)
(32)71 (71)132 
Changes in fair value during the period recognized in earnings(3)
107 (62)263 (223)
Ending balance$1,411 $11 $1,411 $11 
(1) Represents MSRs acquired as part of the Investors acquisition.
(2) For MSRs, represents changes in value of the MSRs due to i) passage of time including the impact from both regularly scheduled loan principal payments and partial paydowns, and ii) loans that paid off during the period. For other derivative contracts, represents the closeout of interest rate lock commitments.
(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 June 30, 2023
Valuation TechniqueUnobservable InputRange (Weighted Average)
Mortgage servicing rightsDiscounted Cash FlowConstant prepayment rate
6.20-17.14% CPR (6.90% CPR)
Option adjusted spread
398-1,058 bps (628 bps)
Other derivative contractsInternal ModelPull through rate
24.90-99.70% (81.79%)
MSR value
(7.54)-137.38 bps (91.13 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 20 in the Company’s 2022 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 June 30,Six Months Ended June 30,
(dollars in millions)2023202220232022
Collateral-dependent loans ($64)($1)($68)($3)

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The following table presents assets measured at fair value on a nonrecurring basis:
June 30, 2023December 31, 2022
(dollars in millions)TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Collateral-dependent loans $835 $— $835 $— $582 $— $582 $— 
Fair Value of Financial Instruments
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:
June 30, 2023
TotalLevel 1Level 2Level 3
(dollars in millions)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair ValueCarrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Financial assets:
Debt securities held to maturity$9,520 $8,728 $— $— $8,990 $8,225 $530 $503 
Other loans held for sale196 196 — — — — 196 196 
Net loans and leases149,276 144,200 — — 835 835 148,441 143,365 
Other assets917 917 — — 897 897 20 20 
Financial liabilities:
Deposits177,667 177,536 — — 177,667 177,536 — — 
Short-term borrowed funds1,099 1,099 — — 1,099 1,099 — — 
Long-term borrowed funds14,100 13,357 — — 14,100 13,357 — — 
December 31, 2022
TotalLevel 1Level 2Level 3
(dollars in millions)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair ValueCarrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Financial assets:
Debt securities held to maturity $9,834 $9,042 $— $— $9,253 $8,506 $581 $536 
Other loans held for sale208 208 — — — — 208 208 
Net loans and leases154,679 151,601 — — 582 582 154,097 151,019 
Other assets1,058 1,058 — — 1,038 1,038 20 20 
Financial liabilities:
Deposits180,724 180,566 — — 180,724 180,566 — — 
Short-term borrowed funds3 3 — — 3 3 — — 
Long-term borrowed funds15,887 15,469 — — 15,887 15,469 — — 
Citizens Financial Group, Inc. | 79

NOTE 13 - NONINTEREST INCOME
Revenues from Contracts with Customers
The following tables present the components of revenue from contracts with customers disaggregated by revenue stream and business operating segment:
Three Months Ended June 30, 2023Three Months Ended June 30, 2022
(dollars in millions)Consumer BankingCommercial BankingOtherConsolidatedConsumer BankingCommercial BankingOther
Consolidated
Service charges and fees$66 $35 $— $101 $73 $34 $1 $108 
Card fees67 11 — 78 60 10 — 70 
Capital markets fees— 76 — 76 — 90 — 90 
Trust and investment services fees65 — — 65 66 — — 66 
Other banking fees— 3 — 3 — 5 — 5 
Total revenue from contracts with customers$198 $125 $— $323 $199 $139 $1 $339 
Total revenue from other sources(1)
70 82 31 183 81 82 (8)155 
Total noninterest income$268 $207 $31 $506 $280 $221 ($7)$494 
Six Months Ended June 30, 2023Six Months Ended June 30, 2022
(dollars in millions)Consumer BankingCommercial BankingOtherConsolidatedConsumer BankingCommercial BankingOtherConsolidated
Service charges and fees$133 $67 $— $200 $142 $61 $2 $205 
Card fees126 23 — 149 110 20 — 130 
Capital markets fees— 147 — 147 — 168 — 168 
Trust and investment services fees128 — — 128 127 — — 127 
Other banking fees1 7 — 8 1 7 1 9 
Total revenue from contracts with customers$388 $244 $— $632 $380 $256 $3 $639 
Total revenue from other sources(1)
136 164 59 359 157 178 18 353 
Total noninterest income$524 $408 $59 $991 $537 $434 $21 $992 
(1) Includes bank-owned life insurance income of $23 million and $21 million for the three months ended June 30, 2023 and 2022, respectively, and $46 million and $42 million for the six months ended June 30, 2023 and 2022, respectively.
The Company recognized trailing commissions of $3 million and $4 million, respectively, for the three months ended June 30, 2023 and 2022, and $7 million and $8 million, respectively, for the six months ended June 30, 2023 and 2022 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 June 30,Six Months Ended June 30,
(dollars in millions)2023202220232022
Marketing$56 $39 $94 $65 
Deposit insurance43 26 79 46 
Other98 88 193 152 
Other operating expense$197 $153 $366 $263 
Citizens Financial Group, Inc. | 80

NOTE 15 - EARNINGS PER SHARE
Three Months Ended June 30,Six Months Ended June 30,
(dollars in millions, except per share data)2023202220232022
Numerator (basic and diluted):
Net income$478 $364 $989 $784 
Less: Preferred stock dividends34 32 57 56 
Net income available to common stockholders$444 $332 $932 $728 
Denominator:
Weighted-average common shares outstanding - basic479,470,543 491,497,026 482,440,926 457,140,258 
Dilutive common shares: share-based awards1,504,738 1,799,088 1,811,177 2,027,489 
Weighted-average common shares outstanding - diluted480,975,281 493,296,114 484,252,103 459,167,747 
Earnings per common share:
Basic$0.93 $0.68 $1.93 $1.59 
Diluted(1)
0.92 0.67 1.92 1.58 
(1) Potential dilutive common shares are excluded from the computation of diluted EPS in the periods where the effect would be antidilutive. Excluded from the computation of diluted EPS were weighted average antidilutive shares totaling 3,249,834 and 1,647,051 for the three months ended June 30, 2023 and 2022, respectively, and 2,305,895 and 784,372 for the six months ended June 30, 2023 and 2022, 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 26 in the Company’s 2022 Form 10-K.
As of and for the Three Months Ended June 30, 2023
(dollars in millions)Consumer BankingCommercial BankingOtherConsolidated
Net interest income$1,104 $584 ($100)$1,588 
Noninterest income268 207 31 506 
Total revenue1,372 791 (69)2,094 
Noninterest expense908 315 83 1,306 
Profit (loss) before provision (benefit) for credit losses464 476 (152)788 
Provision (benefit) for credit losses82 71 23 176 
Income (loss) before income tax expense (benefit)382 405 (175)612 
Income tax expense (benefit)100 100 (66)134 
Net income (loss)$282 $305 ($109)$478 
Total average assets$87,040 $77,546 $57,787 $222,373 
As of and for the Three Months Ended June 30, 2022
(dollars in millions)Consumer BankingCommercial BankingOtherConsolidated
Net interest income$995 $534 ($24)$1,505 
Noninterest income280 221 (7)494 
Total revenue 1,275 755 (31)1,999 
Noninterest expense881 308 116 1,305 
Profit (loss) before provision (benefit) for credit losses394 447 (147)694 
Provision (benefit) for credit losses39 10 167 216 
Income (loss) before income tax expense (benefit)355 437 (314)478 
Income tax expense (benefit)90 96 (72)114 
Net income (loss)$265 $341 ($242)$364 
Total average assets $88,881 $78,638 $53,448 $220,967 
Citizens Financial Group, Inc. | 81

As of and for the Six Months Ended June 30, 2023
(dollars in millions)Consumer BankingCommercial BankingOtherConsolidated
Net interest income$2,200 $1,181 ($150)$3,231 
Noninterest income524 408 59 991 
Total revenue2,724 1,589 (91)4,222 
Noninterest expense1,797 646 159 2,602 
Profit (loss) before provision (benefit) for credit losses927 943 (250)1,620 
Provision (benefit) for credit losses165 118 61 344 
Income (loss) before income tax expense (benefit)762 825 (311)1,276 
Income tax expense (benefit)199 201 (113)287 
Net income (loss)$563 $624 ($198)$989 
Total average assets$87,298 $78,215 $57,028 $222,541 
As of and for the Six Months Ended June 30, 2022
(dollars in millions)Consumer BankingCommercial BankingOtherConsolidated
Net interest income$1,852 $950 ($150)$2,652 
Noninterest income537 434 21 992 
Total revenue 2,389 1,384 (129)3,644 
Noninterest expense1,665 580 166 2,411 
Profit (loss) before provision (benefit) for credit losses724 804 (295)1,233 
Provision (benefit) for credit losses88 22 109 219 
Income (loss) before income tax expense (benefit)636 782 (404)1,014 
Income tax expense (benefit)162 170 (102)230 
Net income (loss)$474 $612 ($302)$784 
Total average assets $83,247 $69,927 $51,558 $204,732 
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 26 in the Company’s 2022 Form 10-K.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Quantitative and qualitative disclosures about market risk are presented in the “Market Risk” section of Part I, Item 2 and is incorporated herein by reference.
ITEM 4. CONTROLS AND PROCEDURES
The Company maintains a set of disclosure controls and procedures designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. The design of any disclosure controls and procedures is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Any controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute, assurance of achieving the desired control objectives. In accordance with Rule 13a-15(b) of the Exchange Act, as of the end of the period covered by this quarterly report on Form 10-Q, an evaluation was carried out under the supervision and with the participation of the Company’s management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of its disclosure controls and procedures. Based on that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures, as of the end of the period covered by this quarterly report on Form 10-Q, were effective to provide reasonable assurance that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and is accumulated and communicated to the Company’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
There were no changes in our internal control over financial reporting identified in management's evaluation pursuant to Rules 13a-15(d) or 15d-15(d) of the Exchange Act during the period covered by this quarterly report on Form 10-Q that materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
Citizens Financial Group, Inc. | 82
CITIZENS FINANCIAL GROUP, INC.

PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Information required by this item is presented in Note 11 and is incorporated herein by reference.
ITEM 1A. RISK FACTORS
In addition to the other information set forth in this Report, you should consider the risks described under the caption “Risk Factors” in the Company’s 2022 Form 10-K.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Details of the repurchases of the Company’s common stock during the three months ended June 30, 2023 are included below:
Period
Total Number of Shares Repurchased(1)
Average Price Paid Per Share
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2)
Maximum Dollar Amount of Shares That May Yet Be Purchased as Part of Publicly Announced Plans or Programs(2)
April 1, 2023 - April 30, 20233,353$30.74—$1,600,000,000
May 1, 2023 - May 31, 20237,603,174$26.417,600,963$1,399,254,708
June 1, 2023 - June 30, 20232,040,965$27.082,040,184$1,344,000,021
(1) Includes shares repurchased to satisfy applicable tax withholding obligations in connection with an employee share-based compensation plan and the forfeiture of unvested restricted stock awards.
(2) On February 17, 2023, the Company announced that its Board of Directors increased the capacity under its common share repurchase program by an additional $1.15 billion, which was incremental to the $850 million of capacity remaining as of December 31, 2022 under the prior June 2022 authorization. Common stock share repurchases may be executed in the open market or in privately negotiated transactions, including under Rule 10b5-1 plans and accelerated share repurchase and other structured transactions. The timing and exact amount of future share repurchases will be subject to various factors, including the Company’s capital position, financial performance, capital impacts of strategic initiatives, market conditions, receipt of required regulatory approvals and other regulatory considerations.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS
3.1 Amended and Restated Certificate of Incorporation of the Registrant as in effect on the date hereof, as filed with the Secretary of State of the State of Delaware and effective April 28, 2022 (incorporated herein by reference to Exhibit 3.1 of the Current Report on Form 8-K, filed April 29, 2022)

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

10.1    Citizens Financial Group, Inc. Non-Employee Directors Compensation Policy, amended and effective April 27, 2023†*

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*
Citizens Financial Group, Inc. | 83


101    The following materials from the Registrant's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2023, formatted in inline XBRL: (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Stockholders’ Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to Consolidated Financial Statements*

104    Cover page interactive data file in inline XBRL format, included in Exhibit 101 to this report*
† Indicates management contract or compensatory plan or arrangement.
* Filed herewith.
Citizens Financial Group, Inc. | 84

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 August 8, 2023.

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. | 85