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Published: 2023-11-06 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
September 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 466,222,967 shares of the registrant’s common stock ($0.01 par value) outstanding on October 26, 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
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
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
FTP
Funds Transfer Pricing
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
JMPJMP Group LLC
Citizens Financial Group, Inc. | 3

LHFSLoans Held for Sale
LIBORLondon Interbank Offered Rate
LIHTCLow Income Housing Tax Credit
M&A
Merger and Acquisition
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 transition
The Day-1 CECL adoption entry booked to ACL plus 25% of subsequent CECL ACL reserve build
Modified CECL transition
The Day-1 CECL adoption entry booked to retained earnings plus 25% of subsequent CECL ACL reserve build
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

Page
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Citizens Financial Group, Inc. | 5

FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook,” “guidance” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.”
Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation:
•Negative economic, business and political conditions, including as a result of the interest rate environment, supply chain disruptions, inflationary pressures and labor shortages, that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits;
•The general state of the economy and employment, as well as general business and economic conditions, and changes in the competitive environment;
•Our capital and liquidity requirements under regulatory standards and our ability to generate capital and liquidity on favorable terms;
•The effect of changes in our credit ratings on our cost of funding, access to capital markets, ability to market our securities, and overall liquidity position;
•The effect of changes in the level of commercial and consumer deposits on our funding costs and net interest margin;
•Our ability to 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 the wars in Ukraine and Israel, 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.
Citizens Financial Group, Inc. | 6

In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares from or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends.
More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section in Part I, Item 1A of our 2022 Form 10-K.
INTRODUCTION
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $225.3 billion in assets as of September 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 3,300 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 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.”
Citizens Financial Group, Inc. | 7

FINANCIAL PERFORMANCE
Key Highlights
Net income decreased $206 million and $1 million for the three and nine months ended September 30, 2023, respectively, with earnings per diluted common share down $0.38 to $0.85 and down $0.06 to $2.78 compared to the same periods in 2022.
Results reflect notable items of $18 million or $0.04 per diluted common share, net of tax benefit, for the three months ended September 30, 2023, compared to $33 million or $0.07 per diluted common share, net of tax benefit, for the same period in 2022. For the nine months ended September 30, 2023, notable items were $120 million or $0.25 per diluted common share, net of tax benefit, as compared to $320 million or $0.68 per diluted common share, net of tax benefit, for the same period in 2022.
Table 1: Notable Items
Three Months Ended September 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$1,293 $8 $14 $— $1,271 
Income tax expense
119 (2)(2)— 123 
Three Months Ended September 30, 2022
Less: notable items
(dollars in millions)Reported results (GAAP)
Integration related costs(1)
TOP and other(2)
ProvisionUnderlying results (non-GAAP)
Provision for credit losses
$123 $— $— $— $123 
Noninterest income512 — — — 512 
Noninterest expense1,241 37 9 — 1,195 
Income tax expense
177 (11)(2)— 190 
Nine Months Ended September 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$3,895 $99 $62 $— $3,734 
Income tax expense
406 (26)(15)— 447 
Nine Months Ended September 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 for credit losses
$342 $— $— $169 $173 
Noninterest income1,504 (31)— — 1,535 
Noninterest expense3,652 178 41 — 3,433 
Income tax expense
407 (49)(7)(43)506 
(1) Includes integration related costs associated with acquisitions for the three and nine months ended September 30, 2023 and 2022, and mark-to-market losses on loans acquired from Investors classified as LHFS for the nine months ended September 30, 2022.
(2) Includes our TOP transformational and revenue and efficiency initiatives for the three and nine months ended September 30, 2023 and 2022, and income tax impacts related to legacy tax matters for the nine months ended September 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”.
Citizens Financial Group, Inc. | 8

•Net income available to common stockholders decreased $211 million and $7 million for the three and nine months ended September 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 $418 million and $1.5 billion for the three and nine months ended September 30, 2023, respectively, compared with $644 million and $1.7 billion for the same periods in 2022.
◦On an Underlying basis, earnings per diluted common share of $0.89 and $3.03 for the three and nine months ended September 30, 2023, respectively, compared to $1.30 and $3.52 for the same periods in 2022.
•Total revenue decreased $163 million and increased $415 million for the three and nine months ended September 30, 2023, respectively, compared to the same periods in 2022. The three-month decline was driven by a decrease of 9% in net interest income. The nine-month increase was driven by an increase of 10% in net interest income, including the impacts of the HSBC transaction and Investors acquisition.
•The efficiency ratio of 64.2% and 62.5% for the three and nine months ended September 30, 2023, respectively, compared to 57.0% and 62.7% for the same periods in 2022.
◦On an Underlying basis, the efficiency ratio of 63.1% and 59.9% for the three and nine months ended September 30, 2023, respectively, compared to 54.9% and 58.7% for the same periods in 2022.
•ROTCE of 12.0% and 12.9% for the three and nine months ended September 30, 2023, respectively, compared to 17.0% and 12.5% for the same periods in 2022.
◦On an Underlying basis, ROTCE of 12.5% and 14.1% for the three and nine months ended September 30, 2023, respectively, compared to 17.9% and 15.5% for the same periods in 2022.
•Tangible book value per common share of $27.73 decreased 1% from December 31, 2022.
For additional information regarding our financial performance, see “Results of Operations” included in this report.

Citizens Financial Group, Inc. | 9

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 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 September 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$8,005 $111 5.42 %$5,203 $36 2.78 %$2,802 264 bps
Taxable investment securities39,271 290 2.95 38,507 243 2.50 764 45 
Non-taxable investment securities2 — 2.68 3 — 1.88 (1)80 
Total investment securities39,273 290 2.95 38,510 243 2.50 763 45 
Commercial and industrial47,658 750 6.17 52,130 544 4.08 (4,472)209 
Commercial real estate29,353 467 6.23 28,388 311 4.29 965 194 
Leases1,250 12 3.56 1,529 13 3.35 (279)21 
Total commercial78,261 1,229 6.15 82,047 868 4.14 (3,786)201 
Residential mortgages30,838 267 3.46 29,327 240 3.27 1,511 19 
Home equity14,589 286 7.77 13,400 156 4.62 1,189 315 
Automobile9,849 103 4.16 13,540 128 3.74 (3,691)42 
Education12,147 156 5.11 13,081 144 4.37 (934)74 
Other retail5,107 125 9.67 5,484 121 8.71 (377)96 
Total retail72,530 937 5.14 74,832 789 4.19 (2,302)95 
Total loans and leases150,791 2,166 5.66 156,879 1,657 4.17 (6,088)149 
Loans held for sale, at fair value1,204 20 6.72 1,600 18 4.37 (396)235 
Other loans held for sale321 8 9.01 1,385 15 4.36 (1,064)465 
Interest-earning assets199,594 2,595 5.13 203,577 1,969 3.82 (3,983)131 
Noninterest-earning assets20,568 21,896 (1,328)
Total assets$220,162 $225,473 ($5,311)
Liabilities and Stockholders’ Equity
Checking with interest$33,545 $126 1.49 %$38,297 $45 0.46 %($4,752)103 
Money market52,057 415 3.17 47,374 77 0.64 4,683 253 
Savings29,516 123 1.65 28,741 28 0.38 775 127 
Term21,604 234 4.29 9,913 26 1.10 11,691 319 
Total interest-bearing deposits136,722 898 2.60 124,325 176 0.56 12,397 204 
Short-term borrowed funds506 8 6.21 2,043 11 2.09 (1,537)412 
Long-term borrowed funds13,202 167 5.02 15,847 117 2.91 (2,645)211 
Total borrowed funds13,708 175 5.07 17,890 128 2.81 (4,182)226 
Total interest-bearing liabilities150,430 1,073 2.83 142,215 304 0.85 8,215 198 
Demand deposits39,728 53,293 (13,565)
Other noninterest-bearing liabilities6,813 5,705 1,108 
Total liabilities196,971 201,213 (4,242)
Stockholders’ equity23,191 24,260 (1,069)
Total liabilities and stockholders’ equity$220,162 $225,473 ($5,311)
Interest rate spread2.30 %2.97 %(67)
Net interest income and net interest margin$1,522 3.03 %$1,665 3.24 %(21)
Net interest income and net interest margin, FTE(1)
$1,526 3.03 %$1,668 3.25 %(22)
Memo: Total deposits (interest-bearing and demand)$176,450 $898 2.02 %$177,618 $176 0.39 %($1,168)163  bps
Citizens Financial Group, Inc. | 10

Nine Months Ended September 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$7,232 $280 5.10 %$5,952 $53 1.19 %$1,280 391 bps
Taxable investment securities38,742 823 2.83 34,584 582 2.24 4,158 59 
Non-taxable investment securities2 — 2.68 3 — 2.31 (1)37 
Total investment securities38,744 823 2.83 34,587 582 2.24 4,157 59 
Commercial and industrial49,791 2,250 5.96 49,224 1,290 3.45 567 251 
Commercial real estate29,122 1,328 6.01 23,401 644 3.63 5,721 238 
Leases1,345 36 3.52 1,555 34 2.92 (210)60 
Total commercial80,258 3,614 5.94 74,180 1,968 3.50 6,078 244 
Residential mortgages30,496 776 3.39 27,113 630 3.10 3,383 29 
Home equity14,336 790 7.37 12,783 351 3.67 1,553 370 
Automobile10,920 335 4.11 14,078 382 3.63 (3,158)48 
Education12,455 465 5.00 13,086 412 4.21 (631)79 
Other retail 5,184 365 9.41 5,490 332 8.08 (306)133 
Total retail73,391 2,731 4.97 72,550 2,107 3.88 841 109 
Total loans and leases153,649 6,345 5.48 146,730 4,075 3.69 6,919 179 
Loans held for sale, at fair value1,199 55 6.10 1,965 51 3.46 (766)264 
Other loans held for sale380 25 8.57 1,401 47 4.44 (1,021)413 
Interest-earning assets201,204 7,528 4.96 190,635 4,808 3.35 10,569 161 
Noninterest-earning assets20,535 21,087 (552)
Total assets$221,739 $211,722 $10,017 
Liabilities and Stockholders’ Equity:
Checking with interest$34,693 $333 1.28 %$35,849 $65 0.24 %($1,156)104 
Money market50,562 1,050 2.78 47,797 112 0.31 2,765 247 
Savings29,539 310 1.40 26,763 42 0.21 2,776 119 
Term17,240 478 3.70 7,303 36 0.67 9,937 303 
Total interest-bearing deposits132,034 2,171 2.20 117,712 255 0.29 14,322 191 
Short-term borrowed funds831 36 5.71 2,030 21 1.37 (1,199)434 
Long-term borrowed funds15,909 568 4.74 10,748 215 2.65 5,161 209 
Total borrowed funds16,740 604 4.79 12,778 236 2.45 3,962 234 
Total interest-bearing liabilities148,774 2,775 2.49 130,490 491 0.50 18,284 199 
Demand deposits42,657 52,058 (9,401)
Other noninterest-bearing liabilities6,573 5,285 1,288 
Total liabilities198,004 187,833 10,171 
Stockholders’ equity23,735 23,889 (154)
Total liabilities and stockholders’ equity$221,739 $211,722 $10,017 
Interest rate spread2.47 %2.85 %(38)
Net interest income and net interest margin$4,753 3.16 %$4,317 3.03 %13 
Net interest income and net interest margin, FTE(1)
$4,766 3.17 %$4,324 3.03 %14 
Memo: Total deposits (interest-bearing and demand)$174,691 $2,171 1.66 %$169,770 $255 0.20 %$4,921 146  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 decreased $143 million, or 9%, and increased $436 million, or 10%, for the three and nine months ended September 30, 2023, respectively, compared to the same periods in 2022. The three-month period reflects lower net interest margin as interest-bearing deposit costs outpaced interest-earning asset yields and a decline of 2% in average interest-earning assets. The nine-month period reflects higher net interest margin and growth of 6% in average interest-earning assets, including the impacts of the HSBC transaction and Investors acquisition.
Net interest margin on a FTE basis decreased 22 basis points and increased 14 basis points for the three and nine months ended September 30, 2023, respectively, compared to the same periods in 2022. The three-month decline reflects higher funding costs driven by rising deposit betas and continued migration of our deposit base to higher-yielding products, partially offset by higher interest-earning asset yields and Non-Core portfolio runoff. The nine-month increase reflects higher interest-earning asset growth and associated yields, partially offset by increased funding costs.
Citizens Financial Group, Inc. | 11

Average interest-earning assets decreased $4.0 billion, or 2%, and increased $10.6 billion, or 6%, for the three and nine months ended September 30, 2023, respectively, compared to the same periods in 2022. The three-month period decline is primarily attributable to a decrease in loans and leases driven by balance sheet optimization actions in commercial and planned Non-Core portfolio runoff in retail. The increase in the nine-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.
Average deposits decreased $1.2 billion, or 1%, and increased $4.9 billion, or 3%, for the three and nine months ended September 30, 2023, respectively, compared to the same periods in 2022. The decrease in the three-month period reflects modest rate-related outflows, while the increase in the nine-month period is primarily attributable to the impacts of the HSBC transaction and Investors acquisition.
Average total borrowed funds decreased $4.2 billion and increased $4.0 billion for the three and nine months ended September 30, 2023, respectively, compared to the same periods in 2022. The three-month period decline was driven by a decrease in FHLB advances, partially offset by an increase in secured borrowings collateralized by auto loans. The increase in the nine-month period was driven primarily by an increase in FHLB advances.
Noninterest Income
Table 3: Noninterest Income
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in millions)20232022ChangePercent20232022ChangePercent
Service charges and fees$105 $109 ($4)(4 %)$306 $315 ($9)(3 %)
Capital markets fees67 89 (22)(25)232 270 (38)(14)
Card fees74 71 3 4 226 202 24 12 
Mortgage banking fees69 66 3 5 185 207 (22)(11)
Trust and investment services fees63 61 2 3 191 188 3 2 
Foreign exchange and derivative products48 42 6 14 140 153 (13)(8)
Letter of credit and loan fees43 40 3 8 126 118 8 7 
Securities gains, net5 — 5 100 19 5 14 NM
Other income(1)
18 34 (16)(47)58 46 12 26 
Noninterest income$492 $512 ($20)(4 %)$1,483 $1,504 ($21)(1 %)
(1) Includes bank-owned life insurance income and other income for all periods presented.
The primary drivers for the change in noninterest income for the three and nine months ended September 30, 2023, compared to the same periods in 2022, are highlighted below.
•The decline in capital markets fees during the three-month period reflects lower M&A advisory and underwriting fees, partially offset by higher loan syndication fees, while the decline during the nine-month period reflects lower loan syndication and underwriting fees, partially offset by higher M&A advisory fees.
•Card fees increased given higher transaction volumes.
•Mortgage banking fees were relatively stable for the three-month period, but declined during the nine-month period driven by lower production volume and a decline in MSR valuation, partially offset by improved gain-on-sale margins.
•The increase in foreign exchange and derivative products revenue during the three-month period reflects increased client activity in interest rate products and commodities, while the decline during the nine-month period is attributable to lower client hedging activity.
•Other income increased during the nine-month period driven by $31 million of mark-to-market losses on loans acquired from Investors recognized in the second quarter of 2022.
Citizens Financial Group, Inc. | 12

Noninterest Expense
Table 4: Noninterest Expense
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in millions)20232022ChangePercent20232022ChangePercent
Salaries and employee benefits$659 $639 $20 3 %$1,932 $1,916 $16 1 %
Outside services160 172 (12)(7)513 530 (17)(3)
Equipment and software191 159 32 20 541 478 63 13 
Occupancy107 106 1 1 367 300 67 22 
Other operating expense176 165 11 7 542 428 114 27 
Noninterest expense$1,293 $1,241 $52 4 %$3,895 $3,652 $243 7 %
Noninterest expense increased for the for the three and nine months ended September 30, 2023, compared to the same periods in 2022, driven by salaries and employee benefits reflecting the Private Bank start-up investment, equipment and software driven by software maintenance and amortization costs, and other operating expense associated with the FDIC deposit insurance surcharge. The increase during the nine-month period was also attributable to acquisition and integration-related costs, occupancy, advertising, and fraud losses.
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 $172 million and $516 million for the three and nine months ended September 30, 2023, respectively, compared to $123 million and $342 million for the same periods in 2022. The provision expense for the three and nine months ended September 30, 2023 reflects higher reserves against the Commercial Real Estate Office portfolio given return to office dynamics and rising interest rates. Provision expense for the three and nine months ended September 30, 2022 reflects reduced reserve requirements as COVID concerns subsided and, for the nine-month period, partially offset by the provision associated with the Investors acquisition.
Income Tax Expense
Income tax expense of $119 million and $406 million decreased $58 million and $1 million for the three and nine months ended September 30, 2023, respectively, compared to the same periods in 2022, driven primarily by lower pre-tax income. The effective income tax rate of 21.5% and 22.2% for the same periods decreased from 21.8% and 22.3%, 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 three business operating segments: Consumer Banking, Commercial Banking, and Non-Core. During the third quarter of 2023, our indirect auto and certain purchased consumer loan portfolios were transferred from Consumer Banking into a new Non-Core segment to reflect the manner in which management is currently assessing performance and allocating resources. This new segment structure aligns with our recently announced balance sheet optimization strategy to discontinue the origination of certain non-strategic lending portfolios. Prior period results have been revised to conform to the new segment presentation.
For more information regarding our business operating segments see Note 17.
Citizens Financial Group, Inc. | 13

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 17 for additional information.
Table 5: Selected Financial Data for Business Operating Segments
Three Months Ended September 30,
Consumer BankingCommercial Banking
Non-Core
(dollars in millions)202320222023202220232022
Net interest income$1,067 $989 $560 $558 ($41)$70 
Noninterest income278 270 180 213 — — 
Total revenue1,345 1,259 740 771 (41)70 
Noninterest expense905 828 325 325 30 36 
Profit (loss) before credit losses
440 431 415 446 (71)34 
Net charge-offs67 47 67 12 20 14 
Income (loss) before income tax expense (benefit)
373 384 348 434 (91)20 
Income tax expense (benefit)
97 98 88 100 (24)4 
Net income (loss)
$276 $286 $260 $334 ($67)$16 
Average Balances:
Total assets$72,964 $71,631 $74,997 $80,067 $13,113 $17,929 
Total loans and leases(1)
66,641 65,513 71,898 75,767 13,010 17,859 
Deposits117,979 117,448 47,221 51,095 — — 
Interest-earning assets67,273 66,263 72,275 76,025 13,010 17,859 
Nine Months Ended September 30,
Consumer BankingCommercial Banking
Non-Core
(dollars in millions)202320222023202220232022
Net interest income$3,101 $2,635 $1,741 $1,508 ($84)$359 
Noninterest income802 807 588 647 — — 
Total revenue3,903 3,442 2,329 2,155 (84)359 
Noninterest expense2,637 2,424 971 905 95 105 
Profit (loss) before credit losses
1,266 1,018 1,358 1,250 (179)254 
Net charge-offs198 117 185 34 54 33 
Income (loss) before income tax expense (benefit)
1,068 901 1,173 1,216 (233)221 
Income tax expense (benefit)
278 230 289 270 (61)56 
Net income (loss)
$790 $671 $884 $946 ($172)$165 
Average Balances:
Total assets$72,477 $66,793 $77,130 $73,344 $14,409 $18,582 
Total loans and leases(1)
66,171 61,480 73,961 69,381 14,332 18,508 
Deposits116,477 113,578 47,221 49,087 — — 
Interest-earning assets66,823 62,262 74,350 69,651 14,332 18,508 
(1) Includes LHFS.
Consumer Banking
Net interest income increased $78 million and $466 million for the three and nine months ended September 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, was also a driver during the nine-month period.
Noninterest income increased $8 million and decreased $5 million for the three and nine months ended September 30, 2023, respectively, compared to the same periods in 2022. The three-month period increase was driven by mortgage banking fees reflecting higher MSR valuation and card fees given higher transaction volumes, partially offset by service charges and fees given the elimination of non-sufficient funds fees. The nine-month period decline was driven by mortgage banking fees reflecting lower production volume and a decline in MSR valuation, and service charges and fees given the elimination of non-sufficient funds fees, partially offset by card fees given higher transaction volumes.
Citizens Financial Group, Inc. | 14

Noninterest expense increased $77 million and $213 million for the three and nine months ended September 30, 2023, respectively, compared to the same periods in 2022, driven by salaries and benefits reflecting the Private Bank start-up investment, equipment and software driven by software maintenance and amortization costs, and other operating expense associated with advertising, fraud losses, and the FDIC deposit insurance surcharge. The increase during the nine-month period was also attributable to acquisition-related costs.
Net charge-offs increased $20 million and $81 million for the three and nine months ended September 30, 2023, respectively, compared to the same periods in 2022, driven by other retail and education as credit losses continue to gradually normalize off pandemic-era lows.
Commercial Banking
Net interest income increased $2 million and $233 million for the three and nine months ended September 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, was also a driver during the nine-month period.
Noninterest income decreased $33 million and $59 million for the three and nine months ended September 30, 2023, respectively, compared to the same periods in 2022. The nine-month period decline was driven by capital markets fees reflecting lower loan syndication and underwriting fees, partially offset by higher M&A advisory fees, and foreign exchange and derivative products revenue reflecting lower client hedging activity. The decline in the nine-month period was partially offset by service charges and fees reflecting the benefit of acquisitions and improvement in Treasury Solutions fees and card fees given higher transaction volumes.
Noninterest expense remained stable and increased $66 million for the three and nine months ended September 30, 2023, respectively, compared to the same periods in 2022. The increase in the nine-month period was driven primarily by salaries and employee benefits, equipment and software driven by software maintenance and amortization costs, other operating expense associated with the FDIC deposit insurance surcharge, and acquisition-related costs.
Net charge-offs increased $55 million and $151 million for the three and nine months ended September 30, 2023, respectively, compared to the same periods in 2022, reflecting an increased net charge-off level in the Commercial Real Estate Office portfolio given return to office dynamics and rising interest rates, and the normalization of credit losses off pandemic-era lows.
Non-Core
Net interest income decreased $111 million and $443 million for the three and nine months ended September 30, 2023, respectively, compared to the same periods in 2022. The decline for both periods was driven by the highest-cost implied marginal funding sources during 2023, including secured borrowings collateralized by auto loans, FHLB advances and, to the extent necessary to fully fund the Non-Core segment, brokered certificates of deposit.
Net charge-offs increased $6 million and $21 million for the three and nine months ended September 30, 2023, respectively, compared to the same periods in 2022, driven by auto as credit losses continue to gradually normalize off pandemic-era lows.
Citizens Financial Group, Inc. | 15

ANALYSIS OF FINANCIAL CONDITION
Securities
Table 6: Amortized Cost and Fair Value of Securities
September 30, 2023December 31, 2022
(dollars in millions)
Amortized
Cost(1)
Fair Value Amortized
Cost		Fair Value
U.S. Treasury and other$4,025 $3,774 $3,678 $3,486 
State and political subdivisions2 2 2 2 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities23,101 20,257 21,250 19,062 
Other/non-agency279 247 280 251 
Total mortgage-backed securities23,380 20,504 21,530 19,313 
Collateralized loan obligations797 789 1,248 1,206 
   Total debt securities available for sale$28,204 $25,069 $26,458 $24,007 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities$8,810 $7,569 $9,253 $8,506 
Total mortgage-backed securities8,810 7,569 9,253 8,506 
Asset-backed securities510 485 581 536 
   Total debt securities held to maturity$9,320 $8,054 $9,834 $9,042 
   Total debt securities available for sale and held to maturity
$37,524 $33,123 $36,292 $33,049 
Equity securities (at cost)(2)
$995 $995 $1,058 $1,058 
Equity securities (at fair value)(2)
163 163 153 153 
(1) Excludes portfolio level basis adjustments of $17 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.
(2) Included in other assets in the Consolidated Balance Sheets.
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 September 30, 2023, U.S. Treasuries and mortgage-backed securities issued by GNMA and GSEs represent 95% of the fair value of our debt securities portfolio, with approximately $26.7 billion 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 September 30, 2023, the portfolio’s average effective duration was 5.2 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)September 30, 2023December 31, 2022Change Percent
Commercial and industrial$46,753 $51,836 ($5,083)(10)%
Commercial real estate29,486 28,865 621 2 
Leases1,218 1,479 (261)(18)
Total commercial77,457 82,180 (4,723)(6)
Residential mortgages30,983 29,921 1,062 4 
Home equity14,729 14,043 686 5 
Automobile9,290 12,292 (3,002)(24)
Education12,134 12,808 (674)(5)
Other retail5,153 5,418 (265)(5)
Total retail72,289 74,482 (2,193)(3)
Total loans and leases$149,746 $156,662 ($6,916)(4)%
The decrease in total loans and leases as of September 30, 2023 compared to December 31, 2022 reflects a $4.7 billion decrease in commercial due to loans sold as part of balance sheet optimization actions and reduced line utilization by commercial clients given the economic environment and higher rates. Retail declined $2.2 billion, given planned Non-Core portfolio runoff in auto, education and other retail, 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 as of September 30, 2023 compared to December 31, 2022 reflects a reserve increase of $78 million. For further information see Note 4.
Table 8: ACL and Related Coverage Ratios by Portfolio
September 30, 2023December 31, 2022
(dollars in millions)Loans and LeasesAllowanceCoverageLoans and LeasesAllowanceCoverage
Allowance for Loan and Lease Losses
Commercial and industrial$46,753 $598 1.28 %$51,836 $581 1.12 %
Commercial real estate29,486 609 2.06 28,865 456 1.58 
Leases1,218 26 2.14 1,479 23 1.59 
Total commercial77,457 1,233 1.59 82,180 1,060 1.29 
Residential mortgages30,983 181 0.59 29,921 207 0.69 
Home equity14,729 107 0.72 14,043 89 0.63 
Automobile9,290 56 0.60 12,292 131 1.07 
Education12,134 261 2.15 12,808 268 2.09 
Other retail5,153 242 4.69 5,418 228 4.21 
Total retail72,289 847 1.17 74,482 923 1.24 
Total loans and leases$149,746 $2,080 1.39 %$156,662 $1,983 1.27 %
Allowance for Unfunded Lending Commitments
Commercial(1)
$192 1.84 %$207 1.54 %
Retail(2)
46 1.23 50 1.31 
     Total allowance for unfunded lending commitments238 257 
Allowance for credit losses$149,746 $2,318 1.55 %$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)September 30, 2023December 31, 2022Change Percent
Commercial and industrial$242 $249 ($7)(3 %)
Commercial real estate470 103 367 356 
Leases3 — 3 — 
Total commercial715 352 363 103 
Residential mortgages190 234 (44)(19)
Home equity268 241 27 11 
Automobile62 56 6 11 
Education23 33 (10)(30)
Other retail38 28 10 36 
Total retail581 592 (11)(2)
Nonaccrual loans and leases$1,296 $944 $352 37 %
Nonaccrual loans and leases to total loans and leases0.87 %0.60 %27  bps
Allowance for loan and lease losses to nonaccrual loans and leases160 %210 %(50 %)
Allowance for credit losses to nonaccrual loans and leases179 %237 %(58 %)
Table 10: Ratio of Net Charge-Offs to Average Loans and Leases
Three Months Ended September 30,
20232022
(dollars in millions)Net Charge-OffsAverage BalanceRatioNet Charge-OffsAverage BalanceRatio
Commercial and industrial$22 $47,658 0.18 %$14 $52,130 0.11 %
Commercial real estate48 29,353 0.65 1 28,388 0.01 
Leases— 1,250 — — 1,529 (0.11)
Total commercial 70 78,261 0.35 15 82,047 0.07 
Residential mortgages(1)30,838 (0.02)— 29,327 0.01 
Home equity(3)14,589 (0.08)(6)13,400 (0.17)
Automobile15 9,849 0.60 11 13,540 0.31 
Education22 12,147 0.72 13 13,081 0.38 
Other retail50 5,107 3.95 41 5,484 3.02 
Total retail83 72,530 0.46 59 74,832 0.32 
Total loans and leases$153 $150,791 0.40 %$74 $156,879 0.19 %
Nine Months Ended September 30,
20232022
(dollars in millions)Net Charge-OffsAverage BalanceRatioNet Charge-OffsAverage BalanceRatio
Commercial and industrial$89 $49,791 0.24 %$35 $49,224 0.10 %
Commercial real estate113 29,122 0.52 1 23,401 — 
Leases(4)1,345 (0.37)— 1,555 (0.02)
Total commercial198 80,258 0.33 36 74,180 0.07 
Residential mortgages— 30,496 — (1)27,113 — 
Home equity(9)14,336 (0.08)(24)12,783 (0.25)
Automobile38 10,920 0.47 23 14,078 0.22 
Education62 12,455 0.66 40 13,086 0.40 
Other retail149 5,184 3.87 108 5,490 2.63 
Total retail240 73,391 0.44 146 72,550 0.27 
Total loans and leases$438 $153,649 0.38 %$182 $146,730 0.17 %
For the three and nine months ended September 30, 2023, the net charge-off ratio increased 21 basis points compared to the same periods in 2022. Net charge-offs increased $79 million and $256 million, respectively, compared to the same periods.
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For the three months ended September 30, 2023, the increase in net charge-offs reflects a $24 million increase in retail, primarily education and other retail, and a $55 million increase in commercial driven by Commercial Real Estate Office. For the nine months ended September 30, 2023, the increase in net charge-offs reflects a $94 million increase in retail, primarily other retail and education, and a $162 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. Retail is increasing from pandemic lows as expected.
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 $9.0 billion at September 30, 2023 increased $3.4 billion compared with December 31, 2022.
Commercial and industrial criticized balances of $3.8 billion at September 30, 2023, increased from $3.1 billion at December 31, 2022, primarily driven by the impact of rising interest rates and certain sector-specific labor challenges in the Arts, Entertainment and Recreation sector, as well as the trade sectors.
Commercial real estate criticized balances of $5.1 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 98% 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.
Citizens Financial Group, Inc. | 19

Table 11: Commercial Loans and Leases
September 30, 2023December 31, 2022
(dollars in millions)Balance% of
Total Loans and Leases		Balance% of
Total Loans and Leases
Industry Sector
Finance and insurance
Capital call facilities$6,900 4 %$6,753 4 %
Other finance and insurance5,948 4 5,310 3 
Other manufacturing3,810 2 4,474 3 
Technology3,593 2 4,367 3 
Accommodation and food services2,975 2 3,572 2 
Health, pharma, and social assistance2,685 2 3,056 2 
Professional, scientific, and technical services2,507 2 3,067 2 
Wholesale trade2,540 2 2,955 2 
Retail trade2,533 2 2,391 2 
Other services2,388 1 2,713 2 
Energy and related2,055 1 2,299 1 
Rental and leasing1,119 1 1,542 1 
Consumer products manufacturing976 1 1,511 1 
Administrative and waste management1,516 1 1,710 1 
Arts, entertainment, and recreation1,578 1 1,587 1 
Automotive996 1 1,316 1 
Other(1)
2,634 2 3,091 2 
Total commercial and industrial46,753 31 51,715 33 
Property type
Multi-family9,043 6 8,696 6 
Office6,098 4 6,253 4 
Retail3,489 2 3,208 2 
Industrial3,800 3 3,344 2 
Co-op1,815 1 1,824 1 
Data center961 1 870 1 
Hospitality639 — 638 — 
Other(1)
3,641 3 4,032 2 
Total commercial real estate29,486 20 28,865 18 
Total leases1,218 1 1,479 1 
Total commercial(2)
$77,457 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. FICO credit scores represent current and historical national industry-wide consumer level credit performance data, which management believes are the strongest indicator of potential credit losses over the contractual life of the loan and a good predictor of a borrower’s future payment performance.
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Table 12: Retail Loan Portfolio Analysis
September 30, 2023December 31, 2022
Days Past Due and AccruingDays Past Due and Accruing
Current30-5960-8990+NonaccrualCurrent30-5960-8990+Nonaccrual
Residential mortgages(1)
98.17 %0.36 %0.16 %0.70 %0.61 %97.68 %0.32 %0.15 %1.07 %0.78 %
Home equity97.43 0.56 0.19 — 1.82 97.68 0.46 0.14 — 1.72 
Automobile97.21 1.58 0.54 — 0.67 97.93 1.24 0.37 — 0.46 
Education99.19 0.39 0.21 0.02 0.19 99.30 0.28 0.13 0.03 0.26 
Other retail97.30 0.95 0.60 0.41 0.74 97.71 0.81 0.55 0.41 0.52 
Total retail98.01 %0.60 %0.26 %0.33 %0.80 %98.02 %0.52 %0.21 %0.46 %0.79 %
(1) 90+ days past due and accruing includes $216 million and $316 million of loans fully or partially guaranteed by the FHA, VA, and USDA at September 30, 2023 and December 31, 2022, respectively.
Table 13: Retail Asset Quality Metrics
September 30, 2023December 31, 2022
Average refreshed FICO for total portfolio772 770 
CLTV ratio for secured real estate(1)
51 %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)September 30, 2023% of Total DepositsDecember 31, 2022% of Total Deposits
Demand$38,561 22 %$49,283 27 %
Money market53,517 30 49,905 28 
Checking with interest33,355 19 39,721 22 
Savings29,139 16 29,805 16 
Term23,625 13 12,010 7 
Total deposits$178,197 100 %$180,724 100 %
Total deposits as of September 30, 2023 decreased compared to December 31, 2022, driven by rate-related outflows. In addition, as rates rose another 25 basis points in the third quarter of 2023, we saw continued migration of lower cost deposits to higher-yielding products, with non-interest bearing deposits now representing approximately 22% of our total deposits.
Table 15: Insured/Secured Deposits
(dollars in millions)September 30, 2023
Total deposits$178,197 
Estimated uninsured deposits(1)
77,278 
Less: Uninsured affiliate deposits eliminated in consolidation15,596 
Less: Secured deposits(1)
8,476 
CFG adjusted estimated uninsured, excluding secured deposits53,206 
Total estimated insured/secured deposits$124,991 
Insured/secured deposits to total deposits70 %
(1) As reported on CBNA’s September 30, 2023 Call Report.
Estimated CFG insured/secured deposits totaled $125.0 billion, comprised of $116.5 billion of insured deposits and $8.5 billion of collateralized preferred deposits from states and municipalities, making up 70% of our consolidated deposit base of $178.2 billion as of September 30, 2023.
Citizens Financial Group, Inc. | 21

Borrowed Funds
Total borrowed funds of $17.6 billion as of September 30, 2023 increased $1.7 billion compared to December 31, 2022, primarily driven by the issuance of secured borrowings collateralized by auto loans, partially offset by a decline in FHLB advances. For more information regarding our borrowed funds, see “Liquidity” and Note 8.
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. 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 was 3.4%, effective through 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 16: Regulatory Capital Ratios Under the U.S. Basel III Standardized Rules
September 30, 2023December 31, 2022
(dollars in millions)AmountRatioAmountRatio
Required Minimum Capital Ratio(1)
CET1 capital
CFG$18,360 10.4 %$18,574 10.0 %7.9 %
CBNA19,490 11.1 20,669 11.2 7.0 
Tier 1 capital
CFG20,374 11.5 20,588 11.1 9.4 
CBNA19,490 11.1 20,669 11.2 8.5 
Total capital
CFG23,682 13.4 23,755 12.8 11.4 
CBNA22,535 12.8 23,534 12.7 10.5 
Tier 1 leverage
CFG20,374 9.4 20,588 9.3 4.0 
CBNA19,490 9.1 20,669 9.4 4.0 
Risk-weighted assets
CFG176,407 185,224 
CBNA175,865 184,781 
Quarterly adjusted average assets(2)
CFG215,877 220,779 
CBNA215,241 220,182 
(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 September 30, 2023, CFG’s CET1 and tier 1 capital ratios increased compared to December 31, 2022. Net income and a $8.8 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 September 30, 2023, CBNA’s CET1 and tier 1 capital ratios decreased slightly compared to December 31, 2022. Dividend payments 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 $8.9 billion decrease in RWA, primarily driven by lower commercial and auto loans.
At September 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 September 30, 2023, CFG’s tier 1 leverage ratio increased whereas CBNA’s tier 1 leverage ratio decreased compared to December 31, 2022. CFG and CBNA’s tier 1 leverage ratios reflect a decline in quarterly adjusted average assets and their respective changes in tier 1 capital described above.
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Table 17: Capital Composition Under the U.S. Basel III Capital Framework
(dollars in millions)September 30, 2023December 31, 2022
Total common stockholders' equity$20,864 $21,676 
Exclusions:
Modified CECL transitional amount192 288 
Net unrealized (gains)/losses recorded in accumulated other comprehensive income (loss), net of tax:
Debt securities3,198 2,771 
Derivatives1,681 1,416 
Unamortized net periodic benefit costs364 373 
Deductions:
Goodwill, net of deferred tax liability(7,793)(7,780)
Other intangible assets, net of deferred tax liability(143)(170)
Deferred tax assets that arise from tax loss and credit carryforwards(3)— 
Total common equity tier 1 capital18,360 18,574 
Qualifying preferred stock 2,014 2,014 
Total tier 1 capital20,374 20,588 
Qualifying subordinated debt(1)
1,388 1,427 
Allowance for credit losses2,318 2,240 
Exclusions from tier 2 capital:
Modified AACL transitional amount(249)(374)
Allowance on PCD assets(149)(126)
Adjusted allowance for credit losses1,920 1,740 
    Total capital$23,682 $23,755 
(1) As of September 30, 2023 and December 31, 2022, the amount of non-qualifying subordinated debt excluded from regulatory capital was $411 million and $367 million, respectively. See Note 8 for more details on our outstanding subordinated debt.
Capital Transactions
We completed the following capital transactions during the nine months ended September 30, 2023:
•Repurchased $906 million of our outstanding common stock;
•Declared quarterly common stock dividends of $0.42 per share, aggregating to $609 million; and
•Declared preferred stock dividends aggregating to $87 million.
For additional detail regarding our common and preferred stock dividends see Note 11.
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, and regulatory considerations.
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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.
Proposals addressing the regulatory tailoring framework and capital requirements were issued by the regulatory agencies during the third quarter of 2023. See “Proposed Regulatory Capital Revisions”, “Proposed Long-Term Debt Requirements”, and “Proposed Resolution Plan Requirements” below for more information.
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 - 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 SVB 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 firms I through IV. 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. 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. If the rule is adopted as proposed, the Company estimates as of September 30, 2023 a pro forma CET1 ratio of 8.3% adjusted for the AOCI opt-out removal. In addition, the Basel III “Endgame” proposal is estimated to modestly increase RWA on a fully phased-in basis. Comments on the proposal are due by January 16, 2024. We continue 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.
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The following table presents our regulatory capital ratios including the AOCI impact from securities and pension, which we believe provides useful information in light of recent events and the potential for change in the regulatory capital framework.
Table 18: AOCI Impact on Regulatory Capital
September 30, 2023
CFGCBNA
(dollars in millions)CET1Tier 1TotalCET1Tier 1Total
Regulatory capital, including AOCI impact:
Regulatory capital (as reported)$18,360 $20,374 $23,682 $19,490 $19,490 $22,535 
Unrealized gains (losses) on securities and pension(3,562)(3,562)(3,562)(3,542)(3,542)(3,542)
Deferred tax assets - securities and pension AOCI(28)(28)(28)(29)(29)(29)
Regulatory capital, including AOCI impact (non-GAAP)$14,770 $16,784 $20,092 $15,919 $15,919 $18,964 
Risk-weighted assets, including AOCI impact:
Risk-weighted assets (as reported)$176,407 $176,407 $176,407 $175,865 $175,865 $175,865 
Unrealized gains (losses) on securities and pension(891)(891)(891)(873)(873)(873)
Deferred tax assets - securities and pension AOCI2,903 2,903 2,903 2,881 2,881 2,881 
Risk-weighted assets, including AOCI impact (non-GAAP)$178,419 $178,419 $178,419 $177,873 $177,873 $177,873 
Ratio:
Regulatory capital ratio (as reported)10.4 %11.5 %13.4 %11.1 %11.1 %12.8 %
Regulatory capital ratio, including AOCI impact (non-GAAP)8.3 %9.4 %11.3 %8.9 %8.9 %10.7 %
Proposed Long-Term Debt Requirements
On August 29, 2023, the FRB, FDIC and OCC issued a proposal that would require large bank holding companies and IDIs with total assets of $100 billion or more, including the Company and CBNA, to maintain a minimum amount of long-term debt. The joint agency proposal aims to increase the resolvability and resiliency of large banking organizations by mandating a long-term debt requirement to provide the regulatory agencies additional resources to resolve failed banking organizations, foster depositor confidence, and decrease costs to the DIF in the event of a large banking organization failure. Under the proposal, large bank holding companies and IDIs would each be required to maintain a minimum amount of eligible long-term debt equal to the greater of 6 percent of RWA, 3.5 percent of average total consolidated assets, and 2.5 percent of total leverage exposure for those banks subject to the supplementary leverage ratio. The proposal also prohibits large banking organizations from engaging in certain activities that could complicate their resolution and discourages them from holding long-term debt issued by other banks to reduce interconnectedness. The proposal provides for a three-year transition period, with 25 percent of the long-term debt requirement to be met one year after the rule is finalized, 50 percent after two years, and 100 percent after three years. If the rule is adopted as proposed, the Company estimates as of September 30, 2023 that approximately $4 billion of incremental eligible long-term debt will need to be issued to meet the minimum requirement. Comments on the proposal are due by November 30, 2023. We continue to evaluate the full impact of the proposal.
Proposed Resolution Plan Requirements
On August 29, 2023, the FDIC issued a proposal that would require IDIs with total assets of $100 billion or more, including CBNA, to submit more robust resolution plans biennially that include a comprehensive strategy from the point of failure to liquidation or return of the institution to the private sector. The identified strategy must ensure timely access to insured deposits, maximize value from the sale or disposition of assets, minimize losses realized by creditors, and address potential risks of adverse effects on U.S. economic conditions or financial stability. In addition, the strategy would generally expect, but not require, a default scenario whereby the FDIC, as receiver of the failed institution, operates the institution under a bridge bank. The proposal also enhances how the credibility of resolution plans will be assessed, expands expectations regarding engagement and capabilities testing, and requires IDIs to demonstrate the capability to promptly establish a virtual data room in the run-up to or upon failure. The proposal provides that IDIs submit their initial resolution plan no earlier than 270 days from the effective date of the amended rule. Comments on the proposal are due by November 30, 2023. We are in the process of evaluating the impact of the proposal on our business.
Citizens Financial Group, Inc. | 27

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 September 30, 2023 and 2022, the Parent Company declared dividends on common stock of $199 million and $209 million, respectively, and declared dividends on preferred stock of $30 million and $25 million, respectively.
During the nine months ended September 30, 2023 and 2022, the Parent Company declared dividends on common stock of $609 million and $569 million, respectively, and declared dividends on preferred stock of $87 million and $81 million, respectively.
During the nine months ended September 30, 2023, the Parent Company repurchased $906 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 $2.8 billion and $1.6 billion as of September 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 96.9% and 101.2% as of September 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 8.
During the nine months ended September 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 $3.5 billion of secured borrowings collateralized by auto loans.
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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 19: Credit Ratings
 September 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
We currently have a “stable” outlook at Standard & Poor’s, a “negative” outlook at Moody’s and a “stable” outlook at Fitch. Changes in our public credit ratings could affect both the cost and availability of our wholesale funding.
Existing and evolving regulatory liquidity requirements represent another key driver of systemic liquidity conditions and liquidity management practices. The FRB, 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. The Company is eligible to borrow under this program based on its existing eligibility for primary credit under the FRB discount window. The Company has taken steps to support readiness but has not participated in the program through September 30, 2023.
As of September 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 84.0%;
◦Estimated insured/secured deposits comprise 70% of our consolidated deposit base of $178.2 billion.
•Our total available liquidity, comprised of contingent liquidity and available discount window capacity, was approximately $75.2 billion;
◦Contingent liquidity was $53.3 billion, consisting of unencumbered high-quality liquid securities of $26.7 billion, unused FHLB capacity of $12.7 billion, and our cash balances at the FRB of $13.9 billion; and
◦Available discount window capacity was $21.9 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 nine months ended September 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 12.
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 September 30, 2023.
Our ACL as of September 30, 2023 accounts for an economic forecast over our two-year reasonable and supportable period with implied peak unemployment of approximately 6% and peak-to-trough GDP decline of approximately 1.0%. This forecast reflects a mild recession over the two-year reasonable and supportable period. This compares to our December 31, 2022 forecast which reflected peak unemployment of approximately 6% with a 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 reflects deeper real GDP contraction across our two-year reasonable and supportable forecast period, resulting in a 1.7% 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 $224 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.
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Goodwill
The acquisition method of accounting requires that assets acquired and liabilities assumed in business combinations are recorded at their fair values. Business combinations typically result in goodwill, which is subject to ongoing periodic impairment tests based on the fair values of the reporting units to which the goodwill has been attributed. We review the goodwill of each reporting unit for impairment on an annual basis as of October 31st or more frequently if events or circumstances change that indicate an impairment may exist. When assessing goodwill for impairment, a qualitative assessment may be made to determine whether it is more-likely-than-not that the fair value of a reporting unit is below its carrying value. Alternatively, a quantitative assessment may be performed without performing a qualitative assessment.
The process of evaluating the fair value of a reporting unit is subjective, involving management assumptions and estimates and the use of external or internal valuations. Valuation techniques include discounted cash flow and market approach analysis.
Cash flow projections are based on multi-year financial forecasts developed for each reporting unit that consider key business drivers such as new business initiatives, customer retention standards, market share changes, anticipated loan and deposit growth, fees and expenses, forward interest rates, historical performance, credit performance, and industry and economic trends, among other considerations.
Under the market approach, valuation of our reporting units considers a combination of earnings and equity multiples from companies with characteristics similar to the reporting unit. Since the fair values determined under the market approach are representative of non-controlling interests, the valuations incorporate a control premium.
At September 30, 2023, goodwill totaled $8.2 billion, assigned to our reporting units as follows: $5.5 billion to Commercial Banking and $2.7 billion to Consumer Banking.
We performed a quantitative goodwill impairment assessment in the third quarter of 2023 in response to stress in the banking sector and associated market conditions. Based on this quantitative assessment, we concluded that the estimated fair value of the Consumer Banking and Commercial Banking reporting units exceeded their carrying value. The estimated fair value of our Commercial Banking reporting unit was not substantially in excess of its carrying value in the quantitative assessment due to impacts from the broader banking environment and the relative amount of pre-IPO goodwill attributed to the unit.
We also performed a sensitivity analysis around the assumptions used and the resulting estimated fair values in the quantitative assessment. While the sensitivity analysis did not indicate an impairment of a reporting unit in the third quarter of 2023, continued stress in the banking sector, financial markets, or our common stock price, among other factors, could lead to an impairment of our goodwill.
For additional information regarding Goodwill, see Note 6 of this report and Note 10 in our 2022 Form 10-K.
RISK GOVERNANCE
We are committed to maintaining a strong, integrated, and proactive approach to the management of all risks to which we are exposed in pursuit of our business objectives. A key aspect of our Board’s responsibility as the main decision making body is setting our risk appetite to ensure that the levels of risk that we are willing to accept in the attainment of our strategic business and financial objectives are clearly understood.
To enable our Board to carry out its objectives, it has delegated authority for risk management activities, as well as governance and oversight of those activities, to a number of Board and executive management level risk committees. The Executive Risk Committee, 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.
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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.
The table below presents the sensitivity of net interest income to various parallel yield curve shifts from the market implied forward yield curve:
Table 20: Sensitivity of Net Interest Income
Estimated % Change in Net Interest Income over 12 Months
Basis pointsSeptember 30, 2023December 31, 2022
Instantaneous Change in Interest Rates  
+2000.7 %4.8 %
+1000.6 2.4 
-100(1.6)(2.5)
-200(4.1)(5.6)
Gradual Change in Interest Rates
+200— %2.7 %
+1000.1 1.4 
-100(0.9)(1.4)
-200(2.1)(3.0)
We continue to manage asset sensitivity within the scope of our policy, changing market conditions and changes in our balance sheet. The Company’s base case net interest income assumes the forward rate path implied by the yield curve is realized, which reflects a Fed Funds rate of 5.50% at the end of 2023 and 4.75% at the end of 2024, reflecting three 25 basis point reductions beginning mid-2024. The rate risk exposure is then measured based on assumed changes from that base case rate path.
Asset sensitivity to a 200-basis point gradual increase in rates above the base case forward curve was approximately neutral on September 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 exposure to rates below the forward curve exhibits a higher degree of sensitivity as deposit betas are expected to have an initial lagged response over the twelve-month horizon. 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.
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We use a valuation measure of exposure to structural interest rate risk, EVE, as a supplement to net interest income simulations. EVE complements net interest income simulation analysis as it estimates risk exposure over a long-term horizon. EVE measures the extent to which the economic value of assets, liabilities and off-balance sheet instruments may change in response to fluctuations in interest rates. This analysis is highly dependent upon assumptions applied to assets and liabilities with non-contractual maturities. We employ sophisticated models for prepayments and deposit pricing and attrition, which provide a granular view of cash flows based on the unique characteristics of the underlying products and customer segments. The change in value is expressed as a percentage of regulatory capital.
We use interest rate contracts as part of our ALM strategy to manage exposure to the variability in the interest cash flows on our floating-rate assets and wholesale funding, the variability in the fair value of AFS securities, and to hedge market risk on fixed-rate capital markets debt issuances.
The following table presents interest rate derivative contracts that we have entered into as of September 30, 2023 and December 31, 2022.
Table 21: Interest Rate Derivative Contracts Used to Manage Non-Trading Interest Rate Exposure
September 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$472 6.2 3.7 %5.3 %$— — — %— %
Liability conversion swaps:
Long-term borrowed funds:
Receive fixed/pay 3-month LIBOR— — — — 1,000 1.6 2.7 4.7 
Receive fixed/pay SOFR
500 2.1 2.6 5.6 — — — — 
Total fair value hedges972 1,000 
Cash flow hedges:
Asset conversion swaps:
Loans:
Swaps
Receive fixed/pay SOFR19,780 0.7 4.4 5.3 500 2.7 3.5 4.3 
Receive fixed/pay SOFR - forward-starting34,250 3.0 3.3 5.1 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 SOFR7,000 0.6 — 5.3/5.3— — — — 
Receive SOFR/pay 1-month term SOFR - forward-starting14,500 2.9 — 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 2.1 2.6 3.9 1,500 2.8 2.6 3.9 
Floor spreads - forward-starting(2)
2,500 3.0 2.2/3.2— — — — — 
Total cash flow hedges79,530 39,750 
Total hedges$80,502 $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.
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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 22: Average Active Notional for Interest Rate Derivative Contracts
Year Ended
(dollars in millions)202320242025202620272028
Fair value hedges
Pay fixed/receive SOFR(1)
$472 $472 $472 $472 $472 $472 
Receive fixed/pay SOFR(2)
500 500 441 — — — 
Cash flow hedges
Receive fixed/pay SOFR(2)
20,503 25,783 30,094 21,900 7,589 210 
Receive SOFR/pay 1-month term SOFR7,582 11,311 12,052 8,721 1,952 — 
Interest rate collars
315 1,260 1,001 240 — — 
Floor spreads
— 1,488 2,500 1,467 460 — 
Total$29,372 $40,814 $46,560 $32,800 $10,473 $682 
Weighted average receive fixed rate4.2 %3.2 %3.2 %3.5 %3.7 %2.6 %
Weighted average pay fixed rate3.7 3.7 3.7 3.7 3.7 3.7 
(1) Pay fixed rate leg of the interest rate derivative contract is included in the computation of the weighted average pay fixed rate.
(2) Receive fixed rate leg of the interest rate derivative contract is included in the computation of the weighted average receive fixed rate.
Table 23: 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 September 30,Nine Months Ended September 30,
(dollars in millions)2023202220232022
Amount of pre-tax net gains (losses) recognized in OCI($326)($996)($773)($1,901)
Amount of pre-tax net gains (losses) reclassified from AOCI into interest income(156)(48)(420)1 
Amount of pre-tax net gains (losses) reclassified from AOCI into interest expense(1)2 — (4)
Using the interest rate curve at September 30, 2023, we estimate that approximately $904 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 $462 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 September 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;
•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
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•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 were complete, with ongoing monitoring for LIBOR-based financial instruments that will transition to alternative rates at their next interest rate reset date.
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 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 September 30, 2023 and December 31, 2022, the fair value of our MSRs was $1.6 billion and $1.5 billion, respectively, and the total notional amount of related derivative contracts was $18.6 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.
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Trading Risk
We are exposed to market risk primarily through client facilitation activities including derivatives and foreign exchange products as well as underwriting and market making activities. Exposure is created as a result of changes in interest rates and related basis spreads and volatility, foreign exchange rates, equity prices, and credit spreads on a select range of interest rates, foreign exchange, commodities, equity securities, corporate bonds and secondary loan instruments. These securities underwriting and trading activities are conducted through CBNA and Citizens JMP Securities, LLC. There have been no significant changes in our market risk governance, market risk measurement, or market risk practices including VaR, stressed VaR, sensitivity analysis, stress testing, or VaR model review and validation as described in “Market Risk — Trading Risk” in our 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 24: Results of Modeled and Non-Modeled Measures for Regulatory Capital Calculations
(dollars in millions)For the Three Months Ended September 30, 2023For the Three Months Ended September 30, 2022
Market Risk Category 
Period End
Average
HighLowPeriod EndAverageHighLow
Interest Rate$5 $3 $5 $2 $2 $1 $2 $1 
Foreign Exchange Currency Rate— — — — — — — — 
Credit Spread1 1 2 1 2 2 3 2 
Commodity— — — — — — — — 
General VaR5 4 6 3 3 3 4 2 
Specific Risk VaR— — — — — — — — 
Total VaR$5 $4 $6 $3 $3 $3 $4 $2 
Stressed General VaR$6 $7 $10 $4 $11 $13 $16 $9 
Stressed Specific Risk VaR— — — — — — — — 
Total Stressed VaR$6 $7 $10 $4 $11 $13 $16 $9 
Market Risk Regulatory Capital$34 $48 
Specific Risk Not Modeled Add-on21 23 
de Minimis Exposure Add-on— 2 
Total Market Risk Regulatory Capital$55 $73 
Market Risk-Weighted Assets$681 $909 
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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 September 30, 2023.
Q3 2023 Backtesting Graph 10Q.gif
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NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
For more information on the computation of our non-GAAP financial measures, see “Introduction — Non-GAAP Financial Measures,” included in this Report. The following table presents computations of non-GAAP financial measures representing our “Underlying” results used in the MD&A:
Table 25: Reconciliations of Non-GAAP Measures
  As of and for the Three Months Ended September 30,As of and for the Nine Months Ended September 30,
(dollars in millions, except per share data)Ref.2023202220232022
Noninterest income, Underlying:
Noninterest income (GAAP)A$492 $512 $1,483 $1,504 
Less: Notable items— — — (31)
Noninterest income, Underlying (non-GAAP)B$492 $512 $1,483 $1,535 
Total revenue, Underlying:
Total revenue (GAAP)C$2,014 $2,177 $6,236 $5,821 
Less: Notable items— — — (31)
Total revenue, Underlying (non-GAAP)D$2,014 $2,177 $6,236 $5,852 
Noninterest expense, Underlying:
Noninterest expense (GAAP)E$1,293 $1,241 $3,895 $3,652 
Less: Notable items22 46 161 219 
Noninterest expense, Underlying (non-GAAP)F$1,271 $1,195 $3,734 $3,433 
Pre-provision profit:
Total revenue (GAAP)C$2,014 $2,177 $6,236 $5,821 
Less: Noninterest expense (GAAP)E1,293 1,241 3,895 3,652 
Pre-provision profit (GAAP)$721 $936 $2,341 $2,169 
Pre-provision profit, Underlying
Total revenue, Underlying (non-GAAP)D$2,014 $2,177 $6,236 $5,852 
Less: Noninterest expense, Underlying (non-GAAP)F1,271 1,195 3,734 3,433 
Pre-provision profit, Underlying (non-GAAP)$743 $982 $2,502 $2,419 
Provision (benefit) for credit losses, Underlying:
Provision (benefit) for credit losses (GAAP)$172 $123 $516 $342 
Less: Notable items— — — 169 
Provision (benefit) for credit losses, Underlying (non-GAAP)$172 $123 $516 $173 
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)G$549 $813 $1,825 $1,827 
Less: Income (expense) before income tax expense (benefit) related to notable items
(22)(46)(161)(419)
Income before income tax expense, Underlying (non-GAAP)H$571 $859 $1,986 $2,246 
Income tax expense and effective income tax rate, Underlying:
Income tax expense (GAAP)I$119 $177 $406 $407 
Less: Income tax expense (benefit) related to notable items(4)(13)(41)(99)
Income tax expense, Underlying (non-GAAP)J$123 $190 $447 $506 
Effective income tax rate (GAAP)I/G21.51 %21.80 %22.24 %22.29 %
Effective income tax rate, Underlying (non-GAAP)J/H21.69 22.00 22.55 22.50 
Net income, Underlying:
Net income (GAAP)K$430 $636 $1,419 $1,420 
Add: Notable items, net of income tax benefit18 33 120 320 
Net income, Underlying (non-GAAP)L$448 $669 $1,539 $1,740 
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)M$400 $611 $1,332 $1,339 
Add: Notable items, net of income tax benefit18 33 120 320 
Net income available to common stockholders, Underlying (non-GAAP)N$418 $644 $1,452 $1,659 
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)O$21,177 $22,246 $21,721 $21,875 
Return on average common equityM/O7.50 %10.91 %8.20 %8.19 %
Return on average common equity, Underlying (non-GAAP)
N/O7.82 11.52 8.93 10.15 

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  As of and for the Three Months Ended September 30,As of and for the Nine Months Ended September 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$21,177 $22,246 $21,721 $21,875 
Less: Average goodwill (GAAP)8,188 8,131 8,182 7,771 
Less: Average other intangibles (GAAP)173 228 182 174 
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)422 424 422 408 
Average tangible common equity P$13,238 $14,311 $13,779 $14,338 
Return on average tangible common equity M/P12.00 %16.96 %12.93 %12.49 %
Return on average tangible common equity, Underlying (non-GAAP)N/P12.51 17.91 14.09 15.48 
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)Q$220,162 $225,473 $221,739 $211,722 
Return on average total assetsK/Q0.78 %1.12 %0.86 %0.90 %
Return on average total assets, Underlying (non-GAAP)L/Q0.81 1.18 0.93 1.10 
Return on average total tangible assets and return on average total tangible assets, Underlying: 
Average total assets (GAAP)Q$220,162 $225,473 $221,739 $211,722 
Less: Average goodwill (GAAP)8,188 8,131 8,182 7,771 
Less: Average other intangibles (GAAP)173 228 182 174 
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)422 424 422 408 
Average tangible assets R$212,223 $217,538 $213,797 $204,185 
Return on average total tangible assets K/R0.81 %1.16 %0.89 %0.93 %
Return on average total tangible assets, Underlying (non-GAAP)L/R0.84 1.22 0.96 1.14 
Efficiency ratio and efficiency ratio, Underlying: 
Efficiency ratio E/C64.21 %57.02 %62.45 %62.74 %
Efficiency ratio, Underlying (non-GAAP)F/D63.08 54.90 59.87 58.67 
Noninterest income as a % of total revenue, Underlying:
Noninterest income as a % of total revenueA/C24.44 %23.54 %23.78 %25.84 %
Noninterest income as a % of total revenue, Underlying (non-GAAP)B/D24.44 23.54 23.78 26.24 
Operating leverage and operating leverage, Underlying:
(Decrease) increase in total revenue(7.47)%31.19 %7.15 %18.14 %
Increase in noninterest expense4.20 22.79 6.67 20.92 
Operating leverage(11.67)%8.40 %0.48 %(2.78)%
(Decrease) increase in total revenue, Underlying (non-GAAP)(7.47)%31.19 %6.58 %18.77 %
Increase in noninterest expense, Underlying (non-GAAP)6.31 20.96 8.77 15.73 
Operating leverage, Underlying (non-GAAP)(13.78)%10.23 %(2.19 %)3.04 %
Tangible book value per common share:
Common shares - at period end (GAAP)S466,221,795 495,843,793 466,221,795 495,843,793 
Common stockholders' equity (GAAP)$20,864 $21,132 $20,864 $21,132 
Less: Goodwill (GAAP)8,188 8,160 8,188 8,160 
Less: Other intangible assets (GAAP)167 199 167 199 
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)421 424 421 424 
Tangible common equityT$12,930 $13,197 $12,930 $13,197 
Tangible book value per common shareT/S$27.73 $26.62 $27.73 $26.62 
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)U469,481,085 495,651,083 478,073,507 470,118,265 
Average common shares outstanding - diluted (GAAP)V471,183,719 497,477,501 479,733,008 471,958,310 
Net income per average common share - basic (GAAP)M/U$0.85 $1.23 $2.79 $2.85 
Net income per average common share - diluted (GAAP)M/V0.85 1.23 2.78 2.84 
Net income per average common share - basic, Underlying (non-GAAP)N/U0.89 1.30 3.04 3.53 
Net income per average common share - diluted, Underlying (non-GAAP)N/V0.89 1.30 3.03 3.52 
Dividend payout ratio and dividend payout ratio, Underlying:
Cash dividends declared and paid per common shareW$0.42 $0.42 $1.26 $1.20 
Dividend payout ratioW/(M/U)49 %34 %45 %42 %
Dividend payout ratio, Underlying (non-GAAP)W/(N/U)47 32 41 34 
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ITEM 1. FINANCIAL STATEMENTS

Page

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CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(dollars in millions, except par value)September 30, 2023December 31, 2022
ASSETS:
Cash and due from banks(1)
$1,395 $1,489 
Interest-bearing cash and due from banks14,005 9,058 
Interest-bearing deposits in banks324 303 
Debt securities available for sale, at fair value (including $402 and $270 pledged to creditors, respectively)(2)
25,069 24,007 
Debt securities held to maturity (fair value of $8,054 and $9,042 respectively, and including $225 and $110 pledged to creditors, respectively)(2)
9,320 9,834 
Loans held for sale, at fair value749 774 
Other loans held for sale99 208 
Loans and leases
149,746 156,662 
Less: Allowance for loan and lease losses(2,080)(1,983)
Net loans and leases(1)
147,666 154,679 
Derivative assets522 842 
Premises and equipment, net878 844 
Bank-owned life insurance3,275 3,236 
Goodwill8,188 8,173 
Other intangible assets(3)
167 197 
Other assets(1)
13,613 13,089 
TOTAL ASSETS$225,270 $226,733 
LIABILITIES AND STOCKHOLDERS’ EQUITY:
LIABILITIES:
Deposits:
Noninterest-bearing$38,561 $49,283 
Interest-bearing139,636 131,441 
          Total deposits178,197 180,724 
Short-term borrowed funds232 3 
Derivative liabilities2,109 1,909 
Long-term borrowed funds(1)
17,354 15,887 
Other liabilities(1)
4,500 4,520 
TOTAL LIABILITIES202,392 203,043 
Commitments and Contingencies (refer to Note 12)
STOCKHOLDERS’ EQUITY:
Preferred stock:
$25.00 par value,100,000,000 shares authorized; 2,050,000 shares issued and outstanding at September 30, 2023 and December 31, 2022
2,014 2,014 
Common stock:
$0.01 par value, 1,000,000,000 shares authorized; 647,632,105 shares issued and 466,221,795 shares outstanding at September 30, 2023 and 645,220,018 shares issued and 492,282,158 shares outstanding at December 31, 2022
6 6 
Additional paid-in capital22,231 22,142 
Retained earnings9,856 9,159 
Treasury stock, at cost, 181,410,310 and 152,937,860 shares at September 30, 2023 and December 31, 2022, respectively
(5,986)(5,071)
Accumulated other comprehensive income (loss)(5,243)(4,560)
TOTAL STOCKHOLDERS’ EQUITY22,878 23,690 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$225,270 $226,733 
(1) Includes amounts in consolidated VIEs. See Note 7 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. | 42

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended September 30,Nine Months Ended September 30,
 (dollars in millions, except per share data)2023202220232022
INTEREST INCOME:
Interest and fees on loans and leases$2,166 $1,657 $6,345 $4,075 
Interest and fees on loans held for sale20 18 55 51 
Interest and fees on other loans held for sale 8 15 25 47 
Investment securities 290 243 823 582 
Interest-bearing deposits in banks 111 36 280 53 
Total interest income2,595 1,969 7,528 4,808 
INTEREST EXPENSE:
Deposits 898 176 2,171 255 
Short-term borrowed funds8 11 36 21 
Long-term borrowed funds167 117 568 215 
Total interest expense1,073 304 2,775 491 
Net interest income1,522 1,665 4,753 4,317 
Provision (benefit) for credit losses172 123 516 342 
Net interest income after provision (benefit) for credit losses1,350 1,542 4,237 3,975 
NONINTEREST INCOME:
Service charges and fees105 109 306 315 
Capital markets fees67 89 232 270 
Card fees74 71 226 202 
Mortgage banking fees69 66 185 207 
Trust and investment services fees63 61 191 188 
Foreign exchange and derivative products48 42 140 153 
Letter of credit and loan fees43 40 126 118 
Securities gains, net5 — 19 5 
Other income18 34 58 46 
Total noninterest income492 512 1,483 1,504 
NONINTEREST EXPENSE:
Salaries and employee benefits659 639 1,932 1,916 
Outside services160 172 513 530 
Equipment and software191 159 541 478 
Occupancy107 106 367 300 
Other operating expense176 165 542 428 
Total noninterest expense1,293 1,241 3,895 3,652 
Income before income tax expense 549 813 1,825 1,827 
Income tax expense119 177 406 407 
NET INCOME$430 $636 $1,419 $1,420 
Net income available to common stockholders$400 $611 $1,332 $1,339 
Weighted-average common shares outstanding:
Basic469,481,085 495,651,083 478,073,507 470,118,265 
Diluted471,183,719 497,477,501 479,733,008 471,958,310 
Per common share information:
Basic earnings $0.85 $1.23 $2.79 $2.85 
Diluted earnings 0.85 1.23 2.78 2.84 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
Citizens Financial Group, Inc. | 43

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in millions)2023202220232022
Net income$430 $636 $1,419 $1,420 
Other comprehensive income (loss):
Net unrealized derivative instruments gains (losses) arising during the periods, net of income taxes of ($78), ($258), ($193) and ($494), respectively
(248)(738)(580)(1,407)
Reclassification adjustment for net derivative (gains) losses included in net income, net of income taxes of $37, $12, $105 and $1, respectively
120 34 315 2 
Net unrealized debt securities gains (losses) arising during the periods, net of income taxes of ($189), ($305), ($160) and ($933), respectively
(578)(903)(490)(2,759)
Reclassification of net debt securities (gains) losses to net income, net of income taxes of $7, $0, $21 and ($1), respectively
23 — 63 (4)
Reclassification of actuarial (gain) loss to net income, net of income taxes of $2, $2, $4 and $1, respectively
3 2 9 10 
Total other comprehensive income (loss), net of income taxes(680)(1,605)(683)(4,158)
Total comprehensive income (loss)($250)($969)$736 ($2,738)
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 July 1, 20222 $2,014 496 $6 $22,100 $8,346 ($4,920)($3,218)$24,328 
Dividends to common stockholders— — — — — (209)— — (209)
Dividends to preferred stockholders— — — — — (25)— — (25)
Share-based compensation plans— — — — 15 — — — 15 
Employee stock purchase plan— — — — 6 — — — 6 
Total comprehensive income (loss):
Net income— — — — — 636 — — 636 
Other comprehensive income (loss)— — — — — — — (1,605)(1,605)
Total comprehensive income (loss)— — — — — 636 — (1,605)(969)
Balance at September 30, 20222 $2,014 496 $6 $22,121 $8,748 ($4,920)($4,823)$23,146 
Balance at July 1, 20232 $2,014 475 $6 $22,207 $9,655 ($5,734)($4,563)$23,585 
Dividends to common stockholders— — — — — (199)— — (199)
Dividends to preferred stockholders— — — — — (30)— — (30)
Treasury stock purchased— — (9)— — — (250)— (250)
Share repurchase excise tax— — — — — — (2)— (2)
Share-based compensation plans— — — — 17 — — — 17 
Employee stock purchase plan — — — — 7 — — — 7 
Total comprehensive income (loss):
Net income— — — — — 430 — — 430 
Other comprehensive income (loss)— — — — — — — (680)(680)
Total comprehensive income (loss)— — — — — 430 — (680)(250)
Balance at September 30, 20232 $2,014 466 $6 $22,231 $9,856 ($5,986)($5,243)$22,878 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
Citizens Financial Group, Inc. | 45

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— — — — — (569)— — (569)
Dividends to preferred stockholders— — — — — (81)— — (81)
Issuance of common stock - business acquisition— — 72 — 3,036 — — — 3,036 
Treasury stock purchased— — — — — — (2)— (2)
Share-based compensation plans— — 2 — 61 — — — 61 
Employee stock purchase plan— — — — 19 — — — 19 
Total comprehensive income (loss):
Net income— — — — — 1,420 — — 1,420 
Other comprehensive income (loss)— — — — — — — (4,158)(4,158)
Total comprehensive income (loss)— — — — — 1,420 — (4,158)(2,738)
Balance at September 30, 20222 $2,014 496 $6 $22,121 $8,748 ($4,920)($4,823)$23,146 
Balance at January 1, 20232 $2,014 492 $6 $22,142 $9,159 ($5,071)($4,560)$23,690 
Dividends to common stockholders— — — — — (609)— — (609)
Dividends to preferred stockholders— — — — — (87)— — (87)
Treasury stock purchased— — (29)— — — (906)— (906)
Share repurchase excise tax— — — — — — (9)— (9)
Share-based compensation plans— — 3 — 68 — — — 68 
Employee stock purchase plan — — — — 21 — — — 21 
Cumulative effect of change in accounting principle— — — — — (26)— — (26)
Total comprehensive income (loss):
Net income— — — — — 1,419 — — 1,419 
Other comprehensive income (loss)— — — — — — — (683)(683)
Total comprehensive income (loss)— — — — — 1,419 — (683)736 
Balance at September 30, 20232 $2,014 466 $6 $22,231 $9,856 ($5,986)($5,243)$22,878 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

Citizens Financial Group, Inc. | 46

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Nine Months Ended September 30,
(dollars in millions)20232022
OPERATING ACTIVITIES
Net income$1,419 $1,420 
Adjustments to reconcile net income to net change in cash due to operating activities:
Provision (benefit) for credit losses516 342 
Net change in loans held for sale, at fair value
25 1,404 
Depreciation, amortization and accretion352 448 
Deferred income tax expense (benefit)(61)124 
Share-based compensation73 68 
Net gain on sales of assets(19)(5)
Net (increase) decrease in other assets(732)(1,700)
Net increase (decrease) in other liabilities718 577 
Net change due to operating activities2,291 2,678 
INVESTING ACTIVITIES
Investment securities:
Purchases of debt securities available for sale(5,576)(9,772)
Proceeds from maturities and paydowns of debt securities available for sale1,481 2,843 
Proceeds from sales of debt securities available for sale2,429 1,057 
Proceeds from maturities and paydowns of debt securities held to maturity597 772 
Net (increase) decrease in interest-bearing deposits in banks(21)55 
Acquisitions, net of cash acquired(1)
— (235)
Purchases of loans— (1,007)
Sales of loans2,628 1,718 
Net (increase) decrease in loans and leases3,790 (6,937)
Capital expenditures, net(124)(141)
Purchase of bank-owned life insurance— (100)
Other(181)(732)
Net change due to investing activities5,023 (12,479)
FINANCING ACTIVITIES
Net increase (decrease) in deposits(2,527)3,988 
Net increase (decrease) in short-term borrowed funds229 174 
Proceeds from issuance of long-term borrowed funds21,233 11,516 
Repayments of long-term borrowed funds(19,766)(6,190)
Treasury stock purchased
(906)(2)
Dividends paid to common stockholders(609)(569)
Dividends paid to preferred stockholders(89)(90)
Payments of employee tax withholding for share-based compensation(26)(24)
Net change due to financing activities(2,461)8,803 
Net change in cash and cash equivalents(2)
4,853 (998)
Cash and cash equivalents at beginning of period(2)
10,547 9,158 
Cash and cash equivalents at end of period(2)
$15,400 $8,160 
Non-cash items:
Transfer of loans from portfolio to LHFS$2,582 $— 
Transfer of securities from available for sale to held to maturity— 8,563 
Investors Acquisition:
Fair value of assets acquired, excluding cash and cash equivalents— 27,102 
Goodwill and other intangible assets— 996 
Fair value of liabilities assumed— 24,975 
Common stock issued— 3,035 
Replacement equity awards— 19 
(1) Primarily 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 nine months ended September 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. | 47

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1 - BASIS OF PRESENTATION
Basis of Presentation
The accompanying unaudited interim Consolidated Financial Statements and Notes have been prepared in accordance with the instructions for Form 10-Q and, therefore, do not include all information and notes included in annual financial statements prepared in accordance with GAAP. The Consolidated Financial Statements include all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the interim period results presented. These unaudited interim financial statements and notes should be read in conjunction with the audited Consolidated Financial Statements and Notes included in the Company’s 2022 Form 10-K. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year.
The unaudited interim Consolidated Financial Statements include the accounts of Citizens and its subsidiaries, including VIEs in which Citizens is a primary beneficiary. Investments in VIEs in which the Company does not have the ability to exercise significant influence are not consolidated. All intercompany transactions and balances have been eliminated in consolidation.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change include the determination of the ACL and the evaluation and measurement of goodwill impairment.
During the third quarter of 2023, the Company’s indirect auto and certain purchased consumer loan portfolios were transferred from Consumer Banking into a new Non-Core segment to reflect the manner in which management is currently assessing performance and allocating resources. Prior period results have been revised to conform to the new segment presentation. See Note 17 for additional information.
Significant Accounting Policies
For further information regarding the Company’s significant accounting policies, see Note 1 in the Company’s 2022 Form 10-K. During 2023, the Company adopted new accounting guidance as described below.
Citizens Financial Group, Inc. | 48

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 7 for additional information.
Citizens Financial Group, Inc. | 49

NOTE 2 - SECURITIES
The following table presents the major components of securities at amortized cost and fair value:
September 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$4,025 $— ($251)$3,774 $3,678 $1 ($193)$3,486 
State and political subdivisions2 — — 2 2 — — 2 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities23,101 1 (2,845)20,257 21,250 10 (2,198)19,062 
Other/non-agency279 — (32)247 280 — (29)251 
Total mortgage-backed securities23,380 1 (2,877)20,504 21,530 10 (2,227)19,313 
Collateralized loan obligations797 — (8)789 1,248 — (42)1,206 
Total debt securities available for sale, at fair value$28,204 $1 ($3,136)$25,069 $26,458 $11 ($2,462)$24,007 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities$8,810 $— ($1,241)$7,569 $9,253 $4 ($751)$8,506 
Total mortgage-backed securities8,810 — (1,241)7,569 9,253 4 (751)8,506 
Asset-backed securities510 1 (26)485 581 — (45)536 
Total debt securities held to maturity$9,320 $1 ($1,267)$8,054 $9,834 $4 ($796)$9,042 
Equity securities, at cost(2)
$995 $— $— $995 $1,058 $— $— $1,058 
Equity securities, at fair value(2)
163 — — 163 153 — — 153 
(1) Excludes portfolio level basis adjustments of $17 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.
(2) Included in other assets in the Consolidated Balance Sheets.
Accrued interest receivable on debt securities totaled $127 million and $107 million as of September 30, 2023 and December 31, 2022, respectively, and is included in other assets in the Consolidated Balance Sheets.
Citizens Financial Group, Inc. | 50

The following table presents the amortized cost and fair value of debt securities by contractual maturity as of September 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$— $2,688 $1,337 $— $4,025 
State and political subdivisions— — 2 2 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities— 1,406 2,431 19,264 23,101 
Other/non-agency— — — 279 279 
Collateralized loan obligations— — 25 772 797 
Total debt securities available for sale— 4,094 3,793 20,317 28,204 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities— — — 8,810 8,810 
Asset-backed securities— 510 — — 510 
Total debt securities held to maturity— 510 — 8,810 9,320 
Total amortized cost of debt securities$— $4,604 $3,793 $29,127 $37,524 
Fair value:
U.S. Treasury and other$— $2,513 $1,261 $— $3,774 
State and political subdivisions— — — 2 2 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities— 1,313 2,225 16,719 20,257 
Other/non-agency— — — 247 247 
Collateralized loan obligations— — 25 764 789 
Total debt securities available for sale— 3,826 3,511 17,732 25,069 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities— — — 7,569 7,569 
Asset-backed securities— 485 — — 485 
Total debt securities held to maturity— 485 — 7,569 8,054 
Total fair value of debt securities$— $4,311 $3,511 $25,301 $33,123 
Taxable interest income from investment securities as presented in the Consolidated Statements of Operations was $290 million and $243 million for the three months ended September 30, 2023 and 2022, respectively, and $823 million and $582 million for the nine months ended September 30, 2023 and 2022, respectively.
The following table presents realized gains and losses on sale of securities:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in millions)2023202220232022
Gains$9 $— $27 $9 
Losses(4)— (8)(4)
Securities gains, net$5 $— $19 $5 
The following table presents the amortized cost and fair value of debt securities pledged:
September 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$5,739 $4,945 $3,966 $3,527 
Pledged as collateral for FHLB borrowing capacity243 213 244 217 
Pledged against repurchase agreements250 248 — — 
Citizens Financial Group, Inc. | 51

The Company regularly enters into security repurchase agreements with unrelated counterparties, which involve the transfer of a security from one party to another, and a subsequent transfer of substantially the same security back to the original party. These repurchase agreements are typically short-term in nature and are accounted for as secured borrowed funds in the Company’s Consolidated Balance Sheets. The Company recognized no offsetting of short-term receivables or payables as of September 30, 2023 or December 31, 2022.
Securitizations of mortgage loans retained in the investment portfolio were $65 million for the three and nine months ended September 30, 2023. Securitizations of mortgage loans retained in the investment portfolio were $59 million and $99 million for the three and nine months ended September 30, 2022, respectively. These securitizations include a substantive guarantee by a third party. The guarantors were FNMA and FHLMC in 2023 and 2022. The debt securities received from the guarantors are classified as AFS.
Impairment
The Company evaluated its existing HTM portfolio as of September 30, 2023 and concluded that 95% of HTM securities met the zero expected credit loss criteria and, therefore, no ACL was recognized. Lifetime expected credit losses on the remainder of the HTM portfolio were determined to be insignificant based on the modeling of the Company’s credit loss position in the securities. The Company monitors the credit exposure through the use of credit quality indicators. For these securities, the Company uses external credit ratings or an internally derived credit rating when an external rating is not available. All securities were determined to be investment grade at September 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:
September 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$583 ($12)$3,142 ($239)$3,725 ($251)
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities3,796 (111)15,897 (2,734)19,693 (2,845)
Other/non-agency— — 247 (32)247 (32)
Total mortgage-backed securities3,796 (111)16,144 (2,766)19,940 (2,877)
Collateralized loan obligations32 — 757 (8)789 (8)
Total$4,411 ($123)$20,043 ($3,013)$24,454 ($3,136)
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 September 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. | 52

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)September 30, 2023December 31, 2022
Commercial and industrial$46,753 $51,836 
Commercial real estate29,486 28,865 
Leases1,218 1,479 
Total commercial77,457 82,180 
Residential mortgages30,983 29,921 
Home equity14,729 14,043 
Automobile9,290 12,292 
Education12,134 12,808 
Other retail5,153 5,418 
Total retail72,289 74,482 
Total loans and leases$149,746 $156,662 
Accrued interest receivable on loans and leases held for investment totaled $887 million and $820 million as of September 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 $37.1 billion and $38.4 billion at September 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 $31.1 billion and $34.8 billion at September 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 7 for additional information.
Interest income on direct financing and sales-type leases for the three months ended September 30, 2023 and 2022 was $12 million and $13 million, respectively, and is reported within interest and fees on loans and leases in the Consolidated Statements of Operations. For the nine months ended September 30, 2023 and 2022, this interest income was $36 million and $34 million, respectively.
The following table presents the composition of LHFS:
September 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$739 $10 $749 $666 $108 $774 
Other loans held for sale— 99 99 — 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. | 53

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 nine months ended September 30, 2023.
The following table presents a summary of changes in the ACL for the three and nine months ended September 30, 2023:
Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
(dollars in millions)CommercialRetailTotalCommercialRetailTotal
Allowance for loan and lease losses, beginning of period$1,157 $887 $2,044 $1,060 $923 $1,983 
Charge-offs(74)(117)(191)(212)(339)(551)
Recoveries4 34 38 14 99 113 
Net charge-offs(70)(83)(153)(198)(240)(438)
Provision expense (benefit) for loans and leases146 43 189 371 164 535 
Allowance for loan and lease losses, end of period1,233 847 2,080 1,233 847 2,080 
Allowance for unfunded lending commitments, beginning of period213 42 255 207 50 257 
Provision expense (benefit) for unfunded lending commitments(21)4 (17)(15)(4)(19)
Allowance for unfunded lending commitments, end of period192 46 238 192 46 238 
Total allowance for credit losses, end of period$1,425 $893 $2,318 $1,425 $893 $2,318 
During the nine months ended September 30, 2023, net charge-offs of $438 million and a provision for expected credit losses of $516 million resulted in an increase of $78 million to the ACL.
Our ACL as of September 30, 2023 accounts for an economic forecast over our two-year reasonable and supportable period with implied peak unemployment of approximately 6% and peak-to-trough GDP decline of approximately 1.0%. This forecast reflects a mild recession over the two-year reasonable and supportable period.
Citizens Financial Group, Inc. | 54

The following table presents a summary of changes in the ACL for the three and nine months ended September 30, 2022:
Three Months Ended September 30, 2022Nine Months Ended September 30, 2022
(dollars in millions)CommercialRetailTotalCommercialRetailTotal
Allowance for loan and lease losses, beginning of period$987 $977 $1,964 $821 $937 $1,758 
Allowance on PCD loans and leases at acquisition— — — 99 2 101 
Charge-offs(1)
(22)(94)(116)(49)(259)(308)
Recoveries7 35 42 13 113 126 
Net charge-offs(15)(59)(74)(36)(146)(182)
Provision expense (benefit) for loans and leases(2)
58 32 90 146 157 303 
Allowance for loan and lease losses, end of period1,030 950 1,980 1,030 950 1,980 
Allowance for unfunded lending commitments, beginning of period166 17 183 153 23 176 
Provision expense (benefit) for unfunded lending commitments6 27 33 18 21 39 
Allowance on PCD unfunded lending commitments at acquisition— — — 1 — 1 
Allowance for unfunded lending commitments, end of period172 44 216 172 44 216 
Total allowance for credit losses, end of period$1,202 $994 $2,196 $1,202 $994 $2,196 
(1) Excludes $33 million of charge-offs previously taken by Investors or recognized upon completion of the Investors acquisition under purchase accounting for the nine months ended September 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 $169 million of initial provision expense related to non-PCD loans and leases acquired from Investors and HSBC for the nine months ended September 30, 2022.
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.
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 September 30, 2023, and gross charge-offs by vintage date for the nine months ended September 30, 2023:
Term Loans by Origination YearRevolving Loans
(dollars in millions)20232022202120202019Prior to 2019Within the Revolving PeriodConverted to TermTotal
Commercial and industrial
Pass$2,539 $6,979 $5,557 $1,459 $1,244 $2,217 $22,929 $52 $42,976 
Special Mention6 172 448 81 72 214 552 — 1,545 
Substandard— 285 320 207 112 314 742 10 1,990 
Doubtful— 26 41 9 4 102 56 4 242 
Total commercial and industrial2,545 7,462 6,366 1,756 1,432 2,847 24,279 66 46,753 
Gross charge-offs— 1 32 4 1 24 35 — 97 
Commercial real estate
Pass1,366 5,516 6,193 2,823 2,300 4,334 1,833 9 24,374 
Special Mention— 640 528 158 500 235 84 — 2,145 
Substandard— 244 157 540 468 947 141 — 2,497 
Doubtful— 92 2 9 147 217 3 — 470 
Total commercial real estate1,366 6,492 6,880 3,530 3,415 5,733 2,061 9 29,486 
Gross charge-offs— — — 51 11 53 — — 115 
Leases
Pass67 182 295 202 69 323 — — 1,138 
Special Mention— 28 1 1 2 — — — 32 
Substandard3 15 13 6 5 3 — — 45 
Doubtful— — 3 — — — — — 3 
Total leases70 225 312 209 76 326 — — 1,218 
Gross charge-offs— — — — — — — — — 
Total commercial
Pass3,972 12,677 12,045 4,484 3,613 6,874 24,762 61 68,488 
Special Mention6 840 977 240 574 449 636 — 3,722 
Substandard3 544 490 753 585 1,264 883 10 4,532 
Doubtful— 118 46 18 151 319 59 4 715 
Total commercial$3,981 $14,179 $13,558 $5,495 $4,923 $8,906 $26,340 $75 $77,457 
Gross charge-offs$— $1 $32 $55 $12 $77 $35 $— $212 

Citizens Financial Group, Inc. | 56

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. | 57

The following table presents the amortized cost basis of retail loans by vintage date and current FICO score as of September 30, 2023, and gross charge-offs by vintage date for the nine months ended September 30, 2023:
Term Loans by Origination YearRevolving Loans
(dollars in millions)20232022202120202019Prior to 2019Within the Revolving PeriodConverted to TermTotal
Residential mortgages
800+$620 $2,988 $5,167 $3,115 $1,141 $3,233 $— $— $16,264 
740-799987 1,990 2,645 1,487 618 1,699 — — 9,426 
680-739272 652 771 458 277 855 — — 3,285 
620-67944 133 164 96 108 459 — — 1,004 
<6204 38 103 94 166 578 — — 983 
No FICO available(1)
— — 2 1 3 15 — — 21 
Total residential mortgages1,927 5,801 8,852 5,251 2,313 6,839 — — 30,983 
Gross charge-offs— — — — 1 2 — — 3 
Home equity
800+— 4 4 2 5 95 5,084 236 5,430 
740-799— 2 2 1 4 89 4,539 249 4,886 
680-739— — 1 2 4 98 2,569 207 2,881 
620-679— 1 1 2 9 83 688 134 918 
<620— 1 1 2 10 85 303 212 614 
Total home equity— 8 9 9 32 450 13,183 1,038 14,729 
Gross charge-offs— — — — — 2 6 — 8 
Automobile
800+85 573 1,165 421 198 68 — — 2,510 
740-799146 740 1,164 433 203 74 — — 2,760 
680-739163 647 808 295 145 57 — — 2,115 
620-679107 362 389 130 78 37 — — 1,103 
<62040 232 302 110 76 42 — — 802 
Total automobile541 2,554 3,828 1,389 700 278 — — 9,290 
Gross charge-offs— 24 31 11 9 7 — — 82 
Education
800+254 674 1,670 1,460 625 1,247 — — 5,930 
740-799304 717 1,108 908 389 717 — — 4,143 
680-739123 308 350 282 137 314 — — 1,514 
620-67921 64 68 57 34 111 — — 355 
<6203 16 24 24 15 55 — — 137 
No FICO available(1)
18 — — — — 37 — — 55 
Total education723 1,779 3,220 2,731 1,200 2,481 — — 12,134 
Gross charge-offs— 3 12 16 10 35 — — 76 
Other retail
800+125 116 49 45 22 24 500 — 881 
740-799169 131 59 60 29 25 998 1 1,472 
680-739146 101 50 50 25 15 1,020 2 1,409 
620-67982 61 29 25 8 5 441 2 653 
<62015 38 20 16 5 3 246 3 346 
No FICO available(1)
20 3 — 2 — — 367 — 392 
Total other retail557 450 207 198 89 72 3,572 8 5,153 
Gross charge-offs36 22 7 6 8 7 84 — 170 
Total retail
800+1,084 4,355 8,055 5,043 1,991 4,667 5,584 236 31,015 
740-7991,606 3,580 4,978 2,889 1,243 2,604 5,537 250 22,687 
680-739704 1,708 1,980 1,087 588 1,339 3,589 209 11,204 
620-679254 621 651 310 237 695 1,129 136 4,033 
<62062 325 450 246 272 763 549 215 2,882 
No FICO available(1)
38 3 2 3 3 52 367 — 468 
Total retail$3,748 $10,592 $16,116 $9,578 $4,334 $10,120 $16,755 $1,046 $72,289 
Gross charge-offs$36 $49 $50 $33 $28 $53 $90 $— $339 
(1) Represents loans for which an updated FICO score was unavailable (e.g., due to recent profile changes).
Citizens Financial Group, Inc. | 58

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. | 59


Nonaccrual and Past Due Assets
The following tables present an aging analysis of accruing loans and leases, and nonaccrual loans and leases as of September 30, 2023 and December 31, 2022:
September 30, 2023
Days Past Due and Accruing
(dollars in millions)Current30-5960-89 90+Nonaccrual TotalNonaccrual with no related ACL
Commercial and industrial$46,475 $23 $9 $4 $242 $46,753 $43 
Commercial real estate28,896 75 42 3 470 29,486 48 
Leases1,215 — — — 3 1,218 — 
Total commercial76,586 98 51 7 715 77,457 91 
Residential mortgages(1)
30,416 110 50 217 190 30,983 149 
Home equity14,351 82 28 — 268 14,729 179 
Automobile9,031 147 50 — 62 9,290 7 
Education12,035 47 26 3 23 12,134 2 
Other retail5,014 49 31 21 38 5,153 — 
Total retail70,847 435 185 241 581 72,289 337 
Total$147,433 $533 $236 $248 $1,296 $149,746 $428 
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 $216 million and $316 million of loans fully or partially guaranteed by the FHA, VA, and USDA at September 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 September 30, 2023 and December 31, 2022, the Company had collateral-dependent residential mortgage and home equity loans totaling $542 million and $561 million, respectively. At September 30, 2023 and December 31, 2022, the Company had collateral-dependent commercial loans totaling $293 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 $321 million and $250 million as of September 30, 2023 and December 31, 2022, respectively.
Citizens Financial Group, Inc. | 60

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 nine months ended September 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 September 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$— $148 $47 $— $— $1 $196 0.42 %
Commercial real estate— 131 — — 37 1 169 0.57 
Total commercial— 279 47 — 37 2 365 0.47 
Residential mortgages2 25 — — 6 — 33 0.11 
Home equity1 1 — — 1 — 3 0.02 
Automobile— — — — — — — — 
Education3 — 1 — — — 4 0.03 
Other retail3 — — — — — 3 0.06 
Total retail9 26 1 — 7 — 43 0.06 
Total(2)
$9 $305 $48 $— $44 $2 $408 0.27 %
Citizens Financial Group, Inc. | 61

Nine Months Ended September 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$— $263 $78 $— $1 $2 $344 0.74 %
Commercial real estate— 454 — — 37 1 492 1.67 
Total commercial— 717 78 — 38 3 836 1.08 
Residential mortgages6 59 — — 16 — 81 0.26 
Home equity1 4 — — 5 — 10 0.07 
Automobile— — — — — — — — 
Education7 — 2 — — — 9 0.07 
Other retail8 — — — — — 8 0.16 
Total retail22 63 2 — 21 — 108 0.15 
Total(2)
$22 $780 $80 $— $59 $3 $944 0.63 %
(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 nine months ended September 30, 2023, disaggregated by class of financing receivable.
Three Months Ended September 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 industrial2.32 %17$427,833 $— 
Commercial real estate1.25 777,482 — 
Residential mortgages0.98 47— — 
Home equity2.51 133— — 
Automobile— — — — 
Education4.95 — 4,972 — 
Other retail18.86 — — 1 
Nine Months Ended September 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 industrial2.95 %14$562,909 $— 
Commercial real estate1.25 847,172 — 
Residential mortgages1.55 48— — 
Home equity2.24 1272,343 — 
Automobile3.47 201,253 — 
Education4.97 — 4,171 — 
Other retail18.45 — — 4 
(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. | 62

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 nine months ended September 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.
September 30, 2023
Days Past Due and Accruing
(dollars in millions)Current30-5960-89 90+Nonaccrual Total
Commercial and industrial$262 $— $— $— $82 $344 
Commercial real estate262 55 — — 175 492 
Total commercial524 55 — — 257 836 
Residential mortgages52 — 5 13 11 81 
Home equity3 — — — 7 10 
Automobile— — — — — — 
Education8 — — — 1 9 
Other retail6 1 — — 1 8 
Total retail69 1 5 13 20 108 
Total$593 $56 $5 $13 $277 $944 
The following tables present the period-end amortized cost of loans to borrowers experiencing financial difficulty that were modified on or after January 1, 2023 that subsequently defaulted during the three and nine months ended September 30, 2023, disaggregated by class of financing receivable and modification type. The modification type reflects the cumulative effect of all FDMs at the time of default. A loan is considered to be in default if, subsequent to modification, it becomes 90 or more days past due or is placed on nonaccrual status.
Three Months Ended September 30, 2023
(dollars in millions)Interest Rate ReductionTerm ExtensionPayment DelayInterest Rate Reduction and Term ExtensionTotal
Commercial and industrial$— $— $— $— $— 
Commercial real estate— 41 — — 41 
Total commercial— 41 — — 41 
Residential mortgages1 6 — 5 12 
Home equity— 1 — 2 3 
Automobile— — — — — 
Education— — 1 — 1 
Other retail— — — — — 
Total retail1 7 1 7 16 
Total$1 $48 $1 $7 $57 
Nine Months Ended September 30, 2023
(dollars in millions)Interest Rate ReductionTerm ExtensionPayment DelayInterest Rate Reduction and Term ExtensionTotal
Commercial and industrial$— $3 $— $— $3 
Commercial real estate— 67 — — 67 
Total commercial— 70 — — 70 
Residential mortgages1 6 — 5 12 
Home equity— 1 — 2 3 
Automobile— — — — — 
Education— — 1 — 1 
Other retail— — — — — 
Total retail1 7 1 7 16 
Total$1 $77 $1 $7 $86 
Unfunded commitments related to loans modified during the nine months ended September 30, 2023 were $146 million at September 30, 2023.
Citizens Financial Group, Inc. | 63

Troubled Debt Restructuring Disclosures Prior to the Adoption of ASU 2022-02
The following tables summarize loans modified during the three and nine months ended September 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 September 30, 2022
Amortized Cost Basis
(dollars in millions)Number of Contracts
Interest Rate Reduction(1)
Maturity Extension(2)
Other(3)
Total
Commercial and industrial6 $— $2 $46 $48 
Total commercial6 — 2 46 48 
Residential mortgages185 6 21 13 40 
Home equity68 2 — 2 4 
Automobile135 — — 1 1 
Education245 — — 8 8 
Other retail590 2 — — 2 
Total retail1,223 10 21 24 55 
Total1,229 $10 $23 $70 $103 
Nine Months Ended September 30, 2022
Amortized Cost Basis
(dollars in millions)Number of Contracts
Interest Rate Reduction(1)
Maturity Extension(2)
Other(3)
Total
Commercial and industrial25 $— $26 $80 $106 
Total commercial25 — 26 80 106 
Residential mortgages1,656 44 74 248 366 
Home equity318 4 1 16 21 
Automobile447 1 — 3 4 
Education481 — — 19 19 
Other retail1,678 7 — 1 8 
Total retail4,580 56 75 287 418 
Total4,605 $56 $101 $367 $524 
(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 $2 million for the nine months ended September 30, 2022. Unfunded commitments related to TDRs were $81 million at December 31, 2022.
The following table provides a summary of TDRs that defaulted (became 90 days or more past due) within 12 months of their modification date:
 Three Months EndedNine Months Ended
(dollars in millions)September 30, 2022
Commercial TDRs$— $— 
Retail TDRs(1)
28 224 
Total$28 $224 
(1) Includes $18 million and $174 million of loans fully or partially government guaranteed by the FHA, VA, and USDA for the three and nine months ended September 30, 2022, respectively.
Citizens Financial Group, Inc. | 64

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 September 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 September 30,Nine Months Ended September 30,
(dollars in millions)2023202220232022
Cash proceeds from residential mortgage loans sold with servicing retained$3,270 $3,518 $7,358 $14,676 
Repurchased residential mortgages(1)
— — — 87 
Gain on sales(2)
19 21 60 74 
Contractually specified servicing, late and other ancillary fees(2)
76 75 230 213 
(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 $97.6 billion and $96.7 billion at September 30, 2023 and December 31, 2022, respectively. The Company manages the risk associated with changes in the value of the MSRs with an active economic hedging strategy, which includes the purchase of freestanding derivatives.
The following table summarizes changes in MSRs recorded using the fair value method:
As of and for the Three Months Ended September 30,As of and for the Nine Months Ended September 30,
(dollars in millions)2023202220232022
Fair value as of beginning of the period$1,524 $1,411 $1,530 $1,029 
Amounts capitalized47 70 104 244 
Servicing rights acquired— — — 16 
Changes in unpaid principal balance during the period(1)
(42)(31)(124)(102)
Changes in fair value during the period(2)
91 74 110 337 
Fair value at end of the period$1,620 $1,524 $1,620 $1,524 
(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. | 65

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)September 30, 2023December 31, 2022
Fair value$1,620$1,530
Weighted average life (years)9.19.1
Weighted average constant prepayment rate6.4%6.8%
Decline in fair value from 10% adverse change
$35$34
Decline in fair value from 20% adverse change
$67$66
Weighted average option adjusted spread630 bps629 bps
Decline in fair value from 10% adverse change
$44$43
Decline in fair value from 20% adverse change
$89$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 9 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)September 30, 2023December 31, 2022
Education$517 $602 
Commercial and industrial(1)
94 91 
(1) Represents the government guaranteed portion of SBA loans sold to outside investors
NOTE 6 - GOODWILL
Goodwill is the purchase premium associated with the acquisition of a business and is assigned to the Company’s reporting units at the acquisition date. A reporting unit is a business operating segment or a component of a business operating segment. The Company has identified and assigned goodwill to two reporting units, Consumer Banking and Commercial Banking, based upon reviews of the structure of the Company’s executive team and supporting functions, resource allocations and financial reporting processes. Goodwill no longer retains its association with a particular acquisition once assigned to a reporting unit, and all of the activities within a reporting unit, whether acquired or organically grown, are available to support the value of the goodwill.
Goodwill is subject to an annual impairment test and not amortized. Goodwill is reviewed for impairment annually as of October 31st and in interim periods when events or changes indicate the carrying value of one or more reporting units may not be recoverable. The Company has the option of performing a qualitative assessment of goodwill to determine whether it is more likely than not that the fair value of each reporting unit is less than the carrying value. If it is more likely than not that the fair value exceeds the carrying value, then no further testing is necessary; otherwise, a quantitative assessment of goodwill must be performed.
The Company may elect to bypass the qualitative assessment and perform a quantitative assessment, which is used to identify potential impairment and involves comparing each reporting unit’s fair value to its carrying value, including goodwill. If the fair value of a reporting unit exceeds its carrying value inclusive of goodwill, applicable goodwill is deemed not to be impaired. If the carrying value of the reporting unit inclusive of goodwill exceeds fair value, an impairment loss is recognized for the excess, establishing a new basis in the goodwill, and cannot exceed the amount of goodwill assigned to the reporting unit. Subsequent reversal of goodwill impairment losses is not permitted.
Citizens Financial Group, Inc. | 66

The fair value of the Company’s reporting units is determined using a combination of income and market-based approaches. The Company relies on several assumptions to estimate the fair value of its reporting units under the income-based approach including discount rate, projected loan losses, income tax and capital retention rates.
In response to stress in the banking sector and associated market conditions, the Company performed a quantitative goodwill impairment assessment in the third quarter of 2023. Based on this quantitative assessment, the Company concluded that the estimated fair value of the Consumer Banking and Commercial Banking reporting units exceeded their carrying value. Therefore, the Company determined that there was no impairment to the carrying value of its goodwill as of September 30, 2023.
Changes in the carrying value of goodwill for the nine months ended September 30, 2023 are presented below.
(dollars in millions)Consumer BankingCommercial BankingTotal
Balance at December 31, 2022$2,673 $5,500 $8,173 
Business acquisitions5 10 15 
Balance at September 30, 2023$2,678 $5,510 $8,188 
Accumulated impairment losses related to the Consumer Banking and Commercial Banking reporting units totaled $5.9 billion and $50 million, respectively, at September 30, 2023 and December 31, 2022. No impairment was recorded for the three and nine months ended September 30, 2023 and 2022.
For additional information on goodwill see Note 10 and Note 26 in the Company’s 2022 Form 10-K.
NOTE 7 - 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. | 67

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)September 30, 2023
Assets:
Cash and due from banks$196 
Net loans and leases
3,647 
Other assets15 
Total assets$3,858 
Liabilities:
Long-term borrowed funds$3,245 
Other liabilities10 
Total liabilities$3,255 
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)September 30, 2023December 31, 2022
Lending to special purpose entities included in loans and leases$4,860 $4,578 
LIHTC investments included in other assets2,395 2,230 
LIHTC unfunded commitments included in other liabilities1,045 1,046 
Asset-backed investments included in HTM securities 510 581 
Renewable energy investments included in other assets243 374 
NMTC investments included in other assets3 4 
Lending to Special Purpose Entities
Citizens provides lending facilities to third-party sponsored special purpose entities. As of September 30, 2023 and December 31, 2022, the lending facilities had undrawn commitments to extend credit of $2.8 billion and $2.4 billion, respectively. For more information on commitments to extend credit see Note 12.
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. | 68

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 September 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 September 30,Nine Months Ended September 30,
(dollars in millions)2023202220232022
Tax credits recognized$76 $59 $250 $180 
Other tax benefits recognized17 15 55 46 
Amortization(71)(61)(237)(190)
Net benefit (expense) included in income tax expense22 13 68 36 
Other income1 — 4 — 
Allocated income (loss) on investments(1)— (7)— 
Net benefit (expense) included in noninterest income— — (3)— 
Net benefit (expense) included in the Consolidated Statements of Operations(1)
$22 $13 $65 $36 
(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 nine months ended September 30, 2023 and 2022.
NOTE 8 - BORROWED FUNDS
Short-term borrowed funds
Short-term borrowed funds were $232 million and $3 million as of September 30, 2023 and December 31, 2022, respectively.
Citizens Financial Group, Inc. | 69

Long-term borrowed funds
The following table presents a summary of the Company’s long-term borrowed funds:
(dollars in millions)September 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
561 556 
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
798 797 
Additional Borrowings by CBNA and Other Subsidiaries:
Federal Home Loan Bank advances, 5.594% weighted average rate, due through 2041(3)
7,036 8,519 
Secured borrowings, 5.955% weighted average rate, due through 2030(3)(4)
3,245 — 
Other16 19 
Total long-term borrowed funds$17,354 $15,887 
(1) Notes were redeemed on February 27, 2023.
(2) Rate disclosed reflects the floating rate as of September 30, 2023, or final floating rate as applicable.
(3) Rate disclosed reflects the weighted average rate as of September 30, 2023.
(4) Collateralized by auto loans. See Note 7 for additional information.
At September 30, 2023, the Company’s long-term borrowed funds includes principal balances of $17.5 billion, unamortized debt issuance costs and discounts of $77 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 9 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 $13.0 billion and $15.7 billion at September 30, 2023 and December 31, 2022, respectively. The Company’s available FHLB borrowing capacity was $12.7 billion and $11.5 billion at September 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 September 30, 2023, the Company’s unused secured borrowing capacity was approximately $61.3 billion, which includes unencumbered securities, FHLB borrowing capacity, and FRB discount window capacity.
Citizens Financial Group, Inc. | 70

The following table presents a summary of maturities for the Company’s long-term borrowed funds at September 30, 2023:
(dollars in millions)Parent CompanyCBNA and Other SubsidiariesConsolidated
Year
2023$— $1 $1 
2024107 892 999 
2025469 9,020 9,489 
2026498 2,133 2,631 
2027— 2 2 
2028 and thereafter2,267 1,965 4,232 
Total$3,341 $14,013 $17,354 
NOTE 9 - 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:
September 30, 2023December 31, 2022
(dollars in millions)Notional AmountDerivative AssetsDerivative LiabilitiesNotional AmountDerivative AssetsDerivative Liabilities
Derivatives designated as hedging instruments:
Interest rate contracts
$89,502 $179 $57 $42,250 $16 $53 
Derivatives not designated as hedging instruments:
Interest rate contracts
200,389 260 1,785 174,384 331 1,579 
Foreign exchange contracts30,168 530 432 29,475 527 519 
Commodities contracts1,273 707 666 1,103 953 942 
TBA contracts3,561 17 5 2,370 7 14 
Other contracts887 5 3 913 5 4 
Total derivatives not designated as hedging instruments236,278 1,519 2,891 208,245 1,823 3,058 
Total gross derivatives325,780 1,698 2,948 250,495 1,839 3,111 
Less: Gross amounts offset in the Consolidated Balance Sheets(1)
(609)(609)(623)(623)
Less: Cash collateral applied(1)
(567)(230)(374)(579)
Total net derivatives presented in the Consolidated Balance Sheets$522 $2,109 $842 $1,909 
(1) Amounts represent the impact of enforceable master netting agreements that allow the Company to net settle positive and negative positions, as well as collateral paid and received.
Citizens Financial Group, Inc. | 71

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 2023, the Company entered into fair value hedges to manage interest rate risk within 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 September 30,Nine Months Ended September 30,
(dollars in millions)2023202220232022Affected Line Item in the Consolidated Statements of Operations
Interest rate swaps hedging long-term borrowed funds($1)($19)$— ($71)Interest expense - long-term borrowed funds
Hedged long-term borrowed funds attributable to the risk being hedged1 19 — 70 Interest expense - long-term borrowed funds
Interest rate swaps hedging LHFS— 18 — 15 Interest and fees on other loans held for sale
Hedged loans held for sale attributable to the risk being hedged— (19)— (15)Interest and fees on other loans held for sale
Interest rate swaps hedging debt securities available for sale16 — 28 29 Interest income - investment securities
Hedged debt securities available for sale attributable to the risk being hedged(16)— (28)(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)September 30, 2023December 31, 2022
Debt securities available for saleLong-term borrowed fundsDebt securities available for saleLong-term borrowed funds
Carrying amount of hedged assets$445 $— $— $— 
Carrying amount of hedged liabilities— 473 — 972 
Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items(17)(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. | 72

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 September 30,Nine Months Ended September 30,
(dollars in millions)2023202220232022
Amount of pre-tax net gains (losses) recognized in OCI($326)($996)($773)($1,901)
Amount of pre-tax net gains (losses) reclassified from AOCI into interest income(156)(48)(420)1 
Amount of pre-tax net gains (losses) reclassified from AOCI into interest expense(1)2 — (4)
Using the interest rate curve at September 30, 2023 with respect to cash flow hedge strategies, the Company estimates that approximately $904 million in pre-tax net losses will be reclassified from AOCI to net interest income over the next 12 months, including $462 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 September 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 September 30,Nine Months Ended September 30,Affected Line Item in the Consolidated Statements of Operations
(dollars in millions)2023202220232022
Economic hedge type:
Customer interest rate contracts($448)($840)($1,028)($2,015)Foreign exchange and derivative products
Derivatives hedging interest rate risk460 852 1,068 2,073 Foreign exchange and derivative products
Customer foreign exchange contracts(77)(174)(72)(297)Foreign exchange and derivative products
Derivatives hedging foreign exchange risk141 271 121 520 Foreign exchange and derivative products
Customer commodity contracts168 (71)(401)1,453 Foreign exchange and derivative products
Derivatives hedging commodity price risk(158)77 430 (1,436)Foreign exchange and derivative products
Residential loan commitments(21)(66)(39)(289)Mortgage banking fees
Derivatives hedging residential loan commitments and mortgage LHFS, at fair value30 105 45 502 Mortgage banking fees
Derivative contracts used to hedge residential MSRs(76)(68)(91)(310)Mortgage banking fees
Total$19 $86 $33 $201 
Citizens Financial Group, Inc. | 73

NOTE 10 - 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 September 30,
(dollars in millions)Net Unrealized Gains (Losses) on DerivativesNet Unrealized Gains (Losses) on Debt SecuritiesEmployee Benefit PlansTotal AOCI
Balance at July 1, 2022($862)($2,016)($340)($3,218)
Other comprehensive income (loss) before reclassifications(738)(903)— (1,641)
Amounts reclassified to the Consolidated Statements of Operations34 — 2 36 
Net other comprehensive income (loss)(704)(903)2 (1,605)
Balance at September 30, 2022($1,566)($2,919)($338)($4,823)
Balance at July 1, 2023($1,553)($2,643)($367)($4,563)
Other comprehensive income (loss) before reclassifications(248)(578)— (826)
Amounts reclassified to the Consolidated Statements of Operations120 23 3 146 
Net other comprehensive income (loss)(128)(555)3 (680)
Balance at September 30, 2023($1,681)($3,198)($364)($5,243)
Primary location in the Consolidated Statements of Operations of amounts reclassified from AOCINet interest incomeSecurities gains, netOther operating expense
As of and for the Nine Months Ended September 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(1,407)(2,759)— (4,166)
Amounts reclassified to the Consolidated Statements of Operations2 (4)10 8 
Net other comprehensive income (loss)(1,405)(2,763)10 (4,158)
Balance at September 30, 2022($1,566)($2,919)($338)($4,823)
Balance at January 1, 2023($1,416)($2,771)($373)($4,560)
Other comprehensive income (loss) before reclassifications(580)(490)— (1,070)
Amounts reclassified to the Consolidated Statements of Operations315 63 9 387 
Net other comprehensive income (loss)(265)(427)9 (683)
Balance at September 30, 2023($1,681)($3,198)($364)($5,243)
Primary location in the Consolidated Statements of Operations of amounts reclassified from AOCINet interest incomeSecurities gains, netOther operating expense
Citizens Financial Group, Inc. | 74

NOTE 11 - STOCKHOLDERS’ EQUITY
Preferred Stock
The following table summarizes the Company’s preferred stock:
September 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 nine months ended September 30, 2023 and 2022.
Three Months Ended September 30, 2023Three Months Ended September 30, 2022
(dollars in millions, except per share data)Dividends Declared per ShareDividends DeclaredDividends PaidDividends Declared per ShareDividends DeclaredDividends Paid
Common stock$0.42 $199 $199 $0.42 $209 $209 
Preferred stock
Series B$21.81 $7 $9 $— $— $9 
Series C15.93 4 4 15.93 5 5 
Series D15.88 4 4 15.88 5 5 
Series E12.50 6 6 12.50 6 6 
Series F14.13 6 6 14.13 6 6 
Series G10.00 3 3 10.00 3 3 
Total preferred stock$30 $32 $25 $34 
Nine Months Ended September 30, 2023Nine Months Ended September 30, 2022
(dollars in millions, except per share data)Dividends Declared per ShareDividends DeclaredDividends PaidDividends Declared per ShareDividends DeclaredDividends Paid
Common stock$1.26 $609 $609 $1.20 $569 $569 
Preferred stock
Series B$51.81 $16 $18 $30.00 $9 $18 
Series C47.81 14 14 47.81 15 15 
Series D47.63 14 14 47.63 14 14 
Series E37.50 17 17 37.50 17 17 
Series F42.38 17 17 42.38 17 17 
Series G30.00 9 9 30.00 9 9 
Total preferred stock$87 $89 $81 $90 
Treasury Stock
During the nine months ended September 30, 2023, the Company repurchased $906 million, or 28,472,450 shares, of its outstanding common stock, which are held in treasury stock.
Citizens Financial Group, Inc. | 75

NOTE 12 - 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)September 30, 2023December 31, 2022
Commitments to extend credit$94,432 $96,076 
Letters of credit2,036 2,119 
Loans sold with recourse95 92 
Marketing rights18 23 
Risk participation agreements1 4 
Total$96,582 $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 September 30, 2023, the remaining terms on these RPAs ranged from less than one year to seven years.
Citizens Financial Group, Inc. | 76

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 13 - 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:
September 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$739 $734 $5 $666 $656 $10 
Commercial and industrial, and commercial real estate loans held for sale, at fair value10 12 (2)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. | 77

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 September 30, 2023:
(dollars in millions)TotalLevel 1Level 2Level 3
Debt securities available for sale:
Mortgage-backed securities$20,504 $— $20,504 $— 
Collateralized loan obligations789 — 789 — 
State and political subdivisions2 — 2 — 
U.S. Treasury and other3,774 3,774 — — 
Total debt securities available for sale25,069 3,774 21,295 — 
Loans held for sale, at fair value:
Residential loans held for sale739 — 739 — 
Commercial loans held for sale10 — 10 — 
Total loans held for sale, at fair value749 — 749 — 
Mortgage servicing rights1,620 — — 1,620 
Derivative assets:
Interest rate contracts439 — 439 — 
Foreign exchange contracts530 — 530 — 
Commodities contracts707 — 707 — 
TBA contracts17 — 17 — 
Other contracts5 — — 5 
Total derivative assets1,698 — 1,693 5 
Equity securities, at fair value(1)
106 106 — — 
Total assets$29,242 $3,880 $23,737 $1,625 
Derivative liabilities:
Interest rate contracts$1,842 $— $1,842 $— 
Foreign exchange contracts432 — 432 — 
Commodities contracts666 — 666 — 
TBA contracts5 — 5 — 
Other contracts3 — 1 2 
Total derivative liabilities2,948 — 2,946 2 
Total liabilities$2,948 $— $2,946 $2 
(1) Excludes investments of $57 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 $24 million at September 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. | 78

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 assets$28,260 $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.
Citizens Financial Group, Inc. | 79

The following tables present a roll forward of the balance sheet amounts for assets measured at fair value on a recurring basis and classified as Level 3:
Three Months Ended September 30, 2023Nine Months Ended September 30, 2023
(dollars in millions)Mortgage Servicing RightsOther Derivative ContractsMortgage Servicing RightsOther Derivative Contracts
Beginning balance$1,524 $6 $1,530 $1 
Issuances47 17 104 52 
Settlements(2)
(42)1 (124)(11)
Changes in fair value during the period recognized in earnings(3)
91 (21)110 (39)
Ending balance$1,620 $3 $1,620 $3 
Three Months Ended September 30, 2022Nine Months Ended September 30, 2022
(dollars in millions)Mortgage Servicing RightsOther Derivative ContractsMortgage Servicing RightsOther Derivative Contracts
Beginning balance$1,411 $11 $1,029 $38 
Issuances70 20 244 84 
Acquisitions(1)
— — 16 — 
Settlements(2)
(31)2 (102)134 
Changes in fair value during the period recognized in earnings(3)
74 (66)337 (289)
Ending balance$1,524 ($33)$1,524 ($33)
(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 September 30, 2023
Valuation TechniqueUnobservable InputRange (Weighted Average)
Mortgage servicing rightsDiscounted Cash FlowConstant prepayment rate
5.81-14.26% CPR (6.40% CPR)
Option adjusted spread
398-1,058 bps (630 bps)
Other derivative contractsInternal ModelPull through rate
17.14-99.70% (82.27%)
MSR value
4.25-153.04 bps (96.79 bps)
Nonrecurring Fair Value Measurements
Fair value is also used on a nonrecurring basis to evaluate certain assets for impairment or for disclosure purposes. For more information on the valuation techniques utilized to measure nonrecurring fair value see Note 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 September 30,Nine Months Ended September 30,
(dollars in millions)2023202220232022
Collateral-dependent loans ($40)$— ($108)($3)

Citizens Financial Group, Inc. | 80

The following table presents assets measured at fair value on a nonrecurring basis:
September 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:
September 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$9,320 $8,054 $— $— $8,810 $7,569 $510 $485 
Other loans held for sale99 99 — — — — 99 99 
Net loans and leases147,666 141,041 — — 835 835 146,831 140,206 
Other assets995 995 — — 977 977 18 18 
Financial liabilities:
Deposits178,197 178,077 — — 178,197 178,077 — — 
Short-term borrowed funds232 232 — — 232 232 — — 
Long-term borrowed funds17,354 16,656 — — 17,354 16,656 — — 
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 — — 
NOTE 14 - 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 September 30, 2023
(dollars in millions)Consumer BankingCommercial Banking
Non-Core
OtherConsolidated
Service charges and fees$73 $31 $— $1 $105 
Card fees62 12 — — 74 
Capital markets fees— 64 — — 64 
Trust and investment services fees62 1 — — 63 
Other banking fees1 3 — — 4 
Total revenue from contracts with customers$198 $111 $— $1 $310 
Total revenue from other sources(1)
80 69 — 33 182 
Total noninterest income$278 $180 $— $34 $492 
Citizens Financial Group, Inc. | 81

Three Months Ended September 30, 2022
(dollars in millions)Consumer BankingCommercial Banking
Non-Core
Other
Consolidated
Service charges and fees$74 $33 $— $1 $108 
Card fees59 11 — — 70 
Capital markets fees— 76 — — 76 
Trust and investment services fees61 — — — 61 
Other banking fees— 7 — — 7 
Total revenue from contracts with customers$194 $127 $— $1 $322 
Total revenue from other sources(1)
76 86 — 28 190 
Total noninterest income$270 $213 $— $29 $512 
Nine Months Ended September 30, 2023
(dollars in millions)Consumer BankingCommercial Banking
Non-Core
OtherConsolidated
Service charges and fees$206 $98 $— $1 $305 
Card fees188 35 — — 223 
Capital markets fees— 211 — — 211 
Trust and investment services fees190 1 — — 191 
Other banking fees2 10 — — 12 
Total revenue from contracts with customers$586 $355 $— $1 $942 
Total revenue from other sources(1)
216 233 — 92 541 
Total noninterest income$802 $588 $— $93 $1,483 
Nine Months Ended September 30, 2022
(dollars in millions)Consumer BankingCommercial Banking
Non-Core
OtherConsolidated
Service charges and fees$217 $94 $— $3 $314 
Card fees169 31 — — 200 
Capital markets fees— 244 — — 244 
Trust and investment services fees188 — — — 188 
Other banking fees— 14 — 1 15 
Total revenue from contracts with customers$574 $383 $— $4 $961 
Total revenue from other sources(1)
233 264 — 46 543 
Total noninterest income$807 $647 $— $50 $1,504 
(1) Includes bank-owned life insurance income of $24 million and $22 million for the three months ended September 30, 2023 and 2022, respectively, and $70 million and $64 million for the nine months ended September 30, 2023 and 2022, respectively.
The Company recognized trailing commissions of $4 million for the three months ended September 30, 2023 and 2022, and $11 million and $12 million, respectively, for the nine months ended September 30, 2023 and 2022 related to ongoing commissions from previous investment sales.
NOTE 15 - OTHER OPERATING EXPENSE
The following table presents the details of other operating expense:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in millions)2023202220232022
Marketing$48 $54 $142 $119 
Deposit insurance42 28 121 74 
Other86 83 279 235 
Other operating expense$176 $165 $542 $428 
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NOTE 16 - EARNINGS PER SHARE
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in millions, except per share data)2023202220232022
Numerator (basic and diluted):
Net income$430 $636 $1,419 $1,420 
Less: Preferred stock dividends30 25 87 81 
Net income available to common stockholders$400 $611 $1,332 $1,339 
Denominator:
Weighted-average common shares outstanding - basic469,481,085 495,651,083 478,073,507 470,118,265 
Dilutive common shares: share-based awards1,702,634 1,826,418 1,659,501 1,840,045 
Weighted-average common shares outstanding - diluted471,183,719 497,477,501 479,733,008 471,958,310 
Earnings per common share:
Basic$0.85 $1.23 $2.79 $2.85 
Diluted(1)
0.85 1.23 2.78 2.84 
(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 2,566,762 and 2,310,242 for the three months ended September 30, 2023 and 2022, respectively, and 2,391,244 and 903,782 for the nine months ended September 30, 2023 and 2022, respectively.
NOTE 17 - BUSINESS OPERATING SEGMENTS
Citizens is managed by its Chief Executive Officer on a segment basis. The Company’s three business operating segments are Consumer Banking, Commercial Banking, and Non-Core. The business 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, who 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.
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.
See Note 1 for a description of segment changes made during the third quarter of 2023. Prior period results have been revised to conform to the new segment presentation. 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.
Three Months Ended September 30, 2023
(dollars in millions)Consumer BankingCommercial Banking
Non-Core
OtherConsolidated
Net interest income$1,067 $560 ($41)($64)$1,522 
Noninterest income278 180 — 34 492 
Total revenue1,345 740 (41)(30)2,014 
Noninterest expense905 325 30 33 1,293 
Profit (loss) before provision (benefit) for credit losses440 415 (71)(63)721 
Provision (benefit) for credit losses67 67 20 18 172 
Income (loss) before income tax expense (benefit)373 348 (91)(81)549 
Income tax expense (benefit)97 88 (24)(42)119 
Net income (loss)$276 $260 ($67)($39)$430 
Total average assets$72,964 $74,997 $13,113 $59,088 $220,162 
Citizens Financial Group, Inc. | 83

Three Months Ended September 30, 2022
(dollars in millions)Consumer BankingCommercial Banking
Non-Core
OtherConsolidated
Net interest income$989 $558 $70 $48 $1,665 
Noninterest income270 213 — 29 512 
Total revenue 1,259 771 70 77 2,177 
Noninterest expense828 325 36 52 1,241 
Profit (loss) before provision (benefit) for credit losses431 446 34 25 936 
Provision (benefit) for credit losses47 12 14 50 123 
Income (loss) before income tax expense (benefit)384 434 20 (25)813 
Income tax expense (benefit)98 100 4 (25)177 
Net income (loss)$286 $334 $16 $— $636 
Total average assets $71,631 $80,067 $17,929 $55,846 $225,473 
Nine Months Ended September 30, 2023
(dollars in millions)Consumer BankingCommercial Banking
Non-Core
OtherConsolidated
Net interest income$3,101 $1,741 ($84)($5)$4,753 
Noninterest income802 588 — 93 1,483 
Total revenue3,903 2,329 (84)88 6,236 
Noninterest expense2,637 971 95 192 3,895 
Profit (loss) before provision (benefit) for credit losses1,266 1,358 (179)(104)2,341 
Provision (benefit) for credit losses198 185 54 79 516 
Income (loss) before income tax expense (benefit)1,068 1,173 (233)(183)1,825 
Income tax expense (benefit)278 289 (61)(100)406 
Net income (loss)$790 $884 ($172)($83)$1,419 
Total average assets$72,477 $77,130 $14,409 $57,723 $221,739 
Nine Months Ended September 30, 2022
(dollars in millions)Consumer BankingCommercial Banking
Non-Core
OtherConsolidated
Net interest income$2,635 $1,508 $359 ($185)$4,317 
Noninterest income807 647 — 50 1,504 
Total revenue 3,442 2,155 359 (135)5,821 
Noninterest expense2,424 905 105 218 3,652 
Profit (loss) before provision (benefit) for credit losses1,018 1,250 254 (353)2,169 
Provision (benefit) for credit losses117 34 33 158 342 
Income (loss) before income tax expense (benefit)901 1,216 221 (511)1,827 
Income tax expense (benefit)230 270 56 (149)407 
Net income (loss)$671 $946 $165 ($362)$1,420 
Total average assets $66,793 $73,344 $18,582 $53,003 $211,722 
In connection with business segment changes made during the quarter the Company revised one of its management accounting practices utilized to measure the performance and compile the results of its segments as outlined below.
Funds Transfer Pricing
The Company’s FTP, a component of net interest income, ensures consistent business segment pricing behavior by removing interest rate risk from business performance. This risk is centrally managed within the Treasury function and reported in Other non-segment operations. Segments are provided an interest credit for funding it generates and an interest charge for assets it holds. The sum of interest income/expense and FTP charges/credits for each segment is its designated net interest income. The offset to FTP charges and credits is recorded in Other non-segment operations.
Citizens Financial Group, Inc. | 84

The Company continues to employ a matched maturity FTP methodology for the Consumer Banking and Commercial Banking business segments with rates based on a product’s repricing frequency and interest sensitivity, as well as other factors. The FTP charge for the Non-Core segment is based on an implied reference pool of high-cost funding sources. This method applies a waterfall marginal funding approach referencing the Company’s secured borrowings collateralized by auto loans, FHLB advances, and various other higher-cost deposit sources as are needed to fully debt-fund the assets.
There have been no other significant changes in the management accounting practices utilized by the Company to measure the performance and compile the results of its segments 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.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Information required by this item is presented in Note 12 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.
Citizens Financial Group, Inc. | 85

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 September 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)
July 1, 2023 - July 31, 20232,582,934$29.042,582,907$1,269,000,083
August 1, 2023 - August 31, 20234,845,154$28.614,840,632$1,130,546,512
September 1, 2023 - September 30, 20231,307,579$27.951,304,676$1,094,000,058
(1) Includes shares repurchased to satisfy applicable tax withholding obligations in connection with an employee share-based compensation plan and the forfeiture of unvested restricted stock awards.
(2) On February 17, 2023, the Company announced that its Board of Directors increased the capacity under its common share repurchase program by an additional $1.15 billion, which was incremental to the $850 million of capacity remaining as of December 31, 2022 under the prior June 2022 authorization. Common stock share repurchases may be executed in the open market or in privately negotiated transactions, including under Rule 10b5-1 plans and accelerated share repurchase and other structured transactions. The timing and exact amount of future share repurchases will be subject to various factors, including the Company’s capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory considerations.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS
3.1 Amended and Restated Certificate of Incorporation of the Registrant as in effect on the date hereof, as filed with the Secretary of State of the State of Delaware and effective April 28, 2022 (incorporated herein by reference to Exhibit 3.1 of the Current Report on Form 8-K, filed April 29, 2022)

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

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

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

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

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

101    The following materials from the Registrant's Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 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*

* Filed herewith.
Citizens Financial Group, Inc. | 86

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized on November 6, 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. | 87