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美國

證券交易委員會

華盛頓特區20549

表格 10-Q

☒ 根據13或15(d)條款的季度報告

1934年證券交易所法

截至季度結束

2024年9月30日

☐ 根據第13或第15(d)條規定的過渡報告

1934年證券交易所法

過渡期從

(不適用)

委員會檔案編號 001-36636

(按其章程所規定的名稱)的確切名稱

特拉華州						05-0412693
(依據所在地或其他管轄區) 的註冊地或組織地點)						(國稅局雇主識別號碼) 識別號碼)

一市民廣場, Providence, RI 02903

(主要執行辦公室地址，包括郵政編碼)

(203) 900-6715

(註冊人的電話號碼，包括區號)

根據法案第12(b)條規定註冊的證券：

每種類別的名稱			交易標的（s）			每個註冊交易所的名稱
每股普通股票，面值$0.01			CFG			紐約證券交易所
每個代表5.000％固定利率非累積永久優先股E系列1股利益的存托股份			CFG PrE			紐約證券交易所
存託股票，每股代表7.375%固定利率非累積永久優先股H系列的1/40權益			CFG PrH			紐約證券交易所

請以勾選標記表示：（1）申報人在過去12個月內已提交證券交易法案第13或15（d）條所需提交的所有報告（或者對於申報人需要提交此類報告的較短期間），並且（2）申報人在過去90天內一直受到此類報告要求的制約。

☑ 是 ☐ 無

請勾選表示該登記者是否已在過去12個月內（或該登記者需要提交這些文件的較短期間）向Regulation S-t的第232.405條提出的每個互動式數據文件。

☑ 是 ☐ 無

請用勾選方式確定登記人是否為大型加速檔案提交者，加速檔案提交者，非加速檔案提交者，較小的報表公司或新興成長公司。見《交易法》第120億2條對“大型加速檔案提交者”，“加速檔案提交者”，“較小的報表公司”和“新興成長公司”的定義。

大型加速歸檔人			☑			加速歸檔人			☐
非加速申報者			☐			小型報告公司			☐
						新興成長型企業			☐

如果一家新興成長型公司，請用勾選標記表示該申報人已選擇不使用根據證交所法案13(a)條款提供的任何新的或修訂過的財務會計準則的延長過渡期。 ☐

請以核取記號表示，申報人是否為殼公司（根據《交易所法》第120億2條的定義）。 ☐ 是 ☑ 無

在2023和2024年6月30日結束的三個和六個月中，有資產減損處理記錄。更新計算公司進行中的研究和開發資產（“IPR&D”）公平價值所使用的關鍵假設可能會改變公司未來短期內回收IPR&D資產的帶值估計。 440,700,533 2024年10月25日，公司普通股（面值0.01美元）流通股數。

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						目錄
			縮寫詞彙及術語彙鑑						3
			第一部分。基本報表						5
			項目1。基本報表						39
			未經審計的綜合資產負債表						40
			未經審計的綜合營運報表						41
			綜合收益綜合表（未經審核）						42
			股東權益變動綜合表（未經審核）						43
			未經查核的綜合現金流量表						45
			附註合併基本報表（未經審核）						46
			項目2。管理對財務狀況和營運結果的討論和分析						5
			項目3。關於市場風險的定量和定性披露						82
			項目4. 內部控制和程序						82
			第二部分。其他資訊						82
			項目1。訴訟事項						82
			項目1A。風險因素						82
			項目2。未註冊的股權證券銷售和款項使用						82
			項目3。對償債優先證券的違約						83
			項目4。礦山安全披露						83
			項目5。其他資訊						83
			項目6。展示文件						83
			簽名						84

市民金融集團，Inc. | 2

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縮寫詞彙和術語詞彙表

以下是我們財務報告中常用的縮寫詞和術語列表：

2023年10-K表格						Annual Report on Form 10-k for the year ended December 31, 2023
AACL						Adjusted Allowance for Credit Losses
前十字韌帶						Allowance for Credit Losses: Allowance for Loan and Lease Losses plus Allowance for Unfunded Lending Commitments
AFS						可供出售
資產負債管理						資產和負債管理
其他綜合損益						累計其他綜合收益（損失）
ASU						會計準則更新
ATM自動借貸機						自動提款機
董事會或董事會						公民金融集團董事會
bps						基礎點
CBNA						公民銀行，全國協會
CCAR						全面資本分析和審查
建設銀行						資本保存緩衝
CECL						目前預期信用損失 (ASU 2016-13) 金融工具-信用損失 (第326條)：金融工具信用損失的評量)
CET1						普通股第一層級
CET1資本比率						普通股權第1階段資本除以在美國巴塞爾III標準化方法下定義的總風險加權資產
公民、CFG、本公司、我們、我們或我們的						Citizens Financial Group, Inc.及其子公司
CLTV						Combined Loan-to-Value
CRE						商業房地產業
每股收益						每股盈利
EVE						Economic Value of Equity
證券交易所法案						根據經修訂的1934年證券交易法案
Fannie Mae（FNMA）						聯邦國家抵押貸款協會
FDIC(美國)聯邦存款保險公司						聯邦存款保險公司
FDM						財務上困難的修改
美國聯邦住宅管理局						美國聯邦住宅管理局
FHLB						聯邦住宅貸款銀行
FICO						fair isaac公司（信用評級）
FRb或聯邦儲備系統						聯邦儲備系統理事會以及相關的聯邦儲備銀行
Freddie Mac（FHLMC）						聯邦住房抵押貸款公司
FTE 指全職員工，或在不足全職的員工情況下，以全職等效員工年份計算，由當事方或其附屬機構內專業適任的員工進行。其基於[... *** …]每年進行計算（不包括假期和節假日）。為避免疑義，[... *** …]不構成全職等效員工年份。						完全應稅等值
GAAP						美國一般公認會計原則
國內生產總值						總稅前所得
Ginnie Mae (GNMA)						政府國家抵押貸款協會
本貢獻協議（以下簡稱“協議”）由開曼群島豁免有限公司Captivision Inc.（以下簡稱“公司”）和英格蘭及威爾士註冊的G-SMATt 歐洲 媒體有限公司（以下簡稱“GSE”）以及李浩尊（以下簡稱“貢獻者”）在2024年9月__日訂立。						政府贊助實體
hk銀行						持有至到期
投資者						Investors Bancorp, Inc.及其附屬公司
LHFS						待售貸款
LIHTC						低收入住宅稅收抵免
併購						合併和收購
MD&A						管理層對財務狀況和業績的討論與分析

Citizens Financial Group, Inc. | 3

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與verizon核心的東北部和中大西洋市場高度互補。						哥倫比亞特區、特拉華、馬里蘭、新澤西、紐約、賓夕法尼亞、弗吉尼亞和西維吉尼亞
中西部						伊利諾伊、印第安納、密西根和俄亥俄
修改后的AACL過渡						Day-1 CECL採納輸入已記錄到ACL，再加上後續CECL ACL儲備的25%
修改後的CECL過渡						Day-1 CECL採納輸入已記錄到保留收益，再加上後續CECL ACL儲備的25%
抵押貸款服務權						按揭服務權利
新英格蘭						康涅狄格、緬因、麻薩諸塞、新罕布什爾、羅德島和佛蒙特
NMTC						新市場稅收抵免
國家銀行						貨幣事務審計署
OCI						其他綜合收益（損失）
經營槓桿效應						時段對時段總收入百分比變動減去時段對時段非利息支出百分比變動
母公司						Citizens Financial Group, Inc.（Citizens Bank，National Association和其他子公司的母公司）
PCD						購買的信用惡化了
ROTCE						平均有形普通股權益報酬率
RPA						風險參與協議
RWA						風險加權資產
美國小企業管理局						美國小企業管理局
渣打銀行						壓力資本緩衝
美國證券交易委員會						美國證券交易委員會
SOFR						隔夜拆款利率
TBA						待公佈的按揭證券
第一層資本比率						一級資本，包括符合U.S. Basel III標準化方法定義下的總風險加權資產的普通權益一級資本和符合額外一級資本資格的不累積永久性優先權股本，除以總風險加權資產。
一級槓桿比率						一級資本，包括符合U.S. Basel III標準化方法定義下的季度平均調整資產的普通權益一級資本和符合額外一級資本資格的不累積永久性優先權股本，除以總風險加權資產。
頂						發揮潛力
總資本比率						總資本，包括普通權益一級資本、一級資本、信貸損失準備和符合Tier 2資本資格的合格次順位債務，除以U.S. Basel III標準化方法定義下的總風險加權資產。
美國農業部						美國農業部
VA						美國退伍軍人事務部
VaR						風險價值
VIE						變量利益實體

Citizens Financial Group, Inc. | 4

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PART I. FINANCIAL INFORMATION

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

						Page
Forward-Looking Statements						6
Introduction						7
Financial Performance						8
Results of Operations						10
Net Interest Income						10
Noninterest Income						13
Noninterest Expense						14
Provision for Credit Losses						14
Income Tax Expense						14
Business Operating Segments						15
Analysis of Financial Condition						17
Securities						17
Loans and Leases						18
Credit Quality						18
Deposits						22
Borrowed Funds						22
Capital and Regulatory Matters						22
Liquidity						26
Critical Accounting Estimates						29
Accounting and Reporting Developments						31
Risk Governance						32
Market Risk						32
Non-GAAP Financial Measures and Reconciliations						37

Citizens Financial Group, Inc. | 5

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FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook,” “guidance” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.”

Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation:

•Negative economic, business and political conditions, including as a result of the interest rate environment, supply chain disruptions, inflationary pressures and labor shortages, that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits;

•The general state of the economy and employment, as well as general business and economic conditions, and changes in the competitive environment;

•Our capital and liquidity requirements under regulatory standards and our ability to generate capital and liquidity on favorable terms;

•The effect of changes in our credit ratings on our cost of funding, access to capital markets, ability to market our securities, and overall liquidity position;

•The effect of changes in the level of commercial and consumer deposits on our funding costs and net interest margin;

•Our ability to execute on our strategic business initiatives and achieve our financial performance goals across our Consumer and Commercial businesses, including our Private Bank;

•The effects of geopolitical instability, including the wars in Ukraine and the Middle East, on economic and market conditions, inflationary pressures and the interest rate environment, commodity price and foreign exchange rate volatility, and heightened cybersecurity risks;

•Our ability to comply with heightened supervisory requirements and expectations as well as new or amended regulations;

•Liabilities and business restrictions resulting from litigation and regulatory investigations;

•The effect of changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale;

•Changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources and affect the ability to originate and distribute financial products in the primary and secondary markets;

•Financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses;

•Environmental risks, such as physical or transition risks associated with climate change, and social and governance risks, that could adversely affect our reputation, operations, business, and customers;

•A failure in or breach of our compliance with laws, as well as operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; and

•Management’s ability to identify and manage these and other risks.

Citizens Financial Group, Inc. | 6

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In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares from or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends.

More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section in Part I, Item 1A of our 2023 Form 10-K.

INTRODUCTION

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $219.7 billion in assets as of September 30, 2024. Headquartered in Providence, Rhode Island, we offer a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. We help our customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, we provide an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,100 ATMs and more than 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, we offer a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities.

The following MD&A is intended to assist readers in their analysis of the accompanying unaudited interim Consolidated Financial Statements and supplemental financial information. It should be read in conjunction with the unaudited interim Consolidated Financial Statements and Notes to Consolidated Financial Statements in Part I, Item 1, as well as other information contained in this document and our 2023 Form 10-K.

Non-GAAP Financial Measures

This document contains non-GAAP financial measures denoted as “Underlying” results and “including AOCI impact.” Underlying results for any given reporting period exclude certain items that may occur in that period which management does not consider indicative of our on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe our Underlying results in any given reporting period reflect our on-going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. We further believe the presentation of Underlying results increases comparability of period-to-period results.

Other companies may use similarly titled non-GAAP financial measures that may be calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP.

Non-GAAP measures are denoted throughout our MD&A by the use of the term “Underlying.” Where there is a reference to these metrics in that paragraph, all measures that follow are on the same basis when applicable. For more information on the computation of non-GAAP financial measures, see “Non-GAAP Financial Measures and Reconciliations.”

Citizens Financial Group, Inc. | 7

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FINANCIAL PERFORMANCE

Key Highlights

Net income decreased $48 million and $311 million for the three and nine months ended September 30, 2024, respectively, with earnings per diluted common share down $0.08 to $0.77 and down $0.58 to $2.20 compared to the same periods in 2023.

Results reflect notable items of $10 million or $0.02 per diluted common share, net of tax benefit, for the three months ended September 30, 2024, compared to $18 million or $0.04 per diluted common share, net of tax benefit, for the same period in 2023. For the nine months ended September 30, 2024, notable items were $87 million or $0.19 per diluted common share, net of tax benefit, as compared to $120 million or $0.25 per diluted common share, net of tax benefit, for the same period in 2023.

Table 1: Notable Items
			Three Months Ended September 30, 2024
						Less: notable items
(dollars in millions)			Reported results (GAAP)			Integration related costs(1)			TOP and other(2)			FDIC special assessment						Underlying results (non-GAAP)
Noninterest income			$532			$—			($2)			$—						$534
Noninterest expense			1,259			2			9			—						1,248
Income tax expense			88			—			(3)			—						91

			Three Months Ended September 30, 2023
						Less: notable items
(dollars in millions)			Reported results (GAAP)			Integration related costs(1)			TOP and other(2)			FDIC special assessment						Underlying results (non-GAAP)
Noninterest income			$492			$—			$—			$—						$492
Noninterest expense			1,293			8			14			—						1,271
Income tax expense			119			(2)			(2)			—						123

			Nine Months Ended September 30, 2024
						Less: notable items
(dollars in millions)			Reported results (GAAP)			Integration related costs(1)			TOP and other(2)			FDIC special assessment(3)						Underlying results (non-GAAP)
Noninterest income			$1,602			$—			$5			$—						$1,597
Noninterest expense			3,918			8			84			40						3,786
Income tax expense			272			(2)			(28)			(10)						312

			Nine Months Ended September 30, 2023
						Less: notable items
(dollars in millions)			Reported results (GAAP)			Integration related costs(1)			TOP and other(2)			FDIC special assessment						Underlying results (non-GAAP)
Noninterest income			$1,483			$—			$—			$—						$1,483
Noninterest expense			3,895			99			62			—						3,734
Income tax expense			406			(26)			(15)			—						447

(1) Includes integration related costs associated with acquisitions.

(2) Primarily includes our TOP revenue and efficiency initiatives for the three and nine months ended September 30, 2024 and 2023.

(3) Represents an industry-wide FDIC special assessment. For more information, see “Regulation and Supervision - Deposit Insurance” in our 2023 Form 10-K.

Citizens Financial Group, Inc. | 8

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•Net income available to common stockholders decreased $56 million and $327 million for the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023.

◦On an Underlying basis, net income available to common stockholders of $354 million and $1.1 billion for the three and nine months ended September 30, 2024, respectively, compared with $418 million and $1.5 billion for the same periods in 2023.

◦On an Underlying basis, earnings per diluted common share of $0.79 and $2.39 for the three and nine months ended September 30, 2024, respectively, compared to $0.89 and $3.03 for the same periods in 2023.

•Total revenue decreased $113 million and $413 million for the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023, driven by decreases of 10% and 11%, respectively, in net interest income.

•The efficiency ratio of 66.2% and 67.3% for the three and nine months ended September 30, 2024, respectively, compared to 64.2% and 62.5% for the same periods in 2023.

◦On an Underlying basis, the efficiency ratio of 65.6% and 65.1% for the three and nine months ended September 30, 2024, respectively, compared to 63.1% and 59.9% for the same periods in 2023.

•ROTCE of 9.5% and 9.6% for the three and nine months ended September 30, 2024, respectively, compared to 12.0% and 12.9% for the same periods in 2023.

◦On an Underlying basis, ROTCE of 9.7% and 10.5% for the three and nine months ended September 30, 2024, respectively, compared to 12.5% and 14.1% for the same periods in 2023.

•Tangible book value per common share of $33.54 increased 9% from December 31, 2023.

For additional information regarding our financial performance, see “Results of Operations.”

Citizens Financial Group, Inc. | 9

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RESULTS OF OPERATIONS

Net Interest Income

Net interest income is our largest source of revenue and is the difference between the interest earned on interest-earning assets (generally loans and investment securities) and the interest expense incurred in connection with interest-bearing liabilities (generally deposits and borrowed funds). The level of net interest income is primarily a function of the difference between the effective yield on our average interest-earning assets and the effective cost of our interest-bearing liabilities. These factors are influenced by the pricing and mix of interest-earning assets and interest-bearing liabilities which, in turn, are impacted by external factors such as economic conditions, competition for loans and deposits, the monetary policy of the FRB and market interest rates. For further discussion, refer to the “Market Risk” and “Risk Governance” sections of our 2023 Form 10-K.

Citizens Financial Group, Inc. | 10

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The following tables present the major components of our net interest income. Average balance represents amortized cost, excluding the unamortized basis adjustments related to the transfer of certain HTM securities from AFS, and LHFS, at fair value. The yield/rate is based on annualized interest income or expense for the periods presented and includes the impact of hedging activities associated with the respective asset and liability categories.

Table 2: Major Components of Net Interest Income
			Three Months Ended September 30,
			2024												2023												Change
(dollars in millions)			Average Balance			Income/ Expense			Yield/ Rate						Average Balance			Income/ Expense			Yield/ Rate						Average Balance			Yield/ Rate (bps)
Assets
Interest-bearing cash and due from banks and deposits in banks			$8,896			$121			5.30		%				$8,005			$111			5.42		%				$891			(12) bps
Taxable investment securities			45,083			423			3.75						39,271			290			2.95						5,812			80
Non-taxable investment securities			1			—			2.60						2			—			2.68						(1)			(8)
Total investment securities			45,084			423			3.75						39,273			290			2.95						5,811			80
Commercial and industrial			44,071			556			4.95						48,908			762			6.10						(4,837)			(115)
Commercial real estate			28,209			452			6.26						29,353			467			6.23						(1,144)			3
Total commercial			72,280			1,008			5.46						78,261			1,229			6.15						(5,981)			(69)
Residential mortgages			32,117			301			3.75						30,838			267			3.46						1,279			29
Home equity			15,733			317			8.02						14,589			286			7.77						1,144			25
Automobile			5,942			64			4.28						9,849			103			4.16						(3,907)			12
Education			11,155			153			5.45						12,147			156			5.11						(992)			34
Other retail			4,776			133			11.04						5,107			125			9.67						(331)			137
Total retail			69,723			968			5.53						72,530			937			5.14						(2,807)			39
Total loans and leases			142,003			1,976			5.50						150,791			2,166			5.66						(8,788)			(16)
Loans held for sale, at fair value			1,108			18			6.31						1,204			20			6.72						(96)			(41)
Other loans held for sale			73			1			5.46						321			8			9.01						(248)			(355)
Interest-earning assets			197,164			2,539			5.09						199,594			2,595			5.13						(2,430)			(4)
Noninterest-earning assets			21,414												20,568												846
Total assets			$218,578												$220,162												($1,584)
Liabilities and Stockholders’ Equity
Checking with interest			$33,090			$131			1.58		%				$33,545			$126			1.49		%				($455)			9
Money market			53,152			444			3.32						52,057			415			3.17						1,095			15
Savings			26,868			128			1.89						29,516			123			1.65						(2,648)			24
Term			24,705			287			4.65						21,604			234			4.29						3,101			36
Total interest-bearing deposits			137,815			990			2.86						136,722			898			2.60						1,093			26
Short-term borrowed funds			150			3			6.06						506			8			6.21						(356)			(15)
Long-term borrowed funds			13,690			177			5.20						13,202			167			5.02						488			18
Total borrowed funds			13,840			180			5.21						13,708			175			5.07						132			14
Total interest-bearing liabilities			151,655			1,170			3.07						150,430			1,073			2.83						1,225			24
Demand deposits			36,236												39,728												(3,492)
Other noninterest-bearing liabilities			6,194												6,813												(619)
Total liabilities			194,085												196,971												(2,886)
Stockholders’ equity			24,493												23,191												1,302
Total liabilities and stockholders’ equity			$218,578												$220,162												($1,584)
Interest rate spread									2.02		%										2.30		%							(28)
Net interest income and net interest margin						$1,369			2.76		%							$1,522			3.03		%							(27)
Net interest income and net interest margin, FTE(1)						$1,373			2.77		%							$1,526			3.03		%							(26)
Memo: Total deposits (interest-bearing and demand)			$174,051			$990			2.26		%				$176,450			$898			2.02		%				($2,399)			24		bps

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			Nine Months Ended September 30,
			2024												2023												Change
(dollars in millions)			Average Balance			Income/ Expense			Yield/ Rate						Average Balance			Income/ Expense			Yield/ Rate						Average Balance			Yield/ Rate (bps)
Assets:
Interest-bearing cash and due from banks and deposits in banks			$9,602			$391			5.35		%				$7,232			$280			5.10		%				$2,370			25 bps
Taxable investment securities			44,561			1,239			3.71						38,742			823			2.83						5,819			88
Non-taxable investment securities			1			—			2.60						2			—			2.68						(1)			(8)
Total investment securities			44,562			1,239			3.71						38,744			823			2.83						5,818			88
Commercial and industrial			44,342			1,795			5.32						51,136			2,286			5.90						(6,794)			(58)
Commercial real estate			28,681			1,376			6.30						29,122			1,328			6.01						(441)			29
Total commercial			73,023			3,171			5.71						80,258			3,614			5.94						(7,235)			(23)
Residential mortgages			31,713			874			3.68						30,496			776			3.39						1,217			29
Home equity			15,387			920			7.99						14,336			790			7.37						1,051			62
Automobile			6,832			218			4.27						10,920			335			4.11						(4,088)			16
Education			11,472			463			5.39						12,455			465			5.00						(983)			39
Other retail			4,866			392			10.76						5,184			365			9.41						(318)			135
Total retail			70,270			2,867			5.45						73,391			2,731			4.97						(3,121)			48
Total loans and leases			143,293			6,038			5.58						153,649			6,345			5.48						(10,356)			10
Loans held for sale, at fair value			952			45			6.29						1,199			55			6.10						(247)			19
Other loans held for sale			152			11			9.39						380			25			8.57						(228)			82
Interest-earning assets			198,561			7,724			5.15						201,204			7,528			4.96						(2,643)			19
Noninterest-earning assets			20,959												20,535												424
Total assets			$219,520												$221,739												($2,219)
Liabilities and Stockholders’ Equity:
Checking with interest			$33,017			$368			1.49		%				$34,693			$333			1.28		%				($1,676)			21
Money market			52,552			1,320			3.35						50,562			1,050			2.78						1,990			57
Savings			27,389			369			1.80						29,539			310			1.40						(2,150)			40
Term			25,274			885			4.68						17,240			478			3.70						8,034			98
Total interest-bearing deposits			138,232			2,942			2.84						132,034			2,171			2.20						6,198			64
Short-term borrowed funds			324			14			5.64						831			36			5.71						(507)			(7)
Long-term borrowed funds			14,147			547			5.15						15,909			568			4.74						(1,762)			41
Total borrowed funds			14,471			561			5.16						16,740			604			4.79						(2,269)			37
Total interest-bearing liabilities			152,703			3,503			3.06						148,774			2,775			2.49						3,929			57
Demand deposits			36,374												42,657												(6,283)
Other noninterest-bearing liabilities			6,544												6,573												(29)
Total liabilities			195,621												198,004												(2,383)
Stockholders’ equity			23,899												23,735												164
Total liabilities and stockholders’ equity			$219,520												$221,739												($2,219)
Interest rate spread									2.09		%										2.47		%							(38)
Net interest income and net interest margin						$4,221			2.84		%							$4,753			3.16		%							(32)
Net interest income and net interest margin, FTE(1)						$4,234			2.85		%							$4,766			3.17		%							(32)
Memo: Total deposits (interest-bearing and demand)			$174,606			$2,942			2.25		%				$174,691			$2,171			1.66		%				($85)			59		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 $153 million, or 10%, and decreased $532 million, or 11%, for the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023, reflecting lower net interest margin and a decline of 1% in average interest-earning assets.

Net interest margin on a FTE basis decreased 26 basis points and 32 basis points for the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023, reflecting higher funding and swap costs and the impact of building liquidity, partially offset by the benefit of Non-Core portfolio runoff. The decrease during the nine-month period is also partially offset by higher interest-earning-asset yields.

Average interest-earning assets decreased $2.4 billion and $2.6 billion for the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023, driven by a decline in total loans and leases, partially offset by an increase in investment securities and cash held in interest-bearing deposits.

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Average deposits decreased $2.4 billion for the three months ended September 30, 2024 compared to the same period in 2023, driven by a reduction in higher-cost Treasury deposits and rate-driven migration, partially offset by growth in Private Bank deposits. Average deposits were stable for the nine months ended September 30, 2024 compared to the same period in 2023.

Average total borrowed funds increased $132 million and decreased $2.3 billion for the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023, reflecting a decline in FHLB advances driven by Non-Core portfolio runoff, and a remix of funding to long-term senior debt and secured borrowings collateralized by loans. These factors are largely offsetting during the three-month period, with the decrease during the nine-month period driven by FHLB advances.

Noninterest Income

Table 3: Noninterest Income
			Three Months Ended September 30,																								Nine Months Ended September 30,
(dollars in millions)			2024						2023						Change						Percent						2024						2023						Change						Percent
Service charges and fees			$109						$105						$4						4		%				$311						$306						$5						2		%
Capital markets fees			94						67						27						40						346						232						114						49
Card fees			93						74						19						26						271						226						45						20
Wealth fees(1)			76						63						13						21						219						191						28						15
Mortgage banking fees			46						69						(23)						(33)						149						185						(36)						(19)
Foreign exchange and derivative products			36						48						(12)						(25)						111						140						(29)						(21)
Letter of credit and loan fees			45						43						2						5						130						126						4						3
Securities gains, net			9						5						4						80						14						19						(5)						(26)
Other income(2)			24						18						6						33						51						58						(7)						(12)
Noninterest income			$532						$492						$40						8		%				$1,602						$1,483						$119						8		%

(1) See Note 1 for information regarding updates to the Consolidated Statements of Operations during the second quarter of 2024.

(2) Includes bank-owned life insurance income and other income for all periods presented.

The primary drivers for the changes in noninterest income for the three and nine months ended September 30, 2024, compared to the same periods in 2023, are highlighted below.

•Capital markets fees increased given higher underwriting and M&A advisory fees. Higher loan syndication fees are also a driver during the nine-month period.

•Card fees increased driven primarily by higher credit card fees, including favorable vendor contract negotiations.

•Wealth fees reflect increased sales activity and higher asset management fees.

•Mortgage banking fees declined reflecting lower production and servicing fees and a decline in MSR valuation, net of hedge impact.

•Foreign exchange and derivative products revenue decreased given reduced client activity related to interest rate and commodities hedging.

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Noninterest Expense

Table 4: Noninterest Expense
			Three Months Ended September 30,																								Nine Months Ended September 30,
(dollars in millions)			2024						2023						Change						Percent						2024						2023						Change						Percent
Salaries and employee benefits			$647						$659						($12)						(2		%)				$1,983						$1,932						$51						3		%
Equipment and software			194						191						3						2						576						541						35						6
Outside services			146						160						(14)						(9)						469						513						(44)						(9)
Occupancy			108						107						1						1						335						367						(32)						(9)
Other operating expense			164						176						(12)						(7)						555						542						13						2
Noninterest expense			$1,259						$1,293						($34)						(3		%)				$3,918						$3,895						$23						1		%

The decrease in noninterest expense for the three months ended September 30, 2024, compared to the same period in 2023, was driven by salaries and employee benefits reflecting lower headcount and other operating expense reflecting lower marketing-related expenses.

The increase in noninterest expense for the nine months ended September 30, 2024, compared to the same period in 2023, was driven by salaries and employee benefits reflecting our Private Bank build-out, equipment and software given technology investments and maintenance, and other operating expense largely associated with FDIC deposit insurance, reflecting an estimate of CBNA’s incremental special assessment of $40 million recognized in 2024. These increases were partially offset by lower marketing and travel-related expenses.

For more information regarding CBNA’s special assessment, see “Regulation and Supervision - Deposit Insurance” in our 2023 Form 10-K.

Provision for Credit Losses

The provision for credit losses is the result of a detailed analysis performed to estimate our ACL. The total provision for credit losses includes the provision for loan and lease losses and the provision for unfunded commitments. Refer to “Analysis of Financial Condition — Credit Quality” for more information.

Provision expense of $172 million and $525 million for the three and nine months ended September 30, 2024, respectively, compared to $172 million and $516 million for the same periods in 2023. The provision expense for the three and nine months ended September 30, 2024 reflects higher reserves against the CRE office portfolio primarily driven by elevated interest rates and return-to-office dynamics.

Income Tax Expense

Income tax expense of $88 million and $272 million decreased $31 million and $134 million for the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023. The effective income tax rate of 18.6% and 19.7% for the three and nine months ended September 30, 2024 decreased from 21.5% and 22.2%, respectively, compared to the same periods in 2023. These decreases reflect a higher benefit from tax-advantaged investments and the favorable impact of certain tax matters. 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.

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Business Operating Segments

We have three business operating segments: Consumer Banking, Commercial Banking, and Non-Core. See Note 16 for more information regarding our business operating segments.

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.

Table 5: Selected Financial Data for Business Operating Segments
			Three Months Ended September 30,
			Consumer Banking												Commercial Banking												Non-Core
(dollars in millions)			2024						2023						2024						2023						2024						2023
Net interest income			$1,156						$1,067						$478						$560						($28)						($41)
Noninterest income			285						278						207						180						—						—
Total revenue			1,441						1,345						685						740						(28)						(41)
Noninterest expense			916						905						300						325						23						30
Profit (loss) before credit losses			525						440						385						415						(51)						(71)
Net charge-offs			84						67						91						67						17						20
Income (loss) before income tax expense (benefit)			441						373						294						348						(68)						(91)
Income tax expense (benefit)			114						97						63						88						(17)						(24)
Net income (loss)			$327						$276						$231						$260						($51)						($67)
Average Balances:
Total assets			$75,392						$72,964						$68,092						$74,997						$8,389						$13,113
Total loans and leases(1)			69,021						66,641						64,974						71,898						8,352						13,010
Deposits			121,899						117,979						44,190						47,221						—						—
Interest-earning assets			69,608						67,273						65,550						72,275						8,352						13,010

			Nine Months Ended September 30,
			Consumer Banking												Commercial Banking												Non-Core
(dollars in millions)			2024						2023						2024						2023						2024						2023
Net interest income			$3,369						$3,101						$1,486						$1,741						($96)						($84)
Noninterest income			820						802						676						588						—						—
Total revenue			4,189						3,903						2,162						2,329						(96)						(84)
Noninterest expense			2,734						2,637						928						971						74						95
Profit (loss) before credit losses			1,455						1,266						1,234						1,358						(170)						(179)
Net charge-offs			249						198						262						185						46						54
Income (loss) before income tax expense (benefit)			1,206						1,068						972						1,173						(216)						(233)
Income tax expense (benefit)			311						278						223						289						(55)						(61)
Net income (loss)			$895						$790						$749						$884						($161)						($172)
Average Balances:
Total assets			$74,510						$72,477						$69,046						$77,130						$9,450						$14,409
Total loans and leases(1)			68,146						66,171						66,048						73,961						9,408						14,332
Deposits			120,803						116,477						44,766						47,221						—						—
Interest-earning assets			68,740						66,823						66,507						74,350						9,408						14,332

(1) Includes LHFS.

Consumer Banking

Net interest income increased $89 million and $268 million for the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023, driven by higher net interest margin reflecting higher interest-earning asset yields and growth in average interest-earning assets. These increases were partially offset by higher funding costs.

Noninterest income increased $7 million and $18 million for the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023, driven by wealth fees reflecting increased sales activity and higher asset management fees, higher credit card fees, and service charges and fees given higher overdraft and cash management fees. These increases were partially offset by mortgage banking fees reflecting lower production and servicing fees and a decline in MSR valuation, net of hedge impact.

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Noninterest expense increased $97 million for the nine months ended September 30, 2024 compared to the same period in 2023, driven primarily by salaries and benefits reflecting our Private Bank build-out. Noninterest expense was stable for the three months ended September 30, 2024 compared to the same period in 2023.

Net charge-offs increased $17 million and $51 million for the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023, driven primarily by other retail and education.

Commercial Banking

Net interest income decreased $82 million and $255 million for the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023, driven by lower net interest margin, a decline in average interest-earning assets and higher funding costs.

Noninterest income increased $27 million and $88 million for the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023, driven by capital markets fees reflecting higher underwriting and M&A advisory fees. These increases were partially offset by foreign exchange and derivative products revenue given reduced client activity related to interest rate and commodities hedging. Higher loan syndication fees are also a driver during the nine-month period.

Noninterest expense decreased $25 million and $43 million for the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023, driven primarily by salaries and employee benefits reflecting lower headcount.

Net charge-offs increased $24 million and $77 million for the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023. The increase during the three-month period was driven by the resolution of several nonperforming credits in commercial and industrial, while the increase during the nine-month period was primarily driven by the office segment of CRE, partially offset by a decline in commercial and industrial.

Non-Core

Net interest income decreased $12 million for the nine months ended September 30, 2024 compared to the same period in 2023, driven by the highest-cost implied marginal funding sources during 2024, including secured borrowings collateralized by auto loans and FHLB advances, and a decline in average interest-earning assets.

Average loans and leases decreased $4.7 billion and $4.9 billion for the three and nine months ended September 30, 2024, respectively, compared to the same periods in 2023, driven by planned Non-Core portfolio runoff.

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ANALYSIS OF FINANCIAL CONDITION

Securities

Table 6: Amortized Cost and Fair Value of Securities
			September 30, 2024												December 31, 2023
(dollars in millions)			Amortized Cost(1)						Fair Value						Amortized Cost(1)						Fair Value
U.S. Treasury and other			$4,726						$4,689						$4,493						$4,380
State and political subdivisions			1						1						1						1
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities			28,995						27,650						26,289						24,477
Other/non-agency			274						261						279						255
Total mortgage-backed securities			29,269						27,911						26,568						24,732
Collateralized loan obligations			234						234						667						664
Total debt securities available for sale			$34,230						$32,835						$31,729						$29,777
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities			$8,308						$7,645						$8,696						$7,887
Total mortgage-backed securities			8,308						7,645						8,696						7,887
Asset-backed securities			430						422						488						463
Total debt securities held to maturity			$8,738						$8,067						$9,184						$8,350
Total debt securities available for sale and held to maturity			$42,968						$40,902						$40,913						$38,127
Equity securities, at cost(2)			$732						$732						$869						$869
Equity securities, at fair value(2)			203						203						173						173

(1) Excludes portfolio level basis adjustments of $176 million and $60 million, respectively, for securities designated in active fair value hedge relationships at September 30, 2024 and December 31, 2023.

(2) Included in other assets in the Consolidated Balance Sheets.

The primary objective of our securities portfolio is to provide a readily available source of liquidity. The portfolio primarily includes high-quality, highly liquid investments reflecting our ongoing commitment to maintain strong contingent liquidity levels and pledging capacity.

As of September 30, 2024, U.S. Treasuries and mortgage-backed securities issued by GNMA and GSEs represented 98% of the fair value of our debt securities portfolio, with approximately $34.1 billion of unencumbered high-quality liquid securities serving as potential collateral for borrowings from the FHLB, FRB discount window, and the Fixed Income Clearing Corporation bilateral repurchase agreement market.

For further discussion of the use of our securities as liquidity collateral see the “Liquidity Risk Management and Governance” section in this document. For further discussion of liquidity requirements, see “Regulation and Supervision — Liquidity Requirements” in our 2023 Form 10-K.

We manage our securities portfolio duration and convexity risk through asset selection and securities structure, and maintain duration levels within our risk appetite in the context of our broader interest rate risk framework and limits. As of September 30, 2024, the portfolio’s average effective duration, including recent hedging actions to reduce duration, was 3.3 years compared with 3.9 years as of December 31, 2023.

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Loans and Leases    

Table 7: Composition of Loans and Leases, Excluding LHFS
(dollars in millions)			September 30, 2024						December 31, 2023						Change						Percent
Commercial and industrial			$43,825						$44,974						($1,149)						(3)		%
Commercial real estate			27,983						29,471						(1,488)						(5)
Total commercial			71,808						74,445						(2,637)						(4)
Residential mortgages			32,379						31,332						1,047						3
Home equity			15,992						15,040						952						6
Automobile			5,540						8,258						(2,718)						(33)
Education			11,118						11,834						(716)						(6)
Other retail			4,795						5,050						(255)						(5)
Total retail			69,824						71,514						(1,690)						(2)
Total loans and leases			$141,632						$145,959						($4,327)						(3)		%

See Note 1 for a description of changes made to the Company’s loans and leases presentation during the first quarter of 2024.

The decrease in total loans and leases as of September 30, 2024 compared to December 31, 2023 reflects a $2.6 billion decrease in commercial given balance sheet optimization actions, paydowns and lower client demand. Retail decreased $1.7 billion, primarily driven by planned Non-Core portfolio runoff, partially offset by growth in home equity and mortgage.

Credit Quality

See Note 1 for a description of changes made to the Company’s loans and leases presentation during the first quarter of 2024.

The ACL is a reserve to absorb estimated future credit losses in accordance with GAAP. For additional information regarding the ACL, see “Critical Accounting Estimates — Allowance for Credit Losses” and Note 4, and Note 6 in our 2023 Form 10-K.

The ACL as of September 30, 2024 compared to December 31, 2023 reflects a decrease of $32 million. For further information see Note 4.

Table 8: ACL and Related Coverage Ratios by Portfolio
			September 30, 2024												December 31, 2023
(dollars in millions)			Loans and Leases			Allowance			Coverage						Loans and Leases			Allowance			Coverage
Allowance for Loan and Lease Losses
Commercial and industrial			$43,825			$506			1.15		%				$44,974			$587			1.31		%
Commercial real estate			27,983			681			2.43						29,471			663			2.25
Total commercial			71,808			1,187			1.65						74,445			1,250			1.68
Residential mortgages			32,379			164			0.51						31,332			181			0.58
Home equity			15,992			102			0.64						15,040			100			0.66
Automobile			5,540			29			0.52						8,258			57			0.69
Education			11,118			288			2.59						11,834			259			2.18
Other retail			4,795			309			6.44						5,050			251			4.98
Total retail			69,824			892			1.28						71,514			848			1.19
Total loans and leases			$141,632			$2,079			1.47		%				$145,959			$2,098			1.44		%
Allowance for Unfunded Lending Commitments
Commercial(1)						$164			1.88		%							$175			1.91		%
Retail(2)						43			1.34									45			1.25
Total allowance for unfunded lending commitments						207												220
Allowance for credit losses			$141,632			$2,286			1.61		%				$145,959			$2,318			1.59		%

(1) Coverage ratio includes total commercial allowance for unfunded lending commitments and total commercial allowance for loan and lease losses in the numerator and total commercial loans and leases in the denominator.

(2) Coverage ratio includes total retail allowance for unfunded lending commitments and total retail allowance for loan losses in the numerator and total retail loans in the denominator.

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Table 9: Nonaccrual Loans and Leases
(dollars in millions)			September 30, 2024						December 31, 2023						Change						Percent
Commercial and industrial			$219						$297						($78)						(26		%)
Commercial real estate			852						477						375						79
Total commercial			1,071						774						297						38
Residential mortgages			169						177						(8)						(5)
Home equity			281						285						(4)						(1)
Automobile			46						61						(15)						(25)
Education			59						28						31						111
Other retail			61						39						22						56
Total retail			616						590						26						4
Nonaccrual loans and leases			$1,687						$1,364						$323						24		%
Nonaccrual loans and leases to total loans and leases			1.19		%				0.93		%				26		bps
Allowance for loan and lease losses to nonaccrual loans and leases			123						154						(31		%)
Allowance for credit losses to nonaccrual loans and leases			136						170						(34		%)

Table 10: Ratio of Net Charge-Offs to Average Loans and Leases
			Three Months Ended September 30,
			2024												2023
(dollars in millions)			Net Charge-Offs			Average Balance			Ratio						Net Charge-Offs			Average Balance			Ratio
Commercial and industrial			$54			$44,071			0.49		%				$22			$48,908			0.18		%
Commercial real estate			44			28,209			0.62						48			29,353			0.65
Total commercial			98			72,280			0.54						70			78,261			0.35
Residential mortgages			—			32,117			—						(1)			30,838			(0.02)
Home equity			(1)			15,733			(0.03)						(3)			14,589			(0.08)
Automobile			13			5,942			0.81						15			9,849			0.60
Education			24			11,155			0.85						22			12,147			0.72
Other retail			58			4,776			4.93						50			5,107			3.95
Total retail			94			69,723			0.54						83			72,530			0.46
Total loans and leases			$192			$142,003			0.54		%				$153			$150,791			0.40		%

			Nine Months Ended September 30,
			2024												2023
(dollars in millions)			Net Charge-Offs			Average Balance			Ratio						Net Charge-Offs			Average Balance			Ratio
Commercial and industrial			$61			$44,342			0.18		%				$85			$51,136			0.22		%
Commercial real estate			218			28,681			1.02						113			29,122			0.52
Total commercial			279			73,023			0.51						198			80,258			0.33
Residential mortgages			1			31,713			—						—			30,496			—
Home equity			(6)			15,387			(0.05)						(9)			14,336			(0.08)
Automobile			31			6,832			0.60						38			10,920			0.47
Education			77			11,472			0.90						62			12,455			0.66
Other retail			175			4,866			4.82						149			5,184			3.87
Total retail			278			70,270			0.53						240			73,391			0.44
Total loans and leases			$557			$143,293			0.52		%				$438			$153,649			0.38		%

For the three and nine months ended September 30, 2024, net charge-offs increased $39 million and $119 million, respectively, compared to the same periods in 2023. The net charge-off ratio increased 14 basis points compared to the same periods.

For the three months ended September 30, 2024, the increase in retail net charge-offs was driven by other retail. For the nine months ended September 30, 2024, the increase in retail net charge-offs was driven by other retail and education, partially offset by a decline in auto. For the three months ended September 30, 2024, the increase in commercial net charge-offs was driven by the resolution of several nonperforming credits in commercial and industrial. For the nine months ended September 30, 2024, the increase was primarily driven by the office segment of CRE, partially offset by a decline in commercial and industrial.

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Commercial Loan Asset Quality

Our commercial portfolio consists of traditional commercial and industrial loans, commercial leases, and commercial real estate loans. As discussed in our 2023 Form 10-K, we utilize internal risk ratings to monitor credit quality for commercial loans and leases.

Total commercial criticized balances of $8.6 billion at September 30, 2024 increased $136 million compared to December 31, 2023.

Commercial and industrial criticized balances of $3.1 billion at September 30, 2024 decreased from $3.5 billion at December 31, 2023, primarily driven by declines in the healthcare and wholesale trade sectors.

Commercial real estate criticized balances of $5.5 billion at September 30, 2024 increased from $5.0 billion at December 31, 2023, attributable to the continued impacts of interest rates and return-to-office dynamics on the Office sector and the continued impacts of interest rates on the Multi-family sector. Approximately 96% of commercial real estate loans remain current on payments as of September 30, 2024.

For more information on the distribution of commercial loans by vintage date and regulatory classification rating, see Note 4.

Table 11: Commercial and Industrial Loans by Industry Sector
			September 30, 2024									December 31, 2023
(dollars in millions)			Balance			% of Total Loans and Leases						Balance			% of Total Loans and Leases
Industry sector
Finance and insurance
Capital call facilities			$5,853			4		%				$5,780			4		%
Other finance and insurance			5,993			4						6,021			4
Other manufacturing			3,766			3						3,748			2
Technology			3,400			2						3,351			2
Accommodation and food services			2,586			2						2,948			2
Health, pharma, and social assistance			2,327			2						2,598			2
Wholesale trade			2,212			1						2,467			2
Retail trade			2,238			1						2,379			2
Professional, scientific, and technical services			2,325			2						2,339			2
Other services			2,418			2						2,168			1
Energy and related			2,113			1						2,034			1
Arts, entertainment, and recreation			1,545			1						1,602			1
Administrative and waste management			1,336			1						1,599			1
Rental and leasing			1,050			1						1,073			1
Consumer products manufacturing			840			1						984			1
Automotive			1,016			1						898			1
Other			2,807			2						2,985			2
Total commercial and industrial			$43,825			31		%				$44,974			31		%

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Table 12: Commercial Real Estate by Property Type and State
			September 30, 2024									December 31, 2023
(dollars in millions)			Balance			% of Total Loans and Leases						Balance			% of Total Loans and Leases
Property type
Multi-family			$9,952			7		%				$9,367			6		%
Office
Credit tenant lease and life sciences(1)			2,220			2						2,268			2
Other general office			3,156			2						3,648			3
Retail			2,987			2						3,407			2
Industrial			3,744			3						3,981			3
Co-op			1,807			1						1,796			1
Data center			991			1						841			1
Hospitality			423			—						608			—
Other			2,703			2						3,555			2
Total commercial real estate			$27,983			20		%				$29,471			20		%
State
New York			$6,869			5		%				$7,035			5		%
New Jersey			3,433			2						3,829			3
Pennsylvania			2,503			2						2,613			2
California			2,465			2						2,314			1
Texas			1,400			1						2,163			1
Massachusetts			1,769			1						1,897			1
Florida			1,185			1						1,087			1
Other Southeast(2)			2,939			2						3,056			2
Other			5,420			4						5,477			4
Total commercial real estate			$27,983			20		%				$29,471			20		%

(1) Credit tenant lease includes loans to nationally recognized tenants with high credit ratings and life sciences includes loans to provide lab and office space for tenants involved in the study and development of scientific discoveries.

(2) Includes Georgia, Maryland, North Carolina, South Carolina and Virginia.

Retail Loan Asset Quality

We utilize credit scores provided by FICO, which are generally refreshed on a quarterly basis, and payment and delinquency status, among other data points, to monitor credit quality for retail loans. FICO credit scores represent current and historical national industry-wide consumer level credit performance data, which management believes are the strongest indicator of potential credit losses over the contractual life of the loan and a good predictor of a borrower’s future payment performance.

Table 13: Retail Loan Portfolio Analysis
			September 30, 2024																		December 31, 2023
						Days Past Due and Accruing																		Days Past Due and Accruing
			Current			30-59			60-89			90+			Nonaccrual						Current			30-59			60-89			90+			Nonaccrual
Residential mortgages			98.59		%	0.29		%	0.15		%	0.45		%	0.52		%				97.34		%	0.90		%	0.38		%	0.82		%	0.56		%
Home equity			97.49			0.58			0.17			—			1.76						97.34			0.55			0.22			—			1.89
Automobile			96.51			1.97			0.69			—			0.83						96.94			1.74			0.58			—			0.74
Education			98.84			0.39			0.22			0.02			0.53						99.14			0.41			0.19			0.02			0.24
Other retail			97.14			0.92			0.65			0.02			1.27						97.02			0.97			0.67			0.57			0.77
Total retail			98.12		%	0.55		%	0.24		%	0.21		%	0.88		%				97.56		%	0.85		%	0.36		%	0.40		%	0.83		%

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Table 14: Retail Asset Quality Metrics
			September 30, 2024						December 31, 2023
Average refreshed FICO for total portfolio			774						772
CLTV ratio for secured real estate(1)			50		%				50		%

(1) The real estate secured portfolio CLTV is calculated as the mortgage and second lien loan balance divided by the most recently available value of the property.

For more information on the aging of accruing and nonaccrual retail loans, and the distribution of retail loans by vintage date and FICO score, see Note 4.

Deposits

Table 15: Composition of Deposits
(dollars in millions)			September 30, 2024			% of Total Deposits						December 31, 2023			% of Total Deposits
Demand			$35,978			21		%				$37,107			21		%
Money market			54,654			31						53,812			30
Checking with interest			33,680			19						31,876			18
Savings			26,489			15						27,983			16
Term			24,387			14						26,564			15
Total deposits			$175,188			100		%				$177,342			100		%

Total deposits as of September 30, 2024 decreased compared to December 31, 2023, reflecting a decline in Treasury deposits, partially offset by growth in Private Bank deposits.

Table 16: Uninsured and Insured/Secured Deposits
(dollars in millions)			September 30, 2024			December 31, 2023
Total deposits			$175,188			$177,342
Estimated uninsured deposits(1)			76,311			73,584
Less: Uninsured affiliate deposits eliminated in consolidation			13,334			14,650
Less: Preferred deposits(1)(2)			6,818			7,486
CFG adjusted estimated uninsured deposits, excluding preferred deposits			56,159			51,448
Total estimated insured/secured deposits			$119,029			$125,894
Insured/secured deposits to total deposits			68		%	71		%

(1) As reported on CBNA’s Call Report.

(2) Represents uninsured deposits of states and political subdivisions that are secured or collateralized as required under state law.

Borrowed Funds

Total borrowed funds of $14.0 billion as of September 30, 2024 decreased $13 million compared to December 31, 2023, driven by a decline of approximately $3.7 billion in FHLB advances, partially offset by the issuance of senior debt and secured borrowings collateralized by loans. For more information regarding our borrowed funds, see “Liquidity” and Note 7.

CAPITAL AND REGULATORY MATTERS

As a bank and financial holding company, we are subject to regulation and supervision by the FRB. Our banking subsidiary, CBNA, is a national banking association primarily regulated by the OCC. Our regulation and supervision continues to evolve as the legal and regulatory frameworks governing our operations continue to change. See “Regulation and Supervision” in our 2023 Form 10-K for more information.

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Capital Adequacy Process

Our assessment of capital adequacy begins with our Board-approved risk appetite and risk management framework. This framework provides for the identification, measurement and management of material risks. There have been no significant changes to our capital adequacy risk appetite and risk management framework as described in “Capital and Regulatory Matters” in our 2023 Form 10-K.

The FRB regularly supervises and evaluates our capital adequacy and capital planning processes, including the submission of an annual capital plan approved by our Board of Directors or one of its committees. Under the FRB’s capital requirements, we must maintain capital ratios above the sum of the regulatory minimum and SCB requirement to avoid restrictions on capital distributions and discretionary bonus payments. The FRB utilizes the supervisory stress test to determine our SCB, which is re-calibrated with each biennial supervisory stress test and updated annually to reflect our planned common stock dividends. As an institution subject to Category IV standards, we are subject to biennial supervisory stress testing in even-numbered years; however, the FRB required us to participate in the 2023 CCAR supervisory stress test to incorporate the effects of the Investors acquisition. Our SCB associated with the 2023 CCAR supervisory stress test was 4.0%, effective through September 30, 2024, and our SCB associated with the 2024 CCAR supervisory stress test is 4.5%, effective October 1, 2024 through September 30, 2025.

Regulations relating to capital planning, regulatory reporting, stress testing and capital buffer requirements applicable to firms like us are presently subject to rule-making and potential further guidance and interpretation by the applicable federal regulators. We will continue to evaluate the impact of these and any other prudential regulatory changes, including their potential resultant changes in our regulatory and compliance costs and expenses.

For more information on our capital adequacy process, see “Capital and Regulatory Matters” in our 2023 Form 10-K.

Regulatory Capital Ratios and Capital Composition

Under the current U.S. Basel III capital framework, we and our banking subsidiary, CBNA, must meet the following specific minimum requirements: CET1 capital ratio of 4.5%, tier 1 capital ratio of 6.0%, total capital ratio of 8.0% and tier 1 leverage ratio of 4.0%. As a bank holding company, our SCB of 4.0% as of September 30, 2024 is imposed on top of the three minimum risk-based capital ratios listed above and a CCB of 2.5% is imposed on top of the three minimum risk-based capital ratios listed above for CBNA.

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For additional discussion of the U.S. Basel III capital framework and its related application, see “Regulation and Supervision” in our 2023 Form 10-K. The table below presents the regulatory capital ratios for CFG and CBNA under the U.S. Basel III Standardized rules:

Table 17: Regulatory Capital Ratios Under the U.S. Basel III Standardized Rules
			September 30, 2024									December 31, 2023
(dollars in millions)			Amount			Ratio						Amount			Ratio						Required Minimum Capital Ratio(1)
CET1 capital
CFG			$17,941			10.6		%				$18,358			10.6		%				8.5		%
CBNA			19,908			11.9						19,411			11.3						7.0
Tier 1 capital
CFG			20,053			11.9						20,372			11.8						10.0
CBNA			19,908			11.9						19,411			11.3						8.5
Total capital
CFG			23,352			13.9						23,608			13.7						12.0
CBNA			23,035			13.7						22,453			13.0						10.5
Tier 1 leverage
CFG			20,053			9.4						20,372			9.3						4.0
CBNA			19,908			9.4						19,411			8.9						4.0
Risk-weighted assets
CFG			168,552									172,601
CBNA			167,876									172,094
Quarterly adjusted average assets(2)
CFG			213,274									219,591
CBNA			212,598									218,974

(1) Represents minimum requirement under the current capital framework plus the SCB of 4.0% and CCB of 2.5% for CFG and CBNA, respectively. The SCB and CCB are not applicable to the Tier 1 leverage ratio.

(2) Represents total average assets less certain amounts deducted from Tier 1 capital.

At September 30, 2024, CFG’s CET1 capital ratio was stable and its tier 1 capital ratio increased compared to December 31, 2023. Net income and a $4.0 billion decrease in RWA was offset by common share repurchases, dividends, and a decrease in the modified CECL transition amount as we entered the third year of the CECL three-year transition period. Lower auto and commercial loans were the key drivers for the decline in RWA. An increase in preferred stock was also a contributing factor to the tier 1 capital ratio increase.

At September 30, 2024, CBNA’s CET1 and tier 1 capital ratios increased compared to December 31, 2023. Net income and a $4.2 billion decrease in RWA, primarily driven by lower auto and commercial loans, was partially offset by dividend payments to the Parent Company and a decrease in the modified CECL transition amount as we entered the third year of the CECL three-year transition period.

At September 30, 2024, CFG’s and CBNA’s total capital ratios increased compared to December 31, 2023, 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, 2024, CFG’s and CBNA’s tier 1 leverage ratios increased compared to December 31, 2023, reflecting a decline in quarterly adjusted average assets and their respective changes in tier 1 capital described above.

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Table 18: Capital Composition Under the U.S. Basel III Capital Framework
(dollars in millions)			September 30, 2024						December 31, 2023
Total common stockholders' equity			$22,820						$22,328
Exclusions:
Modified CECL transitional amount			96						192
Net unrealized (gains)/losses recorded in AOCI, net of tax:
Debt securities			1,957						2,338
Derivatives			649						1,087
Unamortized net periodic benefit costs			320						333
Deductions:
Goodwill, net of deferred tax liability			(7,772)						(7,779)
Other intangible assets, net of deferred tax liability			(118)						(134)
Deferred tax assets that arise from tax loss and credit carryforwards			(11)						(7)
Total common equity tier 1 capital			17,941						18,358
Qualifying preferred stock			2,112						2,014
Total tier 1 capital			20,053						20,372
Qualifying subordinated debt(1)			1,297						1,319
Allowance for credit losses			2,286						2,318
Exclusions from tier 2 capital:
Modified AACL transitional amount			(125)						(249)
Allowance on PCD assets			(159)						(152)
Adjusted allowance for credit losses			2,002						1,917
Total capital			$23,352						$23,608

(1) As of September 30, 2024 and December 31, 2023, the amount of non-qualifying subordinated debt excluded from regulatory capital was $419 million and $482 million, respectively. See Note 7 for more details on our outstanding subordinated debt.

Capital Transactions

We completed the following capital transactions during the nine months ended September 30, 2024:

•Repurchased $825 million of our outstanding common stock;

•Issued 400,000 shares of 7.375% fixed-rate non-cumulative perpetual Series H Preferred Stock at an aggregate offering price of $400 million;

•Redeemed all outstanding shares of the 9.205% floating rate non-cumulative perpetual Series D Preferred Stock on July 8, 2024;

•Declared quarterly common stock dividends of $0.42 per share, aggregating to $581 million; and

•Declared preferred stock dividends aggregating to $103 million.

For additional detail regarding our common and preferred stock dividends see Note 10.

On June 28, 2024, our Board of Directors increased the capacity of our common share repurchase program to $1.25 billion, an increase of $656 million above the $594 million of capacity remaining under the prior February 2023 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.

AOCI Impact on Regulatory Capital

Under the current applicable regulatory capital rules we have made the AOCI opt-out election, which enables us to exclude components of AOCI from regulatory capital. As noted in the “Capital and Stress Testing Requirements” section of “Regulation and Supervision” in our 2023 Form 10-K, the regulatory agencies are considering the inclusion of AOCI components in regulatory capital for Category IV firms like us, notably the AOCI relative to securities and pension.

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The following table presents our regulatory capital ratios including the AOCI impact from securities and pension, which we believe provides useful information in light of recent events and the potential for change in the regulatory capital framework.

Table 19: AOCI Impact on Regulatory Capital
			September 30, 2024
			CFG												CBNA
(dollars in millions)			CET1			Tier 1			Total						CET1			Tier 1			Total
Regulatory capital, including AOCI impact:
Regulatory capital (as reported)			$17,941			$20,053			$23,352						$19,908			$19,908			$23,035
Unrealized gains (losses) on securities and pension			(2,277)			(2,277)			(2,277)						(2,260)			(2,260)			(2,260)
Deferred tax assets - securities and pension AOCI			(12)			(12)			(12)						(12)			(12)			(12)
Regulatory capital, including AOCI impact (non-GAAP)			$15,652			$17,764			$21,063						$17,636			$17,636			$20,763
Risk-weighted assets, including AOCI impact:
Risk-weighted assets (as reported)			$168,552			$168,552			$168,552						$167,876			$167,876			$167,876
Unrealized gains (losses) on securities and pension			(640)			(640)			(640)						(623)			(623)			(623)
Deferred tax assets - securities and pension AOCI			1,919			1,919			1,919						1,901			1,901			1,901
Risk-weighted assets, including AOCI impact (non-GAAP)			$169,831			$169,831			$169,831						$169,154			$169,154			$169,154
Ratio:
Regulatory capital ratio (as reported)			10.6		%	11.9		%	13.9		%				11.9		%	11.9		%	13.7		%
Regulatory capital ratio, including AOCI impact (non-GAAP)			9.2		%	10.5		%	12.4		%				10.4		%	10.4		%	12.3		%

Recent Regulatory Developments

On March 6, 2024, the SEC adopted a final rule to require registrants to disclose certain climate-related information in their registration statements and annual reports. Subsequent to adoption, a number of businesses and business groups filed petitions seeking a judicial review of the final rule, asserting that the SEC does not have the authority to promulgate it. On April 4, 2024, the SEC issued an order staying its final rule pending completion of the judicial review of certain petitions consolidated in the U.S. Court of Appeals for the Eighth Circuit. We will continue to monitor the outcome of this judicial review.

LIQUIDITY

We consider the effective and prudent management of liquidity fundamental to our safety and soundness. We define liquidity as our ability to meet our obligations when they come due. As a financial institution, we must maintain operating liquidity to meet expected daily and forecasted cash-flow requirements, as well as contingent liquidity to meet unexpected (stress scenario) funding requirements. Reflecting the importance of meeting all unexpected and stress-scenario funding requirements, we identify and manage contingent liquidity, consisting of cash balances at the FRB, unencumbered high-quality liquid securities and unused FHLB borrowing capacity. Separately, we also identify and manage asset liquidity as a subset of contingent liquidity, consisting of cash balances at the FRB and unencumbered high-quality liquid securities. We maintain additional secured borrowing capacity at the FRB discount window, but do not view this as a primary means of funding, but rather a potential source in a stressed environment or during a market disruption. We manage liquidity at the consolidated enterprise level and at each material legal entity.

Parent Company Liquidity

Our Parent Company’s primary sources of cash are dividends and interest received from CBNA resulting from investing in bank equity and subordinated debt as well as externally issued preferred stock, senior debt and subordinated debt. Uses of cash include the routine cash flow requirements as a bank holding company, including periodic share repurchases and payments of dividends, interest and expenses; the needs of subsidiaries, including CBNA for additional equity and, as required, its need for debt financing; and the support for extraordinary funding requirements when necessary. To the extent the Parent Company relies on wholesale borrowings, uses also include payments of related principal and interest.

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During the nine months ended September 30, 2024, the Parent Company completed the following transactions:

•Issued $1.25 billion of 5.841% fixed-to-floating rate senior notes due 2030;

•Issued $750 million of 6.645% fixed-to-floating rate senior notes due 2035;

•Issued 400,000 shares of 7.375% fixed-rate non-cumulative perpetual Series H Preferred Stock at an aggregate offering price of $400 million;

•Redeemed all outstanding shares of the 9.205% floating rate non-cumulative perpetual Series D Preferred Stock on July 8, 2024; and

•Issued $1.25 billion of 5.718% fixed-to-floating rate senior notes due 2032.

Our Parent Company’s cash and cash equivalents represent a source of liquidity that can be used to meet various needs and totaled $3.1 billion and $2.9 billion as of September 30, 2024 and December 31, 2023, respectively.

During the three months ended September 30, 2024 and 2023, the Parent Company declared dividends on common stock of $190 million and $199 million, respectively, and declared dividends on preferred stock of $38 million and $30 million, respectively.

During the nine months ended September 30, 2024 and 2023, the Parent Company declared dividends on common stock of $581 million and $609 million, respectively, and declared dividends on preferred stock of $103 million and $87 million, respectively.

During the nine months ended September 30, 2024, the Parent Company repurchased $825 million of its outstanding common stock.

CBNA Liquidity

As CBNA’s primary business involves taking deposits and making loans, a key role of liquidity management is to ensure that customers have timely access to funds. Liquidity management also involves maintaining sufficient liquidity to repay wholesale borrowings, pay operating expenses and support extraordinary funding requirements when necessary. In the ordinary course of business, the liquidity of CBNA is managed by matching sources and uses of cash. The primary sources of bank liquidity include deposits from our consumer and commercial customers; payments of principal and interest on loans and investment securities; and wholesale borrowings, as needed, and as described under “Liquidity Risk Management and Governance.” The primary uses of bank liquidity include withdrawals and maturities of deposits; payment of interest on deposits; funding of loans and related commitments; and funding of securities purchases. To the extent that CBNA relies on wholesale borrowings, uses also include payments of related principal and interest. For further information on CBNA’s outstanding debt see Note 7.

During the nine months ended September 30, 2024, CBNA completed the following transactions:

•Issued $2.7 billion of secured borrowings collateralized by loans; and

•Redeemed $650 million of 4.119% fixed-to-floating rate senior notes due 2025.

Liquidity Risk

Liquidity risk is the risk arising from the inability to meet our obligations when they come due. We must maintain adequate funding to meet current and future obligations, including customer loan requests, deposit maturities and withdrawals, debt service requirements, equipment and premises leases, and other cash commitments, under both normal operating conditions and periods of company-specific and/or market stress.

We primarily rely on customer deposits to be a relatively stable and low-cost source of funding. In addition to customer deposits, our funding sources also include our ability to securitize loans in secondary markets, raise funds in the debt and equity capital markets, pledge loans and/or securities for borrowing from the FHLB, pledge securities as collateral for borrowing under repurchase agreements, and sell AFS securities.

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Credit ratings assigned by agencies such as Moody’s, Standard and Poor’s, and Fitch impact our access to unsecured wholesale market funds and to large uninsured customer deposits and are presented in the table below.

Table 20: Credit Ratings

September 30, 2024

Moody’s

Standard & Poor’s

Fitch

Citizens Financial Group, Inc.:

Long-term issuer

Baa1

BBB+

BBB+

Short-term issuer

NR

A-2

F1

Subordinated debt

Baa1

BBB

BBB

Preferred Stock

Baa3

BB+

BB

Citizens Bank, National Association:

Long-term issuer

A3

A-

BBB+

Short-term issuer

(P) P-2

A-2

F1

Long-term deposits

A1

NR

A-

Short-term deposits

P-1

NR

F1

NR = Not rated

We currently have a “stable” outlook at Standard & Poor’s, a “negative” outlook at Moody’s and a “positive” outlook at Fitch. Changes in our public credit ratings could affect both the cost and availability of our wholesale funding.

Existing and evolving regulatory liquidity requirements represent another key driver of systemic liquidity conditions and liquidity management practices. The FRB and OCC regularly evaluate our liquidity as part of the overall supervisory process. In addition, we are subject to existing and evolving regulatory liquidity requirements, some of which are subject to further rulemaking, guidance and interpretation by the applicable federal regulators. For further discussion, see the “Liquidity Requirements” section under “Regulation and Supervision” in our 2023 Form 10-K.

Liquidity Risk Management and Governance

Liquidity risk is measured and managed by the Funding and Liquidity unit within our Treasury group in accordance with policy guidelines promulgated by our Board and the Asset Liability Committee. The Funding and Liquidity unit is responsible for maintaining a liquidity management framework that effectively manages liquidity risk. Processes within this framework include, but are not limited to, regular and comprehensive reporting, including current levels versus threshold limits for a broad set of liquidity metrics and early warning indicators, explanatory commentary relating to emerging risk trends and, as appropriate, recommended remedial strategies, liquidity stress testing, contingency funding plans, and collateral management.

Our Funding and Liquidity unit’s primary goals are to deliver and maintain prudent levels of operating liquidity to support expected and projected funding requirements, contingent liquidity to support unexpected funding requirements resulting from idiosyncratic, systemic, and combination stress events, and regulatory liquidity requirements in a timely manner from stable and cost-efficient funding sources. We seek to accomplish these goals by funding loans with stable deposits, by prudently controlling dependence on wholesale funding, particularly short-term unsecured funding, and by maintaining ample available liquidity, including a contingent liquidity buffer of unencumbered high-quality loans and securities.

We maintain a contingency funding plan designed to ensure that liquidity sources are sufficient to meet ongoing obligations and commitments, particularly in a stressed environment or during a market disruption. The plan identifies members of the liquidity contingency team and provides a framework for management to follow, including notification and escalation of potential liquidity stress events.

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As of September 30, 2024:

•Organically generated deposits continue to be our primary source of funding, resulting in a consolidated period-end loans-to-deposits ratio, excluding LHFS, of 80.8%;

◦Estimated insured/secured deposits comprise 68% of our consolidated deposit base of $175.2 billion.

•Our total available liquidity, comprised of contingent liquidity and available discount window capacity, was approximately $82.1 billion;

◦Contingent liquidity was $64.3 billion, consisting of unencumbered high-quality liquid securities of $34.1 billion, unused FHLB capacity of $20.4 billion, and our cash balances at the FRB of $9.8 billion; and

◦Available discount window capacity was $17.8 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, 2024 and 2023, 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.

Further, certain of these metrics are monitored individually for CBNA and for our consolidated enterprise on a daily basis, including cash position, unencumbered securities, asset liquidity and available FHLB borrowing capacity. In order to identify emerging trends and risks and inform funding decisions, specific metrics are also forecasted over a one-year horizon.

Off-Balance Sheet Arrangements

We engage in a variety of activities that are not reflected in our Consolidated Balance Sheets that are generally referred to as “off-balance sheet arrangements.” For more information on these types of activities, see Note 11.

CRITICAL ACCOUNTING ESTIMATES

Our Consolidated Financial Statements included in this Report are prepared in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires us to establish accounting policies and make estimates that affect amounts reported in our Consolidated Financial Statements.

An accounting estimate requires assumptions and judgments about uncertain matters that could have a material effect on our Consolidated Financial Statements. Estimates are made using facts and circumstances known at a point in time. Changes in those facts and circumstances could produce results substantially different from those estimates. Our significant accounting policies and estimates include the ACL, fair value measurements and the evaluation and measurement of goodwill impairment. For additional information regarding fair value measurements, see “Critical Accounting Estimates” in our 2023 Form 10-K.

Allowance for Credit Losses

The ACL of $2.3 billion at September 30, 2024 remained stable compared to December 31, 2023.

As of September 30, 2024, the ACL economic forecast over a two-year reasonable and supportable period was consistent with December 31, 2023, with peak unemployment of approximately 5.1% and start-to-trough real GDP decline of approximately 0.4%. These forecasts reflect a mild recession over the two-year reasonable and supportable period.

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Our determination of the ACL is sensitive to changes in forecasted macroeconomic conditions during the reasonable and supportable forecast period. To illustrate the sensitivity, we applied a more pessimistic scenario than that described above which reflects deeper real GDP contraction across our two-year reasonable and supportable forecast period with peak unemployment of approximately 6.0% and start-to-trough real GDP decline of approximately 1.9%. Excluding consideration of qualitative adjustments, this scenario would result in a quantitative lifetime loss estimate of approximately 1.2x our modeled period-end ACL, or an increase of approximately $400 million. This analysis relates only to the modeled credit loss estimate and not to the overall period-end ACL, which includes qualitative adjustments.

Because several quantitative and qualitative factors are considered in determining the ACL, this sensitivity analysis does not necessarily reflect the nature and extent of future changes in the ACL or even what the ACL would be under these economic circumstances. The sensitivity analysis is intended to provide insights into the impact of adverse changes in the macroeconomic environment and the corresponding impact to modeled loss estimates. The hypothetical determination does not incorporate the impact of management judgment or other qualitative factors that could be applied in the actual estimation of the ACL and does not imply any expectation of future deterioration in our loss rates.

It remains difficult to estimate how changes in economic forecasts might affect our ACL because such forecasts consider a wide variety of variables and inputs, and changes in the variables and inputs may not occur at the same time or in the same direction, and such changes may have differing impacts by product type. The variables and inputs may be idiosyncratically affected by risks to the economy, including changing monetary and fiscal policies, impacts from the recent stress on the banking industry, and their impact on inflationary trends. Changes in one or multiple of the key macroeconomic variables may have a material impact on our estimation of expected credit losses.

For additional information regarding the ACL, see Note 4 and “Critical Accounting Estimates - Allowance for Credit Losses” and Note 6 in our 2023 Form 10-K.

Goodwill

We review the goodwill of each reporting unit for impairment on an annual basis 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. The process of evaluating the fair value of a reporting unit is subjective, involving management assumptions, estimates and forecasts, and the use of external or internal valuations. Future potential changes in assumptions, estimates or forecasts may impact the estimated fair value of a reporting unit and cause the fair value of the reporting unit to be below its carrying value. Additionally, a reporting unit’s fair value could change based on market conditions or other factors, which could impact whether the fair value of a reporting unit is less than its carrying value.

For additional information regarding Goodwill, see “Critical Accounting Estimates - Goodwill” and Note 10 in our 2023 Form 10-K.

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ACCOUNTING AND REPORTING DEVELOPMENTS

Accounting standards issued but not adopted as of September 30, 2024

Pronouncement			Summary of Guidance			Effects on Financial Statements
Improvements to Reportable Segment Disclosures Issued November 2023			•Requires disclosure of significant segment expenses regularly provided to the chief operating decision maker (“CODM”) •Requires disclosure of an amount for other segment items by reportable segment and a description of its composition •Requires disclosure of the title and position of the CODM			•Required effective date: Annual financial statements for the year ending December 31, 2024 and subsequent interim periods beginning in 2025. Early adoption is permitted. •Adoption is not expected to have a material impact on our required segment disclosures in the Consolidated Financial Statements.
Improvements to Income Tax Disclosures Issued December 2023			•Requires an annual income tax rate reconciliation table that includes specific categories and other significant categories, disaggregated by nature, that exceed 5% of income tax expense at the statutory tax rate •Requires a qualitative description of the states and local jurisdictions that make up more than 50% of the effect of the state and local income tax category •Requires description of the nature, effect and underlying causes of the reconciling items and the judgment used in categorizing these items •Requires annual disclosure of income taxes paid, net of refunds received, disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdictions that exceed 5% of total income taxes paid, net of refunds received •Requires disclosure of 1) income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and 2) income tax expense (or benefit) from continuing operations disaggregated by federal, state and foreign •Eliminates the requirement to disclose the nature and estimate of the change in unrecognized tax benefits expected in the next twelve months •Eliminates the requirement to disclose the cumulative amount of each type of temporary difference when a deferred tax liability is not recognized because of the exceptions to comprehensive recognition of deferred taxes related to subsidiaries and corporate joint ventures			•Required effective date: Annual financial statements for the year ending December 31, 2025. Early adoption is permitted. •Adoption is expected to have a meaningful impact on our required income tax disclosures in the Consolidated Financial Statements.

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RISK GOVERNANCE

We are committed to maintaining a strong, integrated and proactive approach to the management of all risks to which we are exposed in pursuit of our business objectives. A key aspect of our Board’s responsibility as the main decision-making body is setting our risk appetite to ensure that the levels of risk that we are willing to accept in the attainment of our strategic business and financial objectives are clearly understood.

To enable our Board to carry out its objectives, it has delegated authority for risk management activities, as well as governance and oversight of those activities, to a number of Board and executive management level risk committees. The Executive Risk Committee, chaired by the Chief Risk Officer, is responsible for oversight of risk across the enterprise and actively considers our inherent material risks, analyzes our overall risk profile and seeks confirmation that the risks are being appropriately identified, assessed and mitigated. Reporting to the Executive Risk Committee are the following committees covering specific areas of risk: Compliance and Operational Risk, Model Risk, Credit Policy, Asset Liability, Business Initiatives Review, and Conduct and Ethics.

There have been no significant changes in our risk governance practices, risk framework, risk appetite, or credit risk as described in “Risk Governance” in our 2023 Form 10-K.

MARKET RISK

Market risk refers to potential losses arising from changes in interest rates, foreign exchange rates, equity prices, commodity prices and/or other relevant market rates or prices. Modest market risk arises from trading activities that serve customer needs, including the hedging of interest rate and foreign exchange risk. As described below, the market risk arising from our non-trading banking activities, such as the origination of loans and deposit-gathering, is more significant. We have established enterprise-wide policies and methodologies to identify, measure, monitor and report market risk. We actively manage market risk for both non-trading and trading activities.

Non-Trading Risk

Our non-trading banking activities expose us to market risk. This market risk is composed of interest rate risk, as we have no commodity risk and de minimis direct currency and equity risk. We also have market risk related to capital markets loan originations, as well as the valuation of our MSRs. There have been no significant changes in our sources of interest rate risk, interest rate risk practices, risk framework, metrics or assumptions as described in “Market Risk — Non-Trading Risk” in our 2023 Form 10-K.

The table below presents the sensitivity of net interest income to various parallel yield curve shifts from the market implied forward yield curve. Our policies involve measuring exposures as a percentage change in net interest income over the next year due to either instantaneous or gradual parallel changes in rates relative to the market implied forward yield curve. As the following table illustrates, our balance sheet is asset sensitive; net interest income would benefit from an increase in interest rates, while exposure to a decline in interest rates is within limits established and monitored by senior management. While an instantaneous and severe shift in interest rates is included in this analysis, we believe that any actual shift in interest rates would be more gradual and, therefore, have a more modest impact.

Table 21: Sensitivity of Net Interest Income
			Estimated % Change in Net Interest Income over 12 Months
Basis points			September 30, 2024						December 31, 2023
Instantaneous Change in Interest Rates
+200			2.6		%				—		%
+100			1.5						0.5
-100			(1.8)						(1.5)
-200			(4.4)						(3.0)
Gradual Change in Interest Rates
+200			2.1		%				0.4		%
+100			1.0						0.5
-100			(1.1)						(1.0)
-200			(2.4)						(1.9)

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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 period-end yield curve is realized. The rate risk exposure is then measured based on assumed changes from that base case rate path.

Our risk position is slightly asset sensitive to a gradual change in rates as of September 30, 2024, compared to our broadly neutral position as of December 31, 2023. Our interest rate sensitivity incorporates the impacts of changes in our balance sheet mix, including securities, loans, deposits, borrowed funds and hedge activity, which is primarily comprised of received fixed swaps that offset our naturally asset-sensitive balance sheet.

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.

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The following table presents interest rate derivative contracts that we have entered into as of September 30, 2024 and December 31, 2023.

Table 22: Interest Rate Hedges Used to Manage Non-Trading Interest Rate Exposure
			September 30, 2024															December 31, 2023
						Weighted Average															Weighted Average
(dollars in millions)			Notional Amount			Maturity (Years)			Fixed Rate			Reset Rate						Notional Amount			Maturity (Years)			Fixed Rate			Reset Rate
Fair value hedges:
Asset conversion swaps:
AFS securities:
Pay fixed/receive SOFR			$8,395			5.0			3.8		%	5.0		%				$5,365			6.2			3.8		%	5.4		%
Liability conversion swaps:
Long-term borrowed funds:
Receive fixed/pay SOFR			500			1.1			2.6			5.2						500			1.9			2.6			5.6
Total fair value hedges			8,895															5,865
Cash flow hedges:
Asset conversion swaps:
Loans:
Swaps
Receive fixed/pay SOFR			25,750			1.9			3.1			5.0						17,780			0.8			4.0			5.4
Receive fixed/pay SOFR - forward-starting			9,000			3.1			4.0			3.3						31,250			2.9			3.3			4.6
Basis swaps
Receive SOFR/pay 1-month term SOFR			11,500			1.8			—			5.0/5.2						5,000			1.0			—			5.3/5.3
Receive SOFR/pay 1-month term SOFR - forward-starting			3,000			2.6			—			3.2/3.1						14,000			2.7			—			5.2/5.1
									Floor Rate			Cap Rate												Floor Rate			Cap Rate
Options
Interest rate collars(1)			—			—			—			—						1,000			1.5			2.5			3.7
Interest rate collars - forward-starting(1)			—			—			—			—						500			2.5			2.7			4.4
Floor spreads - forward-starting(2)			—			—			—			—						2,500			2.8			2.2/3.2			—
Total cash flow hedges			49,250															72,030
Total hedges			$58,145															$77,895

(1) Weighted average floor and cap rates represents strike rates through which CFG will receive interest if the SOFR rate falls below the floor strike rate and pay interest if the SOFR rate exceeds the cap strike rate.

(2) Weighted average floor rate represents strike rates for the short and long interest rate floors, respectively. CFG will receive interest if the SOFR rate falls below the upper strike rate and pay interest if the SOFR rate falls below the lower strike rate, effectively hedging the corridor between the two strike rates. The structure also includes a short cap and a long floor which are utilized to neutralize the initial premium.

The following table presents the average active notional amounts for our interest rate derivatives, based on contract effective date, during the remainder of 2024 and for the next five years:

Table 23: Average Active Notional for Interest Rate Derivative Contracts
			Year Ended
(dollars in millions)			Q4 2024			2025			2026			2027			2028			2029
Fair value hedges
Pay fixed/receive SOFR(1)			$8,395			$8,389			$8,161			$6,415			$5,553			$3,946
Receive fixed/pay SOFR(2)			500			441			—			—			—			—
Cash flow hedges
Receive fixed/pay SOFR(2)			26,245			28,557			22,401			8,589			1,210			499
Receive SOFR/pay 1-month term SOFR			11,500			12,096			8,847			1,952			—			—
Total			$46,640			$49,483			$39,409			$16,956			$6,763			$4,445
Weighted average receive fixed rate			3.1		%	3.2		%	3.5		%	3.8		%	3.9		%	4.1		%
Weighted average pay fixed rate			3.8			3.8			3.8			3.8			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.

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Table 24: Pre-Tax Gains (Losses) Recorded in the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income on Cash Flow Hedges
			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in millions)			2024						2023						2024						2023
Pre-tax net gains (losses) recognized in OCI			$613						($326)						($114)						($773)
Pre-tax net gains (losses) reclassified from AOCI into interest income			(276)						(156)						(711)						(420)
Pre-tax net gains (losses) reclassified from AOCI into interest expense			—						(1)						—						—

Using the September 30, 2024 interest rate curve we estimate that $621 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. These losses could differ from amounts recognized due to changes in interest rates, hedge de-designations or the addition of other hedges after September 30, 2024.

Included in AOCI is a net loss from terminated swaps of $868 million that will reduce net interest income by $137 million in the fourth quarter of 2024, $127 million in the first quarter of 2025, $119 million in the second quarter of 2025, $109 million in the third quarter of 2025, and $103 million in the fourth quarter of 2025. The remaining $273 million will reduce net interest income by $230 million in 2026 and $43 million after 2026.

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. For more information regarding the fair value of our MSRs and associated derivatives see Note 5 and Note 8.

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.

Trading Risk

We are exposed to market risk primarily through client facilitation activities from certain derivative and foreign exchange products as well as underwriting and market making activities. Market risk exposure arises from fluctuations in interest rates, basis spreads, volatility, foreign exchange rates, equity prices, and credit spreads across various financial instruments. 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, VaR model review and validation, or VaR backtesting as described in “Market Risk — Trading Risk” in our 2023 Form 10-K.

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Market Risk Regulatory Capital

The U.S. banking regulators’ “Market Risk Rule” covers the calculation of market risk capital. Under this rule, all of our client facing trades and associated hedges maintain a net low risk and qualify as “covered positions.” The internal management VaR measure is calculated based on the same population of trades that is utilized for regulatory VaR.

Table 25: Results of Modeled and Non-Modeled Measures for Regulatory Capital Calculations
(dollars in millions)						For the Three Months Ended September 30, 2024																								For the Three Months Ended September 30, 2023
Market Risk Category						Period End						Average						High						Low						Period End						Average						High						Low
Interest Rate						$2						$2						$4						$1						$5						$3						$5						$2
Foreign Exchange Currency Rate						—						—						—						—						—						—						—						—
Credit Spread						1						2						3						—						1						1						2						1
Commodity						—						—						—						—						—						—						—						—
General VaR						2						3						4						1						5						4						6						3
Specific Risk VaR						—						—						—						—						—						—						—						—
Total VaR						$2						$3						$4						$1						$5						$4						$6						$3
Stressed General VaR						$6						$7						$14						$2						$6						$7						$10						$4
Stressed Specific Risk VaR						—						—						—						—						—						—						—						—
Total Stressed VaR						$6						$7						$14						$2						$6						$7						$10						$4
Market Risk Regulatory Capital						$29																								$34
Specific Risk Not Modeled Add-on						23																								21
de Minimis Exposure Add-on						1																								—
Total Market Risk Regulatory Capital						$53																								$55
Market Risk-Weighted Assets						$662																								$681

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NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

For more information on the computation of our non-GAAP financial measures, see the “Non-GAAP Financial Measures” section of the “Introduction” on page 7. The following table presents computations of non-GAAP financial measures representing our “Underlying” results used in the MD&A:

Table 26: Reconciliations of Non-GAAP Measures
						As of and for the Three Months Ended September 30,												As of and for the Nine Months Ended September 30,
(dollars in millions, except per share data)			Ref.			2024						2023						2024						2023
Noninterest income, Underlying:
Noninterest income (GAAP)			A			$532						$492						$1,602						$1,483
Less: Notable items						(2)						—						5						—
Noninterest income, Underlying (non-GAAP)			B			$534						$492						$1,597						$1,483
Total revenue, Underlying:
Total revenue (GAAP)			C			$1,901						$2,014						$5,823						$6,236
Less: Notable items						(2)						—						5						—
Total revenue, Underlying (non-GAAP)			D			$1,903						$2,014						$5,818						$6,236
Noninterest expense, Underlying:
Noninterest expense (GAAP)			E			$1,259						$1,293						$3,918						$3,895
Less: Notable items						11						22						132						161
Noninterest expense, Underlying (non-GAAP)			F			$1,248						$1,271						$3,786						$3,734
Pre-provision profit:
Total revenue (GAAP)			C			$1,901						$2,014						$5,823						$6,236
Less: Noninterest expense (GAAP)			E			1,259						1,293						3,918						3,895
Pre-provision profit (non-GAAP)						$642						$721						$1,905						$2,341
Pre-provision profit, Underlying
Total revenue, Underlying (non-GAAP)			D			$1,903						$2,014						$5,818						$6,236
Less: Noninterest expense, Underlying (non-GAAP)			F			1,248						1,271						3,786						3,734
Pre-provision profit, Underlying (non-GAAP)						$655						$743						$2,032						$2,502
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)			G			$470						$549						$1,380						$1,825
Less: Income (expense) before income tax expense (benefit) related to notable items						(13)						(22)						(127)						(161)
Income before income tax expense, Underlying (non-GAAP)			H			$483						$571						$1,507						$1,986
Income tax expense and effective income tax rate, Underlying:
Income tax expense (GAAP)			I			$88						$119						$272						$406
Less: Income tax expense (benefit) related to notable items						(3)						(4)						(40)						(41)
Income tax expense, Underlying (non-GAAP)			J			$91						$123						$312						$447
Effective income tax rate (GAAP)			I/G			18.56		%				21.51		%				19.69		%				22.24		%
Effective income tax rate, Underlying (non-GAAP)			J/H			18.75						21.69						20.68						22.55
Net income, Underlying:
Net income (GAAP)			K			$382						$430						$1,108						$1,419
Add: Notable items, net of income tax benefit						10						18						87						120
Net income, Underlying (non-GAAP)			L			$392						$448						$1,195						$1,539
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)			M			$344						$400						$1,005						$1,332
Add: Notable items, net of income tax benefit						10						18						87						120
Net income available to common stockholders, Underlying (non-GAAP)			N			$354						$418						$1,092						$1,452
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)			O			$22,380						$21,177						$21,838						$21,721
Return on average common equity			M/O			6.12		%				7.50		%				6.15		%				8.20		%
Return on average common equity, Underlying (non-GAAP)			N/O			6.29						7.82						6.68						8.93

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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.			2024						2023						2024						2023
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)			O			$22,380						$21,177						$21,838						$21,721
Less: Average goodwill (GAAP)						8,187						8,188						8,187						8,182
Less: Average other intangibles (GAAP)						140						173						146						182
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)						435						422						433						422
Average tangible common equity			P			$14,488						$13,238						$13,938						$13,779
Return on average tangible common equity			M/P			9.45		%				12.00		%				9.63		%				12.93		%
Return on average tangible common equity, Underlying (non-GAAP)			N/P			9.71						12.51						10.46						14.09
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)			Q			$218,578						$220,162						$219,520						$221,739
Return on average total assets			K/Q			0.70		%				0.78		%				0.67		%				0.86		%
Return on average total assets, Underlying (non-GAAP)			L/Q			0.71						0.81						0.73						0.93
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)			Q			$218,578						$220,162						$219,520						$221,739
Less: Average goodwill (GAAP)						8,187						8,188						8,187						8,182
Less: Average other intangibles (GAAP)						140						173						146						182
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)						435						422						433						422
Average tangible assets			R			$210,686						$212,223						$211,620						$213,797
Return on average total tangible assets			K/R			0.72		%				0.81		%				0.70		%				0.89		%
Return on average total tangible assets, Underlying (non-GAAP)			L/R			0.74						0.84						0.75						0.96
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio			E/C			66.23		%				64.21		%				67.28		%				62.45		%
Efficiency ratio, Underlying (non-GAAP)			F/D			65.61						63.08						65.08						59.87
Noninterest income as a % of total revenue, Underlying:
Noninterest income as a % of total revenue			A/C			27.95		%				24.44		%				27.51		%				23.78		%
Noninterest income as a % of total revenue, Underlying (non-GAAP)			B/D			28.05						24.44						27.45						23.78
Operating leverage and operating leverage, Underlying:
(Decrease) increase in total revenue						(5.67)		%				(7.47)		%				(6.65)		%				7.15		%
(Decrease) increase in noninterest expense						(2.69)						4.20						0.57						6.67
Operating leverage						(2.98)		%				(11.67)		%				(7.22)		%				0.48		%
(Decrease) increase in total revenue, Underlying (non-GAAP)						(5.54)		%				(7.47)		%				(6.73)		%				6.58		%
(Decrease) increase in noninterest expense, Underlying (non-GAAP)						(1.75)						6.31						1.38						8.77
Operating leverage, Underlying (non-GAAP)						(3.79)		%				(13.78)		%				(8.11		%)				(2.19)		%
Tangible book value per common share:
Common shares - at period end (GAAP)			S			445,216,549						466,221,795						445,216,549						466,221,795
Common stockholders' equity (GAAP)						$22,820						$20,864						$22,820						$20,864
Less: Goodwill (GAAP)						8,187						8,188						8,187						8,188
Less: Other intangible assets (GAAP)						137						167						137						167
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)						435						421						435						421
Tangible common equity			T			$14,931						$12,930						$14,931						$12,930
Tangible book value per common share			T/S			$33.54						$27.73						$33.54						$27.73
Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying:
Average common shares outstanding - basic (GAAP)			U			446,561,996						469,481,085						453,993,833						478,073,507
Average common shares outstanding - diluted (GAAP)			V			449,913,467						471,183,719						456,461,330						479,733,008
Net income per average common share - basic (GAAP)			M/U			$0.77						$0.85						$2.21						$2.79
Net income per average common share - diluted (GAAP)			M/V			0.77						0.85						2.20						2.78
Net income per average common share - basic, Underlying (non-GAAP)			N/U			0.79						0.89						2.40						3.04
Net income per average common share - diluted, Underlying (non-GAAP)			N/V			0.79						0.89						2.39						3.03
Dividend payout ratio and dividend payout ratio, Underlying:
Cash dividends declared and paid per common share			W			$0.42						$0.42						$1.26						$1.26
Dividend payout ratio			W/(M/U)			55		%				49		%				57		%				45		%
Dividend payout ratio, Underlying (non-GAAP)			W/(N/U)			53						47						53						41

Citizens Financial Group, Inc. | 38

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ITEM 1. FINANCIAL STATEMENTS

						Page
Consolidated Balance Sheets (unaudited)						40
Consolidated Statements of Operations (unaudited)						41
Consolidated Statements of Comprehensive Income (unaudited)						42
Consolidated Statements of Changes in Stockholders’ Equity (unaudited)						43
Consolidated Statements of Cash Flows (unaudited)						45
Notes to Consolidated Financial Statements (unaudited)						46
Note 1 - Significant Accounting Policies						46
Note 2 - Securities						47
Note 3 - Loans and Leases						50
Note 4 - Credit Quality and the Allowance for Credit Losses						50
Note 5 - Mortgage Banking and Other						61
Note 6 - Variable Interest Entities						63
Note 7 - Borrowed Funds						65
Note 8 - Derivatives						67
Note 9 - Accumulated Other Comprehensive Income (Loss)						70
Note 10 - Stockholders’ Equity						71
Note 11 - Commitments and Contingencies						72
Note 12 - Fair Value Measurements						74
Note 13 - Noninterest Income						79
Note 14 - Other Operating Expense						80
Note 15 - Earnings Per Share						80
Note 16 - Business Operating Segments						80

Citizens Financial Group, Inc. | 39

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CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(dollars in millions, except par value)			September 30, 2024						December 31, 2023
ASSETS:
Cash and due from banks(1)			$979						$1,794
Interest-bearing cash and due from banks			9,936						9,834
Interest-bearing deposits in banks(1)			648						405
Debt securities available for sale, at fair value (including $155 and $110 pledged to creditors, respectively)(2)			32,835						29,777
Debt securities held to maturity (fair value of $8,067 and $8,350, respectively, and including $84 and $204 pledged to creditors, respectively)(2)			8,738						9,184
Loans held for sale, at fair value			614						676
Other loans held for sale			49						103
Loans and leases			141,632						145,959
Less: Allowance for loan and lease losses			(2,079)						(2,098)
Net loans and leases(1)			139,553						143,861
Derivative assets			586						440
Premises and equipment, net			862						895
Bank-owned life insurance			3,346						3,291
Goodwill			8,187						8,188
Other intangible assets(3)			137						157
Other assets(1)			13,236						13,359
TOTAL ASSETS			$219,706						$221,964
LIABILITIES AND STOCKHOLDERS’ EQUITY:
LIABILITIES:
Deposits:
Noninterest-bearing			$35,978						$37,107
Interest-bearing			139,210						140,235
Total deposits			175,188						177,342
Short-term borrowed funds			15						505
Derivative liabilities			1,012						1,562
Long-term borrowed funds(1)			13,944						13,467
Other liabilities(1)			4,615						4,746
TOTAL LIABILITIES			194,774						197,622
Commitments and Contingencies (refer to Note 11)
STOCKHOLDERS’ EQUITY:
Preferred stock:
$25.00 par value,100,000,000 shares authorized; 2,150,000 and 2,050,000 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively			2,112						2,014
Common stock:
$0.01 par value, 1,000,000,000 shares authorized; 649,634,774 shares issued and 445,216,549 shares outstanding at September 30, 2024 and 647,829,720 shares issued and 466,418,055 shares outstanding at December 31, 2023			6						6
Additional paid-in capital			22,327						22,250
Retained earnings			10,233						9,816
Treasury stock, at cost, 204,418,225 and 181,411,665 shares at September 30, 2024 and December 31, 2023, respectively			(6,820)						(5,986)
Accumulated other comprehensive income (loss)			(2,926)						(3,758)
TOTAL STOCKHOLDERS’ EQUITY			24,932						24,342
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY			$219,706						$221,964

(1) Includes amounts in consolidated VIEs. See Note 6 for additional information.

(2) Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.

(3) Excludes MSRs, which are reported in Other assets.

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

Citizens Financial Group, Inc. | 40

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CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in millions, except per share data)			2024						2023						2024						2023
INTEREST INCOME:
Interest and fees on loans and leases			$1,976						$2,166						$6,038						$6,345
Interest and fees on loans held for sale			18						20						45						55
Interest and fees on other loans held for sale			1						8						11						25
Investment securities			423						290						1,239						823
Interest-bearing deposits in banks			121						111						391						280
Total interest income			2,539						2,595						7,724						7,528
INTEREST EXPENSE:
Deposits			990						898						2,942						2,171
Short-term borrowed funds			3						8						14						36
Long-term borrowed funds			177						167						547						568
Total interest expense			1,170						1,073						3,503						2,775
Net interest income			1,369						1,522						4,221						4,753
Provision (benefit) for credit losses			172						172						525						516
Net interest income after provision (benefit) for credit losses			1,197						1,350						3,696						4,237
NONINTEREST INCOME:
Service charges and fees			109						105						311						306
Capital markets fees			94						67						346						232
Card fees			93						74						271						226
Wealth fees(1)			76						63						219						191
Mortgage banking fees			46						69						149						185
Foreign exchange and derivative products			36						48						111						140
Letter of credit and loan fees			45						43						130						126
Securities gains, net			9						5						14						19
Other income			24						18						51						58
Total noninterest income			532						492						1,602						1,483
NONINTEREST EXPENSE:
Salaries and employee benefits			647						659						1,983						1,932
Equipment and software			194						191						576						541
Outside services			146						160						469						513
Occupancy			108						107						335						367
Other operating expense			164						176						555						542
Total noninterest expense			1,259						1,293						3,918						3,895
Income before income tax expense			470						549						1,380						1,825
Income tax expense			88						119						272						406
NET INCOME			$382						$430						$1,108						$1,419
Net income available to common stockholders			$344						$400						$1,005						$1,332
Weighted-average common shares outstanding:
Basic			446,561,996						469,481,085						453,993,833						478,073,507
Diluted			449,913,467						471,183,719						456,461,330						479,733,008
Per common share information:
Basic earnings			$0.77						$0.85						$2.21						$2.79
Diluted earnings			0.77						0.85						2.20						2.78

(1) See Note 1 for information regarding updates to the Consolidated Statements of Operations during the second quarter of 2024.

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

Citizens Financial Group, Inc. | 41

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in millions)			2024						2023						2024						2023
Net income			$382						$430						$1,108						$1,419
Other comprehensive income (loss):
Net unrealized gains (losses) on cash flow hedge derivatives arising during the period, net of income taxes of $163, ($78), ($30), and ($193), respectively			450						(248)						(84)						(580)
Reclassification adjustment for net (gains) losses on cash flow hedge derivatives included in net income, net of income taxes of $73, $37, $189, and $105, respectively			203						120						522						315
Net unrealized gains (losses) on AFS securities arising during the period, net of income taxes of $179, ($189), $114, and ($160), respectively			541						(578)						339						(490)
Reclassification of net securities (gains) losses to net income, net of income taxes of $5, $7, $14, and $21, respectively			13						23						42						63
Defined benefit plans:
Actuarial gain (loss) arising during the period, net of income taxes of $—, $—, $1, and $—, respectively			—						—						4						—
Amortization of actuarial (gain) loss to net income, net of income taxes of $1, $2, $3, and $4, respectively			2						3						9						9
Total other comprehensive income (loss), net of income taxes			1,209						(680)						832						(683)
Total comprehensive income (loss)			$1,591						($250)						$1,940						$736

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

Citizens Financial Group, Inc. | 42

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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

			Preferred  Stock									Common  Stock						Additional Paid-in Capital			Retained Earnings			Treasury Stock, at Cost			Accumulated Other Comprehensive Income (Loss)			Total
(dollars and shares in millions)			Shares			Amount						Shares			Amount
Balance at July 1, 2023			2			$2,014						475			$6			$22,207			$9,655			($5,734)			($4,563)			$23,585
Dividends declared - common stock			—			—						—			—			—			(199)			—			—			(199)
Dividends declared - preferred stock			—			—						—			—			—			(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, 2023			2			$2,014						466			$6			$22,231			$9,856			($5,986)			($5,243)			$22,878
Balance at July 1, 2024			2			$2,112						453			$6			$22,299			$10,079			($6,492)			($4,135)			$23,869
Dividends declared - common stock			—			—						—			—			—			(190)			—			—			(190)
Dividends declared - preferred stock			—			—						—			—			—			(38)			—			—			(38)
Treasury stock purchased			—			—						(8)			—			—			—			(325)			—			(325)
Share repurchase excise tax			—			—						—			—			—			—			(3)			—			(3)
Share-based compensation plans			—			—						—			—			21			—			—			—			21
Employee stock purchase plan			—			—						—			—			7			—			—			—			7
Total comprehensive income (loss):
Net income			—			—						—			—			—			382			—			—			382
Other comprehensive income (loss)			—			—						—			—			—			—			—			1,209			1,209
Total comprehensive income (loss)			—			—						—			—			—			382			—			1,209			1,591
Balance at September 30, 2024			2			$2,112						445			$6			$22,327			$10,233			($6,820)			($2,926)			$24,932

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

Citizens Financial Group, Inc. | 43

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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

			Preferred  Stock									Common  Stock						Additional Paid-in Capital			Retained Earnings			Treasury Stock, at Cost			Accumulated Other Comprehensive Income (Loss)			Total
(dollars and shares in millions)			Shares			Amount						Shares			Amount
Balance at January 1, 2023			2			$2,014						492			$6			$22,142			$9,159			($5,071)			($4,560)			$23,690
Dividends declared - common stock			—			—						—			—			—			(609)			—			—			(609)
Dividends declared - preferred stock			—			—						—			—			—			(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, 2023			2			$2,014						466			$6			$22,231			$9,856			($5,986)			($5,243)			$22,878
Balance at January 1, 2024			2			$2,014						466			$6			$22,250			$9,816			($5,986)			($3,758)			$24,342
Dividends declared - common stock			—			—						—			—			—			(581)			—			—			(581)
Dividends declared - preferred stock			—			—						—			—			—			(103)			—			—			(103)
Preferred stock issued			—			391						—			—			—			—			—			—			391
Preferred stock redemption			—			(293)						—			—			—			(7)			—			—			(300)
Treasury stock purchased			—			—						(23)			—			—			—			(825)			—			(825)
Share repurchase excise tax			—			—						—			—			—			—			(9)			—			(9)
Share-based compensation plans			—			—						2			—			57			—			—			—			57
Employee stock purchase plan			—			—						—			—			20			—			—			—			20
Total comprehensive income (loss):
Net income			—			—						—			—			—			1,108			—			—			1,108
Other comprehensive income (loss)			—			—						—			—			—			—			—			832			832
Total comprehensive income (loss)			—			—						—			—			—			1,108			—			832			1,940
Balance at September 30, 2024			2			$2,112						445			$6			$22,327			$10,233			($6,820)			($2,926)			$24,932

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

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

			Nine Months Ended September 30,
(dollars in millions)			2024						2023
OPERATING ACTIVITIES
Net income			$1,108						$1,419
Adjustments to reconcile net income to net change due to operating activities:
Provision (benefit) for credit losses			525						516
Net change in loans held for sale, at fair value			62						25
Depreciation, amortization and accretion			374						352
Deferred income tax expense (benefit)			(50)						(61)
Share-based compensation			76						73
Net gain on sale of assets			(14)						(19)
Net (increase) decrease in other assets			(14)						(732)
Net increase (decrease) in other liabilities			(549)						718
Net change due to operating activities			1,518						2,291
INVESTING ACTIVITIES
Investment securities:
Purchases of debt securities available for sale			(6,497)						(5,576)
Proceeds from maturities and paydowns of debt securities available for sale			2,112						1,481
Proceeds from sales of debt securities available for sale			2,080						2,429
Proceeds from maturities and paydowns of debt securities held to maturity			501						597
Net (increase) decrease in interest-bearing deposits in banks			(243)						(21)
Purchases of loans			(517)						—
Sales of loans			186						2,628
Net (increase) decrease in loans and leases			3,860						3,790
Capital expenditures, net			(74)						(124)
Other			(29)						(181)
Net change due to investing activities			1,379						5,023
FINANCING ACTIVITIES
Net increase (decrease) in deposits			(2,154)						(2,527)
Net increase (decrease) in short-term borrowed funds			(490)						229
Proceeds from issuance of long-term borrowed funds			13,185						21,233
Repayments of long-term borrowed funds			(12,741)						(19,766)
Treasury stock purchased			(825)						(906)
Net proceeds from issuance of preferred stock			391						—
Redemption of preferred stock			(300)						—
Dividends paid to common stockholders			(581)						(609)
Dividends paid to preferred stockholders			(96)						(89)
Other			1						(26)
Net change due to financing activities			(3,610)						(2,461)
Net change in cash and cash equivalents(1)			(713)						4,853
Cash and cash equivalents at beginning of period(1)			11,628						10,547
Cash and cash equivalents at end of period(1)			$10,915						$15,400
Non-cash items:
Transfer of loans from loans held for investment to loans held for sale			$249						$2,582
Loans securitized and transferred to AFS securities			181						68

(1) Cash and cash equivalents include cash and due from banks and interest-bearing cash and due from banks as reflected on the Consolidated Balance Sheets.

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited interim Consolidated Financial Statements and Notes have been prepared in accordance with the instructions for Form 10-Q and, therefore, do not include all information and notes included in annual financial statements prepared in accordance with GAAP. The Consolidated Financial Statements include all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the interim period results presented. These unaudited interim financial statements and notes should be read in conjunction with the audited Consolidated Financial Statements and Notes included in the Company’s 2023 Form 10-K. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full year.

The unaudited interim Consolidated Financial Statements include the accounts of the Parent Company and its subsidiaries, including VIEs in which the Company is a primary beneficiary. Investments in VIEs in which the Company does not have the ability to exercise significant influence are not consolidated. All intercompany transactions and balances have been eliminated in consolidation.

During the first quarter of 2024, the Company modified the presentation of its loans and leases portfolio to include leases in the commercial and industrial financing receivable class. Prior period results have been revised to conform to the new presentation. See Notes 3 and 4 for additional information relative to the Company’s loans and leases portfolio.

Effective for the second quarter of 2024, Trust and investment services fees was renamed to Wealth fees in the Consolidated Statements of Operations to better reflect the broad range of wealth-related management fees and services provided to customers.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change include the determination of the ACL, fair value measurements and the evaluation and measurement of goodwill impairment.

Significant Accounting Policies

For further information regarding the Company’s significant accounting policies, see Note 1 in the Company’s 2023 Form 10-K.

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NOTE 2 - SECURITIES

The following table presents the major components of securities at amortized cost and fair value:

			September 30, 2024															December 31, 2023
(dollars in millions)			Amortized Cost(1)			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value						Amortized Cost(1)			Gross Unrealized Gains			Gross Unrealized Losses			Fair Value
U.S. Treasury and other			$4,726			$42			($79)			$4,689						$4,493			$26			($139)			$4,380
State and political subdivisions			1			—			—			1						1			—			—			1
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities			28,995			135			(1,480)			27,650						26,289			45			(1,857)			24,477
Other/non-agency			274			—			(13)			261						279			—			(24)			255
Total mortgage-backed securities			29,269			135			(1,493)			27,911						26,568			45			(1,881)			24,732
Collateralized loan obligations			234			—			—			234						667			—			(3)			664
Total debt securities available for sale, at fair value			$34,230			$177			($1,572)			$32,835						$31,729			$71			($2,023)			$29,777
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities			$8,308			$2			($665)			$7,645						$8,696			$9			($818)			$7,887
Total mortgage-backed securities			8,308			2			(665)			7,645						8,696			9			(818)			7,887
Asset-backed securities			430			1			(9)			422						488			—			(25)			463
Total debt securities held to maturity			$8,738			$3			($674)			$8,067						$9,184			$9			($843)			$8,350
Equity securities, at cost(2)			$732			$—			$—			$732						$869			$—			$—			$869
Equity securities, at fair value(2)			203			—			—			203						173			—			—			173

(1) Excludes portfolio level basis adjustments of $176 million and $60 million, respectively, for securities designated in active fair value hedge relationships at September 30, 2024 and December 31, 2023.

(2) Included in other assets in the Consolidated Balance Sheets.

Accrued interest receivable on debt securities totaled $117 million and $125 million as of September 30, 2024 and December 31, 2023, respectively, and is included in other assets in the Consolidated Balance Sheets.

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The following table presents the amortized cost and fair value of debt securities by contractual maturity as of September 30, 2024. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without incurring penalties.

			Distribution of Maturities
(dollars in millions)			1 Year or Less			After 1 Year through 5 Years			After 5 Years through 10 Years			After 10 Years			Total
Amortized cost:
U.S. Treasury and other			$—			$3,606			$1,120			$—			$4,726
State and political subdivisions			—			—			—			1			1
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities			—			2,108			1,321			25,566			28,995
Other/non-agency			—			—			—			274			274
Collateralized loan obligations			—			—			—			234			234
Total debt securities available for sale			—			5,714			2,441			26,075			34,230
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities			—			—			—			8,308			8,308
Asset-backed securities			—			430			—			—			430
Total debt securities held to maturity			—			430			—			8,308			8,738
Total amortized cost of debt securities			$—			$6,144			$2,441			$34,383			$42,968
Fair value:
U.S. Treasury and other			$—			$3,535			$1,154			$—			$4,689
State and political subdivisions			—			—			—			1			1
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities			—			2,060			1,281			24,309			27,650
Other/non-agency			—			—			—			261			261
Collateralized loan obligations			—			—			—			234			234
Total debt securities available for sale			—			5,595			2,435			24,805			32,835
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities			—			—			—			7,645			7,645
Asset-backed securities			—			422			—			—			422
Total debt securities held to maturity			—			422			—			7,645			8,067
Total fair value of debt securities			$—			$6,017			$2,435			$32,450			$40,902

Taxable interest income from investment securities as presented in the Consolidated Statements of Operations was $423 million and $290 million for the three months ended September 30, 2024 and 2023, respectively, and $1.2 billion and $823 million for the nine months ended September 30, 2024 and 2023, respectively.

The following table presents realized gains and losses on the sale of securities:

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in millions)			2024						2023						2024						2023
Gains			$9						$9						$14						$27
Losses			—						(4)						—						(8)
Securities gains, net			$9						$5						$14						$19

The following table presents the amortized cost and fair value of debt securities pledged:

			September 30, 2024									December 31, 2023
(dollars in millions)			Amortized Cost			Fair Value						Amortized Cost			Fair Value
Pledged against derivatives, to qualify for fiduciary powers, or to secure public and other deposits as required by law			$6,528			$6,080						$5,619			$5,305
Pledged as collateral for FHLB borrowing capacity			237			226						242			220
Pledged against repurchase agreements			—			—						—			—

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The Company enters into security repurchase agreements with unrelated counterparties, which involve the transfer of a security from one party to another, and a subsequent transfer of substantially the same security back to the original party. These repurchase agreements are typically short-term in nature and are accounted for as secured borrowed funds in the Company’s Consolidated Balance Sheets. The Company recognized no offsetting short-term receivables or payables associated with security repurchase agreements as of September 30, 2024 or December 31, 2023.

Securitizations of mortgage loans retained in the investment portfolio were $48 million and $181 million for the three and nine months ended September 30, 2024, respectively. Securitizations of mortgage loans retained in the investment portfolio were $65 million for the three and nine months ended September 30, 2023. These securitizations include a substantive guarantee by a third party. The guarantors were FNMA and FHLMC in 2024 and 2023. The debt securities received from the guarantors are classified as AFS.

Impairment

The Company evaluated its existing HTM portfolio as of September 30, 2024 and concluded that 95% of HTM securities met the zero expected credit loss criteria and, therefore, no ACL was recognized. Lifetime expected credit losses on the remainder of the HTM portfolio were determined to be insignificant based on the modeling of the Company’s credit loss position in the securities. The Company monitors the credit exposure through the use of credit quality indicators. For these securities, the Company uses external credit ratings or an internally derived credit rating when an external rating is not available. All securities were determined to be investment grade at September 30, 2024.

The following tables present AFS debt securities with fair values below their respective carrying values, separated by the duration the securities have been in a continuous unrealized loss position:

			September 30, 2024
			Less than 12 Months									12 Months or Longer									Total
(dollars in millions)			Fair Value			Gross Unrealized Losses						Fair Value			Gross Unrealized Losses						Fair Value			Gross Unrealized Losses
U.S. Treasury and other			$—			$—						$3,310			($79)						$3,310			($79)
State and political subdivisions			—			—						—			—						—			—
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities			755			(4)						16,244			(1,476)						16,999			(1,480)
Other/non-agency			—			—						260			(13)						260			(13)
Total mortgage-backed securities			755			(4)						16,504			(1,489)						17,259			(1,493)
Collateralized loan obligations			—			—						—			—						—			—
Total			$755			($4)						$19,814			($1,568)						$20,569			($1,572)

			December 31, 2023
			Less than 12 Months									12 Months or Longer									Total
(dollars in millions)			Fair Value			Gross Unrealized Losses						Fair Value			Gross Unrealized Losses						Fair Value			Gross Unrealized Losses
U.S. Treasury and other			$49			$—						$3,245			($139)						$3,294			($139)
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities			2,939			(24)						16,398			(1,833)						19,337			(1,857)
Other/non-agency			—			—						255			(24)						255			(24)
Total mortgage-backed securities			2,939			(24)						16,653			(1,857)						19,592			(1,881)
Collateralized loan obligations			56			—						607			(3)						663			(3)
Total			$3,044			($24)						$20,505			($1,999)						$23,549			($2,023)

The Company 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. The Company has determined that credit losses are not expected to be incurred on the AFS debt securities identified with unrealized losses as of September 30, 2024. The unrealized losses on these debt securities reflect non-credit-related factors driven by changes in interest rates. Therefore, the Company has determined that these debt securities are not impaired.

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NOTE 3 - LOANS AND LEASES

Loans held for investment are reported at the amount of their outstanding principal, net of charge-offs, unearned income, deferred loan origination fees and costs, and unamortized premiums or discounts on purchased loans.

The following table presents loans and leases, excluding LHFS:

(dollars in millions)			September 30, 2024						December 31, 2023
Commercial and industrial			$43,825						$44,974
Commercial real estate			27,983						29,471
Total commercial			71,808						74,445
Residential mortgages			32,379						31,332
Home equity			15,992						15,040
Automobile			5,540						8,258
Education			11,118						11,834
Other retail			4,795						5,050
Total retail			69,824						71,514
Total loans and leases			$141,632						$145,959

Accrued interest receivable on loans and leases held for investment totaled $862 million and $875 million as of September 30, 2024 and December 31, 2023, respectively, and is included in other assets in the Consolidated Balance Sheets.

Loans pledged as collateral for FHLB borrowing capacity, primarily residential mortgages and home equity products, totaled $37.9 billion and $36.0 billion at September 30, 2024 and December 31, 2023, respectively. Loans pledged as collateral to support the contingent ability to borrow at the FRB discount window, if necessary, were primarily comprised of education, commercial and industrial, and commercial real estate loans, and totaled $27.2 billion and $31.9 billion at September 30, 2024 and December 31, 2023, respectively.

Interest income on direct financing and sales-type leases is reported within interest and fees on loans and leases in the Consolidated Statements of Operations, and was $11 million and $12 million for the three months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024 and 2023, this interest income was $31 million and $36 million, respectively.

The following table presents the composition of LHFS:

			September 30, 2024												December 31, 2023
(dollars in millions)			Residential Mortgages(1)			Commercial(2)			Total						Residential Mortgages(1)						Commercial(2)			Total
Loans held for sale at fair value			$573			$41			$614						$614						$62			$676
Other loans held for sale			—			49			49						—						103			103

(1) Residential mortgage LHFS at fair value are originated for sale.

(2) Commercial LHFS at fair value consist of loans managed by the Company’s commercial secondary loan desk. Other commercial LHFS primarily consist of loans associated with the Company’s syndication business.

NOTE 4 - CREDIT QUALITY AND THE ALLOWANCE FOR CREDIT LOSSES

Allowance for Credit Losses    

The Company’s estimate of expected credit losses in its loan and lease portfolios is recorded in the ACL and considers extensive historical loss experience, including the impact of loss mitigation and restructuring programs that the Company offers to borrowers experiencing financial difficulty, as well as projected loss severity as a result of loan default.

For a detailed discussion of the ACL reserve methodology and estimation techniques as of December 31, 2023, see Note 6 in the Company’s 2023 Form 10-K. There were no significant changes to the ACL reserve methodology during the nine months ended September 30, 2024.

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The following table presents a summary of changes in the ACL for the three and nine months ended September 30, 2024:

			Three Months Ended September 30, 2024												Nine Months Ended September 30, 2024
(dollars in millions)			Commercial			Retail			Total						Commercial			Retail			Total
Allowance for loan and lease losses, beginning of period			$1,282			$843			$2,125						$1,250			$848			$2,098
Charge-offs			(106)			(125)			(231)						(308)			(377)			(685)
Recoveries			8			31			39						29			99			128
Net charge-offs			(98)			(94)			(192)						(279)			(278)			(557)
Provision expense (benefit) for loans and leases			3			143			146						216			322			538
Allowance for loan and lease losses, end of period			1,187			892			2,079						1,187			892			2,079
Allowance for unfunded lending commitments, beginning of period			147			34			181						175			45			220
Provision expense (benefit) for unfunded lending commitments			17			9			26						(11)			(2)			(13)
Allowance for unfunded lending commitments, end of period			164			43			207						164			43			207
Total allowance for credit losses, end of period			$1,351			$935			$2,286						$1,351			$935			$2,286

During the nine months ended September 30, 2024, net charge-offs of $557 million and a provision for expected credit losses of $525 million resulted in a decrease of $32 million to the ACL.

As of September 30, 2024, the ACL economic forecast over a two-year reasonable and supportable period was consistent with December 31, 2023, with peak unemployment of approximately 5.1% and start-to-trough real GDP decline of approximately 0.4%. These forecasts reflect a mild recession over the two-year reasonable and supportable period.

The following table presents a summary of changes in the ACL for the three and nine months ended September 30, 2023:

			Three Months Ended September 30, 2023												Nine Months Ended September 30, 2023
(dollars in millions)			Commercial			Retail			Total						Commercial			Retail			Total
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)
Recoveries			4			34			38						14			99			113
Net charge-offs			(70)			(83)			(153)						(198)			(240)			(438)
Provision expense (benefit) for loans and leases			146			43			189						371			164			535
Allowance for loan and lease losses, end of period			1,233			847			2,080						1,233			847			2,080
Allowance for unfunded lending commitments, beginning of period			213			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 period			192			46			238						192			46			238
Total allowance for credit losses, end of period			$1,425			$893			$2,318						$1,425			$893			$2,318

Credit Quality Indicators

The Company presents loan and lease portfolio segments and classes by credit quality indicator and vintage year and 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.

The Company utilizes internal risk ratings to monitor credit quality for commercial loans and leases. For more information on these ratings see Note 6 in the Company’s 2023 Form 10-K.

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The following table presents the amortized cost basis of commercial loans and leases by vintage date and internal risk rating as of September 30, 2024:

			Term Loans and Leases by Origination Year																																				Revolving Loans
(dollars in millions)			2024						2023						2022						2021						2020						Prior to 2020						Within the Revolving Period			Converted to Term						Total
Commercial and industrial
Pass			$4,147						$2,910						$4,856						$3,430						$1,095						$2,266						$21,931			$71						$40,706
Special Mention			6						71						104						271						27						38						310			—						827
Substandard Accrual			3						60						259						344						151						292						950			14						2,073
Nonaccrual			—						23						55						17						5						65						48			6						219
Total commercial and industrial			4,156						3,064						5,274						4,062						1,278						2,661						23,239			91						43,825
Commercial real estate
Pass			1,599						1,326						5,695						5,806						1,990						4,690						1,411			4						22,521
Special Mention			1						—						1,013						428						160						485						129			—						2,216
Substandard Accrual			—						6						326						347						455						1,121						135			4						2,394
Nonaccrual			—						—						86						38						91						635						2			—						852
Total commercial real estate			1,600						1,332						7,120						6,619						2,696						6,931						1,677			8						27,983
Total commercial
Pass			5,746						4,236						10,551						9,236						3,085						6,956						23,342			75						63,227
Special Mention			7						71						1,117						699						187						523						439			—						3,043
Substandard Accrual			3						66						585						691						606						1,413						1,085			18						4,467
Nonaccrual			—						23						141						55						96						700						50			6						1,071
Total commercial			$5,756						$4,396						$12,394						$10,681						$3,974						$9,592						$24,916			$99						$71,808

The following table presents the amortized cost basis of commercial loans and leases by vintage date and internal risk rating as of December 31, 2023:

			Term Loans and Leases by Origination Year																																				Revolving Loans
(dollars in millions)			2023						2022						2021						2020						2019						Prior to 2019						Within the Revolving Period			Converted to Term						Total
Commercial and industrial
Pass			$3,694						$6,512						$5,331						$1,445						$1,147						$2,299						$21,033			$53						$41,514
Special Mention			59						221						355						30						50						113						368			—						1,196
Substandard Accrual			8						189						337						218						125						287						792			11						1,967
Nonaccrual			1						72						54						4						5						102						53			6						297
Total commercial and industrial			3,762						6,994						6,077						1,697						1,327						2,801						22,246			70						44,974
Commercial real estate
Pass			1,906						5,791						6,062						2,555						2,294						3,895						1,975			8						24,486
Special Mention			—						713						539						222						183						260						75			—						1,992
Substandard Accrual			—						277						203						469						528						939						100			—						2,516
Nonaccrual			1						66						2						23						144						238						3			—						477
Total commercial real estate			1,907						6,847						6,806						3,269						3,149						5,332						2,153			8						29,471
Total commercial
Pass			5,600						12,303						11,393						4,000						3,441						6,194						23,008			61						66,000
Special Mention			59						934						894						252						233						373						443			—						3,188
Substandard Accrual			8						466						540						687						653						1,226						892			11						4,483
Nonaccrual			2						138						56						27						149						340						56			6						774
Total commercial			$5,669						$13,841						$12,883						$4,966						$4,476						$8,133						$24,399			$78						$74,445

For retail loans, the Company 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. | 52

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The following table presents the amortized cost basis of retail loans by vintage date and current FICO score as of September 30, 2024:

			Term Loans by Origination Year																																				Revolving Loans
(dollars in millions)			2024						2023						2022						2021						2020						Prior to 2020						Within the Revolving Period			Converted to Term						Total
Residential mortgages
800+			$884						$1,295						$3,276						$5,165						$2,962						$3,952						$—			$—						$17,534
740-799			1,268						930						1,659						2,279						1,359						2,009						—			—						9,504
680-739			304						292						579						702						430						988						—			—						3,295
620-679			26						57						122						151						84						506						—			—						946
<620			6						35						73						147						95						726						—			—						1,082
No FICO available(1)			—						—						—						1						1						16						—			—						18
Total residential mortgages			2,488						2,609						5,709						8,445						4,931						8,197						—			—						32,379
Home equity
800+			1						—						3						4						1						80						5,414			204						5,707
740-799			—						—						2						2						1						70						5,102			227						5,404
680-739			—						—						1						—						2						78						2,895			185						3,161
620-679			—						1						4						1						2						66						734			139						947
<620			—						2						5						3						1						65						433			264						773
No FICO available(1)			—						—						—						—						—						—						—			—						—
Total home equity			1						3						15						10						7						359						14,578			1,019						15,992
Automobile
800+			—						72						420						762						226						84						—			—						1,564
740-799			—						101						488						685						220						88						—			—						1,582
680-739			—						102						397						458						144						65						—			—						1,166
620-679			—						60						214						229						67						40						—			—						610
<620			—						47						210						237						73						51						—			—						618
No FICO available(1)			—						—						—						—						—						—						—			—						—
Total automobile			—						382						1,729						2,371						730						328						—			—						5,540
Education
800+			184						377						665						1,560						1,291						1,544						—			—						5,621
740-799			223						379						598						850						691						859						—			—						3,600
680-739			84						159						243						276						222						358						—			—						1,342
620-679			19						48						58						60						54						120						—			—						359
<620			3						12						21						28						24						65						—			—						153
No FICO available(1)			12						—						—						—						—						31						—			—						43
Total education			525						975						1,585						2,774						2,282						2,977						—			—						11,118
Other retail
800+			150						104						41						19						16						14						491			—						835
740-799			228						141						50						22						20						14						907			1						1,383
680-739			181						120						43						20						15						11						877			1						1,268
620-679			83						65						29						12						9						4						354			1						557
<620			19						35						35						16						9						4						236			1						355
No FICO available(1)			13						—						—						—						—						—						384			—						397
Total other retail			674						465						198						89						69						47						3,249			4						4,795
Total retail
800+			1,219						1,848						4,405						7,510						4,496						5,674						5,905			204						31,261
740-799			1,719						1,551						2,797						3,838						2,291						3,040						6,009			228						21,473
680-739			569						673						1,263						1,456						813						1,500						3,772			186						10,232
620-679			128						231						427						453						216						736						1,088			140						3,419
<620			28						131						344						431						202						911						669			265						2,981
No FICO available(1)			25						—						—						1						1						47						384			—						458
Total retail			$3,688						$4,434						$9,236						$13,689						$8,019						$11,908						$17,827			$1,023						$69,824

(1) Represents loans for which an updated FICO score was unavailable (e.g., due to recent profile changes).

Citizens Financial Group, Inc. | 53

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The following table presents the amortized cost basis of retail loans by vintage date and current FICO score as of December 31, 2023:

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

(1) Represents loans for which an updated FICO score was unavailable (e.g., due to recent profile changes).

Citizens Financial Group, Inc. | 54

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The following tables present gross charge-offs by vintage date for the Company’s loan and lease portfolios:

			Nine Months Ended September 30, 2024
			Term Loans and Leases by Origination Year																																				Revolving Loans
(dollars in millions)			2024						2023						2022						2021						2020						Prior to 2020						Within the Revolving Period			Converted to Term						Total
Commercial and industrial			$—						$—						$15						$22						$1						$15						$32			$—						$85
Commercial real estate			—						—						1						22						98						102						—			—						223
Total commercial			—						—						16						44						99						117						32			—						308
Residential mortgages			—						—						—						—						—						4						—			—						4
Home equity			—						—						—						—						—						3						8			1						12
Automobile			—						5						23						23						7						4						9			1						72
Education			—						2						6						18						21						46						—			—						93
Other retail			25						10						7						12						2						8						132			—						196
Total retail			25						17						36						53						30						65						149			2						377
Total loans and leases			$25						$17						$52						$97						$129						$182						$181			$2						$685

			Nine Months Ended September 30, 2023
			Term Loans and Leases by Origination Year																																				Revolving Loans
(dollars in millions)			2023						2022						2021						2020						2019						Prior to 2019						Within the Revolving Period			Converted to Term						Total
Commercial and industrial			$—						$1						$32						$4						$1						$24						$35			$—						$97
Commercial real estate			—						—						—						51						11						53						—			—						115
Total commercial			—						1						32						55						12						77						35			—						212
Residential mortgages			—						—						—						—						1						2						—			—						3
Home equity			—						—						—						—						—						2						6			—						8
Automobile			—						24						31						11						9						7						—			—						82
Education			—						3						12						16						10						35						—			—						76
Other retail			36						22						7						6						8						7						84			—						170
Total retail			36						49						50						33						28						53						90			—						339
Total loans and leases			$36						$50						$82						$88						$40						$130						$125			$—						$551

Citizens Financial Group, Inc. | 55

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Nonaccrual and Past Due Assets

The following tables present an aging analysis of accruing and nonaccrual loans and leases as of September 30, 2024 and December 31, 2023:

			September 30, 2024
						Days Past Due and Accruing
(dollars in millions)			Current			30-59			60-89			90+			Nonaccrual			Total			Nonaccrual with no related ACL
Commercial and industrial			$43,542			$54			$5			$5			$219			$43,825			$48
Commercial real estate			26,961			72			83			15			852			27,983			64
Total commercial			70,503			126			88			20			1,071			71,808			112
Residential mortgages			31,923			93			48			146			169			32,379			129
Home equity			15,591			93			27			—			281			15,992			186
Automobile			5,347			109			38			—			46			5,540			5
Education			10,989			43			25			2			59			11,118			2
Other retail			4,658			44			31			1			61			4,795			1
Total retail			68,508			382			169			149			616			69,824			323
Total			$139,011			$508			$257			$169			$1,687			$141,632			$435
Guaranteed residential mortgages(1)			$830			$54			$29			$145			$—			$1,058			$—

			December 31, 2023
						Days Past Due and Accruing
(dollars in millions)			Current			30-59			60-89			90+			Nonaccrual			Total			Nonaccrual with no related ACL
Commercial and industrial			$44,591			$62			$18			$6			$297			$44,974			$30
Commercial real estate			28,745			150			59			40			477			29,471			71
Total commercial			73,336			212			77			46			774			74,445			101
Residential mortgages			30,499			282			118			256			177			31,332			144
Home equity			14,640			82			33			—			285			15,040			198
Automobile			8,005			144			48			—			61			8,258			7
Education			11,732			49			23			2			28			11,834			3
Other retail			4,899			49			34			29			39			5,050			—
Total retail			69,775			606			256			287			590			71,514			352
Total			$143,111			$818			$333			$333			$1,364			$145,959			$453
Guaranteed residential mortgages(1)			$675			$128			$76			$243			$—			$1,122			$—

(1) Guaranteed residential mortgages represent loans fully or partially guaranteed by the FHA, VA, and USDA, and are included in the amounts presented for Residential mortgages.

At September 30, 2024 and December 31, 2023, the Company had collateral-dependent residential mortgage and home equity loans totaling $529 million and $556 million, respectively, and collateral-dependent commercial loans totaling $607 million and $233 million, respectively.

The amortized cost basis of mortgage loans collateralized by residential real estate for which formal foreclosure proceedings were in-process was $319 million and $336 million as of September 30, 2024 and December 31, 2023, respectively.

Loan Modifications to Borrowers Experiencing Financial Difficulty

The Company offers loan modifications, characterized as FDMs, to retail and commercial borrowers experiencing financial difficulty as a result of its loss mitigation activities that may result in a payment delay, interest rate reduction, term extension, principal forgiveness, or combination thereof. Payment delays consist of modifications that result in a delay of contractual amounts due greater than three months over a rolling 12-month period.

Citizens Financial Group, Inc. | 56

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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, 2024 and 2023, disaggregated by class of financing receivable and modification type. The modification type reflects the cumulative effect of all FDMs received during the indicated period.

			Three Months Ended September 30, 2024
(dollars in millions)			Interest Rate Reduction			Term Extension			Payment Delay			Principal Forgiveness			Interest Rate Reduction and Term Extension									Term Extension and Payment Delay												Total			Total as a % of Loan Class(1)
Commercial and industrial			$—			$75			$25			$—			$1									$3												$104			0.24		%
Commercial real estate			—			156			23			—			67									94												340			1.22
Total commercial			—			231			48			—			68									97												444			0.62
Residential mortgages			1			15			1			—			4									1												22			0.07
Home equity			2			1			—			—			4									—												7			0.04
Automobile			—			—			—			—			—									—												—			—
Education			3			1			16			—			—									—												20			0.18
Other retail			5			—			—			—			—									—												5			0.10
Total retail			11			17			17			—			8									1												54			0.08
Total			$11			$248			$65			$—			$76									$98												$498			0.35		%

			Three Months Ended September 30, 2023
(dollars in millions)			Interest Rate Reduction			Term Extension			Payment Delay			Principal Forgiveness			Interest Rate Reduction and Term Extension									Term Extension and Payment Delay												Total			Total as a % of Loan Class(1)
Commercial and industrial			$—			$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 mortgages			2			25			—			—			6									—												33			0.11
Home equity			1			1			—			—			1									—												3			0.02
Automobile			—			—			—			—			—									—												—			—
Education			3			—			1			—			—									—												4			0.03
Other retail			3			—			—			—			—									—												3			0.06
Total retail			9			26			1			—			7									—												43			0.06
Total			$9			$305			$48			$—			$44									$2												$408			0.27		%

Citizens Financial Group, Inc. | 57

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			Nine Months Ended September 30, 2024
(dollars in millions)			Interest Rate Reduction			Term Extension			Payment Delay			Principal Forgiveness			Interest Rate Reduction and Term Extension									Term Extension and Payment Delay									Interest Rate Reduction, Term Extension and Payment Delay			Total			Total as a % of Loan Class(1)
Commercial and industrial			$—			$179			$86			$—			$1									$23									$—			$289			0.66		%
Commercial real estate			—			505			100			—			130									144									—			879			3.14
Total commercial			—			684			186			—			131									167									—			1,168			1.63
Residential mortgages			4			63			9			—			8									1									1			86			0.27
Home equity			3			2			—			—			9									—									—			14			0.09
Automobile			—			—			—			—			—									—									—			—			—
Education			9			2			39			—			—									—									—			50			0.45
Other retail			13			—			—			—			—									—									—			13			0.27
Total retail			29			67			48			—			17									1									1			163			0.23
Total			$29			$751			$234			$—			$148									$168									$1			$1,331			0.94		%

			Nine Months Ended September 30, 2023
(dollars in millions)			Interest Rate Reduction			Term Extension			Payment Delay			Principal Forgiveness			Interest Rate Reduction and Term Extension									Term Extension and Payment Delay												Total			Total as a % of Loan Class(1)
Commercial and industrial			$—			$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 mortgages			6			59			—			—			16									—												81			0.26
Home equity			1			4			—			—			5									—												10			0.07
Automobile			—			—			—			—			—									—												—			—
Education			7			—			2			—			—									—												9			0.07
Other retail			8			—			—			—			—									—												8			0.16
Total retail			22			63			2			—			21									—												108			0.15
Total			$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.

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, 2024 and 2023, disaggregated by class of financing receivable.

			Three Months Ended September 30, 2024
(dollars in millions)			Weighted-Average Interest Rate Reduction(1)			Weighted-Average Term Extension (in Months)(1)			Weighted-Average Payment Deferral(1)			Amount of Principal Forgiven(2)
Commercial and industrial			3.62		%	14			$11			$—
Commercial real estate			4.31			9			1			—
Residential mortgages			1.52			94			—			—
Home equity			4.32			51			—			—
Automobile			—			—			—			—
Education			4.44			24			—			—
Other retail			20.79			—			—			1

Citizens Financial Group, Inc. | 58

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			Three Months Ended September 30, 2023
(dollars in millions)			Weighted-Average Interest Rate Reduction(1)			Weighted-Average Term Extension (in Months)(1)			Weighted-Average Payment Deferral(1)			Amount of Principal Forgiven(2)
Commercial and industrial			2.32		%	17			$—			$—
Commercial real estate			1.25			7			—			—
Residential mortgages			0.98			47			—			—
Home equity			2.51			133			—			—
Automobile			—			—			—			—
Education			4.95			—			—			—
Other retail			18.86			—			—			1

			Nine Months Ended September 30, 2024
(dollars in millions)			Weighted-Average Interest Rate Reduction(1)			Weighted-Average Term Extension (in Months)(1)			Weighted-Average Payment Deferral(1)			Amount of Principal Forgiven(2)
Commercial and industrial			3.72		%	15			$3			$—
Commercial real estate			2.83			17			1			—
Residential mortgages			1.59			92			—			—
Home equity			4.03			75			—			—
Automobile			—			—			—			—
Education			4.42			24			—			—
Other retail			20.23			—			—			5

			Nine Months Ended September 30, 2023
(dollars in millions)			Weighted-Average Interest Rate Reduction(1)			Weighted-Average Term Extension (in Months)(1)			Weighted-Average Payment Deferral(1)			Amount of Principal Forgiven(2)
Commercial and industrial			2.95		%	14			$1			$—
Commercial real estate			1.25			8			—			—
Residential mortgages			1.55			48			—			—
Home equity			2.24			127			—			—
Automobile			3.47			20			—			—
Education			4.97			—			—			—
Other retail			18.45			—			—			4

(1) Weighted based on period-end amortized cost.

(2) Amounts are recorded as charge-offs.

The following tables present an aging analysis of the period-end amortized cost of loans to borrowers experiencing financial difficulty that were modified during the twelve month period ending September 30, 2024 and the nine month period ending 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, 2024
						Days Past Due and Accruing
(dollars in millions)			Current			30-59			60-89			90+			Nonaccrual			Total
Commercial and industrial			$211			$35			$1			$—			$54			$301
Commercial real estate			590			30			63			—			287			970
Total commercial			801			65			64			—			341			1,271
Residential mortgages			73			6			4			16			12			111
Home equity			11			—			—			—			8			19
Automobile			—			—			—			—			—			—
Education			34			1			—			—			35			70
Other retail			12			1			1			—			1			15
Total retail			130			8			5			16			56			215
Total			$931			$73			$69			$16			$397			$1,486

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			September 30, 2023
						Days Past Due and Accruing
(dollars in millions)			Current			30-59			60-89			90+			Nonaccrual			Total
Commercial and industrial			$262			$—			$—			$—			$82			$344
Commercial real estate			262			55			—			—			175			492
Total commercial			524			55			—			—			257			836
Residential mortgages			52			—			5			13			11			81
Home equity			3			—			—			—			7			10
Automobile			—			—			—			—			—			—
Education			8			—			—			—			1			9
Other retail			6			1			—			—			1			8
Total retail			69			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 defaulted during the period presented and were modified within the previous 12 months preceding the default, disaggregated by class of financing receivable and modification type. The 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, 2024
(dollars in millions)			Interest Rate Reduction			Term Extension			Payment Delay															Term Extension and Payment Delay												Total
Commercial and industrial			$1			$3			$—															$15												$19
Commercial real estate			—			75			21															—												96
Total commercial			1			78			21															15												115
Residential mortgages			—			11			—															—												11
Home equity			—			—			—															—												—
Automobile			—			—			—															—												—
Education			1			—			—															—												1
Other retail			1			—			—															—												1
Total retail			2			11			—															—												13
Total			$3			$89			$21															$15												$128

			Three Months Ended September 30, 2023
(dollars in millions)			Interest Rate Reduction			Term Extension			Payment Delay						Interest Rate Reduction and Term Extension																					Total
Commercial and industrial			$—			$—			$—						$—																					$—
Commercial real estate			—			41			—						—																					41
Total commercial			—			41			—						—																					41
Residential mortgages			1			6			—						5																					12
Home equity			—			1			—						2																					3
Automobile			—			—			—						—																					—
Education			—			—			1						—																					1
Other retail			—			—			—						—																					—
Total retail			1			7			1						7																					16
Total			$1			$48			$1						$7																					$57

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			Nine Months Ended September 30, 2024
(dollars in millions)			Interest Rate Reduction			Term Extension			Payment Delay						Interest Rate Reduction and Term Extension									Term Extension and Payment Delay												Total
Commercial and industrial			$1			$3			$—						$—									$15												$19
Commercial real estate			—			141			21						—									—												162
Total commercial			1			144			21						—									15												181
Residential mortgages			—			22			1						1									1												25
Home equity			—			—			—						1									—												1
Automobile			—			—			—						—									—												—
Education			4			—			12						—									—												16
Other retail			1			—			—						—									—												1
Total retail			5			22			13						2									1												43
Total			$6			$166			$34						$2									$16												$224

			Nine Months Ended September 30, 2023
(dollars in millions)			Interest Rate Reduction			Term Extension			Payment Delay						Interest Rate Reduction and Term Extension																					Total
Commercial and industrial			$—			$3			$—						$—																					$3
Commercial real estate			—			67			—						—																					67
Total commercial			—			70			—						—																					70
Residential mortgages			1			6			—						5																					12
Home equity			—			1			—						2																					3
Automobile			—			—			—						—																					—
Education			—			—			1						—																					1
Other retail			—			—			—						—																					—
Total retail			1			7			1						7																					16
Total			$1			$77			$1						$7																					$86

Unfunded commitments related to loans modified during the nine months ended September 30, 2024 were $75 million at September 30, 2024. Unfunded commitments related to loans modified during the year ended December 31, 2023 were $221 million at December 31, 2023.

Concentrations of Credit Risk

The Company’s lending activity is geographically well diversified with an emphasis in our core markets located in the New England, Mid-Atlantic and Midwest regions. Generally, loans are collateralized by assets including real estate, inventory, accounts receivable, other personal property and investment securities. As of September 30, 2024 and December 31, 2023, there were no material concentration risks within the commercial or retail loan portfolios. Exposure to credit losses arising from lending transactions may fluctuate with fair values of collateral supporting loans, which may not perform according to contractual agreements. The Company’s policy is to collateralize loans to the extent necessary; however, unsecured loans are also granted on the basis of the financial strength of the applicant and the facts surrounding the transaction.

NOTE 5 - MORTGAGE BANKING AND OTHER SERVICED LOANS

The Company sells residential mortgages into the secondary market and retains no beneficial interest in these sales, but may retain the servicing rights for the loans sold. The Company may exercise its option to repurchase eligible government guaranteed residential mortgages or may be obligated to subsequently repurchase a loan if the purchaser discovers a representation or warranty violation such as noncompliance with eligibility or servicing requirements, or customer fraud that should have been identified in a loan file review.

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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)			2024						2023						2024						2023
Cash proceeds from residential mortgage loans sold with servicing retained			$2,137						$3,270						$5,432						$7,358
Gain on sales(1)			17						19						47						60
Contractually specified servicing, late and other ancillary fees(1)			79						76						235						230

(1) Reported in mortgage banking fees in the Consolidated Statements of Operations.

The unpaid principal balance of residential mortgage loans related to our MSRs was $96.1 billion and $97.4 billion at September 30, 2024 and December 31, 2023, respectively. The Company manages the risk associated with changes in the value of the MSRs with an active economic hedging strategy, which includes the purchase of freestanding derivatives.

The following table summarizes changes in MSRs recorded using the fair value method:

			As of and for the Three Months Ended September 30,												As of and for the Nine Months Ended September 30,
(dollars in millions)			2024						2023						2024						2023
Fair value as of beginning of the period			$1,568						$1,524						$1,552						$1,530
Amounts capitalized			28						47						71						104
Changes in unpaid principal balance during the period(1)			(46)						(42)						(135)						(124)
Changes in fair value during the period(2)			(49)						91						13						110
Fair value at end of the period			$1,501						$1,620						$1,501						$1,620

(1) Represents changes in value of the MSRs due to i) passage of time including the impact from both regularly scheduled loan principal payments and partial

paydowns, and ii) loans that paid off during the period.

(2) Represents changes in value primarily driven by market conditions. These changes are recorded in mortgage banking fees in the Consolidated Statements of Operations.

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

The sensitivity analysis below presents the impact of an immediate 10% and 20% adverse change in key economic assumptions to the current fair value of MSRs. These sensitivities are hypothetical, with the effect of a variation in a particular assumption on the fair value of the MSRs calculated independently without changing any other assumption. Changes in one factor may result in changes in another (e.g., changes in interest rates, which drive changes in prepayment rates, could result in changes in discount rates), which may amplify or counteract the sensitivities. The primary risk inherent in the Company’s MSRs is an increase in prepayments of the underlying mortgage loans serviced, which is largely dependent upon movements in market interest rates.

(dollars in millions)			September 30, 2024						December 31, 2023
Fair value			$1,501						$1,552
Weighted average life (years)			8.3						8.8
Weighted average constant prepayment rate			8.3%						7.2%
Decline in fair value from 10% adverse change			$40						$37
Decline in fair value from 20% adverse change			$76						$71
Weighted average option adjusted spread			634 bps						630 bps
Decline in fair value from 10% adverse change			$42						$43
Decline in fair value from 20% adverse change			$85						$87

The Company has mortgage banking derivatives, which include commitments to originate mortgages held for sale, certain loan sale agreements, and other financial instruments that meet the definition of a derivative. Refer to Note 8 for additional information.

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Other Serviced Loans

The Company engages in other servicing relationships from time to time. The following table presents the unpaid principal balance of other serviced loans:

(dollars in millions)			September 30, 2024						December 31, 2023
Education			$437						$502
Commercial and industrial(1)			95						94

(1) Represents the government guaranteed portion of SBA loans sold to outside investors.

NOTE 6 - VARIABLE INTEREST ENTITIES

The Company, in the normal course of business, engages in a variety of activities with entities that are considered VIEs, as defined by GAAP, with its variable interest arising from contractual, ownership or other monetary interests in the entity. A VIE typically does not have sufficient equity at risk to finance its activities without additional subordinated financial support from other parties.

For more details regarding the Company’s involvement with VIEs see Note 11 in the Company’s 2023 Form 10-K.

Consolidated VIEs

The Company has consolidated VIEs related to secured borrowings collateralized by auto loans. The following table summarizes the carrying amount of assets and liabilities for the Company’s consolidated VIEs:

(dollars in millions)			September 30, 2024						December 31, 2023
Assets:
Cash and due from banks			$—						$13
Interest-bearing deposits in banks			209						106
Net loans and leases			4,432						3,194
Other assets			26						14
Total assets			$4,667						$3,327
Liabilities:
Long-term borrowed funds			$3,801						$2,692
Other liabilities			10						8
Total liabilities			$3,811						$2,700

Secured Borrowings

The Company utilizes a portion of its auto loan portfolio to support certain secured borrowing arrangements, which provide a source of funding for the Company and involves the transfer of auto loans to bankruptcy remote special purpose entities (“SPEs”). These SPEs then issue asset-backed notes to third-parties collateralized by the transferred loans.

The assets of a particular VIE are the primary source of funds to settle its obligations. Creditors of these VIEs do not have recourse to the general credit of the Company. The performance of the loans transferred to the SPEs is the most significant driver impacting the economic performance of the VIEs.

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Unconsolidated VIEs

The Company is involved with various VIEs that are not consolidated including lending to special purpose entities, investments in asset-backed securities and investments in entities that sponsor affordable housing, renewable energy and economic development projects. The Company’s maximum exposure to loss resulting from its involvement with these entities is limited to the balance sheet carrying amount of its investments, unfunded commitments, and the outstanding principal balance of loans to special purpose entities.

A summary of these investments is presented below:

(dollars in millions)			September 30, 2024						December 31, 2023
Lending to special purpose entities included in loans and leases			$3,988						$4,760
LIHTC investments included in other assets			2,483						2,444
LIHTC unfunded commitments included in other liabilities			975						1,025
Asset-backed investments included in HTM securities			430						488
Renewable energy investments included in other assets			268						314
NMTC investments included in other assets			2						3

Lending to Special Purpose Entities

The Company provides lending facilities to third-party sponsored special purpose entities. As of September 30, 2024 and December 31, 2023, the lending facilities had undrawn commitments to extend credit of $3.1 billion and $2.7 billion, respectively. For more information on commitments to extend credit see Note 11.

Asset-backed securities

The Company’s investments in asset-backed securities are collateralized by education loans sold to a third-party sponsored VIE. The Company acts as the primary servicer for the sold loans and receives a servicing fee. A third-party servicer is responsible for all loans that become significantly delinquent.

Low Income Housing Tax Credit Partnerships

The purpose of the Company’s LIHTC investments is to assist in achieving the goals of the Community Reinvestment Act and to earn an adequate return of capital.

Renewable Energy Entities

The Company’s investments in certain renewable energy entities provide benefits from government incentives and other tax attributes (e.g., tax depreciation).

Contingent commitments related to the Company’s renewable energy investments were $61 million at September 30, 2024, and are expected to be paid in varying amounts through 2026. These payments are contingent upon the level of electricity production attained by the renewable energy entity relative to its targeted threshold and changes in the production tax credit rates set by the Internal Revenue Service.

New Markets Tax Credit Program

The Company participates in the NMTC program which provides a tax incentive for private sector investment into economic development projects and businesses located in low-income communities.

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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)			2024						2023						2024						2023
Tax credits recognized			$99						$76						$290						$250
Other tax benefits recognized			21						17						68						55
Amortization			(88)						(71)						(276)						(237)
Net benefit (expense) included in income tax expense			32						22						82						68
Other income			1						1						4						4
Allocated income (loss) on investments			(3)						(1)						(9)						(7)
Net benefit (expense) included in noninterest income			(2)						—						(5)						(3)
Net benefit (expense) included in the Consolidated Statements of Operations(1)			$30						$22						$77						$65

(1) Includes the impact of tax credit investments when the election to apply the proportional amortization method was in effect during the periods presented. For 2024 and 2023, this includes LIHTC, renewable energy and NMTC investments.

The Company did not recognize impairment losses resulting from the forfeiture or ineligibility of income tax credits or other circumstances during the three and nine months ended September 30, 2024 and 2023.

NOTE 7 - BORROWED FUNDS

Short-term borrowed funds

Short-term borrowed funds were $15 million and $505 million as of September 30, 2024 and December 31, 2023, respectively.

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Long-term borrowed funds

The following table presents a summary of the Company’s long-term borrowed funds:

(dollars in millions)			September 30, 2024						December 31, 2023
Parent Company:
3.750% fixed-rate subordinated debt, due July 2024			$—						$90
4.023% fixed-rate subordinated debt, due October 2024			17						17
4.350% fixed-rate subordinated debt, due August 2025			133						133
4.300% fixed-rate subordinated debt, due December 2025			336						336
2.850% fixed-rate senior unsecured notes, due July 2026			499						499
5.841% fixed/floating-rate senior unsecured notes, due January 2030			1,245						—
2.500% fixed-rate senior unsecured notes, due February 2030			299						298
3.250% fixed-rate senior unsecured notes, due April 2030			747						746
3.750% fixed-rate reset subordinated debt, due February 2031			69						69
4.300% fixed-rate reset subordinated debt, due February 2031			135						135
4.350% fixed-rate reset subordinated debt, due February 2031			60						60
5.718% fixed/floating-rate senior unsecured notes, due July 2032			1,243						—
2.638% fixed-rate subordinated debt, due September 2032			568						563
6.645% fixed/floating-rate senior unsecured notes, due April 2035			745						—
5.641% fixed-rate reset subordinated debt, due May 2037			398						398
CBNA’s Global Note Program:
2.250% senior unsecured notes, due April 2025			749						749
4.119% fixed/floating-rate senior unsecured notes, due May 2025(1)			—						649
6.064% fixed/floating-rate senior unsecured notes, due October 2025			600						599
5.284% fixed/floating-rate senior unsecured notes, due January 2026			350						349
3.750% senior unsecured notes, due February 2026			491						483
4.575% fixed/floating-rate senior unsecured notes, due August 2028			798						798
Additional Borrowings by CBNA and Other Subsidiaries:
Federal Home Loan Bank advances, 4.864% weighted average rate, due through 2043(2)			553						3,786
Secured borrowings, 5.785% weighted average rate, due through 2030(2)(3)			3,887						2,692
Other			22						18
Total long-term borrowed funds			$13,944						$13,467

(1) Notes were redeemed on May 23, 2024.

(2) Rate disclosed reflects the weighted average rate as of September 30, 2024.

(3) Collateralized by loans. See Note 6 for additional information.

At September 30, 2024, the Company’s long-term borrowed funds include principal balances of $14.0 billion, unamortized debt issuance costs and discounts of $90 million, and hedging basis adjustments of ($8) million. At December 31, 2023, the Company’s long-term borrowed funds include principal balances of $13.6 billion, unamortized debt issuance costs and discounts of $74 million, and hedging basis adjustments of ($17) million. See Note 8 for further information about the Company’s hedging of certain long-term borrowed funds.

Advances, lines of credit and letters of credit from the FHLB are collateralized primarily by residential mortgages and home equity products sufficient to satisfy the collateral maintenance level established by the FHLB. The utilized FHLB borrowing capacity, primarily for advances and letters of credit, was $5.5 billion and $9.2 billion at September 30, 2024 and December 31, 2023, respectively. The Company’s available FHLB borrowing capacity was $20.4 billion and $15.9 billion at September 30, 2024 and December 31, 2023, respectively. The Company 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, 2024, the Company’s unused secured borrowing capacity was approximately $72.3 billion, which includes unencumbered securities, FHLB borrowing capacity, and FRB discount window capacity.

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The following table presents a summary of maturities for the Company’s long-term borrowed funds at September 30, 2024:

(dollars in millions)			Parent Company			CBNA and Other Subsidiaries			Consolidated
Year
2024			$17			$—			$17
2025			469			1,476			1,945
2026			499			2,831			3,330
2027			—			8			8
2028			—			2,696			2,696
2029 and thereafter			5,509			439			5,948
Total			$6,494			$7,450			$13,944

NOTE 8 - DERIVATIVES

In the normal course of business, the Company enters into derivative transactions to meet the financing and hedging needs of its customers and reduce its own exposure to fluctuations in interest rates and foreign currency exchange rates. These transactions include interest rate swap contracts, interest rate options, foreign exchange contracts, residential loan commitment rate locks, interest rate future contracts, swaptions, certain commodities, forward commitments to sell TBAs, forward sale contracts and purchase options. The Company does not use derivatives for speculative purposes. Information regarding the valuation methodology and inputs used to estimate the fair value of the Company’s derivative instruments is described in Note 20 in the Company’s 2023 Form 10-K.

The following table presents derivative instruments included in the Consolidated Balance Sheets:

			September 30, 2024												December 31, 2023
(dollars in millions)			Notional Amount			Derivative Assets			Derivative Liabilities						Notional Amount			Derivative Assets			Derivative Liabilities
Derivatives designated as hedging instruments:
Interest rate contracts			$58,145			$327			$50						$86,895			$173			$44
Derivatives not designated as hedging instruments:
Interest rate contracts			183,770			338			690						185,993			291			1,105
Foreign exchange contracts			31,579			371			306						32,528			434			378
Commodities contracts			1,136			536			476						1,251			685			640
TBA contracts			3,357			3			12						2,337			3			16
Other contracts			853			6			9						549			7			—
Total derivatives not designated as hedging instruments			220,695			1,254			1,493						222,658			1,420			2,139
Total gross derivatives			278,840			1,581			1,543						309,553			1,593			2,183
Less: Gross amounts offset in the Consolidated Balance Sheets(1)						(405)			(405)									(471)			(471)
Less: Cash collateral applied(1)						(590)			(126)									(682)			(150)
Total net derivatives presented in the Consolidated Balance Sheets						$586			$1,012									$440			$1,562

(1) Amounts represent the impact of enforceable master netting agreements that allow the Company to net settle positive and negative positions, as well as collateral paid and received.

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The Company’s derivative transactions are internally divided into three sub-groups: institutional, customer facilitation and residential loan. Certain derivative transactions within these sub-groups are designated as fair value or cash flow hedges, as described below:

Derivatives Designated As Hedging Instruments

The Company’s institutional derivatives qualify for hedge accounting treatment. The net interest accruals on interest rate swaps designated in a fair value or cash flow hedge relationship are treated as an adjustment to interest income or interest expense of the item being hedged. All hedging relationships are formally documented at inception, as well as risk management objectives and strategies for undertaking various accounting hedges. In addition, the effectiveness of hedge relationships is monitored during the duration of the hedge period. The methods utilized to assess hedge effectiveness vary based on the hedge relationship and each relationship is monitored to ensure that management’s initial intent continues to be satisfied. Hedge accounting treatment is discontinued when the derivative is terminated or when it is determined that a derivative is not expected to be, or has ceased to be, effective as a hedge. Changes in the fair value of a derivative are reflected in earnings after termination of the hedge relationship.

Fair Value Hedges

In a fair value hedge, changes in the fair value of both the derivative instrument and the hedged asset or liability attributable to the risk being hedged are recognized in the same income statement line item in the Consolidated Statements of Operations when the changes in fair value occur. The Company has entered into fair value hedges to manage interest rate risk within its AFS securities and long-term borrowed funds portfolios.

The following table presents the effect of fair value hedges on the Consolidated Statements of Operations and the respective line items affected for each hedged item:

						Location and Amount of Gains (Losses) Recognized
						Interest Income			Interest Expense
(dollars in millions)						Investment Securities			Long-Term Borrowed Funds
Three Months Ended September 30, 2024
Gains (losses) on fair value hedges recognized on:
Hedged items						$302			($8)
Derivatives						(306)			8
Amounts related to interest settlements on derivatives						34			(4)
Total net interest income recognized on fair value hedges						$30			($4)
Three Months Ended September 30, 2023
Gains (losses) on fair value hedges recognized on:
Hedged items						($16)			$1
Derivatives						16			(1)
Amounts related to interest settlements on derivatives						3			(4)
Total net interest income recognized on fair value hedges						$3			($4)
Nine Months Ended September 30, 2024
Gains (losses) on fair value hedges recognized on:
Hedged items						$128			($8)
Derivatives						(127)			8
Amounts related to interest settlements on derivatives						87			(11)
Total net interest income recognized on fair value hedges						$88			($11)
Nine Months Ended September 30, 2023
Gains (losses) on fair value hedges recognized on:
Hedged items						($28)			$—
Derivatives						28			—
Amounts related to interest settlements on derivatives						4			(12)
Total net interest income recognized on fair value hedges						$4			($12)

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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, 2024									December 31, 2023
			Debt securities available for sale(1)			Long-term borrowed funds									Debt securities available for sale(1)			Long-term borrowed funds
Carrying amount of hedged assets			$10,510			$—									$7,253			$—
Carrying amount of hedged liabilities			—			491									—			483
Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items			176			(8)									60			(17)

(1) Includes the amortized cost basis of closed portfolios used to designate hedging relationships under the portfolio layer method. The hedged item is a layer of the closed portfolio which is expected to be remaining at the end of the hedging relationship. As of September 30, 2024 and December 31, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $6.7 billion and $5.9 billion, respectively, including associated cumulative basis adjustments of $95 million and $39 million, respectively. The amount of the designated hedging instruments was $4.8 billion and $4.0 billion at September 30, 2024 and December 31, 2023, respectively.

Cash Flow Hedges

In a cash flow hedge the entire change in the fair value of the interest rate swap included in the assessment of hedge effectiveness is initially recorded in OCI and is subsequently reclassified from AOCI into earnings in the period during which the hedged item affects earnings.

The Company has entered into interest rate swap agreements designed to hedge a portion of its floating-rate assets and liabilities. All of these swaps are deemed highly effective cash flow hedges. From time to time, the Company may also enter into certain interest rate option agreements that utilize interest rate floors and/or caps. 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)			2024						2023						2024						2023
Pre-tax net gains (losses) recognized in OCI			$613						($326)						($114)						($773)
Pre-tax net gains (losses) reclassified from AOCI into interest income			(276)						(156)						(711)						(420)
Pre-tax net gains (losses) reclassified from AOCI into interest expense			—						(1)						—						—

Using the September 30, 2024 interest rate curve the Company estimates that $621 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. These losses could differ from amounts recognized due to changes in interest rates, hedge de-designations or the addition of other hedges after September 30, 2024.

Derivatives Not Designated As Hedging Instruments

The Company offers derivatives to customers in connection with their risk management needs consisting primarily of interest rate, foreign exchange and commodity contracts. Market risk exposure from customer transactions is primarily managed by entering into a variety of hedging transactions with third-party dealers. Gains and losses on customer-related derivatives are reported in foreign exchange and derivatives products in the Consolidated Statements of Operations.

Residential mortgage loans that will be sold in the secondary market and the related loan commitments, which are considered derivatives, are accounted for at fair value. Forward contracts to sell mortgage-backed securities are utilized to hedge the fair value of the loans and related commitments. Gains and losses on the loans and related commitments, and the derivatives used to economically hedge them, are reported in mortgage banking fees in the Consolidated Statements of Operations.

Residential MSRs are accounted for at fair value. Derivatives utilized to hedge the fair value of residential MSRs include interest rate futures, swaps, options, and forward contracts to purchase mortgage-backed securities. Gains and losses on residential MSRs and the related derivatives are reported in mortgage banking fees in the Consolidated Statements of Operations.

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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)			2024						2023						2024						2023
Economic hedge type:
Customer interest rate contracts			$474						($448)						($209)						($1,028)			Foreign exchange and derivative products
Derivatives hedging interest rate risk			(467)						460						233						1,068			Foreign exchange and derivative products
Customer foreign exchange contracts			151						(77)						18						(72)			Foreign exchange and derivative products
Derivatives hedging foreign exchange risk			(195)						141						(13)						121			Foreign exchange and derivative products
Customer commodity contracts			(193)						168						(126)						(401)			Foreign exchange and derivative products
Derivatives hedging commodity price risk			198						(158)						141						430			Foreign exchange and derivative products
Residential loan commitments			9						(21)						2						(39)			Mortgage banking fees
Derivatives hedging residential loan commitments and mortgage loans held for sale, at fair value			(24)						30						(15)						45			Mortgage banking fees
Derivative contracts used to hedge residential MSRs			47						(76)						(9)						(91)			Mortgage banking fees
Total			$—						$19						$22						$33

NOTE 9 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following tables present the changes in the balances, net of income taxes, of each component of AOCI:

						As of and for the Three Months Ended September 30,
(dollars in millions)						Net Unrealized Gains (Losses) on Cash Flow Hedges						Net Unrealized Gains (Losses) on Investment Securities						Defined Benefit Plans						Total AOCI
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 Operations						120						23						3						146
Net other comprehensive income (loss)						(128)						(555)						3						(680)
Balance at September 30, 2023						($1,681)						($3,198)						($364)						($5,243)
Balance at July 1, 2024						($1,302)						($2,511)						($322)						($4,135)
Other comprehensive income (loss) before reclassifications						450						541						—						991
Amounts reclassified to the Consolidated Statements of Operations						203						13						2						218
Net other comprehensive income (loss)						653						554						2						1,209
Balance at September 30, 2024						($649)						($1,957)						($320)						($2,926)
Primary location in the Consolidated Statements of Operations of amounts reclassified from AOCI						Net interest income						Securities gains, net and Net interest income						Other operating expense

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						As of and for the Nine Months Ended September 30,
(dollars in millions)						Net Unrealized Gains (Losses) on Cash Flow Hedges						Net Unrealized Gains (Losses) on Investment Securities						Defined Benefit Plans						Total AOCI
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 Operations						315						63						9						387
Net other comprehensive income (loss)						(265)						(427)						9						(683)
Balance at September 30, 2023						($1,681)						($3,198)						($364)						($5,243)
Balance at January 1, 2024						($1,087)						($2,338)						($333)						($3,758)
Other comprehensive income (loss) before reclassifications						(84)						339						4						259
Amounts reclassified to the Consolidated Statements of Operations						522						42						9						573
Net other comprehensive income (loss)						438						381						13						832
Balance at September 30, 2024						($649)						($1,957)						($320)						($2,926)
Primary location in the Consolidated Statements of Operations of amounts reclassified from AOCI						Net interest income						Securities gains, net and Net interest income						Other operating expense

NOTE 10 - STOCKHOLDERS’ EQUITY

Preferred Stock

The following table summarizes the Company’s preferred stock:

									September 30, 2024												December 31, 2023
(dollars in millions, except per share data)			Liquidation value per share						Preferred Shares						Carrying Amount						Preferred Shares						Carrying Amount
Authorized ($25 par value per share)									100,000,000												100,000,000
Issued and outstanding:
Series B			$1,000						300,000						$296						300,000						$296
Series C			1,000						300,000						297						300,000						297
Series D			1,000			(1)			—						—						300,000			(2)			293
Series E			1,000			(1)			450,000			(3)			437						450,000						437
Series F			1,000						400,000						395						400,000						395
Series G			1,000						300,000						296						300,000						296
Series H			1,000			(1)			400,000			(4)			391						—						—
Total									2,150,000						$2,112						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.

(4) Represented by 16,000,000 depositary shares each representing a 1/40th interest in the Series H Preferred Stock.

On May 23, 2024, the Company issued $400 million, or 400,000 shares, of 7.375% fixed-rate non-cumulative perpetual Series H Preferred Stock, par value of $25.00 per share with a liquidation preference of $1,000 per share (the “Series H Preferred Stock”). As a result of this issuance, the Company received net proceeds of $391 million after underwriting fees and other expenses. The Series H Preferred Stock has no stated maturity and will not be subject to any sinking fund or other obligation of the Company. The Series H Preferred Stock is redeemable at the Company’s option, in whole or in part, on any dividend payment date on or after July 6, 2029 or, in whole but not in part, at any time within the 90 days following a regulatory capital treatment event at a redemption price equal to $1,000 per share, plus any declared and unpaid dividends. The Company may not redeem shares of the Series H Preferred Stock without the prior approval of the FRB or other appropriate federal banking agency as required under applicable capital rules. Except in limited circumstances or otherwise required by law, holders of the Series H Preferred Stock do not have any voting rights.

On July 8, 2024, the Company redeemed all outstanding shares of the 9.205% floating rate non-cumulative perpetual Series D Preferred Stock.

For further detail regarding the terms and conditions of the Company’s preferred stock, see Note 17 in the Company’s 2023 Form 10-K.

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Dividends

The following tables summarize the Company’s dividend activity for the three and nine months ended September 30, 2024 and 2023.

						Three Months Ended September 30, 2024												Three Months Ended September 30, 2023
(dollars in millions, except per share data)						Dividends Declared per Share			Dividends Declared			Dividends Paid						Dividends Declared per Share			Dividends Declared			Dividends Paid
Common stock						$0.42			$190			$190						$0.42			$199			$199
Preferred stock
Series B						$21.68			$6			$7						$21.81			$7			$9
Series C						22.07			6			6						15.93			4			4
Series D						—			—			7						15.88			4			4
Series E						12.50			6			6						12.50			6			6
Series F						14.13			6			6						14.13			6			6
Series G						10.00			3			3						10.00			3			3
Series H						27.25			11			—						—			—			—
Total preferred stock									$38			$35									$30			$32

						Nine Months Ended September 30, 2024												Nine Months Ended September 30, 2023
(dollars in millions, except per share data)						Dividends Declared per Share			Dividends Declared			Dividends Paid						Dividends Declared per Share			Dividends Declared			Dividends Paid
Common stock						$1.26			$581			$581						$1.26			$609			$609
Preferred stock
Series B						$65.06			$19			$20						$51.81			$16			$18
Series C						60.54			18			16						47.81			14			14
Series D						39.66			12			17						47.63			14			14
Series E						37.50			17			17						37.50			17			17
Series F						42.38			17			17						42.38			17			17
Series G						30.00			9			9						30.00			9			9
Series H						27.25			11			—						—			—			—
Total preferred stock									$103			$96									$87			$89

Treasury Stock

During the nine months ended September 30, 2024 and 2023, the Company repurchased $825 million, or 23,006,560 shares, and $906 million, or 28,472,450 shares, respectively, of its outstanding common stock, which are held in treasury stock.

NOTE 11 - COMMITMENTS AND CONTINGENCIES

A summary of outstanding off-balance sheet arrangements is presented below. For more information on these arrangements, see Note 19 in the Company’s 2023 Form 10-K.

(dollars in millions)			September 30, 2024						December 31, 2023
Commitments to extend credit			$91,728						$94,201
Letters of credit			1,796						1,977
Loans sold with recourse			96						96
Marketing rights			15						18
Risk participation agreements			11						3
Total			$93,646						$96,295

Commitments to Extend Credit

Commitments to extend credit are agreements to lend to customers in accordance with conditions contractually agreed upon in advance. These commitments generally have fixed expiration dates or termination clauses and may require payment of a fee. Since many of these commitments are expected to expire without being drawn upon, the contract amounts are not necessarily indicative of future cash requirements.

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Letters of Credit

Letters of credit in the table above reflect commercial, standby financial and standby performance letters of credit. Financial and performance standby letters of credit are issued by the Company for the benefit of its customers. They are used as conditional guarantees of payment to a third party in the event the customer either fails to make specific payments (financial) or fails to complete a specific project (performance). The Company’s exposure to credit loss in the event of counterparty nonperformance in connection with the above instruments is represented by the contractual amount of those instruments. Letters of credit are generally collateralized by cash, accounts receivable, inventory or investment securities. Credit risk associated with letters of credit is considered in determining the appropriate amount of allowances for unfunded commitments. Standby letters of credit and commercial letters of credit are issued for terms of up to two years and one year, respectively.

Other Commitments

The Company has additional off-balance sheet arrangements that are summarized below:

•Marketing Rights - During 2003, the Company entered into a 25-year agreement to acquire the naming and marketing rights of a baseball stadium in Pennsylvania.

•Loans sold with recourse - the Company 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, 2024, the remaining terms on these RPAs ranged from less than one year to nine years.

Contingencies

The Company operates in a legal and regulatory environment that exposes it to potentially significant risks. A certain amount of litigation ordinarily results from the nature of the Company’s banking and other businesses. The Company is a party to legal proceedings, including class actions. The Company is also the subject of investigations, reviews, subpoenas, and regulatory matters arising out of its normal business operations which, in some instances, relate to concerns about fair lending, unfair and/or deceptive practices, and mortgage-related issues. In addition, the Company engages in discussions with relevant governmental and regulatory authorities on a regular and ongoing basis regarding various issues, and any issues discussed or identified may result in investigatory or other action being taken. Litigation and regulatory matters may result in settlements, damages, fines, penalties, public or private censure, increased costs, required remediation, restrictions on business activities, or other impacts on the Company.

In these disputes and proceedings, the Company contests liability and the amount of damages as appropriate. Given their complex nature, and based on the Company's experience, it may be years before some of these matters are finally resolved. Moreover, before liability can be reasonably estimated for a claim, numerous legal and factual issues may need to be examined, including through potentially lengthy discovery and determination of important factual matters, and by addressing novel or unsettled legal issues relevant to the proceedings in question. The Company cannot predict with certainty if, how, or when such claims will be resolved or what the eventual settlement, fine, penalty or other relief, if any, may be, particularly for claims that are at an early stage in their development or where claimants seek substantial or indeterminate damages. The Company recognizes a provision for a claim when, in the opinion of management after seeking legal advice, it is probable that a liability exists and the amount of loss can be reasonably estimated. In many proceedings, however, it is not possible to determine whether any loss is probable or to estimate the amount of any loss.

Based on information currently available, the advice of legal counsel and other advisers, and established reserves, management believes that the aggregate liabilities, if any, potentially arising from these proceedings will not have a materially adverse effect on the Company’s unaudited interim Consolidated Financial Statements.

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NOTE 12 - FAIR VALUE MEASUREMENTS

The Company measures or monitors many of its assets and liabilities on a fair value basis. Fair value is used on a recurring basis for assets and liabilities for which fair value is the required or elected measurement basis of accounting. Fair value is also used on a nonrecurring basis to evaluate assets for impairment or for disclosure purposes. Nonrecurring fair value adjustments typically involve the application of lower of cost or market accounting or write-downs of individual assets. Fair value measurement guidance is also applied to determine amounts reported for certain disclosures in this Note for assets and liabilities that are not required to be reported at fair value in the financial statements.

Fair Value Option

The Company 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, 2024												December 31, 2023
(dollars in millions)			Aggregate Fair Value			Aggregate Unpaid Principal			Aggregate Fair Value Greater (Less) Than Aggregate Unpaid Principal						Aggregate Fair Value			Aggregate Unpaid Principal			Aggregate Fair Value Greater (Less) Than Aggregate Unpaid Principal
Residential mortgage loans held for sale, at fair value			$573			$558			$15						$614			$593			$21
Commercial and industrial, and commercial real estate loans held for sale, at fair value			41			47			(6)						62			69			(7)

For more information on the election of the fair value option for these assets see Note 20 in the Company’s 2023 Form 10-K.

Recurring Fair Value Measurements

The Company utilizes a variety of valuation techniques to measure its assets and liabilities at fair value on a recurring basis. For more information on the valuation techniques utilized to measure fair value on a recurring basis, see Note 20 in the Company’s 2023 Form 10-K.

Short-term investments

Short-term investments include corporate bonds and U.S. Treasury securities managed by the Company’s trading desks. U.S. Treasury securities are classified as Level 1 in the fair value hierarchy as quoted prices in active markets are readily available. The fair value of corporate bonds is estimated using a combination of direct market quotes for a particular bond, or a comparable bond if recent market data is not available, and a discounted cash flow model that incorporates certain credit attributes of the bond issuer. External pricing services are utilized to corroborate the fair value of corporate bonds, which may result in an adjustment to the underlying bond’s valuation if price differences exceed certain thresholds. Corporate bonds are classified as Level 2 in the fair value hierarchy given the observable market inputs utilized to value these instruments. Short-term investments are included in interest-bearing deposits in banks in the Consolidated Balance Sheets.

Short-term borrowed funds

Short-term borrowed funds include short positions in corporate bonds held by the Company’s trading desks and are classified as Level 2 in the fair value hierarchy. See “Short-term investments” above for more information regarding the valuation techniques utilized to value corporate bonds.

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The following table presents assets and liabilities measured at fair value, including gross derivative assets and liabilities, on a recurring basis at September 30, 2024:

(dollars in millions)			Total			Level 1			Level 2			Level 3
Debt securities available for sale:
Mortgage-backed securities			$27,911			$—			$27,911			$—
Collateralized loan obligations			234			—			234			—
State and political subdivisions			1			—			1			—
U.S. Treasury and other			4,689			4,689			—			—
Total debt securities available for sale			32,835			4,689			28,146			—
Loans held for sale, at fair value:
Residential loans held for sale			573			—			573			—
Commercial loans held for sale			41			—			41			—
Total loans held for sale, at fair value			614			—			614			—
Mortgage servicing rights			1,501			—			—			1,501
Derivative assets:
Interest rate contracts			665			—			665			—
Foreign exchange contracts			371			—			371			—
Commodities contracts			536			—			536			—
TBA contracts			3			—			3			—
Other contracts			6			—			—			6
Total derivative assets			1,581			—			1,575			6
Equity securities, at fair value(1)			145			145			—			—
Short-term investments			69			40			29			—
Total assets			$36,745			$4,874			$30,364			$1,507
Derivative liabilities:
Interest rate contracts			$740			$—			$740			$—
Foreign exchange contracts			306			—			306			—
Commodities contracts			476			—			476			—
TBA contracts			12			—			12			—
Other contracts			9			—			—			9
Total derivative liabilities			1,543			—			1,534			9
Short-term borrowed funds			15			—			15			—
Total liabilities			$1,558			$—			$1,549			$9

(1) Excludes investments of $58 million included in other assets in the Consolidated Balance Sheets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient. These investments include capital contributions to private investment funds and have unfunded capital commitments of $24 million at September 30, 2024, which may be called at any time during prescribed time periods. The credit exposure is generally limited to the carrying amount of investments made and unfunded capital commitments.

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The following table presents assets and liabilities measured at fair value, including gross derivative assets and liabilities, on a recurring basis at December 31, 2023:

(dollars in millions)			Total			Level 1			Level 2			Level 3
Debt securities available for sale:
Mortgage-backed securities			$24,732			$—			$24,732			$—
Collateralized loan obligations			664			—			664			—
State and political subdivisions			1			—			1			—
U.S. Treasury and other			4,380			4,380			—			—
Total debt securities available for sale			29,777			4,380			25,397			—
Loans held for sale, at fair value:
Residential loans held for sale			614			—			614			—
Commercial loans held for sale			62			—			62			—
Total loans held for sale, at fair value			676			—			676			—
Mortgage servicing rights			1,552			—			—			1,552
Derivative assets:
Interest rate contracts			464			—			464			—
Foreign exchange contracts			434			—			434			—
Commodities contracts			685			—			685			—
TBA contracts			3			—			3			—
Other contracts			7			—			—			7
Total derivative assets			1,593			—			1,586			7
Equity securities, at fair value(1)			115			115			—			—
Total assets			$33,713			$4,495			$27,659			$1,559
Derivative liabilities:
Interest rate contracts			$1,149			$—			$1,149			$—
Foreign exchange contracts			378			—			378			—
Commodities contracts			640			—			640			—
TBA contracts			16			—			16			—
Other contracts			—			—			—			—
Total derivative liabilities			2,183			—			2,183			—
Total liabilities			$2,183			$—			$2,183			$—

(1) Excludes investments of $58 million included in other assets in the Consolidated Balance Sheets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient. These investments include capital contributions to private investment funds and have unfunded capital commitments of $28 million at December 31, 2023, which may be called at any time during prescribed time periods. The credit exposure is generally limited to the carrying amount of investments made and unfunded capital commitments.

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The following tables present a roll forward of the balance sheet amounts for assets and liabilities measured at fair value on a recurring basis and classified as Level 3:

			Three Months Ended September 30, 2024									Nine Months Ended September 30, 2024
(dollars in millions)			Mortgage Servicing Rights			Other Derivative Contracts						Mortgage Servicing Rights			Other Derivative Contracts
Beginning balance			$1,568			$6						$1,552			$7
Issuances			28			18						71			47
Settlements(1)			(46)			(27)						(135)			(50)
Changes in fair value during the period recognized in earnings(2)			(49)			—						13			(7)
Ending balance			$1,501			($3)						$1,501			($3)

			Three Months Ended September 30, 2023									Nine Months Ended September 30, 2023
(dollars in millions)			Mortgage Servicing Rights			Other Derivative Contracts						Mortgage Servicing Rights			Other Derivative Contracts
Beginning balance			$1,524			$6						$1,530			$1
Issuances			47			17						104			52
Settlements(1)			(42)			1						(124)			(11)
Changes in fair value during the period recognized in earnings(2)			91			(21)						110			(39)
Ending balance			$1,620			$3						$1,620			$3

(1) For MSRs, represents changes in value of the MSRs due to i) passage of time including the impact from both regularly scheduled loan principal payments and partial paydowns, and ii) loans that paid off during the period. For other derivative contracts, represents the closeout of interest rate lock commitments.

(2) Represents changes in value primarily driven by market conditions. These changes are recorded in mortgage banking fees and other income in the Consolidated Statements of Operations.

The following table presents quantitative information about significant unobservable inputs utilized to measure the fair value of Level 3 assets and liabilities.

As of September 30, 2024

As of December 31, 2023

Financial Instrument(1)

Valuation Technique

Unobservable Input

Range (Weighted Average)

Range (Weighted Average)

Mortgage servicing rights

Discounted Cash Flow

Constant prepayment rate

6.81-18.55% CPR (8.30% CPR)

6.70-14.55% CPR (7.23% CPR)

Option adjusted spread

398-1,058 bps (634 bps)

398-1,058 bps (630 bps)

Other derivative contracts

Internal Model

Pull through rate

9.42-99.91% (81.65%)

24.90-99.70% (80.34%)

MSR value

(17.99)-162.51 bps (105.41 bps)

(8.90)-141.24 bps (88.04 bps)

(1) Disclosures related to the fair value measurement of financial instruments deemed immaterial are not included.

Nonrecurring Fair Value Measurements

Fair value is also used on a nonrecurring basis to evaluate certain assets for impairment or for disclosure purposes. For more information on the valuation techniques utilized to measure fair value on a nonrecurring basis, see Note 20 in the Company’s 2023 Form 10-K.

The following table presents losses on assets measured at fair value on a nonrecurring basis and recorded in earnings:

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in millions)			2024						2023						2024						2023
Collateral-dependent loans			($36)						($40)						($156)						($108)

The following table presents assets measured at fair value on a nonrecurring basis:

			September 30, 2024															December 31, 2023
(dollars in millions)			Total			Level 1			Level 2			Level 3						Total			Level 1			Level 2			Level 3
Collateral-dependent loans			$1,136			$—			$1,136			$—						$789			$—			$789			$—

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Fair Value of Financial Instruments

The following tables present the estimated fair value for financial instruments not recorded at fair value in the Consolidated Financial Statements. The carrying amounts are recorded in the Consolidated Balance Sheets under the indicated captions:

			September 30, 2024
			Total									Level 1									Level 2									Level 3
(dollars in millions)			Carrying Value			Estimated Fair Value						Carrying Value			Estimated Fair Value						Carrying Value			Estimated Fair Value						Carrying Value			Estimated Fair Value
Financial assets:
Debt securities held to maturity			$8,738			$8,067						$—			$—						$8,308			$7,645						$430			$422
Other loans held for sale			49			49						—			—						—			—						49			49
Net loans and leases			139,553			139,662						—			—						1,136			1,136						138,417			138,526
Other assets			732			732						—			—						710			710						22			22
Financial liabilities:
Deposits			175,188			175,061						—			—						175,188			175,061						—			—
Long-term borrowed funds			13,944			13,977						—			—						13,944			13,977						—			—

			December 31, 2023
			Total									Level 1									Level 2									Level 3
(dollars in millions)			Carrying Value			Estimated Fair Value						Carrying Value			Estimated Fair Value						Carrying Value			Estimated Fair Value						Carrying Value			Estimated Fair Value
Financial assets:
Debt securities held to maturity			$9,184			$8,350						$—			$—						$8,696			$7,887						$488			$463
Other loans held for sale			103			103						—			—						—			—						103			103
Net loans and leases			143,861			140,504						—			—						789			789						143,072			139,715
Other assets			869			869						—			—						851			851						18			18
Financial liabilities:
Deposits			177,342			177,096						—			—						177,342			177,096						—			—
Short-term borrowed funds			505			505						—			—						505			505						—			—
Long-term borrowed funds			13,467			13,012						—			—						13,467			13,012						—			—

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NOTE 13 - NONINTEREST INCOME

Revenues from Contracts with Customers

The following tables present the components of revenue from contracts with customers disaggregated by revenue stream and business operating segment:

			Three Months Ended September 30, 2024
(dollars in millions)			Consumer Banking			Commercial Banking			Non-Core			Other			Consolidated
Service charges and fees			$75			$34			$—			$—			$109
Card fees			73			12			—			6			91
Capital markets fees			—			88			—			—			88
Wealth fees(1)			76			—			—			—			76
Other banking fees			1			2			—			—			3
Total revenue from contracts with customers			$225			$136			$—			$6			$367
Total revenue from other sources(2)			60			71			—			34			165
Total noninterest income			$285			$207			$—			$40			$532

			Three Months Ended September 30, 2023
(dollars in millions)			Consumer Banking			Commercial Banking			Non-Core			Other			Consolidated
Service charges and fees			$73			$31			$—			$1			$105
Card fees			62			12			—			—			74
Capital markets fees			—			64			—			—			64
Wealth fees(1)			62			1			—			—			63
Other banking fees			1			3			—			—			4
Total revenue from contracts with customers			$198			$111			$—			$1			$310
Total revenue from other sources(2)			80			69			—			33			182
Total noninterest income			$278			$180			$—			$34			$492

			Nine Months Ended September 30, 2024
(dollars in millions)			Consumer Banking			Commercial Banking			Non-Core			Other			Consolidated
Service charges and fees			$213			$97			$—			$—			$310
Card fees			213			40			—			13			266
Capital markets fees			—			330			—			—			330
Wealth fees(1)			219			—			—			—			219
Other banking fees			2			8			—			1			11
Total revenue from contracts with customers			$647			$475			$—			$14			$1,136
Total revenue from other sources(2)			173			201			—			92			466
Total noninterest income			$820			$676			$—			$106			$1,602

			Nine Months Ended September 30, 2023
(dollars in millions)			Consumer Banking			Commercial Banking			Non-Core			Other			Consolidated
Service charges and fees			$206			$98			$—			$1			$305
Card fees			188			35			—			—			223
Capital markets fees			—			211			—			—			211
Wealth fees(1)			190			1			—			—			191
Other banking fees			2			10			—			—			12
Total revenue from contracts with customers			$586			$355			$—			$1			$942
Total revenue from other sources(2)			216			233			—			92			541
Total noninterest income			$802			$588			$—			$93			$1,483

(1) See Note 1 for information regarding updates to the Consolidated Statements of Operations during the second quarter of 2024.

(2) Includes bank-owned life insurance income of $26 million and $24 million for the three months ended September 30, 2024 and 2023, respectively, and $80 million and $70 million for the nine months ended September 30, 2024 and 2023, respectively.

The Company recognized trailing commissions of $4 million for the three months ended September 30, 2024 and 2023, and $11 million for the nine months ended September 30, 2024 and 2023 related to ongoing commissions from previous investment sales.

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NOTE 14 - OTHER OPERATING EXPENSE

The following table presents the details of other operating expense:

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in millions)			2024						2023						2024						2023
Marketing			$40						$48						$124						$142
Deposit insurance(1)			40						42						162						121
Other			84						86						269						279
Other operating expense			$164						$176						$555						$542

(1) Includes an industry-wide FDIC special assessment of $40 million for the nine months ended September 30, 2024.

NOTE 15 - EARNINGS PER SHARE

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollars in millions, except per share data)			2024						2023						2024						2023
Numerator (basic and diluted):
Net income			$382						$430						$1,108						$1,419
Less: Preferred stock dividends			38						30						103						87
Net income available to common stockholders			$344						$400						$1,005						$1,332
Denominator:
Weighted-average common shares outstanding - basic			446,561,996						469,481,085						453,993,833						478,073,507
Dilutive common shares: share-based awards			3,351,471						1,702,634						2,467,497						1,659,501
Weighted-average common shares outstanding - diluted			449,913,467						471,183,719						456,461,330						479,733,008
Earnings per common share:
Basic			$0.77						$0.85						$2.21						$2.79
Diluted(1)			0.77						0.85						2.20						2.78

(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 141,698 and 2,566,762 for the three months ended September 30, 2024 and 2023, respectively, and 409,167 and 2,391,244 for the nine months ended September 30, 2024 and 2023, respectively.

NOTE 16 - BUSINESS OPERATING SEGMENTS

The Company is managed by its Chief Executive Officer on a segment basis. The Company’s three business operating segments are Consumer Banking, Commercial Banking, and Non-Core. The business operating segments are determined based on the products and services provided, or the type of customer served. Each business operating segment has a segment head that reports directly to the Chief Executive Officer, who has final authority over resource allocation decisions and performance assessment. The business operating segments reflect this management structure and the manner in which financial information is currently evaluated by the Chief Executive Officer.

Developing and applying methodologies used to allocate items among the business operating segments is a dynamic process. Accordingly, financial results may be revised periodically as management systems are enhanced, methods of evaluating performance or product lines are updated, or organizational structure changes occur.

For more information on the Company’s business operating segments, as well as Other non-segment operations, see Note 26 in the Company’s 2023 Form 10-K.

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			Three Months Ended September 30, 2024
(dollars in millions)			Consumer Banking						Commercial Banking						Non-Core						Other						Consolidated
Net interest income			$1,156						$478						($28)						($237)						$1,369
Noninterest income			285						207						—						40						532
Total revenue			1,441						685						(28)						(197)						1,901
Noninterest expense			916						300						23						20						1,259
Profit (loss) before provision (benefit) for credit losses			525						385						(51)						(217)						642
Provision (benefit) for credit losses			84						91						17						(20)						172
Income (loss) before income tax expense (benefit)			441						294						(68)						(197)						470
Income tax expense (benefit)			114						63						(17)						(72)						88
Net income (loss)			$327						$231						($51)						($125)						$382
Total average assets			$75,392						$68,092						$8,389						$66,705						$218,578

			Three Months Ended September 30, 2023
(dollars in millions)			Consumer Banking						Commercial Banking						Non-Core						Other						Consolidated
Net interest income			$1,067						$560						($41)						($64)						$1,522
Noninterest income			278						180						—						34						492
Total revenue			1,345						740						(41)						(30)						2,014
Noninterest expense			905						325						30						33						1,293
Profit (loss) before provision (benefit) for credit losses			440						415						(71)						(63)						721
Provision (benefit) for credit losses			67						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

			Nine Months Ended September 30, 2024
(dollars in millions)			Consumer Banking						Commercial Banking						Non-Core						Other						Consolidated
Net interest income			$3,369						$1,486						($96)						($538)						$4,221
Noninterest income			820						676						—						106						1,602
Total revenue			4,189						2,162						(96)						(432)						5,823
Noninterest expense			2,734						928						74						182						3,918
Profit (loss) before provision (benefit) for credit losses			1,455						1,234						(170)						(614)						1,905
Provision (benefit) for credit losses			249						262						46						(32)						525
Income (loss) before income tax expense (benefit)			1,206						972						(216)						(582)						1,380
Income tax expense (benefit)			311						223						(55)						(207)						272
Net income (loss)			$895						$749						($161)						($375)						$1,108
Total average assets			$74,510						$69,046						$9,450						$66,514						$219,520

			Nine Months Ended September 30, 2023
(dollars in millions)			Consumer Banking						Commercial Banking						Non-Core						Other						Consolidated
Net interest income			$3,101						$1,741						($84)						($5)						$4,753
Noninterest income			802						588						—						93						1,483
Total revenue			3,903						2,329						(84)						88						6,236
Noninterest expense			2,637						971						95						192						3,895
Profit (loss) before provision (benefit) for credit losses			1,266						1,358						(179)						(104)						2,341
Provision (benefit) for credit losses			198						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

Citizens Financial Group, Inc. | 81

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Quantitative and qualitative disclosures about market risk are presented in the “Market Risk” section of Part I, Item 2 and is incorporated herein by reference.

ITEM 4. CONTROLS AND PROCEDURES

The Company maintains a set of disclosure controls and procedures designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. The design of any disclosure controls and procedures is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Any controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute, assurance of achieving the desired control objectives. In accordance with Rule 13a-15(b) of the Exchange Act, as of the end of the period covered by this quarterly report on Form 10-Q, an evaluation was carried out under the supervision and with the participation of the Company’s management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of its disclosure controls and procedures. Based on that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures, as of the end of the period covered by this quarterly report on Form 10-Q, were effective to provide reasonable assurance that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and is accumulated and communicated to the Company’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

There were no changes in our internal control over financial reporting identified in management's evaluation pursuant to Rules 13a-15(d) or 15d-15(d) of the Exchange Act during the period covered by this quarterly report on Form 10-Q that materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Information required by this item is presented in Note 11 and is incorporated herein by reference.

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this Report, you should consider the risks described under Item 1A “Risk Factors” in the Company’s 2023 Form 10-K.

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, 2024 are included below:

Period			Total Number of Shares Repurchased(1)			Average Price Paid Per Share			Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2)			Maximum Dollar Amount of Shares That May Yet Be Purchased as Part of Publicly Announced Plans or Programs(2)
July 1, 2024 - July 31, 2024			7,309,783			$40.58			7,309,755			$953,373,396
August 1, 2024 - August 31, 2024			71			$42.67			—			$953,373,396
September 1, 2024 - September 30, 2024			696,518			$40.74			696,045			$925,000,000

(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 June 28, 2024, the Company announced that its Board of Directors increased the capacity under its common share repurchase program by an additional $656 million, which was incremental to the $594 million of capacity remaining under the prior February 2023 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.

Citizens Financial Group, Inc. | 82

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ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

3.1 Restated Certificate of Incorporation of the Registrant as in effect on the date hereof, as filed with the Secretary of State of the State of Delaware and effective July 8, 2024 (incorporated herein by reference to Exhibit 3.2 of the Current Report on Form 8-K, filed July 9, 2024)

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, 2024, formatted in inline XBRL: (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Stockholders’ Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to Consolidated Financial Statements*

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

* Filed herewith.

Citizens Financial Group, Inc. | 83

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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 4, 2024.

CITIZENS FINANCIAL GROUP, INC.
(Registrant)
By:			/s/ John F. Woods
			Name: John F. Woods
			Title: Chief Financial Officer
			(Principal Financial Officer)

Citizens Financial Group, Inc. | 84