Companies: 10,652     total market cap: $142.240 T
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Citizens Financial Group
CFG
#868
Rank
$28.71 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$66.86
Share price
-1.02%
Change (1 day)
44.59%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
Citizens Financial Group, Inc. is an American bank operating more than 1,200 branches and approximately 3,200 ATMs.
  1. Citizens Financial Group
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q3

Citizens Financial Group - 10-Q quarterly report FY2025 Q3


Text size:
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
Commission File Number 001-36636
image1-logoa03.jpg
(Exact name of registrant as specified in its charter)
Delaware05-0412693
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
One Citizens Plaza, Providence, RI 02903
(Address of principal executive offices, including zip code)
(203) 900-6715
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, $0.01 par value per share
CFGNew York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E
CFG PrENew York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 7.375% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series H
CFG PrH
New York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 6.500% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series I
CFG PrI
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. ☑ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☑ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer
☑
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☑ No
There were 429,486,191 shares of the registrant’s common stock ($0.01 par value) outstanding on October 24, 2025.


Table of Contents
 3
 5
Item 1. Financial Statements (unaudited)
37
Consolidated Balance Sheets
38
Consolidated Statements of Operations
39
Consolidated Statements of Comprehensive Income
40
Consolidated Statements of Changes in Stockholders’ Equity
41
Consolidated Statements of Cash Flows
43
Notes to Consolidated Financial Statements
44
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
 5
Item 3. Quantitative and Qualitative Disclosures about Market Risk
80
Item 4. Controls and Procedures
81
81
Item 1. Legal Proceedings
81
Item 1A. Risk Factors
81
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
81
Item 3. Defaults Upon Senior Securities
81
Item 4. Mine Safety Disclosures
81
Item 5. Other Information
82
Item 6. Exhibits
82
83

Citizens Financial Group, Inc. | 2

GLOSSARY OF ACRONYMS AND TERMS
    The following is a list of common acronyms and terms used regularly in our financial reporting:
2024 Form 10-K
Annual Report on Form 10-K for the year ended December 31, 2024
AACLAdjusted Allowance for Credit Losses
ACLAllowance for Credit Losses: Allowance for Loan and Lease Losses plus Allowance for Unfunded Lending Commitments
AFSAvailable for Sale
ALMAsset and Liability Management
AOCIAccumulated Other Comprehensive Income (Loss)
ASUAccounting Standards Update
ATMAutomated Teller Machine
Board or Board of DirectorsThe Board of Directors of Citizens Financial Group, Inc.
bpsBasis Points
CBNACitizens Bank, National Association
CCBCapital Conservation Buffer
CECL
Current Expected Credit Losses
CET1Common Equity Tier 1
CET1 capital ratioCommon Equity Tier 1 capital divided by total risk-weighted assets as defined under the U.S. Basel III Standardized approach
Citizens, CFG, the Company, we, us, or our
Citizens Financial Group, Inc. and its Consolidated Subsidiaries
CLTVCombined Loan-to-Value
CODM
Chief Operating Decision Maker
CRE
Commercial Real Estate
Efficiency Ratio
Noninterest expense divided by total revenue, inclusive of net interest income and noninterest income
EPSEarnings Per Share
EVEEconomic Value of Equity
Exchange ActThe Securities Exchange Act of 1934, as amended
Fannie Mae (FNMA)Federal National Mortgage Association
FDICFederal Deposit Insurance Corporation
FDMFinancially Distressed Modification
FHAFederal Housing Administration
FHLBFederal Home Loan Bank
FICOFair Isaac Corporation (credit rating)
FRB or Federal ReserveBoard of Governors of the Federal Reserve System and, as applicable, Federal Reserve Bank(s)
Freddie Mac (FHLMC)Federal Home Loan Mortgage Corporation
FTEFully Taxable Equivalent
GAAPAccounting Principles Generally Accepted in the United States of America
GDPGross Domestic Product
Ginnie Mae (GNMA)Government National Mortgage Association
GSEGovernment Sponsored Entity
HTMHeld To Maturity
LHFSLoans Held for Sale
LIHTCLow Income Housing Tax Credit
M&A
Merger and Acquisition
MD&AManagement’s Discussion and Analysis of Financial Condition and Results of Operations
Citizens Financial Group, Inc. | 3

Modified AACL transition
The Day-1 CECL adoption entry booked to ACL plus 25% of subsequent CECL ACL reserve build
Modified CECL transition
The Day-1 CECL adoption entry booked to retained earnings plus 25% of subsequent CECL ACL reserve build
MSR
Mortgage Servicing Right
NM
Not meaningful
NMTCNew Markets Tax Credit
OCCOffice of the Comptroller of the Currency
OCIOther Comprehensive Income (Loss)
Parent CompanyCitizens Financial Group, Inc. (the Parent Company of Citizens Bank, National Association and other subsidiaries)
PCDPurchased Credit Deteriorated
ROTCEReturn on Average Tangible Common Equity
RPARisk Participation Agreement
RWARisk-Weighted Assets
SBAUnited States Small Business Administration
SCBStress Capital Buffer
SECUnited States Securities and Exchange Commission
SOFRSecured Overnight Financing Rate
SPE
Special Purpose Entity
TBA
To-Be-Announced Mortgage Security
Tier 1 capital ratio
Tier 1 capital, which includes Common Equity Tier 1 capital plus non-cumulative perpetual preferred equity that qualifies as additional Tier 1 capital, divided by total risk-weighted assets as defined under the U.S. Basel III Standardized approach
Tier 1 leverage ratio
Tier 1 capital, which includes Common Equity Tier 1 capital plus non-cumulative perpetual preferred equity that qualifies as additional Tier 1 capital, divided by quarterly adjusted average assets as defined under the U.S. Basel III Standardized approach
Total capital ratio
Total capital, which includes Common Equity Tier 1 capital, Tier 1 capital, and allowance for credit losses and qualifying subordinated debt that qualifies as Tier 2 capital, divided by total risk-weighted assets as defined under the U.S. Basel III Standardized approach
USDAUnited States Department of Agriculture
VAUnited States Department of Veterans Affairs
VaRValue at Risk
VIEVariable Interest Entity
Citizens Financial Group, Inc. | 4

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

Page
Forward-Looking Statements
 6
 7
7
Results of Operations
9
Analysis of Financial Condition
14
20
21
Credit Risk
22
Market Risk
22
Liquidity Risk
25
Operational Risk
28
Compliance Risk
29
29
32
34
35

Citizens Financial Group, Inc. | 5

FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook,” “guidance” or similar expressions or future conditional verbs such as “may,” “will,” “likely,” “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, tariffs, 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, 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 cyberattacks; and
•Management’s ability to identify and manage these and other risks.
Citizens Financial Group, Inc. | 6

In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, balance sheet growth, 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 2024 Form 10-K.
INTRODUCTION
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $222.7 billion in assets as of September 30, 2025. 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 approximately 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 2024 Form 10-K.
EXECUTIVE SUMMARY
This summary highlights select financial information of the Company as well as information regarding certain significant events and transactions occurring during the nine months ended September 30, 2025. This summary should be read in conjunction with this entire document for a more complete understanding of trends, events, commitments, uncertainties, liquidity, capital resources, and critical accounting policies and estimates. Each of these items, taken individually or collectively, could have an impact on the Company’s financial condition, results of operations, and cash flows. For additional information regarding our financial performance and condition, see “Results of Operations” and “Analysis of Financial Condition.”
Key Financial Highlights
•Net income of $494 million and $1.3 billion for the three and nine months ended September 30, 2025, respectively, increased $112 million and $195 million, with earnings per diluted common share up $0.28 to $1.05 and up $0.54 to $2.74, compared to the same periods in 2024.
•Net interest income of $1.5 billion and $4.3 billion for the three and nine months ended September 30, 2025, respectively, increased $119 million and $95 million compared to the same periods in 2024, driven by higher net interest margin reflecting lower funding costs, the time-based benefits of the Non-Core portfolio runoff, terminated swap impacts, and fixed-rate asset repricing benefits.
•Net interest margin on an FTE basis of 3.00% and 2.95% for the three and nine months ended September 30, 2025, respectively, increased 23 basis points and 10 basis points compared to the same periods in 2024, driven by lower funding costs, the time-based benefits of the Non-Core portfolio runoff, terminated swap impacts, and fixed-rate asset repricing benefits.
•Noninterest income of $630 million and $1.8 billion for the three and nine months ended September 30, 2025, respectively, increased $98 million and $172 million compared to the same periods in 2024, primarily driven by higher wealth, mortgage banking, capital markets, and service charge fees.
Citizens Financial Group, Inc. | 7

•Noninterest expense of $1.3 billion and $4.0 billion for the three and nine months ended September 30, 2025, respectively, increased $76 million and $50 million compared to the same periods in 2024, driven by salaries and employee benefits reflecting hiring related to the Private Bank and Private Wealth build-out, strong capital markets fee performance, and increased medical benefit costs. The increase during the nine-month period was partially offset by a decline in other operating expense primarily driven by lower FDIC deposit insurance costs.
•Provision expense of $154 million and $471 million for the three and nine months ended September 30, 2025, respectively, decreased $18 million and $54 million compared to the same periods in 2024, reflecting runoff of the Non-Core portfolio and improving loan mix.
•The efficiency ratio of 63.03% and 65.16% for the three and nine months ended September 30, 2025, respectively, compared to 66.23% and 67.28% for the same periods in 2024.
•ROTCE of 11.75% and 10.84% for the three and nine months ended September 30, 2025, respectively, compared to 9.45% and 9.63% for the same periods in 2024.
•Tangible book value per common share of $36.73 increased 14% from December 31, 2024, driven by a decrease in common shares outstanding of nine million and a net increase in tangible common equity of $1.6 billion. The increase in tangible common equity is primarily attributable to increases in AOCI of $1.3 billion and retained earnings of $644 million, including net income of $1.3 billion for the nine months ended September 30, 2025.
See “Non-GAAP Financial Measures” for more information regarding the ROTCE and tangible book value per common share non-GAAP financial measures presented herein.
Sale of Education Loans
During the first quarter of 2025, we entered into an agreement to sell $1.9 billion of Non-Core education loans and subsequently reclassified these loans to LHFS. Upon reclassification to LHFS, a charge-off of $25 million was recognized, which was covered by existing reserves. This transaction will settle ratably each quarter throughout 2025, of which approximately $1.4 billion has settled to date, with the remaining $500 million scheduled to settle during the fourth quarter of 2025.
Share Repurchases
On June 13, 2025, we announced that our Board of Directors increased the capacity of our common share repurchase program to $1.5 billion, an increase of $1.2 billion above the $300 million of capacity remaining under the prior June 2024 authorization. During the three and nine months ended September 30, 2025, the Parent Company repurchased $75 million and $475 million, respectively, of its outstanding common stock. See Note 10 and Item 2 for additional information on share repurchase activity.
Preferred Stock
On July 31, 2025, we issued $400 million, or 400,000 shares, of 6.500% fixed-rate reset non-cumulative perpetual Series I Preferred Stock, par value of $25 per share with a liquidation preference of $1,000 per share. Holders of Series I Preferred Stock will be entitled to receive dividend payments only when, as, and if declared by our Board of Directors. Any such dividends will be payable quarterly in arrears on January 6, April 6, July 6, and October 6 of each year, beginning on January 6, 2026 (long first dividend period).
The net proceeds from the issuance of the Series I Preferred Stock were used to redeem all of the outstanding shares of our 5.650% fixed-rate reset non-cumulative perpetual Series F Preferred Stock on the dividend payment and earliest available redemption date of October 6, 2025.
For more information regarding our Series I Preferred Stock issuance and Series F Preferred Stock redemption, see Note 10.
Common Stock Dividend
On October 15, 2025, we announced that our Board of Directors declared a quarterly common stock dividend of $0.46 per share, a $0.04, or 9.5%, increase compared to the prior quarter. The dividend is payable on November 12, 2025 to shareholders of record at the close of business on October 29, 2025.
Citizens Financial Group, Inc. | 8

Other Developments
On March 27, 2025, the SEC voted to end its defense of several court challenges of its climate disclosure rule. The rule requires companies to disclose certain climate-related matters, including risks, activities to mitigate or adapt to such risks, governance, financial effects of severe weather events, and audited measurements of certain greenhouse gas emissions. The SEC paused implementation of the rule last year while federal courts considered various legal challenges brought by states, businesses, and business groups, which were consolidated in the U.S. Court of Appeals for the Eighth Circuit. With the SEC withdrawing from the lawsuit, litigation is expected to continue with the court ultimately deciding whether the rule will remain in effect as adopted. The rule remains stayed until the litigation is resolved. For additional information regarding the SEC’s climate-related rule and other climate-related laws and regulations that we may be subject to, see “Regulation and Supervision” in our 2024 Form 10-K.
On July 4, 2025, H.R. 1, entitled the One Big Beautiful Bill Act, was signed into law. This bill includes a broad range of tax reform provisions affecting individuals and businesses, including extending and modifying certain key Tax Cuts & Jobs Act provisions, extending certain Inflation Reduction Act energy incentives while accelerating the phase-out of others, and implementing various other tax cuts and spending measures. We have completed our initial evaluation of the bill and do not expect it to have a material impact on our Consolidated Financial Statements.
On July 16, 2025, the FDIC, FRB, and OCC issued a joint notice of proposed rulemaking (“NPR”) to rescind the Community Reinvestment Act (“CRA”) final rule issued in October 2023 and replace it with the prior CRA regulations adopted by the agencies in 1995, with certain technical amendments. The NPR is intended to restore certainty in the CRA regulatory framework for stakeholders and limit regulatory burden on financial institutions. For additional information regarding the CRA, see “Regulation and Supervision” in our 2024 Form 10-K.
We will continue to monitor these regulatory and legislative developments and evaluate their associated impact on us.
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. Factors that influence our net interest income include, but are not limited to, 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 2024 Form 10-K.
Citizens Financial Group, Inc. | 9

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. 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 1: Major Components of Net Interest Income
Three Months Ended September 30,
20252024
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$9,015 $97 4.24 %$8,896 $121 5.30 %$119 (106) bps
Taxable investment securities46,452 433 3.71 45,083 423 3.75 1,369 (4)
Non-taxable investment securities1 — 2.60 1 — 2.60 — — 
Total investment securities46,453 433 3.71 45,084 423 3.75 1,369 (4)
Commercial and industrial46,351 581 4.91 44,071 556 4.95 2,280 (4)
Commercial real estate25,799 380 5.76 28,209 452 6.26 (2,410)(50)
Total commercial72,150 961 5.21 72,280 1,008 5.46 (130)(25)
Residential mortgages34,134 339 3.98 32,117 301 3.75 2,017 23 
Home equity18,027 322 7.07 15,733 317 8.02 2,294 (95)
Automobile3,096 35 4.44 5,942 64 4.28 (2,846)16 
Education8,513 129 5.98 11,155 153 5.45 (2,642)53 
Other retail4,091 111 10.92 4,776 133 11.04 (685)(12)
Total retail67,861 936 5.49 69,723 968 5.53 (1,862)(4)
Total loans and leases140,011 1,897 5.35 142,003 1,976 5.50 (1,992)(15)
Loans held for sale
2,119 31 5.73 1,181 19 6.26 938 (53)
Interest-earning assets197,598 2,458 4.92 197,164 2,539 5.09 434 (17)
Noninterest-earning assets21,519 21,414 105 
Total assets$219,117 $218,578 $539 
Liabilities and Stockholders’ Equity
Checking with interest$34,748 $134 1.54 %$33,090 $131 1.58 %$1,658 (4)
Savings25,001 86 1.36 26,868 128 1.89 (1,867)(53)
Money market57,783 411 2.82 53,152 444 3.32 4,631 (50)
Time
20,355 185 3.61 24,705 287 4.65 (4,350)(104)
Total interest-bearing deposits137,887 816 2.35 137,815 990 2.86 72 (51)
Short-term borrowed funds589 5 2.91 150 3 6.06 439 (315)
Long-term borrowed funds11,643 149 5.11 13,690 177 5.20 (2,047)(9)
Total borrowed funds12,232 154 5.01 13,840 180 5.21 (1,608)(20)
Total interest-bearing liabilities150,119 970 2.56 151,655 1,170 3.07 (1,536)(51)
Noninterest-bearing demand deposits
38,070 36,236 1,834 
Other noninterest-bearing liabilities5,387 6,194 (807)
Total liabilities193,576 194,085 (509)
Stockholders’ equity25,541 24,493 1,048 
Total liabilities and stockholders’ equity$219,117 $218,578 $539 
Interest rate spread2.36 %2.02 %34 
Net interest income and net interest margin$1,488 2.99 %$1,369 2.76 %23 
Net interest income and net interest margin, FTE(1)
$1,492 3.00 %$1,373 2.77 %23 
Memo: Total deposits (interest-bearing and noninterest-bearing demand)
$175,957 $816 1.84 %$174,051 $990 2.26 %$1,906 (42) bps
Citizens Financial Group, Inc. | 10

Nine Months Ended September 30,
20252024
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$8,445 $278 4.35 %$9,602 $391 5.35 %($1,157)(100) bps
Taxable investment securities46,354 1,279 3.68 44,561 1,239 3.71 1,793 (3)
Non-taxable investment securities1 — 2.60 1 — 2.60 — — 
Total investment securities46,355 1,279 3.68 44,562 1,239 3.71 1,793 (3)
Commercial and industrial44,972 1,645 4.83 44,342 1,795 5.32 630 (49)
Commercial real estate26,429 1,151 5.74 28,681 1,376 6.30 (2,252)(56)
Total commercial71,401 2,796 5.16 73,023 3,171 5.71 (1,622)(55)
Residential mortgages33,480 984 3.92 31,713 874 3.68 1,767 24 
Home equity17,338 923 7.11 15,387 920 7.99 1,951 (88)
Automobile3,727 123 4.41 6,832 218 4.27 (3,105)14 
Education9,280 405 5.83 11,472 463 5.39 (2,192)44 
Other retail 4,285 346 10.83 4,866 392 10.76 (581)7 
Total retail68,110 2,781 5.45 70,270 2,867 5.45 (2,160)— 
Total loans and leases139,511 5,577 5.31 143,293 6,038 5.58 (3,782)(27)
Loans held for sale
2,023 83 5.45 1,104 56 6.71 919 (126)
Interest-earning assets196,334 7,217 4.88 198,561 7,724 5.15 (2,227)(27)
Noninterest-earning assets21,372 20,959 413 
Total assets$217,706 $219,520 ($1,814)
Liabilities and Stockholders’ Equity:
Checking with interest$33,770 $367 1.45 %$33,017 $368 1.49 %$753 (4)
Savings25,430 260 1.36 27,389 369 1.80 (1,959)(44)
Money market55,656 1,144 2.75 52,552 1,320 3.35 3,104 (60)
Time
22,093 642 3.89 25,274 885 4.68 (3,181)(79)
Total interest-bearing deposits136,949 2,413 2.36 138,232 2,942 2.84 (1,283)(48)
Short-term borrowed funds729 22 3.85 324 14 5.64 405 (179)
Long-term borrowed funds12,263 466 5.07 14,147 547 5.15 (1,884)(8)
Total borrowed funds12,992 488 5.00 14,471 561 5.16 (1,479)(16)
Total interest-bearing liabilities149,941 2,901 2.58 152,703 3,503 3.06 (2,762)(48)
Noninterest-bearing demand deposits
37,326 36,374 952 
Other noninterest-bearing liabilities5,618 6,544 (926)
Total liabilities192,885 195,621 (2,736)
Stockholders’ equity24,821 23,899 922 
Total liabilities and stockholders’ equity$217,706 $219,520 ($1,814)
Interest rate spread2.30 %2.09 %21 
Net interest income and net interest margin$4,316 2.94 %$4,221 2.84 %10 
Net interest income and net interest margin, FTE(1)
$4,328 2.95 %$4,234 2.85 %10 
Memo: Total deposits (interest-bearing and noninterest-bearing demand)
$174,275 $2,413 1.85 %$174,606 $2,942 2.25 %($331)(40) bps
(1) Net interest income and net interest margin on an FTE basis are non-GAAP financial measures. See “Non-GAAP Financial Measures” for more information.
Net interest income increased $119 million, or 9%, and increased $95 million, or 2%, for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024, driven by higher net interest margin reflecting lower funding costs, the time-based benefits of the Non-Core portfolio runoff, terminated swap impacts, and fixed-rate asset repricing benefits.
Net interest margin on an FTE basis increased 23 basis points and 10 basis points for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024, driven by lower funding costs, the time-based benefits of the Non-Core portfolio runoff, terminated swap impacts, and fixed-rate asset repricing benefits.
Average interest-earning assets increased $434 million for the three months ended September 30, 2025, compared to the same period in 2024, driven by an increase in investment securities and loans held for sale, partially offset by a decline in total loans and leases. For the nine months ended September 30, 2025, average interest-earnings assets decreased $2.2 billion compared to the same period in 2024, driven by a decline in total loans and leases and cash held in interest-bearing deposits, partially offset by an increase in investment securities and loans held for sale.
Citizens Financial Group, Inc. | 11

Average deposits increased $1.9 billion for the three months ended September 30, 2025 and were stable for the nine months ended September 30, 2025, compared to the same periods in 2024. The increase during the three-month period was driven by growth in the Private Bank, partially offset by a reduction in higher-cost brokered deposits.
Average total borrowed funds decreased $1.6 billion and $1.5 billion for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024, driven primarily by a decline in auto collateralized borrowings given runoff of the Non-Core portfolio. A decline in FHLB advances is also a driver during the nine-month period.
Noninterest Income
The following table presents the components of noninterest income:
Table 2: Noninterest Income
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in millions)20252024ChangePercent20252024ChangePercent
Service charges and fees$112 $109 $3 3%$332 $311 $21 7%
Capital markets fees166 94 72 77371 346 25 7
Card fees87 93 (6)(6)260 271 (11)(4)
Wealth fees
93 76 17 22 262 219 43 20 
Mortgage banking fees49 46 3 7181 149 32 21
Foreign exchange and derivative products42 36 6 17 122 111 11 10 
Letter of credit and loan fees48 45 3 7 137 130 7 5 
Securities gains, net2 9 (7)(78)14 14 — — 
Other income(1)
31 24 7 29 95 51 44 86 
Noninterest income$630 $532 $98 18%$1,774 $1,602 $172 11%
(1) Includes bank-owned life insurance income and other income for all periods presented.
The primary drivers for the change in noninterest income for the three and nine months ended September 30, 2025, compared to the same periods in 2024, are described below:
•Wealth fees increased reflecting growth in assets under management, primarily from the Private Bank;
•Mortgage banking fees increased driven by higher MSR valuation, net of hedging;
•Capital markets fees increased driven by higher M&A, loan syndication, and equity underwriting fees during the three-month period, and by higher loan syndication and equity underwriting fees during the nine-month period; and
•Service charges and fees increased driven primarily by higher overdraft and cash management fees.
Citizens Financial Group, Inc. | 12

Noninterest Expense
The following table presents the components of noninterest expense:
Table 3: Noninterest Expense
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in millions)20252024ChangePercent20252024ChangePercent
Salaries and employee benefits$705 $647 $58 9%$2,082 $1,983 $99 5%
Equipment and software197 194 3 2 584 576 8 1 
Outside services161 146 15 10 485 469 16 3 
Occupancy106 108 (2)(2)326 335 (9)(3)
Other operating expense166 164 2 1 491 555 (64)(12)
Noninterest expense$1,335 $1,259 $76 6%$3,968 $3,918 $50 1%
The primary drivers for the change in noninterest expense for the three and nine months ended September 30, 2025, compared to the same periods in 2024, are described below:
•Salaries and employee benefits increased reflecting hiring related to the Private Bank and Private Wealth build-out, strong Capital Markets fee performance, and increased medical benefit costs; and
•The decline in Other operating expense during the nine-month period was driven primarily by lower FDIC deposit insurance, reflecting CBNA’s special assessment of $40 million recognized in 2024, and lower fraud losses, partially offset by higher travel and marketing-related costs.
For more information regarding CBNA’s special assessment, see “Regulation and Supervision - Deposit Insurance” in our 2024 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 $154 million and $471 million for the three and nine months ended September 30, 2025, respectively, compared with a provision of $172 million and $525 million for the same periods in 2024, reflecting runoff of the Non-Core portfolio and improving loan mix.
Income Tax Expense
Income tax expense of $135 million and $348 million increased $47 million and $76 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024. The effective income tax rate of 21.4% and 21.1% for the three and nine months ended September 30, 2025, respectively, increased from 18.6% and 19.7% compared to the same periods in 2024. These increases are primarily driven by higher pre-tax income and a reduced benefit from tax-advantaged investments. 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.
Citizens Financial Group, Inc. | 13

ANALYSIS OF FINANCIAL CONDITION
Securities
The following table presents the major components of securities at amortized cost and fair value:
Table 4: Amortized Cost and Fair Value of Securities
September 30, 2025December 31, 2024
(dollars in millions)
Amortized
Cost(1)
Fair Value
Amortized
Cost(1)
Fair Value
U.S. Treasury and other$4,563 $4,514 $3,631 $3,525 
State and political subdivisions1 1 1 1 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities31,865 30,551 30,897 28,795 
Other/non-agency268 263 273 260 
Total mortgage-backed securities32,133 30,814 31,170 29,055 
Collateralized loan obligations90 90 184 184 
   Total debt securities available for sale$36,787 $35,419 $34,986 $32,765 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities$7,767 $6,938 $8,187 $7,136 
Total mortgage-backed securities7,767 6,938 8,187 7,136 
Asset-backed securities357 357 412 404 
   Total debt securities held to maturity$8,124 $7,295 $8,599 $7,540 
   Total debt securities available for sale and held to maturity
$44,911 $42,714 $43,585 $40,305 
Equity securities, at cost(2)
$710 $710 $710 $710 
Equity securities, at fair value(2)
286 286 220 220 
(1) Excludes portfolio level basis adjustments of $37 million and $(75) million, respectively, for securities designated in active fair value hedge relationships under the portfolio layer method at September 30, 2025 and December 31, 2024.
(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 and highly liquid investments that reflect our ongoing commitment to maintain strong contingent liquidity levels and pledging capacity.
As of September 30, 2025, 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 $38.8 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” section in this report. For further discussion of liquidity requirements, see “Regulation and Supervision — Liquidity Requirements” in our 2024 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, 2025, the portfolio’s average effective duration, including hedging actions to reduce duration, was 3.6 years compared with 3.7 years as of December 31, 2024.
Citizens Financial Group, Inc. | 14

Loans and Leases
The following table presents loans and leases, excluding LHFS:    
Table 5: Composition of Loans and Leases, Excluding LHFS
(dollars in millions)September 30, 2025December 31, 2024Change Percent
Commercial and industrial$46,953 $42,551 $4,402 10 %
Commercial real estate25,540 27,225 (1,685)(6)
Total commercial72,493 69,776 2,717 4 
Residential mortgages34,477 32,726 1,751 5 
Home equity18,415 16,495 1,920 12 
Automobile2,816 4,744 (1,928)(41)
Education8,556 10,812 (2,256)(21)
Other retail4,113 4,650 (537)(12)
Total retail68,377 69,427 (1,050)(2)
Total loans and leases$140,870 $139,203 $1,667 1 %
The increase in total loans and leases as of September 30, 2025 compared to December 31, 2024 reflects a $2.7 billion increase in commercial driven by higher line of credit utilization, partially offset by CRE paydowns. Retail reflects a $1.1 billion decrease driven by an agreement entered into during the first quarter to sell $1.9 billion of Non-Core education loans. The decrease in retail is also attributable to runoff of the Non-Core portfolio, partially offset by growth in home equity and mortgage, including the Private Bank.
Credit Quality
The ACL is maintained at a level the Company believes to be appropriate to absorb expected lifetime credit losses over the contractual life of a loan or lease and on unfunded lending commitments, inclusive of recoveries. For additional information regarding the ACL, see “Critical Accounting Estimates — Allowance for Credit Losses” and Note 4 in this report, and “Credit Quality” and Note 6 in our 2024 Form 10-K.
The following table presents the ACL and associated coverage ratio for our loan and lease portfolios:
Table 6: ACL and Related Coverage Ratios by Portfolio
September 30, 2025December 31, 2024
(dollars in millions)Loans and LeasesAllowance
Coverage Ratio
Loans and LeasesAllowance
Coverage Ratio
Allowance for Loan and Lease Losses
Commercial and industrial$46,953 $486 1.04 %$42,551 $480 1.13 %
Commercial real estate25,540 597 2.34 27,225 660 2.42 
Total commercial72,493 1,083 1.49 69,776 1,140 1.63 
Residential mortgages34,477 211 0.61 32,726 194 0.59 
Home equity18,415 121 0.66 16,495 112 0.68 
Automobile2,816 13 0.45 4,744 24 0.51 
Education8,556 268 3.13 10,812 292 2.70 
Other retail4,113 276 6.72 4,650 299 6.44 
Total retail68,377 889 1.30 69,427 921 1.33 
Total loans and leases$140,870 $1,972 1.40 %$139,203 $2,061 1.48 %
Allowance for Unfunded Lending Commitments
Commercial(1)
$182 1.74 %$155 1.86 %
Retail(2)
47 1.37 43 1.39 
     Total allowance for unfunded lending commitments229 198 
Allowance for credit losses$140,870 $2,201 1.56 %$139,203 $2,259 1.62 %
(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.
The ACL as of September 30, 2025 compared to December 31, 2024 decreased $58 million, driven by a $28 million decrease in retail, given the benefit of runoff of the Non-Core portfolio and improving loan mix, and a $30 million decrease in commercial.
Citizens Financial Group, Inc. | 15

The following table presents nonaccrual loans and leases:
Table 7: Nonaccrual Loans and Leases
(dollars in millions)September 30, 2025December 31, 2024Change Percent
Commercial and industrial$230 $241 ($11)(5%)
Commercial real estate703 776 (73)(9)
Total commercial933 1,017 (84)(8)
Residential mortgages188 192 (4)(2)
Home equity297 283 14 5
Automobile31 48 (17)(35)
Education20 56 (36)(64)
Other retail49 68 (19)(28)
Total retail585 647 (62)(10)
Nonaccrual loans and leases$1,518 $1,664 ($146)(9%)
Nonaccrual loans and leases to total loans and leases1.08%1.20%(12 bps)
Allowance for loan and lease losses to nonaccrual loans and leases1301246%
Allowance for credit losses to nonaccrual loans and leases1451369%
The decline in nonaccrual loans and leases as of September 30, 2025 compared to December 31, 2024 reflects a decrease in commercial primarily driven by the general office segment of CRE, and a decrease in retail driven by the sale of Non-Core education loans and continued runoff of the auto portfolio. See “Executive Summary” for more information regarding the sale of education loans.
The following tables present the net charge-off ratio for our loan and lease portfolios:
Table 8: Ratio of Net Charge-Offs to Average Loans and Leases
Three Months Ended September 30,
20252024
(dollars in millions)Net Charge-OffsAverage BalanceRatioNet Charge-OffsAverage BalanceRatio
Commercial and industrial$30 $46,351 0.26 %$54 $44,071 0.49 %
Commercial real estate55 25,799 0.85 44 28,209 0.62 
Total commercial 85 72,150 0.47 98 72,280 0.54 
Residential mortgages— 34,134 — — 32,117 — 
Home equity(3)18,027 (0.06)(1)15,733 (0.03)
Automobile4 3,096 0.43 13 5,942 0.81 
Education20 8,513 0.92 24 11,155 0.85 
Other retail56 4,091 5.45 58 4,776 4.93 
Total retail77 67,861 0.45 94 69,723 0.54 
Total loans and leases$162 $140,011 0.46 %$192 $142,003 0.54 %
Nine Months Ended September 30,
20252024
(dollars in millions)Net Charge-OffsAverage BalanceRatioNet Charge-OffsAverage BalanceRatio
Commercial and industrial$99 $44,972 0.30 %$61 $44,342 0.18 %
Commercial real estate159 26,429 0.81 218 28,681 1.02 
Total commercial258 71,401 0.48 279 73,023 0.51 
Residential mortgages— 33,480 — 1 31,713 — 
Home equity(5)17,338 (0.04)(6)15,387 (0.05)
Automobile15 3,727 0.52 31 6,832 0.60 
Education89 9,280 1.28 77 11,472 0.90 
Other retail172 4,285 5.38 175 4,866 4.82 
Total retail271 68,110 0.53 278 70,270 0.53 
Total loans and leases$529 $139,511 0.51 %$557 $143,293 0.52 %
Citizens Financial Group, Inc. | 16

For the three and nine months ended September 30, 2025, net charge-offs decreased $30 million and decreased $28 million, respectively, compared to the same periods in 2024. The net charge-off ratio decreased 8 basis points and decreased 1 basis point, respectively, compared to the same periods in 2024. The nine-month period ended September 30, 2025 includes a $25 million charge-off resulting from the sale of Non-Core education loans. See “Executive Summary” for more information regarding the sale of education loans.
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 2024 Form 10-K, we utilize internal risk ratings to monitor credit quality for commercial loans and leases.
Total commercial criticized balances of $6.6 billion at September 30, 2025 decreased $523 million compared to December 31, 2024.
Commercial and industrial criticized balances of $2.6 billion at September 30, 2025 remained stable compared to December 31, 2024.
Commercial real estate criticized balances of $4.0 billion at September 30, 2025 decreased from $4.5 billion at December 31, 2024, attributable to office, multifamily, and industrial loan upgrades driven by improved leasing and operating performance, credit-enhanced extensions, pending sales, and refinancing activity, along with net charge-offs in the general office portfolio. Approximately 97% of commercial real estate loans remain current on payments as of September 30, 2025.
For more information on the distribution of commercial loans by vintage date and regulatory classification rating, see Note 4.
The following table presents our commercial and industrial loan portfolio by industry sector:
Table 9: Commercial and Industrial Loans by Industry Sector
September 30, 2025December 31, 2024
(dollars in millions)Balance
% of
Total Loans and Leases
Balance
% of
Total Loans and Leases
Industry sector
Finance and insurance
Capital call facilities$8,349 6 %$6,070 4 %
Secured private credit finance3,310 2 2,908 2 
Other finance and insurance4,139 3 3,538 3 
Other manufacturing3,676 3 3,491 3 
Technology2,868 2 2,818 2 
Accommodation and food services2,070 1 2,599 2 
Health, pharma, and social assistance2,334 2 2,322 2 
Professional, scientific, and technical services2,628 2 2,313 2 
Energy and related1,934 1 2,085 1 
Other services2,280 1 2,061 1 
Wholesale trade2,393 2 2,010 1 
Retail trade1,959 1 2,000 1 
Arts, entertainment, and recreation1,660 1 1,509 1 
Administrative and waste management1,217 1 1,352 1 
Automotive1,180 1 1,026 1 
Rental and leasing1,181 1 923 1 
Consumer products manufacturing783 1 710 1 
Other2,992 2 2,816 2 
Total commercial and industrial$46,953 33 %$42,551 31 %
Citizens Financial Group, Inc. | 17

The following table presents our commercial real estate loan portfolio by property type and state:
Table 10: Commercial Real Estate by Property Type and State
September 30, 2025December 31, 2024
(dollars in millions)Balance
% of
Total Loans and Leases
Balance
% of
Total Loans and Leases
Property type
Multifamily$9,592 7 %$9,791 7 %
Office
Credit tenant lease and life sciences(1)
2,095 1 2,135 2 
Other general office2,522 2 2,930 2 
Industrial2,596 2 3,575 3 
Retail2,875 2 2,940 2 
Co-op1,791 1 1,802 1 
Data center875 1 1,024 1 
Hospitality368 — 418 — 
Other2,826 2 2,610 2 
Total commercial real estate$25,540 18 %$27,225 20 %
State
New York$6,437 4 %$6,643 5 %
New Jersey3,001 2 3,370 2 
Pennsylvania2,266 2 2,594 2 
California2,588 2 2,398 2 
Massachusetts1,601 1 1,682 1 
Texas1,512 1 1,571 1 
Florida1,030 1 1,123 1 
Other Southeast(2)
2,533 2 2,789 2 
Other4,572 3 5,055 4 
Total commercial real estate$25,540 18 %$27,225 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.
The following table presents an aging analysis of accruing and nonaccrual loans for our retail loan portfolio:
Table 11: Retail Loan Portfolio Analysis
September 30, 2025December 31, 2024
Days Past Due and AccruingDays Past Due and Accruing
Current30-5960-8990+NonaccrualCurrent30-5960-8990+Nonaccrual
Residential mortgages
98.77 %0.23 %0.12 %0.33 %0.55 %97.81 %0.77 %0.28 %0.55 %0.59 %
Home equity97.79 0.45 0.15 — 1.61 97.59 0.53 0.16 — 1.72 
Automobile95.95 2.20 0.75 — 1.10 96.18 2.11 0.70 — 1.01 
Education99.14 0.40 0.21 0.02 0.23 98.83 0.42 0.21 0.02 0.52 
Other retail97.50 0.78 0.53 — 1.19 96.86 0.99 0.67 0.02 1.46 
Total retail98.35 %0.43 %0.19 %0.17 %0.86 %97.75 %0.76 %0.30 %0.26 %0.93 %
Citizens Financial Group, Inc. | 18

The following table presents certain asset quality metrics for our retail loan portfolio:
Table 12: Retail Asset Quality Metrics
September 30, 2025December 31, 2024
Average refreshed FICO for total portfolio776 775 
CLTV ratio for secured real estate(1)
49 %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
The following table presents the composition of deposits:
Table 13: Composition of Deposits
(dollars in millions)September 30, 2025% of Total DepositsDecember 31, 2024% of Total Deposits
Noninterest-bearing demand
$39,472 22%$36,920 21%
Checking with interest35,219 1933,246 19
Savings24,759 1425,976 15
Money market59,709 3355,321 32
Time
20,852 1223,313 13
Total deposits$180,011 100%$174,776 100%
Total deposits as of September 30, 2025 increased compared to December 31, 2024, reflecting growth in the Private Bank, partially offset by a decline in time deposits given elevated retail maturities and continued reduction in higher-cost Treasury brokered deposits.
The following table presents an analysis of estimated insured/secured deposits as a percentage of total deposits:
Table 14: Uninsured and Insured/Secured Deposits
(dollars in millions)September 30, 2025December 31, 2024
Total deposits$180,011 $174,776 
Estimated uninsured deposits(1)
82,202 76,764 
Less: Uninsured affiliate deposits eliminated in consolidation11,288 12,705 
Less: Preferred deposits(1)(2)
6,445 6,902 
CFG adjusted estimated uninsured deposits, excluding preferred deposits
64,469 57,157 
Total estimated insured/secured deposits$115,542 $117,619 
Insured/secured deposits to total deposits64%67%
(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 $10.7 billion as of September 30, 2025 decreased $1.7 billion compared to December 31, 2024, driven by a decline in secured borrowings collateralized by loans and senior debt. For more information regarding our borrowed funds, see “Liquidity Risk” and Note 7.
Citizens Financial Group, Inc. | 19

BUSINESS SEGMENTS
We have three reportable business segments: Consumer Banking, Commercial Banking, and Non-Core. The business segments are determined based on the products and services provided, or the type of customer served. Each business 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 segments reflect this management structure and the manner in which financial information is currently evaluated by the Chief Executive Officer. See Note 16 for more information regarding our business segments.
The following tables present certain financial data of our reportable business segments. Total business segment financial results differ from total consolidated financial results. These differences are reflected in Other non-segment operations, consisting primarily of treasury and community development, and include assets, liabilities, capital, revenues, provision (benefit) for credit losses, expenses, and income tax expense (benefit) not attributed to the Company’s reportable business segments.
Table 15: Selected Financial Data for Business Segments
Three Months Ended September 30,
Consumer BankingCommercial Banking
Non-Core
(dollars in millions)202520242025202420252024
Net interest income$1,262 $1,156 $448 $478 ($7)($28)
Noninterest income311 285 286 207 4 — 
Total revenue1,573 1,441 734 685 (3)(28)
Noninterest expense979 916 333 300 12 23 
Profit (loss) before credit losses
594 525 401 385 (15)(51)
Net charge-offs81 84 78 91 4 17 
Income (loss) before income tax expense (benefit)
513 441 323 294 (19)(68)
Income tax expense (benefit)
130 114 75 63 (5)(17)
Net income (loss)
$383 $327 $248 $231 ($14)($51)
Average Balances:
Total assets$80,729 $75,392 $66,134 $68,092 $4,000 $8,389 
Total loans and leases(1)
74,274 69,021 62,905 64,974 3,976 8,352 
Deposits128,547 121,899 44,482 44,190 — — 
Interest-earning assets74,870 69,608 63,719 65,550 3,976 8,352 
Nine Months Ended September 30,
Consumer BankingCommercial Banking
Non-Core
(dollars in millions)202520242025202420252024
Net interest income$3,673 $3,369 $1,328 $1,486 ($27)($96)
Noninterest income937 820 733 676 7 — 
Total revenue4,610 4,189 2,061 2,162 (20)(96)
Noninterest expense2,896 2,734 977 928 43 74 
Profit (loss) before credit losses
1,714 1,455 1,084 1,234 (63)(170)
Net charge-offs248 249 239 262 43 46 
Income (loss) before income tax expense (benefit)
1,466 1,206 845 972 (106)(216)
Income tax expense (benefit)
371 311 195 223 (27)(55)
Net income (loss)
$1,095 $895 $650 $749 ($79)($161)
Average Balances:
Total assets$79,040 $74,510 $65,931 $69,046 $5,241 $9,450 
Total loans and leases(1)
72,588 68,146 62,801 66,048 5,217 9,408 
Deposits127,193 120,803 43,056 44,766 — — 
Interest-earning assets73,176 68,740 63,485 66,507 5,217 9,408 
(1) Includes LHFS.
Consumer Banking
Net interest income increased $106 million and $304 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024, driven by higher net interest margin and growth in average interest-earning assets.
Citizens Financial Group, Inc. | 20

Noninterest income increased $26 million and $117 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024, driven by wealth fees, mortgage banking fees, and service charges and fees, reflecting growth in assets under management, primarily from the Private Bank, higher MSR valuation, net of hedging, and higher overdraft and cash management fees.
Noninterest expense increased $63 million and $162 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024, driven primarily by salaries and benefits reflecting hiring related to the Private Bank and Private Wealth build-out, as well as an increase in medical benefit costs, and outside services given investments across the enterprise.
Net charge-offs were stable for the three and nine months ended September 30, 2025 compared to the same periods in 2024.
Commercial Banking
Net interest income decreased $30 million and $158 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024, driven by lower net interest margin and a decline in average interest-earning assets.
Noninterest income increased $79 million and $57 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024, driven by capital markets fees reflecting higher M&A, loan syndication, and equity underwriting fees during the three-month period, and by higher loan syndication and equity underwriting fees during the nine-month period.
Noninterest expense increased $33 million and $49 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024, driven primarily by salaries and benefits given strong Capital Markets fee performance and increased medical benefit costs, and outside services given investments across the enterprise.
Net charge-offs decreased $23 million for the nine months ended September 30, 2025 compared to the same period in 2024, driven by CRE, partially offset by an increase in commercial and industrial.
Non-Core
Net interest income increased $69 million for the nine months ended September 30, 2025, compared to the same period in 2024, driven by a decline in funding costs relative to the highest-cost marginal funding sources during 2025, including secured borrowings collateralized by auto loans and FHLB advances.
Net charge-offs were stable for the nine months ended September 30, 2025 compared to the same period in 2024.
Average loans and leases decreased $4.4 billion and $4.2 billion for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024, driven by expected runoff of the Non-Core portfolio.
RISK MANAGEMENT
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 level of risk that we are willing to accept in the attainment of our strategic business and financial objectives is 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 management practices, risk framework, risk appetite, or credit risk management as described in “Risk Governance” in our 2024 Form 10-K.
Citizens Financial Group, Inc. | 21

Credit Risk
Credit risk represents the potential for loss arising from the failure of a customer, counterparty, or issuer to perform in accordance with the contractual terms of an obligation. While the majority of our credit risk is associated with lending activities, we do engage with other financial counterparties for a variety of purposes including investing, asset and liability management, and trading activities. Given the financial impact of credit risk on our earnings and balance sheet, the assessment, approval, and management of credit risk represents a significant part of our overall risk-management responsibility.
Our independent Credit Risk Function is responsible for reviewing and approving the credit risk appetite across all lines of business and credit products, approving larger and higher-risk credit transactions, monitoring portfolio performance, identifying problem credit exposures, and ensuring remedial management. Credit Risk actively monitors and manages concentrations of loan limits, loan types, industries, and geographies to ensure that our risk appetite is well balanced to achieve our goals.
We employ a comprehensive and integrated risk control program to proactively identify, measure, monitor, and mitigate existing and emerging credit risks across the credit life cycle including origination, account/portfolio management, and loss mitigation and recovery. For more information regarding our credit risk management practices, see “Credit Risk Management” in our 2024 Form 10-K.
For more information regarding credit quality, see “Credit Quality” in Item 2.
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 risks. 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 2024 Form 10-K.
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The table below presents the sensitivity of net interest income to various parallel yield curve shifts from the market implied forward yield curve. 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 slightly 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 16: Sensitivity of Net Interest Income
Estimated % Change in Net Interest Income over 12 Months
Basis pointsSeptember 30, 2025December 31, 2024
Gradual Change in Interest Rates
+2002.4 %2.2 %
+1001.2 1.0 
-100(1.2)(0.9)
-200(2.5)(1.8)
Instantaneous Change in Interest Rates  
+2002.3 %1.8 %
+1001.5 1.1 
-100(1.9)(1.3)
-200(4.6)(3.3)
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, 2025, consistent with our position as of December 31, 2024. Our interest rate sensitivity incorporates the impact of changes in our balance sheet mix, including securities, loans, deposits, borrowed funds, and hedge activity. Receive-fixed swaps that offset our naturally asset-sensitive balance sheet represent the primary hedging tool utilized to manage overall asset sensitivity. Pay-fixed swaps against our securities portfolio are also utilized to protect capital by reducing AOCI volatility.
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 derivative 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, 2025 and December 31, 2024:
Table 17: Interest Rate Hedges Used to Manage Non-Trading Interest Rate Exposure
September 30, 2025December 31, 2024
Weighted AverageWeighted Average
(dollars in millions)Notional AmountMaturity (Years)Fixed RateReset Rate Notional AmountMaturity (Years)Fixed RateReset Rate
Fair value hedges:
Asset conversion swaps:
AFS securities:
Pay fixed/receive SOFR$8,253 4.1 3.8 %4.2 %$7,827 4.7 3.8 %4.5 %
Liability conversion swaps:
Long-term borrowed funds:
Receive fixed/pay SOFR
500 0.1 2.6 4.5 500 0.9 2.6 4.8 
Total fair value hedges8,753 8,327 
Cash flow hedges:
Asset conversion swaps:
Loans:
Swaps
Receive fixed/pay SOFR30,750 1.1 3.3 4.2 26,250 1.7 3.1 4.5 
Receive fixed/pay SOFR - forward-starting18,500 3.4 3.7 3.4 20,000 3.5 3.7 4.0 
Pay fixed/receive SOFR - forward-starting
434 3.1 3.7 3.9 — — — — 
Basis swaps
Receive SOFR/pay 1-month term SOFR13,000 1.0 — 4.2/4.111,500 1.6 — 4.5/4.3
Receive SOFR/pay 1-month term SOFR - forward-starting1,000 1.3 — 3.8/3.73,000 2.4 — 4.0/4.0
Total cash flow hedges63,684 60,750 
Total hedges$72,437 $69,077 
Included in AOCI is a net loss from terminated swaps of $376 million that will reduce net interest income by $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 M&A 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 reviewed by 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 freestanding 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 VaR consistent with the definition used by banking regulators.
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Trading Risk
We are exposed to market risk primarily through client facilitation activities 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 2024 Form 10-K.
Market Risk Regulatory Capital
The U.S. banking regulators’ “Market Risk Rule” covers the calculation of market risk capital. Under this rule, all of our client facing trades and associated hedges maintain a low net 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 18: Results of Modeled and Non-Modeled Measures for Regulatory Capital Calculations
(dollars in millions)For the Three Months Ended September 30, 2025For the Three Months Ended September 30, 2024
Market Risk Category 
Period End
Average
HighLowPeriod EndAverageHighLow
Interest Rate$1 $1 $2 $1 $2 $2 $4 $1 
Foreign Exchange Currency Rate— — 21 — — — — — 
Credit Spread1 1 2 — 1 2 3 — 
Commodity— — — — — — — — 
General VaR2 2 2 2 2 3 4 1 
Specific Risk VaR— — — — — — — — 
Total VaR$2 $2 $2 $2 $2 $3 $4 $1 
Stressed General VaR$9 $7 $12 $5 $6 $7 $14 $2 
Stressed Specific Risk VaR— — — — — — — — 
Total Stressed VaR$9 $7 $12 $5 $6 $7 $14 $2 
Market Risk Regulatory Capital$28 $29 
Specific Risk Not Modeled Add-on31 23 
de Minimis Exposure Add-on2 1 
Total Market Risk Regulatory Capital$61 $53 
Market Risk-Weighted Assets$760 $662 
Liquidity Risk
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.
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, leases, and other cash commitments, under both normal operating conditions and periods of company-specific and/or market stress.
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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.
The Funding and Liquidity unit monitors a variety of liquidity and funding metrics and early warning indicators, 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.
We rely on customer deposits to be our primary stable and low-cost source of funding. 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. In addition, we maintain a contingency funding plan designed to ensure that liquidity sources are sufficient to meet ongoing obligations and commitments, particularly in a stressed environment or during a market disruption. The plan identifies members of the liquidity contingency team and provides a framework for management to follow, including notification and escalation of potential liquidity stress events.
As of September 30, 2025:
•Organically generated deposits continue to be our primary source of funding, resulting in a consolidated period-end loan-to-deposit ratio, excluding LHFS, of 78.3%;
◦Estimated insured/secured deposits comprise 64% of our consolidated deposit base of $180.0 billion;
•Our total available liquidity, comprised of contingent liquidity and available discount window capacity, was approximately $88.0 billion;
◦Contingent liquidity was $73.1 billion, consisting of unencumbered high-quality liquid securities of $38.8 billion, unused FHLB capacity of $24.3 billion, and cash balances at the FRB of $10.0 billion; and
◦Available discount window capacity was $14.9 billion, defined as available total borrowing capacity from the FRB based on identified collateral, which is primarily secured by non-mortgage commercial and retail loans.
For a summary of our sources and uses of cash by type of activity for the nine months ended September 30, 2025 and 2024, see the Consolidated Statements of Cash Flows in Item 1.
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Parent Company Liquidity
Our Parent Company’s primary sources of cash are dividends and interest received from CBNA resulting from investing in bank equity and subordinated debt as well as externally issued preferred stock, senior debt, and subordinated debt. Uses of cash include the routine cash flow requirements as a bank holding company, including periodic share repurchases and payments of dividends, interest, and expenses; the needs of subsidiaries, including CBNA for additional equity and, as required, its need for debt financing; and the support for extraordinary funding requirements when necessary. To the extent the Parent Company relies on wholesale borrowings, uses also include payments of related principal and interest.
During the nine months ended September 30, 2025, the Parent Company completed the following transactions:
•Issued $750 million of 5.253% fixed-to-floating rate senior notes due 2031;
•Issued 400,000 shares of 6.500% fixed-rate reset non-cumulative perpetual Series I Preferred Stock at an aggregate offering price of $400 million; and
•Issued a notice to redeem all outstanding shares of the 5.650% fixed-rate reset non-cumulative perpetual Series F Preferred Stock, which was redeemed on October 6, 2025.
Our Parent Company’s cash and cash equivalents represent a source of liquidity that can be used to meet various needs and totaled $3.2 billion and $2.7 billion as of September 30, 2025 and December 31, 2024, respectively.
During the three months ended September 30, 2025 and 2024, the Parent Company declared dividends on common stock of $184 million and $190 million, respectively, and declared dividends on preferred stock of $32 million and $38 million, respectively.
During the nine months ended September 30, 2025 and 2024, the Parent Company declared dividends on common stock of $555 million and $581 million, respectively, and declared dividends on preferred stock of $99 million and $103 million, respectively.
During the three months ended September 30, 2025 and 2024, the Parent Company repurchased $75 million and $325 million, respectively, of its outstanding common stock, and repurchased $475 million and $825 million, respectively, during the nine months ended September 30, 2025 and 2024.
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 debt securities; and wholesale borrowings, as needed. 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, 2025, CBNA redeemed $350 million of 5.284% fixed-to-floating rate senior notes due 2026.
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Credit Ratings
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. We currently have a “stable” outlook at Standard & Poor’s, a “stable” 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.
Table 19: Credit Ratings
 September 30, 2025
 
Moody’s  
Standard &
Poor’s
Fitch  
Citizens Financial Group, Inc.:   
Long-term issuerBaa1BBB+BBB+
Short-term issuerNRA-2F1
Subordinated debtBaa1BBBBBB
Preferred StockBaa3BB+BB
Citizens Bank, National Association:
Long-term issuerA3A-BBB+
Short-term issuer(P) P-2A-2F1
Long-term depositsA1NRA-
Short-term depositsP-1NRF1
 NR = Not rated
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 2024 Form 10-K.
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.
Operational Risk
Operational risk is the risk of loss due to human error, third-party performance failures, or inadequate or failed internal systems and controls and includes certain risks such as fraud, legal, and natural disasters. To mitigate these risks, we maintain a comprehensive system of internal controls designed to identify, assess, and monitor potential threats to our operations. Our risk management framework includes regular audits, employee training, cybersecurity measures, and business continuity planning. We continuously evaluate and enhance these controls to adapt to evolving risks and regulatory requirements, ensuring the integrity, reliability, and efficiency of our operations.
Cybersecurity
The Company’s Cybersecurity Program (“CSP”) drives an end-to-end, continuous process that protects our customers, colleagues, assets, premises, systems, and information (electronic and non-electronic), and is designed to ensure compliance with current and emerging federal and state laws and regulations. The CSP is designed to ensure the effective implementation of the Corporate Security and Resilience Operating Model across all business lines of the Company and is under the supervision of the Chief Security Officer.
The CSP is designed to assess and mitigate threats and risks to the Company. New and emerging threats are assessed through an intelligence lifecycle, which includes threat modeling. In addition, risk assessment processes drive risk identification and measurement related to security. Once risks are identified and measured, the Company’s Enterprise Risk Management Governance Framework is leveraged to track and mitigate them. Control testing is utilized to demonstrate that risks are managed effectively, identify gaps in expected control operation, and develop appropriate remediation plans, in order to manage risk to the Company within tolerable limits.
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The Company regularly reviews the nature of its business activities and modifies the CSP as appropriate. Many of the elements of the CSP are related to cyber defense and are in place to reduce our risk to a wide range of potential cyber threats that may target our assets and information daily. The effectiveness of the CSP is assessed and measured periodically by various lines of defense within the Company and is conducted primarily through risk assessments, assurance testing, and an independent audit. External organizations are also routinely engaged to assess our CSP and test our perimeter defenses. The effectiveness of the CSP is reported periodically to the appropriate governance committees. For more information regarding our cybersecurity risk management practices and governance, see Item 1C in our 2024 Form 10-K.
Compliance Risk
Financial institutions are subject to many laws, rules, and regulations at both the federal and state levels. These broad-based laws, rules, and regulations include, but are not limited to, expectations relating to anti-money laundering, lending limits, client privacy, fair lending, prohibitions against unfair, deceptive, or abusive acts or practices, protections for military members as they enter active duty, and community reinvestment. Adherence to the increasing volume and complexity of regulatory changes can increase our overall compliance risk. As such, we utilize various resources to help ensure expectations are met, including a team of compliance experts dedicated to ensuring our conformance with all applicable laws, rules, and regulations. Our colleagues receive training for several broad-based laws and regulations including, but not limited to, anti-money laundering and customer privacy. Colleagues engaged in lending activities also receive training for laws and regulations related to flood disaster protection, equal credit opportunity, fair lending, and/or other courses related to the extension of credit. We hold ourselves to a high standard for adherence to compliance management and seek to continuously enhance our performance.
CAPITAL
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 2024 Form 10-K for more information.
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 2024 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. Our SCB associated with the 2024 supervisory stress test is 4.5%, effective through September 30, 2025. In August 2025, the FRB provided us with our updated SCB requirement, which will remain at 4.5% and is effective from October 1, 2025 to September 30, 2026.
Regulations relating to capital planning, regulatory reporting, stress testing, and capital buffer requirements applicable to firms like us are presently subject to rulemaking and potential further guidance and interpretation by the applicable federal regulators. We will continue to evaluate the impact of these and any other regulatory changes, including their potential resultant changes in our regulatory and compliance costs.
For more information on our capital adequacy process, see “Capital and Regulatory Matters” in our 2024 Form 10-K.
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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 4.5% 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.
For additional discussion of the U.S. Basel III capital framework and its related application, see “Regulation and Supervision” in our 2024 Form 10-K. The table below presents the regulatory capital ratios for CFG and CBNA under the U.S. Basel III Standardized rules:
Table 20: Regulatory Capital Ratios Under the U.S. Basel III Standardized Rules
September 30, 2025December 31, 2024
(dollars in millions)AmountRatioAmountRatio
Required Minimum Capital Ratio(1)
CET1 capital
CFG$18,046 10.7 %$17,900 10.8 %9.0 %
CBNA20,823 12.4 20,250 12.3 7.0 
Tier 1 capital
CFG20,157 11.9 20,013 12.1 10.5 
CBNA20,823 12.4 20,250 12.3 8.5 
Total capital
CFG23,455 13.9 23,232 14.0 12.5 
CBNA24,009 14.3 23,362 14.2 10.5 
Tier 1 leverage
CFG20,157 9.4 20,013 9.4 4.0 
CBNA20,823 9.8 20,250 9.6 4.0 
Risk-weighted assets
CFG168,932 165,699 
CBNA167,767 164,986 
Quarterly adjusted average assets(2)
CFG213,536 212,555 
CBNA212,585 211,849 
(1) Represents minimum requirement under the current capital framework plus the SCB of 4.5% 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, 2025, CFG’s CET1, Tier 1, and Total capital ratios decreased compared to December 31, 2024. Dividends, common share repurchases, a $3.2 billion increase in RWA, and the full phase-in of the modified CECL transition amount was partially offset by net income. Higher commercial and industrial loans was the key driver for the increase in RWA.
At September 30, 2025, CBNA’s CET1, Tier 1, and Total capital ratios increased compared to December 31, 2024. Net income was partially offset by dividend payments to the Parent Company, a $2.8 billion increase in RWA, and the full phase-in of the modified CECL transition amount. Higher commercial and industrial loans was the key driver for the increase in RWA.
At September 30, 2025, CFG’s Tier 1 leverage ratio was stable and CBNA’s Tier 1 leverage ratio increased compared to December 31, 2024, reflecting an increase in quarterly adjusted average assets and their respective changes in Tier 1 capital described above.
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The following table presents the components of our regulatory capital under the U.S. Basel III capital framework:
Table 21: Capital Composition Under the U.S. Basel III Capital Framework
(dollars in millions)September 30, 2025December 31, 2024
Total common stockholders' equity$23,718 $22,141 
Exclusions:
Modified CECL transitional amount— 96 
Net unrealized (gains)/losses recorded in AOCI, net of tax:
Debt securities1,760 2,369 
Derivatives213 925 
Unamortized net periodic benefit costs294 301 
Deductions:
Goodwill, net of deferred tax liability(7,762)(7,768)
Other intangible assets, net of deferred tax liability(110)(128)
Deferred tax assets that arise from tax loss and credit carryforwards(67)(36)
Total CET1 capital
18,046 17,900 
Qualifying preferred stock 2,111 2,113 
Total Tier 1 capital
20,157 20,013 
Qualifying subordinated debt(1)
1,237 1,232 
Allowance for credit losses2,201 2,259 
Exclusions from Tier 2 capital:
Modified AACL transitional amount— (125)
Allowance on PCD assets(140)(147)
Adjusted allowance for credit losses2,061 1,987 
    Total capital$23,455 $23,232 
(1) As of September 30, 2025 and December 31, 2024, the amount of non-qualifying subordinated debt excluded from regulatory capital was $336 million and $469 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, 2025:
•Repurchased $475 million of our outstanding common stock;
•Issued 400,000 shares of 6.500% fixed-rate reset non-cumulative perpetual Series I Preferred Stock at an aggregate offering price of $400 million;
•Issued a notice to redeem all outstanding shares of the 5.650% fixed-rate reset non-cumulative perpetual Series F Preferred Stock, which was redeemed on October 6, 2025;
•Declared quarterly common stock dividends of $0.42 per share, aggregating to $555 million; and
•Declared preferred stock dividends aggregating to $99 million.
For additional detail regarding our common and preferred stock dividends see Note 10.
On June 13, 2025, we announced that our Board of Directors increased the capacity of our common share repurchase program to $1.5 billion, an increase of $1.2 billion above the $300 million of capacity remaining under the prior June 2024 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, balance sheet growth, 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 2024 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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In light of this potential change, the Company considers capital ratios including the AOCI impact from securities and pension when evaluating capital utilization and adequacy, in addition to capital ratios defined by the regulatory agencies. These capital ratios are intended to complement our regulatory capital ratios and are viewed by management as useful measures reflective of the level of capital available to withstand unexpected market conditions. See “Non-GAAP Financial Measures” for more information.
The following table presents our regulatory capital ratios including the AOCI impact from securities and pension:
Table 22: AOCI Impact on Regulatory Capital
September 30, 2025
CFGCBNA
(dollars in millions)CET1Tier 1TotalCET1Tier 1Total
Regulatory capital, including AOCI impact:
Regulatory capital
$18,046 $20,157 $23,455 $20,823 $20,823 $24,009 
Unrealized gains (losses) on securities and pension(2,054)(2,054)(2,054)(2,036)(2,036)(2,036)
Deferred tax assets - securities and pension AOCI(34)(34)(34)(38)(38)(38)
Regulatory capital, including AOCI impact (non-GAAP)$15,958 $18,069 $21,367 $18,749 $18,749 $21,935 
Risk-weighted assets, including AOCI impact:
Regulatory risk-weighted assets
$168,932 $168,932 $168,932 $167,767 $167,767 $167,767 
Unrealized gains (losses) on securities and pension(582)(582)(582)(564)(564)(564)
Deferred tax assets - securities and pension AOCI1,682 1,682 1,682 1,656 1,656 1,656 
Risk-weighted assets, including AOCI impact (non-GAAP)
$170,032 $170,032 $170,032 $168,859 $168,859 $168,859 
Ratio:
Regulatory capital ratio
10.7 %11.9 %13.9 %12.4 %12.4 %14.3 %
Regulatory capital ratio, including AOCI impact (non-GAAP)
9.4 %10.6 %12.6 %11.1 %11.1 %13.0 %
CRITICAL ACCOUNTING ESTIMATES
Our Consolidated Financial Statements included in this Report are prepared in accordance with GAAP, requiring us to establish accounting policies and make estimates and assumptions that affect reported amounts.
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 most 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 and goodwill, see “Critical Accounting Estimates” in our 2024 Form 10-K.
Allowance for Credit Losses
The ACL of $2.2 billion at September 30, 2025 decreased $58 million compared to December 31, 2024 given improving loan mix, reflecting the reduction of the Non-Core portfolio, reduced CRE, and lower loss-content originations.
As of September 30, 2025, our ACL economic forecast over a two-year reasonable and supportable period reflects the economy going into a shallow two quarter contraction inclusive of uncertainties related to the implementation of tariffs and protectionist trade policies, inflationary pressures, and geopolitical tensions. This forecast is generally applied to the retail and commercial and industrial portfolios and projects peak unemployment of approximately 5.2% and a start-to-trough real GDP decline of approximately 0.5%, compared to peak unemployment of approximately 5.1% and a start-to-trough real GDP decline of approximately 0.4% at December 31, 2024. More severe economic scenarios are applied within the CRE portfolio, such as general office, with peak unemployment of approximately 9.4% and a start-to-trough real GDP decline of approximately 4.4%, compared to peak unemployment of approximately 9.3% and a start-to-trough real GDP decline of approximately 4.4% at December 31, 2024.
Citizens Financial Group, Inc. | 32

Our determination of the ACL is sensitive to changes in forecasted macroeconomic conditions during the reasonable and supportable forecast period. To illustrate this 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 6.7% and a start-to-trough real GDP decline of approximately 2.0%. Excluding consideration of qualitative adjustments, this scenario would result in a quantitative lifetime loss estimate of approximately 1.4x our modeled period-end ACL, or an increase of approximately $700 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 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 2024 Form 10-K.
Citizens Financial Group, Inc. | 33

ACCOUNTING AND REPORTING DEVELOPMENTS
Accounting standards issued but not adopted as of September 30, 2025
PronouncementSummary of GuidanceEffects on Financial Statements
Improvements to Income Tax Disclosures

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

•Requires 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 pre-tax income disaggregated between domestic and foreign, and income tax expense disaggregated by federal, state, and foreign

•The amendments should be applied on a prospective basis but retrospective application is permitted
•Required effective date: Annual financial statements for the year ending December 31, 2025. We do not intend to early adopt.

•We expect to provide additional disaggregated income tax disclosures in accordance with this ASU.
Disaggregation of Income Statement Expenses

Issued November 2024
•Requires tabular disclosure of certain expense types, including employee compensation, depreciation, intangible asset amortization, and selling expenses

•Requires a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively

•Allows for adoption on either a prospective or retrospective basis
•Required effective date: Annual financial statements for the year ending December 31, 2027, and interim reporting periods thereafter. Early adoption is permitted.

•We are currently evaluating the impact of this ASU on our required expense disclosures in the Consolidated Financial Statements.
Targeted Improvements to the Accounting for Internal-Use Software

Issued September 2025
•Eliminates all references to software project development stages and, as a result, requires entities to start capitalizing software costs when both of the following occur: 1) Management has authorized and committed to funding the software project, and 2) It is probable the project will be completed and the software will be used to perform the function intended

•Requires software costs to be expensed as incurred prior to meeting the capitalization requirements noted above

•Allows for adoption on a prospective, modified transition, or retrospective basis
•Required effective date: January 1, 2028. Early adoption is permitted.

•We are currently evaluating the impact of this ASU on our Consolidated Financial Statements.
Citizens Financial Group, Inc. | 34

NON-GAAP FINANCIAL MEASURES
This document contains non-GAAP financial measures that we believe provide useful information to investors to understand our results of operations or financial condition. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP financial 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.
The following tables present the computation of non-GAAP financial measures used in the MD&A, as well as the reconciliation to the comparable GAAP financial measure, as applicable:
Table 23: Reconciliation of Tangible Book Value per Common Share (non-GAAP)
(dollars in millions, except per share data)September 30, 2025December 31, 2024
Book value per common share(1)
$54.97 $50.26 
Tangible book value per common share:
Common stockholders' equity
$23,718 $22,141 
Less: Goodwill
8,187 8,187 
Less: Other intangible assets
123 146 
Add: Deferred tax liabilities related to goodwill and other intangible assets
440 438 
Tangible common equity (non-GAAP)(2)
$15,848 $14,246 
Common shares outstanding at period end
431,453,142 440,543,381 
Tangible book value per common share (non-GAAP)(3)
$36.73 $32.34 
(1) Represents the most directly comparable GAAP financial measure to tangible book value per common share and is calculated based on common stockholders’ equity divided by common shares outstanding at period end.
(2) Tangible common equity is a non-GAAP financial measure that excludes the impact of intangible assets, net of deferred taxes.
(3) Tangible book value per common share is a non-GAAP financial measure and is calculated based on tangible common equity divided by common shares outstanding at period end. We believe this non-GAAP financial measure serves as a useful tool to help evaluate the strength and discipline of a company’s capital management strategies and as a conservative measure of total company value.
Table 24: Reconciliation of Return on Average Tangible Common Equity (non-GAAP)
 Three Months Ended September 30,Nine Months Ended September 30,
(dollars in millions)2025202420252024
Return on average common equity(1)
7.77 %6.12 %7.07 %6.15 %
Net income available to common stockholders$457 $344 $1,199 $1,005 
Net income available to common stockholders (annualized)1,811 1,369 1,602 1,342 
Return on average tangible common equity:
Average common equity$23,288 $22,380 $22,661 $21,838 
Less: Average goodwill8,187 8,187 8,187 8,187 
Less: Average other intangibles126 140 134 146 
Add: Average deferred tax liabilities related to goodwill and other intangible assets440 435 439 433 
Average tangible common equity (non-GAAP)(2)
$15,415 $14,488 $14,779 $13,938 
Return on average tangible common equity (non-GAAP)(3)
11.75 %9.45 %10.84 %9.63 %
(1) Represents the most directly comparable GAAP financial measure to return on average tangible common equity and is calculated based on annualized net income available to common stockholders divided by average common equity.
(2) Average tangible common equity is a non-GAAP financial measure that excludes the impact of intangible assets, net of deferred taxes.
(3) Return on average tangible common equity is a non-GAAP financial measure and is calculated based on annualized net income available to common stockholders divided by average tangible common equity. We believe this non-GAAP financial measure serves as a useful tool to compare the profitability of financial institutions and assess the efficiency of their capital utilization without the impact of intangible assets, net of deferred taxes.
Citizens Financial Group, Inc. | 35

Table 25: Reconciliation of Net Interest Income and Net Interest Margin on an FTE Basis (non-GAAP)
 Three Months Ended September 30,Nine Months Ended September 30,
(dollars in millions)2025202420252024
Net interest income (annualized)
$5,902 $5,447 $5,771 $5,638 
Average interest-earning assets
197,598 197,164 196,334 198,561 
Net interest margin(1)
2.99 %2.76 %2.94 %2.84 %
Net interest income$1,488 $1,369 $4,316 $4,221 
FTE adjustment4 4 12 13 
Net interest income on an FTE basis (non-GAAP)(2)
$1,492 $1,373 $4,328 $4,234 
Net interest income on an FTE basis (annualized) (non-GAAP)(2)
5,919 5,465 5,787 5,656 
Net interest margin on an FTE basis (non-GAAP)(2)(3)
3.00 %2.77 %2.95 %2.85 %
(1) Represents the most directly comparable GAAP financial measure to net interest margin on an FTE basis and is calculated based on annualized net interest income divided by average interest-earnings assets.
(2) FTE basis financial measures and ratios are adjusted for the tax-exempt status of income from certain assets held by the Company using the federal statutory tax rate of 21% and are considered non-GAAP financial measures. We believe this allows management to better assess the comparability of revenue from both taxable and tax-exempt sources.
(3) Calculated based on annualized net interest income on an FTE basis divided by average interest-earnings assets.
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ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

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Citizens Financial Group, Inc. | 37

CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(dollars in millions, except par value)September 30, 2025December 31, 2024
ASSETS:
Cash and due from banks
$1,254 $1,409 
Interest-bearing cash and due from banks10,396 9,192 
Interest-bearing deposits in banks(1)
694 635 
Debt securities available for sale, at fair value (including $115 and $152 pledged to creditors, respectively)(2)
35,419 32,765 
Debt securities held to maturity (fair value of $7,295 and $7,540, respectively, and including $68 and $83 pledged to creditors, respectively)(2)
8,124 8,599 
Loans held for sale (includes $768 and $825, respectively, measured at fair value)
1,334 858 
Loans and leases
140,870 139,203 
Less: Allowance for loan and lease losses(1,972)(2,061)
Net loans and leases(1)
138,898 137,142 
Derivative assets721 408 
Premises and equipment, net857 875 
Bank-owned life insurance3,422 3,364 
Goodwill8,187 8,187 
Other intangible assets(3)
123 146 
Other assets(1)
13,318 13,941 
TOTAL ASSETS$222,747 $217,521 
LIABILITIES AND STOCKHOLDERS’ EQUITY:
LIABILITIES:
Deposits:
Noninterest-bearing$39,472 $36,920 
Interest-bearing140,539 137,856 
          Total deposits180,011 174,776 
Short-term borrowed funds214 — 
Long-term borrowed funds(1)
10,441 12,401 
Derivative liabilities738 1,220 
Other liabilities(1)
5,514 4,870 
TOTAL LIABILITIES196,918 193,267 
Commitments and Contingencies (refer to Note 11)
STOCKHOLDERS’ EQUITY:
Preferred stock:
$25.00 par value,100,000,000 shares authorized; 2,150,000 shares issued and outstanding at September 30, 2025 and December 31, 2024
2,111 2,113 
Common stock:
$0.01 par value, 1,000,000,000 shares authorized; 652,107,285 shares issued and 431,453,142 shares outstanding at September 30, 2025 and 650,068,324 shares issued and 440,543,381 shares outstanding at December 31, 2024
7 7 
Additional paid-in capital22,448 22,364 
Retained earnings11,056 10,412 
Treasury stock, at cost, 220,654,143 and 209,524,943 shares at September 30, 2025 and December 31, 2024, respectively
(7,526)(7,047)
Accumulated other comprehensive income (loss)(2,267)(3,595)
TOTAL STOCKHOLDERS’ EQUITY25,829 24,254 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$222,747 $217,521 
(1) Includes amounts in consolidated VIEs. See Note 6 for additional information.
(2) Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.
(3) Excludes MSRs, which are reported in Other assets.
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

Citizens Financial Group, Inc. | 38

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended September 30,Nine Months Ended September 30,
 (dollars in millions, except per share data)2025202420252024
INTEREST INCOME:
Interest and fees on loans and leases$1,897 $1,976 $5,577 $6,038 
Interest and fees on loans held for sale31 19 83 56 
Investment securities 433 423 1,279 1,239 
Interest-bearing deposits in banks 97 121 278 391 
Total interest income2,458 2,539 7,217 7,724 
INTEREST EXPENSE:
Deposits 816 990 2,413 2,942 
Short-term borrowed funds5 3 22 14 
Long-term borrowed funds149 177 466 547 
Total interest expense970 1,170 2,901 3,503 
Net interest income1,488 1,369 4,316 4,221 
Provision (benefit) for credit losses154 172 471 525 
Net interest income after provision (benefit) for credit losses1,334 1,197 3,845 3,696 
NONINTEREST INCOME:
Service charges and fees112 109 332 311 
Capital markets fees166 94 371 346 
Card fees87 93 260 271 
Wealth fees
93 76 262 219 
Mortgage banking fees49 46 181 149 
Foreign exchange and derivative products42 36 122 111 
Letter of credit and loan fees48 45 137 130 
Securities gains, net2 9 14 14 
Other income31 24 95 51 
Total noninterest income630 532 1,774 1,602 
NONINTEREST EXPENSE:
Salaries and employee benefits705 647 2,082 1,983 
Equipment and software197 194 584 576 
Outside services161 146 485 469 
Occupancy106 108 326 335 
Other operating expense166 164 491 555 
Total noninterest expense1,335 1,259 3,968 3,918 
Income before income tax expense 629 470 1,651 1,380 
Income tax expense135 88 348 272 
NET INCOME$494 $382 $1,303 $1,108 
Net income available to common stockholders$457 $344 $1,199 $1,005 
Weighted-average common shares outstanding:
Basic431,365,552 446,561,996 434,416,696 453,993,833 
Diluted435,472,350 449,913,467 437,915,596 456,461,330 
Per common share information:
Basic earnings $1.06 $0.77 $2.76 $2.21 
Diluted earnings 1.05 0.77 2.74 2.20 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
Citizens Financial Group, Inc. | 39

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in millions)2025202420252024
Net income$494 $382 $1,303 $1,108 
Other comprehensive income (loss), net of tax:
Cash flow hedges:
Net unrealized gains (losses) arising during the period
(16)450 275 (84)
Reclassification of net (gains) losses to earnings
144 203 437 522 
Investment securities:
Net unrealized gains (losses) on AFS securities arising during the period
223 541 561 339 
Reclassification of net (gains) losses to earnings
18 13 48 42 
Defined benefit plans:
Net actuarial gain (loss) arising during the period
— — — 4 
Amortization of actuarial (gain) loss to earnings
3 2 7 9 
Total other comprehensive income (loss), net of tax
372 1,209 1,328 832 
Total comprehensive income (loss)$866 $1,591 $2,631 $1,940 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
Citizens Financial Group, Inc. | 40

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
Preferred
 Stock		Common
 Stock		Additional Paid-in CapitalRetained EarningsTreasury Stock, at CostAccumulated Other Comprehensive Income (Loss)Total
(dollars and shares in millions)SharesAmountSharesAmount
Balance at July 1, 20242 $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, 20242 $2,112 445 $6 $22,327 $10,233 ($6,820)($2,926)$24,932 
Balance at July 1, 20252 $2,113 433 $7 $22,420 $10,783 ($7,450)($2,639)$25,234 
Dividends declared - common stock— — — — — (184)— — (184)
Dividends declared - preferred stock— — — — — (32)— — (32)
Preferred stock issued— 393 — — — — — — 393 
Preferred stock redemption— (395)— — — (5)— — (400)
Treasury stock purchased— — (2)— — — (75)— (75)
Share repurchase excise tax— — — — — — (1)— (1)
Share-based compensation plans— — — — 21 — — — 21 
Employee stock purchase plan — — — — 7 — — — 7 
Total comprehensive income (loss):
Net income— — — — — 494 — — 494 
Other comprehensive income (loss)— — — — — — — 372 372 
Total comprehensive income (loss)— — — — — 494 — 372 866 
Balance at September 30, 20252 $2,111 431 $7 $22,448 $11,056 ($7,526)($2,267)$25,829 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
Citizens Financial Group, Inc. | 41

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
Preferred
 Stock		Common
 Stock		Additional Paid-in CapitalRetained EarningsTreasury Stock, at CostAccumulated Other Comprehensive Income (Loss)Total
(dollars and shares in millions)SharesAmountSharesAmount
Balance at January 1, 20242 $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, 20242 $2,112 445 $6 $22,327 $10,233 ($6,820)($2,926)$24,932 
Balance at January 1, 20252 $2,113 441 $7 $22,364 $10,412 ($7,047)($3,595)$24,254 
Dividends declared - common stock— — — — — (555)— — (555)
Dividends declared - preferred stock— — — — — (99)— — (99)
Preferred stock issued— 393 — — — — — — 393 
Preferred stock redemption— (395)— — — (5)— — (400)
Treasury stock purchased— — (12)— — — (475)— (475)
Share repurchase excise tax— — — — — — (4)— (4)
Share-based compensation plans— — 2 — 62 — — — 62 
Employee stock purchase plan — — — — 22 — — — 22 
Total comprehensive income (loss):
Net income— — — — — 1,303 — — 1,303 
Other comprehensive income (loss)— — — — — — — 1,328 1,328 
Total comprehensive income (loss)— — — — — 1,303 — 1,328 2,631 
Balance at September 30, 20252 $2,111 431 $7 $22,448 $11,056 ($7,526)($2,267)$25,829 
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
Citizens Financial Group, Inc. | 42

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Nine Months Ended September 30,
(dollars in millions)20252024
OPERATING ACTIVITIES
Net income$1,303 $1,108 
Adjustments to reconcile net income to net change due to operating activities:
Provision (benefit) for credit losses471 525 
Net change in Loans held for sale
(81)62 
Depreciation, amortization, and accretion
366 374 
Deferred income tax expense (benefit)(93)(50)
Share-based compensation97 76 
Net gain on sale of assets
(16)(14)
Net (increase) decrease in Other assets
357 (14)
Net increase (decrease) in Other liabilities
(35)(549)
Net change due to operating activities2,369 1,518 
INVESTING ACTIVITIES
Investment securities:
Purchases of debt securities available for sale(5,545)(6,497)
Proceeds from maturities and paydowns of debt securities available for sale2,770 2,112 
Proceeds from sales of debt securities available for sale1,218 2,080 
Proceeds from maturities and paydowns of debt securities held to maturity537 501 
Net (increase) decrease in Interest-bearing deposits in banks
(59)(243)
Purchases of loans(642)(517)
Sales of loans1,428 186 
Net (increase) decrease in Loans and leases
(3,475)3,860 
Capital expenditures, net(82)(74)
Other(183)(29)
Net change due to investing activities(4,033)1,379 
FINANCING ACTIVITIES
Net increase (decrease) in Deposits
5,235 (2,154)
Net increase (decrease) in Short-term borrowed funds
214 (490)
Proceeds from issuance of long-term borrowed funds6,534 13,185 
Repayments of long-term borrowed funds(8,520)(12,741)
Treasury stock purchased
(475)(825)
Net proceeds from issuance of preferred stock393 391 
Redemption of preferred stock— (300)
Dividends paid to common stockholders(555)(581)
Dividends paid to preferred stockholders(100)(96)
Other
(13)1 
Net change due to financing activities2,713 (3,610)
Net change in cash and cash equivalents(1)
1,049 (713)
Cash and cash equivalents at beginning of period(1)
10,601 11,628 
Cash and cash equivalents at end of period(1)
$11,650 $10,915 
Non-cash items:
Transfer of loans from loans held for investment to LHFS
$1,939 $249 
Loans securitized and transferred to AFS securities
87 181 
(1) Cash and cash equivalents include Cash and due from banks and Interest-bearing cash and due from banks as reflected on the Consolidated Balance Sheets.

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
Citizens Financial Group, Inc. | 43

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, certain information and footnote disclosures required for annual financial statements prepared in accordance with GAAP are omitted. In the opinion of management, the Consolidated Financial Statements include all adjustments, consisting of normal recurring adjustments, necessary to fairly present the Company’s interim period results. 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 2024 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 consolidated 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.
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 2024 Form 10-K.
NOTE 2 - SECURITIES
The following table presents the major components of securities at amortized cost and fair value:
September 30, 2025December 31, 2024
(dollars in millions)
Amortized Cost(1)
Gross Unrealized GainsGross Unrealized LossesFair Value
Amortized Cost(1)
Gross Unrealized GainsGross Unrealized LossesFair Value
U.S. Treasury and other$4,563 $23 ($72)$4,514 $3,631 $3 ($109)$3,525 
State and political subdivisions1 — — 1 1 — — 1 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities31,865 160 (1,474)30,551 30,897 33 (2,135)28,795 
Other/non-agency268 — (5)263 273 — (13)260 
Total mortgage-backed securities32,133 160 (1,479)30,814 31,170 33 (2,148)29,055 
Collateralized loan obligations90 — — 90 184 — — 184 
Total debt securities available for sale, at fair value$36,787 $183 ($1,551)$35,419 $34,986 $36 ($2,257)$32,765 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities$7,767 $1 ($830)$6,938 $8,187 $— ($1,051)$7,136 
Total mortgage-backed securities7,767 1 (830)6,938 8,187 — (1,051)7,136 
Asset-backed securities357 — — 357 412 1 (9)404 
Total debt securities held to maturity$8,124 $1 ($830)$7,295 $8,599 $1 ($1,060)$7,540 
Equity securities, at cost(2)
$710 $— $— $710 $710 $— $— $710 
Equity securities, at fair value(2)
286 — — 286 220 — — 220 
(1) Excludes portfolio level basis adjustments of $37 million and $(75) million, respectively, for securities designated in active fair value hedge relationships under the portfolio layer method at September 30, 2025 and December 31, 2024.
(2) Included in Other assets in the Consolidated Balance Sheets.
Citizens Financial Group, Inc. | 44

Accrued interest receivable on debt securities totaled $135 million and $125 million as of September 30, 2025 and December 31, 2024, respectively, and is included in Other assets in the Consolidated Balance Sheets.
The following table presents the amortized cost and fair value of debt securities by contractual maturity as of September 30, 2025. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without incurring penalties.
Distribution of Maturities
(dollars in millions)1 Year or LessAfter 1 Year through 5 YearsAfter 5 Years through 10 YearsAfter 10 YearsTotal
Amortized cost:
U.S. Treasury and other$— $3,380 $1,183 $— $4,563 
State and political subdivisions— — — 1 1 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities100 2,274 1,120 28,371 31,865 
Other/non-agency— — — 268 268 
Collateralized loan obligations— — 90 — 90 
Total debt securities available for sale100 5,654 2,393 28,640 36,787 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities— — — 7,767 7,767 
Asset-backed securities— 357 — — 357 
Total debt securities held to maturity— 357 — 7,767 8,124 
Total amortized cost of debt securities$100 $6,011 $2,393 $36,407 $44,911 
Fair value:
U.S. Treasury and other$— $3,311 $1,203 $— $4,514 
State and political subdivisions— — — 1 1 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities99 2,235 1,073 27,144 30,551 
Other/non-agency— — — 263 263 
Collateralized loan obligations— — 90 — 90 
Total debt securities available for sale99 5,546 2,366 27,408 35,419 
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities— — — 6,938 6,938 
Asset-backed securities— 357 — — 357 
Total debt securities held to maturity— 357 — 6,938 7,295 
Total fair value of debt securities$99 $5,903 $2,366 $34,346 $42,714 
Taxable interest income from investment securities as presented in the Consolidated Statements of Operations was $433 million and $423 million for the three months ended September 30, 2025 and 2024, respectively, and $1.3 billion and $1.2 billion for the nine months ended September 30, 2025 and 2024, 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)2025202420252024
Gains$2 $9 $14 $14 
Losses— — — — 
Securities gains, net$2 $9 $14 $14 
At September 30, 2025 and December 31, 2024, debt securities with a carrying value of $3.6 billion and $4.0 billion, respectively, were pledged to secure public deposits, trust funds, FHLB borrowing capacity, repurchase agreements, and derivative contracts, and for other purposes as required or permitted by law.
Retained interests from the sale and securitization of originated mortgage loans totaled $87 million during the three and nine months ended September 30, 2025. Retained interests from the sale and securitization of originated mortgage loans totaled $48 million and $181 million, respectively, during the three and nine months ended September 30, 2024. The debt securities received from the issuers, FNMA and FHLMC, include a substantive guarantee and are classified as Debt securities available for sale in the Consolidated Balance Sheets.
Citizens Financial Group, Inc. | 45

Impairment
The Company evaluated its existing HTM portfolio as of September 30, 2025 and concluded that 96% 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, 2025.
The following tables present AFS debt securities with fair values below their respective carrying values, disclosed by the length of time the individual securities have been in a continuous unrealized loss position:
September 30, 2025
Less than 12 Months12 Months or LongerTotal
(dollars in millions)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Treasury and other$— $— $2,613 ($72)$2,613 ($72)
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities4,760 (171)13,230 (1,303)17,990 (1,474)
Other/non-agency— — 263 (5)263 (5)
Total mortgage-backed securities4,760 (171)13,493 (1,308)18,253 (1,479)
Total$4,760 ($171)$16,106 ($1,380)$20,866 ($1,551)
December 31, 2024
Less than 12 Months12 Months or LongerTotal
(dollars in millions)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
U.S. Treasury and other$— $— $2,544 ($109)$2,544 ($109)
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities9,560 (265)14,304 (1,870)23,864 (2,135)
Other/non-agency— — 260 (13)260 (13)
Total mortgage-backed securities9,560 (265)14,564 (1,883)24,124 (2,148)
Total$9,560 ($265)$17,108 ($1,992)$26,668 ($2,257)
The Company does not currently have the intent to sell these AFS debt securities, and it is not more likely than not that the Company will be required to sell them prior to recovery of their amortized cost bases. The Company determined that credit losses are not expected to be incurred on the AFS debt securities identified with unrealized losses as of September 30, 2025. The unrealized losses on these AFS debt securities reflect non-credit-related factors driven by changes in interest rates. Therefore, the Company determined that these AFS debt securities are not impaired.
Citizens Financial Group, Inc. | 46

NOTE 3 - LOANS AND LEASES
Loans held for investment are reported at the amount of their outstanding principal, net of charge-offs, unearned income, deferred loan origination fees and costs, and unamortized premiums or discounts on purchased loans.
The following table presents loans and leases, excluding LHFS:
(dollars in millions)September 30, 2025December 31, 2024
Commercial and industrial$46,953 $42,551 
Commercial real estate25,540 27,225 
Total commercial72,493 69,776 
Residential mortgages34,477 32,726 
Home equity18,415 16,495 
Automobile2,816 4,744 
Education8,556 10,812 
Other retail4,113 4,650 
Total retail68,377 69,427 
Total loans and leases$140,870 $139,203 
Accrued interest receivable on loans and leases held for investment totaled $857 million and $816 million as of September 30, 2025 and December 31, 2024, 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 $40.6 billion and $37.5 billion at September 30, 2025 and December 31, 2024, 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 $20.0 billion and $22.9 billion at September 30, 2025 and December 31, 2024, respectively.
Interest income on direct financing and sales-type leases for the three months ended September 30, 2025 and 2024 was $11 million and is reported within Interest and fees on loans and leases in the Consolidated Statements of Operations. For the nine months ended September 30, 2025 and 2024, this interest income was $33 million and $31 million, respectively.
The following table presents the composition of LHFS:
September 30, 2025December 31, 2024
(dollars in millions)
Residential Mortgages(1)
Other retail(2)
Commercial(3)
Total
Residential Mortgages(1)
Commercial(3)
Total
Loans held for sale at fair value$592 $— $176 $768 $633 $192 $825 
Other loans held for sale— 466 100 566 — 33 33 
Total loans held for sale
$592 $466 $276 $1,334 $633 $225 $858 
(1) Residential mortgage LHFS at fair value are originated for sale.
(2) Other retail LHFS consist of education loans.
(3) 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, 2024, see Note 6 in the Company’s 2024 Form 10-K. There were no significant changes to the ACL reserve methodology during the nine months ended September 30, 2025.
Citizens Financial Group, Inc. | 47

The following table presents a summary of changes in the ACL for the three and nine months ended September 30, 2025:
Three Months Ended September 30, 2025Nine Months Ended September 30, 2025
(dollars in millions)CommercialRetailTotalCommercialRetailTotal
Allowance for loan and lease losses, beginning of period$1,106 $902 $2,008 $1,140 $921 $2,061 
Charge-offs(91)(104)(195)(269)(361)(630)
Recoveries6 27 33 11 90 101 
Net charge-offs(85)(77)(162)(258)(271)(529)
Provision expense (benefit) for loans and leases62 64 126 201 239 440 
Allowance for loan and lease losses, end of period1,083 889 1,972 1,083 889 1,972 
Allowance for unfunded lending commitments, beginning of period163 38 201 155 43 198 
Provision expense (benefit) for unfunded lending commitments19 9 28 27 4 31 
Allowance for unfunded lending commitments, end of period182 47 229 182 47 229 
Total allowance for credit losses, end of period$1,265 $936 $2,201 $1,265 $936 $2,201 
During the nine months ended September 30, 2025, net charge-offs of $529 million and a provision for expected credit losses of $471 million resulted in a decrease of $58 million to the ACL.
During the first quarter of 2025, the Company entered into an agreement to sell $1.9 billion of Non-Core education loans and subsequently reclassified these loans to LHFS. Upon reclassification to LHFS, a $25 million charge-off was recognized. This transaction will settle ratably each quarter throughout 2025, of which approximately $1.4 billion has settled to date, with the remaining $500 million scheduled to settle during the fourth quarter of 2025.
As of September 30, 2025, the Company’s ACL economic forecast over a two-year reasonable and supportable period reflects the economy going into a shallow two quarter contraction inclusive of uncertainties related to the implementation of tariffs and protectionist trade policies, inflationary pressures, and geopolitical tensions. This forecast is generally applied to the retail and commercial and industrial portfolios and projects peak unemployment of approximately 5.2% and a start-to-trough real GDP decline of approximately 0.5%, compared to peak unemployment of approximately 5.1% and a start-to-trough real GDP decline of approximately 0.4% at December 31, 2024. More severe economic scenarios are applied within the CRE portfolio, such as general office, with peak unemployment of approximately 9.4% and a start-to-trough real GDP decline of approximately 4.4%, compared to peak unemployment of approximately 9.3% and a start-to-trough real GDP decline of approximately 4.4% at December 31, 2024.
Citizens Financial Group, Inc. | 48

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, 2024Nine Months Ended September 30, 2024
(dollars in millions)CommercialRetailTotalCommercialRetailTotal
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)
Recoveries8 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 period1,187 892 2,079 1,187 892 2,079 
Allowance for unfunded lending commitments, beginning of period147 34 181 175 45 220 
Provision expense (benefit) for unfunded lending commitments17 9 26 (11)(2)(13)
Allowance for unfunded lending commitments, end of period164 43 207 164 43 207 
Total allowance for credit losses, end of period$1,351 $935 $2,286 $1,351 $935 $2,286 
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 2024 Form 10-K.
The following table presents the amortized cost basis of commercial loans and leases by vintage date and internal risk rating as of September 30, 2025:
Term Loans and Leases by Origination Year
Revolving Loans
(dollars in millions)20252024202320222021Prior to 2021Within the Revolving PeriodConverted to TermTotal
Commercial and industrial
Pass$5,670 $4,526 $1,631 $2,948 $1,433 $2,220 $25,906 $57 $44,391 
Special Mention— 9 38 122 179 117 232 — 697 
Substandard Accrual
13 12 105 143 162 271 911 18 1,635 
Nonaccrual
— 6 15 60 23 76 45 5 230 
Total commercial and industrial5,683 4,553 1,789 3,273 1,797 2,684 27,094 80 46,953 
Commercial real estate
Pass3,215 2,079 918 4,484 4,193 5,180 1,454 4 21,527 
Special Mention— 2 4 716 384 154 73 — 1,333 
Substandard Accrual
— — 94 576 165 1,006 23 113 1,977 
Nonaccrual
— — 3 94 58 535 9 4 703 
Total commercial real estate3,215 2,081 1,019 5,870 4,800 6,875 1,559 121 25,540 
Total commercial
Pass8,885 6,605 2,549 7,432 5,626 7,400 27,360 61 65,918 
Special Mention— 11 42 838 563 271 305 — 2,030 
Substandard Accrual
13 12 199 719 327 1,277 934 131 3,612 
Nonaccrual
— 6 18 154 81 611 54 9 933 
Total commercial$8,898 $6,634 $2,808 $9,143 $6,597 $9,559 $28,653 $201 $72,493 
Citizens Financial Group, Inc. | 49

The following table presents the amortized cost basis of commercial loans and leases by vintage date and internal risk rating as of December 31, 2024:
Term Loans and Leases by Origination Year
Revolving Loans
(dollars in millions)20242023202220212020Prior to 2020Within the Revolving PeriodConverted to TermTotal
Commercial and industrial
Pass$5,945 $2,525 $4,194 $2,923 $895 $2,066 $21,323 $66 $39,937 
Special Mention2 79 98 236 48 48 211 — 722 
Substandard Accrual
9 64 207 269 139 253 697 13 1,651 
Nonaccrual
— 11 68 62 5 55 34 6 241 
Total commercial and industrial5,956 2,679 4,567 3,490 1,087 2,422 22,265 85 42,551 
Commercial real estate
Pass2,720 1,305 5,748 5,412 1,919 4,199 1,434 4 22,741 
Special Mention1 — 911 362 175 257 80 6 1,792 
Substandard Accrual
3 22 359 253 275 875 9 120 1,916 
Nonaccrual
— 67 89 58 90 470 2 — 776 
Total commercial real estate2,724 1,394 7,107 6,085 2,459 5,801 1,525 130 27,225 
Total commercial
Pass8,665 3,830 9,942 8,335 2,814 6,265 22,757 70 62,678 
Special Mention3 79 1,009 598 223 305 291 6 2,514 
Substandard Accrual
12 86 566 522 414 1,128 706 133 3,567 
Nonaccrual
— 78 157 120 95 525 36 6 1,017 
Total commercial$8,680 $4,073 $11,674 $9,575 $3,546 $8,223 $23,790 $215 $69,776 
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. | 50

The following table presents the amortized cost basis of retail loans by vintage date and current FICO score as of September 30, 2025:
Term Loans by Origination YearRevolving Loans
(dollars in millions)20252024202320222021Prior to 2021Within the Revolving PeriodConverted to TermTotal
Residential mortgages
800+$1,450 $1,775 $1,314 $3,238 $4,996 $6,253 $— $— $19,026 
740-7991,762 1,056 761 1,486 2,041 2,888 — — 9,994 
680-739423 346 256 501 673 1,141 — — 3,340 
620-67941 62 76 161 178 504 — — 1,022 
<6206 20 136 123 176 619 — — 1,080 
No FICO available(1)
— — — 3 1 11 — — 15 
Total residential mortgages3,682 3,259 2,543 5,512 8,065 11,416 — — 34,477 
Home equity
800+— 2 2 5 5 68 6,401 186 6,669 
740-799— 1 3 4 3 49 5,904 209 6,173 
680-739— 2 3 3 1 38 3,363 184 3,594 
620-679— — 1 2 2 15 867 169 1,056 
<620— — 3 1 2 13 559 338 916 
No FICO available(1)
— — 1 1 — 2 3 — 7 
Total home equity— 5 13 16 13 185 17,097 1,086 18,415 
Automobile
800+— — 52 260 392 92 — — 796 
740-799— — 66 274 329 88 — — 757 
680-739— — 61 211 215 59 — — 546 
620-679— — 35 123 120 36 — — 314 
<620— — 43 155 157 48 — — 403 
No FICO available(1)
— — — — — — — — — 
Total automobile— — 257 1,023 1,213 323 — — 2,816 
Education
800+225 276 324 529 1,034 1,904 — — 4,292 
740-799292 286 283 406 490 930 — — 2,687 
680-739122 132 127 169 170 352 — — 1,072 
620-67917 41 43 48 46 122 — — 317 
<6204 12 18 27 26 70 — — 157 
No FICO available(1)
4 — — — — 27 — — 31 
Total education664 747 795 1,179 1,766 3,405 — — 8,556 
Other retail
800+104 105 35 33 9 11 462 — 759 
740-799110 127 50 34 11 21 782 — 1,135 
680-73975 91 44 32 9 21 739 1 1,012 
620-67937 45 24 24 6 12 282 1 431 
<62010 28 20 30 8 11 207 — 314 
No FICO available(1)
13 1 — — — 1 447 — 462 
Total other retail349 397 173 153 43 77 2,919 2 4,113 
Total retail
800+1,779 2,158 1,727 4,065 6,436 8,328 6,863 186 31,542 
740-7992,164 1,470 1,163 2,204 2,874 3,976 6,686 209 20,746 
680-739620 571 491 916 1,068 1,611 4,102 185 9,564 
620-67995 148 179 358 352 689 1,149 170 3,140 
<62020 60 220 336 369 761 766 338 2,870 
No FICO available(1)
17 1 1 4 1 41 450 — 515 
Total retail$4,695 $4,408 $3,781 $7,883 $11,100 $15,406 $20,016 $1,088 $68,377 
(1) Represents loans for which an updated FICO score was unavailable (e.g., due to recent profile changes).
Citizens Financial Group, Inc. | 51

The following table presents the amortized cost basis of retail loans by vintage date and current FICO score as of December 31, 2024:
Term Loans by Origination YearRevolving Loans
(dollars in millions)20242023202220212020Prior to 2020Within the Revolving PeriodConverted to TermTotal
Residential mortgages
800+$1,230 $1,302 $3,299 $5,109 $2,919 $3,869 $— $— $17,728 
740-7991,757 873 1,568 2,213 1,338 1,923 — — 9,672 
680-739425 281 552 697 385 938 — — 3,278 
620-67931 61 126 151 101 494 — — 964 
<62015 37 76 147 89 703 — — 1,067 
No FICO available(1)
1 — — 1 1 14 — — 17 
Total residential mortgages3,459 2,554 5,621 8,318 4,833 7,941 — — 32,726 
Home equity
800+1 — 3 4 1 76 5,634 200 5,919 
740-799— — 1 2 1 65 5,275 224 5,568 
680-739— — 1 — 1 76 2,995 183 3,256 
620-679— 1 4 3 2 60 752 141 963 
<620— 2 6 3 1 59 459 259 789 
No FICO available(1)
— — — — — — — — — 
Total home equity1 3 15 12 6 336 15,115 1,007 16,495 
Automobile
800+— 65 380 665 183 58 — — 1,351 
740-799— 92 430 581 176 61 — — 1,340 
680-739— 91 338 385 115 45 — — 974 
620-679— 51 189 194 56 29 — — 519 
<620— 47 197 216 62 38 — — 560 
No FICO available(1)
— — — — — — — — — 
Total automobile— 346 1,534 2,041 592 231 — — 4,744 
Education
800+227 373 657 1,517 1,256 1,475 — — 5,505 
740-799290 359 571 804 637 811 — — 3,472 
680-739110 150 229 261 211 337 — — 1,298 
620-67927 48 55 58 51 111 — — 350 
<6205 12 21 28 25 60 — — 151 
No FICO available(1)
5 — — — — 31 — — 36 
Total education664 942 1,533 2,668 2,180 2,825 — — 10,812 
Other retail
800+186 65 36 15 11 10 512 — 835 
740-799259 96 46 18 13 11 895 1 1,339 
680-739201 87 39 15 11 7 845 1 1,206 
620-67997 47 27 10 6 3 335 1 526 
<62032 31 34 15 7 3 234 1 357 
No FICO available(1)
5 — — — — — 382 — 387 
Total other retail780 326 182 73 48 34 3,203 4 4,650 
Total retail
800+1,644 1,805 4,375 7,310 4,370 5,488 6,146 200 31,338 
740-7992,306 1,420 2,616 3,618 2,165 2,871 6,170 225 21,391 
680-739736 609 1,159 1,358 723 1,403 3,840 184 10,012 
620-679155 208 401 416 216 697 1,087 142 3,322 
<62052 129 334 409 184 863 693 260 2,924 
No FICO available(1)
11 — — 1 1 45 382 — 440 
Total retail$4,904 $4,171 $8,885 $13,112 $7,659 $11,367 $18,318 $1,011 $69,427 
(1) Represents loans for which an updated FICO score was unavailable (e.g., due to recent profile changes).
Citizens Financial Group, Inc. | 52

The following tables present gross charge-offs by vintage date for the Company’s loan and lease portfolios:
Nine Months Ended September 30, 2025
Term Loans and Leases by Origination Year
Revolving Loans
(dollars in millions)20252024202320222021Prior to 2021Within the Revolving PeriodConverted to TermTotal
Commercial and industrial
$— $— $2 $51 $22 $5 $26 $— $106 
Commercial real estate
— 1 3 21 12 126 — — 163 
Total commercial
— 1 5 72 34 131 26 — 269 
Residential mortgages— — — — — 2 — — 2 
Home equity— — — 1 — 2 9 — 12 
Automobile— — 4 20 16 7 — — 47 
Education— 3 6 14 22 62 — — 107 
Other retail29 27 16 9 4 7 101 — 193 
Total retail29 30 26 44 42 80 110 — 361 
Total loans and leases$29 $31 $31 $116 $76 $211 $136 $— $630 
Nine Months Ended September 30, 2024
Term Loans and Leases by Origination Year
Revolving Loans
(dollars in millions)20242023202220212020Prior to 2020Within the Revolving PeriodConverted to TermTotal
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 retail25 10 7 12 2 8 132 — 196 
Total retail25 17 36 53 30 65 149 2 377 
Total loans and leases$25 $17 $52 $97 $129 $182 $181 $2 $685 
Citizens Financial Group, Inc. | 53

Nonaccrual and Past Due Assets
The following tables present an aging analysis of accruing and nonaccrual loans and leases:
September 30, 2025
Days Past Due and Accruing
(dollars in millions)Current30-5960-89 90+Nonaccrual TotalNonaccrual with no related ACL
Commercial and industrial$46,624 $52 $8 $39 $230 $46,953 $24 
Commercial real estate24,668 90 72 7 703 25,540 25 
Total commercial71,292 142 80 46 933 72,493 49 
Residential mortgages
34,052 80 43 114 188 34,477 150 
Home equity18,007 83 28 — 297 18,415 206 
Automobile2,702 62 21 — 31 2,816 4 
Education8,482 34 18 2 20 8,556 2 
Other retail4,010 32 22 — 49 4,113 1 
Total retail67,253 291 132 116 585 68,377 363 
Total$138,545 $433 $212 $162 $1,518 $140,870 $412 
Guaranteed residential mortgages(1)
$795 $44 $23 $114 $— $976 $— 
December 31, 2024
Days Past Due and Accruing
(dollars in millions)Current30-5960-8990+Nonaccrual TotalNonaccrual with no related ACL
Commercial and industrial$42,247 $35 $20 $8 $241 $42,551 $31 
Commercial real estate26,212 204 27 6 776 27,225 32 
Total commercial68,459 239 47 14 1,017 69,776 63 
Residential mortgages
32,011 251 93 179 192 32,726 142 
Home equity16,097 88 27 — 283 16,495 182 
Automobile4,563 100 33 — 48 4,744 6 
Education10,686 45 23 2 56 10,812 4 
Other retail4,504 46 31 1 68 4,650 1 
Total retail67,861 530 207 182 647 69,427 335 
Total$136,320 $769 $254 $196 $1,664 $139,203 $398 
Guaranteed residential mortgages(1)
$696 $119 $55 $172 $— $1,042 $— 
(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, 2025 and December 31, 2024, the Company had collateral-dependent residential mortgage and home equity loans totaling $427 million and $372 million, respectively, and collateral-dependent commercial loans totaling $250 million and $607 million, respectively.
The amortized cost basis of mortgage loans collateralized by residential real estate for which formal foreclosure proceedings were in-process was $299 million and $295 million as of September 30, 2025 and December 31, 2024, 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. Term extensions consist of modifications that result in an extension of the contractual maturity date greater than three months or a significant deferral of principal payments relative to the total outstanding principal balance of the loan.
Citizens Financial Group, Inc. | 54

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; and
•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, 2025 and 2024, 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, 2025
(dollars in millions)Interest Rate ReductionTerm ExtensionPayment DelayInterest Rate Reduction and Term ExtensionTerm Extension and Payment DelayInterest Rate Reduction, Term Extension and Payment DelayTotal
Total as a % of Loan Class(1)
Commercial and industrial$1 $151 $— $2 $— $1 $155 0.33 %
Commercial real estate— 388 22 — 102 — 512 2.00 
Total commercial1 539 22 2 102 1 667 0.92 
Residential mortgages1 18 6 5 — 1 31 0.09 
Home equity2 1 6 3 — — 12 0.07 
Education3 — — — — — 3 0.04 
Other retail5 — — — — — 5 0.12 
Total retail11 19 12 8 — 1 51 0.07 
Total
$12 $558 $34 $10 $102 $2 $718 0.51 %
Three Months Ended September 30, 2024
(dollars in millions)Interest Rate ReductionTerm ExtensionPayment DelayInterest Rate Reduction and Term ExtensionTerm Extension and Payment DelayTotal
Total as a % of Loan Class(1)
Commercial and industrial$— $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 mortgages1 15 1 4 1 22 0.07 
Home equity2 1 — 4 — 7 0.04 
Education3 1 16 — — 20 0.18 
Other retail5 — — — — 5 0.10 
Total retail11 17 17 8 1 54 0.08 
Total
$11 $248 $65 $76 $98 $498 0.35 %
Citizens Financial Group, Inc. | 55


Nine Months Ended September 30, 2025
(dollars in millions)Interest Rate ReductionTerm ExtensionPayment DelayInterest Rate Reduction and Term ExtensionTerm Extension and Payment Delay
Interest Rate Reduction, Term Extension, and Payment Delay
Total
Total as a % of Loan Class(1)
Commercial and industrial$16 $322 $2 $5 $1 $4 $350 0.75 %
Commercial real estate28 707 66 29 103 — 933 3.65 
Total commercial44 1,029 68 34 104 4 1,283 1.77 
Residential mortgages3 42 13 9 1 2 70 0.20 
Home equity5 1 11 5 — — 22 0.12 
Education8 — — — — — 8 0.09 
Other retail13 — — — — — 13 0.32 
Total retail29 43 24 14 1 2 113 0.17 
Total
$73 $1,072 $92 $48 $105 $6 $1,396 0.99 %
Nine Months Ended September 30, 2024
(dollars in millions)Interest Rate ReductionTerm ExtensionPayment DelayInterest Rate Reduction and Term ExtensionTerm Extension and Payment Delay
Interest Rate Reduction, Term Extension, and Payment Delay
Total
Total as a % of Loan Class(1)
Commercial and industrial$— $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 mortgages4 63 9 8 1 1 86 0.27 
Home equity3 2 — 9 — — 14 0.09 
Education9 2 39 — — — 50 0.45 
Other retail13 — — — — — 13 0.27 
Total retail29 67 48 17 1 1 163 0.23 
Total
$29 $751 $234 $148 $168 $1 $1,331 0.94 %
(1) Represents the total amortized cost as of period-end divided by the period-end amortized cost of the corresponding loan class. Accrued interest receivable is excluded from amortized cost and is immaterial.
The following tables present the financial effect of loans to borrowers experiencing financial difficulty that were modified during the three and nine months ended September 30, 2025 and 2024, disaggregated by class of financing receivable:
Three Months Ended September 30, 2025
(dollars in millions)
Weighted-Average Interest Rate Reduction(1)
Weighted-Average Term Extension (in Months)(1)
Weighted-Average Payment Deferral(1)
Amount of Principal Forgiven(2)
Commercial and industrial2.18 %20$— $— 
Commercial real estate— 125 — 
Residential mortgages1.40 107— — 
Home equity3.01 143— — 
Education5.22 — — — 
Other retail19.89 — — 6 
Citizens Financial Group, Inc. | 56

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 industrial3.62 %14$11 $— 
Commercial real estate4.31 91 — 
Residential mortgages1.52 94— — 
Home equity4.32 51— — 
Education4.44 24— — 
Other retail20.79 — — 1 
Nine Months Ended September 30, 2025
(dollars in millions)
Weighted-Average Interest Rate Reduction(1)
Weighted-Average Term Extension (in Months)(1)
Weighted-Average Payment Deferral(1)
Amount of Principal Forgiven(2)
Commercial and industrial1.52 %18$— $— 
Commercial real estate0.83 125 — 
Residential mortgages1.27 110— — 
Home equity3.41 121— — 
Education4.71 — — — 
Other retail19.86 — — 12 
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 industrial3.72 %15$3 $— 
Commercial real estate2.83 171 — 
Residential mortgages1.59 92— — 
Home equity4.03 75— — 
Education4.42 24— — 
Other retail20.23 — — 5 
(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, 2025 and 2024, 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, 2025
Days Past Due and Accruing
(dollars in millions)Current30-5960-89 90+Nonaccrual Total
Commercial and industrial$348 $1 $— $35 $61 $445 
Commercial real estate733 83 2 4 293 1,115 
Total commercial1,081 84 2 39 354 1,560 
Residential mortgages49 7 6 16 19 97 
Home equity8 — — — 22 30 
Education8 — — — 2 10 
Other retail13 2 1 — 1 17 
Total retail78 9 7 16 44 154 
Total$1,159 $93 $9 $55 $398 $1,714 
Citizens Financial Group, Inc. | 57

September 30, 2024
Days Past Due and Accruing
(dollars in millions)Current30-5960-89 90+Nonaccrual Total
Commercial and industrial$211 $35 $1 $— $54 $301 
Commercial real estate590 30 63 — 287 970 
Total commercial801 65 64 — 341 1,271 
Residential mortgages73 6 4 16 12 111 
Home equity11 — — — 8 19 
Education34 1 — — 35 70 
Other retail12 1 1 — 1 15 
Total retail130 8 5 16 56 215 
Total$931 $73 $69 $16 $397 $1,486 
The following tables present the period-end amortized cost of loans to borrowers experiencing financial difficulty that defaulted during the period presented and were modified within the previous 12 months preceding the default, disaggregated by class of financing receivable and modification type. The modification type reflects the cumulative effect of all FDMs at the time of default. A loan is considered to be in default if, subsequent to modification, it becomes 90 or more days past due or is placed on nonaccrual status.
Three Months Ended September 30, 2025
(dollars in millions)Interest Rate ReductionTerm ExtensionPayment DelayInterest Rate Reduction and Term ExtensionTerm Extension and Payment DelayTotal
Commercial and industrial$— $36 $— $— $— $36 
Commercial real estate— 4 — — — 4 
Total commercial— 40 — — — 40 
Residential mortgages1 8 4 3 — 16 
Home equity— — — — — — 
Education1 — — — — 1 
Other retail1 — — — — 1 
Total retail3 8 4 3 — 18 
Total$3 $48 $4 $3 $— $58 
Three Months Ended September 30, 2024
(dollars in millions)Interest Rate ReductionTerm ExtensionPayment DelayTerm Extension and Payment DelayTotal
Commercial and industrial$1 $3 $— $15 $19 
Commercial real estate— 75 21 — 96 
Total commercial1 78 21 15 115 
Residential mortgages— 11 — — 11 
Home equity— — — — — 
Education1 — — — 1 
Other retail1 — — — 1 
Total retail2 11 — — 13 
Total$3 $89 $21 $15 $128 
Citizens Financial Group, Inc. | 58

Nine Months Ended September 30, 2025
(dollars in millions)Interest Rate ReductionTerm ExtensionPayment DelayInterest Rate Reduction and Term ExtensionTerm Extension and Payment DelayTotal
Commercial and industrial$— $48 $— $— $— $48 
Commercial real estate— 72 2 — — 74 
Total commercial— 120 2 — — 122 
Residential mortgages1 20 5 6 1 33 
Home equity1 — 1 1 — 3 
Education1 — — — — 1 
Other retail1 — — — — 1 
Total retail4 20 6 7 1 38 
Total$4 $140 $8 $7 $1 $160 
Nine Months Ended September 30, 2024
(dollars in millions)Interest Rate ReductionTerm ExtensionPayment DelayInterest Rate Reduction and Term ExtensionTerm Extension and Payment DelayTotal
Commercial and industrial$1 $3 $— $— $15 $19 
Commercial real estate— 141 21 — — 162 
Total commercial1 144 21 — 15 181 
Residential mortgages— 22 1 1 1 25 
Home equity— — — 1 — 1 
Education4 — 12 — — 16 
Other retail1 — — — — 1 
Total retail5 22 13 2 1 43 
Total$6 $166 $34 $2 $16 $224 
Unfunded commitments related to loans modified during the nine months ended September 30, 2025 were $342 million at September 30, 2025. Unfunded commitments related to loans modified during the year ended December 31, 2024 were $206 million at December 31, 2024.
NOTE 5 - MORTGAGE BANKING AND OTHER SERVICED LOANS
Mortgage Banking
The Company sells residential mortgages in the secondary market and does not retain a 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.
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)2025202420252024
Cash proceeds from residential mortgage loans sold with servicing retained$2,528 $2,137 $6,920 $5,432 
Gain on sales(1)
19 17 56 47 
Contractually specified servicing, late, and other ancillary fees(1)
70 79 209 235 
(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 $95.2 billion and $95.6 billion at September 30, 2025 and December 31, 2024, respectively. The Company manages the risk associated with changes in the fair value of the MSRs with an active economic hedging strategy, which includes the purchase of freestanding derivatives.
Citizens Financial Group, Inc. | 59

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)2025202420252024
Fair value as of beginning of the period$1,426 $1,568 $1,491 $1,552 
Amounts capitalized42 28 117 71 
Sales(1)
— — (72)— 
Changes in unpaid principal balance(2)
(41)(46)(120)(135)
Changes in fair value(3)
3 (49)14 13 
Fair value at end of the period$1,430 $1,501 $1,430 $1,501 
(1) For the nine months ended September 30, 2025, represents the sale of the excess servicing yield on MSRs related to certain FNMA mortgages with a total unpaid principal balance of $10.5 billion at the time of sale.
(2) Represents changes in value of the MSRs due to i) the passage of time including the impact from both regularly scheduled loan principal payments and partial
paydowns, and ii) loans that paid off during the period.
(3) Represents changes in fair 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 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 that drive changes in prepayment rates could result in changes in discount rates) and 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, 2025December 31, 2024
Fair value$1,430$1,491
Weighted average life (years)8.08.7
Weighted average constant prepayment rate7.1%6.7%
Decline in fair value from 10% adverse change
$39$35
Decline in fair value from 20% adverse change
$72$67
Weighted average option adjusted spread608 bps632 bps
Decline in fair value from 10% adverse change
$40$42
Decline in fair value from 20% adverse change
$80$84
The Company has mortgage banking derivatives that include commitments to originate mortgages held for sale, certain loan sale agreements, and other financial instruments that meet the definition of a derivative. Refer to Note 8 for additional information.
Other Serviced Loans
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, 2025December 31, 2024
Education$358 $420 
Commercial and industrial(1)
88 92 
(1) Represents the government guaranteed portion of SBA loans sold to outside investors.
Citizens Financial Group, Inc. | 60

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 2024 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, 2025December 31, 2024
Assets:
Interest-bearing deposits in banks
$169 $209 
Net loans and leases
2,353 3,843 
Other assets15 21 
Total assets$2,537 $4,073 
Liabilities:
Long-term borrowed funds$1,982 $3,375 
Other liabilities5 8 
Total liabilities$1,987 $3,383 
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 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 is the most significant driver impacting the economic performance of the VIEs.
Unconsolidated VIEs
The Company is involved with various VIEs that are not consolidated including lending to SPEs, 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 SPEs.
The following table provides a summary of the assets and liabilities included in the Consolidated Balance Sheets related to unconsolidated VIEs that the Company holds an interest in, but is not the primary beneficiary of:
(dollars in millions)September 30, 2025December 31, 2024
Lending to SPEs included in Loans and leases
$4,893 $4,215 
LIHTC investments included in Other assets
2,698 2,631 
LIHTC unfunded commitments included in Other liabilities
1,065 1,109 
Asset-backed investments included in HTM securities 357 412 
Renewable energy investments included in Other assets
217 269 
NMTC investments included in Other assets
1 2 
Citizens Financial Group, Inc. | 61

Lending to Special Purpose Entities
The Company provides lending facilities to third-party sponsored SPEs within its Capital Markets business. The SPEs are primarily funded through these lending facilities or a syndication in which the Company participates. The principal risk of these lending facilities is the credit risk related to the underlying assets in the SPE, in which the Company generally holds a priority position. As of September 30, 2025 and December 31, 2024, the lending facilities had undrawn commitments to extend credit of $3.2 billion and $2.8 billion, respectively. For more information on commitments to extend credit see Note 11.
Low Income Housing Tax Credit Partnerships
The Company makes certain equity investments in various limited partnerships that sponsor affordable housing projects utilizing federal tax incentives pursuant to Section 42 of the Internal Revenue Code. The objective of these investments is to generate a satisfactory return on capital, encourage the development and investment in projects that serve affordable housing product offerings, and further the goals of the Community Reinvestment Act. The principal activities of the limited partnerships include the identification, development, and operation of multifamily housing properties leased to qualifying residential tenants. Funding for these investments is generally provided through a combination of debt and equity.
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.
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 $43 million at September 30, 2025, and are expected to be paid in varying amounts through 2027. These payments are contingent upon the level of electricity production attained by the renewable energy entity relative to its targeted threshold, changes in the production tax credit rates set by the Internal Revenue Service, and the achievement of commercial operation for a certain renewable energy project under its power purchase agreement.
New Markets Tax Credit Program
The Company participates in the NMTC program which provides a tax incentive for private sector investment into economic development projects and businesses located in low-income communities.
The 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)2025202420252024
Tax credits recognized$99 $99 $309 $290 
Other tax benefits recognized24 21 73 68 
Amortization(98)(88)(304)(276)
Net benefit (expense) included in Income tax expense
25 32 78 82 
Other income1 1 5 4 
Allocated income (loss) on investments(3)(3)(10)(9)
Net benefit (expense) included in Noninterest income
(2)(2)(5)(5)
Net benefit (expense) included in the Consolidated Statements of Operations(1)
$23 $30 $73 $77 
(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 2025 and 2024, 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, 2025 and 2024.
Citizens Financial Group, Inc. | 62

NOTE 7 - BORROWED FUNDS
Short-term borrowed funds
Borrowings with original maturities of one year or less are classified as short-term and were comprised of the following:
(dollars in millions)September 30, 2025December 31, 2024
Other short-term borrowed funds(1)
$214 $— 
Total short-term borrowed funds$214 $— 
(1) Consists primarily of short positions held by the Company’s commercial broker dealer. See Note 8 for additional information regarding forward purchase contracts entered into to economically hedge these short positions.
Long-term borrowed funds
The following table presents a summary of the Company’s long-term borrowed funds:
(dollars in millions)September 30, 2025December 31, 2024
Parent Company:
4.350% fixed-rate subordinated debt, due August 2025
$— $133 
4.300% fixed-rate subordinated debt, due December 2025
336 336 
2.850% fixed-rate senior unsecured notes, due July 2026
500 499 
5.841% fixed/floating-rate senior unsecured notes, due January 2030
1,246 1,245 
2.500% fixed-rate senior unsecured notes, due February 2030
299 299 
3.250% fixed-rate senior unsecured notes, due April 2030
747 747 
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 
5.253% fixed/floating-rate senior unsecured notes, due March 2031
746 — 
5.718% fixed/floating-rate senior unsecured notes, due July 2032
1,244 1,243 
2.638% fixed-rate subordinated debt, due September 2032
575 570 
6.645% fixed/floating-rate senior unsecured notes, due April 2035
746 745 
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
— 750 
5.284% fixed/floating-rate senior unsecured notes, due January 2026(1)
— 350 
3.750% senior unsecured notes, due February 2026
499 492 
4.575% fixed/floating-rate senior unsecured notes, due August 2028
799 798 
Additional Borrowings by CBNA and Other Subsidiaries:
Federal Home Loan Bank advances, 2.196% weighted average rate, due through 2045(2)
13 53 
Secured borrowings, 5.536% weighted average rate, due through 2031(2)(3)
2,009 3,461 
Other20 18 
Total long-term borrowed funds$10,441 $12,401 
(1) Notes were redeemed on January 27, 2025.
(2) Rate disclosed reflects the weighted average rate as of September 30, 2025.
(3) Collateralized by loans. See Note 6 for additional information.
At September 30, 2025, the Company’s long-term borrowed funds include principal balances of $10.5 billion, unamortized debt issuance costs and discounts of $75 million, and hedging basis adjustments of ($1) million. At December 31, 2024, the Company’s long-term borrowed funds include principal balances of $12.5 billion, unamortized debt issuance costs and discounts of $85 million, and hedging basis adjustments of ($8) 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 $4.9 billion and $4.6 billion at September 30, 2025 and December 31, 2024, respectively. The Company’s available FHLB borrowing capacity was $24.3 billion and $21.1 billion at September 30, 2025 and December 31, 2024, 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, 2025, the Company’s unused secured borrowing capacity was approximately $78.0 billion, which includes unencumbered securities, FHLB borrowing capacity, and FRB discount window capacity.
Citizens Financial Group, Inc. | 63

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 purchase and 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 2024 Form 10-K.
The following table presents derivative instruments included in the Consolidated Balance Sheets:
September 30, 2025December 31, 2024
(dollars in millions)Notional AmountDerivative AssetsDerivative LiabilitiesNotional AmountDerivative AssetsDerivative Liabilities
Derivatives designated as hedging instruments:
Interest rate contracts
$72,437 $303 $2 $69,077 $402 $5 
Derivatives not designated as hedging instruments:
Interest rate contracts
183,555 189 487 171,193 160 905 
Foreign exchange contracts42,050 563 399 34,749 472 411 
Commodities contracts1,213 438 381 1,136 429 379 
TBA contracts5,034 7 13 2,714 10 8 
Other contracts1,221 23 4 615 3 2 
Total derivatives not designated as hedging instruments233,073 1,220 1,284 210,407 1,074 1,705 
Total gross derivatives305,510 1,523 1,286 279,484 1,476 1,710 
Less: Gross amounts offset in the Consolidated Balance Sheets(1)
(379)(379)(391)(391)
Less: Cash collateral applied(1)
(423)(169)(677)(99)
Total net derivatives presented in the Consolidated Balance Sheets$721 $738 $408 $1,220 
(1) Amounts represent the impact of enforceable master netting agreements that allow the Company to net settle positive and negative positions, as well as collateral paid and received.
The Company’s derivative transactions are internally divided into three sub-groups: institutional, customer facilitation, and residential loan. Certain derivative transactions within these sub-groups are designated as fair value or cash flow hedges, as described below:
Derivatives Designated As Hedging Instruments
The Company’s institutional derivatives qualify for hedge accounting treatment. The net interest accruals on interest rate swaps designated in a fair value or cash flow hedge relationship are treated as an adjustment to interest income or interest expense of the hedged item. 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, with each relationship 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, an effective hedge. Changes in the fair value of a derivative are reflected in earnings after termination of the hedge relationship.
Citizens Financial Group, Inc. | 64

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. At September 30, 2025 and December 31, 2024, the Company has designated $4.7 billion of interest rate swaps as fair value hedges of its fixed-rate prepayable AFS securities using the portfolio layer method. This approach allows the Company to designate as the hedged item a stated amount of the assets that are not expected to be affected by prepayments, defaults, and other factors affecting the timing and amount of cash flows. At September 30, 2025 and December 31, 2024, the Company has also designated $3.6 billion and $3.1 billion, respectively, of interest rate swaps as fair value hedges to manage interest rate risk within its nonprepayable fixed-rate AFS securities portfolio.
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, 2025
Gains (losses) on fair value hedges recognized on:
Hedged items
$12 ($3)
Derivatives
(12)3 
Amounts related to interest settlements on derivatives
14 (3)
Total net interest income recognized on fair value hedges
$14 ($3)
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 derivatives34 (4)
Total net interest income recognized on fair value hedges
$30 ($4)
Nine Months Ended September 30, 2025
Gains (losses) on fair value hedges recognized on:
Hedged items
$178 ($7)
Derivatives
(180)7 
Amounts related to interest settlements on derivatives38 (8)
Total net interest income recognized on fair value hedges
$36 ($8)
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 derivatives87 (11)
Total net interest income recognized on fair value hedges
$88 ($11)
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, 2025December 31, 2024
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(2)
$9,728 $— $9,557 $— 
Carrying amount of hedged liabilities— 499 — 491 
Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items83 (1)(97)(8)
(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, 2025 and December 31, 2024, the amortized cost basis of the closed portfolios used in these hedging relationships was $6.0 billion and $6.4 billion, respectively, including associated cumulative basis adjustments of $37 million and $(75) million, respectively. The amount of the designated hedging instruments was $4.7 billion at September 30, 2025 and December 31, 2024.
(2) Carrying amount represents amortized cost.
Citizens Financial Group, Inc. | 65

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 enters into interest rate swap agreements designed primarily 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.
During the first quarter of 2025, the Company entered into a cash flow hedge with a notional amount of $1.5 billion to manage the variability in cash flows related to the sale of Non-Core education loans, which will settle ratably each quarter throughout 2025. During the third quarter of 2025, the Company terminated $466 million of this cash flow hedge in conjunction with the quarterly settlement of the education loan sale.
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)2025202420252024
Pre-tax net gains (losses) recognized in OCI
($21)$613 $376 ($114)
Pre-tax net gains (losses) reclassified from AOCI into interest income
(193)(276)(591)(711)
Pre-tax net gains (losses) reclassified from AOCI into noninterest income
(4)— (5)— 
Pre-tax net gains (losses) reclassified from AOCI into interest expense
— — (1)— 
Using the September 30, 2025 interest rate curve, the Company estimates that $396 million in pre-tax net losses related to cash flow hedge strategies will be reclassified from AOCI to earnings 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, 2025.
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.
During the second quarter of 2025, the Company entered into at-the-market equity offering programs to facilitate capital market activities for customers. These programs involve the concurrent short sale of an equity security and the execution of a forward purchase contract for the same equity security. The forward purchase contract economically hedges the Company’s short sale position and will be closed against such position when a program concludes. Changes in fair value related to the forward purchase contracts are reported in Capital markets fees 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.
Citizens Financial Group, Inc. | 66

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)2025202420252024
Economic hedge type:
Customer interest rate contracts($17)$474 $218 ($209)Foreign exchange and derivative products
Derivatives hedging interest rate risk29 (467)(190)233 Foreign exchange and derivative products
Customer foreign exchange contracts(72)151 345 18 Foreign exchange and derivative products
Derivatives hedging foreign exchange risk107 (195)(423)(13)Foreign exchange and derivative products
Customer commodity contracts(122)(193)(81)(126)Foreign exchange and derivative products
Derivatives hedging commodity price risk125 198 96 141 Foreign exchange and derivative products
Residential loan commitments4 9 13 2 Mortgage banking fees
Derivatives hedging residential loan commitments and mortgage loans held for sale, at fair value
(14)(24)(28)(15)Mortgage banking fees
Derivative contracts used to hedge residential MSRs(1)47 26 (9)Mortgage banking fees
Derivative contracts used to hedge equity price risk
4 — 15 — 
Capital markets fees
Total$43 $— ($9)$22 
Citizens Financial Group, Inc. | 67

NOTE 9 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table summarizes the components of the Company’s OCI:
(dollars in millions)
Pre-tax
Tax Effect
After-tax
Three Months Ended September 30, 2025
Net unrealized gains (losses) on cash flow hedges arising during the period
($21)$5 ($16)
Reclassification of net (gains) losses on cash flow hedges to earnings
197 (53)144 
Net unrealized gains (losses) on cash flow hedges
176 (48)128 
Net unrealized gains (losses) on AFS securities arising during the period
300 (77)223 
Reclassification of net (gains) losses on investment securities to earnings
24 (6)18 
Net unrealized gains (losses) on investment securities
324 (83)241 
Net actuarial gain (loss) arising during the period
— — — 
Amortization of actuarial (gain) loss to earnings
4 (1)3 
Defined benefit plans
4 (1)3 
Total other comprehensive income (loss)
$504 ($132)$372 
Three Months Ended September 30, 2024
Net unrealized gains (losses) on cash flow hedges arising during the period
$613 ($163)$450 
Reclassification of net (gains) losses on cash flow hedges to earnings
276 (73)203 
Net unrealized gains (losses) on cash flow hedges
889 (236)653 
Net unrealized gains (losses) on AFS securities arising during the period
720 (179)541 
Reclassification of net (gains) losses on investment securities to earnings
18 (5)13 
Net unrealized gains (losses) on investment securities
738 (184)554 
Net actuarial gain (loss) arising during the period
— — — 
Amortization of actuarial (gain) loss to earnings
3 (1)2 
Defined benefit plans
3 (1)2 
Total other comprehensive income (loss)
$1,630 ($421)$1,209 
Nine Months Ended September 30, 2025
Net unrealized gains (losses) on cash flow hedges arising during the period
$376 ($101)$275 
Reclassification of net (gains) losses on cash flow hedges to earnings
597 (160)437 
Net unrealized gains (losses) on cash flow hedges
973 (261)712 
Net unrealized gains (losses) on AFS securities arising during the period
753 (192)561 
Reclassification of net (gains) losses on investment securities to earnings
64 (16)48 
Net unrealized gains (losses) on investment securities
817 (208)609 
Net actuarial gain (loss) arising during the period
— — — 
Amortization of actuarial (gain) loss to earnings
10 (3)7 
Defined benefit plans
10 (3)7 
Total other comprehensive income (loss)
$1,800 ($472)$1,328 
Nine Months Ended September 30, 2024
Net unrealized gains (losses) on cash flow hedges arising during the period
($114)$30 ($84)
Reclassification of net (gains) losses on cash flow hedges to earnings
711 (189)522 
Net unrealized gains (losses) on cash flow hedges
597 (159)438 
Net unrealized gains (losses) on AFS securities arising during the period
453 (114)339 
Reclassification of net (gains) losses on investment securities to earnings
56 (14)42 
Net unrealized gains (losses) on investment securities
509 (128)381 
Net actuarial gain (loss) arising during the period
5 (1)4 
Amortization of actuarial (gain) loss to earnings
12 (3)9 
Defined benefit plans
17 (4)13 
Total other comprehensive income (loss)
$1,123 ($291)$832 
Citizens Financial Group, Inc. | 68

The following table summarizes the activity in each component of AOCI, net of income taxes:
(dollars in millions)
Net Unrealized Gains (Losses) on Cash Flow Hedges
Net Unrealized Gains (Losses) on Investment Securities
Defined Benefit Plans
Total AOCI
Three Months Ended September 30, 2025
Balance at July 1, 2025($341)($2,001)($297)($2,639)
Other comprehensive income (loss) before reclassifications(16)223 — 207 
Amounts reclassified from AOCI to earnings
144 18 3 165 
Total other comprehensive income (loss)
128 241 3 372 
Balance at September 30, 2025($213)($1,760)($294)($2,267)
Three Months Ended September 30, 2024
Balance at July 1, 2024($1,302)($2,511)($322)($4,135)
Other comprehensive income (loss) before reclassifications450 541 — 991 
Amounts reclassified from AOCI to earnings
203 13 2 218 
Total other comprehensive income (loss)
653 554 2 1,209 
Balance at September 30, 2024($649)($1,957)($320)($2,926)
Nine Months Ended September 30, 2025
Balance at January 1, 2025($925)($2,369)($301)($3,595)
Other comprehensive income (loss) before reclassifications275 561 — 836 
Amounts reclassified from AOCI to earnings
437 48 7 492 
Total other comprehensive income (loss)
712 609 7 1,328 
Balance at September 30, 2025($213)($1,760)($294)($2,267)
Nine Months Ended September 30, 2024
Balance at January 1, 2024($1,087)($2,338)($333)($3,758)
Other comprehensive income (loss) before reclassifications(84)339 4 259 
Amounts reclassified from AOCI to earnings
522 42 9 573 
Total 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 AOCINet 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, 2025December 31, 2024
(dollars in millions, except per share data)Liquidation value per sharePreferred SharesCarrying AmountPreferred SharesCarrying Amount
Authorized ($25 par value per share)
100,000,000 100,000,000 
Issued and outstanding:
Series B$1,000 300,000 $296 300,000 $296 
Series C1,000 300,000 297 300,000 297 
Series E1,000 
(1)
450,000 
(2)
437 450,000 437 
Series F1,000 — — 400,000 395 
Series G1,000 300,000 296 300,000 296 
Series H
1,000 
(1)
400,000 
(3)
392 400,000 392 
Series I
1,000 
(1)
400,000 
(4)
393 — — 
Total2,150,000 $2,111 2,150,000 $2,113 
(1) Equivalent to $25 per depositary share.
(2) Represented by 18,000,000 depositary shares each representing a 1/40th interest in the Series E Preferred Stock.
(3) Represented by 16,000,000 depositary shares each representing a 1/40th interest in the Series H Preferred Stock.
(4) Represented by 16,000,000 depositary shares each representing a 1/40th interest in the Series I Preferred Stock.
Citizens Financial Group, Inc. | 69

On July 31, 2025, the Company issued $400 million, or 400,000 shares, of 6.500% fixed-rate reset non-cumulative perpetual Series I Preferred Stock, par value of $25 per share with a liquidation preference of $1,000 per share (the “Series I Preferred Stock”). As a result of this issuance, the Company received net proceeds of $393 million after underwriting fees and other expenses. The Series I Preferred Stock has no stated maturity and will not be subject to any sinking fund or other obligation of the Company. The Series I Preferred Stock is redeemable at the Company’s option, in whole or in part, on any dividend payment date on or after October 6, 2030 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 I 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 I Preferred Stock do not have any voting rights.
In September 2025, the Company provided notice of its intent to redeem all outstanding shares of the 5.650% fixed-rate reset non-cumulative perpetual Series F Preferred Stock on October 6, 2025. Upon providing notice, the Series F Preferred Stock was reclassified from Preferred stock to Other liabilities in the Consolidated Balance Sheets. On October 6, 2025, the Company redeemed all outstanding shares of the Series F Preferred Stock at a redemption price of $1,000 per share.
For further detail regarding the terms and conditions of the Company’s preferred stock, see Note 17 in the Company’s 2024 Form 10-K.
Dividends
The following tables summarize the Company’s common and preferred stock dividend activity:
Three Months Ended September 30, 2025Three Months Ended September 30, 2024
(dollars in millions, except per share data)Dividends Declared per ShareDividends DeclaredDividends PaidDividends Declared per ShareDividends DeclaredDividends Paid
Common stock$0.42 $184 $184 $0.42 $190 $190 
Preferred stock
Series B$19.07 $5 $5 $21.68 $6 $7 
Series C19.46 5 6 22.07 6 6 
Series D— — — — — 7 
Series E12.50 6 6 12.50 6 6 
Series F14.13 6 6 14.13 6 6 
Series G10.00 3 3 10.00 3 3 
Series H18.43 7 7 27.25 11 — 
Total preferred stock$32 $33 $38 $35 
Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024
(dollars in millions, except per share data)Dividends Declared per ShareDividends DeclaredDividends PaidDividends Declared per ShareDividends DeclaredDividends Paid
Common stock$1.26 $555 $555 $1.26 $581 $581 
Preferred stock
Series B$57.26 $17 $17 $65.06 $19 $20 
Series C58.43 17 18 60.54 18 16 
Series D— — — 39.66 12 17 
Series E37.50 17 17 37.50 17 17 
Series F42.38 17 17 42.38 17 17 
Series G30.00 9 9 30.00 9 9 
Series H55.31 22 22 27.25 11 — 
Total preferred stock$99 $100 $103 $96 
Treasury Stock
During the nine months ended September 30, 2025 and 2024, the Company repurchased $475 million, or 11,129,200 shares, and $825 million, or 23,006,560 shares, respectively, of its outstanding common stock, which are held in treasury stock.
Citizens Financial Group, Inc. | 70

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 2024 Form 10-K.
(dollars in millions)September 30, 2025December 31, 2024
Commitments to extend credit$100,650 $93,460 
Letters of credit1,901 1,845 
Loans sold with recourse89 93 
Risk participation agreements29 1 
Other commitments
11 14 
Total$102,680 $95,413 
Commitments to Extend Credit
Commitments to extend credit are agreements to lend to customers in accordance with conditions contractually agreed upon in advance. These commitments generally have fixed expiration dates or termination clauses and may require payment of a fee. Since many of these commitments are expected to expire without being drawn upon, the contract amounts are not necessarily indicative of future cash requirements.
Letters of Credit
Letters of credit in the table above reflect commercial, standby financial, and standby performance letters of credit. Financial and performance standby letters of credit are issued by the Company for the benefit of its customers. They are used as conditional guarantees of payment to a third party in the event the customer either fails to make specific payments (financial) or fails to complete a specific project (performance). The Company’s exposure to credit loss in the event of counterparty nonperformance in connection with the above instruments is represented by the contractual amount of those instruments. Letters of credit are generally secured, with collateral including, but not limited to, cash, accounts receivable, inventory, or investment securities. Credit risk associated with letters of credit is considered in determining the appropriate amount of the allowance for unfunded commitments. Standby and commercial letters of credit are issued for terms of up to two years and one year, respectively.
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, 2025, the remaining terms on these RPAs ranged from less than one year to ten years.
Contingencies
The Company operates in a legal and regulatory environment that exposes it to potentially significant risks. A certain amount of litigation ordinarily results from the nature of the Company’s banking and other businesses. The Company is a party to legal proceedings, including class actions. The Company is also the subject of investigations, reviews, subpoenas, and regulatory matters arising out of its normal business operations which, in some instances, relate to concerns about fair lending, unfair and/or deceptive practices, and mortgage-related issues. In addition, the Company engages in discussions with relevant governmental and regulatory authorities on a regular and ongoing basis regarding various issues, and any issues discussed or identified may result in investigatory or other action being taken. Litigation and regulatory matters may result in settlements, damages, fines, penalties, public or private censure, increased costs, required remediation, restrictions on business activities, or other impacts on the Company.
Citizens Financial Group, Inc. | 71

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 resolved. Moreover, before liability can be reasonably estimated for a claim, numerous legal and factual issues may need to be examined, including through potentially lengthy discovery and determination of important factual matters, and by addressing novel or unsettled legal issues relevant to the proceedings in question. The Company cannot predict with certainty if, how, or when such claims will be resolved or what the eventual settlement, fine, penalty, or other relief, if any, may be, particularly for claims that are at an early stage in their development or where claimants seek substantial or indeterminate damages. The Company recognizes a provision for a claim when, in the opinion of management after seeking legal advice, it is probable that a liability exists and the amount of loss can be reasonably estimated. In many proceedings, however, it is not possible to determine whether any loss is probable or to estimate the amount of any loss.
Based on information currently available, the advice of legal counsel and other advisers, and established reserves, management believes that the aggregate liabilities, if any, potentially arising from these proceedings will not have a materially adverse effect on the Company’s unaudited interim Consolidated Financial Statements.
NOTE 12 - FAIR VALUE MEASUREMENTS
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 disclosures in this Note related to assets and liabilities that are not required to be reported at fair value in the financial statements.
For more information on the measurement of fair value for the Company’s assets and liabilities, including the election of the fair value option and valuation techniques utilized to measure fair value on a recurring and nonrecurring basis, see Note 20 in the Company’s 2024 Form 10-K.
Fair Value Option
The Company has elected to account for residential mortgage LHFS and certain commercial 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, 2025December 31, 2024
(dollars in millions)Aggregate Fair ValueAggregate Unpaid PrincipalAggregate Fair Value Greater (Less) Than Aggregate Unpaid PrincipalAggregate Fair ValueAggregate Unpaid PrincipalAggregate Fair Value Greater (Less) Than Aggregate Unpaid Principal
Residential mortgage loans held for sale
$592 $573 $19 $633 $625 $8 
Commercial loans held for sale
176 186 (10)192 199 (7)
Citizens Financial Group, Inc. | 72

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. The following table presents assets and liabilities measured at fair value, including gross derivative assets and liabilities, on a recurring basis at September 30, 2025:
(dollars in millions)TotalLevel 1Level 2Level 3
Debt securities available for sale:
Mortgage-backed securities$30,814 $— $30,814 $— 
Collateralized loan obligations90 — 90 — 
State and political subdivisions1 — 1 — 
U.S. Treasury and other4,514 4,514 — — 
Total debt securities available for sale35,419 4,514 30,905 — 
Loans held for sale:
Residential loans held for sale
592 — 592 — 
Commercial loans held for sale
176 — 176 — 
Total loans held for sale, at fair value
768 — 768 — 
Mortgage servicing rights1,430 — — 1,430 
Derivative assets:
Interest rate contracts492 — 492 — 
Foreign exchange contracts563 — 563 — 
Commodities contracts438 — 438 — 
TBA contracts7 — 7 — 
Other contracts23 — 15 8 
Total derivative assets1,523 — 1,515 8 
Equity securities, at fair value(1)
224 224 — — 
Short-term investments
73 30 43 — 
Total assets$39,437 $4,768 $33,231 $1,438 
Derivative liabilities:
Interest rate contracts$489 $— $489 $— 
Foreign exchange contracts399 — 399 — 
Commodities contracts381 — 381 — 
TBA contracts13 — 13 — 
Other contracts4 — — 4 
Total derivative liabilities1,286 — 1,282 4 
Short-term borrowed funds
213 203 10 — 
Other liabilities
162 — 162 — 
Total liabilities$1,661 $203 $1,454 $4 
(1) Excludes investments of $62 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 $17 million at September 30, 2025, which may be called at any time during prescribed time periods. The credit exposure is generally limited to the carrying amount of investments made and unfunded capital commitments.
Citizens Financial Group, Inc. | 73

The following table presents assets and liabilities measured at fair value, including gross derivative assets and liabilities, on a recurring basis at December 31, 2024:
(dollars in millions)TotalLevel 1Level 2Level 3
Debt securities available for sale:
Mortgage-backed securities$29,055 $— $29,055 $— 
Collateralized loan obligations184 — 184 — 
State and political subdivisions1 — 1 — 
U.S. Treasury and other3,525 3,525 — — 
Total debt securities available for sale32,765 3,525 29,240 — 
Loans held for sale:
Residential loans held for sale
633 — 633 — 
Commercial loans held for sale
192 — 192 — 
Total loans held for sale, at fair value
825 — 825 — 
Mortgage servicing rights1,491 — — 1,491 
Derivative assets:
Interest rate contracts562 — 562 — 
Foreign exchange contracts472 — 472 — 
Commodities contracts429 — 429 — 
TBA contracts10 — 10 — 
Other contracts3 — — 3 
Total derivative assets1,476 — 1,473 3 
Equity securities, at fair value(1)
162 162 — — 
Short-term investments
53 40 13 — 
Total assets$36,772 $3,727 $31,551 $1,494 
Derivative liabilities:
Interest rate contracts$910 $— $910 $— 
Foreign exchange contracts411 — 411 — 
Commodities contracts379 — 379 — 
TBA contracts8 — 8 — 
Other contracts2 — — 2 
Total derivative liabilities1,710 — 1,708 2 
Short-term borrowed funds
— — — — 
Other liabilities
101 — 101 — 
Total liabilities$1,811 $— $1,809 $2 
(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 December 31, 2024, which may be called at any time during prescribed time periods. The credit exposure is generally limited to the carrying amount of investments made and unfunded capital commitments.
Citizens Financial Group, Inc. | 74

The following tables present a roll forward of assets and liabilities measured at fair value on a recurring basis and classified as Level 3:
Three Months Ended September 30, 2025Nine Months Ended September 30, 2025
(dollars in millions)Mortgage Servicing RightsOther Derivative ContractsMortgage Servicing RightsOther Derivative Contracts
Beginning balance$1,426 $15 $1,491 $1 
Issuances42 21 117 55 
Sales(1)
— — (72)— 
Settlements(2)
(41)(33)(120)(60)
Changes in fair value recognized in earnings(3)
3 1 14 8 
Ending balance$1,430 $4 $1,430 $4 
Three Months Ended September 30, 2024Nine Months Ended September 30, 2024
(dollars in millions)Mortgage Servicing RightsOther Derivative ContractsMortgage Servicing RightsOther Derivative Contracts
Beginning balance$1,568 $6 $1,552 $7 
Issuances28 18 71 47 
Settlements(2)
(46)(27)(135)(50)
Changes in fair value recognized in earnings(3)
(49)— 13 (7)
Ending balance$1,501 ($3)$1,501 ($3)
(1) For MSRs, represents the sale of the excess servicing yield on MSRs.
(2) For MSRs, represents changes in value of the MSRs due to i) the 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 and other cash payments.
(3) Represents changes in fair 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:
September 30, 2025December 31, 2024
Financial Instrument(1)
Valuation TechniqueUnobservable InputRange (Weighted Average)Range (Weighted Average)
Mortgage servicing rightsDiscounted Cash FlowConstant prepayment rate
5.86-14.80% CPR (7.10% CPR)
5.08-16.32% CPR (6.70% CPR)
Option adjusted spread
398-1,058 bps (608 bps)
398-1,058 bps (632 bps)
Other derivative contractsInternal ModelPull through rate
8.15-99.89% (83.07%)
5.09-99.90% (83.06%)
MSR value
42.30-171.00 bps (124.76 bps)
23.91-171.64 bps (121.23 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. 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)2025202420252024
Collateral-dependent loans ($39)($36)($124)($156)

The following table presents assets measured at fair value on a nonrecurring basis:
September 30, 2025December 31, 2024
(dollars in millions)TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Collateral-dependent loans $677 $— $677 $— $979 $— $979 $— 
Citizens Financial Group, Inc. | 75

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, 2025
TotalLevel 1Level 2Level 3
(dollars in millions)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair ValueCarrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Financial assets(1):
Debt securities held to maturity$8,124 $7,295 $— $— $7,767 $6,938 $357 $357 
Loans held for sale
566 566 — — — — 566 566 
Net loans and leases138,898 138,627 — — 677 677 138,221 137,950 
Other assets710 710 — — 689 689 21 21 
Financial liabilities:
Deposits180,011 179,967 — — 180,011 179,967 — — 
Short-term borrowed funds1 1 — — 1 1 — — 
Long-term borrowed funds10,441 10,649 — — 10,441 10,649 — — 
December 31, 2024
TotalLevel 1Level 2Level 3
(dollars in millions)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair ValueCarrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Financial assets(1):
Debt securities held to maturity $8,599 $7,540 $— $— $8,187 $7,136 $412 $404 
Loans held for sale
33 33 — — — — 33 33 
Net loans and leases137,142 136,293 — — 979 979 136,163 135,314 
Other assets710 710 — — 689 689 21 21 
Financial liabilities:
Deposits174,776 174,651 — — 174,776 174,651 — — 
Long-term borrowed funds12,401 12,247 — — 12,401 12,247 — — 
(1) Excludes cash-related financial instruments not recorded at fair value in the Consolidated Balance Sheets with a carrying value and estimated fair value of $12.3 billion and $11.2 billion at September 30, 2025 and December 31, 2024, respectively.
NOTE 13 - NONINTEREST INCOME
A portion of the Company’s noninterest income relates to certain fee-based revenue earned from contracts with customers based on the amount of consideration expected to be received upon the transfer of control of a good or service. For a description of the components of revenue from contracts with customers and how each component is recognized for the principal products and services of the Company’s business segments, see Note 21 in the Company’s 2024 Form 10-K.
The following tables present noninterest income segregated by revenue from contracts with customers and revenue from other sources, disaggregated by business segment. Revenue from other sources primarily includes income from letter of credit and loan fees, foreign exchange and derivative products, and mortgage banking fees.
Three Months Ended September 30, 2025
(dollars in millions)Consumer BankingCommercial Banking
Non-Core
OtherConsolidated
Service charges and fees$78 $33 $— $— $111 
Card fees73 12 — — 85 
Capital markets fees— 158 — — 158 
Wealth fees
93 — — — 93 
Other banking fees1 4 — — 5 
Total revenue from contracts with customers$245 $207 $— $— $452 
Total revenue from other sources(1)
66 79 4 29 178 
Total noninterest income$311 $286 $4 $29 $630 
Citizens Financial Group, Inc. | 76

Three Months Ended September 30, 2024
(dollars in millions)Consumer BankingCommercial Banking
Non-Core
Other
Consolidated
Service charges and fees$75 $34 $— $— $109 
Card fees73 12 — 6 91 
Capital markets fees— 88 — — 88 
Wealth fees
76 — — — 76 
Other banking fees1 2 — — 3 
Total revenue from contracts with customers$225 $136 $— $6 $367 
Total revenue from other sources(1)
60 71 — 34 165 
Total noninterest income$285 $207 $— $40 $532 
Nine Months Ended September 30, 2025
(dollars in millions)Consumer BankingCommercial Banking
Non-Core
OtherConsolidated
Service charges and fees$229 $101 $— $— $330 
Card fees214 38 — — 252 
Capital markets fees— 348 — — 348 
Wealth fees
262 — — — 262 
Other banking fees2 8 — — 10 
Total revenue from contracts with customers$707 $495 $— $— $1,202 
Total revenue from other sources(1)
230 238 7 97 572 
Total noninterest income$937 $733 $7 $97 $1,774 
Nine Months Ended September 30, 2024
(dollars in millions)Consumer BankingCommercial Banking
Non-Core
OtherConsolidated
Service charges and fees$213 $97 $— $— $310 
Card fees213 40 — 13 266 
Capital markets fees— 330 — — 330 
Wealth fees
219 — — — 219 
Other banking fees2 8 — 1 11 
Total revenue from contracts with customers$647 $475 $— $14 $1,136 
Total revenue from other sources(1)
173 201 — 92 466 
Total noninterest income$820 $676 $— $106 $1,602 
(1) Includes bank-owned life insurance income of $30 million and $26 million for the three months ended September 30, 2025 and 2024, respectively, and $85 million and $80 million for the nine months ended September 30, 2025 and 2024, respectively.
For the three months ended September 30, 2025 and 2024, the Company recognized trailing commissions of $4 million related to previous investment sales. For the nine months ended September 30, 2025 and 2024, the Company recognized $12 million and $11 million, respectively.
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)2025202420252024
Marketing$44 $40 $129 $124 
Deposit insurance(1)
32 40 108 162 
Other90 84 254 269 
Other operating expense$166 $164 $491 $555 
(1) Includes an industry-wide FDIC special assessment of $40 million for the nine months ended September 30, 2024.
Citizens Financial Group, Inc. | 77

NOTE 15 - EARNINGS PER SHARE
Basic EPS is the amount of earnings, adjusted for preferred stock dividends and the impact of issuance costs associated with preferred stock redemptions, available to each share of common stock outstanding during the reporting period. Diluted EPS is the amount of earnings available to each share of common stock outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares, which include incremental shares issued for share-based payment awards. Potentially dilutive common shares are excluded from the computation of diluted EPS in periods in which the effect would be antidilutive.
The following table presents the calculation of basic and diluted EPS:
Three Months Ended September 30,Nine Months Ended September 30,
(dollars in millions, except per share data)2025202420252024
Numerator (basic and diluted):
Net income$494 $382 $1,303 $1,108 
Less: Preferred stock dividends32 38 99 103 
Less: Impact of preferred stock redemption
5 — 5 — 
Net income available to common stockholders$457 $344 $1,199 $1,005 
Denominator:
Weighted-average common shares outstanding - basic431,365,552 446,561,996 434,416,696 453,993,833 
Dilutive common shares: share-based awards4,106,798 3,351,471 3,498,900 2,467,497 
Weighted-average common shares outstanding - diluted435,472,350 449,913,467 437,915,596 456,461,330 
Earnings per common share:
Basic$1.06 $0.77 $2.76 $2.21 
Diluted(1)
1.05 0.77 2.74 2.20 
(1) Excluded from the computation of diluted EPS were weighted-average antidilutive shares totaling 3,454 and 141,698 for the three months ended September 30, 2025 and 2024, respectively, and 16,910 and 409,167 for the nine months ended September 30, 2025 and 2024, respectively.
NOTE 16 - BUSINESS SEGMENTS
The Company is managed by its CODM, the Chief Executive Officer, on a segment basis. The Company’s three reportable business segments are Consumer Banking, Commercial Banking, and Non-Core. The business segments are determined based on the products and services provided, or the type of customer served. Each business 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 segments reflect this management structure and the manner in which financial information is currently evaluated by the Chief Executive Officer.
The CODM utilizes segment pretax profit or loss as the primary measure to allocate resources to the Company’s business segments during the annual budgeting and forecasting process. This measure is also used to assess the performance of each segment, with a focus on monitoring net interest income, noninterest income, and noninterest expense. To ensure effective oversight, the CODM participates in monthly business review meetings, where budget- and forecast-to-actual variances for pretax profit or loss and its components are analyzed. These evaluations inform the CODM’s decisions regarding the allocation of capital and resources across the business segments, ensuring alignment with the Company’s strategic objectives.
Developing and applying methodologies used to allocate items among the business 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 segments, as well as Other non-segment operations, see Note 26 in the Company’s 2024 Form 10-K.
Citizens Financial Group, Inc. | 78

The following tables present certain financial data of the Company’s business segments:
Three Months Ended September 30, 2025
(dollars in millions)Consumer BankingCommercial Banking
Non-Core
OtherConsolidated
Net interest income$1,262 $448 ($7)($215)$1,488 
Noninterest income311 286 4 29 630 
Total revenue1,573 734 (3)(186)2,118 
Direct expenses(1)(2)
692 223 1 419 1,335 
Indirect expenses(3)
287 110 11 (408)— 
Noninterest expense979 333 12 11 1,335 
Profit (loss) before provision (benefit) for credit losses594 401 (15)(197)783 
Provision (benefit) for credit losses81 78 4 (9)154 
Income (loss) before income tax expense (benefit)513 323 (19)(188)629 
Income tax expense (benefit)130 75 (5)(65)135 
Net income (loss)$383 $248 ($14)($123)$494 
Total average assets$80,729 $66,134 $4,000 $68,254 $219,117 
(1) Represents operating expenses incurred by the business segments and primarily includes salaries and employee benefits, equipment and software, outside services, and occupancy.
(2) Includes depreciation and amortization of $30 million, $5 million, and $77 million, respectively, for the Consumer Banking, Commercial Banking and Other business segments.
(3) Represents allocated corporate overhead from support functions such as information technology, finance, risk, and human resources.
Three Months Ended September 30, 2024
(dollars in millions)Consumer BankingCommercial Banking
Non-Core
OtherConsolidated
Net interest income$1,156 $478 ($28)($237)$1,369 
Noninterest income285 207 — 40 532 
Total revenue 1,441 685 (28)(197)1,901 
Direct expenses(1)(2)
586 205 1 467 1,259 
Indirect expenses(3)
330 95 22 (447)— 
Noninterest expense916 300 23 20 1,259 
Profit (loss) before provision (benefit) for credit losses525 385 (51)(217)642 
Provision (benefit) for credit losses84 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 
(1) Represents operating expenses incurred by the business segments and primarily includes salaries and employee benefits, equipment and software, outside services, and occupancy.
(2) Includes depreciation and amortization of $29 million, $6 million, and $79 million, respectively, for the Consumer Banking, Commercial Banking and Other business segments.
(3) Represents allocated corporate overhead from support functions such as information technology, finance, risk, and human resources.
Citizens Financial Group, Inc. | 79

Nine Months Ended September 30, 2025
(dollars in millions)Consumer BankingCommercial Banking
Non-Core
OtherConsolidated
Net interest income$3,673 $1,328 ($27)($658)$4,316 
Noninterest income937 733 7 97 1,774 
Total revenue4,610 2,061 (20)(561)6,090 
Direct expenses(1)(2)
2,040 660 2 1,266 3,968 
Indirect expenses(3)
856 317 41 (1,214)— 
Noninterest expense2,896 977 43 52 3,968 
Profit (loss) before provision (benefit) for credit losses1,714 1,084 (63)(613)2,122 
Provision (benefit) for credit losses248 239 43 (59)471 
Income (loss) before income tax expense (benefit)1,466 845 (106)(554)1,651 
Income tax expense (benefit)371 195 (27)(191)348 
Net income (loss)$1,095 $650 ($79)($363)$1,303 
Total average assets$79,040 $65,931 $5,241 $67,494 $217,706 
(1) Represents operating expenses incurred by the business segments and primarily includes salaries and employee benefits, equipment and software, outside services, and occupancy.
(2) Includes depreciation and amortization of $92 million, $15 million, and $230 million, respectively, for the Consumer Banking, Commercial Banking and Other business segments.
(3) Represents allocated corporate overhead from support functions such as information technology, finance, risk, and human resources.
Nine Months Ended September 30, 2024
(dollars in millions)Consumer BankingCommercial Banking
Non-Core
OtherConsolidated
Net interest income$3,369 $1,486 ($96)($538)$4,221 
Noninterest income820 676 — 106 1,602 
Total revenue 4,189 2,162 (96)(432)5,823 
Direct expenses(1)(2)
1,728 626 3 1,561 3,918 
Indirect expenses(3)
1,006 302 71 (1,379)— 
Noninterest expense2,734 928 74 182 3,918 
Profit (loss) before provision (benefit) for credit losses1,455 1,234 (170)(614)1,905 
Provision (benefit) for credit losses249 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 
(1) Represents operating expenses incurred by the business segments and primarily includes salaries and employee benefits, equipment and software, outside services, and occupancy.
(2) Includes depreciation and amortization of $84 million, $21 million, and $233 million, respectively, for the Consumer Banking, Commercial Banking and Other business segments.
(3) Represents allocated corporate overhead from support functions such as information technology, finance, risk, and human resources.
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.
Citizens Financial Group, Inc. | 80

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 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. 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 2024 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, 2025 are included below:
Period
Total Number of Shares Repurchased
Average Price Paid Per Share
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)
Maximum Dollar Amount of Shares That May Yet Be Purchased as Part of Publicly Announced Plans or Programs(1)
July 1, 2025 - July 31, 20251,424,581$49.461,424,581$1,429,533,677
August 1, 2025 - August 31, 2025—$——$1,429,533,677
September 1, 2025 - September 30, 202591,655$49.4691,655$1,425,000,000
(1) On June 13, 2025, the Company announced that its Board of Directors increased the capacity under its common share repurchase program to $1.5 billion, an increase of $1.2 billion above the $300 million of capacity remaining under the prior June 2024 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, balance sheet growth, market conditions, and regulatory considerations.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
Citizens Financial Group, Inc. | 81

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 October 6, 2025 (incorporated herein by reference to Exhibit 3.2 of the Current Report on Form 8-K, filed October 6, 2025)

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

10.1 Executive Employment Agreement, dated August 6, 2025, between the Registrant and Aunoy Banerjee†*

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, 2025, formatted in inline XBRL: (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Stockholders’ Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to Consolidated Financial Statements*

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

† Indicates management contract or compensatory plan or arrangement.
* Filed herewith.
Citizens Financial Group, Inc. | 82

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on November 3, 2025.

CITIZENS FINANCIAL GROUP, INC.
(Registrant)
By:/s/ Christopher J. Schnirel
Name: Christopher J. Schnirel
Title: Executive Vice President, Chief Accounting Officer and Controller
(Principal Accounting Officer)

Citizens Financial Group, Inc. | 83

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