0000759944 false 2025 Q1 CITIZENS FINANCIAL GROUP INC/RI 12-31 0.025 0.025 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure cfg:segment 0000759944 2025-01-01 2025-03-31 0000759944 us-gaap:CommonStockMember 2025-01-01 2025-03-31 0000759944 us-gaap:SeriesEPreferredStockMember 2025-01-01 2025-03-31 0000759944 us-gaap:SeriesHPreferredStockMember 2025-01-01 2025-03-31 0000759944 2025-04-25 0000759944 2025-03-31 0000759944 2024-12-31 0000759944 us-gaap:AssetPledgedAsCollateralMember 2025-03-31 0000759944 us-gaap:AssetPledgedAsCollateralMember 2024-12-31 0000759944 2024-01-01 2024-03-31 0000759944 us-gaap:PreferredStockMember 2023-12-31 0000759944 us-gaap:CommonStockMember 2023-12-31 0000759944 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0000759944 us-gaap:RetainedEarningsMember 2023-12-31 0000759944 us-gaap:TreasuryStockCommonMember 2023-12-31 0000759944 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0000759944 2023-12-31 0000759944 us-gaap:RetainedEarningsMember 2024-01-01 2024-03-31 0000759944 us-gaap:CommonStockMember 2024-01-01 2024-03-31 0000759944 us-gaap:TreasuryStockCommonMember 2024-01-01 2024-03-31 0000759944 us-gaap:AdditionalPaidInCapitalMember 2024-01-01 2024-03-31 0000759944 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-03-31 0000759944 us-gaap:PreferredStockMember 2024-03-31 0000759944 us-gaap:CommonStockMember 2024-03-31 0000759944 us-gaap:AdditionalPaidInCapitalMember 2024-03-31 0000759944 us-gaap:RetainedEarningsMember 2024-03-31 0000759944 us-gaap:TreasuryStockCommonMember 2024-03-31 0000759944 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-03-31 0000759944 2024-03-31 0000759944 us-gaap:PreferredStockMember 2024-12-31 0000759944 us-gaap:CommonStockMember 2024-12-31 0000759944 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0000759944 us-gaap:RetainedEarningsMember 2024-12-31 0000759944 us-gaap:TreasuryStockCommonMember 2024-12-31 0000759944 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0000759944 us-gaap:RetainedEarningsMember 2025-01-01 2025-03-31 0000759944 us-gaap:CommonStockMember 2025-01-01 2025-03-31 0000759944 us-gaap:TreasuryStockCommonMember 2025-01-01 2025-03-31 0000759944 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-03-31 0000759944 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-03-31 0000759944 us-gaap:PreferredStockMember 2025-03-31 0000759944 us-gaap:CommonStockMember 2025-03-31 0000759944 us-gaap:AdditionalPaidInCapitalMember 2025-03-31 0000759944 us-gaap:RetainedEarningsMember 2025-03-31 0000759944 us-gaap:TreasuryStockCommonMember 2025-03-31 0000759944 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-03-31 0000759944 us-gaap:USTreasuryAndGovernmentMember 2025-03-31 0000759944 us-gaap:USTreasuryAndGovernmentMember 2024-12-31 0000759944 us-gaap:USStatesAndPoliticalSubdivisionsMember 2025-03-31 0000759944 us-gaap:USStatesAndPoliticalSubdivisionsMember 2024-12-31 0000759944 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2025-03-31 0000759944 us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember 2024-12-31 0000759944 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember 2025-03-31 0000759944 us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember 2024-12-31 0000759944 us-gaap:MortgageBackedSecuritiesMember 2025-03-31 0000759944 us-gaap:MortgageBackedSecuritiesMember 2024-12-31 0000759944 us-gaap:CollateralizedDebtObligationsMember 2025-03-31 0000759944 us-gaap:CollateralizedDebtObligationsMember 2024-12-31 0000759944 us-gaap:DebtSecuritiesMember 2025-03-31 0000759944 us-gaap:DebtSecuritiesMember 2024-12-31 0000759944 us-gaap:AssetBackedSecuritiesMember 2025-03-31 0000759944 us-gaap:AssetBackedSecuritiesMember 2024-12-31 0000759944 us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember 2025-03-31 0000759944 us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember 2024-12-31 0000759944 us-gaap:CommercialLoanMember us-gaap:CommercialPortfolioSegmentMember 2025-03-31 0000759944 us-gaap:CommercialLoanMember us-gaap:CommercialPortfolioSegmentMember 2024-12-31 0000759944 us-gaap:CommercialRealEstateMember us-gaap:CommercialPortfolioSegmentMember 2025-03-31 0000759944 us-gaap:CommercialRealEstateMember us-gaap:CommercialPortfolioSegmentMember 2024-12-31 0000759944 us-gaap:CommercialPortfolioSegmentMember 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember 2024-12-31 0000759944 us-gaap:ResidentialMortgageMember us-gaap:ConsumerPortfolioSegmentMember 2025-03-31 0000759944 us-gaap:ResidentialMortgageMember us-gaap:ConsumerPortfolioSegmentMember 2024-12-31 0000759944 cfg:HomeEquityLoanAndLineOfCreditMember us-gaap:ConsumerPortfolioSegmentMember 2025-03-31 0000759944 cfg:HomeEquityLoanAndLineOfCreditMember us-gaap:ConsumerPortfolioSegmentMember 2024-12-31 0000759944 us-gaap:AutomobileLoanMember us-gaap:ConsumerPortfolioSegmentMember 2025-03-31 0000759944 us-gaap:AutomobileLoanMember us-gaap:ConsumerPortfolioSegmentMember 2024-12-31 0000759944 us-gaap:StudentLoanMember us-gaap:ConsumerPortfolioSegmentMember 2025-03-31 0000759944 us-gaap:StudentLoanMember us-gaap:ConsumerPortfolioSegmentMember 2024-12-31 0000759944 cfg:ConsumerOtherRetailMember us-gaap:ConsumerPortfolioSegmentMember 2025-03-31 0000759944 cfg:ConsumerOtherRetailMember us-gaap:ConsumerPortfolioSegmentMember 2024-12-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember 2024-12-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember us-gaap:FederalHomeLoanBankAdvancesMember 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember us-gaap:FederalHomeLoanBankAdvancesMember 2024-12-31 0000759944 cfg:ConsumerAndCommercialPortfolioSegmentMember cfg:EducationCommercialAndIndustrialCommercialRealEstateLoansMember us-gaap:NotesPayableOtherPayablesMember 2025-03-31 0000759944 cfg:ConsumerAndCommercialPortfolioSegmentMember cfg:EducationCommercialAndIndustrialCommercialRealEstateLoansMember us-gaap:NotesPayableOtherPayablesMember 2024-12-31 0000759944 cfg:OtherRetailPortfolioSegmentMember 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember 2025-01-01 2025-03-31 0000759944 cfg:NonCoreSegmentMember 2025-03-31 0000759944 cfg:NonCoreSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember 2023-12-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember 2023-12-31 0000759944 us-gaap:CommercialPortfolioSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember 2024-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember 2024-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:PassMember us-gaap:CommercialLoanMember 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:SpecialMentionMember us-gaap:CommercialLoanMember 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:SubstandardMember us-gaap:CommercialLoanMember 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:DoubtfulMember us-gaap:CommercialLoanMember 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:PassMember us-gaap:CommercialRealEstateMember 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:SpecialMentionMember us-gaap:CommercialRealEstateMember 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:SubstandardMember us-gaap:CommercialRealEstateMember 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:DoubtfulMember us-gaap:CommercialRealEstateMember 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:PassMember 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:SpecialMentionMember 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:SubstandardMember 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:DoubtfulMember 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:PassMember us-gaap:CommercialLoanMember 2024-12-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:SpecialMentionMember us-gaap:CommercialLoanMember 2024-12-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:SubstandardMember us-gaap:CommercialLoanMember 2024-12-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:DoubtfulMember us-gaap:CommercialLoanMember 2024-12-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:PassMember us-gaap:CommercialRealEstateMember 2024-12-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:SpecialMentionMember us-gaap:CommercialRealEstateMember 2024-12-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:SubstandardMember us-gaap:CommercialRealEstateMember 2024-12-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:DoubtfulMember us-gaap:CommercialRealEstateMember 2024-12-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:PassMember 2024-12-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:SpecialMentionMember 2024-12-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:SubstandardMember 2024-12-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:DoubtfulMember 2024-12-31 0000759944 cfg:FICOScoreGreaterThan800Member us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember 2025-03-31 0000759944 cfg:FICOScore740To799Member us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember 2025-03-31 0000759944 cfg:FICOScore680To739Member us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember 2025-03-31 0000759944 cfg:FICOScore620To679Member us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember 2025-03-31 0000759944 cfg:FICOScoreLessThan620Member us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember 2025-03-31 0000759944 cfg:FICOScoreNoFICOAvailableMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember 2025-03-31 0000759944 cfg:FICOScoreGreaterThan800Member us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember 2025-03-31 0000759944 cfg:FICOScore740To799Member us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember 2025-03-31 0000759944 cfg:FICOScore680To739Member us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember 2025-03-31 0000759944 cfg:FICOScore620To679Member us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember 2025-03-31 0000759944 cfg:FICOScoreLessThan620Member us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember 2025-03-31 0000759944 cfg:FICOScoreNoFICOAvailableMember us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember 2025-03-31 0000759944 cfg:FICOScoreGreaterThan800Member us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2025-03-31 0000759944 cfg:FICOScore740To799Member us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2025-03-31 0000759944 cfg:FICOScore680To739Member us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2025-03-31 0000759944 cfg:FICOScore620To679Member us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2025-03-31 0000759944 cfg:FICOScoreLessThan620Member us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2025-03-31 0000759944 cfg:FICOScoreNoFICOAvailableMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2025-03-31 0000759944 cfg:FICOScoreGreaterThan800Member us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember 2025-03-31 0000759944 cfg:FICOScore740To799Member us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember 2025-03-31 0000759944 cfg:FICOScore680To739Member us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember 2025-03-31 0000759944 cfg:FICOScore620To679Member us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember 2025-03-31 0000759944 cfg:FICOScoreLessThan620Member us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember 2025-03-31 0000759944 cfg:FICOScoreNoFICOAvailableMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember 2025-03-31 0000759944 cfg:FICOScoreGreaterThan800Member us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember 2025-03-31 0000759944 cfg:FICOScore740To799Member us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember 2025-03-31 0000759944 cfg:FICOScore680To739Member us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember 2025-03-31 0000759944 cfg:FICOScore620To679Member us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember 2025-03-31 0000759944 cfg:FICOScoreLessThan620Member us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember 2025-03-31 0000759944 cfg:FICOScoreNoFICOAvailableMember us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember 2025-03-31 0000759944 cfg:FICOScoreGreaterThan800Member us-gaap:ConsumerPortfolioSegmentMember 2025-03-31 0000759944 cfg:FICOScore740To799Member us-gaap:ConsumerPortfolioSegmentMember 2025-03-31 0000759944 cfg:FICOScore680To739Member us-gaap:ConsumerPortfolioSegmentMember 2025-03-31 0000759944 cfg:FICOScore620To679Member us-gaap:ConsumerPortfolioSegmentMember 2025-03-31 0000759944 cfg:FICOScoreLessThan620Member us-gaap:ConsumerPortfolioSegmentMember 2025-03-31 0000759944 cfg:FICOScoreNoFICOAvailableMember us-gaap:ConsumerPortfolioSegmentMember 2025-03-31 0000759944 cfg:FICOScoreGreaterThan800Member us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember 2024-12-31 0000759944 cfg:FICOScore740To799Member us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember 2024-12-31 0000759944 cfg:FICOScore680To739Member us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember 2024-12-31 0000759944 cfg:FICOScore620To679Member us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember 2024-12-31 0000759944 cfg:FICOScoreLessThan620Member us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember 2024-12-31 0000759944 cfg:FICOScoreNoFICOAvailableMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember 2024-12-31 0000759944 cfg:FICOScoreGreaterThan800Member us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember 2024-12-31 0000759944 cfg:FICOScore740To799Member us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember 2024-12-31 0000759944 cfg:FICOScore680To739Member us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember 2024-12-31 0000759944 cfg:FICOScore620To679Member us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember 2024-12-31 0000759944 cfg:FICOScoreLessThan620Member us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember 2024-12-31 0000759944 cfg:FICOScoreNoFICOAvailableMember us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember 2024-12-31 0000759944 cfg:FICOScoreGreaterThan800Member us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2024-12-31 0000759944 cfg:FICOScore740To799Member us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2024-12-31 0000759944 cfg:FICOScore680To739Member us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2024-12-31 0000759944 cfg:FICOScore620To679Member us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2024-12-31 0000759944 cfg:FICOScoreLessThan620Member us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2024-12-31 0000759944 cfg:FICOScoreNoFICOAvailableMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2024-12-31 0000759944 cfg:FICOScoreGreaterThan800Member us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember 2024-12-31 0000759944 cfg:FICOScore740To799Member us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember 2024-12-31 0000759944 cfg:FICOScore680To739Member us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember 2024-12-31 0000759944 cfg:FICOScore620To679Member us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember 2024-12-31 0000759944 cfg:FICOScoreLessThan620Member us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember 2024-12-31 0000759944 cfg:FICOScoreNoFICOAvailableMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember 2024-12-31 0000759944 cfg:FICOScoreGreaterThan800Member us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember 2024-12-31 0000759944 cfg:FICOScore740To799Member us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember 2024-12-31 0000759944 cfg:FICOScore680To739Member us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember 2024-12-31 0000759944 cfg:FICOScore620To679Member us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember 2024-12-31 0000759944 cfg:FICOScoreLessThan620Member us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember 2024-12-31 0000759944 cfg:FICOScoreNoFICOAvailableMember us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember 2024-12-31 0000759944 cfg:FICOScoreGreaterThan800Member us-gaap:ConsumerPortfolioSegmentMember 2024-12-31 0000759944 cfg:FICOScore740To799Member us-gaap:ConsumerPortfolioSegmentMember 2024-12-31 0000759944 cfg:FICOScore680To739Member us-gaap:ConsumerPortfolioSegmentMember 2024-12-31 0000759944 cfg:FICOScore620To679Member us-gaap:ConsumerPortfolioSegmentMember 2024-12-31 0000759944 cfg:FICOScoreLessThan620Member us-gaap:ConsumerPortfolioSegmentMember 2024-12-31 0000759944 cfg:FICOScoreNoFICOAvailableMember us-gaap:ConsumerPortfolioSegmentMember 2024-12-31 0000759944 us-gaap:CommercialLoanMember us-gaap:CommercialPortfolioSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:CommercialRealEstateMember us-gaap:CommercialPortfolioSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:ResidentialMortgageMember us-gaap:ConsumerPortfolioSegmentMember 2025-01-01 2025-03-31 0000759944 cfg:HomeEquityLoanAndLineOfCreditMember us-gaap:ConsumerPortfolioSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:AutomobileLoanMember us-gaap:ConsumerPortfolioSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:StudentLoanMember us-gaap:ConsumerPortfolioSegmentMember 2025-01-01 2025-03-31 0000759944 cfg:ConsumerOtherRetailMember us-gaap:ConsumerPortfolioSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:CommercialLoanMember us-gaap:CommercialPortfolioSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:CommercialRealEstateMember us-gaap:CommercialPortfolioSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:ResidentialMortgageMember us-gaap:ConsumerPortfolioSegmentMember 2024-01-01 2024-03-31 0000759944 cfg:HomeEquityLoanAndLineOfCreditMember us-gaap:ConsumerPortfolioSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:AutomobileLoanMember us-gaap:ConsumerPortfolioSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:StudentLoanMember us-gaap:ConsumerPortfolioSegmentMember 2024-01-01 2024-03-31 0000759944 cfg:ConsumerOtherRetailMember us-gaap:ConsumerPortfolioSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialLoanMember us-gaap:FinancingReceivables1To29DaysPastDueMember 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialLoanMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialLoanMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialRealEstateMember us-gaap:FinancingReceivables1To29DaysPastDueMember 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialRealEstateMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialRealEstateMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialRealEstateMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2025-03-31 0000759944 us-gaap:FinancingReceivables1To29DaysPastDueMember us-gaap:CommercialPortfolioSegmentMember 2025-03-31 0000759944 us-gaap:FinancingReceivables30To59DaysPastDueMember us-gaap:CommercialPortfolioSegmentMember 2025-03-31 0000759944 us-gaap:FinancingReceivables60To89DaysPastDueMember us-gaap:CommercialPortfolioSegmentMember 2025-03-31 0000759944 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember us-gaap:CommercialPortfolioSegmentMember 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember us-gaap:FinancingReceivables1To29DaysPastDueMember 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember us-gaap:FinancingReceivables1To29DaysPastDueMember 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember us-gaap:FinancingReceivables1To29DaysPastDueMember 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember us-gaap:FinancingReceivables1To29DaysPastDueMember 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember us-gaap:FinancingReceivables1To29DaysPastDueMember 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2025-03-31 0000759944 us-gaap:FinancingReceivables1To29DaysPastDueMember us-gaap:ConsumerPortfolioSegmentMember 2025-03-31 0000759944 us-gaap:FinancingReceivables30To59DaysPastDueMember us-gaap:ConsumerPortfolioSegmentMember 2025-03-31 0000759944 us-gaap:FinancingReceivables60To89DaysPastDueMember us-gaap:ConsumerPortfolioSegmentMember 2025-03-31 0000759944 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember us-gaap:ConsumerPortfolioSegmentMember 2025-03-31 0000759944 us-gaap:FinancingReceivables1To29DaysPastDueMember 2025-03-31 0000759944 us-gaap:FinancingReceivables30To59DaysPastDueMember 2025-03-31 0000759944 us-gaap:FinancingReceivables60To89DaysPastDueMember 2025-03-31 0000759944 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2025-03-31 0000759944 cfg:FHAVAAndUSDALoansMember us-gaap:FinancingReceivables1To29DaysPastDueMember 2025-03-31 0000759944 cfg:FHAVAAndUSDALoansMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2025-03-31 0000759944 cfg:FHAVAAndUSDALoansMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2025-03-31 0000759944 cfg:FHAVAAndUSDALoansMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2025-03-31 0000759944 cfg:FHAVAAndUSDALoansMember 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialLoanMember us-gaap:FinancingReceivables1To29DaysPastDueMember 2024-12-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialLoanMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2024-12-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialLoanMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2024-12-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2024-12-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialRealEstateMember us-gaap:FinancingReceivables1To29DaysPastDueMember 2024-12-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialRealEstateMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2024-12-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialRealEstateMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2024-12-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialRealEstateMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2024-12-31 0000759944 us-gaap:FinancingReceivables1To29DaysPastDueMember us-gaap:CommercialPortfolioSegmentMember 2024-12-31 0000759944 us-gaap:FinancingReceivables30To59DaysPastDueMember us-gaap:CommercialPortfolioSegmentMember 2024-12-31 0000759944 us-gaap:FinancingReceivables60To89DaysPastDueMember us-gaap:CommercialPortfolioSegmentMember 2024-12-31 0000759944 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember us-gaap:CommercialPortfolioSegmentMember 2024-12-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember us-gaap:FinancingReceivables1To29DaysPastDueMember 2024-12-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2024-12-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2024-12-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2024-12-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember us-gaap:FinancingReceivables1To29DaysPastDueMember 2024-12-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2024-12-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2024-12-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2024-12-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember us-gaap:FinancingReceivables1To29DaysPastDueMember 2024-12-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2024-12-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2024-12-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2024-12-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember us-gaap:FinancingReceivables1To29DaysPastDueMember 2024-12-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2024-12-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2024-12-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2024-12-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember us-gaap:FinancingReceivables1To29DaysPastDueMember 2024-12-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2024-12-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2024-12-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2024-12-31 0000759944 us-gaap:FinancingReceivables1To29DaysPastDueMember us-gaap:ConsumerPortfolioSegmentMember 2024-12-31 0000759944 us-gaap:FinancingReceivables30To59DaysPastDueMember us-gaap:ConsumerPortfolioSegmentMember 2024-12-31 0000759944 us-gaap:FinancingReceivables60To89DaysPastDueMember us-gaap:ConsumerPortfolioSegmentMember 2024-12-31 0000759944 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember us-gaap:ConsumerPortfolioSegmentMember 2024-12-31 0000759944 us-gaap:FinancingReceivables1To29DaysPastDueMember 2024-12-31 0000759944 us-gaap:FinancingReceivables30To59DaysPastDueMember 2024-12-31 0000759944 us-gaap:FinancingReceivables60To89DaysPastDueMember 2024-12-31 0000759944 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2024-12-31 0000759944 cfg:FHAVAAndUSDALoansMember us-gaap:FinancingReceivables1To29DaysPastDueMember 2024-12-31 0000759944 cfg:FHAVAAndUSDALoansMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2024-12-31 0000759944 cfg:FHAVAAndUSDALoansMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2024-12-31 0000759944 cfg:FHAVAAndUSDALoansMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2024-12-31 0000759944 cfg:FHAVAAndUSDALoansMember 2024-12-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndResidentialMortgagesMember cfg:CollateralDependentMember 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndResidentialMortgagesMember cfg:CollateralDependentMember 2024-12-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialLoanMember cfg:CollateralDependentMember 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialLoanMember cfg:CollateralDependentMember 2024-12-31 0000759944 us-gaap:ContractualInterestRateReductionMember us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialLoanMember 2025-01-01 2025-03-31 0000759944 us-gaap:ExtendedMaturityMember us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialLoanMember 2025-01-01 2025-03-31 0000759944 us-gaap:PaymentDeferralMember us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialLoanMember 2025-01-01 2025-03-31 0000759944 us-gaap:PrincipalForgivenessMember us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialLoanMember 2025-01-01 2025-03-31 0000759944 us-gaap:ExtendedMaturityAndInterestRateReductionMember us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialLoanMember 2025-01-01 2025-03-31 0000759944 cfg:ExtendedMaturityAndPaymentDeferralMember us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialLoanMember 2025-01-01 2025-03-31 0000759944 us-gaap:ContractualInterestRateReductionMember us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialRealEstateMember 2025-01-01 2025-03-31 0000759944 us-gaap:ExtendedMaturityMember us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialRealEstateMember 2025-01-01 2025-03-31 0000759944 us-gaap:PaymentDeferralMember us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialRealEstateMember 2025-01-01 2025-03-31 0000759944 us-gaap:PrincipalForgivenessMember us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialRealEstateMember 2025-01-01 2025-03-31 0000759944 us-gaap:ExtendedMaturityAndInterestRateReductionMember us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialRealEstateMember 2025-01-01 2025-03-31 0000759944 cfg:ExtendedMaturityAndPaymentDeferralMember us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialRealEstateMember 2025-01-01 2025-03-31 0000759944 us-gaap:ContractualInterestRateReductionMember us-gaap:CommercialPortfolioSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:ExtendedMaturityMember us-gaap:CommercialPortfolioSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:PaymentDeferralMember us-gaap:CommercialPortfolioSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:PrincipalForgivenessMember us-gaap:CommercialPortfolioSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:ExtendedMaturityAndInterestRateReductionMember us-gaap:CommercialPortfolioSegmentMember 2025-01-01 2025-03-31 0000759944 cfg:ExtendedMaturityAndPaymentDeferralMember us-gaap:CommercialPortfolioSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:ContractualInterestRateReductionMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember 2025-01-01 2025-03-31 0000759944 us-gaap:ExtendedMaturityMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember 2025-01-01 2025-03-31 0000759944 us-gaap:PaymentDeferralMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember 2025-01-01 2025-03-31 0000759944 us-gaap:PrincipalForgivenessMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember 2025-01-01 2025-03-31 0000759944 us-gaap:ExtendedMaturityAndInterestRateReductionMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember 2025-01-01 2025-03-31 0000759944 cfg:ExtendedMaturityAndPaymentDeferralMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember 2025-01-01 2025-03-31 0000759944 us-gaap:ContractualInterestRateReductionMember us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember 2025-01-01 2025-03-31 0000759944 us-gaap:ExtendedMaturityMember us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember 2025-01-01 2025-03-31 0000759944 us-gaap:PaymentDeferralMember us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember 2025-01-01 2025-03-31 0000759944 us-gaap:PrincipalForgivenessMember us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember 2025-01-01 2025-03-31 0000759944 us-gaap:ExtendedMaturityAndInterestRateReductionMember us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember 2025-01-01 2025-03-31 0000759944 cfg:ExtendedMaturityAndPaymentDeferralMember us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember 2025-01-01 2025-03-31 0000759944 us-gaap:ContractualInterestRateReductionMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2025-01-01 2025-03-31 0000759944 us-gaap:ExtendedMaturityMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2025-01-01 2025-03-31 0000759944 us-gaap:PaymentDeferralMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2025-01-01 2025-03-31 0000759944 us-gaap:PrincipalForgivenessMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2025-01-01 2025-03-31 0000759944 us-gaap:ExtendedMaturityAndInterestRateReductionMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2025-01-01 2025-03-31 0000759944 cfg:ExtendedMaturityAndPaymentDeferralMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2025-01-01 2025-03-31 0000759944 us-gaap:ContractualInterestRateReductionMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember 2025-01-01 2025-03-31 0000759944 us-gaap:ExtendedMaturityMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember 2025-01-01 2025-03-31 0000759944 us-gaap:PaymentDeferralMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember 2025-01-01 2025-03-31 0000759944 us-gaap:PrincipalForgivenessMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember 2025-01-01 2025-03-31 0000759944 us-gaap:ExtendedMaturityAndInterestRateReductionMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember 2025-01-01 2025-03-31 0000759944 cfg:ExtendedMaturityAndPaymentDeferralMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember 2025-01-01 2025-03-31 0000759944 us-gaap:ContractualInterestRateReductionMember us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember 2025-01-01 2025-03-31 0000759944 us-gaap:ExtendedMaturityMember us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember 2025-01-01 2025-03-31 0000759944 us-gaap:PaymentDeferralMember us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember 2025-01-01 2025-03-31 0000759944 us-gaap:PrincipalForgivenessMember us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember 2025-01-01 2025-03-31 0000759944 us-gaap:ExtendedMaturityAndInterestRateReductionMember us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember 2025-01-01 2025-03-31 0000759944 cfg:ExtendedMaturityAndPaymentDeferralMember us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember 2025-01-01 2025-03-31 0000759944 us-gaap:ContractualInterestRateReductionMember us-gaap:ConsumerPortfolioSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:ExtendedMaturityMember us-gaap:ConsumerPortfolioSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:PaymentDeferralMember us-gaap:ConsumerPortfolioSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:PrincipalForgivenessMember us-gaap:ConsumerPortfolioSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:ExtendedMaturityAndInterestRateReductionMember us-gaap:ConsumerPortfolioSegmentMember 2025-01-01 2025-03-31 0000759944 cfg:ExtendedMaturityAndPaymentDeferralMember us-gaap:ConsumerPortfolioSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:ContractualInterestRateReductionMember 2025-01-01 2025-03-31 0000759944 us-gaap:ExtendedMaturityMember 2025-01-01 2025-03-31 0000759944 us-gaap:PaymentDeferralMember 2025-01-01 2025-03-31 0000759944 us-gaap:PrincipalForgivenessMember 2025-01-01 2025-03-31 0000759944 us-gaap:ExtendedMaturityAndInterestRateReductionMember 2025-01-01 2025-03-31 0000759944 cfg:ExtendedMaturityAndPaymentDeferralMember 2025-01-01 2025-03-31 0000759944 us-gaap:ContractualInterestRateReductionMember us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialLoanMember 2024-01-01 2024-03-31 0000759944 us-gaap:ExtendedMaturityMember us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialLoanMember 2024-01-01 2024-03-31 0000759944 us-gaap:PaymentDeferralMember us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialLoanMember 2024-01-01 2024-03-31 0000759944 us-gaap:PrincipalForgivenessMember us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialLoanMember 2024-01-01 2024-03-31 0000759944 us-gaap:ExtendedMaturityAndInterestRateReductionMember us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialLoanMember 2024-01-01 2024-03-31 0000759944 cfg:ExtendedMaturityAndPaymentDeferralMember us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialLoanMember 2024-01-01 2024-03-31 0000759944 us-gaap:ContractualInterestRateReductionMember us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialRealEstateMember 2024-01-01 2024-03-31 0000759944 us-gaap:ExtendedMaturityMember us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialRealEstateMember 2024-01-01 2024-03-31 0000759944 us-gaap:PaymentDeferralMember us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialRealEstateMember 2024-01-01 2024-03-31 0000759944 us-gaap:PrincipalForgivenessMember us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialRealEstateMember 2024-01-01 2024-03-31 0000759944 us-gaap:ExtendedMaturityAndInterestRateReductionMember us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialRealEstateMember 2024-01-01 2024-03-31 0000759944 cfg:ExtendedMaturityAndPaymentDeferralMember us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialRealEstateMember 2024-01-01 2024-03-31 0000759944 us-gaap:ContractualInterestRateReductionMember us-gaap:CommercialPortfolioSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:ExtendedMaturityMember us-gaap:CommercialPortfolioSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:PaymentDeferralMember us-gaap:CommercialPortfolioSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:PrincipalForgivenessMember us-gaap:CommercialPortfolioSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:ExtendedMaturityAndInterestRateReductionMember us-gaap:CommercialPortfolioSegmentMember 2024-01-01 2024-03-31 0000759944 cfg:ExtendedMaturityAndPaymentDeferralMember us-gaap:CommercialPortfolioSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:ContractualInterestRateReductionMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember 2024-01-01 2024-03-31 0000759944 us-gaap:ExtendedMaturityMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember 2024-01-01 2024-03-31 0000759944 us-gaap:PaymentDeferralMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember 2024-01-01 2024-03-31 0000759944 us-gaap:PrincipalForgivenessMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember 2024-01-01 2024-03-31 0000759944 us-gaap:ExtendedMaturityAndInterestRateReductionMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember 2024-01-01 2024-03-31 0000759944 cfg:ExtendedMaturityAndPaymentDeferralMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember 2024-01-01 2024-03-31 0000759944 us-gaap:ContractualInterestRateReductionMember us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember 2024-01-01 2024-03-31 0000759944 us-gaap:ExtendedMaturityMember us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember 2024-01-01 2024-03-31 0000759944 us-gaap:PaymentDeferralMember us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember 2024-01-01 2024-03-31 0000759944 us-gaap:PrincipalForgivenessMember us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember 2024-01-01 2024-03-31 0000759944 us-gaap:ExtendedMaturityAndInterestRateReductionMember us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember 2024-01-01 2024-03-31 0000759944 cfg:ExtendedMaturityAndPaymentDeferralMember us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember 2024-01-01 2024-03-31 0000759944 us-gaap:ContractualInterestRateReductionMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2024-01-01 2024-03-31 0000759944 us-gaap:ExtendedMaturityMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2024-01-01 2024-03-31 0000759944 us-gaap:PaymentDeferralMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2024-01-01 2024-03-31 0000759944 us-gaap:PrincipalForgivenessMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2024-01-01 2024-03-31 0000759944 us-gaap:ExtendedMaturityAndInterestRateReductionMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2024-01-01 2024-03-31 0000759944 cfg:ExtendedMaturityAndPaymentDeferralMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember 2024-01-01 2024-03-31 0000759944 us-gaap:ContractualInterestRateReductionMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember 2024-01-01 2024-03-31 0000759944 us-gaap:ExtendedMaturityMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember 2024-01-01 2024-03-31 0000759944 us-gaap:PaymentDeferralMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember 2024-01-01 2024-03-31 0000759944 us-gaap:PrincipalForgivenessMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember 2024-01-01 2024-03-31 0000759944 us-gaap:ExtendedMaturityAndInterestRateReductionMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember 2024-01-01 2024-03-31 0000759944 cfg:ExtendedMaturityAndPaymentDeferralMember us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember 2024-01-01 2024-03-31 0000759944 us-gaap:ContractualInterestRateReductionMember us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember 2024-01-01 2024-03-31 0000759944 us-gaap:ExtendedMaturityMember us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember 2024-01-01 2024-03-31 0000759944 us-gaap:PaymentDeferralMember us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember 2024-01-01 2024-03-31 0000759944 us-gaap:PrincipalForgivenessMember us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember 2024-01-01 2024-03-31 0000759944 us-gaap:ExtendedMaturityAndInterestRateReductionMember us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember 2024-01-01 2024-03-31 0000759944 cfg:ExtendedMaturityAndPaymentDeferralMember us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember 2024-01-01 2024-03-31 0000759944 us-gaap:ContractualInterestRateReductionMember us-gaap:ConsumerPortfolioSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:ExtendedMaturityMember us-gaap:ConsumerPortfolioSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:PaymentDeferralMember us-gaap:ConsumerPortfolioSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:PrincipalForgivenessMember us-gaap:ConsumerPortfolioSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:ExtendedMaturityAndInterestRateReductionMember us-gaap:ConsumerPortfolioSegmentMember 2024-01-01 2024-03-31 0000759944 cfg:ExtendedMaturityAndPaymentDeferralMember us-gaap:ConsumerPortfolioSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:ContractualInterestRateReductionMember 2024-01-01 2024-03-31 0000759944 us-gaap:ExtendedMaturityMember 2024-01-01 2024-03-31 0000759944 us-gaap:PaymentDeferralMember 2024-01-01 2024-03-31 0000759944 us-gaap:PrincipalForgivenessMember 2024-01-01 2024-03-31 0000759944 us-gaap:ExtendedMaturityAndInterestRateReductionMember 2024-01-01 2024-03-31 0000759944 cfg:ExtendedMaturityAndPaymentDeferralMember 2024-01-01 2024-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialLoanMember us-gaap:FinancialAssetNotPastDueMember 2024-04-01 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialLoanMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2024-04-01 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialLoanMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2024-04-01 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2024-04-01 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialLoanMember cfg:FinancialAssetNonaccrualMember 2024-04-01 2025-03-31 0000759944 us-gaap:CommercialLoanMember us-gaap:CommercialPortfolioSegmentMember 2024-04-01 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialRealEstateMember us-gaap:FinancialAssetNotPastDueMember 2024-04-01 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialRealEstateMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2024-04-01 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialRealEstateMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2024-04-01 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialRealEstateMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2024-04-01 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialRealEstateMember cfg:FinancialAssetNonaccrualMember 2024-04-01 2025-03-31 0000759944 us-gaap:CommercialRealEstateMember us-gaap:CommercialPortfolioSegmentMember 2024-04-01 2025-03-31 0000759944 us-gaap:FinancialAssetNotPastDueMember us-gaap:CommercialPortfolioSegmentMember 2024-04-01 2025-03-31 0000759944 us-gaap:FinancingReceivables30To59DaysPastDueMember us-gaap:CommercialPortfolioSegmentMember 2024-04-01 2025-03-31 0000759944 us-gaap:FinancingReceivables60To89DaysPastDueMember us-gaap:CommercialPortfolioSegmentMember 2024-04-01 2025-03-31 0000759944 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember us-gaap:CommercialPortfolioSegmentMember 2024-04-01 2025-03-31 0000759944 cfg:FinancialAssetNonaccrualMember us-gaap:CommercialPortfolioSegmentMember 2024-04-01 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember 2024-04-01 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember us-gaap:FinancialAssetNotPastDueMember 2024-04-01 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2024-04-01 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2024-04-01 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2024-04-01 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember cfg:FinancialAssetNonaccrualMember 2024-04-01 2025-03-31 0000759944 us-gaap:ResidentialMortgageMember us-gaap:ConsumerPortfolioSegmentMember 2024-04-01 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember us-gaap:FinancialAssetNotPastDueMember 2024-04-01 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2024-04-01 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2024-04-01 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2024-04-01 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember cfg:FinancialAssetNonaccrualMember 2024-04-01 2025-03-31 0000759944 cfg:HomeEquityLoanAndLineOfCreditMember us-gaap:ConsumerPortfolioSegmentMember 2024-04-01 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember us-gaap:FinancialAssetNotPastDueMember 2024-04-01 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2024-04-01 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2024-04-01 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2024-04-01 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember cfg:FinancialAssetNonaccrualMember 2024-04-01 2025-03-31 0000759944 us-gaap:AutomobileLoanMember us-gaap:ConsumerPortfolioSegmentMember 2024-04-01 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember us-gaap:FinancialAssetNotPastDueMember 2024-04-01 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2024-04-01 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2024-04-01 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2024-04-01 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember cfg:FinancialAssetNonaccrualMember 2024-04-01 2025-03-31 0000759944 us-gaap:StudentLoanMember us-gaap:ConsumerPortfolioSegmentMember 2024-04-01 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember us-gaap:FinancialAssetNotPastDueMember 2024-04-01 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2024-04-01 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2024-04-01 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2024-04-01 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember cfg:FinancialAssetNonaccrualMember 2024-04-01 2025-03-31 0000759944 cfg:ConsumerOtherRetailMember us-gaap:ConsumerPortfolioSegmentMember 2024-04-01 2025-03-31 0000759944 us-gaap:FinancialAssetNotPastDueMember us-gaap:ConsumerPortfolioSegmentMember 2024-04-01 2025-03-31 0000759944 us-gaap:FinancingReceivables30To59DaysPastDueMember us-gaap:ConsumerPortfolioSegmentMember 2024-04-01 2025-03-31 0000759944 us-gaap:FinancingReceivables60To89DaysPastDueMember us-gaap:ConsumerPortfolioSegmentMember 2024-04-01 2025-03-31 0000759944 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember us-gaap:ConsumerPortfolioSegmentMember 2024-04-01 2025-03-31 0000759944 cfg:FinancialAssetNonaccrualMember us-gaap:ConsumerPortfolioSegmentMember 2024-04-01 2025-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember 2024-04-01 2025-03-31 0000759944 us-gaap:FinancialAssetNotPastDueMember 2024-04-01 2025-03-31 0000759944 us-gaap:FinancingReceivables30To59DaysPastDueMember 2024-04-01 2025-03-31 0000759944 us-gaap:FinancingReceivables60To89DaysPastDueMember 2024-04-01 2025-03-31 0000759944 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2024-04-01 2025-03-31 0000759944 cfg:FinancialAssetNonaccrualMember 2024-04-01 2025-03-31 0000759944 2024-04-01 2025-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialLoanMember us-gaap:FinancialAssetNotPastDueMember 2023-04-01 2024-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialLoanMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2023-04-01 2024-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialLoanMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2023-04-01 2024-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2023-04-01 2024-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialLoanMember cfg:FinancialAssetNonaccrualMember 2023-04-01 2024-03-31 0000759944 us-gaap:CommercialLoanMember us-gaap:CommercialPortfolioSegmentMember 2023-04-01 2024-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialRealEstateMember us-gaap:FinancialAssetNotPastDueMember 2023-04-01 2024-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialRealEstateMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2023-04-01 2024-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialRealEstateMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2023-04-01 2024-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialRealEstateMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2023-04-01 2024-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember us-gaap:CommercialRealEstateMember cfg:FinancialAssetNonaccrualMember 2023-04-01 2024-03-31 0000759944 us-gaap:CommercialRealEstateMember us-gaap:CommercialPortfolioSegmentMember 2023-04-01 2024-03-31 0000759944 us-gaap:FinancialAssetNotPastDueMember us-gaap:CommercialPortfolioSegmentMember 2023-04-01 2024-03-31 0000759944 us-gaap:FinancingReceivables30To59DaysPastDueMember us-gaap:CommercialPortfolioSegmentMember 2023-04-01 2024-03-31 0000759944 us-gaap:FinancingReceivables60To89DaysPastDueMember us-gaap:CommercialPortfolioSegmentMember 2023-04-01 2024-03-31 0000759944 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember us-gaap:CommercialPortfolioSegmentMember 2023-04-01 2024-03-31 0000759944 cfg:FinancialAssetNonaccrualMember us-gaap:CommercialPortfolioSegmentMember 2023-04-01 2024-03-31 0000759944 us-gaap:CommercialPortfolioSegmentMember 2023-04-01 2024-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember us-gaap:FinancialAssetNotPastDueMember 2023-04-01 2024-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2023-04-01 2024-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2023-04-01 2024-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2023-04-01 2024-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:ResidentialMortgageMember cfg:FinancialAssetNonaccrualMember 2023-04-01 2024-03-31 0000759944 us-gaap:ResidentialMortgageMember us-gaap:ConsumerPortfolioSegmentMember 2023-04-01 2024-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember us-gaap:FinancialAssetNotPastDueMember 2023-04-01 2024-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2023-04-01 2024-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2023-04-01 2024-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2023-04-01 2024-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:HomeEquityLoanAndLineOfCreditMember cfg:FinancialAssetNonaccrualMember 2023-04-01 2024-03-31 0000759944 cfg:HomeEquityLoanAndLineOfCreditMember us-gaap:ConsumerPortfolioSegmentMember 2023-04-01 2024-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember us-gaap:FinancialAssetNotPastDueMember 2023-04-01 2024-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2023-04-01 2024-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2023-04-01 2024-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2023-04-01 2024-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:AutomobileLoanMember cfg:FinancialAssetNonaccrualMember 2023-04-01 2024-03-31 0000759944 us-gaap:AutomobileLoanMember us-gaap:ConsumerPortfolioSegmentMember 2023-04-01 2024-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember us-gaap:FinancialAssetNotPastDueMember 2023-04-01 2024-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2023-04-01 2024-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2023-04-01 2024-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2023-04-01 2024-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember us-gaap:StudentLoanMember cfg:FinancialAssetNonaccrualMember 2023-04-01 2024-03-31 0000759944 us-gaap:StudentLoanMember us-gaap:ConsumerPortfolioSegmentMember 2023-04-01 2024-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember us-gaap:FinancialAssetNotPastDueMember 2023-04-01 2024-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember us-gaap:FinancingReceivables30To59DaysPastDueMember 2023-04-01 2024-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2023-04-01 2024-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2023-04-01 2024-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember cfg:ConsumerOtherRetailMember cfg:FinancialAssetNonaccrualMember 2023-04-01 2024-03-31 0000759944 cfg:ConsumerOtherRetailMember us-gaap:ConsumerPortfolioSegmentMember 2023-04-01 2024-03-31 0000759944 us-gaap:FinancialAssetNotPastDueMember us-gaap:ConsumerPortfolioSegmentMember 2023-04-01 2024-03-31 0000759944 us-gaap:FinancingReceivables30To59DaysPastDueMember us-gaap:ConsumerPortfolioSegmentMember 2023-04-01 2024-03-31 0000759944 us-gaap:FinancingReceivables60To89DaysPastDueMember us-gaap:ConsumerPortfolioSegmentMember 2023-04-01 2024-03-31 0000759944 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember us-gaap:ConsumerPortfolioSegmentMember 2023-04-01 2024-03-31 0000759944 cfg:FinancialAssetNonaccrualMember us-gaap:ConsumerPortfolioSegmentMember 2023-04-01 2024-03-31 0000759944 us-gaap:ConsumerPortfolioSegmentMember 2023-04-01 2024-03-31 0000759944 us-gaap:FinancialAssetNotPastDueMember 2023-04-01 2024-03-31 0000759944 us-gaap:FinancingReceivables30To59DaysPastDueMember 2023-04-01 2024-03-31 0000759944 us-gaap:FinancingReceivables60To89DaysPastDueMember 2023-04-01 2024-03-31 0000759944 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2023-04-01 2024-03-31 0000759944 cfg:FinancialAssetNonaccrualMember 2023-04-01 2024-03-31 0000759944 2023-04-01 2024-03-31 0000759944 us-gaap:UnfundedLoanCommitmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:UnfundedLoanCommitmentMember 2024-01-01 2024-06-30 0000759944 us-gaap:ResidentialMortgageMember 2025-01-01 2025-03-31 0000759944 us-gaap:ResidentialMortgageMember 2024-01-01 2024-03-31 0000759944 cfg:MortgageBankingFeesMember 2025-01-01 2025-03-31 0000759944 cfg:MortgageBankingFeesMember 2024-01-01 2024-03-31 0000759944 us-gaap:ResidentialMortgageMember 2025-03-31 0000759944 us-gaap:ResidentialMortgageMember 2024-12-31 0000759944 us-gaap:ResidentialMortgageMember 2023-12-31 0000759944 us-gaap:ResidentialMortgageMember 2024-03-31 0000759944 us-gaap:FederalHomeLoanMortgageCorporationFhlmcInsuredLoansMember 2025-03-31 0000759944 srt:MinimumMember 2025-01-01 2025-03-31 0000759944 srt:MaximumMember 2025-01-01 2025-03-31 0000759944 2024-01-01 2024-06-30 0000759944 srt:MinimumMember 2024-01-01 2024-06-30 0000759944 srt:MaximumMember 2024-01-01 2024-06-30 0000759944 cfg:StudentLoansServicedForOthersMember 2025-03-31 0000759944 cfg:StudentLoansServicedForOthersMember 2024-12-31 0000759944 cfg:CommercialAndIndustrialMember 2025-03-31 0000759944 cfg:CommercialAndIndustrialMember 2024-12-31 0000759944 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2025-03-31 0000759944 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2024-12-31 0000759944 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2025-03-31 0000759944 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2024-12-31 0000759944 cfg:LowIncomeHousingTaxCreditPartnershipsMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2025-03-31 0000759944 cfg:LowIncomeHousingTaxCreditPartnershipsMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2024-12-31 0000759944 cfg:RenewableEnergyInvestmentsMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2025-03-31 0000759944 cfg:RenewableEnergyInvestmentsMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2024-12-31 0000759944 cfg:NewMarketTaxCreditInvestmentsMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2025-03-31 0000759944 cfg:NewMarketTaxCreditInvestmentsMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2024-12-31 0000759944 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember us-gaap:CommitmentsToExtendCreditMember cfg:SpecialPurposeEntitiesMember 2025-03-31 0000759944 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember us-gaap:CommitmentsToExtendCreditMember cfg:SpecialPurposeEntitiesMember 2024-12-31 0000759944 cfg:RenewableEnergyWindInvestmentsMember cfg:RenewableEnergyEntitiesMember 2025-03-31 0000759944 cfg:IncomeTaxExpenseTaxCreditMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2025-01-01 2025-03-31 0000759944 cfg:IncomeTaxExpenseTaxCreditMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2024-01-01 2024-03-31 0000759944 cfg:IncomeTaxExpenseOtherTaxBenefitsMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2025-01-01 2025-03-31 0000759944 cfg:IncomeTaxExpenseOtherTaxBenefitsMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2024-01-01 2024-03-31 0000759944 cfg:IncomeTaxExpenseAmortizationMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2025-01-01 2025-03-31 0000759944 cfg:IncomeTaxExpenseAmortizationMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2024-01-01 2024-03-31 0000759944 cfg:IncomeTaxExpenseNetBenefitMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2025-01-01 2025-03-31 0000759944 cfg:IncomeTaxExpenseNetBenefitMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2024-01-01 2024-03-31 0000759944 cfg:NoninterestIncomeOtherIncomeMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2025-01-01 2025-03-31 0000759944 cfg:NoninterestIncomeOtherIncomeMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2024-01-01 2024-03-31 0000759944 cfg:NoninterestIncomeAllocatedIncomeLossOnInvestmentsMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2025-01-01 2025-03-31 0000759944 cfg:NoninterestIncomeAllocatedIncomeLossOnInvestmentsMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2024-01-01 2024-03-31 0000759944 cfg:NoninterestIncomeNetBenefitMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2025-01-01 2025-03-31 0000759944 cfg:NoninterestIncomeNetBenefitMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2024-01-01 2024-03-31 0000759944 cfg:NetIncomeLossAttributableToParentNetBenefitMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2025-01-01 2025-03-31 0000759944 cfg:NetIncomeLossAttributableToParentNetBenefitMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2024-01-01 2024-03-31 0000759944 cfg:A4.350FixedRateSubordinatedDebtDue2025Member srt:ParentCompanyMember us-gaap:SubordinatedDebtMember 2025-03-31 0000759944 cfg:A4.350FixedRateSubordinatedDebtDue2025Member srt:ParentCompanyMember us-gaap:SubordinatedDebtMember 2024-12-31 0000759944 cfg:A4.300FixedRateSubordinatedDebtDue2025Member srt:ParentCompanyMember us-gaap:SubordinatedDebtMember 2025-03-31 0000759944 cfg:A4.300FixedRateSubordinatedDebtDue2025Member srt:ParentCompanyMember us-gaap:SubordinatedDebtMember 2024-12-31 0000759944 cfg:A2.850SeniorUnsecuredNotesDue2026Member srt:ParentCompanyMember us-gaap:SeniorNotesMember 2025-03-31 0000759944 cfg:A2.850SeniorUnsecuredNotesDue2026Member srt:ParentCompanyMember us-gaap:SeniorNotesMember 2024-12-31 0000759944 cfg:A5.841FixedFloatingRateSeniorUnsecuredNotesDueJanuary2030Member srt:ParentCompanyMember us-gaap:SeniorNotesMember 2025-03-31 0000759944 cfg:A5.841FixedFloatingRateSeniorUnsecuredNotesDueJanuary2030Member srt:ParentCompanyMember us-gaap:SeniorNotesMember 2024-12-31 0000759944 cfg:A2.500SeniorUnsecuredNotesDueFebruary2030Member srt:ParentCompanyMember us-gaap:SeniorNotesMember 2025-03-31 0000759944 cfg:A2.500SeniorUnsecuredNotesDueFebruary2030Member srt:ParentCompanyMember us-gaap:SeniorNotesMember 2024-12-31 0000759944 cfg:A3.250SeniorUnsecuredNotesDueApril2030Member srt:ParentCompanyMember us-gaap:SeniorNotesMember 2025-03-31 0000759944 cfg:A3.250SeniorUnsecuredNotesDueApril2030Member srt:ParentCompanyMember us-gaap:SeniorNotesMember 2024-12-31 0000759944 cfg:A3750FixedRateSubordinatedDebtDueFebruary2031Member srt:ParentCompanyMember us-gaap:SubordinatedDebtMember 2025-03-31 0000759944 cfg:A3750FixedRateSubordinatedDebtDueFebruary2031Member srt:ParentCompanyMember us-gaap:SubordinatedDebtMember 2024-12-31 0000759944 cfg:A4300FixedRateSubordinatedDebtDueFebruary2031Member srt:ParentCompanyMember us-gaap:SubordinatedDebtMember 2025-03-31 0000759944 cfg:A4300FixedRateSubordinatedDebtDueFebruary2031Member srt:ParentCompanyMember us-gaap:SubordinatedDebtMember 2024-12-31 0000759944 cfg:A4350FixedRateSubordinatedDebtDueFebruary2031Member srt:ParentCompanyMember us-gaap:SubordinatedDebtMember 2025-03-31 0000759944 cfg:A4350FixedRateSubordinatedDebtDueFebruary2031Member srt:ParentCompanyMember us-gaap:SubordinatedDebtMember 2024-12-31 0000759944 cfg:A5.253FixedRateSubordinatedDebtDueMarch2031Member srt:ParentCompanyMember us-gaap:SubordinatedDebtMember 2025-03-31 0000759944 cfg:A5.253FixedRateSubordinatedDebtDueMarch2031Member srt:ParentCompanyMember us-gaap:SubordinatedDebtMember 2024-12-31 0000759944 cfg:A5.718FixedFloatingRateSeniorUnsecuredNotesDueJuly2032Member srt:ParentCompanyMember us-gaap:SubordinatedDebtMember 2025-03-31 0000759944 cfg:A5.718FixedFloatingRateSeniorUnsecuredNotesDueJuly2032Member srt:ParentCompanyMember us-gaap:SubordinatedDebtMember 2024-12-31 0000759944 cfg:A2.638SubordinatedDebtDueSeptember2032Member srt:ParentCompanyMember us-gaap:SubordinatedDebtMember 2025-03-31 0000759944 cfg:A2.638SubordinatedDebtDueSeptember2032Member srt:ParentCompanyMember us-gaap:SubordinatedDebtMember 2024-12-31 0000759944 cfg:A6.645SubordinatedDebtDueApril2035Member srt:ParentCompanyMember us-gaap:SubordinatedDebtMember 2025-03-31 0000759944 cfg:A6.645SubordinatedDebtDueApril2035Member srt:ParentCompanyMember us-gaap:SubordinatedDebtMember 2024-12-31 0000759944 cfg:SubordinatedDebt5641FixedRateDueMay2037Member srt:ParentCompanyMember us-gaap:SubordinatedDebtMember 2025-03-31 0000759944 cfg:SubordinatedDebt5641FixedRateDueMay2037Member srt:ParentCompanyMember us-gaap:SubordinatedDebtMember 2024-12-31 0000759944 cfg:A2.250SeniorUnsecuredNotesDueApril2025Member srt:SubsidiariesMember us-gaap:SeniorNotesMember 2025-03-31 0000759944 cfg:A2.250SeniorUnsecuredNotesDueApril2025Member srt:SubsidiariesMember us-gaap:SeniorNotesMember 2024-12-31 0000759944 cfg:SeniorUnsecuredNotes5284FixedFloatingRateDueJanuary2026Member srt:SubsidiariesMember us-gaap:SeniorNotesMember 2025-03-31 0000759944 cfg:SeniorUnsecuredNotes5284FixedFloatingRateDueJanuary2026Member srt:SubsidiariesMember us-gaap:SeniorNotesMember 2024-12-31 0000759944 cfg:A3.750SeniorUnsecuredNotesDue2026Member srt:SubsidiariesMember us-gaap:SeniorNotesMember 2025-03-31 0000759944 cfg:A3.750SeniorUnsecuredNotesDue2026Member srt:SubsidiariesMember us-gaap:SeniorNotesMember 2024-12-31 0000759944 cfg:SeniorUnsecuredNotes4575FixedFloatingRateDueAugust2028Member srt:SubsidiariesMember us-gaap:SeniorNotesMember 2025-03-31 0000759944 cfg:SeniorUnsecuredNotes4575FixedFloatingRateDueAugust2028Member srt:SubsidiariesMember us-gaap:SeniorNotesMember 2024-12-31 0000759944 srt:SubsidiariesMember us-gaap:FederalHomeLoanBankAdvancesMember 2025-03-31 0000759944 srt:SubsidiariesMember us-gaap:FederalHomeLoanBankAdvancesMember 2024-12-31 0000759944 srt:SubsidiariesMember us-gaap:SecuredDebtMember 2025-03-31 0000759944 srt:SubsidiariesMember us-gaap:SecuredDebtMember 2024-12-31 0000759944 srt:SubsidiariesMember cfg:OtherLongtermDebtMember 2025-03-31 0000759944 srt:SubsidiariesMember cfg:OtherLongtermDebtMember 2024-12-31 0000759944 us-gaap:SecuredDebtMember cfg:FederalHomeLoanBankAdvancesandLettersofCreditMember 2025-03-31 0000759944 us-gaap:SecuredDebtMember cfg:FederalHomeLoanBankAdvancesandLettersofCreditMember 2024-12-31 0000759944 us-gaap:FederalHomeLoanBankAdvancesMember 2025-03-31 0000759944 us-gaap:FederalHomeLoanBankAdvancesMember 2024-12-31 0000759944 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2025-03-31 0000759944 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2024-12-31 0000759944 us-gaap:InterestRateSwapMember us-gaap:NondesignatedMember 2025-03-31 0000759944 us-gaap:InterestRateSwapMember us-gaap:NondesignatedMember 2024-12-31 0000759944 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2025-03-31 0000759944 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2024-12-31 0000759944 us-gaap:CommodityContractMember us-gaap:NondesignatedMember 2025-03-31 0000759944 us-gaap:CommodityContractMember us-gaap:NondesignatedMember 2024-12-31 0000759944 cfg:TBAContractMember us-gaap:NondesignatedMember 2025-03-31 0000759944 cfg:TBAContractMember us-gaap:NondesignatedMember 2024-12-31 0000759944 us-gaap:OtherContractMember us-gaap:NondesignatedMember 2025-03-31 0000759944 us-gaap:OtherContractMember us-gaap:NondesignatedMember 2024-12-31 0000759944 us-gaap:NondesignatedMember 2025-03-31 0000759944 us-gaap:NondesignatedMember 2024-12-31 0000759944 cfg:PrepayableFixedRateAfsSecuritiesPortfolioMember 2024-12-31 0000759944 cfg:PrepayableFixedRateAfsSecuritiesPortfolioMember 2025-03-31 0000759944 cfg:NonprepayableFixedRateAfsSecuritiesPortfolioMember 2025-03-31 0000759944 cfg:NonprepayableFixedRateAfsSecuritiesPortfolioMember 2024-12-31 0000759944 cfg:InterestAndDividendIncomeSecuritiesMember us-gaap:InterestRateSwapMember 2025-01-01 2025-03-31 0000759944 us-gaap:InterestExpenseMember us-gaap:InterestRateSwapMember 2025-01-01 2025-03-31 0000759944 cfg:InterestAndDividendIncomeSecuritiesMember us-gaap:InterestRateSwapMember 2024-01-01 2024-03-31 0000759944 us-gaap:InterestExpenseMember us-gaap:InterestRateSwapMember 2024-01-01 2024-03-31 0000759944 us-gaap:DebtSecuritiesMember 2025-03-31 0000759944 us-gaap:DebtSecuritiesMember 2024-12-31 0000759944 us-gaap:LongTermDebtMember 2025-03-31 0000759944 us-gaap:LongTermDebtMember 2024-12-31 0000759944 cfg:ClosedPortfoliosMember 2025-03-31 0000759944 cfg:ClosedPortfoliosMember 2024-12-31 0000759944 us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember 2025-03-31 0000759944 us-gaap:InterestIncomeMember 2025-01-01 2025-03-31 0000759944 us-gaap:InterestIncomeMember 2024-01-01 2024-03-31 0000759944 us-gaap:InterestExpenseMember 2025-01-01 2025-03-31 0000759944 us-gaap:InterestExpenseMember 2024-01-01 2024-03-31 0000759944 cfg:InterestRateContractCustomerMember us-gaap:FairValueHedgingMember 2025-01-01 2025-03-31 0000759944 cfg:InterestRateContractCustomerMember us-gaap:FairValueHedgingMember 2024-01-01 2024-03-31 0000759944 us-gaap:InterestRateContractMember us-gaap:FairValueHedgingMember 2025-01-01 2025-03-31 0000759944 us-gaap:InterestRateContractMember us-gaap:FairValueHedgingMember 2024-01-01 2024-03-31 0000759944 cfg:ForeignExchangeContractCustomerMember us-gaap:FairValueHedgingMember 2025-01-01 2025-03-31 0000759944 cfg:ForeignExchangeContractCustomerMember us-gaap:FairValueHedgingMember 2024-01-01 2024-03-31 0000759944 us-gaap:ForeignExchangeContractMember us-gaap:FairValueHedgingMember 2025-01-01 2025-03-31 0000759944 us-gaap:ForeignExchangeContractMember us-gaap:FairValueHedgingMember 2024-01-01 2024-03-31 0000759944 cfg:CustomerCommodityContractMember us-gaap:FairValueHedgingMember 2025-01-01 2025-03-31 0000759944 cfg:CustomerCommodityContractMember us-gaap:FairValueHedgingMember 2024-01-01 2024-03-31 0000759944 us-gaap:CommodityContractMember us-gaap:FairValueHedgingMember 2025-01-01 2025-03-31 0000759944 us-gaap:CommodityContractMember us-gaap:FairValueHedgingMember 2024-01-01 2024-03-31 0000759944 us-gaap:CommitmentsToExtendCreditMember us-gaap:FairValueHedgingMember 2025-01-01 2025-03-31 0000759944 us-gaap:CommitmentsToExtendCreditMember us-gaap:FairValueHedgingMember 2024-01-01 2024-03-31 0000759944 us-gaap:ForwardContractsMember us-gaap:FairValueHedgingMember 2025-01-01 2025-03-31 0000759944 us-gaap:ForwardContractsMember us-gaap:FairValueHedgingMember 2024-01-01 2024-03-31 0000759944 cfg:InterestRateContractMortgageServicingRightsMember us-gaap:FairValueHedgingMember 2025-01-01 2025-03-31 0000759944 cfg:InterestRateContractMortgageServicingRightsMember us-gaap:FairValueHedgingMember 2024-01-01 2024-03-31 0000759944 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2023-12-31 0000759944 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2023-12-31 0000759944 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2023-12-31 0000759944 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-01-01 2024-03-31 0000759944 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-01-01 2024-03-31 0000759944 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-03-31 0000759944 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-03-31 0000759944 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2024-03-31 0000759944 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-12-31 0000759944 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-12-31 0000759944 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2024-12-31 0000759944 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2025-01-01 2025-03-31 0000759944 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2025-01-01 2025-03-31 0000759944 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2025-03-31 0000759944 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2025-03-31 0000759944 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2025-03-31 0000759944 us-gaap:SeriesBPreferredStockMember 2025-03-31 0000759944 us-gaap:SeriesBPreferredStockMember 2024-12-31 0000759944 us-gaap:SeriesCPreferredStockMember 2025-03-31 0000759944 us-gaap:SeriesCPreferredStockMember 2024-12-31 0000759944 us-gaap:SeriesEPreferredStockMember 2025-03-31 0000759944 us-gaap:SeriesEPreferredStockMember 2024-12-31 0000759944 us-gaap:SeriesFPreferredStockMember 2025-03-31 0000759944 us-gaap:SeriesFPreferredStockMember 2024-12-31 0000759944 us-gaap:SeriesGPreferredStockMember 2025-03-31 0000759944 us-gaap:SeriesGPreferredStockMember 2024-12-31 0000759944 us-gaap:SeriesHPreferredStockMember 2025-03-31 0000759944 us-gaap:SeriesHPreferredStockMember 2024-12-31 0000759944 us-gaap:SeriesBPreferredStockMember 2025-01-01 2025-03-31 0000759944 us-gaap:SeriesBPreferredStockMember 2024-01-01 2024-03-31 0000759944 us-gaap:SeriesCPreferredStockMember 2025-01-01 2025-03-31 0000759944 us-gaap:SeriesCPreferredStockMember 2024-01-01 2024-03-31 0000759944 us-gaap:SeriesDPreferredStockMember 2025-01-01 2025-03-31 0000759944 us-gaap:SeriesDPreferredStockMember 2024-01-01 2024-03-31 0000759944 us-gaap:SeriesEPreferredStockMember 2024-01-01 2024-03-31 0000759944 us-gaap:SeriesFPreferredStockMember 2025-01-01 2025-03-31 0000759944 us-gaap:SeriesFPreferredStockMember 2024-01-01 2024-03-31 0000759944 us-gaap:SeriesGPreferredStockMember 2025-01-01 2025-03-31 0000759944 us-gaap:SeriesGPreferredStockMember 2024-01-01 2024-03-31 0000759944 us-gaap:SeriesHPreferredStockMember 2024-01-01 2024-03-31 0000759944 us-gaap:CommitmentsToExtendCreditMember 2025-03-31 0000759944 us-gaap:CommitmentsToExtendCreditMember 2024-12-31 0000759944 us-gaap:LetterOfCreditMember 2025-03-31 0000759944 us-gaap:LetterOfCreditMember 2024-12-31 0000759944 us-gaap:ObligationToRepurchaseReceivablesSoldMember 2025-03-31 0000759944 us-gaap:ObligationToRepurchaseReceivablesSoldMember 2024-12-31 0000759944 cfg:NamingRightsMember 2025-03-31 0000759944 cfg:NamingRightsMember 2024-12-31 0000759944 us-gaap:LoanParticipationsAndAssignmentsMember 2025-03-31 0000759944 us-gaap:LoanParticipationsAndAssignmentsMember 2024-12-31 0000759944 us-gaap:FinancialStandbyLetterOfCreditMember 2025-01-01 2025-03-31 0000759944 cfg:CommercialLetterofCreditMember 2025-01-01 2025-03-31 0000759944 cfg:NamingRightsMember 2003-01-01 2003-12-31 0000759944 us-gaap:FairValueInputsLevel2Member cfg:ResidentialLoansHeldforsaleMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel2Member cfg:ResidentialLoansHeldforsaleMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel2Member cfg:CommercialandCommercialRealEstateLoansHeldforsaleMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel2Member cfg:CommercialandCommercialRealEstateLoansHeldforsaleMember 2024-12-31 0000759944 us-gaap:MortgageBackedSecuritiesMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel1Member us-gaap:MortgageBackedSecuritiesMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel2Member us-gaap:MortgageBackedSecuritiesMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel3Member us-gaap:MortgageBackedSecuritiesMember 2025-03-31 0000759944 us-gaap:CollateralizedDebtObligationsMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel1Member us-gaap:CollateralizedDebtObligationsMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel2Member us-gaap:CollateralizedDebtObligationsMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel3Member us-gaap:CollateralizedDebtObligationsMember 2025-03-31 0000759944 us-gaap:USStatesAndPoliticalSubdivisionsMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel1Member us-gaap:USStatesAndPoliticalSubdivisionsMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel2Member us-gaap:USStatesAndPoliticalSubdivisionsMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel3Member us-gaap:USStatesAndPoliticalSubdivisionsMember 2025-03-31 0000759944 us-gaap:USTreasurySecuritiesMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasurySecuritiesMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel2Member us-gaap:USTreasurySecuritiesMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel3Member us-gaap:USTreasurySecuritiesMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel1Member 2025-03-31 0000759944 us-gaap:FairValueInputsLevel2Member 2025-03-31 0000759944 us-gaap:FairValueInputsLevel3Member 2025-03-31 0000759944 cfg:ResidentialLoansHeldforsaleMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel1Member cfg:ResidentialLoansHeldforsaleMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel2Member cfg:ResidentialLoansHeldforsaleMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel3Member cfg:ResidentialLoansHeldforsaleMember 2025-03-31 0000759944 cfg:CommercialRealEstateLoansHeldforsaleMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel1Member cfg:CommercialRealEstateLoansHeldforsaleMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel2Member cfg:CommercialRealEstateLoansHeldforsaleMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel3Member cfg:CommercialRealEstateLoansHeldforsaleMember 2025-03-31 0000759944 us-gaap:ResidentialMortgageMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel1Member us-gaap:ResidentialMortgageMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel2Member us-gaap:ResidentialMortgageMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel3Member us-gaap:ResidentialMortgageMember 2025-03-31 0000759944 us-gaap:InterestRateSwapMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel1Member us-gaap:InterestRateSwapMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel2Member us-gaap:InterestRateSwapMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel3Member us-gaap:InterestRateSwapMember 2025-03-31 0000759944 us-gaap:ForeignExchangeContractMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel1Member us-gaap:ForeignExchangeContractMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel2Member us-gaap:ForeignExchangeContractMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel3Member us-gaap:ForeignExchangeContractMember 2025-03-31 0000759944 us-gaap:CommodityContractMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel1Member us-gaap:CommodityContractMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel2Member us-gaap:CommodityContractMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel3Member us-gaap:CommodityContractMember 2025-03-31 0000759944 cfg:TBAContractMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel1Member cfg:TBAContractMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel2Member cfg:TBAContractMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel3Member cfg:TBAContractMember 2025-03-31 0000759944 us-gaap:OtherContractMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel1Member us-gaap:OtherContractMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel2Member us-gaap:OtherContractMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel3Member us-gaap:OtherContractMember 2025-03-31 0000759944 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2025-03-31 0000759944 us-gaap:MortgageBackedSecuritiesMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel1Member us-gaap:MortgageBackedSecuritiesMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel2Member us-gaap:MortgageBackedSecuritiesMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel3Member us-gaap:MortgageBackedSecuritiesMember 2024-12-31 0000759944 us-gaap:CollateralizedDebtObligationsMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel1Member us-gaap:CollateralizedDebtObligationsMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel2Member us-gaap:CollateralizedDebtObligationsMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel3Member us-gaap:CollateralizedDebtObligationsMember 2024-12-31 0000759944 us-gaap:USStatesAndPoliticalSubdivisionsMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel1Member us-gaap:USStatesAndPoliticalSubdivisionsMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel2Member us-gaap:USStatesAndPoliticalSubdivisionsMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel3Member us-gaap:USStatesAndPoliticalSubdivisionsMember 2024-12-31 0000759944 us-gaap:USTreasurySecuritiesMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasurySecuritiesMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel2Member us-gaap:USTreasurySecuritiesMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel3Member us-gaap:USTreasurySecuritiesMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel1Member 2024-12-31 0000759944 us-gaap:FairValueInputsLevel2Member 2024-12-31 0000759944 us-gaap:FairValueInputsLevel3Member 2024-12-31 0000759944 cfg:ResidentialLoansHeldforsaleMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel1Member cfg:ResidentialLoansHeldforsaleMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel2Member cfg:ResidentialLoansHeldforsaleMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel3Member cfg:ResidentialLoansHeldforsaleMember 2024-12-31 0000759944 cfg:CommercialRealEstateLoansHeldforsaleMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel1Member cfg:CommercialRealEstateLoansHeldforsaleMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel2Member cfg:CommercialRealEstateLoansHeldforsaleMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel3Member cfg:CommercialRealEstateLoansHeldforsaleMember 2024-12-31 0000759944 us-gaap:ResidentialMortgageMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel1Member us-gaap:ResidentialMortgageMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel2Member us-gaap:ResidentialMortgageMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel3Member us-gaap:ResidentialMortgageMember 2024-12-31 0000759944 us-gaap:InterestRateSwapMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel1Member us-gaap:InterestRateSwapMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel2Member us-gaap:InterestRateSwapMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel3Member us-gaap:InterestRateSwapMember 2024-12-31 0000759944 us-gaap:ForeignExchangeContractMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel1Member us-gaap:ForeignExchangeContractMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel2Member us-gaap:ForeignExchangeContractMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel3Member us-gaap:ForeignExchangeContractMember 2024-12-31 0000759944 us-gaap:CommodityContractMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel1Member us-gaap:CommodityContractMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel2Member us-gaap:CommodityContractMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel3Member us-gaap:CommodityContractMember 2024-12-31 0000759944 cfg:TBAContractMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel1Member cfg:TBAContractMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel2Member cfg:TBAContractMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel3Member cfg:TBAContractMember 2024-12-31 0000759944 us-gaap:OtherContractMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel1Member us-gaap:OtherContractMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel2Member us-gaap:OtherContractMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel3Member us-gaap:OtherContractMember 2024-12-31 0000759944 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember 2024-12-31 0000759944 us-gaap:OtherContractMember 2024-12-31 0000759944 us-gaap:ResidentialMortgageMember 2025-01-01 2025-03-31 0000759944 us-gaap:OtherContractMember 2025-01-01 2025-03-31 0000759944 us-gaap:OtherContractMember 2025-03-31 0000759944 us-gaap:ResidentialMortgageMember 2023-12-31 0000759944 us-gaap:OtherContractMember 2023-12-31 0000759944 us-gaap:ResidentialMortgageMember 2024-01-01 2024-03-31 0000759944 us-gaap:OtherContractMember 2024-01-01 2024-03-31 0000759944 us-gaap:ResidentialMortgageMember 2024-03-31 0000759944 us-gaap:OtherContractMember 2024-03-31 0000759944 srt:MinimumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputConstantPrepaymentRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember cfg:MortgageServicingRightsMember 2025-03-31 0000759944 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputConstantPrepaymentRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember cfg:MortgageServicingRightsMember 2025-03-31 0000759944 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputConstantPrepaymentRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember cfg:MortgageServicingRightsMember 2025-03-31 0000759944 srt:MinimumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputConstantPrepaymentRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:ResidentialMortgageMember 2024-12-31 0000759944 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputConstantPrepaymentRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:ResidentialMortgageMember 2024-12-31 0000759944 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputConstantPrepaymentRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:ResidentialMortgageMember 2024-12-31 0000759944 srt:MinimumMember us-gaap:FairValueInputsLevel3Member cfg:MeasurementInputOptionAdjustedSpreadMember us-gaap:ValuationTechniqueDiscountedCashFlowMember cfg:MortgageServicingRightsMember 2025-03-31 0000759944 srt:MaximumMember us-gaap:FairValueInputsLevel3Member cfg:MeasurementInputOptionAdjustedSpreadMember us-gaap:ValuationTechniqueDiscountedCashFlowMember cfg:MortgageServicingRightsMember 2025-03-31 0000759944 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member cfg:MeasurementInputOptionAdjustedSpreadMember us-gaap:ValuationTechniqueDiscountedCashFlowMember cfg:MortgageServicingRightsMember 2025-03-31 0000759944 srt:MinimumMember us-gaap:FairValueInputsLevel3Member cfg:MeasurementInputOptionAdjustedSpreadMember us-gaap:ValuationTechniqueDiscountedCashFlowMember cfg:MortgageServicingRightsMember 2024-12-31 0000759944 srt:MaximumMember us-gaap:FairValueInputsLevel3Member cfg:MeasurementInputOptionAdjustedSpreadMember us-gaap:ValuationTechniqueDiscountedCashFlowMember cfg:MortgageServicingRightsMember 2024-12-31 0000759944 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member cfg:MeasurementInputOptionAdjustedSpreadMember us-gaap:ValuationTechniqueDiscountedCashFlowMember cfg:MortgageServicingRightsMember 2024-12-31 0000759944 srt:MinimumMember us-gaap:FairValueInputsLevel3Member cfg:MeasurementInputPullThroughRateMember cfg:ValuationTechniqueInternalModelMember cfg:OtherDerivativeContractsMember 2025-03-31 0000759944 srt:MaximumMember us-gaap:FairValueInputsLevel3Member cfg:MeasurementInputPullThroughRateMember cfg:ValuationTechniqueInternalModelMember cfg:OtherDerivativeContractsMember 2025-03-31 0000759944 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member cfg:MeasurementInputPullThroughRateMember cfg:ValuationTechniqueInternalModelMember cfg:OtherDerivativeContractsMember 2025-03-31 0000759944 srt:MinimumMember us-gaap:FairValueInputsLevel3Member cfg:MeasurementInputPullThroughRateMember cfg:ValuationTechniqueInternalModelMember cfg:OtherDerivativeContractsMember 2024-12-31 0000759944 srt:MaximumMember us-gaap:FairValueInputsLevel3Member cfg:MeasurementInputPullThroughRateMember cfg:ValuationTechniqueInternalModelMember cfg:OtherDerivativeContractsMember 2024-12-31 0000759944 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member cfg:MeasurementInputPullThroughRateMember cfg:ValuationTechniqueInternalModelMember cfg:OtherDerivativeContractsMember 2024-12-31 0000759944 srt:MinimumMember us-gaap:FairValueInputsLevel3Member cfg:MeasurementInputMSRValueMember cfg:ValuationTechniqueInternalModelMember cfg:OtherDerivativeContractsMember 2025-03-31 0000759944 srt:MaximumMember us-gaap:FairValueInputsLevel3Member cfg:MeasurementInputMSRValueMember cfg:ValuationTechniqueInternalModelMember cfg:OtherDerivativeContractsMember 2025-03-31 0000759944 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member cfg:MeasurementInputMSRValueMember cfg:ValuationTechniqueInternalModelMember cfg:OtherDerivativeContractsMember 2025-03-31 0000759944 srt:MinimumMember us-gaap:FairValueInputsLevel3Member cfg:MeasurementInputMSRValueMember cfg:ValuationTechniqueInternalModelMember cfg:OtherDerivativeContractsMember 2024-12-31 0000759944 srt:MaximumMember us-gaap:FairValueInputsLevel3Member cfg:MeasurementInputMSRValueMember cfg:ValuationTechniqueInternalModelMember cfg:OtherDerivativeContractsMember 2024-12-31 0000759944 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member cfg:MeasurementInputMSRValueMember cfg:ValuationTechniqueInternalModelMember cfg:OtherDerivativeContractsMember 2024-12-31 0000759944 us-gaap:FairValueMeasurementsNonrecurringMember cfg:LoansCollateralDependentImpairedMember 2025-01-01 2025-03-31 0000759944 us-gaap:FairValueMeasurementsNonrecurringMember cfg:LoansCollateralDependentImpairedMember 2024-01-01 2024-03-31 0000759944 us-gaap:FairValueMeasurementsNonrecurringMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsNonrecurringMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsNonrecurringMember 2025-03-31 0000759944 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2025-03-31 0000759944 us-gaap:FairValueMeasurementsNonrecurringMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsNonrecurringMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsNonrecurringMember 2024-12-31 0000759944 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsNonrecurringMember 2024-12-31 0000759944 us-gaap:OperatingSegmentsMember cfg:ServiceChargesandFeesMember cfg:ConsumerBankingSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:ServiceChargesandFeesMember cfg:CommercialBankingSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:ServiceChargesandFeesMember cfg:NonCoreSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:CorporateNonSegmentMember cfg:ServiceChargesandFeesMember 2025-01-01 2025-03-31 0000759944 cfg:ServiceChargesandFeesMember 2025-01-01 2025-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:CardFeesMember cfg:ConsumerBankingSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:CardFeesMember cfg:CommercialBankingSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:CardFeesMember cfg:NonCoreSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:CorporateNonSegmentMember cfg:CardFeesMember 2025-01-01 2025-03-31 0000759944 cfg:CardFeesMember 2025-01-01 2025-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:CapitalMarketsFeesMember cfg:ConsumerBankingSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:CapitalMarketsFeesMember cfg:CommercialBankingSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:CapitalMarketsFeesMember cfg:NonCoreSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:CorporateNonSegmentMember cfg:CapitalMarketsFeesMember 2025-01-01 2025-03-31 0000759944 cfg:CapitalMarketsFeesMember 2025-01-01 2025-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:WealthFeesMember cfg:ConsumerBankingSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:WealthFeesMember cfg:CommercialBankingSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:WealthFeesMember cfg:NonCoreSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:CorporateNonSegmentMember cfg:WealthFeesMember 2025-01-01 2025-03-31 0000759944 cfg:WealthFeesMember 2025-01-01 2025-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:OtherBankingFeesMember cfg:ConsumerBankingSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:OtherBankingFeesMember cfg:CommercialBankingSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:OtherBankingFeesMember cfg:NonCoreSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:CorporateNonSegmentMember cfg:OtherBankingFeesMember 2025-01-01 2025-03-31 0000759944 cfg:OtherBankingFeesMember 2025-01-01 2025-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:ConsumerBankingSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:CommercialBankingSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:NonCoreSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:CorporateNonSegmentMember 2025-01-01 2025-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:ConsumerBankingMember 2025-01-01 2025-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:CommercialBankingMember 2025-01-01 2025-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:ServiceChargesandFeesMember cfg:ConsumerBankingSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:ServiceChargesandFeesMember cfg:CommercialBankingSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:ServiceChargesandFeesMember cfg:NonCoreSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:CorporateNonSegmentMember cfg:ServiceChargesandFeesMember 2024-01-01 2024-03-31 0000759944 cfg:ServiceChargesandFeesMember 2024-01-01 2024-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:CardFeesMember cfg:ConsumerBankingSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:CardFeesMember cfg:CommercialBankingSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:CardFeesMember cfg:NonCoreSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:CorporateNonSegmentMember cfg:CardFeesMember 2024-01-01 2024-03-31 0000759944 cfg:CardFeesMember 2024-01-01 2024-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:CapitalMarketsFeesMember cfg:ConsumerBankingSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:CapitalMarketsFeesMember cfg:CommercialBankingSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:CapitalMarketsFeesMember cfg:NonCoreSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:CorporateNonSegmentMember cfg:CapitalMarketsFeesMember 2024-01-01 2024-03-31 0000759944 cfg:CapitalMarketsFeesMember 2024-01-01 2024-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:WealthFeesMember cfg:ConsumerBankingSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:WealthFeesMember cfg:CommercialBankingSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:WealthFeesMember cfg:NonCoreSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:CorporateNonSegmentMember cfg:WealthFeesMember 2024-01-01 2024-03-31 0000759944 cfg:WealthFeesMember 2024-01-01 2024-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:OtherBankingFeesMember cfg:ConsumerBankingSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:OtherBankingFeesMember cfg:CommercialBankingSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:OtherBankingFeesMember cfg:NonCoreSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:CorporateNonSegmentMember cfg:OtherBankingFeesMember 2024-01-01 2024-03-31 0000759944 cfg:OtherBankingFeesMember 2024-01-01 2024-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:ConsumerBankingSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:CommercialBankingSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:NonCoreSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:CorporateNonSegmentMember 2024-01-01 2024-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:ConsumerBankingMember 2024-01-01 2024-03-31 0000759944 us-gaap:OperatingSegmentsMember cfg:CommercialBankingMember 2024-01-01 2024-03-31

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 March 31, 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
(Exact name of registrant as specified in its charter)

Delaware |  | 05-0412693
(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 | CFG | New 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 PrE | New 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

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 433,649,118 shares of the registrant’s common stock ($0.01 par value) outstanding on April 25, 2025.

|  | Table of Contents |  |
| Glossary of Acronyms and Terms | 3 |
| Part I. Financial Information | 5 |
| Item 1. Financial Statements (unaudited) | 33 |
| Consolidated Balance Sheets | 34 |
| Consolidated Statements of Operations | 35 |
| Consolidated Statements of Comprehensive Income | 36 |
| Consolidated Statements of Changes in Stockholders’ Equity | 37 |
| Consolidated Statements of Cash Flows | 38 |
| Notes to Consolidated Financial Statements | 39 |
| Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | 5 |
| Item 3. Quantitative and Qualitative Disclosures about Market Risk | 70 |
| Item 4. Controls and Procedures | 71 |
| Part II. Other Information | 71 |
| Item 1. Legal Proceedings | 71 |
| Item 1A. Risk Factors | 71 |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 71 |
| Item 3. Defaults Upon Senior Securities | 71 |
| Item 4. Mine Safety Disclosures | 72 |
| Item 5. Other Information | 72 |
| Item 6. Exhibits | 72 |
| Signature | 73 |

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
AACL |  | Adjusted Allowance for Credit Losses
ACL |  | Allowance for Credit Losses: Allowance for Loan and Lease Losses plus Allowance for Unfunded Lending Commitments
AFS |  | Available for Sale
ALM |  | Asset and Liability Management
AOCI |  | Accumulated Other Comprehensive Income (Loss)
ASU |  | Accounting Standards Update
ATM |  | Automated Teller Machine
Board or Board of Directors |  | The Board of Directors of Citizens Financial Group, Inc.
bps |  | Basis Points
CBNA |  | Citizens Bank, National Association
CCB |  | Capital Conservation Buffer
CECL |  | Current Expected Credit Losses (ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments)
CET1 |  | Common Equity Tier 1
CET1 capital ratio |  | Common 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 Subsidiaries
CLTV |  | Combined 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
EPS |  | Earnings Per Share
EVE |  | Economic Value of Equity
Exchange Act |  | The Securities Exchange Act of 1934, as amended
Fannie Mae (FNMA) |  | Federal National Mortgage Association
FDIC |  | Federal Deposit Insurance Corporation
FDM |  | Financially Distressed Modification
FHA |  | Federal Housing Administration
FHLB |  | Federal Home Loan Bank
FICO |  | Fair Isaac Corporation (credit rating)
FRB or Federal Reserve |  | Board of Governors of the Federal Reserve System and, as applicable, Federal Reserve Bank(s)
Freddie Mac (FHLMC) |  | Federal Home Loan Mortgage Corporation
FTE |  | Fully Taxable Equivalent
GAAP |  | Accounting Principles Generally Accepted in the United States of America
GDP |  | Gross Domestic Product
Ginnie Mae (GNMA) |  | Government National Mortgage Association
GSE |  | Government Sponsored Entity
HTM |  | Held To Maturity
LHFS |  | Loans Held for Sale
LIHTC |  | Low Income Housing Tax Credit
M&A |  | Merger and Acquisition
MD&A |  | Management’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
MSRs |  | Mortgage Servicing Rights
NMTC |  | New Markets Tax Credit
OCC |  | Office of the Comptroller of the Currency
OCI |  | Other Comprehensive Income (Loss)
Parent Company |  | Citizens Financial Group, Inc. (the Parent Company of Citizens Bank, National Association and other subsidiaries)
PCD |  | Purchased Credit Deteriorated
ROTCE |  | Return on Average Tangible Common Equity
RPA |  | Risk Participation Agreement
RWA |  | Risk-Weighted Assets
SBA |  | United States Small Business Administration
SCB |  | Stress Capital Buffer
SEC |  | United States Securities and Exchange Commission
SOFR |  | Secured Overnight Financing Rate
TBAs |  | To-Be-Announced Mortgage Securities
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
USDA |  | United States Department of Agriculture
VA |  | United States Department of Veterans Affairs
VaR |  | Value at Risk
VIE |  | Variable 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
Introduction |  | 7
Executive Summary |  | 7
Results of Operations |  | 8
Analysis of Financial Condition |  | 12
Business Segments |  | 18
Risk Management |  | 19
Credit Risk |  | 19
Market Risk |  | 20
Liquidity Risk |  | 23
Operational Risk |  | 25
Compliance Risk |  | 26
Capital |  | 26
Critical Accounting Estimates |  | 29
Accounting and Reporting Developments |  | 30
Non-GAAP Financial Measures |  | 31

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 and our mortgage originations, mortgage servicing rights and mortgages held for sale;
•Changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources and affect the ability to originate and distribute financial products in the primary and secondary markets;
•Financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses;
•Environmental risks, such as physical or transition risks associated with climate change, and social and governance risks, that could adversely affect our reputation, operations, business, and customers;
•A failure in or breach of our compliance with laws, as well as operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; and
•Management’s ability to identify and manage these and other risks.
Citizens Financial Group, Inc. | 6

In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares from or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends.
More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section in Part I, Item 1A of our 2024 Form 10-K.
INTRODUCTION
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $220.1 billion in assets as of March 31, 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 for the three months ended March 31, 2025, as well as information regarding certain significant events and transactions occurring during this period. 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 $373 million increased $39 million for the three months ended March 31, 2025, with earnings per diluted common share up $0.12 to $0.77 compared to the same period in 2024.
•Net income available to common stockholders of $340 million increased $36 million for the three months ended March 31, 2025, compared to the same period in 2024.
•Total revenue of $1.9 billion decreased $24 million for the three months ended March 31, 2025, compared to the same period in 2024, driven by a decrease of 4% in net interest income.
•The efficiency ratio of 67.91% for the three months ended March 31, 2025, compared to 69.33% for the same period in 2024.
•ROTCE of 9.64% for the three months ended March 31, 2025, compared to 8.86% for the same period in 2024.
•Tangible book value per common share of $33.97 increased 5% from December 31, 2024.
See “Non-GAAP Financial Measures” for more information regarding the ROTCE and tangible book value per common share non-GAAP financial measures presented herein.
Citizens Financial Group, Inc. | 7

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, with $200 million settled during the first quarter, and is expected to be accretive to net interest margin, EPS, and ROTCE.
Senior Notes Offering
On March 5, 2025, the Parent Company issued $750 million of fixed/floating-rate senior notes that mature on March 5, 2031. The senior notes bear interest at a rate of 5.253% per annum until March 4, 2030, and at SOFR plus 1.259% from March 5, 2030 until maturity. See Note 7 for additional information regarding the Company’s borrowed funds.
Share Repurchases
During the three months ended March 31, 2025, the Parent Company repurchased $200 million of its outstanding common stock. See Note 10 and Item 2 for additional information on share repurchase activity.
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 March 28, 2025, the FDIC, FRB and OCC announced their intention to issue a proposal to both rescind the Community Reinvestment Act (“CRA”) final rule issued in October 2023 and reinstate the CRA framework that existed prior to this final rule. In their announcement, the three banking agencies stated that they will continue to work together to promote a consistent regulatory approach on their implementation of the CRA. For additional information regarding the CRA including its existing framework and the primary provisions of the October 2023 final rule, see “Regulation and Supervision” in our 2024 Form 10-K.
We will continue to monitor these regulatory developments and the ultimate outcome of the SEC’s climate disclosure rule and the CRA framework imposed by the banking agencies.
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. | 8

The following table presents the major components of our net interest income. Average balance represents amortized cost, excluding the unamortized basis adjustments related to the transfer of certain HTM securities from AFS, and LHFS. 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 March 31, |  |
2025 |  | 2024 |  | 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 | $8,092 |  | $89 |  | 4.42 | % |  | $10,268 |  | $140 |  | 5.39 | % |  | ($2,176) |  | (97) bps
Taxable investment securities | 46,068 |  | 418 |  | 3.63 |  |  | 43,904 |  | 399 |  | 3.63 |  |  | 2,164 |  | — |
Non-taxable investment securities | 1 |  | — |  | 2.60 |  |  | 1 |  | — |  | 2.60 |  |  | — |  | — |
Total investment securities | 46,069 |  | 418 |  | 3.63 |  |  | 43,905 |  | 399 |  | 3.63 |  |  | 2,164 |  | — |
Commercial and industrial | 43,599 |  | 515 |  | 4.72 |  |  | 44,577 |  | 635 |  | 5.64 |  |  | (978) |  | (92) |
Commercial real estate | 27,013 |  | 387 |  | 5.74 |  |  | 29,265 |  | 468 |  | 6.32 |  |  | (2,252) |  | (58) |
Total commercial | 70,612 |  | 902 |  | 5.11 |  |  | 73,842 |  | 1,103 |  | 5.91 |  |  | (3,230) |  | (80) |
Residential mortgages | 32,872 |  | 318 |  | 3.86 |  |  | 31,384 |  | 283 |  | 3.60 |  |  | 1,488 |  | 26 |
Home equity | 16,647 |  | 293 |  | 7.13 |  |  | 15,080 |  | 298 |  | 7.94 |  |  | 1,567 |  | (81) |
Automobile | 4,394 |  | 47 |  | 4.38 |  |  | 7,758 |  | 82 |  | 4.25 |  |  | (3,364) |  | 13 |
Education | 10,690 |  | 148 |  | 5.61 |  |  | 11,816 |  | 156 |  | 5.31 |  |  | (1,126) |  | 30 |
Other retail | 4,495 |  | 121 |  | 10.91 |  |  | 4,942 |  | 129 |  | 10.54 |  |  | (447) |  | 37 |
Total retail | 69,098 |  | 927 |  | 5.41 |  |  | 70,980 |  | 948 |  | 5.36 |  |  | (1,882) |  | 5 |
Total loans and leases | 139,710 |  | 1,829 |  | 5.26 |  |  | 144,822 |  | 2,051 |  | 5.64 |  |  | (5,112) |  | (38) |
Loans held for sale | 1,187 |  | 16 |  | 5.34 |  |  | 1,073 |  | 20 |  | 7.27 |  |  | 114 |  | (193) |
Interest-earning assets | 195,058 |  | 2,352 |  | 4.84 |  |  | 200,068 |  | 2,610 |  | 5.20 |  |  | (5,010) |  | (36) |
Noninterest-earning assets | 21,251 |  |  |  |  | 20,702 |  |  |  |  | 549 |  |
Total assets | $216,309 |  |  |  |  | $220,770 |  |  |  |  | ($4,461) |  |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |  |  |
Checking with interest | $32,693 |  | $110 |  | 1.36 | % |  | $32,302 |  | $109 |  | 1.35 | % |  | $391 |  | 1 |
Money market | 54,432 |  | 357 |  | 2.66 |  |  | 52,926 |  | 445 |  | 3.38 |  |  | 1,506 |  | (72) |
Savings | 25,760 |  | 89 |  | 1.39 |  |  | 27,745 |  | 121 |  | 1.76 |  |  | (1,985) |  | (37) |
Time | 23,277 |  | 239 |  | 4.17 |  |  | 26,447 |  | 312 |  | 4.74 |  |  | (3,170) |  | (57) |
Total interest-bearing deposits | 136,162 |  | 795 |  | 2.37 |  |  | 139,420 |  | 987 |  | 2.85 |  |  | (3,258) |  | (48) |
Short-term borrowed funds | 675 |  | 8 |  | 4.53 |  |  | 498 |  | 7 |  | 5.53 |  |  | 177 |  | (100) |
Long-term borrowed funds | 12,657 |  | 158 |  | 5.01 |  |  | 13,664 |  | 174 |  | 5.08 |  |  | (1,007) |  | (7) |
Total borrowed funds | 13,332 |  | 166 |  | 4.99 |  |  | 14,162 |  | 181 |  | 5.09 |  |  | (830) |  | (10) |
Total interest-bearing liabilities | 149,494 |  | 961 |  | 2.60 |  |  | 153,582 |  | 1,168 |  | 3.05 |  |  | (4,088) |  | (45) |
Noninterest-bearing demand deposits | 36,543 |  |  |  |  | 36,684 |  |  |  |  | (141) |  |
Other noninterest-bearing liabilities | 5,971 |  |  |  |  | 6,791 |  |  |  |  | (820) |  |
Total liabilities | 192,008 |  |  |  |  | 197,057 |  |  |  |  | (5,049) |  |
Stockholders’ equity | 24,301 |  |  |  |  | 23,713 |  |  |  |  | 588 |  |
Total liabilities and stockholders’ equity | $216,309 |  |  |  |  | $220,770 |  |  |  |  | ($4,461) |  |
Interest rate spread |  |  | 2.24 | % |  |  |  | 2.15 | % |  |  | 9 |
Net interest income and net interest margin |  | $1,391 |  | 2.89 | % |  |  | $1,442 |  | 2.90 | % |  |  | (1) |
Net interest income and net interest margin, FTE(1) |  | $1,395 |  | 2.90 | % |  |  | $1,446 |  | 2.91 | % |  |  | (1) |
Memo: Total deposits (interest-bearing and noninterest-bearing demand) | $172,705 |  | $795 |  | 1.87 | % |  | $176,104 |  | $987 |  | 2.25 | % |  | ($3,399) |  | (38) | 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 decreased $51 million, or 4%, for the three months ended March 31, 2025, compared to the same period in 2024, driven primarily by a decrease of 3% in average interest-earning assets, partially offset by a decrease of 3% in average interest-bearing liabilities.
Net interest margin on an FTE basis decreased 1 basis point for the three months ended March 31, 2025, compared to the same period in 2024, as the impact of variable-rate asset repricing was largely offset by the benefit of lower funding costs, Non-Core portfolio runoff and fixed-rate asset repricing.
Citizens Financial Group, Inc. | 9

Average interest-earning assets decreased $5.0 billion for the three months ended March 31, 2025, 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.
Average deposits decreased $3.4 billion for the three months ended March 31, 2025 compared to the same period in 2024, driven by lower commercial deposits and a reduction in higher-cost Treasury deposits, partially offset by an increase in consumer deposits driven by the Private Bank.
Average total borrowed funds decreased $830 million for the three months ended March 31, 2025, compared to the same period in 2024, reflecting a decline in FHLB advances and auto collateralized borrowings, given runoff of the Non-Core portfolio, partially offset by an increase in senior debt.
Noninterest Income

Table 2: Noninterest Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Three Months Ended March 31, |  |  |  |  |  |  |  |  |  |
(dollars in millions) | 2025 |  | 2024 |  | Change |  | Percent |  |  |  |  |  |  |  |
Service charges and fees | $109 |  |  | $96 |  |  | $13 |  |  | 14 | % |  |  |  |  |  |  |  |
Capital markets fees | 100 |  |  | 118 |  |  | (18) |  |  | (15) |  |  |  |  |  |  |  |  |
Card fees | 83 |  |  | 86 |  |  | (3) |  |  | (3) |  |  |  |  |  |  |  |  |
Wealth fees | 81 |  |  | 68 |  |  | 13 |  |  | 19 |  |  |  |  |  |  |  |  |
Mortgage banking fees | 59 |  |  | 49 |  |  | 10 |  |  | 20 |  |  |  |  |  |  |  |  |
Foreign exchange and derivative products | 39 |  |  | 36 |  |  | 3 |  |  | 8 |  |  |  |  |  |  |  |  |
Letter of credit and loan fees | 44 |  |  | 42 |  |  | 2 |  |  | 5 |  |  |  |  |  |  |  |  |
Securities gains, net | 7 |  |  | 5 |  |  | 2 |  |  | 40 |  |  |  |  |  |  |  |  |
Other income(1) | 22 |  |  | 17 |  |  | 5 |  |  | 29 |  |  |  |  |  |  |  |  |
Noninterest income | $544 |  |  | $517 |  |  | $27 |  |  | 5 | % |  |  |  |  |  |  |  |

(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 months ended March 31, 2025, compared to the same period in 2024, are described below.
•Service charges and fees increased driven primarily by higher cash management and overdraft fees.
•Wealth fees reflect growth in Private Bank assets under management.
•Mortgage banking fees increased driven by higher MSR valuation, net of hedging.
•Capital markets fees decreased reflecting lower M&A fees, partially offset by higher loan syndication and bond underwriting fees.
Noninterest Expense

Table 3: Noninterest Expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Three Months Ended March 31, |  |  |  |  |  |  |  |  |  |
(dollars in millions) | 2025 |  | 2024 |  | Change |  | Percent |  |  |  |  |  |  |  |
Salaries and employee benefits | $696 |  |  | $691 |  |  | $5 |  |  | 1 | % |  |  |  |  |  |  |  |
Equipment and software | 194 |  |  | 192 |  |  | 2 |  |  | 1 |  |  |  |  |  |  |  |  |
Outside services | 155 |  |  | 158 |  |  | (3) |  |  | (2) |  |  |  |  |  |  |  |  |
Occupancy | 112 |  |  | 114 |  |  | (2) |  |  | (2) |  |  |  |  |  |  |  |  |
Other operating expense | 157 |  |  | 203 |  |  | (46) |  |  | (23) |  |  |  |  |  |  |  |  |
Noninterest expense | $1,314 |  |  | $1,358 |  |  | ($44) |  |  | (3 | %) |  |  |  |  |  |  |  |

The decrease in noninterest expense for the three months ended March 31, 2025, compared to the same period in 2024, was driven primarily by other operating expense associated with FDIC deposit insurance, reflecting $35 million for CBNA’s special assessment recognized in 2024, and lower fraud losses.
For more information regarding CBNA’s special assessment, see “Regulation and Supervision - Deposit Insurance” in our 2024 Form 10-K.
Citizens Financial Group, Inc. | 10

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 $153 million for the three months ended March 31, 2025 decreased compared with a provision of $171 million for the same period in 2024, reflecting Non-Core portfolio runoff and improving loan mix.
Income Tax Expense
Income tax expense of $95 million decreased $1 million and our effective income tax rate of 20.3% decreased from 22.3% for the three months ended March 31, 2025, compared to the same period in 2024. These decreases are primarily driven by lower stock-related compensation. 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. | 11

ANALYSIS OF FINANCIAL CONDITION
Securities

Table 4: Amortized Cost and Fair Value of Securities |  |  |  |  |  |
| March 31, 2025 |  | December 31, 2024
(dollars in millions) | Amortized Cost(1) |  | Fair Value |  | Amortized Cost(1) |  | Fair Value
U.S. Treasury and other | $4,145 |  |  | $4,069 |  |  | $3,631 |  |  | $3,525 |
State and political subdivisions | 1 |  |  | 1 |  |  | 1 |  |  | 1 |
Mortgage-backed securities: |  |  |  |  |  |  |
Federal agencies and U.S. government sponsored entities | 31,444 |  |  | 29,753 |  |  | 30,897 |  |  | 28,795 |
Other/non-agency | 272 |  |  | 261 |  |  | 273 |  |  | 260 |
Total mortgage-backed securities | 31,716 |  |  | 30,014 |  |  | 31,170 |  |  | 29,055 |
Collateralized loan obligations | 124 |  |  | 124 |  |  | 184 |  |  | 184 |
Total debt securities available for sale | $35,986 |  |  | $34,208 |  |  | $34,986 |  |  | $32,765 |
Mortgage-backed securities: |  |  |  |  |  |  |
Federal agencies and U.S. government sponsored entities | $8,077 |  |  | $7,129 |  |  | $8,187 |  |  | $7,136 |
Total mortgage-backed securities | 8,077 |  |  | 7,129 |  |  | 8,187 |  |  | 7,136 |
Asset-backed securities | 392 |  |  | 386 |  |  | 412 |  |  | 404 |
Total debt securities held to maturity | $8,469 |  |  | $7,515 |  |  | $8,599 |  |  | $7,540 |
Total debt securities available for sale and held to maturity | $44,455 |  |  | $41,723 |  |  | $43,585 |  |  | $40,305 |
Equity securities, at cost(2) | $711 |  |  | $711 |  |  | $710 |  |  | $710 |
Equity securities, at fair value(2) | 236 |  |  | 236 |  |  | 220 |  |  | 220 |

(1) Excludes portfolio level basis adjustments of $(2) million and $(75) million, respectively, for securities designated in active fair value hedge relationships under the portfolio layer method at March 31, 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, highly liquid investments reflecting our ongoing commitment to maintain strong contingent liquidity levels and pledging capacity.
As of March 31, 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 $37.7 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 March 31, 2025, the portfolio’s average effective duration, including hedging actions to reduce duration, was 3.6 years compared to 3.7 years as of December 31, 2024.
Citizens Financial Group, Inc. | 12

Loans and Leases

Table 5: Composition of Loans and Leases, Excluding LHFS |  |  |  |  |  |
(dollars in millions) | March 31, 2025 |  | December 31, 2024 |  | Change |  | Percent
Commercial and industrial | $43,781 |  |  | $42,551 |  |  | $1,230 |  |  | 3 | %
Commercial real estate | 26,727 |  |  | 27,225 |  |  | (498) |  |  | (2) |
Total commercial | 70,508 |  |  | 69,776 |  |  | 732 |  |  | 1 |
Residential mortgages | 33,114 |  |  | 32,726 |  |  | 388 |  |  | 1 |
Home equity | 16,853 |  |  | 16,495 |  |  | 358 |  |  | 2 |
Automobile | 4,044 |  |  | 4,744 |  |  | (700) |  |  | (15) |
Education | 8,779 |  |  | 10,812 |  |  | (2,033) |  |  | (19) |
Other retail | 4,337 |  |  | 4,650 |  |  | (313) |  |  | (7) |
Total retail | 67,127 |  |  | 69,427 |  |  | (2,300) |  |  | (3) |
Total loans and leases | $137,635 |  |  | $139,203 |  |  | ($1,568) |  |  | (1) | %

The decrease in total loans and leases as of March 31, 2025 compared to December 31, 2024 reflects a $2.3 billion decrease in retail 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 Non-Core portfolio runoff, partially offset by growth in home equity and mortgage, including the Private Bank. Commercial reflects a $732 million increase driven by higher line of credit utilization, partially offset by CRE paydowns.
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.

Table 6: ACL and Related Coverage Ratios by Portfolio |  |  |  |  |  |
| March 31, 2025 |  | December 31, 2024
(dollars in millions) | Loans and Leases | Allowance | Coverage Ratio |  | Loans and Leases | Allowance | Coverage Ratio
Allowance for Loan and Lease Losses |  |  |  |  |  |  |
Commercial and industrial | $43,781 |  | $501 |  | 1.15 | % |  | $42,551 |  | $480 |  | 1.13 | %
Commercial real estate | 26,727 |  | 647 |  | 2.42 |  |  | 27,225 |  | 660 |  | 2.42 |
Total commercial | 70,508 |  | 1,148 |  | 1.63 |  |  | 69,776 |  | 1,140 |  | 1.63 |
Residential mortgages | 33,114 |  | 184 |  | 0.56 |  |  | 32,726 |  | 194 |  | 0.59 |
Home equity | 16,853 |  | 98 |  | 0.58 |  |  | 16,495 |  | 112 |  | 0.68 |
Automobile | 4,044 |  | 17 |  | 0.43 |  |  | 4,744 |  | 24 |  | 0.51 |
Education | 8,779 |  | 271 |  | 3.09 |  |  | 10,812 |  | 292 |  | 2.70 |
Other retail | 4,337 |  | 296 |  | 6.80 |  |  | 4,650 |  | 299 |  | 6.44 |
Total retail | 67,127 |  | 866 |  | 1.29 |  |  | 69,427 |  | 921 |  | 1.33 |
Total loans and leases | $137,635 |  | $2,014 |  | 1.46 | % |  | $139,203 |  | $2,061 |  | 1.48 | %
Allowance for Unfunded Lending Commitments |  |  |  |  |  |  |
Commercial(1) |  | $164 |  | 1.86 | % |  |  | $155 |  | 1.86 | %
Retail(2) |  | 34 |  | 1.34 |  |  |  | 43 |  | 1.39 |
Total allowance for unfunded lending commitments |  | 198 |  |  |  |  | 198 |  |
Allowance for credit losses | $137,635 |  | $2,212 |  | 1.61 | % |  | $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 March 31, 2025 compared to December 31, 2024 decreased $47 million, driven by a $64 million decrease in retail, given the benefit of Non-Core runoff and improving loan mix, partially offset by a $17 million increase in commercial.
Citizens Financial Group, Inc. | 13

Table 7: Nonaccrual Loans and Leases |  |  |  |  |  |  |
(dollars in millions) | March 31, 2025 |  | December 31, 2024 |  | Change |  | Percent
Commercial and industrial | $283 |  |  | $241 |  |  | $42 |  |  | 17 | %
Commercial real estate | 700 |  |  | 776 |  |  | (76) |  |  | (10) |
Total commercial | 983 |  |  | 1,017 |  |  | (34) |  |  | (3) |
Residential mortgages | 198 |  |  | 192 |  |  | 6 |  |  | 3 |
Home equity | 282 |  |  | 283 |  |  | (1) |  |  | — |
Automobile | 39 |  |  | 48 |  |  | (9) |  |  | (19) |
Education | 20 |  |  | 56 |  |  | (36) |  |  | (64) |
Other retail | 60 |  |  | 68 |  |  | (8) |  |  | (12) |
Total retail | 599 |  |  | 647 |  |  | (48) |  |  | (7) |
Nonaccrual loans and leases | $1,582 |  |  | $1,664 |  |  | ($82) |  |  | (5 | %)
Nonaccrual loans and leases to total loans and leases | 1.15 | % |  | 1.20 | % |  | (5 | bps) |  |
Allowance for loan and lease losses to nonaccrual loans and leases | 127 |  |  | 124 |  |  | 3 | % |  |
Allowance for credit losses to nonaccrual loans and leases | 140 |  |  | 136 |  |  | 4 | % |  |

The decline in nonaccrual loans and leases as of March 31, 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.

Table 8: Ratio of Net Charge-Offs to Average Loans and Leases
| Three Months Ended March 31,
| 2025 |  | 2024
(dollars in millions) | Net Charge-Offs | Average Balance | Ratio |  | Net Charge-Offs | Average Balance | Ratio
Commercial and industrial | $30 |  | $43,599 |  | 0.28 | % |  | ($3) |  | $44,577 |  | (0.03) | %
Commercial real estate | 51 |  | 27,013 |  | 0.77 |  |  | 88 |  | 29,265 |  | 1.22 |
Total commercial | 81 |  | 70,612 |  | 0.47 |  |  | 85 |  | 73,842 |  | 0.47 |
Residential mortgages | — |  | 32,872 |  | 0.01 |  |  | 1 |  | 31,384 |  | 0.01 |
Home equity | — |  | 16,647 |  | (0.01) |  |  | (2) |  | 15,080 |  | (0.06) |
Automobile | 8 |  | 4,394 |  | 0.73 |  |  | 14 |  | 7,758 |  | 0.73 |
Education | 51 |  | 10,690 |  | 1.92 |  |  | 27 |  | 11,816 |  | 0.92 |
Other retail | 60 |  | 4,495 |  | 5.46 |  |  | 56 |  | 4,942 |  | 4.56 |
Total retail | 119 |  | 69,098 |  | 0.70 |  |  | 96 |  | 70,980 |  | 0.54 |
Total loans and leases | $200 |  | $139,710 |  | 0.58 | % |  | $181 |  | $144,822 |  | 0.50 | %

For the three months ended March 31, 2025, net charge-offs increased $19 million and the net charge-off ratio increased 8 basis points compared to the same period in 2024. These increases include a charge-off of $25 million resulting from the sale of Non-Core education loans. Excluding this sale, net charge-offs decreased $6 million to $175 million, or 51 basis points, compared to the same period in 2024, reflecting broadly stable retail and modestly lower commercial net charge-offs. 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 $7.3 billion at March 31, 2025 increased $236 million compared to December 31, 2024.
Commercial and industrial criticized balances of $2.6 billion at March 31, 2025 remained stable compared to December 31, 2024.
Commercial real estate criticized balances of $4.7 billion at March 31, 2025 increased from $4.5 billion at December 31, 2024, primarily attributable to the continued impacts of interest rates on the Multi-family sector. Approximately 97% of commercial real estate loans remain current on payments as of March 31, 2025.
Citizens Financial Group, Inc. | 14

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

Table 9: Commercial and Industrial Loans by Industry Sector |  |  |
| March 31, 2025 |  | December 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 | $6,503 |  | 5 | % |  | $6,070 |  | 4 | %
Other finance and insurance | 6,608 |  | 5 |  |  | 6,446 |  | 5 |
Other manufacturing | 3,536 |  | 3 |  |  | 3,491 |  | 3 |
Technology | 2,858 |  | 2 |  |  | 2,818 |  | 2 |
Accommodation and food services | 2,367 |  | 2 |  |  | 2,599 |  | 2 |
Health, pharma, and social assistance | 2,270 |  | 2 |  |  | 2,322 |  | 2 |
Professional, scientific, and technical services | 2,547 |  | 2 |  |  | 2,313 |  | 2 |
Energy and related | 1,971 |  | 1 |  |  | 2,085 |  | 1 |
Other services | 2,099 |  | 1 |  |  | 2,061 |  | 1 |
Wholesale trade | 2,084 |  | 1 |  |  | 2,010 |  | 1 |
Retail trade | 2,052 |  | 1 |  |  | 2,000 |  | 1 |
Arts, entertainment, and recreation | 1,518 |  | 1 |  |  | 1,509 |  | 1 |
Administrative and waste management | 1,311 |  | 1 |  |  | 1,352 |  | 1 |
Automotive | 1,144 |  | 1 |  |  | 1,026 |  | 1 |
Rental and leasing | 1,054 |  | 1 |  |  | 923 |  | 1 |
Consumer products manufacturing | 778 |  | 1 |  |  | 710 |  | 1 |
Other | 3,081 |  | 2 |  |  | 2,816 |  | 2 |
Total commercial and industrial | $43,781 |  | 32 | % |  | $42,551 |  | 31 | %

Citizens Financial Group, Inc. | 15

Table 10: Commercial Real Estate by Property Type and State |  |  |
| March 31, 2025 |  | December 31, 2024
(dollars in millions) | Balance | % of Total Loans and Leases |  | Balance | % of Total Loans and Leases
Property type |  |  |  |  |
Multi-family | $9,886 |  | 7 | % |  | $9,791 |  | 7 | %
Office |  |  |  |  |
Credit tenant lease and life sciences(1) | 2,163 |  | 2 |  |  | 2,135 |  | 2 |
Other general office | 2,860 |  | 2 |  |  | 2,930 |  | 2 |
Industrial | 3,393 |  | 2 |  |  | 3,575 |  | 3 |
Retail | 2,859 |  | 2 |  |  | 2,940 |  | 2 |
Co-op | 1,806 |  | 1 |  |  | 1,802 |  | 1 |
Data center | 794 |  | 1 |  |  | 1,024 |  | 1 |
Hospitality | 384 |  | — |  |  | 418 |  | — |
Other | 2,582 |  | 2 |  |  | 2,610 |  | 2 |
Total commercial real estate | $26,727 |  | 19 | % |  | $27,225 |  | 20 | %
State |  |  |  |  |
New York | $6,658 |  | 5 | % |  | $6,643 |  | 5 | %
New Jersey | 3,252 |  | 2 |  |  | 3,370 |  | 2 |
Pennsylvania | 2,589 |  | 2 |  |  | 2,594 |  | 2 |
California | 2,241 |  | 2 |  |  | 2,398 |  | 2 |
Massachusetts | 1,709 |  | 1 |  |  | 1,682 |  | 1 |
Texas | 1,579 |  | 1 |  |  | 1,571 |  | 1 |
Florida | 1,211 |  | 1 |  |  | 1,123 |  | 1 |
Other Southeast(2) | 2,677 |  | 2 |  |  | 2,789 |  | 2 |
Other | 4,811 |  | 3 |  |  | 5,055 |  | 4 |
Total commercial real estate | $26,727 |  | 19 | % |  | $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.

Table 11: Retail Loan Portfolio Analysis |  |  |  |  |  |  |
| March 31, 2025 |  | December 31, 2024
|  | Days Past Due and Accruing |  |  |  | Days Past Due and Accruing |
| Current | 30-59 | 60-89 | 90+ | Nonaccrual |  | Current | 30-59 | 60-89 | 90+ | Nonaccrual
Residential mortgages | 98.69 | % | 0.18 | % | 0.11 | % | 0.42 | % | 0.60 | % |  | 97.81 | % | 0.77 | % | 0.28 | % | 0.55 | % | 0.59 | %
Home equity | 97.61 |  | 0.56 |  | 0.16 |  | — |  | 1.67 |  |  | 97.59 |  | 0.53 |  | 0.16 |  | — |  | 1.72 |
Automobile | 96.44 |  | 1.98 |  | 0.62 |  | — |  | 0.96 |  |  | 96.18 |  | 2.11 |  | 0.70 |  | — |  | 1.01 |
Education | 99.09 |  | 0.44 |  | 0.21 |  | 0.03 |  | 0.23 |  |  | 98.83 |  | 0.42 |  | 0.21 |  | 0.02 |  | 0.52 |
Other retail | 97.01 |  | 0.97 |  | 0.62 |  | 0.02 |  | 1.38 |  |  | 96.86 |  | 0.99 |  | 0.67 |  | 0.02 |  | 1.46 |
Total retail | 98.23 | % | 0.47 | % | 0.20 | % | 0.21 | % | 0.89 | % |  | 97.75 | % | 0.76 | % | 0.30 | % | 0.26 | % | 0.93 | %

Citizens Financial Group, Inc. | 16

Table 12: Retail Asset Quality Metrics |  |  |
| March 31, 2025 |  | December 31, 2024
Average refreshed FICO for total portfolio | 775 |  |  | 775 |
CLTV ratio for secured real estate(1) | 50 | % |  | 50 | %

(1) The real estate secured portfolio CLTV is calculated as the mortgage and second lien loan balance divided by the most recently available value of the property.
For more information on the aging of accruing and nonaccrual retail loans, and the distribution of retail loans by vintage date and FICO score, see Note 4.
Deposits

Table 13: Composition of Deposits |  |  |  |  |  |  |  |  |
(dollars in millions) | March 31, 2025 | % of Total Deposits |  | December 31, 2024 | % of Total Deposits |  |  |  |
Noninterest-bearing demand | $37,556 |  | 21 | % |  | $36,920 |  | 21 | % |  |  |  |
Money market | 55,996 |  | 32 |  |  | 55,321 |  | 32 |  |  |  |  |
Checking with interest | 34,456 |  | 19 |  |  | 33,246 |  | 19 |  |  |  |  |
Savings | 25,765 |  | 15 |  |  | 25,976 |  | 15 |  |  |  |  |
Time | 23,803 |  | 13 |  |  | 23,313 |  | 13 |  |  |  |  |
Total deposits | $177,576 |  | 100 | % |  | $174,776 |  | 100 | % |  |  |  |

Total deposits as of March 31, 2025 increased compared to December 31, 2024, reflecting growth in the Private Bank and an increase in consumer deposits, partially offset by a decline in commercial given seasonality.

Table 14: Uninsured and Insured/Secured Deposits |  |
(dollars in millions) | March 31, 2025 | December 31, 2024
Total deposits | $177,576 |  | $174,776 |
Estimated uninsured deposits(1) | 77,784 |  | 76,764 |
Less: Uninsured affiliate deposits eliminated in consolidation | 12,849 |  | 12,705 |
Less: Preferred deposits(1)(2) | 6,646 |  | 6,902 |
CFG adjusted estimated uninsured deposits, excluding preferred deposits | 58,289 |  | 57,157 |
Total estimated insured/secured deposits | $119,287 |  | $117,619 |
Insured/secured deposits to total deposits | 67 | % | 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 $12.3 billion as of March 31, 2025 decreased $87 million compared to December 31, 2024, driven by a decline in secured borrowings collateralized by loans, largely offset by an increase in senior debt. For more information regarding our borrowed funds, see “Liquidity Risk” and Note 7.
Citizens Financial Group, Inc. | 17

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 table presents certain financial data of our business segments. Total business segment financial results differ from total consolidated financial results. These differences are reflected in Other non-segment operations. Non-segment operations are classified as Other and include assets, liabilities, capital, revenues, provision (benefit) for credit losses, expenses and income tax expense not attributed to the Company’s Consumer Banking, Commercial Banking, or Non-Core segments, as well as treasury and community development.

Table 15: Selected Financial Data for Business Segments |  |  |  |  |  |
| Three Months Ended March 31,
| Consumer Banking |  | Commercial Banking |  | Non-Core
(dollars in millions) | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
Net interest income | $1,193 |  |  | $1,093 |  |  | $441 |  |  | $514 |  |  | ($15) |  |  | ($37) |
Noninterest income | 297 |  |  | 258 |  |  | 215 |  |  | 227 |  |  | — |  |  | — |
Total revenue | 1,490 |  |  | 1,351 |  |  | 656 |  |  | 741 |  |  | (15) |  |  | (37) |
Noninterest expense | 954 |  |  | 903 |  |  | 327 |  |  | 317 |  |  | 16 |  |  | 25 |
Profit (loss) before credit losses | 536 |  |  | 448 |  |  | 329 |  |  | 424 |  |  | (31) |  |  | (62) |
Net charge-offs | 86 |  |  | 81 |  |  | 77 |  |  | 81 |  |  | 37 |  |  | 19 |
Income (loss) before income tax expense (benefit) | 450 |  |  | 367 |  |  | 252 |  |  | 343 |  |  | (68) |  |  | (81) |
Income tax expense (benefit) | 114 |  |  | 95 |  |  | 56 |  |  | 84 |  |  | (17) |  |  | (21) |
Net income (loss) | $336 |  |  | $272 |  |  | $196 |  |  | $259 |  |  | ($51) |  |  | ($60) |
Average Balances: |  |  |  |  |  |  |  |  |  |  |
Total assets | $77,534 |  |  | $73,833 |  |  | $65,366 |  |  | $70,100 |  |  | $6,536 |  |  | $10,554 |
Total loans and leases(1) | 71,054 |  |  | 67,448 |  |  | 62,437 |  |  | 67,187 |  |  | 6,510 |  |  | 10,507 |
Deposits | 125,728 |  |  | 120,019 |  |  | 42,178 |  |  | 45,912 |  |  | — |  |  | — |
Interest-earning assets | 71,635 |  |  | 68,050 |  |  | 63,018 |  |  | 67,536 |  |  | 6,510 |  |  | 10,507 |

(1) Includes LHFS.
Consumer Banking
Net interest income increased $100 million for the three months ended March 31, 2025, compared to the same period in 2024, driven by higher net interest margin, growth in average interest-earning assets, and lower funding costs.
Noninterest income increased $39 million for the three months ended March 31, 2025, compared to the same period in 2024, driven by wealth fees, mortgage banking fees, and service charges and fees, reflecting growth in Private Bank assets under management, higher MSR valuation, net of hedging, and higher cash management and overdraft fees.
Noninterest expense increased $51 million for the three months ended March 31, 2025, compared to the same period in 2024, driven primarily by salaries and benefits reflecting hiring related to the Private Bank and Private Wealth build-out, as well as a broader increase in salaries and benefits. The increase is also attributable to outside services largely driven by investments across our Consumer and Private Bank, and occupancy given branch transformation efforts and the build-out of Private Bank offices. These increases are partially offset by lower fraud losses.
Net charge-offs increased $5 million for the three months ended March 31, 2025, compared to the same period in 2024, driven primarily by other retail.
Commercial Banking
Net interest income decreased $73 million for the three months ended March 31, 2025, compared to the same period in 2024, driven by lower net interest margin and a decline in average interest-earning assets, partially offset by lower funding costs.
Citizens Financial Group, Inc. | 18

Noninterest income decreased $12 million for the three months ended March 31, 2025, compared to the same period in 2024, driven by capital markets fees reflecting lower M&A fees, partially offset by higher loan syndication and bond underwriting fees.
Noninterest expense increased $10 million for the three months ended March 31, 2025, compared to the same period in 2024, driven by slight increases in salaries and benefits, outside services, and fraud losses.
Net charge-offs decreased $4 million for the three months ended March 31, 2025, compared to the same period in 2024, driven by CRE, largely offset by an increase in commercial and industrial.
Non-Core
Net interest income increased $22 million for the three months ended March 31, 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 increased $18 million for the three months ended March 31, 2025, compared to the same period in 2024, driven by a charge-off of $25 million resulting from the sale of Non-Core education loans. See “Executive Summary” for more information regarding this sale.
Average loans and leases decreased $4.0 billion for the three months ended March 31, 2025, compared to the same period in 2024, driven by planned Non-Core portfolio runoff.
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 levels of risk that we are willing to accept in the attainment of our strategic business and financial objectives are clearly understood.
To enable our Board to carry out its objectives, it has delegated authority for risk management activities, as well as governance and oversight of those activities, to a number of Board and executive management level risk committees. The Executive Risk Committee, chaired by the Chief Risk Officer, is responsible for oversight of risk across the enterprise and actively considers our inherent material risks, analyzes our overall risk profile and seeks confirmation that the risks are being appropriately identified, assessed and mitigated. Reporting to the Executive Risk Committee are the following committees covering specific areas of risk: Compliance and Operational Risk, Model Risk, Credit Policy, Asset Liability, Business Initiatives Review, and Conduct and Ethics.
There have been no significant changes in our risk management practices, risk framework, risk appetite, or credit risk management as described in “Risk Governance” in our 2024 Form 10-K.
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.
Citizens Financial Group, Inc. | 19

Market Risk
Market risk refers to potential losses arising from changes in interest rates, foreign exchange rates, equity prices, commodity prices and/or other relevant market rates or prices. Modest market risk arises from trading activities that serve customer needs, including the hedging of interest rate and foreign exchange risk. As described below, the market risk arising from our non-trading banking activities, such as the origination of loans and deposit-gathering, is more significant. We have established enterprise-wide policies and methodologies to identify, measure, monitor and report market risk. We actively manage market risk for both non-trading and trading activities.
Non-Trading Risk
Our non-trading banking activities expose us to market risk. This market risk is composed of interest rate risk, as we have no commodity risk and de minimis direct currency and equity risk. We also have market risk related to capital markets loan originations, as well as the valuation of our MSRs. There have been no significant changes in our sources of interest rate risk, interest rate risk practices, risk framework, metrics or assumptions as described in “Market Risk — Non-Trading Risk” in our 2024 Form 10-K.
The table below presents the sensitivity of net interest income to various parallel yield curve shifts from the market implied forward yield curve. Our policies involve measuring exposures as a percentage change in net interest income over the next year due to either instantaneous or gradual parallel changes in rates relative to the market implied forward yield curve. As the following table illustrates, our balance sheet is 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 points | March 31, 2025 |  | December 31, 2024
Gradual Change in Interest Rates |  |  |
+200 | 2.2 | % |  | 2.2 | %
+100 | 1.0 |  |  | 1.0 |
-100 | (1.0) |  |  | (0.9) |
-200 | (2.1) |  |  | (1.8) |
Instantaneous Change in Interest Rates |  |  |
+200 | 2.5 | % |  | 1.8 | %
+100 | 1.5 |  |  | 1.1 |
-100 | (1.7) |  |  | (1.3) |
-200 | (4.1) |  |  | (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 March 31, 2025, consistent with our position as of December 31, 2024. Our interest rate sensitivity incorporates the impacts 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.
Citizens Financial Group, Inc. | 20

We use interest rate contracts as part of our ALM strategy to manage exposure to the variability in the interest cash flows on our floating-rate assets and wholesale funding, the variability in the fair value of AFS securities, and to hedge market risk on fixed-rate capital markets debt issuances.
The following table presents interest rate derivative contracts that we have entered into as of March 31, 2025 and December 31, 2024.

Table 17: Interest Rate Hedges Used to Manage Non-Trading Interest Rate Exposure |
| March 31, 2025 |  | December 31, 2024
|  | Weighted Average |  |  | Weighted Average
(dollars in millions) | Notional Amount | Maturity (Years) | Fixed Rate | Reset Rate |  | Notional Amount | Maturity (Years) | Fixed Rate | Reset Rate
Fair value hedges: |  |  |  |  |  |  |  |  |
Asset conversion swaps: |  |  |  |  |  |  |  |  |
AFS securities: |  |  |  |  |  |  |  |  |
Pay fixed/receive SOFR | $7,907 |  | 4.6 |  | 3.8 | % | 4.4 | % |  | $7,827 |  | 4.7 |  | 3.8 | % | 4.5 | %
Liability conversion swaps: |  |  |  |  |  |  |  |  |
Long-term borrowed funds: |  |  |  |  |  |  |  |  |
Receive fixed/pay SOFR | 500 |  | 0.6 |  | 2.6 |  | 4.7 |  |  | 500 |  | 0.9 |  | 2.6 |  | 4.8 |
Total fair value hedges | 8,407 |  |  |  |  |  | 8,327 |  |  |  |
Cash flow hedges: |  |  |  |  |  |  |  |  |
Asset conversion swaps: |  |  |  |  |  |  |  |  |
Loans: |  |  |  |  |  |  |  |  |
Swaps |  |  |  |  |  |  |  |  |
Receive fixed/pay SOFR | 26,250 |  | 1.4 |  | 3.1 |  | 4.4 |  |  | 26,250 |  | 1.7 |  | 3.1 |  | 4.5 |
Receive fixed/pay SOFR - forward-starting | 21,500 |  | 3.3 |  | 3.8 |  | 3.6 |  |  | 20,000 |  | 3.5 |  | 3.7 |  | 4.0 |
Pay fixed/receive SOFR - forward-starting | 1,483 |  | 3.4 |  | 3.7 |  | 4.0 |  |  | — |  | — |  | — |  | — |
Basis swaps |  |  |  |  |  |  |  |  |
Receive SOFR/pay 1-month term SOFR | 11,500 |  | 1.3 |  | — |  | 4.4/4.3 |  | 11,500 |  | 1.6 |  | — |  | 4.5/4.3
Receive SOFR/pay 1-month term SOFR - forward-starting | 3,000 |  | 2.1 |  | — |  | 4.0/3.9 |  | 3,000 |  | 2.4 |  | — |  | 4.0/4.0
Total cash flow hedges | 63,733 |  |  |  |  |  | 60,750 |  |  |  |
Total hedges | $72,140 |  |  |  |  |  | $69,077 |  |  |  |

Table 18: Pre-Tax Gains (Losses) Recorded in the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income on Cash Flow Hedges
| Three Months Ended March 31, |  |
(dollars in millions) | 2025 |  | 2024 |  |  |  |
Pre-tax net gains (losses) recognized in OCI | $284 |  |  | ($550) |  |  |  |  |
Pre-tax net gains (losses) reclassified from AOCI into interest income | (202) |  |  | (203) |  |  |  |  |
Pre-tax net gains (losses) reclassified from AOCI into interest expense | — |  |  | — |  |  |  |  |

Using the March 31, 2025 interest rate curve we estimate that $612 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 March 31, 2025.
Included in AOCI is a net loss from terminated swaps of $604 million that will reduce net interest income by $119 million in the second quarter of 2025, $109 million in the third quarter of 2025, and $103 million in the fourth quarter of 2025. The remaining $273 million will reduce net interest income by $230 million in 2026 and $43 million after 2026.
Capital Markets
A key component of our capital markets activities is the underwriting and distribution of corporate credit facilities to finance 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 adjudicated in the Loan Underwriting Approval Committee.
Citizens Financial Group, Inc. | 21

Mortgage Servicing Rights
We have market risk associated with the value of residential MSRs, which are impacted by various types of inherent risks, including duration, basis, convexity, volatility and yield curve.
As part of our overall risk management strategy we enter into various free-standing derivatives, such as interest rate swaps, interest rate swaptions, interest rate futures and forward contracts to purchase mortgage-backed securities to economically hedge the changes in fair value of our MSRs. For more information regarding the fair value of our MSRs and associated derivatives see Note 5 and Note 8.
As with our traded market risk-based activities, earnings at risk excludes the impact of MSRs. MSRs are captured under our single price risk management framework that is used for calculating a management value at risk consistent with the definition used by banking regulators.
Trading Risk
We are exposed to market risk primarily through client facilitation activities from certain derivative and foreign exchange products as well as underwriting and market making activities. Market risk exposure arises from fluctuations in interest rates, basis spreads, volatility, foreign exchange rates, equity prices, and credit spreads across various financial instruments. Securities underwriting and trading activities are conducted through CBNA and Citizens JMP Securities, LLC. There have been no significant changes in our market risk governance, market risk measurement, or market risk practices including VaR, stressed VaR, sensitivity analysis, stress testing, VaR model review and validation, or VaR backtesting as described in “Market Risk — Trading Risk” in our 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 net low risk and qualify as “covered positions.” The internal management VaR measure is calculated based on the same population of trades that is utilized for regulatory VaR.

Table 19: Results of Modeled and Non-Modeled Measures for Regulatory Capital Calculations
(dollars in millions) |  | For the Three Months Ended March 31, 2025 |  | For the Three Months Ended March 31, 2024
Market Risk Category |  | Period End |  | Average |  | High |  | Low |  | Period End |  | Average |  | High |  | Low
Interest Rate |  | $1 |  |  | $2 |  |  | $3 |  |  | $— |  |  | $4 |  |  | $3 |  |  | $5 |  |  | $2 |
Foreign Exchange Currency Rate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Credit Spread |  | 1 |  |  | 2 |  |  | 3 |  |  | 1 |  |  | 1 |  |  | 2 |  |  | 3 |  |  | 1 |
Commodity |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
General VaR |  | 2 |  |  | 2 |  |  | 4 |  |  | 1 |  |  | 5 |  |  | 4 |  |  | 6 |  |  | 2 |
Specific Risk VaR |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total VaR |  | $2 |  |  | $2 |  |  | $4 |  |  | $1 |  |  | $5 |  |  | $4 |  |  | $6 |  |  | $2 |
Stressed General VaR |  | $10 |  |  | $10 |  |  | $15 |  |  | $6 |  |  | $5 |  |  | $6 |  |  | $12 |  |  | $3 |
Stressed Specific Risk VaR |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Stressed VaR |  | $10 |  |  | $10 |  |  | $15 |  |  | $6 |  |  | $5 |  |  | $6 |  |  | $12 |  |  | $3 |
Market Risk Regulatory Capital |  | $36 |  |  |  |  |  |  |  |  | $32 |  |  |  |  |  |  |
Specific Risk Not Modeled Add-on |  | 27 |  |  |  |  |  |  |  |  | 21 |  |  |  |  |  |  |
de Minimis Exposure Add-on |  | 1 |  |  |  |  |  |  |  |  | 1 |  |  |  |  |  |  |
Total Market Risk Regulatory Capital |  | $64 |  |  |  |  |  |  |  |  | $54 |  |  |  |  |  |  |
Market Risk-Weighted Assets |  | $804 |  |  |  |  |  |  |  |  | $675 |  |  |  |  |  |  |

Citizens Financial Group, Inc. | 22

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.
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.
Citizens Financial Group, Inc. | 23

As of March 31, 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 77.5%;
◦Estimated insured/secured deposits comprise 67% of our consolidated deposit base of $177.6 billion.
•Our total available liquidity, comprised of contingent liquidity and available discount window capacity, was approximately $87.7 billion;
◦Contingent liquidity was $71.0 billion, consisting of unencumbered high-quality liquid securities of $37.7 billion, unused FHLB capacity of $23.0 billion, and our cash balances at the FRB of $10.3 billion; and
◦Available discount window capacity was $16.7 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 three months ended March 31, 2025 and 2024, see the Consolidated Statements of Cash Flows in Item 1.
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 three months ended March 31, 2025, the Parent Company Issued $750 million of 5.253% fixed-to-floating rate senior notes due 2031.
Our Parent Company’s cash and cash equivalents represent a source of liquidity that can be used to meet various needs and totaled $3.0 billion and $2.7 billion as of March 31, 2025 and December 31, 2024, respectively.
During the three months ended March 31, 2025 and 2024, the Parent Company declared dividends on common stock of $186 million and $197 million, respectively, and declared dividends on preferred stock of $33 million and $30 million, respectively.
During the three months ended March 31, 2025 and 2024, the Parent Company repurchased $200 million and $300 million, respectively, of its outstanding common stock.
CBNA Liquidity
As CBNA’s primary business involves taking deposits and making loans, a key role of liquidity management is to ensure that customers have timely access to funds. Liquidity management also involves maintaining sufficient liquidity to repay wholesale borrowings, pay operating expenses and support extraordinary funding requirements when necessary. In the ordinary course of business, the liquidity of CBNA is managed by matching sources and uses of cash. The primary sources of bank liquidity include deposits from our consumer and commercial customers; payments of principal and interest on loans and 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.
Citizens Financial Group, Inc. | 24

During the three months ended March 31, 2025, CBNA redeemed $350 million of 5.284% fixed-to-floating rate senior notes due 2026.
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 “negative” outlook at Moody’s and a “positive” outlook at Fitch. Changes in our public credit ratings could affect both the cost and availability of our wholesale funding.

Table 20: Credit Ratings |  |  |  |  |
| March 31, 2025
| Moody’s |  | Standard & Poor’s |  | Fitch
Citizens Financial Group, Inc.: |  |  |  |  |
Long-term issuer | Baa1 |  | BBB+ |  | BBB+
Short-term issuer | NR |  | A-2 |  | F1
Subordinated debt | Baa1 |  | BBB |  | BBB
Preferred Stock | Baa3 |  | BB+ |  | BB
Citizens Bank, National Association: |  |  |  |  |
Long-term issuer | A3 |  | A- |  | BBB+
Short-term issuer | (P) P-2 |  | A-2 |  | F1
Long-term deposits | A1 |  | NR |  | A-
Short-term deposits | P-1 |  | NR |  | F1
NR = Not rated |  |  |  |  |

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.
Citizens Financial Group, Inc. | 25

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.
The Company regularly reviews the nature of its business activities and modifies the CSP as appropriate. Many of the elements of the CSP are cyber defense related 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. We submitted our 2025 capital plan to the FRB on April 3, 2025 and expect the FRB to provide us with our final SCB requirement by August 31, 2025, which will become effective as of October 1, 2025.
Regulations relating to capital planning, regulatory reporting, stress testing and capital buffer requirements applicable to firms like us are presently subject to rule-making and potential further guidance and interpretation by the applicable federal regulators. We will continue to evaluate the impact of these and any other prudential regulatory changes, including their potential resultant changes in our regulatory and compliance costs and expenses.
Citizens Financial Group, Inc. | 26

For more information on our capital adequacy process, see “Capital and Regulatory Matters” in our 2024 Form 10-K.
Regulatory Capital Ratios and Capital Composition
Under the current U.S. Basel III capital framework, we and our banking subsidiary, CBNA, must meet the following specific minimum requirements: CET1 capital ratio of 4.5%, tier 1 capital ratio of 6.0%, total capital ratio of 8.0% and tier 1 leverage ratio of 4.0%. As a bank holding company, our SCB of 4.5% 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 21: Regulatory Capital Ratios Under the U.S. Basel III Standardized Rules |  |
| March 31, 2025 |  | December 31, 2024 |  |
(dollars in millions) | Amount | Ratio |  | Amount | Ratio |  | Required Minimum Capital Ratio(1)
CET1 capital |  |  |  |  |  |  |
CFG | $17,751 |  | 10.6 | % |  | $17,900 |  | 10.8 | % |  | 9.0 | %
CBNA | 20,492 |  | 12.3 |  |  | 20,250 |  | 12.3 |  |  | 7.0 |
Tier 1 capital |  |  |  |  |  |  |
CFG | 19,864 |  | 11.9 |  |  | 20,013 |  | 12.1 |  |  | 10.5 |
CBNA | 20,492 |  | 12.3 |  |  | 20,250 |  | 12.3 |  |  | 8.5 |
Total capital |  |  |  |  |  |  |
CFG | 23,156 |  | 13.9 |  |  | 23,232 |  | 14.0 |  |  | 12.5 |
CBNA | 23,675 |  | 14.2 |  |  | 23,362 |  | 14.2 |  |  | 10.5 |
Tier 1 leverage |  |  |  |  |  |  |
CFG | 19,864 |  | 9.4 |  |  | 20,013 |  | 9.4 |  |  | 4.0 |
CBNA | 20,492 |  | 9.7 |  |  | 20,250 |  | 9.6 |  |  | 4.0 |
Risk-weighted assets |  |  |  |  |  |  |
CFG | 166,908 |  |  |  | 165,699 |  |  |  |
CBNA | 166,196 |  |  |  | 164,986 |  |  |  |
Quarterly adjusted average assets(2) |  |  |  |  |  |  |
CFG | 211,119 |  |  |  | 212,555 |  |  |  |
CBNA | 210,418 |  |  |  | 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 March 31, 2025, CFG’s CET1 and tier 1 capital ratios decreased compared to December 31, 2024. Dividends, common share repurchases, a $1.2 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 March 31, 2025, CBNA’s CET1, tier 1, and total capital ratios were stable compared to December 31, 2024. Net income was offset by a $1.2 billion increase in RWA, the full phase-in of the modified CECL transition amount, and dividend payments to the Parent Company. Higher commercial and industrial loans was the key driver for the increase in RWA.
At March 31, 2025, CFG’s total capital ratio decreased compared to December 31, 2024, driven by the changes in CET1 and tier 1 capital described above.
At March 31, 2025, CFG’s tier 1 leverage ratio was stable and CBNA’s tier 1 leverage ratio increased compared to December 31, 2024, reflecting a decline in quarterly adjusted average assets and their respective changes in tier 1 capital described above.
Citizens Financial Group, Inc. | 27

Table 22: Capital Composition Under the U.S. Basel III Capital Framework |  |
(dollars in millions) | March 31, 2025 |  | December 31, 2024
Total common stockholders' equity | $22,753 |  |  | $22,141 |
Exclusions: |  |  |
Modified CECL transitional amount | — |  |  | 96 |
Net unrealized (gains)/losses recorded in AOCI, net of tax: |  |  |
Debt securities | 2,074 |  |  | 2,369 |
Derivatives | 569 |  |  | 925 |
Unamortized net periodic benefit costs | 298 |  |  | 301 |
Deductions: |  |  |
Goodwill, net of deferred tax liability | (7,767) |  |  | (7,768) |
Other intangible assets, net of deferred tax liability | (121) |  |  | (128) |
Deferred tax assets that arise from tax loss and credit carryforwards | (55) |  |  | (36) |
Total common equity tier 1 capital | 17,751 |  |  | 17,900 |
Qualifying preferred stock | 2,113 |  |  | 2,113 |
Total tier 1 capital | 19,864 |  |  | 20,013 |
Qualifying subordinated debt(1) | 1,234 |  |  | 1,232 |
Allowance for credit losses | 2,212 |  |  | 2,259 |
Exclusions from tier 2 capital: |  |  |
Modified AACL transitional amount | — |  |  | (125) |
Allowance on PCD assets | (154) |  |  | (147) |
Adjusted allowance for credit losses | 2,058 |  |  | 1,987 |
Total capital | $23,156 |  |  | $23,232 |

(1) As of March 31, 2025 and December 31, 2024, the amount of non-qualifying subordinated debt excluded from regulatory capital was $469 million. See Note 7 for more details on our outstanding subordinated debt.
Capital Transactions
We completed the following capital transactions during the three months ended March 31, 2025:
•Repurchased $200 million of our outstanding common stock;
•Declared quarterly common stock dividends of $0.42 per share, aggregating to $186 million; and
•Declared preferred stock dividends aggregating to $33 million.
For additional detail regarding our common and preferred stock dividends see Note 10.
On June 28, 2024, our Board of Directors increased the capacity of our common share repurchase program to $1.25 billion, an increase of $656 million above the $594 million of capacity remaining under the prior February 2023 authorization. All future capital distributions are subject to consideration and approval by our Board of Directors prior to execution. The timing and amount of future dividends and share repurchases will depend on various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory considerations.
AOCI Impact on Regulatory Capital
Under the current applicable regulatory capital rules we have made the AOCI opt-out election, which enables us to exclude components of AOCI from regulatory capital. As noted in the “Capital and Stress Testing Requirements” section of “Regulation and Supervision” in our 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.
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.
Citizens Financial Group, Inc. | 28

The following table presents our regulatory capital ratios including the AOCI impact from securities and pension.

Table 23: AOCI Impact on Regulatory Capital |  |
| March 31, 2025
| CFG |  | CBNA
(dollars in millions) | CET1 | Tier 1 | Total |  | CET1 | Tier 1 | Total
Regulatory capital, including AOCI impact: |  |  |  |  |  |  |
Regulatory capital | $17,751 |  | $19,864 |  | $23,156 |  |  | $20,492 |  | $20,492 |  | $23,675 |
Unrealized gains (losses) on securities and pension | (2,372) |  | (2,372) |  | (2,372) |  |  | (2,354) |  | (2,354) |  | (2,354) |
Deferred tax assets - securities and pension AOCI | (32) |  | (32) |  | (32) |  |  | (32) |  | (32) |  | (32) |
Regulatory capital, including AOCI impact (non-GAAP) | $15,347 |  | $17,460 |  | $20,752 |  |  | $18,106 |  | $18,106 |  | $21,289 |
Risk-weighted assets, including AOCI impact: |  |  |  |  |  |  |
Regulatory risk-weighted assets | $166,908 |  | $166,908 |  | $166,908 |  |  | $166,196 |  | $166,196 |  | $166,196 |
Unrealized gains (losses) on securities and pension | (650) |  | (650) |  | (650) |  |  | (632) |  | (632) |  | (632) |
Deferred tax assets - securities and pension AOCI | 1,948 |  | 1,948 |  | 1,948 |  |  | 1,931 |  | 1,931 |  | 1,931 |
Risk-weighted assets, including AOCI impact (non-GAAP) | $168,206 |  | $168,206 |  | $168,206 |  |  | $167,495 |  | $167,495 |  | $167,495 |
Ratio: |  |  |  |  |  |  |
Regulatory capital ratio | 10.6 | % | 11.9 | % | 13.9 | % |  | 12.3 | % | 12.3 | % | 14.2 | %
Regulatory capital ratio, including AOCI impact (non-GAAP) | 9.1 | % | 10.4 | % | 12.3 | % |  | 10.8 | % | 10.8 | % | 12.7 | %

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 March 31, 2025 decreased slightly 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 March 31, 2025, our ACL economic forecast over a two-year reasonable and supportable period reflects a mild recession inclusive of uncertainties related to the implementation of tariffs and protectionist trade policies, inflationary pressures and geopolitical tensions. This forecast projects peak unemployment of approximately 5.1%, consistent with December 31, 2024, and a start-to-trough real GDP decline of approximately 0.5% and 0.4% at March 31, 2025 and December 31, 2024, respectively, and is generally applied to the retail and commercial and industrial portfolios. More severe economic scenarios are applied within the CRE portfolio, such as general office, with peak unemployment of approximately 9.3% and start-to-trough real GDP decline of approximately 4.4% at March 31, 2025 and December 31, 2024.
Our determination of the ACL is sensitive to changes in forecasted macroeconomic conditions during the reasonable and supportable forecast period. To illustrate the sensitivity, we applied a more pessimistic scenario than that described above which reflects deeper real GDP contraction across our two-year reasonable and supportable forecast period with peak unemployment of approximately 6.3% and 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 1.2x our modeled period-end ACL, or an increase of approximately $470 million. This analysis relates only to the modeled credit loss estimate and not to the overall period-end ACL, which includes qualitative adjustments.
Citizens Financial Group, Inc. | 29

Because several quantitative and qualitative factors are considered in determining the ACL, this sensitivity analysis does not necessarily reflect the nature and extent of future changes in the ACL or even what the ACL would be under these economic circumstances. The sensitivity analysis is intended to provide insights into the impact of adverse changes in the macroeconomic environment and the corresponding impact to modeled loss estimates. The hypothetical determination does not incorporate the impact of management judgment or other qualitative factors that could be applied in the actual estimation of the ACL and does not imply any expectation of future deterioration in our loss rates.
It remains difficult to estimate how changes in economic forecasts might affect our ACL because such forecasts consider a wide variety of variables and inputs, and changes in the variables and inputs may not occur at the same time or in the same direction, and such changes may have differing impacts by product type. The variables and inputs may be idiosyncratically affected by risks to the economy, including changing monetary and fiscal policies, impacts from the recent stress on the banking industry, and their impact on inflationary trends. Changes in one or multiple of the key macroeconomic variables may have a material impact on our estimation of expected credit losses.
For additional information regarding the ACL, see Note 4 and “Critical Accounting Estimates - Allowance for Credit Losses” and Note 6 in our 2024 Form 10-K.
ACCOUNTING AND REPORTING DEVELOPMENTS
Accounting standards issued but not adopted as of March 31, 2025

Pronouncement | Summary of Guidance | Effects 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.

Citizens Financial Group, Inc. | 30

NON-GAAP FINANCIAL MEASURES
This document contains non-GAAP financial measures that we believe provide useful information to investors in understanding 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 24: Reconciliation of Tangible Book Value per Common Share (non-GAAP) |  |
(dollars in millions, except per share data) | March 31, 2025 |  | December 31, 2024
Book value per common share(1) | $51.99 |  |  | $50.26 |
Tangible book value per common share: |  |  |
Common stockholders' equity | $22,753 |  |  | $22,141 |
Less: Goodwill | 8,187 |  |  | 8,187 |
Less: Other intangible assets | 137 |  |  | 146 |
Add: Deferred tax liabilities related to goodwill and other intangible assets | 438 |  |  | 438 |
Tangible common equity (non-GAAP)(2) | $14,867 |  |  | $14,246 |
Common shares outstanding at period end | 437,668,127 |  |  | 440,543,381 |
Tangible book value per common share (non-GAAP)(3) | $33.97 |  |  | $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 25: Reconciliation of Return on Average Tangible Common Equity (non-GAAP) |  |  |  |  |  |  |
| Three Months Ended March 31, |  |
(dollars in millions) | 2025 |  | 2024 |  |  |  |
Return on average common equity(1) | 6.21 | % |  | 5.63 | % |  |  |  |
Net income available to common stockholders | $340 |  |  | $304 |  |  |  |  |
Net income available to common stockholders (annualized) | 1,378 |  |  | 1,221 |  |  |  |  |
Return on average tangible common equity: |  |  |  |  |  |  |
Average common equity | $22,188 |  |  | $21,700 |  |  |  |  |
Less: Average goodwill | 8,187 |  |  | 8,188 |  |  |  |  |
Less: Average other intangibles | 142 |  |  | 153 |  |  |  |  |
Add: Average deferred tax liabilities related to goodwill and other intangible assets | 438 |  |  | 433 |  |  |  |  |
Average tangible common equity (non-GAAP)(2) | $14,297 |  |  | $13,792 |  |  |  |  |
Return on average tangible common equity (non-GAAP)(3) | 9.64 | % |  | 8.86 | % |  |  |  |

(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. | 31

Table 26: Reconciliation of Net Interest Income and Net Interest Margin on an FTE Basis (non-GAAP) |  |  |  |
| Three Months Ended March 31, |  |
(dollars in millions) | 2025 |  | 2024 |  |  |  |
Net interest income (annualized) | $5,637 |  |  | $5,796 |  |  |  |  |
Average interest-earning assets | 195,058 |  |  | 200,068 |  |  |  |  |
Net interest margin(1) | 2.89 | % |  | 2.90 | % |  |  |  |
Net interest income | $1,391 |  |  | $1,442 |  |  |  |  |
FTE adjustment | 4 |  |  | 4 |  |  |  |  |
Net interest income on an FTE basis (non-GAAP)(2) | $1,395 |  |  | $1,446 |  |  |  |  |
Net interest income on an FTE basis (annualized) (non-GAAP)(2) | 5,653 |  |  | 5,814 |  |  |  |  |
Net interest margin on an FTE basis (non-GAAP)(2)(3) | 2.90 | % |  | 2.91 | % |  |  |  |

(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.
Citizens Financial Group, Inc. | 32

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

|  | Page
Consolidated Balance Sheets |  | 34
Consolidated Statements of Operations |  | 35
Consolidated Statements of Comprehensive Income |  | 36
Consolidated Statements of Changes in Stockholders’ Equity |  | 37
Consolidated Statements of Cash Flows |  | 38
Notes to Consolidated Financial Statements |  | 39
Note 1 - Significant Accounting Policies |  | 39
Note 2 - Securities |  | 39
Note 3 - Loans and Leases |  | 42
Note 4 - Credit Quality and the Allowance for Credit Losses |  | 42
Note 5 - Mortgage Banking and Other Serviced Loans |  | 52
Note 6 - Variable Interest Entities |  | 53
Note 7 - Borrowed Funds |  | 55
Note 8 - Derivatives |  | 56
Note 9 - Accumulated Other Comprehensive Income (Loss) |  | 60
Note 10 - Stockholders’ Equity |  | 60
Note 11 - Commitments and Contingencies |  | 61
Note 12 - Fair Value Measurements |  | 62
Note 13 - Noninterest Income |  | 67
Note 14 - Other Operating Expense |  | 68
Note 15 - Earnings Per Share |  | 69
Note 16 - Business Segments |  | 69

Citizens Financial Group, Inc. | 33

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(dollars in millions, except par value) | March 31, 2025 |  | December 31, 2024
ASSETS: |  |  |
Cash and due from banks | $1,082 |  |  | $1,409 |
Interest-bearing cash and due from banks | 10,459 |  |  | 9,192 |
Interest-bearing deposits in banks(1) | 685 |  |  | 635 |
Debt securities available for sale, at fair value (including $110 and $152 pledged to creditors, respectively)(2) | 34,208 |  |  | 32,765 |
Debt securities held to maturity (fair value of $7,515 and $7,540, respectively, and including $70 and $83 pledged to creditors, respectively)(2) | 8,469 |  |  | 8,599 |
Loans held for sale (includes $1,137 and $825, respectively, measured at fair value) | 2,820 |  |  | 858 |
Loans and leases | 137,635 |  |  | 139,203 |
Less: Allowance for loan and lease losses | (2,014) |  |  | (2,061) |
Net loans and leases(1) | 135,621 |  |  | 137,142 |
Derivative assets | 760 |  |  | 408 |
Premises and equipment, net | 855 |  |  | 875 |
Bank-owned life insurance | 3,386 |  |  | 3,364 |
Goodwill | 8,187 |  |  | 8,187 |
Other intangible assets(3) | 137 |  |  | 146 |
Other assets(1) | 13,479 |  |  | 13,941 |
TOTAL ASSETS | $220,148 |  |  | $217,521 |
LIABILITIES AND STOCKHOLDERS’ EQUITY: |  |  |
LIABILITIES: |  |  |
Deposits: |  |  |
Noninterest-bearing | $37,556 |  |  | $36,920 |
Interest-bearing | 140,020 |  |  | 137,856 |
Total deposits | 177,576 |  |  | 174,776 |
Short-term borrowed funds | 47 |  |  | — |
Derivative liabilities | 883 |  |  | 1,220 |
Long-term borrowed funds(1) | 12,267 |  |  | 12,401 |
Other liabilities(1) | 4,509 |  |  | 4,870 |
TOTAL LIABILITIES | 195,282 |  |  | 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 March 31, 2025 and December 31, 2024 | 2,113 |  |  | 2,113 |
Common stock: |  |  |
$0.01 par value, 1,000,000,000 shares authorized; 651,676,964 shares issued and 437,668,127 shares outstanding at March 31, 2025 and 650,068,324 shares issued and 440,543,381 shares outstanding at December 31, 2024 | 7 |  |  | 7 |
Additional paid-in capital | 22,370 |  |  | 22,364 |
Retained earnings | 10,566 |  |  | 10,412 |
Treasury stock, at cost, 214,008,837 and 209,524,943 shares at March 31, 2025 and December 31, 2024, respectively | (7,249) |  |  | (7,047) |
Accumulated other comprehensive income (loss) | (2,941) |  |  | (3,595) |
TOTAL STOCKHOLDERS’ EQUITY | 24,866 |  |  | 24,254 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $220,148 |  |  | $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. | 34

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

| Three Months Ended March 31, |  |
(dollars in millions, except per share data) | 2025 |  | 2024 |  |  |  |
INTEREST INCOME: |  |  |  |  |  |  |
Interest and fees on loans and leases | $1,829 |  |  | $2,051 |  |  |  |  |
Interest and fees on loans held for sale | 16 |  |  | 20 |  |  |  |  |
Investment securities | 418 |  |  | 399 |  |  |  |  |
Interest-bearing deposits in banks | 89 |  |  | 140 |  |  |  |  |
Total interest income | 2,352 |  |  | 2,610 |  |  |  |  |
INTEREST EXPENSE: |  |  |  |  |  |  |
Deposits | 795 |  |  | 987 |  |  |  |  |
Short-term borrowed funds | 8 |  |  | 7 |  |  |  |  |
Long-term borrowed funds | 158 |  |  | 174 |  |  |  |  |
Total interest expense | 961 |  |  | 1,168 |  |  |  |  |
Net interest income | 1,391 |  |  | 1,442 |  |  |  |  |
Provision (benefit) for credit losses | 153 |  |  | 171 |  |  |  |  |
Net interest income after provision (benefit) for credit losses | 1,238 |  |  | 1,271 |  |  |  |  |
NONINTEREST INCOME: |  |  |  |  |  |  |
Service charges and fees | 109 |  |  | 96 |  |  |  |  |
Capital markets fees | 100 |  |  | 118 |  |  |  |  |
Card fees | 83 |  |  | 86 |  |  |  |  |
Wealth fees | 81 |  |  | 68 |  |  |  |  |
Mortgage banking fees | 59 |  |  | 49 |  |  |  |  |
Foreign exchange and derivative products | 39 |  |  | 36 |  |  |  |  |
Letter of credit and loan fees | 44 |  |  | 42 |  |  |  |  |
Securities gains, net | 7 |  |  | 5 |  |  |  |  |
Other income | 22 |  |  | 17 |  |  |  |  |
Total noninterest income | 544 |  |  | 517 |  |  |  |  |
NONINTEREST EXPENSE: |  |  |  |  |  |  |
Salaries and employee benefits | 696 |  |  | 691 |  |  |  |  |
Equipment and software | 194 |  |  | 192 |  |  |  |  |
Outside services | 155 |  |  | 158 |  |  |  |  |
Occupancy | 112 |  |  | 114 |  |  |  |  |
Other operating expense | 157 |  |  | 203 |  |  |  |  |
Total noninterest expense | 1,314 |  |  | 1,358 |  |  |  |  |
Income before income tax expense | 468 |  |  | 430 |  |  |  |  |
Income tax expense | 95 |  |  | 96 |  |  |  |  |
NET INCOME | $373 |  |  | $334 |  |  |  |  |
Net income available to common stockholders | $340 |  |  | $304 |  |  |  |  |
Weighted-average common shares outstanding: |  |  |  |  |  |  |
Basic | 438,320,757 |  |  | 461,358,681 |  |  |  |  |
Diluted | 442,200,180 |  |  | 463,797,964 |  |  |  |  |
Per common share information: |  |  |  |  |  |  |
Basic earnings | $0.78 |  |  | $0.66 |  |  |  |  |
Diluted earnings | 0.77 |  |  | 0.65 |  |  |  |  |

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
Citizens Financial Group, Inc. | 35

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

| Three Months Ended March 31, |  |
(dollars in millions) | 2025 |  | 2024 |  |  |  |
Net income | $373 |  |  | $334 |  |  |  |  |
Other comprehensive income (loss): |  |  |  |  |  |  |
Cash flow hedges: |  |  |  |  |  |  |
Net unrealized gains (losses) on cash flow hedge derivatives arising during the period, net of income taxes of $76 and ($145), respectively | 208 |  |  | (405) |  |  |  |  |
Reclassification adjustment for net (gains) losses on cash flow hedge derivatives included in net income, net of income taxes of $54 and $54, respectively | 148 |  |  | 149 |  |  |  |  |
AFS securities: |  |  |  |  |  |  |
Net unrealized gains (losses) on AFS securities arising during the period, net of income taxes of $95 and ($56), respectively | 282 |  |  | (173) |  |  |  |  |
Reclassification of net securities (gains) losses on AFS securities to net income, net of income taxes of $4 and $5, respectively | 13 |  |  | 14 |  |  |  |  |
Defined benefit plans: |  |  |  |  |  |  |
Actuarial gain (loss) arising during the period, net of income taxes of $— and $1, respectively | — |  |  | 4 |  |  |  |  |
Amortization of actuarial (gain) loss to net income, net of income taxes of $1 and $1, respectively | 3 |  |  | 5 |  |  |  |  |
Total other comprehensive income (loss), net of income taxes | 654 |  |  | (406) |  |  |  |  |
Total comprehensive income (loss) | $1,027 |  |  | ($72) |  |  |  |  |

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
Citizens Financial Group, Inc. | 36

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

| Preferred Stock |  | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock, at Cost | Accumulated Other Comprehensive Income (Loss) | Total
(dollars and shares in millions) | Shares | Amount |  | Shares | Amount
Balance at January 1, 2024 | 2 |  | $2,014 |  |  | 466 |  | $6 |  | $22,250 |  | $9,816 |  | ($5,986) |  | ($3,758) |  | $24,342 |
Dividends declared - common stock | — |  | — |  |  | — |  | — |  | — |  | (197) |  | — |  | — |  | (197) |
Dividends declared - preferred stock | — |  | — |  |  | — |  | — |  | — |  | (30) |  | — |  | — |  | (30) |
Treasury stock purchased | — |  | — |  |  | (9) |  | — |  | — |  | — |  | (300) |  | — |  | (300) |
Share repurchase excise tax | — |  | — |  |  | — |  | — |  | — |  | — |  | (4) |  | — |  | (4) |
Share-based compensation plans | — |  | — |  |  | 1 |  | — |  | 15 |  | — |  | — |  | — |  | 15 |
Employee stock purchase plan | — |  | — |  |  | — |  | — |  | 7 |  | — |  | — |  | — |  | 7 |
Total comprehensive income (loss): |  |  |  |  |  |  |  |  |  |
Net income | — |  | — |  |  | — |  | — |  | — |  | 334 |  | — |  | — |  | 334 |
Other comprehensive income (loss) | — |  | — |  |  | — |  | — |  | — |  | — |  | — |  | (406) |  | (406) |
Total comprehensive income (loss) | — |  | — |  |  | — |  | — |  | — |  | 334 |  | — |  | (406) |  | (72) |
Balance at March 31, 2024 | 2 |  | $2,014 |  |  | 458 |  | $6 |  | $22,272 |  | $9,923 |  | ($6,290) |  | ($4,164) |  | $23,761 |
Balance at January 1, 2025 | 2 |  | $2,113 |  |  | 441 |  | $7 |  | $22,364 |  | $10,412 |  | ($7,047) |  | ($3,595) |  | $24,254 |
Dividends declared - common stock | — |  | — |  |  | — |  | — |  | — |  | (186) |  | — |  | — |  | (186) |
Dividends declared - preferred stock | — |  | — |  |  | — |  | — |  | — |  | (33) |  | — |  | — |  | (33) |
Treasury stock purchased | — |  | — |  |  | (4) |  | — |  | — |  | — |  | (200) |  | — |  | (200) |
Share repurchase excise tax | — |  | — |  |  | — |  | — |  | — |  | — |  | (2) |  | — |  | (2) |
Share-based compensation plans | — |  | — |  |  | 1 |  | — |  | (1) |  | — |  | — |  | — |  | (1) |
Employee stock purchase plan | — |  | — |  |  | — |  | — |  | 7 |  | — |  | — |  | — |  | 7 |
Total comprehensive income (loss): |  |  |  |  |  |  |  |  |  |
Net income | — |  | — |  |  | — |  | — |  | — |  | 373 |  | — |  | — |  | 373 |
Other comprehensive income (loss) | — |  | — |  |  | — |  | — |  | — |  | — |  | — |  | 654 |  | 654 |
Total comprehensive income (loss) | — |  | — |  |  | — |  | — |  | — |  | 373 |  | — |  | 654 |  | 1,027 |
Balance at March 31, 2025 | 2 |  | $2,113 |  |  | 438 |  | $7 |  | $22,370 |  | $10,566 |  | ($7,249) |  | ($2,941) |  | $24,866 |

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.
Citizens Financial Group, Inc. | 37

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

| Three Months Ended March 31,
(dollars in millions) | 2025 |  | 2024
OPERATING ACTIVITIES |  |  |
Net income | $373 |  |  | $334 |
Adjustments to reconcile net income to net change due to operating activities: |  |  |
Provision (benefit) for credit losses | 153 |  |  | 171 |
Net change in loans held for sale | (332) |  |  | 171 |
Depreciation, amortization and accretion | 123 |  |  | 102 |
Deferred income tax expense (benefit) | (16) |  |  | — |
Share-based compensation | 31 |  |  | 34 |
Net gain on sale of assets | (9) |  |  | (5) |
Net (increase) decrease in other assets | 34 |  |  | (47) |
Net increase (decrease) in other liabilities | (570) |  |  | (206) |
Net change due to operating activities | (213) |  |  | 554 |
INVESTING ACTIVITIES |  |  |
Investment securities: |  |  |
Purchases of debt securities available for sale | (2,365) |  |  | (3,057) |
Proceeds from maturities and paydowns of debt securities available for sale | 846 |  |  | 593 |
Proceeds from sales of debt securities available for sale | 642 |  |  | 692 |
Proceeds from maturities and paydowns of debt securities held to maturity | 150 |  |  | 150 |
Net (increase) decrease in interest-bearing deposits in banks | (50) |  |  | 13 |
Purchases of loans | (188) |  |  | (345) |
Sales of loans | 240 |  |  | 107 |
Net (increase) decrease in loans and leases | (319) |  |  | 2,873 |
Capital expenditures, net | (14) |  |  | (10) |
Other | (50) |  |  | 23 |
Net change due to investing activities | (1,108) |  |  | 1,039 |
FINANCING ACTIVITIES |  |  |
Net increase (decrease) in deposits | 2,800 |  |  | (914) |
Net increase (decrease) in short-term borrowed funds | 47 |  |  | (496) |
Proceeds from issuance of long-term borrowed funds | 2,533 |  |  | 5,765 |
Repayments of long-term borrowed funds | (2,675) |  |  | (5,437) |
Treasury stock purchased | (200) |  |  | (300) |
Dividends paid to common stockholders | (186) |  |  | (197) |
Dividends paid to preferred stockholders | (34) |  |  | (31) |
Other | (24) |  |  | (12) |
Net change due to financing activities | 2,261 |  |  | (1,622) |
Net change in cash and cash equivalents(1) | 940 |  |  | (29) |
Cash and cash equivalents at beginning of period(1) | 10,601 |  |  | 11,628 |
Cash and cash equivalents at end of period(1) | $11,541 |  |  | $11,599 |
Non-cash items: |  |  |
Transfer of loans from loans held for investment to LHFS | $1,876 |  |  | $107 |

(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. | 38

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying unaudited interim Consolidated Financial Statements and Notes have been prepared in accordance with the instructions for Form 10-Q and, therefore, do not include all information and notes included in annual financial statements prepared in accordance with GAAP. The Consolidated Financial Statements include all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the interim period results presented. These unaudited interim financial statements and notes should be read in conjunction with the audited Consolidated Financial Statements and Notes included in the Company’s 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 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:

| March 31, 2025 |  | December 31, 2024
(dollars in millions) | Amortized Cost(1) | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value |  | Amortized Cost(1) | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value
U.S. Treasury and other | $4,145 |  | $15 |  | ($91) |  | $4,069 |  |  | $3,631 |  | $3 |  | ($109) |  | $3,525 |
State and political subdivisions | 1 |  | — |  | — |  | 1 |  |  | 1 |  | — |  | — |  | 1 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Federal agencies and U.S. government sponsored entities | 31,444 |  | 81 |  | (1,772) |  | 29,753 |  |  | 30,897 |  | 33 |  | (2,135) |  | 28,795 |
Other/non-agency | 272 |  | — |  | (11) |  | 261 |  |  | 273 |  | — |  | (13) |  | 260 |
Total mortgage-backed securities | 31,716 |  | 81 |  | (1,783) |  | 30,014 |  |  | 31,170 |  | 33 |  | (2,148) |  | 29,055 |
Collateralized loan obligations | 124 |  | — |  | — |  | 124 |  |  | 184 |  | — |  | — |  | 184 |
Total debt securities available for sale, at fair value | $35,986 |  | $96 |  | ($1,874) |  | $34,208 |  |  | $34,986 |  | $36 |  | ($2,257) |  | $32,765 |
Mortgage-backed securities: |  |  |  |  |  |  |  |  |
Federal agencies and U.S. government sponsored entities | $8,077 |  | $— |  | ($948) |  | $7,129 |  |  | $8,187 |  | $— |  | ($1,051) |  | $7,136 |
Total mortgage-backed securities | 8,077 |  | — |  | (948) |  | 7,129 |  |  | 8,187 |  | — |  | (1,051) |  | 7,136 |
Asset-backed securities | 392 |  | — |  | (6) |  | 386 |  |  | 412 |  | 1 |  | (9) |  | 404 |
Total debt securities held to maturity | $8,469 |  | $— |  | ($954) |  | $7,515 |  |  | $8,599 |  | $1 |  | ($1,060) |  | $7,540 |
Equity securities, at cost(2) | $711 |  | $— |  | $— |  | $711 |  |  | $710 |  | $— |  | $— |  | $710 |
Equity securities, at fair value(2) | 236 |  | — |  | — |  | 236 |  |  | 220 |  | — |  | — |  | 220 |

(1) Excludes portfolio level basis adjustments of $(2) million and $(75) million, respectively, for securities designated in active fair value hedge relationships under the portfolio layer method at March 31, 2025 and December 31, 2024.
(2) Included in other assets in the Consolidated Balance Sheets.
Citizens Financial Group, Inc. | 39

Accrued interest receivable on debt securities totaled $129 million and $125 million as of March 31, 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 March 31, 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 Less | After 1 Year through 5 Years | After 5 Years through 10 Years | After 10 Years | Total
Amortized cost: |  |  |  |  |
U.S. Treasury and other | $— |  | $3,142 |  | $1,003 |  | $— |  | $4,145 |
State and political subdivisions | — |  | — |  | — |  | 1 |  | 1 |
Mortgage-backed securities: |  |  |  |  |
Federal agencies and U.S. government sponsored entities | — |  | 2,266 |  | 1,125 |  | 28,053 |  | 31,444 |
Other/non-agency | — |  | — |  | — |  | 272 |  | 272 |
Collateralized loan obligations | — |  | — |  | 124 |  | — |  | 124 |
Total debt securities available for sale | — |  | 5,408 |  | 2,252 |  | 28,326 |  | 35,986 |
Mortgage-backed securities: |  |  |  |  |
Federal agencies and U.S. government sponsored entities | — |  | — |  | — |  | 8,077 |  | 8,077 |
Asset-backed securities | — |  | 392 |  | — |  | — |  | 392 |
Total debt securities held to maturity | — |  | 392 |  | — |  | 8,077 |  | 8,469 |
Total amortized cost of debt securities | $— |  | $5,800 |  | $2,252 |  | $36,403 |  | $44,455 |
Fair value: |  |  |  |  |
U.S. Treasury and other | $— |  | $3,054 |  | $1,015 |  | $— |  | $4,069 |
State and political subdivisions | — |  | — |  | — |  | 1 |  | 1 |
Mortgage-backed securities: |  |  |  |  |
Federal agencies and U.S. government sponsored entities | — |  | 2,202 |  | 1,070 |  | 26,481 |  | 29,753 |
Other/non-agency | — |  | — |  | — |  | 261 |  | 261 |
Collateralized loan obligations | — |  | — |  | 124 |  | — |  | 124 |
Total debt securities available for sale | — |  | 5,256 |  | 2,209 |  | 26,743 |  | 34,208 |
Mortgage-backed securities: |  |  |  |  |
Federal agencies and U.S. government sponsored entities | — |  | — |  | — |  | 7,129 |  | 7,129 |
Asset-backed securities | — |  | 386 |  | — |  | — |  | 386 |
Total debt securities held to maturity | — |  | 386 |  | — |  | 7,129 |  | 7,515 |
Total fair value of debt securities | $— |  | $5,642 |  | $2,209 |  | $33,872 |  | $41,723 |

Taxable interest income from investment securities as presented in the Consolidated Statements of Operations was $418 million and $399 million for the three months ended March 31, 2025 and 2024, respectively.
The following table presents realized gains and losses on the sale of securities:

| Three Months Ended March 31, |  |
(dollars in millions) | 2025 |  | 2024 |  |  |  |
Gains | $7 |  |  | $5 |  |  |  |  |
Losses | — |  |  | — |  |  |  |  |
Securities gains, net | $7 |  |  | $5 |  |  |  |  |

At March 31, 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, derivative contracts and for other purposes as required or permitted by law.
Citizens Financial Group, Inc. | 40

Impairment
The Company evaluated its existing HTM portfolio as of March 31, 2025 and concluded that 95% of HTM securities met the zero expected credit loss criteria and, therefore, no ACL was recognized. Lifetime expected credit losses on the remainder of the HTM portfolio were determined to be insignificant based on the modeling of the Company’s credit loss position in the securities. The Company monitors the credit exposure through the use of credit quality indicators. For these securities, the Company uses external credit ratings or an internally derived credit rating when an external rating is not available. All securities were determined to be investment grade at March 31, 2025.
The following tables present AFS debt securities with fair values below their respective carrying values, separated by the duration the securities have been in a continuous unrealized loss position:

| March 31, 2025
| Less than 12 Months |  | 12 Months or Longer |  | Total
(dollars in millions) | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses
U.S. Treasury and other | $— |  | $— |  |  | $2,582 |  | ($91) |  |  | $2,582 |  | ($91) |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Federal agencies and U.S. government sponsored entities | 6,836 |  | (189) |  |  | 14,089 |  | (1,583) |  |  | 20,925 |  | (1,772) |
Other/non-agency | — |  | — |  |  | 261 |  | (11) |  |  | 261 |  | (11) |
Total mortgage-backed securities | 6,836 |  | (189) |  |  | 14,350 |  | (1,594) |  |  | 21,186 |  | (1,783) |
Total | $6,836 |  | ($189) |  |  | $16,932 |  | ($1,685) |  |  | $23,768 |  | ($1,874) |

| December 31, 2024
| Less than 12 Months |  | 12 Months or Longer |  | Total
(dollars in millions) | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses |  | Fair Value | Gross Unrealized Losses
U.S. Treasury and other | $— |  | $— |  |  | $2,544 |  | ($109) |  |  | $2,544 |  | ($109) |
Mortgage-backed securities: |  |  |  |  |  |  |  |
Federal agencies and U.S. government sponsored entities | 9,560 |  | (265) |  |  | 14,304 |  | (1,870) |  |  | 23,864 |  | (2,135) |
Other/non-agency | — |  | — |  |  | 260 |  | (13) |  |  | 260 |  | (13) |
Total mortgage-backed securities | 9,560 |  | (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 debt securities, and it is not more likely than not that the Company will be required to sell these debt securities prior to recovery of their amortized cost bases. The Company determined that credit losses are not expected to be incurred on the AFS debt securities identified with unrealized losses as of March 31, 2025. The unrealized losses on these debt securities reflect non-credit-related factors driven by changes in interest rates. Therefore, the Company determined that these debt securities are not impaired.
Citizens Financial Group, Inc. | 41

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) | March 31, 2025 |  | December 31, 2024
Commercial and industrial | $43,781 |  |  | $42,551 |
Commercial real estate | 26,727 |  |  | 27,225 |
Total commercial | 70,508 |  |  | 69,776 |
Residential mortgages | 33,114 |  |  | 32,726 |
Home equity | 16,853 |  |  | 16,495 |
Automobile | 4,044 |  |  | 4,744 |
Education | 8,779 |  |  | 10,812 |
Other retail | 4,337 |  |  | 4,650 |
Total retail | 67,127 |  |  | 69,427 |
Total loans and leases | $137,635 |  |  | $139,203 |

Accrued interest receivable on loans and leases held for investment totaled $817 million and $816 million as of March 31, 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 $38.6 billion and $37.5 billion at March 31, 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 $22.3 billion and $22.9 billion at March 31, 2025 and December 31, 2024, respectively.
Interest income on direct financing and sales-type leases for the three months ended March 31, 2025 and 2024 was $11 million and is reported within interest and fees on loans and leases in the Consolidated Statements of Operations.
The following table presents the composition of LHFS:

| March 31, 2025 |  | December 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 | $922 |  | $— |  | $215 |  | $1,137 |  |  | $633 |  |  | $192 |  | $825 |
Other loans held for sale | — |  | 1,644 |  | 39 |  | 1,683 |  |  | — |  |  | 33 |  | 33 |
Total loans held for sale | $922 |  | $1,644 |  | $254 |  | $2,820 |  |  | $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.
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 three months ended March 31, 2025.
Citizens Financial Group, Inc. | 42

The following table presents a summary of changes in the ACL for the three months ended March 31, 2025:

| Three Months Ended March 31, 2025 |  |
(dollars in millions) | Commercial | Retail | Total |  |  |  |
Allowance for loan and lease losses, beginning of period | $1,140 |  | $921 |  | $2,061 |  |  |  |  |
Charge-offs | (85) |  | (149) |  | (234) |  |  |  |  |
Recoveries | 4 |  | 30 |  | 34 |  |  |  |  |
Net charge-offs | (81) |  | (119) |  | (200) |  |  |  |  |
Provision expense (benefit) for loans and leases | 89 |  | 64 |  | 153 |  |  |  |  |
Allowance for loan and lease losses, end of period | 1,148 |  | 866 |  | 2,014 |  |  |  |  |
Allowance for unfunded lending commitments, beginning of period | 155 |  | 43 |  | 198 |  |  |  |  |
Provision expense (benefit) for unfunded lending commitments | 9 |  | (9) |  | — |  |  |  |  |
Allowance for unfunded lending commitments, end of period | 164 |  | 34 |  | 198 |  |  |  |  |
Total allowance for credit losses, end of period | $1,312 |  | $900 |  | $2,212 |  |  |  |  |

During the three months ended March 31, 2025, net charge-offs of $200 million and a provision for expected credit losses of $153 million resulted in a decrease of $47 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, with $200 million settled during the first quarter.
As of March 31, 2025, the Company’s ACL economic forecast over a two-year reasonable and supportable period reflects a mild recession inclusive of uncertainties related to the implementation of tariffs and protectionist trade policies, inflationary pressures and geopolitical tensions. This forecast projects peak unemployment of approximately 5.1%, consistent with December 31, 2024, and a start-to-trough real GDP decline of approximately 0.5% and 0.4% at March 31, 2025 and December 31, 2024, respectively, and is generally applied to the retail and commercial and industrial portfolios. More severe economic scenarios are applied within the CRE portfolio, such as general office, with peak unemployment of approximately 9.3% and start-to-trough real GDP decline of approximately 4.4% at March 31, 2025 and December 31, 2024.
The following table presents a summary of changes in the ACL for the three months ended March 31, 2024:

| Three Months Ended March 31, 2024 |  |
(dollars in millions) | Commercial | Retail | Total |  |  |  |
Allowance for loan and lease losses, beginning of period | $1,250 |  | $848 |  | $2,098 |  |  |  |  |
Charge-offs | (102) |  | (129) |  | (231) |  |  |  |  |
Recoveries | 17 |  | 33 |  | 50 |  |  |  |  |
Net charge-offs | (85) |  | (96) |  | (181) |  |  |  |  |
Provision expense (benefit) for loans and leases | 69 |  | 100 |  | 169 |  |  |  |  |
Allowance for loan and lease losses, end of period | 1,234 |  | 852 |  | 2,086 |  |  |  |  |
Allowance for unfunded lending commitments, beginning of period | 175 |  | 45 |  | 220 |  |  |  |  |
Provision expense (benefit) for unfunded lending commitments | 16 |  | (14) |  | 2 |  |  |  |  |
Allowance for unfunded lending commitments, end of period | 191 |  | 31 |  | 222 |  |  |  |  |
Total allowance for credit losses, end of period | $1,425 |  | $883 |  | $2,308 |  |  |  |  |

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.
Citizens Financial Group, Inc. | 43

The following table presents the amortized cost basis of commercial loans and leases by vintage date and internal risk rating as of March 31, 2025:

| Term Loans and Leases by Origination Year |  | Revolving Loans |  |
(dollars in millions) | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior to 2021 |  | Within the Revolving Period | Converted to Term |  | Total
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $1,178 |  |  | $5,502 |  |  | $2,312 |  |  | $3,878 |  |  | $2,531 |  |  | $2,593 |  |  | $23,129 |  | $73 |  |  | $41,196 |
Special Mention | — |  |  | 5 |  |  | 77 |  |  | 71 |  |  | 227 |  |  | 139 |  |  | 190 |  | — |  |  | 709 |
Substandard Accrual | — |  |  | 12 |  |  | 55 |  |  | 144 |  |  | 296 |  |  | 294 |  |  | 776 |  | 16 |  |  | 1,593 |
Nonaccrual | — |  |  | — |  |  | 4 |  |  | 83 |  |  | 45 |  |  | 62 |  |  | 83 |  | 6 |  |  | 283 |
Total commercial and industrial | 1,178 |  |  | 5,519 |  |  | 2,448 |  |  | 4,176 |  |  | 3,099 |  |  | 3,088 |  |  | 24,178 |  | 95 |  |  | 43,781 |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 774 |  |  | 2,558 |  |  | 1,099 |  |  | 5,193 |  |  | 5,066 |  |  | 5,923 |  |  | 1,361 |  | 4 |  |  | 21,978 |
Special Mention | — |  |  | — |  |  | 100 |  |  | 1,005 |  |  | 355 |  |  | 433 |  |  | 80 |  | 6 |  |  | 1,979 |
Substandard Accrual | — |  |  | 3 |  |  | 79 |  |  | 519 |  |  | 217 |  |  | 1,127 |  |  | 9 |  | 116 |  |  | 2,070 |
Nonaccrual | — |  |  | — |  |  | 3 |  |  | 81 |  |  | 65 |  |  | 545 |  |  | 2 |  | 4 |  |  | 700 |
Total commercial real estate | 774 |  |  | 2,561 |  |  | 1,281 |  |  | 6,798 |  |  | 5,703 |  |  | 8,028 |  |  | 1,452 |  | 130 |  |  | 26,727 |
Total commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,952 |  |  | 8,060 |  |  | 3,411 |  |  | 9,071 |  |  | 7,597 |  |  | 8,516 |  |  | 24,490 |  | 77 |  |  | 63,174 |
Special Mention | — |  |  | 5 |  |  | 177 |  |  | 1,076 |  |  | 582 |  |  | 572 |  |  | 270 |  | 6 |  |  | 2,688 |
Substandard Accrual | — |  |  | 15 |  |  | 134 |  |  | 663 |  |  | 513 |  |  | 1,421 |  |  | 785 |  | 132 |  |  | 3,663 |
Nonaccrual | — |  |  | — |  |  | 7 |  |  | 164 |  |  | 110 |  |  | 607 |  |  | 85 |  | 10 |  |  | 983 |
Total commercial | $1,952 |  |  | $8,080 |  |  | $3,729 |  |  | $10,974 |  |  | $8,802 |  |  | $11,116 |  |  | $25,630 |  | $225 |  |  | $70,508 |

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) | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior to 2020 |  | Within the Revolving Period | Converted to Term |  | Total
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $5,945 |  |  | $2,525 |  |  | $4,194 |  |  | $2,923 |  |  | $895 |  |  | $2,066 |  |  | $21,323 |  | $66 |  |  | $39,937 |
Special Mention | 2 |  |  | 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 industrial | 5,956 |  |  | 2,679 |  |  | 4,567 |  |  | 3,490 |  |  | 1,087 |  |  | 2,422 |  |  | 22,265 |  | 85 |  |  | 42,551 |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 2,720 |  |  | 1,305 |  |  | 5,748 |  |  | 5,412 |  |  | 1,919 |  |  | 4,199 |  |  | 1,434 |  | 4 |  |  | 22,741 |
Special Mention | 1 |  |  | — |  |  | 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 estate | 2,724 |  |  | 1,394 |  |  | 7,107 |  |  | 6,085 |  |  | 2,459 |  |  | 5,801 |  |  | 1,525 |  | 130 |  |  | 27,225 |
Total commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 8,665 |  |  | 3,830 |  |  | 9,942 |  |  | 8,335 |  |  | 2,814 |  |  | 6,265 |  |  | 22,757 |  | 70 |  |  | 62,678 |
Special Mention | 3 |  |  | 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. | 44

The following table presents the amortized cost basis of retail loans by vintage date and current FICO score as of March 31, 2025:

| Term Loans by Origination Year |  | Revolving Loans |  |
(dollars in millions) | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior to 2021 |  | Within the Revolving Period | Converted to Term |  | Total
Residential mortgages |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | $232 |  |  | $1,568 |  |  | $1,369 |  |  | $3,343 |  |  | $5,149 |  |  | $6,701 |  |  | $— |  | $— |  |  | $18,362 |
740-799 | 520 |  |  | 1,410 |  |  | 817 |  |  | 1,537 |  |  | 2,142 |  |  | 3,031 |  |  | — |  | — |  |  | 9,457 |
680-739 | 119 |  |  | 382 |  |  | 295 |  |  | 546 |  |  | 713 |  |  | 1,193 |  |  | — |  | — |  |  | 3,248 |
620-679 | 11 |  |  | 46 |  |  | 76 |  |  | 149 |  |  | 180 |  |  | 494 |  |  | — |  | — |  |  | 956 |
<620 | — |  |  | 18 |  |  | 133 |  |  | 118 |  |  | 163 |  |  | 643 |  |  | — |  | — |  |  | 1,075 |
No FICO available(1) | — |  |  | 1 |  |  | — |  |  | 3 |  |  | 1 |  |  | 11 |  |  | — |  | — |  |  | 16 |
Total residential mortgages | 882 |  |  | 3,425 |  |  | 2,690 |  |  | 5,696 |  |  | 8,348 |  |  | 12,073 |  |  | — |  | — |  |  | 33,114 |
Home equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | — |  |  | 1 |  |  | — |  |  | 3 |  |  | 3 |  |  | 75 |  |  | 5,770 |  | 193 |  |  | 6,045 |
740-799 | — |  |  | — |  |  | — |  |  | 1 |  |  | 3 |  |  | 52 |  |  | 5,382 |  | 224 |  |  | 5,662 |
680-739 | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |  |  | 43 |  |  | 3,064 |  | 206 |  |  | 3,315 |
620-679 | — |  |  | — |  |  | 1 |  |  | 1 |  |  | 1 |  |  | 19 |  |  | 788 |  | 178 |  |  | 988 |
<620 | — |  |  | — |  |  | 3 |  |  | 2 |  |  | 3 |  |  | 16 |  |  | 501 |  | 313 |  |  | 838 |
No FICO available(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5 |  | — |  |  | 5 |
Total home equity | — |  |  | 1 |  |  | 4 |  |  | 8 |  |  | 11 |  |  | 205 |  |  | 15,510 |  | 1,114 |  |  | 16,853 |
Automobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | — |  |  | — |  |  | 63 |  |  | 343 |  |  | 575 |  |  | 177 |  |  | — |  | — |  |  | 1,158 |
740-799 | — |  |  | — |  |  | 87 |  |  | 376 |  |  | 482 |  |  | 172 |  |  | — |  | — |  |  | 1,117 |
680-739 | — |  |  | — |  |  | 82 |  |  | 289 |  |  | 322 |  |  | 114 |  |  | — |  | — |  |  | 807 |
620-679 | — |  |  | — |  |  | 46 |  |  | 166 |  |  | 167 |  |  | 64 |  |  | — |  | — |  |  | 443 |
<620 | — |  |  | — |  |  | 49 |  |  | 189 |  |  | 200 |  |  | 81 |  |  | — |  | — |  |  | 519 |
No FICO available(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  | — |  |  | — |
Total automobile | — |  |  | — |  |  | 327 |  |  | 1,363 |  |  | 1,746 |  |  | 608 |  |  | — |  | — |  |  | 4,044 |
Education |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | 52 |  |  | 282 |  |  | 347 |  |  | 543 |  |  | 1,104 |  |  | 2,081 |  |  | — |  | — |  |  | 4,409 |
740-799 | 75 |  |  | 321 |  |  | 320 |  |  | 463 |  |  | 556 |  |  | 1,064 |  |  | — |  | — |  |  | 2,799 |
680-739 | 29 |  |  | 145 |  |  | 139 |  |  | 193 |  |  | 186 |  |  | 397 |  |  | — |  | — |  |  | 1,089 |
620-679 | 4 |  |  | 42 |  |  | 43 |  |  | 48 |  |  | 45 |  |  | 123 |  |  | — |  | — |  |  | 305 |
<620 | 1 |  |  | 9 |  |  | 15 |  |  | 22 |  |  | 24 |  |  | 72 |  |  | — |  | — |  |  | 143 |
No FICO available(1) | 4 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 29 |  |  | — |  | — |  |  | 34 |
Total education | 165 |  |  | 800 |  |  | 864 |  |  | 1,269 |  |  | 1,915 |  |  | 3,766 |  |  | — |  | — |  |  | 8,779 |
Other retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | 28 |  |  | 155 |  |  | 55 |  |  | 34 |  |  | 13 |  |  | 13 |  |  | 473 |  | — |  |  | 771 |
740-799 | 39 |  |  | 209 |  |  | 77 |  |  | 42 |  |  | 14 |  |  | 14 |  |  | 836 |  | — |  |  | 1,231 |
680-739 | 28 |  |  | 162 |  |  | 69 |  |  | 36 |  |  | 12 |  |  | 11 |  |  | 808 |  | 1 |  |  | 1,127 |
620-679 | 12 |  |  | 79 |  |  | 38 |  |  | 24 |  |  | 8 |  |  | 5 |  |  | 318 |  | 1 |  |  | 485 |
<620 | 2 |  |  | 35 |  |  | 28 |  |  | 30 |  |  | 8 |  |  | 4 |  |  | 236 |  | 1 |  |  | 344 |
No FICO available(1) | 2 |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 375 |  | — |  |  | 379 |
Total other retail | 111 |  |  | 642 |  |  | 267 |  |  | 166 |  |  | 55 |  |  | 47 |  |  | 3,046 |  | 3 |  |  | 4,337 |
Total retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | 312 |  |  | 2,006 |  |  | 1,834 |  |  | 4,266 |  |  | 6,844 |  |  | 9,047 |  |  | 6,243 |  | 193 |  |  | 30,745 |
740-799 | 634 |  |  | 1,940 |  |  | 1,301 |  |  | 2,419 |  |  | 3,197 |  |  | 4,333 |  |  | 6,218 |  | 224 |  |  | 20,266 |
680-739 | 176 |  |  | 689 |  |  | 585 |  |  | 1,065 |  |  | 1,234 |  |  | 1,758 |  |  | 3,872 |  | 207 |  |  | 9,586 |
620-679 | 27 |  |  | 167 |  |  | 204 |  |  | 388 |  |  | 401 |  |  | 705 |  |  | 1,106 |  | 179 |  |  | 3,177 |
<620 | 3 |  |  | 62 |  |  | 228 |  |  | 361 |  |  | 398 |  |  | 816 |  |  | 737 |  | 314 |  |  | 2,919 |
No FICO available(1) | 6 |  |  | 4 |  |  | — |  |  | 3 |  |  | 1 |  |  | 40 |  |  | 380 |  | — |  |  | 434 |
Total retail | $1,158 |  |  | $4,868 |  |  | $4,152 |  |  | $8,502 |  |  | $12,075 |  |  | $16,699 |  |  | $18,556 |  | $1,117 |  |  | $67,127 |

(1) Represents loans for which an updated FICO score was unavailable (e.g., due to recent profile changes).
Citizens Financial Group, Inc. | 45

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 Year |  | Revolving Loans |  |
(dollars in millions) | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior to 2020 |  | Within the Revolving Period | Converted to Term |  | Total
Residential mortgages |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | $1,230 |  |  | $1,302 |  |  | $3,299 |  |  | $5,109 |  |  | $2,919 |  |  | $3,869 |  |  | $— |  | $— |  |  | $17,728 |
740-799 | 1,757 |  |  | 873 |  |  | 1,568 |  |  | 2,213 |  |  | 1,338 |  |  | 1,923 |  |  | — |  | — |  |  | 9,672 |
680-739 | 425 |  |  | 281 |  |  | 552 |  |  | 697 |  |  | 385 |  |  | 938 |  |  | — |  | — |  |  | 3,278 |
620-679 | 31 |  |  | 61 |  |  | 126 |  |  | 151 |  |  | 101 |  |  | 494 |  |  | — |  | — |  |  | 964 |
<620 | 15 |  |  | 37 |  |  | 76 |  |  | 147 |  |  | 89 |  |  | 703 |  |  | — |  | — |  |  | 1,067 |
No FICO available(1) | 1 |  |  | — |  |  | — |  |  | 1 |  |  | 1 |  |  | 14 |  |  | — |  | — |  |  | 17 |
Total residential mortgages | 3,459 |  |  | 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 equity | 1 |  |  | 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 |
740-799 | 290 |  |  | 359 |  |  | 571 |  |  | 804 |  |  | 637 |  |  | 811 |  |  | — |  | — |  |  | 3,472 |
680-739 | 110 |  |  | 150 |  |  | 229 |  |  | 261 |  |  | 211 |  |  | 337 |  |  | — |  | — |  |  | 1,298 |
620-679 | 27 |  |  | 48 |  |  | 55 |  |  | 58 |  |  | 51 |  |  | 111 |  |  | — |  | — |  |  | 350 |
<620 | 5 |  |  | 12 |  |  | 21 |  |  | 28 |  |  | 25 |  |  | 60 |  |  | — |  | — |  |  | 151 |
No FICO available(1) | 5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 31 |  |  | — |  | — |  |  | 36 |
Total education | 664 |  |  | 942 |  |  | 1,533 |  |  | 2,668 |  |  | 2,180 |  |  | 2,825 |  |  | — |  | — |  |  | 10,812 |
Other retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | 186 |  |  | 65 |  |  | 36 |  |  | 15 |  |  | 11 |  |  | 10 |  |  | 512 |  | — |  |  | 835 |
740-799 | 259 |  |  | 96 |  |  | 46 |  |  | 18 |  |  | 13 |  |  | 11 |  |  | 895 |  | 1 |  |  | 1,339 |
680-739 | 201 |  |  | 87 |  |  | 39 |  |  | 15 |  |  | 11 |  |  | 7 |  |  | 845 |  | 1 |  |  | 1,206 |
620-679 | 97 |  |  | 47 |  |  | 27 |  |  | 10 |  |  | 6 |  |  | 3 |  |  | 335 |  | 1 |  |  | 526 |
<620 | 32 |  |  | 31 |  |  | 34 |  |  | 15 |  |  | 7 |  |  | 3 |  |  | 234 |  | 1 |  |  | 357 |
No FICO available(1) | 5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 382 |  | — |  |  | 387 |
Total other retail | 780 |  |  | 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 |
740-799 | 2,306 |  |  | 1,420 |  |  | 2,616 |  |  | 3,618 |  |  | 2,165 |  |  | 2,871 |  |  | 6,170 |  | 225 |  |  | 21,391 |
680-739 | 736 |  |  | 609 |  |  | 1,159 |  |  | 1,358 |  |  | 723 |  |  | 1,403 |  |  | 3,840 |  | 184 |  |  | 10,012 |
620-679 | 155 |  |  | 208 |  |  | 401 |  |  | 416 |  |  | 216 |  |  | 697 |  |  | 1,087 |  | 142 |  |  | 3,322 |
<620 | 52 |  |  | 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. | 46

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

| Three Months Ended March 31, 2025
| Term Loans and Leases by Origination Year |  | Revolving Loans |  |
(dollars in millions) | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior to 2021 |  | Within the Revolving Period | Converted to Term |  | Total
Commercial and industrial | $— |  |  | $— |  |  | $1 |  |  | $2 |  |  | $22 |  |  | $— |  |  | $9 |  | $— |  |  | $34 |
Commercial real estate | — |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | 43 |  |  | — |  | — |  |  | 51 |
Total commercial | — |  |  | — |  |  | 1 |  |  | 10 |  |  | 22 |  |  | 43 |  |  | 9 |  | — |  |  | 85 |
Residential mortgages | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  | — |  |  | 1 |
Home equity | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 4 |  | — |  |  | 5 |
Automobile | — |  |  | — |  |  | 2 |  |  | 7 |  |  | 7 |  |  | 4 |  |  | — |  | — |  |  | 20 |
Education | — |  |  | 1 |  |  | 2 |  |  | 5 |  |  | 13 |  |  | 35 |  |  | — |  | — |  |  | 56 |
Other retail | 4 |  |  | 15 |  |  | 8 |  |  | 4 |  |  | 2 |  |  | 2 |  |  | 32 |  | — |  |  | 67 |
Total retail | 4 |  |  | 16 |  |  | 12 |  |  | 16 |  |  | 22 |  |  | 43 |  |  | 36 |  | — |  |  | 149 |
Total loans and leases | $4 |  |  | $16 |  |  | $13 |  |  | $26 |  |  | $44 |  |  | $86 |  |  | $45 |  | $— |  |  | $234 |

| Three Months Ended March 31, 2024
| Term Loans and Leases by Origination Year |  | Revolving Loans |  |
(dollars in millions) | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior to 2020 |  | Within the Revolving Period | Converted to Term |  | Total
Commercial and industrial | $— |  |  | $5 |  |  | $1 |  |  | $4 |  |  | $— |  |  | $1 |  |  | $3 |  | $— |  |  | $14 |
Commercial real estate | — |  |  | — |  |  | — |  |  | — |  |  | 59 |  |  | 29 |  |  | — |  | — |  |  | 88 |
Total commercial | — |  |  | 5 |  |  | 1 |  |  | 4 |  |  | 59 |  |  | 30 |  |  | 3 |  | — |  |  | 102 |
Residential mortgages | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  | — |  |  | 2 |
Home equity | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 2 |  | 1 |  |  | 4 |
Automobile | — |  |  | 2 |  |  | 9 |  |  | 11 |  |  | 3 |  |  | 3 |  |  | — |  | — |  |  | 28 |
Education | — |  |  | — |  |  | 1 |  |  | 6 |  |  | 7 |  |  | 18 |  |  | — |  | — |  |  | 32 |
Other retail | 4 |  |  | 9 |  |  | 4 |  |  | 3 |  |  | — |  |  | 4 |  |  | 39 |  | — |  |  | 63 |
Total retail | 4 |  |  | 11 |  |  | 14 |  |  | 20 |  |  | 10 |  |  | 28 |  |  | 41 |  | 1 |  |  | 129 |
Total loans and leases | $4 |  |  | $16 |  |  | $15 |  |  | $24 |  |  | $69 |  |  | $58 |  |  | $44 |  | $1 |  |  | $231 |

Citizens Financial Group, Inc. | 47

Nonaccrual and Past Due Assets
The following tables present an aging analysis of accruing and nonaccrual loans and leases as of March 31, 2025 and December 31, 2024:

| March 31, 2025
|  | Days Past Due and Accruing |  |  |
(dollars in millions) | Current | 30-59 | 60-89 | 90+ | Nonaccrual | Total | Nonaccrual with no related ACL
Commercial and industrial | $43,420 |  | $56 |  | $13 |  | $9 |  | $283 |  | $43,781 |  | $45 |
Commercial real estate | 25,887 |  | 131 |  | 5 |  | 4 |  | 700 |  | 26,727 |  | 19 |
Total commercial | 69,307 |  | 187 |  | 18 |  | 13 |  | 983 |  | 70,508 |  | 64 |
Residential mortgages | 32,682 |  | 60 |  | 36 |  | 138 |  | 198 |  | 33,114 |  | 147 |
Home equity | 16,450 |  | 94 |  | 27 |  | — |  | 282 |  | 16,853 |  | 178 |
Automobile | 3,900 |  | 80 |  | 25 |  | — |  | 39 |  | 4,044 |  | 6 |
Education | 8,699 |  | 39 |  | 18 |  | 3 |  | 20 |  | 8,779 |  | 2 |
Other retail | 4,207 |  | 42 |  | 27 |  | 1 |  | 60 |  | 4,337 |  | 1 |
Total retail | 65,938 |  | 315 |  | 133 |  | 142 |  | 599 |  | 67,127 |  | 334 |
Total | $135,245 |  | $502 |  | $151 |  | $155 |  | $1,582 |  | $137,635 |  | $398 |
Guaranteed residential mortgages(1) | $824 |  | $32 |  | $19 |  | $137 |  | $— |  | $1,012 |  | $— |

| December 31, 2024
|  | Days Past Due and Accruing |  |  |
(dollars in millions) | Current | 30-59 | 60-89 | 90+ | Nonaccrual | Total | Nonaccrual with no related ACL
Commercial and industrial | $42,247 |  | $35 |  | $20 |  | $8 |  | $241 |  | $42,551 |  | $31 |
Commercial real estate | 26,212 |  | 204 |  | 27 |  | 6 |  | 776 |  | 27,225 |  | 32 |
Total commercial | 68,459 |  | 239 |  | 47 |  | 14 |  | 1,017 |  | 69,776 |  | 63 |
Residential mortgages | 32,011 |  | 251 |  | 93 |  | 179 |  | 192 |  | 32,726 |  | 142 |
Home equity | 16,097 |  | 88 |  | 27 |  | — |  | 283 |  | 16,495 |  | 182 |
Automobile | 4,563 |  | 100 |  | 33 |  | — |  | 48 |  | 4,744 |  | 6 |
Education | 10,686 |  | 45 |  | 23 |  | 2 |  | 56 |  | 10,812 |  | 4 |
Other retail | 4,504 |  | 46 |  | 31 |  | 1 |  | 68 |  | 4,650 |  | 1 |
Total retail | 67,861 |  | 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 March 31, 2025 and December 31, 2024, the Company had collateral-dependent residential mortgage and home equity loans totaling $397 million and $372 million, respectively, and collateral-dependent commercial loans totaling $513 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 $302 million and $295 million as of March 31, 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. | 48

Commercial loan modifications are offered on a case-by-case basis and generally include a payment delay, term extension and/or interest rate reduction. The Company does not typically offer principal forgiveness for commercial loans. Retail loan modifications are offered through structured loan modification programs, which are summarized below.
•Forbearance programs provide borrowers experiencing some form of hardship a period of time during which their contractual payment obligations are suspended, resulting in a payment delay and/or term extension.
•Other repayment plans are offered due to hardship and include an interest rate reduction and/or term extension designed to enable the borrower to return the loan to current status in an expeditious manner.
•Settlement agreements may be executed with borrowers experiencing a long-term hardship or who are delinquent, resulting in principal forgiveness. Upon fulfillment of the terms of the settlement agreement, the unpaid principal amount is forgiven resulting in a charge-off of the outstanding principal balance.
•Certain reorganization bankruptcy judgments may result in any one of the four modification types or some combination thereof.
The following tables present the period-end amortized cost of loans to borrowers experiencing financial difficulty that were modified during the three months ended March 31, 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 March 31, 2025
(dollars in millions) | Interest Rate Reduction | Term Extension | Payment Delay | Principal Forgiveness | Interest Rate Reduction and Term Extension |  |  | Term Extension and Payment Delay |  |  |  | Total | Total as a % of Loan Class(1)
Commercial and industrial | $32 |  | $141 |  | $2 |  | $— |  | $— |  |  |  | $1 |  |  |  |  | $176 |  | 0.40 | %
Commercial real estate | 10 |  | 172 |  | 73 |  | — |  | — |  |  |  | 25 |  |  |  |  | 280 |  | 1.05 |
Total commercial | 42 |  | 313 |  | 75 |  | — |  | — |  |  |  | 26 |  |  |  |  | 456 |  | 0.65 |
Residential mortgages | 1 |  | 15 |  | 2 |  | — |  | 4 |  |  |  | 1 |  |  |  |  | 23 |  | 0.07 |
Home equity | 1 |  | — |  | 2 |  | — |  | 1 |  |  |  | — |  |  |  |  | 4 |  | 0.02 |
Automobile | — |  | — |  | — |  | — |  | — |  |  |  | — |  |  |  |  | — |  | — |
Education | 2 |  | — |  | — |  | — |  | — |  |  |  | — |  |  |  |  | 2 |  | 0.02 |
Other retail | 6 |  | — |  | — |  | — |  | — |  |  |  | — |  |  |  |  | 6 |  | 0.14 |
Total retail | 10 |  | 15 |  | 4 |  | — |  | 5 |  |  |  | 1 |  |  |  |  | 35 |  | 0.05 |
Total | $52 |  | $328 |  | $79 |  | $— |  | $5 |  |  |  | $27 |  |  |  |  | $491 |  | 0.36 | %

| Three Months Ended March 31, 2024
(dollars in millions) | Interest Rate Reduction | Term Extension | Payment Delay | Principal Forgiveness | Interest Rate Reduction and Term Extension |  |  | Term Extension and Payment Delay |  |  |  | Total | Total as a % of Loan Class(1)
Commercial and industrial | $— |  | $85 |  | $65 |  | $— |  | $1 |  |  |  | $32 |  |  |  |  | $183 |  | 0.42 | %
Commercial real estate | — |  | 443 |  | 24 |  | — |  | 40 |  |  |  | 1 |  |  |  |  | 508 |  | 1.76 |
Total commercial | — |  | 528 |  | 89 |  | — |  | 41 |  |  |  | 33 |  |  |  |  | 691 |  | 0.95 |
Residential mortgages | 1 |  | 37 |  | 5 |  | — |  | 3 |  |  |  | — |  |  |  |  | 46 |  | 0.15 |
Home equity | 1 |  | 1 |  | — |  | — |  | 4 |  |  |  | — |  |  |  |  | 6 |  | 0.04 |
Automobile | — |  | — |  | — |  | — |  | — |  |  |  | — |  |  |  |  | — |  | — |
Education | 3 |  | — |  | 18 |  | — |  | — |  |  |  | — |  |  |  |  | 21 |  | 0.18 |
Other retail | 5 |  | — |  | — |  | — |  | — |  |  |  | — |  |  |  |  | 5 |  | 0.10 |
Total retail | 10 |  | 38 |  | 23 |  | — |  | 7 |  |  |  | — |  |  |  |  | 78 |  | 0.11 |
Total | $10 |  | $566 |  | $112 |  | $— |  | $48 |  |  |  | $33 |  |  |  |  | $769 |  | 0.54 | %

(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.
Citizens Financial Group, Inc. | 49

The following tables present the financial effect of loans to borrowers experiencing financial difficulty that were modified during the three months ended March 31, 2025 and 2024, disaggregated by class of financing receivable.

| Three Months Ended March 31, 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 industrial | 0.81 | % | 10 | $— |  | $— |
Commercial real estate | 0.75 |  | 10 | 1 |  | — |
Residential mortgages | 0.98 |  | 111 | — |  | — |
Home equity | 4.55 |  | 74 | — |  | — |
Automobile | — |  | — |  | — |  | — |
Education | 4.96 |  | — |  | — |  | — |
Other retail | 20.30 |  | — |  | — |  | 2 |

| Three Months Ended March 31, 2024
(dollars in millions) | Weighted-Average Interest Rate Reduction(1) | Weighted-Average Term Extension (in Months)(1) | Weighted-Average Payment Deferral(1) | Amount of Principal Forgiven(2)
Commercial and industrial | 4.49 | % | 9 | $1 |  | $— |
Commercial real estate | 0.53 |  | 16 | 1 |  | — |
Residential mortgages | 2.01 |  | 88 | — |  | — |
Home equity | 3.16 |  | 88 | — |  | — |
Automobile | — |  | — |  | — |  | — |
Education | 4.31 |  | — |  | — |  | — |
Other retail | 19.80 |  | — |  | — |  | 2 |

(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 March 31, 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.

| March 31, 2025
|  | Days Past Due and Accruing |  |
(dollars in millions) | Current | 30-59 | 60-89 | 90+ | Nonaccrual | Total
Commercial and industrial | $311 |  | $17 |  | $— |  | $3 |  | $51 |  | $382 |
Commercial real estate | 380 |  | 33 |  | — |  | — |  | 385 |  | 798 |
Total commercial | 691 |  | 50 |  | — |  | 3 |  | 436 |  | 1,180 |
Residential mortgages | 51 |  | 4 |  | 3 |  | 17 |  | 19 |  | 94 |
Home equity | 9 |  | — |  | 1 |  | — |  | 12 |  | 22 |
Automobile | — |  | — |  | — |  | — |  | — |  | — |
Education | 8 |  | — |  | — |  | — |  | 1 |  | 9 |
Other retail | 13 |  | 2 |  | 1 |  | — |  | 1 |  | 17 |
Total retail | 81 |  | 6 |  | 5 |  | 17 |  | 33 |  | 142 |
Total | $772 |  | $56 |  | $5 |  | $20 |  | $469 |  | $1,322 |

Citizens Financial Group, Inc. | 50

| March 31, 2024
|  | Days Past Due and Accruing |  |
(dollars in millions) | Current | 30-59 | 60-89 | 90+ | Nonaccrual | Total
Commercial and industrial | $223 |  | $1 |  | $5 |  | $— |  | $144 |  | $373 |
Commercial real estate | 667 |  | 38 |  | 5 |  | 33 |  | 136 |  | 879 |
Total commercial | 890 |  | 39 |  | 10 |  | 33 |  | 280 |  | 1,252 |
Residential mortgages | 71 |  | 17 |  | — |  | 22 |  | 15 |  | 125 |
Home equity | 5 |  | — |  | — |  | — |  | 10 |  | 15 |
Automobile | — |  | — |  | — |  | — |  | — |  | — |
Education | 51 |  | 1 |  | — |  | — |  | 6 |  | 58 |
Other retail | 10 |  | 1 |  | 1 |  | — |  | 1 |  | 13 |
Total retail | 137 |  | 19 |  | 1 |  | 22 |  | 32 |  | 211 |
Total | $1,027 |  | $58 |  | $11 |  | $55 |  | $312 |  | $1,463 |

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 March 31, 2025
(dollars in millions) | Interest Rate Reduction | Term Extension | Payment Delay |  | Interest Rate Reduction and Term Extension |  |  |  |  |  |  | Total
Commercial and industrial | $— |  | $— |  | $— |  |  | $— |  |  |  |  |  |  |  | $— |
Commercial real estate | — |  | 71 |  | — |  |  | — |  |  |  |  |  |  |  | 71 |
Total commercial | — |  | 71 |  | — |  |  | — |  |  |  |  |  |  |  | 71 |
Residential mortgages | — |  | 5 |  | 1 |  |  | 2 |  |  |  |  |  |  |  | 8 |
Home equity | 1 |  | — |  | — |  |  | 1 |  |  |  |  |  |  |  | 2 |
Automobile | — |  | — |  | — |  |  | — |  |  |  |  |  |  |  | — |
Education | — |  | — |  | — |  |  | — |  |  |  |  |  |  |  | — |
Other retail | 1 |  | — |  | — |  |  | — |  |  |  |  |  |  |  | 1 |
Total retail | 2 |  | 5 |  | 1 |  |  | 3 |  |  |  |  |  |  |  | 11 |
Total | $2 |  | $76 |  | $1 |  |  | $3 |  |  |  |  |  |  |  | $82 |

| Three Months Ended March 31, 2024
(dollars in millions) | Interest Rate Reduction | Term Extension | Payment Delay |  | Interest Rate Reduction and Term Extension |  |  |  |  |  |  | Total
Commercial and industrial | $— |  | $34 |  | $— |  |  | $— |  |  |  |  |  |  |  | $34 |
Commercial real estate | — |  | 38 |  | — |  |  | — |  |  |  |  |  |  |  | 38 |
Total commercial | — |  | 72 |  | — |  |  | — |  |  |  |  |  |  |  | 72 |
Residential mortgages | — |  | 6 |  | — |  |  | — |  |  |  |  |  |  |  | 6 |
Home equity | — |  | — |  | — |  |  | — |  |  |  |  |  |  |  | — |
Automobile | — |  | — |  | — |  |  | — |  |  |  |  |  |  |  | — |
Education | 2 |  | — |  | — |  |  | — |  |  |  |  |  |  |  | 2 |
Other retail | — |  | — |  | — |  |  | — |  |  |  |  |  |  |  | — |
Total retail | 2 |  | 6 |  | — |  |  | — |  |  |  |  |  |  |  | 8 |
Total | $2 |  | $78 |  | $— |  |  | $— |  |  |  |  |  |  |  | $80 |

Unfunded commitments related to loans modified during the three months ended March 31, 2025 were $157 million at March 31, 2025. Unfunded commitments related to loans modified during the year ended December 31, 2024 were $206 million at December 31, 2024.
Citizens Financial Group, Inc. | 51

NOTE 5 - MORTGAGE BANKING AND OTHER SERVICED LOANS
Mortgage Banking
The Company sells residential mortgages into the secondary market and retains no beneficial interest in these sales, but may retain the servicing rights for the loans sold. The Company may exercise its option to repurchase eligible government guaranteed residential mortgages or may be obligated to subsequently repurchase a loan if the purchaser discovers a representation or warranty violation such as noncompliance with eligibility or servicing requirements, or customer fraud that should have been identified in a loan file review.
The following table summarizes activity related to residential mortgage loans sold with servicing rights retained:

| Three Months Ended March 31, |  |
(dollars in millions) | 2025 |  | 2024 |  |  |  |
Cash proceeds from residential mortgage loans sold with servicing retained | $1,658 |  |  | $1,488 |  |  |  |  |
Gain on sales(1) | 16 |  |  | 15 |  |  |  |  |
Contractually specified servicing, late and other ancillary fees(1) | 70 |  |  | 79 |  |  |  |  |

(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 March 31, 2025 and December 31, 2024, respectively. The Company manages the risk associated with changes in the value of the MSRs with an active economic hedging strategy, which includes the purchase of freestanding derivatives.
The following table summarizes changes in MSRs recorded using the fair value method:

|  |  | As of and for the Three Months Ended March 31,
(dollars in millions) |  |  |  |  | 2025 |  | 2024
Fair value as of beginning of the period |  |  |  |  | $1,491 |  |  | $1,552 |
Amounts capitalized |  |  |  |  | 27 |  |  | 18 |
Sales(1) |  |  |  |  | (72) |  |  | — |
Changes in unpaid principal balance during the period(2) |  |  |  |  | (39) |  |  | (46) |
Changes in fair value during the period(3) |  |  |  |  | (10) |  |  | 40 |
Fair value at end of the period |  |  |  |  | $1,397 |  |  | $1,564 |

(1) For the three months ended March 31, 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.
(2) Represents changes in value of the MSRs due to i) passage of time including the impact from both regularly scheduled loan principal payments and partial
paydowns, and ii) loans that paid off during the period.
(3) Represents changes in value primarily driven by market conditions. These changes are recorded in mortgage banking fees in the Consolidated Statements of Operations.
The fair value of MSRs is estimated by using the present value of estimated future net servicing cash flows, taking into consideration actual and expected mortgage loan prepayment rates, discount rates, contractual servicing fee income, servicing costs, default rates, ancillary income, and other economic factors determined based on current market interest rates. The valuation does not attempt to forecast or predict the future direction of interest rates.
Citizens Financial Group, Inc. | 52

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) | March 31, 2025 |  | December 31, 2024
Fair value | $1,397 |  | $1,491
Weighted average life (years) | 8.5 |  | 8.7
Weighted average constant prepayment rate | 7.1% |  | 6.7%
Decline in fair value from 10% adverse change | $35 |  | $35
Decline in fair value from 20% adverse change | $67 |  | $67
Weighted average option adjusted spread | 628 bps |  | 632 bps
Decline in fair value from 10% adverse change | $40 |  | $42
Decline in fair value from 20% adverse change | $79 |  | $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) | March 31, 2025 |  | December 31, 2024
Education | $397 |  |  | $420 |
Commercial and industrial(1) | 90 |  |  | 92 |

(1) Represents the government guaranteed portion of SBA loans sold to outside investors.
NOTE 6 - VARIABLE INTEREST ENTITIES
The Company, in the normal course of business, engages in a variety of activities with entities that are considered VIEs, as defined by GAAP, with its variable interest arising from contractual, ownership or other monetary interests in the entity. A VIE typically does not have sufficient equity at risk to finance its activities without additional subordinated financial support from other parties.
For more details regarding the Company’s involvement with VIEs see Note 11 in the Company’s 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) | March 31, 2025 |  | December 31, 2024
Assets: |  |  |
Interest-bearing deposits in banks | $197 |  |  | $209 |
Net loans and leases | 3,313 |  |  | 3,843 |
Other assets | 21 |  |  | 21 |
Total assets | $3,531 |  |  | $4,073 |
Liabilities: |  |  |
Long-term borrowed funds | $2,885 |  |  | $3,375 |
Other liabilities | 7 |  |  | 8 |
Total liabilities | $2,892 |  |  | $3,383 |

Citizens Financial Group, Inc. | 53

Secured Borrowings
The Company utilizes a portion of its auto loan portfolio to support certain secured borrowing arrangements, which provide a source of funding for the Company and involves the transfer of auto loans to bankruptcy remote special purpose entities (“SPEs”). These SPEs then issue asset-backed notes to third parties collateralized by the transferred loans.
The assets of a particular VIE are the primary source of funds to settle its obligations. Creditors of these VIEs do not have recourse to the general credit of the Company. The performance of the loans transferred to the SPEs is the most significant driver impacting the economic performance of the VIEs.
Unconsolidated VIEs
The Company is involved with various VIEs that are not consolidated including lending to special purpose entities, investments in asset-backed securities and investments in entities that sponsor affordable housing, renewable energy and economic development projects. The Company’s maximum exposure to loss resulting from its involvement with these entities is limited to the balance sheet carrying amount of its investments, unfunded commitments, and the outstanding principal balance of loans to special purpose entities.
A summary of these investments is presented below:

(dollars in millions) | March 31, 2025 |  | December 31, 2024
Lending to special purpose entities included in loans and leases | $4,221 |  |  | $4,215 |
LIHTC investments included in other assets | 2,685 |  |  | 2,631 |
LIHTC unfunded commitments included in other liabilities | 1,142 |  |  | 1,109 |
Asset-backed investments included in HTM securities | 392 |  |  | 412 |
Renewable energy investments included in other assets | 256 |  |  | 269 |
NMTC investments included in other assets | 2 |  |  | 2 |

Lending to Special Purpose Entities
The Company provides lending facilities to third-party sponsored special purpose entities. As of March 31, 2025 and December 31, 2024, the lending facilities had undrawn commitments to extend credit of $2.9 billion and $2.8 billion, respectively. For more information on commitments to extend credit see Note 11.
Asset-backed securities
The Company’s investments in asset-backed securities are collateralized by education loans sold to a third-party sponsored VIE. The Company acts as the primary servicer for the sold loans and receives a servicing fee. A third-party servicer is responsible for all loans that become significantly delinquent.
Low Income Housing Tax Credit Partnerships
The purpose of the Company’s LIHTC investments is to assist in achieving the goals of the Community Reinvestment Act and to earn an adequate return of capital.
Renewable Energy Entities
The Company’s investments in certain renewable energy entities provide benefits from government incentives and other tax attributes (e.g., tax depreciation).
Contingent commitments related to the Company’s renewable energy investments were $44 million at March 31, 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.
Citizens Financial Group, Inc. | 54

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 March 31, |  |
(dollars in millions) | 2025 |  | 2024 |  |  |  |
Tax credits recognized | $106 |  |  | $97 |  |  |  |  |
Other tax benefits recognized | 23 |  |  | 23 |  |  |  |  |
Amortization | (102) |  |  | (99) |  |  |  |  |
Net benefit (expense) included in income tax expense | 27 |  |  | 21 |  |  |  |  |
Other income | 2 |  |  | 1 |  |  |  |  |
Allocated income (loss) on investments | (3) |  |  | (3) |  |  |  |  |
Net benefit (expense) included in noninterest income | (1) |  |  | (2) |  |  |  |  |
Net benefit (expense) included in the Consolidated Statements of Operations(1) | $26 |  |  | $19 |  |  |  |  |

(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 months ended March 31, 2025 and 2024.
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) | March 31, 2025 |  | December 31, 2024
Other short-term borrowed funds | $47 |  |  | $— |
Total short-term borrowed funds | $47 |  |  | $— |

Citizens Financial Group, Inc. | 55

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

(dollars in millions) | March 31, 2025 |  | December 31, 2024
Parent Company: |  |  |
4.350% fixed-rate subordinated debt, due August 2025 | 133 |  |  | 133 |
4.300% fixed-rate subordinated debt, due December 2025 | 336 |  |  | 336 |
2.850% fixed-rate senior unsecured notes, due July 2026 | 499 |  |  | 499 |
5.841% fixed/floating-rate senior unsecured notes, due January 2030 | 1,245 |  |  | 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 | 61 |  |  | 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 | 571 |  |  | 570 |
6.645% fixed/floating-rate senior unsecured notes, due April 2035 | 745 |  |  | 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 |  |  | 750 |
5.284% fixed/floating-rate senior unsecured notes, due January 2026(1) | — |  |  | 350 |
3.750% senior unsecured notes, due February 2026 | 494 |  |  | 492 |
4.575% fixed/floating-rate senior unsecured notes, due August 2028 | 798 |  |  | 798 |
Additional Borrowings by CBNA and Other Subsidiaries: |  |  |
Federal Home Loan Bank advances, 2.944% weighted average rate, due through 2043(2) | 42 |  |  | 53 |
Secured borrowings, 5.565% weighted average rate, due through 2031(2)(3) | 2,937 |  |  | 3,461 |
Other | 18 |  |  | 18 |
Total long-term borrowed funds | $12,267 |  |  | $12,401 |

(1) Notes were redeemed on January 27, 2025.
(2) Rate disclosed reflects the weighted average rate as of March 31, 2025.
(3) Collateralized by loans. See Note 6 for additional information.
At March 31, 2025, the Company’s long-term borrowed funds include principal balances of $12.4 billion, unamortized debt issuance costs and discounts of $84 million, and hedging basis adjustments of ($6) 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 $4.7 billion and $4.6 billion at March 31, 2025 and December 31, 2024, respectively. The Company’s available FHLB borrowing capacity was $23.0 billion and $21.1 billion at March 31, 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 March 31, 2025, the Company’s unused secured borrowing capacity was approximately $77.4 billion, which includes unencumbered securities, FHLB borrowing capacity, and FRB discount window capacity.
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.
Citizens Financial Group, Inc. | 56

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

| March 31, 2025 |  | December 31, 2024
(dollars in millions) | Notional Amount | Derivative Assets | Derivative Liabilities |  | Notional Amount | Derivative Assets | Derivative Liabilities
Derivatives designated as hedging instruments: |  |  |  |  |  |  |
Interest rate contracts | $72,140 |  | $284 |  | $10 |  |  | $69,077 |  | $402 |  | $5 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Interest rate contracts | 163,936 |  | 175 |  | 674 |  |  | 171,193 |  | 160 |  | 905 |
Foreign exchange contracts | 36,876 |  | 318 |  | 326 |  |  | 34,749 |  | 472 |  | 411 |
Commodities contracts | 1,133 |  | 689 |  | 634 |  |  | 1,136 |  | 429 |  | 379 |
TBA contracts | 3,167 |  | 2 |  | 10 |  |  | 2,714 |  | 10 |  | 8 |
Other contracts | 1,080 |  | 9 |  | 3 |  |  | 615 |  | 3 |  | 2 |
Total derivatives not designated as hedging instruments | 206,192 |  | 1,193 |  | 1,647 |  |  | 210,407 |  | 1,074 |  | 1,705 |
Total gross derivatives | 278,332 |  | 1,477 |  | 1,657 |  |  | 279,484 |  | 1,476 |  | 1,710 |
Less: Gross amounts offset in the Consolidated Balance Sheets(1) |  | (411) |  | (411) |  |  |  | (391) |  | (391) |
Less: Cash collateral applied(1) |  | (306) |  | (363) |  |  |  | (677) |  | (99) |
Total net derivatives presented in the Consolidated Balance Sheets |  | $760 |  | $883 |  |  |  | $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 item being hedged. All hedging relationships are formally documented at inception, as well as risk management objectives and strategies for undertaking various accounting hedges. In addition, the effectiveness of hedge relationships is monitored during the duration of the hedge period. The methods utilized to assess hedge effectiveness vary based on the hedge relationship and each relationship is monitored to ensure that management’s initial intent continues to be satisfied. Hedge accounting treatment is discontinued when the derivative is terminated or when it is determined that a derivative is not expected to be, or has ceased to be, effective as a hedge. Changes in the fair value of a derivative are reflected in earnings after termination of the hedge relationship.
Fair Value Hedges
In a fair value hedge, changes in the fair value of both the derivative instrument and the hedged asset or liability attributable to the risk being hedged are recognized in the same income statement line item in the Consolidated Statements of Operations when the changes in fair value occur. At March 31, 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 March 31, 2025 and December 31, 2024, the Company has also designated $3.2 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.
Citizens Financial Group, Inc. | 57

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 March 31, 2025 |  |  |
Gains (losses) on fair value hedges recognized on: |  |  |
Hedged items |  | $116 |  | ($2) |
Derivatives |  | (118) |  | 2 |
Amounts related to interest settlements on derivatives |  | 11 |  | (2) |
Total net interest income recognized on fair value hedges |  | $9 |  | ($2) |
Three Months Ended March 31, 2024 |  |  |
Gains (losses) on fair value hedges recognized on: |  |  |
Hedged items |  | ($135) |  | $3 |
Derivatives |  | 139 |  | (3) |
Amounts related to interest settlements on derivatives |  | 25 |  | (4) |
Total net interest income recognized on fair value hedges |  | $29 |  | ($4) |

The following table reflects amounts recorded in the Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges:

(dollars in millions) | March 31, 2025 |  | December 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) | $9,623 |  | $— |  |  |  | $9,557 |  | $— |
Carrying amount of hedged liabilities | — |  | 494 |  |  |  | — |  | 491 |
Cumulative amount of fair value hedging adjustments included in the carrying amount of the hedged items | 20 |  | (6) |  |  |  | (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 March 31, 2025 and December 31, 2024, the amortized cost basis of the closed portfolios used in these hedging relationships was $6.3 billion and $6.4 billion, respectively, including associated cumulative basis adjustments of $(2) million and $(75) million, respectively. The amount of the designated hedging instruments was $4.7 billion at March 31, 2025 and December 31, 2024.
(2) Carrying amount represents amortized cost.
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.
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 March 31, |  |
(dollars in millions) | 2025 |  | 2024 |  |  |  |
Pre-tax net gains (losses) recognized in OCI | $284 |  |  | ($550) |  |  |  |  |
Pre-tax net gains (losses) reclassified from AOCI into interest income | (202) |  |  | (203) |  |  |  |  |
Pre-tax net gains (losses) reclassified from AOCI into interest expense | — |  |  | — |  |  |  |  |

Citizens Financial Group, Inc. | 58

Using the March 31, 2025 interest rate curve, the Company estimates that $612 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 March 31, 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.
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.
The following table presents the effect of economic hedges on noninterest income:

| Amounts Recognized in Noninterest Income for the |
| Three Months Ended March 31, |  |  | Affected Line Item in the Consolidated Statements of Operations
(dollars in millions) | 2025 |  | 2024 |  |  |  |
Economic hedge type: |  |  |  |  |  |  |  |
Customer interest rate contracts | $165 |  |  | ($494) |  |  |  |  |  | Foreign exchange and derivative products
Derivatives hedging interest rate risk | (157) |  |  | 503 |  |  |  |  |  | Foreign exchange and derivative products
Customer foreign exchange contracts | 98 |  |  | (110) |  |  |  |  |  | Foreign exchange and derivative products
Derivatives hedging foreign exchange risk | (131) |  |  | 145 |  |  |  |  |  | Foreign exchange and derivative products
Customer commodity contracts | 343 |  |  | 35 |  |  |  |  |  | Foreign exchange and derivative products
Derivatives hedging commodity price risk | (336) |  |  | (32) |  |  |  |  |  | Foreign exchange and derivative products
Residential loan commitments | 6 |  |  | (2) |  |  |  |  |  | Mortgage banking fees
Derivatives hedging residential loan commitments and mortgage loans held for sale, at fair value | (13) |  |  | 3 |  |  |  |  |  | Mortgage banking fees
Derivative contracts used to hedge residential MSRs | 22 |  |  | (38) |  |  |  |  |  | Mortgage banking fees
Total | ($3) |  |  | $10 |  |  |  |  |  |

Citizens Financial Group, Inc. | 59

NOTE 9 - ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table presents the changes in the balances, net of income taxes, of each component of AOCI:

|  | As of and for the Three Months Ended March 31,
(dollars in millions) | Net Unrealized Gains (Losses) on Cash Flow Hedges |  | Net Unrealized Gains (Losses) on Investment Securities |  | Defined Benefit Plans |  | Total AOCI
Balance at January 1, 2024 | ($1,087) |  |  | ($2,338) |  |  | ($333) |  |  | ($3,758) |
Other comprehensive income (loss) before reclassifications | (405) |  |  | (173) |  |  | 4 |  |  | (574) |
Amounts reclassified to the Consolidated Statements of Operations | 149 |  |  | 14 |  |  | 5 |  |  | 168 |
Net other comprehensive income (loss) | (256) |  |  | (159) |  |  | 9 |  |  | (406) |
Balance at March 31, 2024 | ($1,343) |  |  | ($2,497) |  |  | ($324) |  |  | ($4,164) |
Balance at January 1, 2025 | ($925) |  |  | ($2,369) |  |  | ($301) |  |  | ($3,595) |
Other comprehensive income (loss) before reclassifications | 208 |  |  | 282 |  |  | — |  |  | 490 |
Amounts reclassified to the Consolidated Statements of Operations | 148 |  |  | 13 |  |  | 3 |  |  | 164 |
Net other comprehensive income (loss) | 356 |  |  | 295 |  |  | 3 |  |  | 654 |
Balance at March 31, 2025 | ($569) |  |  | ($2,074) |  |  | ($298) |  |  | ($2,941) |
Primary location in the Consolidated Statements of Operations of amounts reclassified from AOCI | Net interest income |  | Securities gains, net and Net interest income |  | Other operating expense |  |

NOTE 10 - STOCKHOLDERS’ EQUITY
Preferred Stock
The following table summarizes the Company’s preferred stock:

|  |  | March 31, 2025 |  | December 31, 2024
(dollars in millions, except per share data) | Liquidation value per share |  | Preferred Shares |  | Carrying Amount |  | Preferred Shares |  | Carrying Amount
Authorized ($25 par value per share) |  |  | 100,000,000 |  |  |  |  | 100,000,000 |  |  |
Issued and outstanding: |  |  |  |  |  |  |  |  |
Series B | $1,000 |  |  | 300,000 |  |  | $296 |  |  | 300,000 |  |  | $296 |
Series C | 1,000 |  |  | 300,000 |  |  | 297 |  |  | 300,000 |  |  | 297 |
Series E | 1,000 |  | (1) | 450,000 |  | (2) | 437 |  |  | 450,000 |  |  | 437 |
Series F | 1,000 |  |  | 400,000 |  |  | 395 |  |  | 400,000 |  |  | 395 |
Series G | 1,000 |  |  | 300,000 |  |  | 296 |  |  | 300,000 |  |  | 296 |
Series H | 1,000 |  | (1) | 400,000 |  | (3) | 392 |  |  | 400,000 |  |  | 392 |
Total |  |  | 2,150,000 |  |  | $2,113 |  |  | 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.
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.
Citizens Financial Group, Inc. | 60

Dividends
The following table summarizes the Company’s dividend activity for the three months ended March 31, 2025 and 2024.

|  | Three Months Ended March 31, 2025 |  | Three Months Ended March 31, 2024
(dollars in millions, except per share data) |  | Dividends Declared per Share | Dividends Declared | Dividends Paid |  | Dividends Declared per Share | Dividends Declared | Dividends Paid
Common stock |  | $0.42 |  | $186 |  | $186 |  |  | $0.42 |  | $197 |  | $197 |
Preferred stock |  |  |  |  |  |  |  |
Series B |  | $19.11 |  | $6 |  | $6 |  |  | $21.72 |  | $7 |  | $7 |
Series C |  | 19.50 |  | 6 |  | 6 |  |  | 15.94 |  | 5 |  | 5 |
Series D |  | — |  | — |  | — |  |  | 15.88 |  | 5 |  | 5 |
Series E |  | 12.50 |  | 5 |  | 6 |  |  | 12.50 |  | 5 |  | 5 |
Series F |  | 14.13 |  | 6 |  | 6 |  |  | 14.13 |  | 5 |  | 6 |
Series G |  | 10.00 |  | 3 |  | 3 |  |  | 10.00 |  | 3 |  | 3 |
Series H |  | 18.44 |  | 7 |  | 7 |  |  | — |  | — |  | — |
Total preferred stock |  |  | $33 |  | $34 |  |  |  | $30 |  | $31 |

Treasury Stock
During the three months ended March 31, 2025 and 2024, the Company repurchased $200 million, or 4,483,894 shares, and $300 million, or 9,244,939 shares, respectively, of its outstanding common stock, which are held in treasury stock.
NOTE 11 - COMMITMENTS AND CONTINGENCIES
A summary of outstanding off-balance sheet arrangements is presented below. For more information on these arrangements, see Note 19 in the Company’s 2024 Form 10-K.

(dollars in millions) | March 31, 2025 |  | December 31, 2024
Commitments to extend credit | $94,106 |  |  | $93,460 |
Letters of credit | 1,875 |  |  | 1,845 |
Loans sold with recourse | 91 |  |  | 93 |
Marketing rights | 12 |  |  | 14 |
Risk participation agreements | 5 |  |  | 1 |
Total | $96,089 |  |  | $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 allowances for unfunded commitments. Standby letters of credit and commercial letters of credit are issued for terms of up to two years and one year, respectively.
Citizens Financial Group, Inc. | 61

Other Commitments
The Company has additional off-balance sheet arrangements that are summarized below:
•Marketing Rights - During 2003, the Company entered into a 25-year agreement to acquire the naming and marketing rights of a baseball stadium in Pennsylvania.
•Loans sold with recourse - the Company is an originator and servicer of residential mortgages and routinely sells such mortgage loans in the secondary market and to GSEs. In the context of such sales, the Company makes certain representations and warranties regarding the characteristics of the underlying loans and, as a result, may be contractually required to repurchase such loans or indemnify certain parties against losses for certain breaches of those representations and warranties. The Company also sells the government guaranteed portion of certain SBA loans to outside investors, for which it retains the servicing rights.
•Risk Participation Agreements - RPAs are guarantees issued by the Company to other parties for a fee, whereby the Company agrees to participate in the credit risk of a derivative customer of the other party. The current amount of credit exposure is spread out over multiple counterparties. At March 31, 2025, the remaining terms on these RPAs ranged from less than one year to nine years.
Contingencies
The Company operates in a legal and regulatory environment that exposes it to potentially significant risks. A certain amount of litigation ordinarily results from the nature of the Company’s banking and other businesses. The Company is a party to legal proceedings, including class actions. The Company is also the subject of investigations, reviews, subpoenas, and regulatory matters arising out of its normal business operations which, in some instances, relate to concerns about fair lending, unfair and/or deceptive practices, and mortgage-related issues. In addition, the Company engages in discussions with relevant governmental and regulatory authorities on a regular and ongoing basis regarding various issues, and any issues discussed or identified may result in investigatory or other action being taken. Litigation and regulatory matters may result in settlements, damages, fines, penalties, public or private censure, increased costs, required remediation, restrictions on business activities, or other impacts on the Company.
In these disputes and proceedings, the Company contests liability and the amount of damages as appropriate. Given their complex nature, and based on the Company's experience, it may be years before some of these matters are finally resolved. Moreover, before liability can be reasonably estimated for a claim, numerous legal and factual issues may need to be examined, including through potentially lengthy discovery and determination of important factual matters, and by addressing novel or unsettled legal issues relevant to the proceedings in question. The Company cannot predict with certainty if, how, or when such claims will be resolved or what the eventual settlement, fine, penalty or other relief, if any, may be, particularly for claims that are at an early stage in their development or where claimants seek substantial or indeterminate damages. The Company recognizes a provision for a claim when, in the opinion of management after seeking legal advice, it is probable that a liability exists and the amount of loss can be reasonably estimated. In many proceedings, however, it is not possible to determine whether any loss is probable or to estimate the amount of any loss.
Based on information currently available, the advice of legal counsel and other advisers, and established reserves, management believes that the aggregate liabilities, if any, potentially arising from these proceedings will not have a materially adverse effect on the Company’s unaudited interim Consolidated Financial Statements.
NOTE 12 - FAIR VALUE MEASUREMENTS
The Company measures or monitors many of its assets and liabilities on a fair value basis. Fair value is used on a recurring basis for assets and liabilities for which fair value is the required or elected measurement basis of accounting. Fair value is also used on a nonrecurring basis to evaluate assets for impairment or for disclosure purposes. Nonrecurring fair value adjustments typically involve the application of lower of cost or market accounting or write-downs of individual assets. Fair value measurement guidance is also applied to determine amounts reported for certain disclosures in this Note for assets and liabilities that are not required to be reported at fair value in the financial statements.
Citizens Financial Group, Inc. | 62

Fair Value Option
The Company 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:

| March 31, 2025 |  | December 31, 2024
(dollars in millions) | Aggregate Fair Value | Aggregate Unpaid Principal | Aggregate Fair Value Greater (Less) Than Aggregate Unpaid Principal |  | Aggregate Fair Value | Aggregate Unpaid Principal | Aggregate Fair Value Greater (Less) Than Aggregate Unpaid Principal
Residential mortgage loans held for sale | $922 |  | $894 |  | $28 |  |  | $633 |  | $625 |  | $8 |
Commercial loans held for sale | 215 |  | 226 |  | (11) |  |  | 192 |  | 199 |  | (7) |

For more information on the election of the fair value option for these assets see Note 20 in the Company’s 2024 Form 10-K.
Recurring Fair Value Measurements
The Company utilizes a variety of valuation techniques to measure its assets and liabilities at fair value on a recurring basis. For more information on the valuation techniques utilized to measure fair value on a recurring basis, see Note 20 in the Company’s 2024 Form 10-K.
Citizens Financial Group, Inc. | 63

The following table presents assets and liabilities measured at fair value, including gross derivative assets and liabilities, on a recurring basis at March 31, 2025:

(dollars in millions) | Total | Level 1 | Level 2 | Level 3
Debt securities available for sale: |  |  |  |
Mortgage-backed securities | $30,014 |  | $— |  | $30,014 |  | $— |
Collateralized loan obligations | 124 |  | — |  | 124 |  | — |
State and political subdivisions | 1 |  | — |  | 1 |  | — |
U.S. Treasury and other | 4,069 |  | 4,069 |  | — |  | — |
Total debt securities available for sale | 34,208 |  | 4,069 |  | 30,139 |  | — |
Loans held for sale: |  |  |  |
Residential loans held for sale | 922 |  | — |  | 922 |  | — |
Commercial loans held for sale | 215 |  | — |  | 215 |  | — |
Total loans held for sale, at fair value | 1,137 |  | — |  | 1,137 |  | — |
Mortgage servicing rights | 1,397 |  | — |  | — |  | 1,397 |
Derivative assets: |  |  |  |
Interest rate contracts | 459 |  | — |  | 459 |  | — |
Foreign exchange contracts | 318 |  | — |  | 318 |  | — |
Commodities contracts | 689 |  | — |  | 689 |  | — |
TBA contracts | 2 |  | — |  | 2 |  | — |
Other contracts | 9 |  | — |  | 1 |  | 8 |
Total derivative assets | 1,477 |  | — |  | 1,469 |  | 8 |
Equity securities, at fair value(1) | 178 |  | 178 |  | — |  | — |
Short-term investments | 55 |  | 20 |  | 35 |  | — |
Total assets | $38,452 |  | $4,267 |  | $32,780 |  | $1,405 |
Derivative liabilities: |  |  |  |
Interest rate contracts | $684 |  | $— |  | $684 |  | $— |
Foreign exchange contracts | 326 |  | — |  | 326 |  | — |
Commodities contracts | 634 |  | — |  | 634 |  | — |
TBA contracts | 10 |  | — |  | 10 |  | — |
Other contracts | 3 |  | — |  | — |  | 3 |
Total derivative liabilities | 1,657 |  | — |  | 1,654 |  | 3 |
Short-term borrowed funds | 47 |  | 39 |  | 8 |  | — |
Other liabilities | 106 |  | — |  | 106 |  | — |
Total liabilities | $1,810 |  | $39 |  | $1,768 |  | $3 |

(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 $23 million at March 31, 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. | 64

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) | Total | Level 1 | Level 2 | Level 3
Debt securities available for sale: |  |  |  |
Mortgage-backed securities | $29,055 |  | $— |  | $29,055 |  | $— |
Collateralized loan obligations | 184 |  | — |  | 184 |  | — |
State and political subdivisions | 1 |  | — |  | 1 |  | — |
U.S. Treasury and other | 3,525 |  | 3,525 |  | — |  | — |
Total debt securities available for sale | 32,765 |  | 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 rights | 1,491 |  | — |  | — |  | 1,491 |
Derivative assets: |  |  |  |
Interest rate contracts | 562 |  | — |  | 562 |  | — |
Foreign exchange contracts | 472 |  | — |  | 472 |  | — |
Commodities contracts | 429 |  | — |  | 429 |  | — |
TBA contracts | 10 |  | — |  | 10 |  | — |
Other contracts | 3 |  | — |  | — |  | 3 |
Total derivative assets | 1,476 |  | — |  | 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 contracts | 411 |  | — |  | 411 |  | — |
Commodities contracts | 379 |  | — |  | 379 |  | — |
TBA contracts | 8 |  | — |  | 8 |  | — |
Other contracts | 2 |  | — |  | — |  | 2 |
Total derivative liabilities | 1,710 |  | — |  | 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. | 65

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

|  |  | Three Months Ended March 31, 2025
(dollars in millions) |  |  |  | Mortgage Servicing Rights | Other Derivative Contracts
Beginning balance |  |  |  | $1,491 |  | $1 |
Issuances |  |  |  | 27 |  | 16 |
Sales(1) |  |  |  | (72) |  | — |
Settlements(2) |  |  |  | (39) |  | (16) |
Changes in fair value during the period recognized in earnings(3) |  |  |  | (10) |  | 4 |
Ending balance |  |  |  | $1,397 |  | $5 |

| Three Months Ended March 31, 2024 |  |
(dollars in millions) | Mortgage Servicing Rights | Other Derivative Contracts |  |  |
Beginning balance | $1,552 |  | $7 |  |  |  |
Issuances | 18 |  | 13 |  |  |  |
Settlements(2) | (46) |  | (10) |  |  |  |
Changes in fair value during the period recognized in earnings(3) | 40 |  | (2) |  |  |  |
Ending balance | $1,564 |  | $8 |  |  |  |

(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) passage of time including the impact from both regularly scheduled loan principal payments and partial paydowns, and ii) loans that paid off during the period. For other derivative contracts, represents the closeout of interest rate lock commitments.
(3) Represents changes in value primarily driven by market conditions. These changes are recorded in mortgage banking fees and other income in the Consolidated Statements of Operations.
The following table presents quantitative information about significant unobservable inputs utilized to measure the fair value of Level 3 assets and liabilities.

|  |  | As of March 31, 2025 |  | As of December 31, 2024
Financial Instrument(1) | Valuation Technique | Unobservable Input | Range (Weighted Average) |  | Range (Weighted Average)
Mortgage servicing rights | Discounted Cash Flow | Constant prepayment rate | 5.65-16.12% CPR (7.10% CPR) |  | 5.08-16.32% CPR (6.70% CPR)
Option adjusted spread | 398-1,058 bps (628 bps) |  | 398-1,058 bps (632 bps)
Other derivative contracts | Internal Model | Pull through rate | 6.67-99.93% (82.98%) |  | 5.09-99.90% (83.06%)
MSR value | 31.71-163.78 bps (117.97 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. For more information on the valuation techniques utilized to measure fair value on a nonrecurring basis, see Note 20 in the Company’s 2024 Form 10-K.
The following table presents losses on assets measured at fair value on a nonrecurring basis and recorded in earnings:

| Three Months Ended March 31, |  |
(dollars in millions) | 2025 |  | 2024 |  |  |  |
Collateral-dependent loans | ($59) |  |  | ($56) |  |  |  |  |

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

| March 31, 2025 |  | December 31, 2024
(dollars in millions) | Total | Level 1 | Level 2 | Level 3 |  | Total | Level 1 | Level 2 | Level 3
Collateral-dependent loans | $910 |  | $— |  | $910 |  | $— |  |  | $979 |  | $— |  | $979 |  | $— |

Citizens Financial Group, Inc. | 66

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:

| March 31, 2025
| Total |  | Level 1 |  | Level 2 |  | Level 3
(dollars in millions) | Carrying Value | Estimated Fair Value |  | Carrying Value | Estimated Fair Value |  | Carrying Value | Estimated Fair Value |  | Carrying Value | Estimated Fair Value
Financial assets: |  |  |  |  |  |  |  |  |  |  |
Debt securities held to maturity | $8,469 |  | $7,515 |  |  | $— |  | $— |  |  | $8,077 |  | $7,129 |  |  | $392 |  | $386 |
Loans held for sale | 1,683 |  | 1,683 |  |  | — |  | — |  |  | — |  | — |  |  | 1,683 |  | 1,683 |
Net loans and leases | 135,621 |  | 134,844 |  |  | — |  | — |  |  | 910 |  | 910 |  |  | 134,711 |  | 133,934 |
Other assets | 711 |  | 711 |  |  | — |  | — |  |  | 689 |  | 689 |  |  | 22 |  | 22 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |
Deposits | 177,576 |  | 177,508 |  |  | — |  | — |  |  | 177,576 |  | 177,508 |  |  | — |  | — |
Long-term borrowed funds | 12,267 |  | 12,222 |  |  | — |  | — |  |  | 12,267 |  | 12,222 |  |  | — |  | — |

| December 31, 2024
| Total |  | Level 1 |  | Level 2 |  | Level 3
(dollars in millions) | Carrying Value | Estimated Fair Value |  | Carrying Value | Estimated Fair Value |  | Carrying Value | Estimated Fair Value |  | Carrying Value | Estimated Fair Value
Financial assets: |  |  |  |  |  |  |  |  |  |  |
Debt securities held to maturity | $8,599 |  | $7,540 |  |  | $— |  | $— |  |  | $8,187 |  | $7,136 |  |  | $412 |  | $404 |
Loans held for sale | 33 |  | 33 |  |  | — |  | — |  |  | — |  | — |  |  | 33 |  | 33 |
Net loans and leases | 137,142 |  | 136,293 |  |  | — |  | — |  |  | 979 |  | 979 |  |  | 136,163 |  | 135,314 |
Other assets | 710 |  | 710 |  |  | — |  | — |  |  | 689 |  | 689 |  |  | 21 |  | 21 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |
Deposits | 174,776 |  | 174,651 |  |  | — |  | — |  |  | 174,776 |  | 174,651 |  |  | — |  | — |
Long-term borrowed funds | 12,401 |  | 12,247 |  |  | — |  | — |  |  | 12,401 |  | 12,247 |  |  | — |  | — |

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.
Citizens Financial Group, Inc. | 67

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 March 31, 2025
(dollars in millions) | Consumer Banking | Commercial Banking | Non-Core | Other | Consolidated
Service charges and fees | $74 |  | $34 |  | $— |  | $— |  | $108 |
Card fees | 67 |  | 13 |  | — |  | — |  | 80 |
Capital markets fees | — |  | 95 |  | — |  | — |  | 95 |
Wealth fees | 81 |  | — |  | — |  | — |  | 81 |
Other banking fees | 1 |  | 2 |  | — |  | — |  | 3 |
Total revenue from contracts with customers | $223 |  | $144 |  | $— |  | $— |  | $367 |
Total revenue from other sources(1) | 74 |  | 71 |  | — |  | 32 |  | 177 |
Total noninterest income | $297 |  | $215 |  | $— |  | $32 |  | $544 |

| Three Months Ended March 31, 2024
(dollars in millions) | Consumer Banking | Commercial Banking | Non-Core | Other | Consolidated
Service charges and fees | $63 |  | $33 |  | $— |  | $— |  | $96 |
Card fees | 66 |  | 15 |  | — |  | 3 |  | 84 |
Capital markets fees | — |  | 116 |  | — |  | — |  | 116 |
Wealth fees | 68 |  | — |  | — |  | — |  | 68 |
Other banking fees | 1 |  | 2 |  | — |  | — |  | 3 |
Total revenue from contracts with customers | $198 |  | $166 |  | $— |  | $3 |  | $367 |
Total revenue from other sources(1) | 60 |  | 61 |  | — |  | 29 |  | 150 |
Total noninterest income | $258 |  | $227 |  | $— |  | $32 |  | $517 |

(1) Includes bank-owned life insurance income of $27 million and $24 million for the three months ended March 31, 2025 and 2024, respectively.
For the three months ended March 31, 2025 and 2024, the Company recognized trailing commissions of $4 million related to previous investment sales.
NOTE 14 - OTHER OPERATING EXPENSE
The following table presents the details of other operating expense:

| Three Months Ended March 31, |  |
(dollars in millions) | 2025 |  | 2024 |  |  |  |
Marketing | $40 |  |  | $35 |  |  |  |  |
Deposit insurance(1) | 38 |  |  | 76 |  |  |  |  |
Other | 79 |  |  | 92 |  |  |  |  |
Other operating expense | $157 |  |  | $203 |  |  |  |  |

(1) Includes an industry-wide FDIC special assessment of $35 million for the three months ended March 31, 2024.
Citizens Financial Group, Inc. | 68

NOTE 15 - EARNINGS PER SHARE

| Three Months Ended March 31, |  |
(dollars in millions, except per share data) | 2025 |  | 2024 |  |  |  |
Numerator (basic and diluted): |  |  |  |  |  |  |
Net income | $373 |  |  | $334 |  |  |  |  |
Less: Preferred stock dividends | 33 |  |  | 30 |  |  |  |  |
Net income available to common stockholders | $340 |  |  | $304 |  |  |  |  |
Denominator: |  |  |  |  |  |  |
Weighted-average common shares outstanding - basic | 438,320,757 |  |  | 461,358,681 |  |  |  |  |
Dilutive common shares: share-based awards | 3,879,423 |  |  | 2,439,283 |  |  |  |  |
Weighted-average common shares outstanding - diluted | 442,200,180 |  |  | 463,797,964 |  |  |  |  |
Earnings per common share: |  |  |  |  |  |  |
Basic | $0.78 |  |  | $0.66 |  |  |  |  |
Diluted(1) | 0.77 |  |  | 0.65 |  |  |  |  |

(1) Potential dilutive common shares are excluded from the computation of diluted EPS in the periods where the effect would be antidilutive. Excluded from the computation of diluted EPS were weighted-average antidilutive shares totaling 126,523 and 1,305,850 for the three months ended March 31, 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. | 69

| Three Months Ended March 31, 2025
(dollars in millions) | Consumer Banking |  | Commercial Banking |  | Non-Core |  | Other |  | Consolidated
Net interest income | $1,193 |  |  | $441 |  |  | ($15) |  |  | ($228) |  |  | $1,391 |
Noninterest income | 297 |  |  | 215 |  |  | — |  |  | 32 |  |  | 544 |
Total revenue | 1,490 |  |  | 656 |  |  | (15) |  |  | (196) |  |  | 1,935 |
Direct expenses(1)(2) | 669 |  |  | 218 |  |  | — |  |  | 427 |  |  | 1,314 |
Indirect expenses(3) | 285 |  |  | 109 |  |  | 16 |  |  | (410) |  |  | — |
Noninterest expense | 954 |  |  | 327 |  |  | 16 |  |  | 17 |  |  | 1,314 |
Profit (loss) before provision (benefit) for credit losses | 536 |  |  | 329 |  |  | (31) |  |  | (213) |  |  | 621 |
Provision (benefit) for credit losses | 86 |  |  | 77 |  |  | 37 |  |  | (47) |  |  | 153 |
Income (loss) before income tax expense (benefit) | 450 |  |  | 252 |  |  | (68) |  |  | (166) |  |  | 468 |
Income tax expense (benefit) | 114 |  |  | 56 |  |  | (17) |  |  | (58) |  |  | 95 |
Net income (loss) | $336 |  |  | $196 |  |  | ($51) |  |  | ($108) |  |  | $373 |
Total average assets | $77,534 |  |  | $65,366 |  |  | $6,536 |  |  | $66,873 |  |  | $216,309 |

(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 $31 million, $5 million and $75 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 March 31, 2024
(dollars in millions) | Consumer Banking |  | Commercial Banking |  | Non-Core |  | Other |  | Consolidated
Net interest income | $1,093 |  |  | $514 |  |  | ($37) |  |  | ($128) |  |  | $1,442 |
Noninterest income | 258 |  |  | 227 |  |  | — |  |  | 32 |  |  | 517 |
Total revenue | 1,351 |  |  | 741 |  |  | (37) |  |  | (96) |  |  | 1,959 |
Direct expenses(1)(2) | 576 |  |  | 213 |  |  | 1 |  |  | 568 |  |  | 1,358 |
Indirect expenses(3) | 327 |  |  | 104 |  |  | 24 |  |  | (455) |  |  | — |
Noninterest expense | 903 |  |  | 317 |  |  | 25 |  |  | 113 |  |  | 1,358 |
Profit (loss) before provision (benefit) for credit losses | 448 |  |  | 424 |  |  | (62) |  |  | (209) |  |  | 601 |
Provision (benefit) for credit losses | 81 |  |  | 81 |  |  | 19 |  |  | (10) |  |  | 171 |
Income (loss) before income tax expense (benefit) | 367 |  |  | 343 |  |  | (81) |  |  | (199) |  |  | 430 |
Income tax expense (benefit) | 95 |  |  | 84 |  |  | (21) |  |  | (62) |  |  | 96 |
Net income (loss) | $272 |  |  | $259 |  |  | ($60) |  |  | ($137) |  |  | $334 |
Total average assets | $73,833 |  |  | $70,100 |  |  | $10,554 |  |  | $66,283 |  |  | $220,770 |

(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 $27 million, $7 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.
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. | 70

ITEM 4. CONTROLS AND PROCEDURES
The Company maintains a set of disclosure controls and procedures designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. The design of any disclosure controls and procedures is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Any controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute, assurance of achieving the desired control objectives. In accordance with Rule 13a-15(b) of the Exchange Act, as of the end of the period covered by this quarterly report on Form 10-Q, an evaluation was carried out under the supervision and with the participation of the Company’s management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of its disclosure controls and procedures. Based on that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures, as of the end of the period covered by this quarterly report on Form 10-Q, were effective to provide reasonable assurance that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and is accumulated and communicated to the Company’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
There were no changes in our internal control over financial reporting identified in management's evaluation pursuant to Rules 13a-15(d) or 15d-15(d) of the Exchange Act during the period covered by this quarterly report on Form 10-Q that materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Information required by this item is presented in Note 11 and is incorporated herein by reference.
ITEM 1A. RISK FACTORS
In addition to the other information set forth in this Report, you should consider the risks described under Item 1A “Risk Factors” in the Company’s 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 March 31, 2025 are included below:

Period | Total Number of Shares Repurchased(1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2) | Maximum Dollar Amount of Shares That May Yet Be Purchased as Part of Publicly Announced Plans or Programs(2)
January 1, 2025 - January 31, 2025 | 3,518,940 | $44.63 | 3,518,940 | $542,938,681
February 1, 2025 - February 28, 2025 | 1,032 | $0.01 | — | $542,938,681
March 1, 2025 - March 31, 2025 | 963,922 | $44.64 | 962,036 | $500,000,000

(1) Includes shares repurchased to satisfy applicable tax withholding obligations in connection with an employee share-based compensation plan and the forfeiture of unvested restricted stock awards.
(2) On June 28, 2024, the Company announced that its Board of Directors increased the capacity under its common share repurchase program by an additional $656 million to $1.25 billion, which was incremental to the $594 million of capacity remaining under the prior February 2023 authorization.
Common stock share repurchases may be executed in the open market or in privately negotiated transactions, including under Rule 10b5-1 plans and accelerated share repurchase and other structured transactions. The timing and exact amount of future share repurchases will be subject to various factors, including the Company’s capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory considerations.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.
Citizens Financial Group, Inc. | 71

ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS
3.1 Restated Certificate of Incorporation of the Registrant as in effect on the date hereof, as filed with the Secretary of State of the State of Delaware and effective July 8, 2024 (incorporated herein by reference to Exhibit 3.2 of the Current Report on Form 8-K, filed July 9, 2024)
3.2 Amended and Restated Bylaws of the Registrant (as amended and restated on February 16, 2023) (incorporated herein by reference to Exhibit 3.2 of the Annual Report on Form 10-K, filed February 17, 2023)
31.1 Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
31.2 Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
32.1 Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
32.2 Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
101 The following materials from the Registrant's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 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*
* Filed herewith.
Citizens Financial Group, Inc. | 72

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 May 1, 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. | 73