Citizens Financial Group, Inc. (NYSE:CFG) Q4 2023 Earnings Call Transcript January 17, 2024 9:00 AM ET Company Participants Kristin Silberberg - EVP, IR Bruce Van Saun - Chairman and CEO John Woods - CFO Brendan Coughlin - Head of Consumer Banking Don McCree - Head of Commercial Banking Conference Call Participants Peter Winter - D.A. Davidson Matt O'Connor - Deutsche Bank John Pancari - Evercore Ebrahim Poonawala - Bank of America Scott Siefers - Piper Sandler Ken Usdin - Jefferies Erika Najarian - UBS Ger ...

Solid deposit performance in 2023 Commentary ■ Improvements in deposit franchise demonstrated with better core deposit performance than most peers, while maintaining peer-like deposit beta ■ Efforts to optimize the liquidity value of deposits continue – During 4Q23, exited ~$3.5B in deposits with financial institutions and municipalities $15.9 $17.6$14.0 $5.6 $5.3 $5.2 $1.8 $1.8 $1.8 $3.2 $2.7 $8.5 $7.0$3.8 Senior debt Subordinated debt Other Collateralized borrowings FHLB 4Q22 3Q23 4Q23 Favorable remixing ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Large accelerated filer ☑ Accelerated filer ☐ Citizens Financial Group, Inc. | 4 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2023 For the Transition Period From (Not Applicable) Commission File Number 001-36636 Delaware 05-0412693 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification Number) (203) 900-6715 ...

Citizens Financial Group, Inc. (NYSE:CFG) Q3 2023 Earnings Conference Call October 18, 2023 9:00 AM ET Company Participants Kristin Silberberg - EVP, IR Bruce Van Saun - Chairman and CEO John Woods - CFO Don McCree - Head, Commercial Banking Brendan Coughlin - Head, Consumer Banking Conference Call Participants Erika Najarian - UBS Scott Siefers - Piper Sandler Peter Winter - D.A. Davidson Kenneth Usdin - Jefferies Manan Gosalia - Morgan Stanley Matthew O'Connor - Deutsche Bank Vivek Juneja - JPMorgan Opera ...

Part I. Financial Information [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=5&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, condition, and risks, highlighting income growth and challenges in the current rate environment [Financial Performance](index=8&type=section&id=Financial%20Performance) Net income and key performance metrics showed significant year-over-year growth in the first half of 2023 - For the six months ended June 30, 2023, net income available to common stockholders increased by **$204 million YoY to $932 million**, with diluted EPS rising to **$1.92 from $1.58**[139](index=139&type=chunk)[164](index=164&type=chunk) - **Tangible book value per common share increased 3%** to $28.72 from December 31, 2022[139](index=139&type=chunk) Key Performance Metrics (Six Months Ended June 30) | Metric | 2023 | 2022 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $4,222M | $3,644M | +15.9% | | Net Income | $989M | $784M | +26.1% | | Diluted EPS | $1.92 | $1.58 | +$0.34 | | Efficiency Ratio (Underlying) | 58.3% | 60.9% | -2.6 bps | | ROTCE (Underlying) | 14.8% | 14.2% | +0.6 bps | [Results of Operations](index=10&type=section&id=Results%20of%20Operations) Revenue grew due to higher net interest income, while credit loss provisions increased, particularly for commercial real estate - For the six months ended June 30, 2023, **total revenue grew 15.9% YoY**, primarily due to a **22% increase in net interest income**, reflecting higher market interest rates and the impact of acquisitions[139](index=139&type=chunk)[145](index=145&type=chunk) - The provision for credit losses for the first six months of 2023 was **$344 million**, up from $219 million in the same period of 2022, reflecting increased net charge-offs, particularly in the Commercial Real Estate Office portfolio[146](index=146&type=chunk) [Analysis of Financial Condition](index=16&type=section&id=Analysis%20of%20Financial%20Condition) The company experienced a decrease in total loans and deposits, alongside an increase in the allowance for credit losses - Total loans and leases **decreased by $5.3 billion (3%)** to $151.3 billion at June 30, 2023, from December 31, 2022, driven by commercial loan sales and retail portfolio runoff[154](index=154&type=chunk)[214](index=214&type=chunk) - Total deposits **decreased to $177.7 billion** as of June 30, 2023, from $180.7 billion at year-end 2022, driven by seasonal and rate-related outflows and a migration to higher-yielding products[7](index=7&type=chunk)[190](index=190&type=chunk) - The Allowance for Credit Losses (ACL) increased to **$2.3 billion** at June 30, 2023, with the ACL to total loans ratio rising to **1.52% from 1.43%**[2](index=2&type=chunk)[155](index=155&type=chunk) [Capital and Regulatory Matters](index=22&type=section&id=Capital%20and%20Regulatory%20Matters) Capital ratios remain above required minimums despite share repurchases, with upcoming regulatory changes expected to increase requirements - The company's **Stress Capital Buffer (SCB) will increase from 3.4% to 4.0%** effective October 1, 2023[221](index=221&type=chunk) - The company **repurchased $656 million of common stock** and paid $410 million in common dividends during the first half of 2023[12](index=12&type=chunk)[195](index=195&type=chunk)[225](index=225&type=chunk) - Proposed regulatory changes, including Basel III "Endgame," are expected to increase capital requirements, with the pro-forma CET1 ratio estimated at **8.5%** including AOCI impact[16](index=16&type=chunk)[17](index=17&type=chunk)[200](index=200&type=chunk) Regulatory Capital Ratios | Ratio | June 30, 2023 | Dec 31, 2022 | Required Minimum | | :--- | :--- | :--- | :--- | | CET1 Capital (CFG) | 10.3% | 10.0% | 7.9% | | Tier 1 Capital (CFG) | 11.4% | 11.1% | 9.4% | | Total Capital (CFG) | 13.3% | 12.8% | 11.4% | | Tier 1 Leverage (CFG) | 9.4% | 9.3% | 4.0% | [Liquidity](index=27&type=section&id=Liquidity) The company maintains a strong liquidity position with substantial available funds and a high percentage of insured deposits - As of June 30, 2023, the company maintained **total available liquidity of approximately $78.8 billion**[268](index=268&type=chunk) - Estimated insured and secured deposits represented **70% of the total consolidated deposit base** of $177.7 billion[207](index=207&type=chunk)[220](index=220&type=chunk) - The Parent Company's cash and cash equivalents **increased to $2.5 billion** as of June 30, 2023, from $1.6 billion at year-end 2022[202](index=202&type=chunk) [Market Risk](index=31&type=section&id=Market%20Risk) The company's asset-sensitive balance sheet benefits from rising interest rates, with market risk managed through derivatives - The company's balance sheet is **asset-sensitive**, with a gradual 200 basis point rate increase estimated to increase Net Interest Income by **1.3%** over the next 12 months[57](index=57&type=chunk)[241](index=241&type=chunk) - The total notional amount of interest rate contracts used for non-trading exposure was **$70.5 billion**, up from $40.8 billion at year-end 2022[29](index=29&type=chunk)[242](index=242&type=chunk) Net Interest Income Sensitivity (as of June 30, 2023) | Rate Change Scenario | Estimated % Change in NII (next 12 months) | | :--- | :--- | | +200 bps (Instantaneous) | +3.1% | | +100 bps (Instantaneous) | +1.7% | | -100 bps (Instantaneous) | -2.6% | | -200 bps (Instantaneous) | -6.1% | [Financial Statements](index=40&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited interim consolidated financial statements, detailing assets, operations, and credit quality [Consolidated Balance Sheets](index=41&type=section&id=Consolidated%20Balance%20Sheets) The balance sheet shows a slight decrease in total assets, driven by a reduction in net loans and leases Consolidated Balance Sheet Summary (in millions) | Account | June 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Net Loans and Leases | $149,276 | $154,679 | | Debt Securities | $34,275 | $33,841 | | Total Assets | $223,066 | $226,733 | | **Liabilities & Equity** | | | | Total Deposits | $177,667 | $180,724 | | Total Borrowed Funds | $15,199 | $15,890 | | Total Liabilities | $199,481 | $203,043 | | Total Stockholders' Equity | $23,585 | $23,690 | [Consolidated Statements of Operations](index=42&type=section&id=Consolidated%20Statements%20of%20Operations) The income statement reflects strong growth in net interest income and net income for the first half of the year Consolidated Statement of Operations Summary (Six Months Ended June 30, in millions) | Account | 2023 | 2022 | | :--- | :--- | :--- | | Net Interest Income | $3,231 | $2,652 | | Provision for Credit Losses | $344 | $219 | | Noninterest Income | $991 | $992 | | Noninterest Expense | $2,602 | $2,411 | | **Net Income** | **$989** | **$784** | [Consolidated Statements of Cash Flows](index=46&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash flows show a significant positive shift in operating activities and a net increase in cash for the period Consolidated Statement of Cash Flows Summary (Six Months Ended June 30, in millions) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $1,283 | ($322) | | Net Cash from Investing Activities | $4,641 | ($13,362) | | Net Cash from Financing Activities | ($4,904) | $11,040 | | **Net Change in Cash** | **$1,020** | **($2,644)** | [Note 2 - Securities](index=49&type=section&id=Note%202%20-%20Securities) The debt securities portfolio holds significant unrealized losses due to interest rate changes but is not considered impaired - As of June 30, 2023, the total debt securities portfolio had a fair value of $33.5 billion, with a **net unrealized loss of $3.1 billion** primarily attributed to changes in interest rates[49](index=49&type=chunk)[183](index=183&type=chunk) - The company determined that none of its Available-for-Sale (AFS) debt securities were impaired as it does not intend to sell them before recovery of their cost basis[49](index=49&type=chunk) [Note 4 - Credit Quality and the Allowance for Credit Losses](index=52&type=section&id=Note%204%20-%20Credit%20Quality%20and%20the%20Allowance%20for%20Credit%20Losses) Credit quality analysis reveals an increase in the allowance for credit losses and a notable rise in nonaccrual loans - **Nonaccrual loans increased by 26% to $1.19 billion** at June 30, 2023, primarily driven by a **242% rise in nonaccrual commercial real estate loans**[186](index=186&type=chunk) - Credit quality is monitored using regulatory classification ratings for commercial loans and FICO scores for retail loans, with the portfolio average at **772**[53](index=53&type=chunk)[54](index=54&type=chunk)[159](index=159&type=chunk) Allowance for Credit Losses (ACL) Roll-Forward (Six Months Ended June 30, 2023, in millions) | Description | Amount | | :--- | :--- | | Beginning ACL (Jan 1, 2023) | $2,240 | | Net Charge-offs | ($285) | | Provision Expense | $344 | | **Ending ACL (June 30, 2023)** | **$2,299** | Part II. Other Information [Other Information (Items 1-6)](index=83&type=section&id=Items%201-6) This section details share repurchase activity and incorporates by reference discussions on legal proceedings and risk factors - The company refers to Note 11 for information on legal proceedings and its 2022 Form 10-K for a discussion of risk factors[325](index=325&type=chunk)[427](index=427&type=chunk) - On February 17, 2023, the Board increased the common share repurchase authorization by **$1.15 billion**, with **$1.34 billion remaining available** under the program as of June 30, 2023[326](index=326&type=chunk)[428](index=428&type=chunk) Share Repurchases (Q2 2023) | Month | Total Shares Repurchased | Average Price Paid | | :--- | :--- | :--- | | April 2023 | 3,353 | $30.74 | | May 2023 | 7,603,174 | $26.41 | | June 2023 | 2,040,965 | $27.08 |

Citizens Financial Group, Inc. (NYSE:CFG) Q2 2023 Earnings Conference Call July 19, 2023 9:00 AM ET Company Participants Kristin Silberberg - EVP, IR Bruce Van Saun - Chairman and CEO John Woods - CFO Brendan Coughlin - Head, Consumer Banking Don McCree - Head, Commercial Banking Conference Call Participants Scott Siefers - Piper Sandler Erika Najarian - UBS Nathan Stein - Deutsche Bank Gerard Cassidy - RBC Ken Usdin - Jefferies John Pancari - Evercore Manan Gosalia - Morgan Stanley Vivek Juneja - JPMorgan ...

Forward-looking statements and use of non-GAAP financial measures 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 an ...

Bruce Van Saun Chairman, Chief Executive Officer • Negative economic, business and political conditions, including as a result of the interest rate environment, supply chain disruptions, inflationary pressures and labor shortages, that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits; • The general state of the economy and employment, as well as general business and economic conditions, and changes in the competitive environment; • Our capital and ...

[Part I. Financial Information](index=5&type=section&id=Part%20I.%20Financial%20Information) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=5&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Citizens Financial Group's Q1 2023 net income increased significantly, driven by higher net interest income from rising rates and acquisitions, while managing credit provisions and maintaining strong capital [Financial Performance](index=9&type=section&id=Financial%20Performance) Q1 2023 financial performance showed increased net income, diluted EPS, and total revenue, with improved efficiency and return on tangible common equity Q1 2023 Key Financial Highlights (vs. Q1 2022) | Metric | Q1 2023 (Reported) | Q1 2022 (Reported) | Change | | :--- | :--- | :--- | :--- | | Net Income | $511 million | $420 million | +$91 million | | Diluted EPS | $1.00 | $0.93 | +$0.07 | | Total Revenue | $2.1 billion | $1.6 billion | +$483 million | | Efficiency Ratio | 60.9% | 67.2% | -6.3% | | ROTCE | 14.4% | 11.4% | +3.0% | - Underlying net income, which excludes notable items like integration costs, was **$560 million** (**$1.10** per diluted share) for Q1 2023, compared to **$476 million** (**$1.07** per diluted share) for Q1 2022[22](index=22&type=chunk)[125](index=125&type=chunk) - Tangible book value per common share increased by **6%** from December 31, 2022, to **$29.44**[22](index=22&type=chunk) [Results of Operations](index=10&type=section&id=Results%20of%20Operations) Q1 2023 results showed significant growth in net interest income, a slight decrease in noninterest income, increased noninterest expense, and a higher provision for credit losses - Net interest income increased by **43%** YoY to **$1.64 billion**, driven by a **55 basis point** expansion in net interest margin to **3.30%** and **20%** growth in average interest-earning assets, reflecting higher rates and acquisition impacts[26](index=26&type=chunk) - Noninterest income slightly decreased by **3%** YoY to **$485 million**, mainly due to lower mortgage banking fees and capital markets fees[27](index=27&type=chunk)[33](index=33&type=chunk) - Noninterest expense rose **17%** YoY to **$1.30 billion**, primarily driven by acquisition-related costs and higher FDIC insurance expenses[29](index=29&type=chunk)[35](index=35&type=chunk) - The provision for credit losses was **$168 million**, a significant increase from **$3 million** in the prior year, reflecting increased net charge-offs and concerns in the CRE general office portfolio[36](index=36&type=chunk) [Business Operating Segments](index=12&type=section&id=Business%20Operating%20Segments) Both Consumer and Commercial Banking segments reported increased Q1 2023 net income, driven by net interest income growth from margin expansion and asset growth Segment Net Income (Q1 2023 vs Q1 2022) | Segment | Q1 2023 Net Income | Q1 2022 Net Income | Change | | :--- | :--- | :--- | :--- | | Consumer Banking | $281 million | $209 million | +34% | | Commercial Banking | $319 million | $271 million | +18% | - Consumer Banking's net interest income grew **28%** YoY, driven by margin expansion and asset growth from acquisitions. Net charge-offs increased by **69%** as credit normalizes from pandemic-era lows[41](index=41&type=chunk) - Commercial Banking's net interest income increased **44%** YoY due to higher margins and asset growth. Noninterest income decreased **6%** due to lower syndication fees[42](index=42&type=chunk)[44](index=44&type=chunk) [Analysis of Financial Condition](index=13&type=section&id=Analysis%20of%20Financial%20Condition) Q1 2023 financial condition showed a slight decrease in total loans and deposits, an increase in the Allowance for Credit Losses, and a rise in nonaccrual loans - Total loans and leases decreased by **1%** from year-end 2022 to **$154.7 billion**, reflecting a decrease in commercial loans due to sales and reduced line utilization, and planned runoff in auto loans[48](index=48&type=chunk) - The Allowance for Credit Losses (ACL) increased to **$2.3 billion** (**1.47%** of total loans) from **$2.2 billion** at year-end 2022, reflecting a reserve build of **$35 million**[49](index=49&type=chunk)[50](index=50&type=chunk) - Total deposits decreased to **$172.2 billion** from **$180.7 billion** at year-end 2022, driven by seasonal and rate-related outflows. Estimated insured/secured deposits represented **68%** of the total deposit base[59](index=59&type=chunk)[60](index=60&type=chunk) - Nonaccrual loans increased to **$996 million** (**0.64%** of total loans) from **$944 million** (**0.60%**) at year-end 2022, with the increase primarily in the commercial portfolio[52](index=52&type=chunk) [Capital and Regulatory Matters](index=18&type=section&id=Capital%20and%20Regulatory%20Matters) The company maintained strong regulatory capital ratios in Q1 2023, including a 10.0% CET1 ratio, while actively repurchasing common stock and increasing its repurchase authorization Regulatory Capital Ratios (as of March 31, 2023) | Ratio | CFG Actual | Required Minimum | | :--- | :--- | :--- | | CET1 Capital Ratio | 10.0% | 7.9% | | Tier 1 Capital Ratio | 11.1% | 9.4% | | Total Capital Ratio | 12.9% | 11.4% | | Tier 1 Leverage Ratio | 9.4% | 4.0% | - The company's CET1 and Tier 1 capital ratios remained flat at **10.0%** and **11.1%** respectively, compared to December 31, 2022[66](index=66&type=chunk) - During Q1 2023, the company repurchased **$400 million** of common stock and paid **$205 million** in common dividends[74](index=74&type=chunk) - The Board of Directors increased the common share repurchase authorization to **$2.0 billion** in February 2023[75](index=75&type=chunk) [Liquidity](index=21&type=section&id=Liquidity) The company maintained robust liquidity in Q1 2023 with approximately $66.0 billion in total available liquidity, supported by a healthy loans-to-deposits ratio and increased parent company cash - As of March 31, 2023, total available liquidity was approximately **$66.0 billion**, consisting of **$40.7 billion** in contingent liquidity (cash, unencumbered securities, FHLB capacity) and **$25.3 billion** in available discount window capacity[96](index=96&type=chunk) - The consolidated period-end loans-to-deposits ratio was **89.8%**, with organically generated deposits remaining the primary source of funding[95](index=95&type=chunk) - The Parent Company's cash and cash equivalents increased to **$2.0 billion** from **$1.6 billion** at year-end 2022[86](index=86&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=26&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company actively manages market risk, primarily interest rate risk, maintaining an asset-sensitive balance sheet and utilizing derivatives, resulting in low trading risk Sensitivity of Net Interest Income to Interest Rate Changes | Instantaneous Change in Rates | Estimated % Change in NII (over 12 months) | | :--- | :--- | | +200 bps | 2.5% | | +100 bps | 1.0% | | -100 bps | (2.1)% | | -200 bps | (4.8)% | - The company utilizes interest rate derivative contracts to manage interest rate exposure, with a total notional amount of **$53.75 billion** in swaps and **$2.0 billion** in options as of March 31, 2023[113](index=113&type=chunk) - Market risk from trading activities is low, with total market risk-weighted assets at **$654 million** as of March 31, 2023, down from **$1.15 billion** a year prior[122](index=122&type=chunk) [Financial Statements](index=32&type=section&id=Item%201.%20Financial%20Statements) The unaudited consolidated financial statements for Q1 2023 show slight decreases in total assets, loans, deposits, and liabilities, with an increase in stockholders' equity, and strong net interest income and net income [Consolidated Balance Sheets](index=33&type=section&id=Consolidated%20Balance%20Sheets) The consolidated balance sheets as of March 31, 2023, show slight decreases in total assets, net loans, and deposits from year-end 2022, while total stockholders' equity increased Consolidated Balance Sheet Highlights (as of March 31, 2023) | Account | March 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Total Assets | $222,256 million | $226,733 million | | Net Loans and Leases | $152,671 million | $154,679 million | | Total Deposits | $172,194 million | $180,724 million | | Total Liabilities | $198,055 million | $203,043 million | | Total Stockholders' Equity | $24,201 million | $23,690 million | [Consolidated Statements of Operations](index=34&type=section&id=Consolidated%20Statements%20of%20Operations) The consolidated statements of operations for Q1 2023 show significant increases in net interest income and net income, alongside higher provision for credit losses and noninterest expense Consolidated Statement of Operations (Three Months Ended March 31) | Account | 2023 | 2022 | | :--- | :--- | :--- | | Net Interest Income | $1,643 million | $1,147 million | | Provision for Credit Losses | $168 million | $3 million | | Total Noninterest Income | $485 million | $498 million | | Total Noninterest Expense | $1,296 million | $1,106 million | | Net Income | $511 million | $420 million | | Diluted EPS | $1.00 | $0.93 | [Notes to Consolidated Financial Statements](index=38&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the adoption of new accounting standards, the increase in the Allowance for Credit Losses, the use of derivative instruments for hedging, and total commitments to extend credit - The company adopted new accounting standards in 2023 related to Troubled Debt Restructurings (TDRs), Fair Value Hedging, and Investments in Tax Credit Structures. The adoption for tax credit investments resulted in a **$26 million** reduction to retained earnings[147](index=147&type=chunk)[148](index=148&type=chunk) - The Allowance for Credit Losses (ACL) increased by **$35 million** during the quarter to **$2.275 billion**, driven by **$133 million** in net charge-offs and a **$168 million** provision expense[162](index=162&type=chunk)[168](index=168&type=chunk) - The company uses a variety of derivative instruments for hedging purposes, with interest rate contracts having a notional amount of **$58.75 billion** designated as hedging instruments[212](index=212&type=chunk) - Total commitments to extend credit were **$96.0 billion**, and letters of credit stood at **$2.1 billion** as of March 31, 2023[232](index=232&type=chunk) [Controls and Procedures](index=70&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2023, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[265](index=265&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal controls[265](index=265&type=chunk) [Part II. Other Information](index=70&type=section&id=Part%20II.%20Other%20Information) [Legal Proceedings](index=70&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings and regulatory matters, which management does not expect to have a materially adverse effect on its financial condition - The company is a party to various legal proceedings and regulatory matters. Based on current information and established reserves, management does not expect these to have a materially adverse effect on the company's financial condition[238](index=238&type=chunk)[266](index=266&type=chunk) [Risk Factors](index=70&type=section&id=Item%201A.%20Risk%20Factors) No significant changes were reported to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2022 - No significant changes were reported to the risk factors from the company's 2022 Form 10-K[275](index=275&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=70&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q1 2023, the company repurchased over 10 million common shares and increased its share repurchase authorization, with approximately $1.6 billion remaining for future repurchases Q1 2023 Share Repurchases | Period | Total Shares Repurchased | Average Price Paid | | :--- | :--- | :--- | | Jan 2023 | 8,482,536 | $39.68 | | Feb 2023 | 3,449 | $33.74 | | Mar 2023 | 1,603,306 | $39.65 | - On February 17, 2023, the Board of Directors increased the common share repurchase program by an additional **$1.15 billion**[276](index=276&type=chunk)

Citizens Financial Group, Inc. (NYSE:CFG) Q1 2023 Earnings Conference Call April 19, 2023 9:00 AM ET Company Participants Kristin Silberberg - Executive Vice President, Investor Relations Bruce Van Saun - Chairman and CEO John Woods - Chief Financial Officer Brendan Coughlin - Head, Consumer Banking Don McCree - Head, Commercial Banking Conference Call Participants Erika Najarian - UBS Peter Winter - D.A. Davidson Scott Siefers - Piper Sandler Gerard Cassidy - RBC John Pancari - Evercore Operator Good morni ...