Operator Bruce Van Saun John Woods Matt OÂ'Connor John Pancari Just a couple questions on the credit front. Charge-offs came in at around 46 basis points in the fourth quarter. You expect an average of about 50 basis points overall in 2024. Can you maybe talk to us about where you expect losses to peak and to hit that 50 bps for the full year and what gives you confidence that they can remain there? And then similarly, on the reserve front, I know you added to reserves in the fourth quarter, but you implied ...

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 ...

Question-and-Answer Session [Operator Instructions] Your first question comes from the line of Erika Najarian from UBS. My first question is for John. John, there has been a lot of feedback from investors on uncertainty over the NII trajectory for '24 in the environment of higher for longer. And I think you know where I'm going here. I think that investors are trying to sort of square the $11 billion, $12 billion increase in notional swaps, right, at a received fixed rate of 3.10% in the second half of next ...

Loans and Leases The ACL is a reserve to absorb estimated future credit losses in accordance with GAAP. For additional information regarding the ACL, see "Critical Accounting Estimates — Allowance for Credit Losses" and Note 4 of this report, and "Critical Accounting Estimates — Allowance for Credit Losses" and Note 6 in our 2022 Form 10-K. The ACL of $2.3 billion at June 30, 2023 compared with an ACL of $2.2 billion as of December 31, 2022, reflecting a reserve increase of $59 million. For further informat ...

Company Participants Bruce Van Saun - Chairman and CEO Brendan Coughlin - Head, Consumer Banking Conference Call Participants Erika Najarian - UBS Gerard Cassidy - RBC Manan Gosalia - Morgan Stanley Good morning, everyone. And welcome to the Citizens Financial Group Second Quarter 2023 Earnings Conference Call. My name is Alan, and I will be your operator today. Currently, all participants are in a listenonly mode. Following the presentation, we will conduct a brief question-and-answer session. As a reminde ...

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 ...

The Company's derivative transactions are internally divided into three sub-groups: institutional, customer and residential loan. Certain derivative transactions within these sub-groups are designated as fair value or cash flow hedges, as described below: Derivatives Designated As Hedging Instruments The Company's institutional derivatives qualify for hedge accounting treatment. The net interest accruals on interest rate swaps designated in a fair value or cash flow hedge relationship are treated as an adju ...

Citizens Financial Group, Inc. (NYSE:CFG) Q1 2023 Earnings Conference Call April 19, 2023 9:00 AM ET Company Participants Conference Call Participants Our comments today will include forward-looking statements, which are subject to risks and uncertainties that may cause our results to differ materially from expectations. These are outlined for your review on page two of the presentation. We also reference non-GAAP financial measures, so itÂ's important to review our GAAP results on page three of the present ...