[CFG] Citizens Financial Group: Margin Gains Versus Deposit Costs Before Q3 2026 Results

Citizens Financial Group is a US regional bank holding company based in Providence, Rhode Island, whose Citizens Bank subsidiary runs roughly 1,000 branches and 3,100 ATMs across a 14-state footprint and reports through two segments, Consumer Banking and Commercial Banking[1]. The company has said it will report results for Q3 2026 (three months ended 2026-09-30) on 2026-10-16, with a conference call that morning[2]. In the most recent disclosed quarter, the second quarter of 2026, net interest income was $1,631 million and noninterest income $652 million on total revenue of $2,283 million, net income was $587 million, and diluted earnings per share reached $1.30 against $1.13 in the prior quarter and $0.92 a year earlier[3]; the same quarter carried a 3.16% net interest margin, a 61.1% efficiency ratio and a 13.9% return on tangible common equity, against 2.94%, 64.8% and 11.0% a year earlier[4]. For the coming quarter, management guided on the 2026-07-16 call to net interest income up 2.5% to 3.5% linked quarter, noninterest income up about 1%, expenses stable to up slightly, net charge-offs stable to down slightly, and a common equity tier 1 ratio of approximately 10.5% after roughly $125 million of share repurchases[5]. AAII published an aggregated consensus earnings figure of $1.40 per share on 2026-09-17, which the publisher labels as the estimate for the next quarter[6].

Three things in this release will matter most. First, whether the net interest margin can keep rising with the Fed on hold: six basis points of the second quarter's 3.16% margin came from terminated swaps and non-core run-off and another basis point from fixed-rate asset repricing[7], yet interest-bearing deposit costs rose four basis points in the same quarter[8], so the asset-side benefit is being chased by the funding side on the line that produced 71% of 2025 revenue. Second, whether capital markets fees can hold: the line jumped to $153 million, up 46% year over year[9], but the head of commercial banking said the record debt capital markets quarter was done mostly on refinancing transactions rather than new underwrites[10], and management guided third-quarter noninterest income up only about 1%[5]. Third, the quality of the credit improvement: the net charge-off rate has fallen to 0.37% from 0.48% a year earlier[11], but management said commercial real estate paydowns it had expected in the second quarter pushed into the third[12], so the deferred balance decline and any loss recognition that travels with it should surface in this period.

Company Background and Business Structure

Citizens combines a two-century history with barely a decade as a standalone listed company. Its origins date to 1828, it is headquartered in Providence, Rhode Island, and it is the bank holding company for Citizens Bank, National Association[1]. It was carved out of Royal Bank of Scotland and listed in 2014, then bought Investors Bancorp and HSBC's East Coast branches to widen the retail footprint, hired the core of First Republic's private banking teams in 2023 to launch Citizens Private Bank, and folded the JMP, DH Capital and Matrix Capital Partners advisory boutiques into its capital markets arm[1]. The 2025 annual filing records a consumer network of roughly 1,000 branches, including 117 in-store locations, and 3,100 ATMs across 14 states, staffed by about 5,100 branch colleagues and 1,500 specialists[1].

Consumer Banking is the larger side of the company, producing $6,224 million of revenue and $1,506 million of net income in 2025[13]. The segment serves retail customers and small businesses with deposits, mortgage and home equity lending, cards, small business loans and wealth management, and it also houses Citizens Private Bank and Private Wealth[13]. That placement matters for reading the numbers: every deposit, loan and wealth fee the Private Bank adds lands inside Consumer Banking net interest income and noninterest income rather than in a separate reported line.

Commercial Banking produced $2,773 million of revenue and $865 million of net income in 2025, serving companies and institutions with lending and leasing, treasury management, foreign exchange and rate hedging, syndications, corporate finance, merger advisory and debt and equity capital markets[13]. The remaining Other unit holds treasury, the balance-sheet hedges and the non-core auto and education portfolios being run off, and carried negative net interest income of $897 million in 2025 because funds transfer pricing pushes rate risk out of the two operating segments and into it[13]. That is an important reading caveat: segment net interest income is struck after funds transfer pricing, rate risk and the non-core run-off sit in Other, and segment-level margins cannot be compared directly.

Financial History and Current Position

The statutory revenue series misleads. Citizens' reported revenue line rose from $6,986 million in 2021 to $12,347 million in 2024 and then fell to $11,148 million in 2025, but that series mixes gross interest income with fees and tracks the rate cycle rather than the business[13]. The bank's own measure is far cleaner: 2025 net interest income of $5,853 million against $5,633 million in 2024, noninterest income of $2,394 million, total revenue of $8,247 million, noninterest expense of $5,311 million, a provision for credit losses of $608 million, pre-tax income of $2,328 million and net income of $1,831 million, up from $1,509 million in 2024[13].

The shape of net income says more than revenue does. From $2,319 million in 2021, Citizens' net income fell every year through 2024 as deposit costs rose and commercial real estate losses were worked through, and 2025 was the first year of recovery[13]. Quarter by quarter the inflection is clearer: diluted earnings per share went from $0.92 in the second quarter of 2025 to $1.13 in the first quarter of 2026 and $1.30 in the second[3], while return on tangible common equity moved from 11.0% to 12.2% to 13.9%, the net interest margin from 2.94% to 3.14% to 3.16%, and the efficiency ratio down from 64.8% to 63.6% to 61.1%[4].

The current position breaks into three groups of numbers. On the income statement, second-quarter 2026 net interest income was $1,631 million and noninterest income $652 million on total revenue of $2,283 million, with noninterest expense of $1,394 million and a $134 million provision producing $587 million of net income[4]. Credit and capital both improved: net charge-offs fell to 0.37% of average loans from 0.48% a year earlier, nonaccrual loans fell to 0.97% of loans and allowance coverage eased to 1.48%[4], while the common equity tier 1 ratio ended the quarter at 10.4% after $225 million of buybacks and $197 million of common dividends[14]. Asset-side pricing is visible in the quarterly filing as well: first-half 2026 average loans and leases were $144,776 million at a 5.32% yield, against $139,257 million and 5.29% a year earlier[15].

Operating Model

Revenue has two legs, and the arithmetic of the first is direct. Net interest income is the yield on roughly $204 billion of average interest-earning assets less the cost of the deposits and borrowings that fund them; loans yielded 5.32% in the first half of 2026 while interest-bearing deposits cost 2.06%, and that spread applied to earning assets is the line that produced 71% of 2025 revenue[15]. The second leg is the $2,394 million of 2025 noninterest income, which comes from capital markets fees recognised when syndication, underwriting and advisory mandates close, recurring wealth fees on fee-based assets under management, card fees and service charges on retail and commercial transaction accounts, mortgage banking, and foreign exchange, derivative and letter of credit fees sold to commercial clients[16]; wealth fees alone were $102 million in the second quarter of 2026[17].

Profit is revenue less noninterest expense less the provision for credit losses, and the two deductions behave very differently. Noninterest expense was $5,311 million in 2025, dominated by salaries and benefits, which rose with Private Bank hiring and with capital markets incentive compensation; the efficiency ratio was 61.1% in the second quarter of 2026 against a mid-50s medium-term target, and management is running the Reimagine the Bank and NEXT programmes to close part of that gap[4]. The provision equals realised charge-offs plus or minus the change in the allowance, at $608 million in 2025 and $134 million in the second quarter of 2026 against allowance coverage of 1.48% of loans[18], which means provision swings can come either from real losses or from a change in coverage.

Cash has to be read on bank logic: Citizens funds assets with deposits rather than with operating cash flow. Average deposits were about $176 billion in 2025, consumer deposits are 64% of the total and noninterest-bearing and low-cost accounts are 42% of the book[1]; when loan growth outruns deposit growth, as it did in the second quarter of 2026, the gap is bridged with Federal Home Loan Bank advances[19]; and retained earnings accrete to common equity tier 1 capital, which ended the quarter at 10.4% against a 10% to 10.5% operating range[14]. Two limits of this model are worth stating: the Private Bank's balances, spread and earnings contribution are management disclosures that sit outside the segment tables[13], and capital markets fees appear as a single line with no split between refinancing-driven work and new-issue or advisory work[9], so the durability of that business cannot be settled from the financial statements alone.

Industry and Competitive Position

By assets, Citizens is one of the larger US regional banks, competing head-on with the money-centre banks for middle-market corporate and private equity sponsor business and with regional peers for retail deposits[1]. Its genuinely distinguishing asset is the funding mix: consumer deposits are 64% of total deposits against a peer average of about 56%, and noninterest-bearing and low-cost deposits were 42% of the book in the second quarter of 2026[1]. In capital markets it ranks second among middle-market sponsor bookrunners by both number of deals and volume, and in home equity it describes itself as the largest US originator[1].

The weak spot has consistently been returns, and the gap is measurable. Return on tangible common equity was 13.9% in the second quarter of 2026[4], still below the 16% to 18% range management targets for the end of 2027[20], which leaves two to four percentage points to be found from margin expansion, Private Bank scale, fee growth and credit normalisation together. At the same time, the company's stress capital buffer only improved to the 2.5% regulatory minimum in the 2026 stress test[1], meaning that until then regulators required it to hold a buffer above the floor and its capital efficiency was constrained.

Core Debates

With the Fed on hold, can the time-based margin benefits from terminated swaps, non-core run-off and fixed-rate asset repricing keep pushing the net interest margin higher, or will the deposit and FHLB funding costs that came with faster loan growth absorb them?

This debate comes first because it decides most of the income statement. Net interest income was $5,853 million of Citizens' $8,247 million of 2025 revenue, so the margin path is close to the earnings path[13]. It is also the only part of management's walk to a 16% to 18% return on tangible common equity that is meant to arrive without new business: roughly two of the missing percentage points are supposed to come from repricing that is already contracted[20].

The current evidence sits on the side of a margin that keeps rising. The net interest margin reached 3.16% in the second quarter of 2026 against 3.14% in the first and 2.94% a year earlier, and net interest income reached $1,631 million, up 4% linked quarter and 14% year over year[4]. Management attributed six of the quarter's basis points to terminated swaps and non-core run-off and one more to fixed-rate asset repricing[7], neither of which depends on Fed action; both release on contract, quarter by quarter.

The alternative reading is visible on the funding side of the same quarter. Interest-bearing deposit costs rose four basis points and total deposit costs three, with a cumulative interest-bearing deposit beta of 48%[8] against 50% one quarter earlier[21], and the bank took on more Federal Home Loan Bank funding because loan growth ran ahead of expectations[19]. In other words, the quarter's margin gain came entirely from the asset side while the funding side moved the other way, and the whole third-quarter outlook rests on an assumption that the Fed holds rates steady[22], so a change in the rate path would move both sides of the equation at once.

Four things can be checked in turn: whether the third-quarter margin clears 3.16% and keeps the 3.22% to 3.27% fourth-quarter range within reach[20]; whether net interest income lands inside the guided 2.5% to 3.5% linked-quarter range[5]; whether interest-bearing deposit costs rise by more or less than four basis points; and whether Federal Home Loan Bank advances fall back as management anticipates once deposit growth resumes[19]. Two observations would overturn the present reading directly: a margin that stalls at or below 3.16% while the Fed holds, which would show the time-based benefit is being paid away in deposit competition; and a second consecutive quarter of deposit costs rising by more than four basis points, which would break the roughly 50% beta assumption[8]. What this section presents is the uncertainty itself, because neither outcome has yet been ruled out by the data.

Can the Private Bank keep gathering roughly $1 billion to $1.5 billion of deposits a quarter while its loan book catches up, and push its $0.15 per share earnings contribution higher without narrowing the spread of just under four points?

The Private Bank matters because it is the only part of Citizens growing low-cost deposits fast enough to fund the rest of the balance sheet. It already produces 11.5% of group pre-tax income at a business return on equity of around 25%, well above the group's 13.9% return on tangible common equity[23]. If it keeps compounding, it lifts the group return; if deposit gathering slows while lending accelerates, Citizens loses the funding advantage that separates it from regional peers.

At the end of the second quarter of 2026, Private Bank spot deposits were $17.8 billion, loans $9.7 billion and client wealth assets $11.2 billion, against $16.6 billion, $7.7 billion and $10.1 billion three months earlier[24]. The business contributed $0.15 of diluted earnings per share, up $0.04 from the first quarter and 11.5% of total earnings per share[25]. Management disclosed pricing of a loan yield just north of 6% against an all-in deposit cost of about 2.10%, a spread of just under four points[26], which is the direct reason it can run at roughly a 25% return on equity.

The alternative reading is that adding $2.0 billion of loans against $1.2 billion of deposits in one quarter is not accidental. Management says the Private Bank's loan-to-deposit ratio is headed from a little above 50% today toward a long-run framework of 60% to 70%[27], a direction that lifts near-term spread income but consumes the surplus liquidity the Private Bank currently lends to the rest of the bank, and it happens just as group deposit costs have started to rise. As a capacity marker, ten private banking offices are open with a plan to reach 15 to 16 by the end of 2027[28], and the pace of that build also sets the pace of deposit gathering.

Four observations can settle it: whether spot deposits add at least another $1 billion in the third quarter; whether the loan-over-deposit spread is still described as near four points; whether the earnings-per-share contribution rises again from $0.15; and whether the eleventh private banking office opens on the path to 15 to 16 by the end of 2027[28]. The falsifiers are equally concrete: deposit growth below $1 billion in a quarter while loans keep growing would mean the Private Bank has stopped being a net liquidity contributor, and a spread below 3.5 points would show the growth is being bought with price[26]. The disclosed data so far does not choose between those two outcomes.

Was the second-quarter jump in capital markets fees to $153 million a real widening of the franchise, or a refinancing-window peak, given that management guides third-quarter noninterest income up only about 1%?

Noninterest income was $2,394 million in 2025, 29% of revenue, and capital markets is the widest-swinging piece inside it[13]: the line fell 22% year over year in the second quarter of 2025 and rose 46% in the second quarter of 2026[9]. Citizens bought JMP, DH Capital and Matrix Capital Partners to build this business[1], so whether the step-up holds is the test of whether that spending changed the earnings base or only amplified the cycle.

The numbers themselves are strong. Capital markets fees were $153 million in the second quarter of 2026 against $105 million a year earlier and $134 million in the first quarter of 2026[9][29], with $287 million in the first half against $205 million[9]. Management described the result as up 14% linked quarter and 46% year over year, driven by loan syndications and bond underwriting[30], and put trailing twelve-month capital markets revenue at $595 million[31]. Wealth fees over the same period were $102 million, up 16% year over year[17], and are closer in character to recurring fee-based income.

The counter-evidence comes from management itself. The head of commercial banking said the record debt capital markets quarter was almost the best ever but that most of those transactions were refinancings rather than new underwrites, where the bank generally makes more money[10], and he noted that middle-market merger activity has been postponed twice in two years. Management guided third-quarter noninterest income up only about 1%[5], and the size of that step is itself a signal that the company is not extrapolating the second-quarter level as a new base.

There are four watch points: whether capital markets fees hold at or above $150 million for a second consecutive quarter; whether management attributes the result to new underwriting and advisory rather than refinancing; whether total noninterest income lands near the guided 1% linked-quarter increase[5]; and whether wealth fees keep growing sequentially alongside Private Bank client assets[17]. The falsifiers are clear: capital markets fees back below $120 million would mark the second quarter of 2026 as a refinancing-window peak, and noninterest income falling linked quarter against a guided increase would show the fee engine is still driven by the cycle rather than by franchise width[9].

Once the commercial real estate paydowns that slipped out of the second quarter actually land, can the deliberate mix shift keep pushing the 37 basis point net charge-off rate lower while still adding enough earning assets?

Credit normalisation is an explicit component of management's walk to a 16% to 18% return on tangible common equity[20], and the provision for credit losses was $608 million in 2025 against pre-tax income of $2,328 million, large enough to move the income statement on its own[13]. The dilemma is that the deliberate mix shift lowers loss content and slows earning-asset growth at the same time, because every dollar of commercial real estate and non-core auto and education that runs off has to be replaced before it can add to net interest income.

The current evidence leans positive. The net charge-off rate fell to 0.37% in the second quarter of 2026 from 0.39% in the first and 0.48% a year earlier[11], nonaccrual loans fell to 0.97% of loans and allowance coverage eased from 1.52% in the first quarter to 1.48%[4], with management describing the allowance as stable on the quarter[18]. On mix, spot commercial loans excluding the Private Bank rose $1.5 billion, or 2% linked quarter[32], while commercial real estate kept shrinking after a 4% sequential and 16% year-over-year reduction in the first quarter[33], and retail loans excluding the non-core book added about $800 million on a spot basis, led by real-estate secured categories[34]. The annual filing also records that 2025 net charge-offs fell $62 million with the ratio down three basis points[35].

The alternative reading is timing rather than trend. Management said commercial real estate paydowns it had expected in the second quarter pushed into the third[12], which means the balance decline and any loss recognition that comes with it were deferred rather than avoided. A second layer is where provision relief originates: a falling coverage ratio by itself reduces the current charge, so if the third quarter's provision improvement comes mainly from reserve release rather than lower charge-offs, the mix shift will not actually have been confirmed[18].

Four things follow: whether the charge-off rate falls again from 0.37% in line with guidance for stable to down slightly[5]; whether the deferred commercial real estate paydowns land in the third quarter[12]; whether nonaccrual loans keep falling below 0.97%[4]; and whether allowance coverage is released further without a matching fall in charge-offs[18]. The falsifier is a charge-off rate above 0.39% against guidance for stable to down slightly, which would break the normalisation assumption[11]. Until that data arrives, both the timing explanation and the genuine-improvement explanation remain standing.

Risks and Falsifiers

The first risk is that the cost and execution of the expense programmes arrive well before their benefits. Management targets roughly $100 million of annualised pre-tax benefit on exit from 2026, double that in 2027 and about $450 million on exit from 2028[36], a path that requires eliminating approximately 100 to 120 in-store branches[37] against the 117 in-store locations the 2025 annual filing records[1], which is effectively the whole in-store network. The exposed line is noninterest expense of $1,394 million a quarter, which carried about $7 million of Reimagine the Bank implementation cost in the second quarter of 2026, and the 61.1% efficiency ratio against a mid-50s target[4]. The falsifying observation is that quarterly expenses stay stable to up slightly as guided[5], the efficiency ratio keeps falling, the claim of over 600 basis points of positive operating leverage for the full year is reaffirmed[38], and the productivity measures flagged in the first quarter, such as using artificial intelligence to help write code, keep delivering[39].

The second risk is that capital return and loan growth compete for the same capital. Citizens ended the second quarter of 2026 with a common equity tier 1 ratio of 10.4%, below its own 10.5% anchor, precisely because loan growth exceeded expectations, and it still plans buybacks alongside that growth[14]. The exposure is the ratio itself: third-quarter guidance is approximately 10.5% after about $125 million of share repurchases, against $225 million actually repurchased in the second quarter[5]. If the third quarter ends at or above 10.5% with the planned buyback completed and loan growth maintained, this risk is falsified.

The third risk is that loan growth keeps outrunning deposit growth, so Citizens funds the gap with higher-cost deposits and Federal Home Loan Bank advances and gives back the repricing benefit[19]. The exposed line is net interest income, $1,631 million in the second quarter of 2026 and guided up 2.5% to 3.5% in the third[5]. The falsifier is third-quarter deposit costs rising by no more than four basis points while spot deposits grow and Federal Home Loan Bank advances fall[8].

The fourth risk sits with the Private Bank: once it shifts from gathering deposits to deploying them and its loan-to-deposit ratio rises toward 70%, the surplus liquidity it lends to the rest of the bank disappears[27]. The exposure is the roughly four-point loan-over-deposit spread on a $9.7 billion loan book and the funding credit on $17.8 billion of deposits[24]. The falsifier is deposits and loans both growing in the third quarter with the disclosed spread still near four points[26].

The fifth risk is that the capital markets step-up proves to be a refinancing window rather than a structurally wider franchise, with fees falling back toward the first-quarter level[10]. The exposure is $153 million of capital markets fees inside $652 million of quarterly noninterest income[9]. The falsifier is third-quarter capital markets fees holding at or above $150 million with management crediting new-issue and advisory work[30].

The sixth risk comes from the remaining commercial real estate book, principally general office and acquired multifamily, which could produce losses as the deferred paydowns and workouts land[12]. The exposure is the provision for credit losses, $134 million in the second quarter of 2026 and $608 million in 2025, and allowance coverage of 1.48% of loans[35]. The falsifier is third-quarter charge-offs falling again while commercial real estate balances decline as management expects[11].

What to Watch Next

• Margin against funding cost: the baseline is a 3.16% net interest margin with interest-bearing deposit costs up four basis points linked quarter[4][8]. Watch whether the margin clears 3.16% and keeps the 3.22% to 3.27% fourth-quarter range in reach; a margin stalling at or below 3.16%, or a second straight quarter of deposit costs rising by more than four basis points, would falsify it.
• Net interest income and wholesale funding: the baseline is $1,631 million with guidance of up 2.5% to 3.5% linked quarter[5]. Watch whether it lands inside that range and whether Federal Home Loan Bank advances fall back; a result below the guided floor with advances still climbing would falsify it.
• The Private Bank deposit engine: the baseline is $17.8 billion of spot deposits, $9.7 billion of loans and a spread of just under four points[24][26]. Watch for at least another $1 billion of deposits and a spread still described as near four points; deposit growth below $1 billion while loans grow, or a spread below 3.5 points, would falsify it.
• The fee engine: the baseline is $153 million of capital markets fees with noninterest income guided up about 1%[9]. Watch whether fees hold at or above $150 million for a second quarter and whether management credits new issuance rather than refinancing; fees below $120 million, or noninterest income falling linked quarter, would falsify it.
• Loan mix and credit cost: the baseline is a 0.37% net charge-off rate and 1.48% allowance coverage[11][18]. Watch whether charge-offs fall again and whether the deferred commercial real estate paydowns land; a charge-off rate above 0.39%, or provision relief delivered mainly by reserve release, would falsify it.
• Expenses and capital: the baseline is a 61.1% efficiency ratio and a 10.4% common equity tier 1 ratio[4][14]. Watch whether expenses stay stable to up slightly and whether the ratio returns to approximately 10.5% at quarter end; an efficiency ratio that stops falling, or a ratio still below 10.5%, would weaken the current understanding.

Conclusion

Three things drive Citizens' earnings today: a balance sheet repricing on contract but with funding costs already turning back up, a capital markets machine that has just pushed quarterly fees to $153 million[9], and a Private Bank running at roughly a 25% return on equity and contributing 11.5% of pre-tax income[23], holding $17.8 billion of deposits and $9.7 billion of loans at the end of the second quarter[24]. Through the first half of 2026 the company has carried return on tangible common equity to 13.9%, the efficiency ratio to 61.1% and the net interest margin to 3.16%[4], yet it remains two to four percentage points short of the 16% to 18% target for the end of 2027[20]. The central unresolved relationship is a single one: whether the contracted asset-side repricing benefit outruns the funding costs that come with loan growth.

Two independent evaluations published after the second-quarter results read the same evidence in opposite directions. Simply Wall St, in a 2026-07-19 review, treats the quarter as a genuine improvement, crediting net charge-offs of US$135 million that were lower than a year earlier and the company's projection of further net interest margin improvement into late 2026 and 2027, while arguing that the constructive case still depends on commercial real estate credit costs staying contained and on digital investment keeping pace with larger competitors[40]. StockStory, in a 2026-09-17 research report, is wary, holding that the company's sales have underperformed and that low returns on capital show few growth opportunities, so it does not pass that firm's quality test[41]. The disagreement is not about what happened in the second quarter but about the length of the window used to judge it: the first accepts the margin logic of the first debate and the credit improvement of the fourth while making commercial real estate the explicit condition on both, whereas the second disputes the premise shared by all four debates, namely whether a few better quarters are enough to overturn a five-year record of weak growth and low returns on capital. Both are outside interpretations rather than facts, and neither is a vote.

What would materially strengthen the current understanding is a combination that arrives together: a third-quarter net interest margin above 3.16% with interest-bearing deposit costs rising by no more than four basis points, net interest income inside the guided 2.5% to 3.5% range, capital markets fees at or above $150 million for a second consecutive quarter with attribution shifting to new underwriting, a net charge-off rate that keeps falling even after the deferred commercial real estate paydowns land, and a common equity tier 1 ratio back to approximately 10.5% at quarter end after about $125 million of buybacks[5]. The opposite combination would weaken it just as clearly: a stalled margin with deposit costs still rising, fees back toward $120 million, and provision relief that comes mainly from releasing coverage rather than from lower charge-offs would simultaneously support the commercial real estate condition Simply Wall St attaches to its constructive case[40] and the doubts StockStory raises about the longer return record[41]. What would be falsified then is not one quarter's numbers but the premise that the last three quarters of improvement are the start of a trend.

Sources

[1] CFG 10-K filed 2026-02-12 · 2026-02-12 · 10-K · https://www.sec.gov/Archives/edgar/data/759944/000075994426000028/0000759944-26-000028-index.htm

[2] Citizens Financial Group news release, 2026-09-10, announcing that third quarter 2026 results will be reported on 2026-10-16 with a conference call that morning · 2026-09-10 · Citizens Financial Group news release

[3] CFG 8-K filed 2026-07-16 - Q2 2026 earnings and credit metrics · 2026-07-16 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000759944&type=8-K&dateb=&owner=include&count=40

[4] CFG 8-K filed 2026-07-16 - Q2 2026 quarterly trends · 2026-07-16 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000759944&type=8-K&dateb=&owner=include&count=40

[5] CFG Q2 2026 earnings call 2026-07-16 - third quarter outlook · 2026-07-16 · Citizens Financial Group · https://investor.citizensbank.com/financial-information/quarterly-results

[6] AAII CFG Q3 2026 earnings preview 2026-09-17 · 2026-09-17 · AAII · https://www.aaii.com/investingideas/article/515584-what-you-need-to-know-about-citizens-financial-group-incs-q3-earnings

[7] CFG Q2 2026 earnings call 2026-07-16 - margin walk · 2026-07-16 · earnings-call · https://investor.citizensbank.com/financial-information/quarterly-results

[8] CFG Q2 2026 earnings call 2026-07-16 - deposit cost and beta · 2026-07-16 · earnings-call · https://investor.citizensbank.com/financial-information/quarterly-results

[9] CFG 10-Q filed 2026-08-03 - noninterest income detail · 2026-08-03 · 10-Q · https://www.sec.gov/Archives/edgar/data/759944/000075994426000148/0000759944-26-000148-index.htm

[10] CFG Q2 2026 earnings call 2026-07-16 - refinancing mix in debt capital markets · 2026-07-16 · earnings-call · https://investor.citizensbank.com/financial-information/quarterly-results

[11] CFG Q2 2026 earnings call 2026-07-16 - charge-offs · 2026-07-16 · earnings-call · https://investor.citizensbank.com/financial-information/quarterly-results

[12] CFG Q2 2026 earnings call 2026-07-16 - commercial real estate paydowns · 2026-07-16 · earnings-call · https://investor.citizensbank.com/financial-information/quarterly-results

[13] CFG 10-K filed 2026-02-12 - FY2025 business segment results · 2026-02-12 · 10-K · https://www.sec.gov/Archives/edgar/data/759944/000075994426000028/0000759944-26-000028-index.htm

[14] CFG Q2 2026 earnings call 2026-07-16 - capital and buybacks · 2026-07-16 · earnings-call · https://investor.citizensbank.com/financial-information/quarterly-results

[15] CFG 10-Q filed 2026-08-03 - net interest income components · 2026-08-03 · 10-Q · https://www.sec.gov/Archives/edgar/data/759944/000075994426000148/0000759944-26-000148-index.htm

[16] CFG 10-K filed 2026-02-12 - FY2025 noninterest income drivers · 2026-02-12 · 10-K · https://www.sec.gov/Archives/edgar/data/759944/000075994426000028/0000759944-26-000028-index.htm

[17] CFG 10-Q filed 2026-08-03 - wealth fees · 2026-08-03 · 10-Q · https://www.sec.gov/Archives/edgar/data/759944/000075994426000148/0000759944-26-000148-index.htm

[18] CFG Q2 2026 earnings call 2026-07-16 - allowance coverage · 2026-07-16 · earnings-call · https://investor.citizensbank.com/financial-information/quarterly-results

[19] CFG Q2 2026 earnings call 2026-07-16 - FHLB funding · 2026-07-16 · earnings-call · https://investor.citizensbank.com/financial-information/quarterly-results

[20] CFG Q2 2026 earnings call 2026-07-16 - fourth quarter margin target · 2026-07-16 · Citizens Financial Group · https://investor.citizensbank.com/financial-information/quarterly-results

[21] CFG Q1 2026 earnings call 2026-04-16 - deposit beta · 2026-04-16 · earnings-call · https://investor.citizensbank.com/financial-information/quarterly-results

[22] CFG Q2 2026 earnings call 2026-07-16 - rate assumption · 2026-07-16 · earnings-call · https://investor.citizensbank.com/financial-information/quarterly-results

[23] CFG Q2 2026 earnings call 2026-07-16 - private bank return on equity · 2026-07-16 · earnings-call · https://investor.citizensbank.com/financial-information/quarterly-results

[24] CFG Q2 2026 earnings call 2026-07-16 - private bank balances · 2026-07-16 · earnings-call · https://investor.citizensbank.com/financial-information/quarterly-results

[25] CFG Q2 2026 earnings call 2026-07-16 - private bank earnings contribution · 2026-07-16 · earnings-call · https://investor.citizensbank.com/financial-information/quarterly-results

[26] CFG Q2 2026 earnings call 2026-07-16 - private bank loan and deposit pricing · 2026-07-16 · earnings-call · https://investor.citizensbank.com/financial-information/quarterly-results

[27] CFG Q2 2026 earnings call 2026-07-16 - private bank loan-to-deposit path · 2026-07-16 · earnings-call · https://investor.citizensbank.com/financial-information/quarterly-results

[28] CFG Q2 2026 earnings call 2026-07-16 - private banking office plan · 2026-07-16 · earnings-call · https://investor.citizensbank.com/financial-information/quarterly-results

[29] CFG 10-Q filed 2026-05-04 - Q1 2026 noninterest income · 2026-05-04 · 10-Q · https://www.sec.gov/Archives/edgar/data/759944/000075994426000101/0000759944-26-000101-index.htm

[30] CFG Q2 2026 earnings call 2026-07-16 - capital markets fees · 2026-07-16 · earnings-call · https://investor.citizensbank.com/financial-information/quarterly-results

[31] CFG Q2 2026 earnings call 2026-07-16 - capital markets run rate · 2026-07-16 · earnings-call · https://investor.citizensbank.com/financial-information/quarterly-results

[32] CFG Q2 2026 earnings call 2026-07-16 - commercial loan growth · 2026-07-16 · earnings-call · https://investor.citizensbank.com/financial-information/quarterly-results

[33] CFG Q1 2026 earnings call 2026-04-16 - commercial real estate reduction · 2026-04-16 · earnings-call · https://investor.citizensbank.com/financial-information/quarterly-results

[34] CFG Q2 2026 earnings call 2026-07-16 - retail loan growth and non-core runoff · 2026-07-16 · earnings-call · https://investor.citizensbank.com/financial-information/quarterly-results

[35] CFG 10-K filed 2026-02-12 - FY2025 credit quality and expense drivers · 2026-02-12 · 10-K · https://www.sec.gov/Archives/edgar/data/759944/000075994426000028/0000759944-26-000028-index.htm

[36] CFG Q2 2026 earnings call 2026-07-16 - Reimagine the Bank targets · 2026-07-16 · earnings-call · https://investor.citizensbank.com/financial-information/quarterly-results

[37] CFG Q2 2026 earnings call 2026-07-16 - branch network program · 2026-07-16 · earnings-call · https://investor.citizensbank.com/financial-information/quarterly-results

[38] CFG Q2 2026 earnings call 2026-07-16 - full-year operating leverage · 2026-07-16 · earnings-call · https://investor.citizensbank.com/financial-information/quarterly-results

[39] CFG Q1 2026 earnings call 2026-04-16 - Reimagine the Bank technology · 2026-04-16 · earnings-call · https://investor.citizensbank.com/financial-information/quarterly-results

[40] Simply Wall St CFG Q2 2026 review 2026-07-19 · 2026-07-19 · Simply Wall St · https://simplywall.st/stocks/us/banks/nyse-cfg/citizens-financial-group/news/stronger-q2-results-and-margin-outlook-might-change-the-case

[41] StockStory CFG research report 2026-09-17 · 2026-09-17 · StockStory · https://stockstory.org/us/stocks/nyse/cfg