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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended
June 30, 2022
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period From
(Not Applicable)
Commission File Number 001-36636
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(Exact name of the registrant as specified in its charter)
Delaware05-0412693
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification Number)
One Citizens Plaza, Providence, RI 02903
(Address of principal executive offices, including zip code)
(203) 900-6715
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, $0.01 par value per share
CFGNew York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 6.350% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D
CFG PrDNew York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E
CFG PrENew York Stock Exchange
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 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 495,643,401 shares of Registrant’s common stock ($0.01 par value) outstanding on July 27, 2022.



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Table of Contents
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Citizens Financial Group, Inc. | 2


GLOSSARY OF ACRONYMS AND TERMS
    The following is a list of common acronyms and terms we regularly use in our financial reporting:
2021 Form 10-K
Annual Report on Form 10-K for the year ended December 31, 2021
AACLAdjusted Allowance for Credit Losses
ACLAllowance for Credit Losses: Allowance for Loan and Lease Losses plus Allowance for Unfunded Lending Commitments
AFSAvailable for Sale
ALLLAllowance for Loan and Lease Losses
ALMAsset and Liability Management
AOCIAccumulated Other Comprehensive Income (Loss)
ASUAccounting Standards Update
ATMAutomated Teller Machine
Board or Board of DirectorsThe Board of Directors of Citizens Financial Group, Inc.
bpsBasis Points
CARES ActCoronavirus Aid, Relief, and Economic Security Act
CBNACitizens Bank, National Association
CCARComprehensive Capital Analysis and Review
CCBCapital Conservation Buffer
CCMICitizens Capital Markets, Inc.
CECLCurrent Expected Credit Losses (ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments)
CET1Common Equity Tier 1
CET1 capital ratioCommon Equity Tier 1 capital divided by total risk-weighted assets as defined under the U.S. Basel III Standardized approach
Citizens, CFG, the Company, we, us, or ourCitizens Financial Group, Inc. and its Subsidiaries
CLOCollateralized Loan Obligation
CLTVCombined Loan-to-Value
COVID-19Coronavirus Disease 2019
CRECommercial Real Estate
DH CapitalDH Capital, LLC
Dodd-Frank ActThe Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
EPSEarnings Per Share
EVEEconomic Value of Equity
Exchange ActThe Securities Exchange Act of 1934
Fannie Mae (FNMA)Federal National Mortgage Association
FDICFederal Deposit Insurance Corporation
FHAFederal Housing Administration
FHLBFederal Home Loan Bank
FICOFair Isaac Corporation (credit rating)
FRB or Federal ReserveBoard of Governors of the Federal Reserve System and, as applicable, Federal Reserve Bank(s)
Freddie Mac (FHLMC)Federal Home Loan Mortgage Corporation
FTEFully Taxable Equivalent
FTPFunds Transfer Pricing
GAAPAccounting Principles Generally Accepted in the United States of America
GDPGross Domestic Product
Ginnie Mae (GNMA)Government National Mortgage Association
GSEGovernment Sponsored Entity
HSBCHSBC Bank U.S.A., N.A.
Citizens Financial Group, Inc. | 3


HSBC transactionAcquisition of HSBC East Coast branches and national online deposit business
HTMHeld To Maturity
InvestorsInvestors Bancorp, Inc.
JMPJMP Group LLC
Last-of-LayerLast-of-layer is a fair value hedge of the interest rate risk of a portfolio of similar prepayable assets whereby the last dollar amount within the portfolio of assets is identified as the hedged item
LHFSLoans Held for Sale
LIBORLondon Interbank Offered Rate
LIHTCLow Income Housing Tax Credit
MBSMortgage-Backed Securities
MD&AManagement’s Discussion and Analysis of Financial Condition and Results of Operations
Mid-AtlanticDistrict of Columbia, Delaware, Maryland, New Jersey, New York, Pennsylvania, Virginia, and West Virginia
MidwestIllinois, Indiana, Michigan, and Ohio
Modified CECL TransitionThe Day-1 CECL adoption entry booked to retained earnings plus 25% of subsequent CECL ACL reserve build
Modified AACL TransitionThe Day-1 CECL adoption entry booked to ACL plus 25% of subsequent CECL ACL reserve build
MSRsMortgage Servicing Rights
NCOsNet charge-offs
New EnglandConnecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont
OCCOffice of the Comptroller of the Currency
OCIOther Comprehensive Income (Loss)
Operating Leverage
Period-over-period percent change in total revenue, less the period-over-period percent change in noninterest expense
Parent CompanyCitizens Financial Group, Inc. (the Parent Company of Citizens Bank, National Association and other subsidiaries)
PCDPurchased Credit Deteriorated
PPPPaycheck Protection Program
ROTCEReturn on Average Tangible Common Equity
RPARisk Participation Agreement
RWARisk-Weighted Assets
SBAUnited States Small Business Administration
SCBStress Capital Buffer
SECUnited States Securities and Exchange Commission
SVaRStressed Value at Risk
Tailoring RulesRules establishing risk-based categories for determining prudential standards for large U.S. and foreign banking organizations, consistent with the Dodd-Frank Act, as amended by the Economic Growth, Regulatory Relief and Consumer Protection Act
TBAsTo-Be-Announced Mortgage Securities
TDRTroubled Debt Restructuring
Tier 1 capital ratioTier 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 ratioTier 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
TOPTapping Our Potential
Total capital ratioTotal capital, which includes Common Equity Tier 1 capital, tier 1 capital and allowance for credit losses and qualifying subordinated debt that qualifies as tier 2 capital, divided by total risk-weighted assets as defined under the U.S. Basel III Standardized approach
USDAUnited States Department of Agriculture
Citizens Financial Group, Inc. | 4


VAUnited States Department of Veterans Affairs
VaRValue at Risk
VIEVariable Interest Entities
Citizens Financial Group, Inc. | 5


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


Citizens Financial Group, Inc. | 6


FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements regarding potential future share repurchases and future dividends as well as the potential effects of the COVID-19 disruption and Russia’s invasion of Ukraine on our business, operations, financial performance and prospects, are forward-looking statements. Also, 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,” “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 and political conditions that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits which may affect, among other things, the level of nonaccrual assets, charge-offs and provision expense;
The rate of growth in the economy and employment levels, as well as general business and economic conditions, and changes in the competitive environment;
Our ability to implement our business strategy, including the cost savings and efficiency components, and achieve our financial performance goals, including through the integration of Investors and the HSBC branches;
The COVID-19 disruption and its effects on the economic and business environments in which we operate;
The impact of Russia’s invasion of Ukraine and the imposition of sanctions on Russia and other actions in response, including 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 meet heightened supervisory requirements and expectations;
Liabilities and business restrictions resulting from litigation and regulatory investigations;
Our capital and liquidity requirements under regulatory capital standards and our ability to generate capital internally or raise capital on favorable terms;
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;
The effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin;
Financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses;
A failure in or breach of our operational or security systems or infrastructure, or those of our third party vendors or other service providers, including as a result of cyber-attacks;
Greater than expected costs or other difficulties related to the integration of our business and that of Investors and the relevant HSBC branches;
Citizens Financial Group, Inc. | 7


The inability to retain existing Investors or HSBC clients and employees following the closing of the Investors acquisition and HSBC transaction; and
Management’s ability to identify and manage these and other risks.
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, risk-weighted assets, capital impacts of strategic initiatives, market conditions, receipt of required regulatory approvals and other regulatory and accounting 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. Further, statements about the effects of the pandemic and Russia’s invasion of Ukraine on our business, operations, financial performance and prospects may constitute forward-looking statements and are subject to the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic and Russia’s invasion of Ukraine, actions taken by governmental authorities in response to the pandemic and Russia’s invasion of Ukraine, and the direct and indirect impact of the pandemic and Russia’s invasion of Ukraine on our customers, third parties and us.
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 2021 Form 10-K as well as Part II, Item 1A of our Form 10-Q for the quarter ended March 31, 2022.
INTRODUCTION
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $226.7 billion in assets as of June 30, 2022. 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 3,300 ATMs and more than 1,200 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. More information is available at www.citizensbank.com.
On February 18, 2022, CBNA completed the acquisition of the HSBC East Coast branches and national online deposit business. The transaction extends our physical presence and adds customers in several attractive markets, accelerating our national expansion strategy. The transaction includes 66 branches in the New York City metropolitan area, 9 branches in the Mid-Atlantic/Washington D.C. area, and 5 branches in Southeast Florida.
On April 6, 2022, Citizens completed the acquisition of all outstanding shares of Investors for a combination of stock and cash. The acquisition enhances Citizens’ banking franchise, adding an attractive middle market, small business and consumer customer base while building our physical presence in the Mid-Atlantic region with the addition of 154 branches located in the greater New York City and Philadelphia metropolitan areas and across New Jersey.
On June 8, 2022, Citizens completed the acquisition of DH Capital, a private investment banking firm serving companies in the internet infrastructure, software, IT services and communications sectors. This acquisition further strengthens our growing corporate advisory capabilities.
For additional information regarding these acquisitions see Note 2.
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 the unaudited interim Consolidated Financial Statements in Part I, Item 1, as well as other information contained in this document and our 2021 Form 10-K.
Citizens Financial Group, Inc. | 8


Non-GAAP Financial Measures
This document contains non-GAAP financial measures denoted as “Underlying” results. Underlying results for any given reporting period exclude certain items that may occur in that period which management does not consider indicative of our on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe our Underlying results in any given reporting period reflect our on-going financial performance, increase comparability of period-to-period results, and are useful to consider in addition to our GAAP financial results.
Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP 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.
Non-GAAP measures are denoted throughout our MD&A by the use of the term Underlying. Where there is a reference to these metrics in that paragraph, all measures that follow are on the same basis when applicable. For more information on the computation of non-GAAP financial measures, see “—Non-GAAP Financial Measures and Reconciliations.”
FINANCIAL PERFORMANCE
Key Highlights
Net income decreased $284 million to $364 million and decreased $475 million to $784 million, with earnings per diluted common share of $0.67, down $0.77 from $1.44, and $1.58, down $1.23 from $2.81, for the three and six months ended June 30, 2022, respectively, compared to the same periods in 2021.
Results reflect notable items of $231 million or $0.47 per diluted common share, net of tax benefit, for the three months ended June 30, 2022, compared to $8 million or $0.02 per diluted common share, net of tax benefit, for the same period in 2021. For the six months ended June 30, 2022, notable items were $287 million or $0.63 per diluted common share, net of tax benefit, as compared to $23 million or $0.06 per diluted common share, net of tax benefit, for the same period in 2021.
Table 1: Notable Items
Three Months Ended June 30, 2022
Less: notable items
(in millions)Reported results (GAAP)
Integration related costs(1)
TOP and other(2)
Provision(3)
Underlying results (non-GAAP)
Provision (benefit) for credit losses$216 $— $— $145 $71 
Noninterest income494 (31)— — 525 
Noninterest expense1,305 104 21 — 1,180 
Income tax expense114 (28)(5)(37)184 
Three Months Ended June 30, 2021
Less: notable items
(in millions)Reported results (GAAP)
Integration related costs(1)
TOP and other(2)
ProvisionUnderlying results (non-GAAP)
Provision (benefit) for credit losses($213)$— $— $— ($213)
Noninterest income485 — — — 485 
Noninterest expense991 — 980 
Income tax expense183 (1)(2)— 186 
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Six Months Ended June 30, 2022
Less: notable items
(in millions)Reported results (GAAP)
Integration related costs(1)
TOP and other(2)
Provision(3)
Underlying results (non-GAAP)
Provision (benefit) for credit losses$219 $— $— $169 $50 
Noninterest income992 (31)— — 1,023 
Noninterest expense2,411 141 32 — 2,238 
Income tax expense230 (38)(5)(43)316 
Six Months Ended June 30, 2021
Less: notable items
(in millions)Reported results (GAAP)
Integration related costs(1)
TOP and other(2)
ProvisionUnderlying results (non-GAAP)
Provision (benefit) for credit losses($353)$— $— $— ($353)
Noninterest income1,027 — — — 1,027 
Noninterest expense2,009 29 — 1,978 
Income tax expense353 (1)(7)— 361 
(1) Includes integration related costs associated with acquisitions for the three and six months ended June 30, 2022 and 2021, and mark-to-market losses on loans acquired from Investors classified as LHFS for the three and six months ended June 30, 2022.
(2) Includes our TOP transformational and revenue and efficiency initiatives for the three and six months ended June 30, 2022 and 2021, and income tax impacts related to legacy tax matters for the six months ended June 30, 2022.
(3) Includes the initial provision for credit losses of $145 million and $169 million for the three and six months ended June 30, 2022, respectively, tied to the Investors acquisition and the HSBC transaction. As required by purchase accounting, a fair value mark for performing loans including both credit and interest rate components is recorded in addition to the provision for credit losses expense, thus the credit exposure has been “double counted”.
Net income available to common stockholders decreased $284 million to $332 million and decreased $476 million to $728 million for the three and six months ended June 30, 2022, respectively, compared to the same periods in 2021.
On an Underlying basis, which excludes notable items, net income available to common stockholders of $563 million and $1.0 billion for the three and six months ended June 30, 2022, respectively, compared with $624 million and $1.2 billion for the same periods in 2021.
On an Underlying basis, earnings per diluted common share of $1.14 and $2.21 for the three and six months ended June 30, 2022, respectively, compared to $1.46 and $2.87 for the same periods in 2021.
Total revenue increased $390 million to $2.0 billion and increased $376 million to $3.6 billion for the three and six months ended June 30, 2022, respectively, compared to the same periods in 2021, driven by increases of 34% and 18%, respectively, in net interest income, including the impact of the Investors acquisition and the HSBC transaction.
The efficiency ratio of 65.3% and 66.2% for the three and six months ended June 30, 2022, respectively, compared to 61.6% and 61.5% for the same periods in 2021.
On an Underlying basis, the efficiency ratio of 58.2% and 60.9% for the three and six months ended June 30, 2022, respectively, compared to 60.9% and 60.6% for the same periods in 2021.
ROTCE of 9.1% and 10.2% for the three and six months ended June 30, 2022, respectively, compared to 17.5% and 17.3% for the same periods in 2021.
On an Underlying basis, ROTCE of 15.5% and 14.2% for the three and six months ended June 30, 2022, respectively, compared to 17.7% for both periods in 2021.
Tangible book value per common share of $29.14 decreased 16% from December 31, 2021.
For additional information regarding our financial performance, see “—Results of Operations” included in this report.

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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, leases 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. These factors are influenced by the pricing and mix of interest-earning assets and interest-bearing liabilities which, in turn, are impacted by external factors such as local economic conditions, competition for loans and deposits, the monetary policy of the FRB and market interest rates. For further discussion, refer to “—Market Risk — Non-Trading Risk,” and “—Risk Governance” as described in our 2021 Form 10-K.
Table 2: Major Components of Net Interest Income
Three Months Ended June 30,
20222021
Change
(dollars in millions)
Average
Balances
Income/
Expense
Yields/
Rates
Average
Balances
Income/
Expense
Yields/
Rates
Average
Balances
Yields/
Rates (bps)
Assets
Interest-bearing cash and due from banks and deposits in banks$4,630 $13 1.06 %$11,259 $3 0.12 %($6,629)94 bps
Taxable investment securities35,900 201 2.25 27,597 124 1.80 8,303 45 
Non-taxable investment securities— 2.62 — 2.60 — 
Total investment securities35,903 201 2.25 27,600 124 1.80 8,303 45 
Commercial and industrial50,517 418 3.28 44,388 345 3.08 6,129 20 
Commercial real estate27,592 243 3.48 14,473 95 2.58 13,119 90 
Leases1,575 10 2.61 1,792 12 2.76 (217)(15)
Total commercial loans and leases79,684 671 3.33 60,653 452 2.96 19,031 37 
Residential mortgages28,486 221 3.10 20,242 154 3.04 8,244 
Home equity12,811 105 3.27 11,825 92 3.13 986 14 
Automobile14,172 127 3.60 12,526 125 4.00 1,646 (40)
Education13,144 137 4.18 12,632 135 4.26 512 (8)
Other retail5,557 109 7.87 5,612 100 7.13 (55)74 
Total retail loans74,170 699 3.77 62,837 606 3.86 11,333 (9)
Total loans and leases153,854 1,370 3.55 123,490 1,058 3.42 30,364 13 
Loans held for sale, at fair value1,937 17 3.60 3,751 24 2.55 (1,814)105 
Other loans held for sale2,353 25 4.21 233 2.99 2,120 122 
Interest-earning assets198,677 1,626 3.26 166,333 1,211 2.90 32,344 36 
Noninterest-earning assets22,290 18,123 4,167 
Total assets$220,967 $184,456 $36,511 
Liabilities and Stockholders’ Equity
Checking with interest$38,747 $15 0.16 %$27,278 $5 0.08 %$11,469 
Money market48,795 23 0.19 49,394 21 0.17 (599)
Savings27,661 0.14 20,077 0.10 7,584 
Term6,970 0.31 6,970 11 0.61 — (30)
Total interest-bearing deposits122,173 54 0.18 103,719 42 0.16 18,454 
Short-term borrowed funds3,995 10 0.98 69 — 0.87 3,926 11 
Long-term borrowed funds10,222 57 2.26 7,434 45 2.41 2,788 (15)
Total borrowed funds14,217 67 1.90 7,503 45 2.40 6,714 (50)
Total interest-bearing liabilities136,390 121 0.36 111,222 87 0.31 25,168 
Demand deposits54,189 46,630 7,559 
Other noninterest-bearing liabilities5,991 3,741 2,250 
Total liabilities196,570 161,593 34,977 
Stockholders’ equity24,397 22,863 1,534 
Total liabilities and stockholders’ equity$220,967 $184,456 $36,511 
Interest rate spread2.90 %2.59 %31 
Net interest income and net interest margin$1,505 3.04 %$1,124 2.71 %33 
Net interest income and net interest margin, FTE(1)
$1,507 3.04 %$1,126 2.72 %32 
Memo: Total deposits (interest-bearing and demand)$176,362 $54 0.12 %$150,349 $42 0.11 %$26,013  bp
Citizens Financial Group, Inc. | 11


Six Months Ended June 30,
20222021
Change
(dollars in millions)
Average
Balances
Income/
Expense
Yields/
Rates
Average
Balances
Income/
Expense
Yields/
Rates
Average
Balances
Yields/
Rates (bps)
Assets:
Interest-bearing cash and due from banks and deposits in banks$6,333 $17 0.52 %$11,061 $6 0.11 %($4,728)41 bps
Taxable investment securities32,591 339 2.08 27,316 252 1.84 5,275 24 
Non-taxable investment securities— 2.61 — 2.60 (1)
Total investment securities32,593 339 2.08 27,319 252 1.84 5,274 24 
Commercial and industrial47,747 746 3.11 44,338 692 3.10 3,409 
Commercial real estate20,867 333 3.17 14,574