{"schemaVersion":1,"research":true,"symbol":"cfg","name":"Citizens Financial Group","topic":"moat","path":"/stock/cfg/moat","status":"published","version":6,"updatedAt":"2026-10-18T20:56:46.292Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"none","summary":"Citizens has a valuable deposit franchise and improving operating execution, but the supplied evidence does not establish a durable economic moat. Lower entry barriers, lower-cost digital alternatives and penalty-free customer exits weaken structural protection. Deposit growth despite lower year-over-year funding costs supports current franchise strength, while rising sequential deposit costs and declining Consumer deposits show limits. Margin expansion reflects repricing, swaps and portfolio changes as well as funding outcomes; durable pricing power remains unproven.","advantages":[{"mechanism":"cost_advantage","claim":"Relationship deposits provide a current funding benefit, but a durable cost advantage over competitors is not established. Second-quarter average deposits grew while their year-over-year cost fell; subsequent Private Bank growth offset weakness in Consumer deposits.","durability":"Fragile rather than structurally protected. The evidence demonstrates funding franchise value, without establishing persistent relative funding superiority or customer lock-in.","risks":"Digital-only models have lower cost structures and can offer higher deposit rates. Most consumer deposits can leave without penalty. Third-quarter total deposit costs rose sequentially even as aggregate deposits remained broadly stable.","invalidation":"The current franchise-strength claim would weaken if relationship deposits declined persistently, replacement funding became materially more expensive, or Private Bank growth stopped offsetting Consumer outflows. The no-moat conclusion would merit reconsideration after sustained evidence of superior funding costs and customer persistence versus named peers across rate cycles.","competitors":["Zions Bancorporation","Fifth Third Bancorp","KeyCorp"],"evidenceIds":["e1","e2","e3","e4","e9","e10","e11"],"counterEvidenceIds":["e5","e6","e7","e8"]}],"evidence":[{"id":"e1","sourceId":"filing-2","location":"MD&A, Table 1: second-quarter average balances and yields/rates","excerpt":"Table 1: Major Components of Net Interest Income Three Months Ended June 30, 2026 2025 Change (dollars in millions) Average Balance Income/ Expense Yield/ Rate Average Balance Income/ Expense Yield/ Rate Average Balance Yield/ Rate (bps) Assets Interest-bearing cash and due from banks and deposits in banks $10,839 $103 3.78 % $8,217 $92 4.40 % $2,622 (62) bps Taxable investment securities 48,087 446 3.71 46,537 428 3.69 1,550 2 Non-taxable investment securities 1 — 2.60 1 — 2.60 — — Total investment securities 48,088 446 3.71 46,538 428 3.69 1,550 2 Commercial and industrial 52,214 707 5.35 44,936 549 4.84 7,278 51 Commercial real estate 24,334 333 5.41 26,487 384 5.73 (2,153) (32) Total commercial 76,548 1,040 5.37 71,423 933 5.17 5,125 20 Residential mortgages 35,793 367 4.09 33,420 327 3.92 2,373 17 Home equity 19,876 319 6.43 17,324 308 7.14 2,552 (71) Automobile 1,667 20 4.78 3,705 41 4.41 (2,038) 37 Education 8,183 124 6.11 8,660 128 5.94 (477) 17 Other retail 4,061 98 9.67 4,277 114 10.66 (216) (99) Total retail 69,580 928 5.34 67,386 918 5.46 2,194 (12) Total loans and leases 146,128 1,968 5.36 138,809 1,851 5.31 7,319 5 Loans held for sale 1,715 26 6.04 2,754 36 5.29 (1,039) 75 Interest-earning assets 206,770 2,543 4.90 196,318 2,407 4.89 10,452 1 Noninterest-earning assets 22,493 21,343 1,150 Total assets $229,263 $217,661 $11,602 Liabilities and Stockholders’ Equity Checking with interest $38,632 $132 1.38 % $33,847 $123 1.46 % $4,785 (8) Savings 23,780 64 1.06 25,536 85 1.34 (1,756) (28) Money market 60,295 374 2.49 54,716 376 2.75 5,579 (26) Time 21,032 177 3.39 22,679 218 3.85 (1,647) (46) Total interest-bearing deposits 143,739 747 2.08 136,778 802 2.35 6,961 (27) Short-term borrowed funds 989 9 3.43 925 9 3.96 64 (53) Long-term borrowed funds 13,112 156 4.74 12,499 159 5.07 613 (33) Total borrowed funds 14,101 165 4.65 13,424 168 5.00 677 (35) Total interest-bearing liabilities 157,840 912 2.31 150,202 970 2.59 7,638 (28) Noninterest-bearing demand deposits 39,881 37,350 2,531 Other noninterest-bearing liabilities 5,592 5,503 89 Total liabilities 203,313 193,055 10,258 Stockholders’ equity 25,950 24,606 1,344 Total liabilities and stockholders’ equity $229,263 $217,661 $11,602 Interest rate spread 2.59 % 2.30 % 29 Net interest income and net interest margin $1,631 3.16 % $1,437 2.94 % 22 Net interest income and net interest margin, FTE(1) $1,634 3.17 % $1,441 2.95 % 22 Memo: Total deposits (interest-bearing and noninterest-bearing demand) $183,620 $747 1.63 % $174,128 $802 1.85 % $9,492 (22) bps Citizens Financial Group, Inc."},{"id":"e2","sourceId":"filing-2","location":"MD&A, average deposit growth and funding mix","excerpt":"Average deposits increased $9.5 billion and $9.1 billion for the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025, driven primarily by growth in the Private Bank and in commercial, partially offset by a reduction in higher-cost brokered deposits."},{"id":"e3","sourceId":"filing-7","location":"Third-quarter deposit composition and Consumer deposit decline","excerpt":"(1,146)\n(2,335)\nMoney market\n63,379 \n60,029 \n59,709 \n3,350 \n3,670 \nTime\n19,983 \n20,824 \n20,852 \n(841)\n(869)\nTotal period-end deposits\nNoninterest-bearing demand\n40,567 \n39,881 \n38,070 \n686 \n2,497 \nChecking with interest\n38,684 \n38,632 \n34,748 \n3,936 \nSavings\n22,923 \n23,780 \n25,001 \n(857)\n(2,078)\n(8)\nMoney market\n61,115 \n60,295 \n57,783 \n820 \n3,332 \nTime\n20,447 \n21,032 \n20,355 \n(585)\n92 \nTotal average deposits\n183,736 \n183,620 \n175,957 \n116 \n7,779 \nTotal period-end deposits of $185.2 billion are broadly stable, reflecting growth in the Private Bank and Commercial, largely offset by a decrease in Consumer."},{"id":"e4","sourceId":"filing-7","location":"Third-quarter Private Bank deposit growth","excerpt":"Private Bank deposits increased 4% to $18.5 billion at the end of third quarter 2026."},{"id":"e5","sourceId":"filing-1","location":"Business, competition and technology-driven entry barriers","excerpt":"In addition, technology has lowered barriers to entry and made it possible for non-bank institutions to attract funds and provide lending and other financial products and services."},{"id":"e6","sourceId":"filing-1","location":"Business, digital banking cost structures and deposit rates","excerpt":"These models are typically able to offer higher rates on deposit products than traditional retail banking institutions given their lower cost structure."},{"id":"e7","sourceId":"filing-1","location":"Market risk, consumer prepayment and withdrawal options","excerpt":"For example, most consumer loans can be prepaid without penalty and most consumer deposits can be withdrawn without penalty."},{"id":"e8","sourceId":"filing-7","location":"Third-quarter sequential deposit and funding costs","excerpt":"•Interest-bearing deposit costs increased 5 basis points to 2.13%; total deposit costs increased 3 basis points to 1.66%; total cost of funds increased 3 basis points to 1.88%."},{"id":"e9","sourceId":"filing-3","location":"Compensation peer group, competition for customers, talent and investment","excerpt":"The peer group consists of companies with which the Company competes for talent, customers, and shareholder investments, and which are generally similar in size and business mix."},{"id":"e10","sourceId":"filing-3","location":"Financial and compensation peer group changes effective in 2026","excerpt":"Effective as of 2026, Zions Bancorporation has replaced Comerica Corporation in our financial and compensation peer groups following its acquisition by Fifth Third Bancorp."},{"id":"e11","sourceId":"filing-3","location":"Named peer companies","excerpt":"Comerica Corporation KeyCorp Regions Financial Corporation Fifth Third Bancorp M&T Bank Corporation Truist Financial Huntington Bancshares PNC Financial Services Group U.S."},{"id":"e12","sourceId":"filing-8","location":"Earnings presentation, page 5, net interest margin attribution","excerpt":"5 3.17% 0.02% 0.04% (0.04)% 3.19% 2Q26 Terminated swaps Fixed-rate asset repricing & asset yield and mix Funding pricing and mix 3Q26 $197.6B $199.2B $201.9B $206.8B $208.9B $1,488 $1,537 $1,562 $1,631 $1,675 3.00% 3.07% 3.14% 3.17% 3.19% 3Q25 4Q25 1Q26 2Q26 3Q26 ■ NII up 2.7%, reflects higher NIM and a 1% increase in average interest-earning assets – NIM of 3.19%, up 2 bps QoQ, reflecting the benefit of lower terminated swap impacts and fixed-rate asset repricing, partially offset by increased funding costs ■ Interest-earning assets yield of 4.96%, up 6 bps ■ Interest-bearing deposit costs up 5 bps to 2.13% ■ Total deposit costs up 3 bps to 1.66%; total cost of funds up 3 bps to 1.88% Net interest income NII and NIM Average interest-earning assets Net interest income NIM, FTE Linked Quarter NIM 2Q26 to 3Q26 $s in millions, except earning assets"},{"id":"e13","sourceId":"filing-7","location":"Third-quarter wealth fees, net inflows and market appreciation","excerpt":"•Wealth fees increased $16 million, primarily from growth in AUM, reflecting net inflows and market appreciation."},{"id":"e14","sourceId":"filing-1","location":"Market risk, indexed loan rates and competitive deposit pricing","excerpt":"There may also be differences in the drivers of rate changes, as loans may be tied to a specific index rate such as SOFR or Prime, while deposits may not be as correlated with such rates and more dependent upon competitive demand."},{"id":"e15","sourceId":"filing-8","location":"Earnings presentation, page 3, consolidated quarterly results","excerpt":"3 3Q26 Earnings highlights 3Q26 2Q26 3Q25 Q/Q Y/Y $s in millions $/bps % $/bps % Net interest income $ 1,675 $ 1,631 $ 1,488 $ 44 3 % $ 187 13 % Noninterest income 647 652 630 (5) (1) 17 3 Total revenue 2,322 2,283 2,118 39 2 204 10 Noninterest expense 1,393 1,394 1,335 (1) — 58 4 Pre-provision profit 929 889 783 40 4 146 19 Provision for credit losses 125 134 154 (9) (7) (29) (19) Income before income tax expense 804 755 629 49 6 175 28 Income tax expense 168 168 135 — — 33 24 Net income $ 636 $ 587 $ 494 $ 49 8 % $ 142 29 % Preferred dividends/other(1) 37 33 37 4 12 — — Net income available to common stockholders $ 599 $ 554 $ 457 $ 45 8 % $ 142 31 % $s in billions Average interest-earning assets $ 208.9 $ 206.8 $ 197.6 $ 2.2 1 % $ 11.3 6 % Average deposits $ 183.7 $ 183.6 $ 176.0 $ 0.1 — % $ 7.8 4 % Performance metrics Net interest margin 3.18 % 3.16 % 2.99 % 2 bps 19 bps Net interest margin, FTE(2) 3.19 3.17 3.00 2 19 Loan-to-deposit ratio (period-end) 80.0 79.5 78.3 56 176 ROTCE 15.1 13.9 11.7 117 333 Efficiency ratio 60.0 61.1 63.0 (110) (305) Noninterest income as a % of total revenue 28 % 29 % 30 % (68) bps (189) bps Operating leverage 1.83 % 5.32 % Per common share Diluted earnings $ 1.41 $ 1.30 $ 1.05 $ 0.11 8 % $ 0.36 34 % Tangible book value $ 35.78 $ 38.29 $ 36.73 $ (2.51) (7) % $ (0.95) (2.6) % Average diluted shares outstanding (in millions) 425.7 426.7 435.5 (1.0) — % (9.8) (2) % See pages 31-32 for notes and important information on Non-GAAP Financial Measures."},{"id":"e16","sourceId":"filing-8","location":"Earnings presentation, page 13, capital, distributions and tangible book value","excerpt":"13 Strong capital position $s in billions (period-end) 3Q25 4Q25 1Q26 2Q26 3Q26 Basel III basis(1) Common equity tier 1 capital $ 18.0 $ 18.2 $ 18.2 $ 18.4 $ 18.7 Risk-weighted assets $ 168.9 $ 171.5 $ 173.3 $ 176.3 $ 177.3 Common equity tier 1 ratio 10.7 % 10.6 % 10.5 % 10.4 % 10.5 % Tier 1 capital ratio 11.9 % 11.9 % 11.7 % 11.6 % 11.8 % Total capital ratio 13.9 % 13.8 % 13.7 % 13.6 % 13.7 % Tangible common equity ratio 7.4 % 7.5 % 7.3 % 7.2 % 6.7 % TBV/share CET1 $ % 2Q26 10.41% $38.29 Net Income 0.36 1.51 3.9% Common and preferred dividends (0.13) (0.54) (1.4) RWA increase (0.05) Treasury stock (0.07) (0.14) (0.4) Goodwill and intangibles — 0.01 — AOCI — (3.37) (8.8) Other 0.01 0.02 0.1 Total change 0.12 (2.51) (6.6)% 3Q26 10.53% $35.78 CET1 ratio remains strong(2) Highlights ■ 3Q26 CET1 ratio of 10.5% – 8.7% CET1 ratio adjusted for AOCI opt-out removal ■ TBV/share of $35.78 was down 6.6% QoQ, and 2.6% YoY ■ Total capital returned to shareholders was $322 million in 3Q26 – Paid $197 million in common dividends to shareholders – Repurchased $125 million of common stock at a weighted-average price of $70.76 ■ Citizens' board of directors declared an increase in its quarterly common dividend to $0.52 per share, up $0.06 or 13% compared with the prior quarter, payable in 4Q26 ■ The board of directors also increased the capacity of Citizens' common share repurchase program to $1.95 billion, an increase of $1.3 billion above the $650 million of capacity currently remaining under the prior June 2025 authorization See pages 31-32 for notes."},{"id":"e17","sourceId":"filing-8","location":"Earnings presentation, page 36, CET1 adjusted for AOCI opt-out removal","excerpt":"36 Non-GAAP financial measures and reconciliations - CET1 adjusted for AOCI opt-out removal QUARTERLY TRENDS 3Q26 2Q26 CET1 Ratio adjusted for AOCI opt-out removal CET1 capital $ 18,673 $ 18,364 Less: AFS securities - AOCI 2,078 1,103 HTM securities - AOCI(1) 748 628 DTA for AFS/HTM securities 47 31 Pension 242 244 DTA for Pension 3 4 CET 1 capital adjusted for AOCI opt-out removal A $15,555 $16,354 Risk-weighted assets 177,258 176,336 Less: HTM securities - AOCI 128 108 AFS securities - AOCI 325 181 DTA for AFS/HTM securities (2,277) (1,385) Pension 242 244 DTA for Pension (213) (214) Risk-weighted assets adjusted for AOCI opt-out removal B $179,053 $177,402 CET1 Ratio adjusted for AOCI opt-out removal A/B 8.7 % 9.2 % $s in millions, except share, per share and ratio data (1) \"HTM securities - AOCI\" refers to unrealized losses recognized on securities before transfer to HTM"},{"id":"e18","sourceId":"filing-1","location":"Note on regulatory capital, December 31, 2025 actual ratios and requirements","excerpt":"Actual\nRequired Minimum Capital\nRatio(1)\nAs of December 31, 2025\n$18,240 \n10.6 \n$15,434 \n9.0 \n20,946 \n12.3 \n11,946 \n20,351 \n11.9 \n18,007 \n20,946 \n12.3 \n14,506 \n8.5 \nTotal capital\n23,654 \n13.8 \n21,437 \n12.5 \n24,135 \n14.1 \n17,919 \n20,351 \n9.5 \n8,613 \n4.0 \n20,946 \n8,572 \n4.0 \nAs of December 31, 2024\nIn addition, both entities elected to delay the estimated impact of CECL on regulatory capital for a two-year period ending December 31, 2021, followed by a three-year transition period ending December 31, 2024, to phase-in the aggregate amount of the capital benefit provided during the initial two-year delay."},{"id":"e19","sourceId":"filing-1","location":"Regulatory capital table footnote, SCB and CCB treatment","excerpt":"(1) Represents minimum requirement under the current capital framework plus the SCB of 4.5% and CCB of 2.5% for CFG and CBNA, respectively."},{"id":"e20","sourceId":"filing-2","location":"Liquidity risk, June 30, 2026 available liquidity","excerpt":"•Our total available liquidity, comprised of contingent liquidity and available discount window capacity, was approximately $89.4 billion:"},{"id":"e21","sourceId":"filing-2","location":"Liquidity risk, contingent liquidity composition","excerpt":"◦Contingent liquidity was $70.2 billion, consisting of unencumbered high-quality liquid securities of $40.2 billion, unused FHLB capacity of $18.9 billion, and cash balances at the FRB of $11.1 billion; and"},{"id":"e22","sourceId":"filing-7","location":"Earnings highlights, capital adequacy and asset-quality ratios","excerpt":"Earnings highlights(1):\nQuarterly Trends\n3Q26 change from\n($s in millions, except per share data)\nEffective income tax rate\n20.9 \n22.3 \n21.4 \n(143)\n(52)\nEfficiency ratio\n60.0 \n61.1 \n63.0 \n(110)\n(305)\nReturn on average tangible common equity\n15.1 \n13.9 \n11.7 \n117 \n333 \nReturn on average total tangible assets\n1.13 \n%\n1.06 \n%\n0.93 \n%\n7 \n bps\n20 \n bps\nCapital adequacy(3,4)\nCommon equity tier 1 capital ratio\n10.5 \n%\n10.4 \n%\n10.7 \n%\nTotal capital ratio\n13.7 \n13.6 \n13.9 \nTier 1 leverage ratio\n9.2 \n9.2 \n9.4 \nTangible common equity ratio\n6.7 \n7.2 \n7.4 \nAllowance for credit losses to loans and leases\n1.47 \n%\n1.48 \n%\n1.56 \n%\n(1)\n bps\n(9)\n bps\nAsset quality(4)\nNonaccrual loans and leases to loans and leases\n0.99 \n%\n0.97 \n%\n1.08 \n%\n2 \n bps\n(9)\n bps\nAllowance for credit losses to nonaccrual loans and leases\n149 \n152 \n145 \n(3)\n%\n4 \n%\nNet charge-offs as a % of average loans and leases\n0.37 \n%\n0.37 \n%\n0.46 \n%\n— \n bps\n(9)\n bps\n(1) Unless otherwise noted, references to balance sheet items are on an average basis, loans exclude loans held for sale, earnings per share"},{"id":"e23","sourceId":"filing-7","location":"Earnings highlights footnote, preliminary regulatory capital ratios","excerpt":"(3) Current reporting-period regulatory capital ratios are preliminary."},{"id":"e24","sourceId":"filing-7","location":"Third-quarter tangible book value decline and interest-rate effects","excerpt":"•Tangible book value per common share of $35.78, decreased 6.6% compared with second quarter 2026, and 2.6% versus third quarter 2025, given the negative impact of higher long-term rates on the investment securities and swap portfolios."},{"id":"e25","sourceId":"filing-2","location":"Consolidated statement of changes in equity, first half of 2026","excerpt":"Citizens Financial Group, Inc. | 44 CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED) Preferred Stock Common Stock Additional Paid-in Capital Retained Earnings Treasury Stock, at Cost Accumulated Other Comprehensive Income (Loss) Total (dollars and shares in millions) Shares Amount Shares Amount Balance at January 1, 2025 2 $2,113 441 $7 $22,364 $10,412 ($7,047) ($3,595) $24,254 Dividends declared - common stock — — — — — (371) — — (371) Dividends declared - preferred stock — — — — — (67) — — (67) Treasury stock purchased — — (10) — — — (400) — (400) Share repurchase excise tax — — — — — — (3) — (3) Share-based compensation plans — — 2 — 41 — — — 41 Employee stock purchase plan — — — — 15 — — — 15 Total comprehensive income (loss): Net income — — — — — 809 — — 809 Other comprehensive income (loss) — — — — — — — 956 956 Total comprehensive income (loss) — — — — — 809 — 956 1,765 Balance at June 30, 2025 2 $2,113 433 $7 $22,420 $10,783 ($7,450) ($2,639) $25,234 Balance at January 1, 2026 2 $2,111 429 $7 $22,476 $11,345 ($7,652) ($1,970) $26,317 Dividends declared - common stock — — — — — (396) — — (396) Dividends declared - preferred stock — — — — — (66) — — (66) Treasury stock purchased — — (8) — — — (525) — (525) Share repurchase excise tax — — — — — — (5) — (5) Share-based compensation plans — — 2 — 29 — — — 29 Employee stock purchase plan — — — — 16 — — — 16 Total comprehensive income (loss): Net income — — — — — 1,104 — — 1,104 Other comprehensive income (loss) — — — — — — — (291) (291) Total comprehensive income (loss) — — — — — 1,104 — (291) 813 Balance at June 30, 2026 2 $2,111 423 $7 $22,521 $11,987 ($8,182) ($2,261) $26,183 The accompanying Notes to Consolidated Financial Statements are an integral part of these statements."},{"id":"e26","sourceId":"filing-1","location":"Share-based compensation expense, 2023–2025","excerpt":"Share-based compensation expense was $120 million, $97 million, and $87 million for the years ended December 31, 2025, 2024, and 2023, respectively."},{"id":"e27","sourceId":"filing-3","location":"Compensation discussion, approved final 2023 PSU payout","excerpt":"On February 11, 2026, the Compensation and HR Committee approved a final payout level of 79.8% of target for the 2023 PSU Awards."},{"id":"e28","sourceId":"filing-3","location":"Compensation discussion, PSU targets and normalized performance results","excerpt":"Core Metric 2023 PSU Award Targets 2023-2025 Normalized* Results % of Target Earned Based on Core Metrics % of Target Earned After Application of TSR Modifier Threshold Target Maximum By Metric Overall 3-Year Average ROTCE 10.46% 14.99% 17.58% 12.17% 69.8% 66.5% 79.8% (66.5% * 1.2) 3-Year Cumulative EPS $11.73 $16.64 $19.96 $13.03 63.3% * See Appendix A for more information on Non-GAAP Financial Measures and Reconciliations."},{"id":"e29","sourceId":"filing-3","location":"Compensation governance, prohibition on hedging and pledging","excerpt":"70 2026 Proxy Statement Compensation Matters Prohibition on Hedging and Pledging We prohibit our colleagues and directors, including our NEOs and other executive officers, from engaging in any hedging transactions (including transactions involving options, puts, calls, prepaid variable forward contracts, equity swaps, collars and exchange funds or other derivatives) that are designed to hedge or offset a decrease in the market value of the Company’s equity securities or pledging their ownership in our securities (including equity-based awards), which would undermine the risk alignment embedded in our executive compensation program."},{"id":"e30","sourceId":"filing-3","location":"Compensation discussion, granted off-cycle succession awards","excerpt":"In June 2024, the Compensation and HR Committee granted off-cycle Leadership Succession Awards to select executives, which the Board and Compensation and HR Committee viewed as necessary at that time to retain a strong pool of internal CEO candidates given the competitive market for executive talent."},{"id":"e31","sourceId":"filing-3","location":"Compensation discussion, shareholder opposition to off-cycle awards","excerpt":"While most shareholders we spoke with understood the rationale for the awards and appreciated the Company's proactive approach to succession planning, many shareholders did not support our 2025 say-on-pay proposal because they are not generally supportive of off-cycle awards as a matter of policy."},{"id":"e32","sourceId":"filing-3","location":"Compensation and HR Committee independence","excerpt":"Each member of the Compensation and HR Committee meets the independence requirements of the NYSE and Rule 10C-1 of the Exchange Act and is a “non-employee director” under Exchange Act Rule 16b-3."},{"id":"e33","sourceId":"filing-1","location":"Risk factors, anti-takeover provisions","excerpt":"Anti-takeover provisions in Delaware law and our restated certificate of incorporation and amended and restated bylaws, as well as regulatory approvals that would be required under federal law, could make it more difficult for a third party to take control of us and may prevent stockholders from receiving a premium for their shares of our common stock."},{"id":"e34","sourceId":"filing-10","location":"Earnings presentation, page 21, Private Bank investment outcomes","excerpt":"21 2Q26 Private Bank financial performance $s in millions 2Q26 1Q26 4Q25 3Q25 2Q25 Net interest income $148.8 $134.1 $118.3 $100.2 $80.3 Noninterest income 23.1 23.0 23.7 20.2 15.2 Total revenue 171.9 157.1 141.9 120.4 95.4 Noninterest expense 88.4 91.4 85.7 73.0 60.4 Pre-provision profit 83.6 65.7 56.2 47.4 35.1 Provision for credit losses — — — — — Income before income tax expense 83.6 65.7 56.2 47.4 35.1 Income tax expense 21.5 16.9 14.2 12.0 8.9 Net income 62.0 48.8 42.0 35.4 26.2 Contribution to total CFG Diluted EPS $0.15 $0.11 $0.10 $0.08 $0.06 $s in billions Interest-earning assets (spot) $9.7 $7.7 $7.2 $5.9 $4.9 Total Commercial $6.3 $5.0 $4.9 $4.2 $3.4 Total Retail $3.4 $2.7 $2.3 $1.7 $1.5 Total loans (spot) $9.7 $7.7 $7.2 $5.9 $4.9 Total deposits (spot) 17.8 16.6 14.5 12.5 8.7 Risk-weighted assets (spot) $9.9 $8.2 $7.6 $6.4 $5.4 Performance metrics: Efficiency ratio 51.4% 58.2% 60.4% 60.6% 63.2% Noninterest income as a % of total revenue 13.4% 14.7% 16.7% 16.8% 15.9% $s in billions Client assets(1) Assets Under Management (AUM)(2) $9.6 $8.7 $8.6 $7.6 $6.5 Transactional assets(3) 1.6 1.4 1.4 1.4 0.7 Total Private Bank client assets $11.2 $10.1 $10.0 $9.0 $7.2 See pages 29-30 for notes."},{"id":"e35","sourceId":"filing-8","location":"Earnings presentation, page 15, transformation progress and future targets","excerpt":"15 Reimagine the Bank progressing well Mobilized the program; simplifying the bank Foundation now in place to accelerate program benefits in 2027 and 2028 35+ of 50+ planned initiatives launched to date 500+ colleagues dedicated to execution Corporate office location strategy designed for enhanced collaboration and efficiency Streamlined process for approving new technology, AI tools and vendors AI research and meeting prep now used by ~50% of bankers and analysts in Commercial Banking AI phone support built for the most common reasons credit card customers call; customers get answers faster ~95% of software engineers use AI coding tools, shifting focus to shaping solutions and validating output AI-driven complaint logging for Credit Card; improves service and frees agents for more complex calls Reached ~90% of the 2026 vendor savings target ~25% faster onboarding of cash management products and AI assistance with payment inquiries ■ Expect minimal EPS impact in 2026 as start-up costs offset in-year benefits – ~$100 million pre-tax run-rate benefit by year-end 2026 ■ ~$225 million pre-tax run-rate benefit by year-end 2027 ■ ~$450+ million pre-tax run-rate benefit by year-end 2028 Tracking well with original financial targets provided January 2026 35 applications rationalized YTD; simplifying our technology environment and lowering costs ~30% Reduction in software delivery cycle time, accelerating innovation and enabling new capabilities to reach market faster Efficiency gains Productivity enhancement"},{"id":"e36","sourceId":"filing-3","location":"Appendix A, historical common earnings and tangible equity returns","excerpt":"110 2026 Proxy Statement Appendix A—Non-GAAP Financial Measures and Reconciliations Non-GAAP financial measures and reconciliations (in millions, except share, per-share and ratio data) FULL YEAR 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Net income available to common stockholders, Underlying: Net income available to common shareholders (GAAP) A $ 1,688 $ 1,372 $ 1,491 $ 1,960 $ 2,206 $ 950 $ 1,718 $ 1,692 $ 1,638 $ 1,031 $ 833 $ 865 Add: Notable items, net of income tax expense (benefit) — 98 357 352 78 83 17 16 (340) (19) — — Add: Restructuring charges and special items, net of income tax expense (benefit) — — — — — — — — — — (31) (75) Net income available to common shareholders, Underlying (non-GAAP) B $ 1,688 $ 1,470 $ 1,848 $ 2,312 $ 2,284 $ 1,033 $ 1,735 $ 1,708 $ 1,298 $ 1,012 $ 864 $ 790 Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) C $ 22,954 $ 21,881 $ 21,592 $ 21,724 $ 21,025 $ 20,438 $ 20,325 $ 19,645 $ 19,618 $ 19,698 $ 19,354 $ 19,399 Less: Average goodwill (GAAP) 8,187 8,187 8,184 7,872 7,062 7,049 7,036 6,912 6,883 6,876 6,876 6,876 Less: Average other intangibles (GAAP) 131 143 177 181 54 64 71 14 2 2 4 7 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 439 433 422 413 381 376 371 359 534 502 445 377 Average tangible common equity D $ 15,075 $ 13,984 $ 13,653 $ 14,084 $ 14,290 $ 13,701 $ 13,589 $ 13,078 $ 13,267 $ 13,322 $ 12,919 $ 12,893 Return on average tangible common equity A/D 11.20 % 9.81 % 10.92 % 13.91 % 15.44 % 6.93 % 12.64 % 12.94 % 12.35 % 7.74 % 6.45 % 6.71 % Return on average tangible common equity, Underlying (non-GAAP)(1) B/D 11.20 % 10.51 % 13.53 % 16.41 % 15.98 % 7.53 % 12.76 % 13.06 % 9.79 % 7.60 % 6.69 % 6.13 % (1) Totals may be affected due to rounding."},{"id":"e37","sourceId":"filing-1","location":"Deposit insurance and collateralization disclosure","excerpt":"$76,764 \nLess: Uninsured affiliate deposits eliminated in consolidation\n11,555 \n12,705 \nLess: Preferred deposits(1)(2)\n6,923 \n6,902 \nCFG adjusted estimated uninsured deposits, excluding preferred deposits\n68,399 \n57,157 \nTotal estimated insured/secured deposits\n$114,914 \n$117,619 \nInsured/secured deposits to total deposits\n%\n%\n(1) As reported on CBNA’s Call Report."},{"id":"e38","sourceId":"filing-2","location":"Borrowed funds, utilized FHLB capacity","excerpt":"The utilized FHLB borrowing capacity, primarily for advances and letters of credit, was $11.6 billion and $7.1 billion at June 30, 2026 and December 31, 2025, respectively."}],"changes":["The no-moat verdict is unchanged from the previous accepted analysis.","Third-quarter evidence qualifies the earlier funding-cost improvement: total deposit costs rose sequentially, and Private Bank and Commercial growth offset declining Consumer deposits.","Added bank-specific financial assessments and actual proxy compensation disclosures. Latest evidence shows stronger earnings alongside material AOCI-related tangible capital erosion."],"limitations":["All supplied evidence is issuer-originated. Reported operating results and contractual disclosures support numerical grades, but promotional descriptions and future targets do not establish durable superiority.","Named peers are expressly identified as competitors for customers, talent and investment; product-specific market shares and comparative funding-cost histories are absent. Digital competitors are disclosed only as generic categories.","Deposit growth and wealth inflows provide indirect retention evidence; customer cohort retention, switching costs and realized fee-rate changes are not supplied.","Third-quarter regulatory capital ratios are preliminary. The latest clearly disclosed numerical capital requirements are from year-end 2025; their continued applicability is not assumed. AOCI-adjusted CET1 is a separate non-GAAP measure, not the reported regulatory ratio.","Available liquidity amounts are supplied through June 2026, while detailed uninsured-deposit evidence is older. Liquidity facilities and collateral cannot be assumed to be equally available under every stress.","Actual executive ownership amounts are absent. Proxy award outcomes and existing restrictions support alignment assessment without establishing ownership levels or subsequent shareholder-vote outcomes.","All cited sources retain dateKind filed. Financial grades use sources filed within 550 days of October 18, 2026; historical figures within those sources provide comparisons rather than proof of current sufficiency."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":1,"rationale":"Deposit growth at lower year-over-year rates demonstrates franchise value, but lowered entry barriers and digital competitors' lower costs undermine structural protection.","evidenceIds":["e1","e5","e6"]},{"criterion":"durability","grade":1,"rationale":"Penalty-free consumer withdrawals and prepayments weaken contractual persistence. Current growth does not demonstrate durable relative cost superiority across cycles.","evidenceIds":["e7","e2"]},{"criterion":"customer_dependency","grade":1,"rationale":"Funding demand persists, but Consumer deposits declined and customers generally retain penalty-free exit options. 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Material tangible book erosion from rate exposures makes overall capital stewardship mixed.","evidenceIds":["e16","e24","e25"]},{"criterion":"incentive_alignment","grade":2,"rationale":"The approved PSU payout below target and hedging prohibition demonstrate meaningful alignment mechanisms. Normalized metrics and controversial granted off-cycle awards temper that evidence; executive ownership amounts are missing.","evidenceIds":["e27","e28","e29","e30","e31"]},{"criterion":"execution","grade":3,"rationale":"Reported earnings, operating leverage and Private Bank profits demonstrate execution beyond management descriptions. Transformation deployment provides additional progress evidence, but projected savings remain targets.","evidenceIds":["e15","e34","e35"]},{"criterion":"governance","grade":2,"rationale":"Independent compensation oversight and anti-hedging rules provide safeguards. Shareholder opposition to off-cycle awards and anti-takeover provisions create counterweights; later voting outcomes are unavailable.","evidenceIds":["e29","e31","e32","e33"]}]}],"financialAssessments":[{"category":"financial_strength","checks":[{"criterion":"capital_adequacy","grade":2,"rationale":"Preliminary September CET1 was 10.5% and total capital 13.7%. Year-end 2025 requirements included a 4.5% CFG stress capital buffer and a disclosed 9.0% CET1 requirement. AOCI-adjusted CET1 fell to 8.7%, making capital protection mixed; no current regulatory headroom is inferred from the earlier requirement.","evidenceIds":["e16","e17","e18","e19","e23"]},{"criterion":"liquidity_funding","grade":3,"rationale":"June available liquidity of $89.4 billion, identified liquid securities and borrowing capacity, and September loan-to-deposit ratio of 80% support strong funding flexibility. Stable aggregate deposits mask Consumer outflows; uninsured funding and increased FHLB utilization limit the assessment.","evidenceIds":["e20","e21","e22","e3","e37","e38"]},{"criterion":"asset_liability_risk","grade":2,"rationale":"September charge-offs of 0.37% improved year over year and nonaccruals were 0.99%, but nonaccruals edged higher sequentially. Higher long-term rates materially reduced tangible book value, demonstrating realized balance-sheet sensitivity.","evidenceIds":["e22","e24","e17"]},{"criterion":"earnings_resilience","grade":3,"rationale":"Positive historical common earnings and rising 2026 consolidated earnings support demonstrated resilience. Third-quarter net income reached $636 million and pre-provision profit $929 million; rate-related tailwinds and variable fee businesses limit extrapolation.","evidenceIds":["e15","e36","e12"]}]},{"category":"capital_allocation","checks":[{"criterion":"capital_efficiency","grade":2,"rationale":"Consolidated ROTCE improved to 15.1%, but historical returns varied and tangible equity suffered rate-related losses. ROTCE uses tangible common equity and is not a return on total GAAP equity or evidence of a moat.","evidenceIds":["e15","e36","e24"]},{"criterion":"distributions_and_buffers","grade":2,"rationale":"Third-quarter common distributions of $322 million were below $599 million of common earnings, while reported CET1 rose sequentially. First-half distributions consumed much of earnings, and AOCI-adjusted capital deteriorated. 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extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":6.466512702078522},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two complete TTM FCF bases and their diluted share counts are required for year-over-year growth.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":6.872037914691943},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"The 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extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":6.327462491846053},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"The 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extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":null,"sbc_revenue":7.339449541284404},"issues":{"pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"Two 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extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this 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