Consumer Banking net interest income increased $82 million for the three months ended March 31, 2024, compared to the same period in 2023, driven by higher net interest margin reflecting higher interest-earning asset yields and growth in average interest-earning assets.

Commercial Banking net interest income decreased $83 million for the three months ended March 31, 2024, compared to the same period in 2023, driven by lower net interest margin, a decline in average interest-earning assets and higher funding costs.

The Company repurchased $300 million of its outstanding common stock during the three months ended March 31, 2024, indicating a continued focus on returning capital to shareholders.

Noninterest expense increased to $1.358 billion for the three months ended March 31, 2024, compared to $1.296 billion for the same period in 2023. This increase was driven by salaries and employee benefits reflecting Private Bank start-up investment.

Provision expense increased to $171 million for the three months ended March 31, 2024, compared to $168 million for the same period in 2023. The provision expense reflects higher reserves against the CRE Office portfolio primarily driven by elevated interest rates and return-to-office dynamics.

The Company's total available liquidity, comprised of contingent liquidity and available discount window capacity, was approximately $81.0 billion as of March 31, 2024, reflecting a focus on maintaining a strong liquidity profile.

Commercial real estate criticized balances of $5.4 billion at March 31, 2024 increased from $5.0 billion at December 31, 2023, attributable to the continued impacts of interest rates and return-to-office dynamics on the Office sector.

The ACL accounts for an economic forecast over a two-year reasonable and supportable period with peak unemployment of approximately 4.9% and start-to-trough real GDP decline of approximately 0.3%. This forecast reflects a mild recession over the two-year reasonable and supportable period.

The SEC adopted a final rule to require registrants to disclose certain climate-related information, but the rule has been stayed pending judicial review, creating uncertainty regarding future disclosure requirements.

The Company's asset sensitivity remains broadly neutral as of March 31, 2024, consistent with December 31, 2023. This reflects the impacts of changes in our balance sheet mix, including securities, loans, deposits, borrowed funds and hedge activity.

Average deposits increased $1.8 billion, or 1%, for the three months ended March 31, 2024, compared to the same period in 2023, reflecting growth in retail and Private Bank deposits.

At March 31, 2024, CFG's CET1 and tier 1 capital ratios were stable compared to December 31, 2023.

Salaries and employee benefits increased $33 million for the three months ended March 31, 2024, compared to the same period in 2023, reflecting our Private Bank start-up investment, partially offset by lower headcount.

Equipment and software expenses increased $23 million for the three months ended March 31, 2024, compared to the same period in 2023, reflecting technology investments.

Other operating expense increased $34 million for the three months ended March 31, 2024, compared to the same period in 2023, largely associated with FDIC deposit insurance, reflecting an estimate of CBNA's incremental special assessment of $35 million recognized in the first quarter of 2024.

Equipment and software expenses increased $23 million for the three months ended March 31, 2024, compared to the same period in 2023, reflecting technology investments.

The Company repurchased $300 million of its outstanding common stock during the three months ended March 31, 2024, indicating a continued focus on returning capital to shareholders.

The Company declared quarterly common stock dividends of $0.42 per share, aggregating to $197 million, indicating a consistent dividend policy.

Environmental risks, such as physical or transition risks associated with climate change, and social and governance risks, that could adversely affect our reputation, operations, business, and customers.

It remains difficult to estimate how changes in economic forecasts might affect our ACL because such forecasts consider a wide variety of variables and inputs, and changes in the variables and inputs may not occur at the same time or in the same direction.

Negative economic, business and political conditions, including as a result of the interest rate environment, supply chain disruptions, inflationary pressures and labor shortages, that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits.