The $185 billion asset Citizens Financial Group (NYSE: CFG), based in Rhode Island, posted disappointing second-quarter results, generating diluted earnings per share (EPS) of $1.46 on total revenue of $1.61 billion. EPS beat expectations by $0.37, but missed slightly on revenue. However, EPS would have missed expectations had Citizens not released $291 million of reserve capital previously set aside for pandemic-related loan losses but not used because of an improving macroeconomic outlook.