Citizens Financial Group Files 2024 10-K

TL;DR

CFG filed its 2024 10-K. Full financial picture released.

AI Summary

Citizens Financial Group, Inc. filed its 10-K for the fiscal year ending December 31, 2024, on February 13, 2025. The filing details the company's financial performance and operations as a commercial bank. Key financial data and operational segments are outlined within the report.

Why It Matters

This 10-K filing provides investors and analysts with a comprehensive overview of Citizens Financial Group's financial health, strategic initiatives, and risk factors for the 2024 fiscal year.

Risk Assessment

Risk Level: low — This is a routine annual filing providing historical financial data and does not indicate any immediate or unusual risks.

Key Numbers

• 0.025 — Exchange Rate (Indicates a foreign exchange rate, likely for reporting purposes.)

Key Players & Entities

• CITIZENS FINANCIAL GROUP INC/RI (company) — Filer of the 10-K
• 20241231 (date) — Fiscal year end
• 20250213 (date) — Filing date
• PROVIDENCE, RI (location) — Company headquarters

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value per share CFG New York Stock
• $36.03 — Financial Group, Inc. common shares of $36.03 as reported on the New York Stock Excha
• $217.5 b — cember 31, 2024, we had total assets of $217.5 billion, total deposits of $174.8 billion
• $174.8 billion — ts of $217.5 billion, total deposits of $174.8 billion and total stockholders' equity of $24.3
• $24.3 billion — llion and total stockholders' equity of $24.3 billion. We are a BHC incorporated under Delaw

Filing Documents

• cfg-20241231.htm (10-K) — 6257KB
• exhibit46-q42024.htm (EX-4.6) — 70KB
• exhibit47-q42024.htm (EX-4.7) — 9KB
• a105_rsuannualagreement.htm (EX-10.5) — 73KB
• a107_psuannualagreement.htm (EX-10.7) — 79KB
• a1038consolidatedjohnsonem.htm (EX-10.38) — 127KB
• personal_securitiesxtransa.htm (EX-19.1) — 120KB
• exhibit211-q42024.htm (EX-21.1) — 43KB
• a231-consentletterxq42024.htm (EX-23.1) — 3KB
• a311certexceo302-q42024.htm (EX-31.1) — 10KB
• a312certexcfo302-q42024.htm (EX-31.2) — 9KB
• a321certexceo906-q42024.htm (EX-32.1) — 5KB
• a322certexcfo906-q42024.htm (EX-32.2) — 5KB
• image_0a.jpg (GRAPHIC) — 5KB
• image_0b.jpg (GRAPHIC) — 17KB
• cfg-20241231_g1.jpg (GRAPHIC) — 46KB
• cfg-20241231_g2.jpg (GRAPHIC) — 83KB
• 0000759944-25-000013.txt ( ) — 31568KB
• cfg-20241231.xsd (EX-101.SCH) — 135KB
• cfg-20241231_cal.xml (EX-101.CAL) — 269KB
• cfg-20241231_def.xml (EX-101.DEF) — 829KB
• cfg-20241231_lab.xml (EX-101.LAB) — 1613KB
• cfg-20241231_pre.xml (EX-101.PRE) — 1257KB
• cfg-20241231_htm.xml (XML) — 7223KB

Forward-Looking Statements

Forward-Looking Statements 5 Part I.

Risk Factors

Item 1A. Risk Factors 21

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 34

Cybersecurity

Item 1C. Cybersecurity 34

Properties

Item 2. Properties 35

Legal Proceedings

Item 3. Legal Proceedings 35

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 35 Part II.

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 36

Reserved

Item 6. Reserved 37

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 38

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 80

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 81 Consolidated Balance Sheets 87 Consolidated Statements of Operations 88 Consolidated Statements of Comprehensive Income 89 Consolidated Statements of Changes in Stockholders' Equity 90 Consolidated Statements of Cash Flows 91

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 93

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 155

Controls and Procedures

Item 9A. Controls and Procedures 155

Other Information

Item 9B. Other Information 156

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 156 Part III.

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 156

Executive Compensation

Item 11. Executive Compensation 156

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 157

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 157

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 157 Part IV.

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 157

Form 10-K Summary

Item 16. Form 10-K Summary 161

Signatures

Signatures 162 Citizens Financial Group, Inc. | 1 GLOSSARY OF ACRONYMS AND TERMS The following is a list of common acronyms and terms used regularly in our financial reporting: AACL Adjusted Allowance for Credit Losses ACL Allowance for Credit Losses: Allowance for Loan and Lease Losses plus Allowance for Unfunded Lending Commitments AFS Available for Sale ALLL Allowance for Loan and Lease Losses ALM Asset and Liability Management AOCI Accumulated Other Comprehensive Income (Loss) ASU Accounting Standards Update ATM Automated Teller Machine Bank Holding Company Act The Bank Holding Company Act of 1956 BHC Bank Holding Company Board or Board of Directors The Board of Directors of Citizens Financial Group, Inc. bps Basis Points Capital Plan Rule Federal Reserve Regulation Y Capital Plan Rule CBNA Citizens Bank, National Association CCAR Comprehensive Capital Analysis and Review CCB Capital Conservation Buffer CECL Current Expected Credit Losses (ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments) CET1 Common Equity Tier 1 CEO Chief Executive Officer CET1 capital ratio Common Equity Tier 1 capital divided by total risk-weighted assets as defined under the U.S. Basel III Standardized approach CFPB Consumer Financial Protection Bureau CFTC Commodity Futures Trading Commission Citizens, CFG, the Company, we, us, or our Citizens Financial Group, Inc. and its Subsidiaries CLTV Combined Loan-to-Value CMO Collateralized Mortgage Obligation CODM Chief Operating Decision Maker COVID Coronavirus Disease CRA Community Reinvestment Act CRE Commercial Real Estate DIF Deposit Insurance Fund Dodd-Frank Act The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 EAD Exposure at Default EEO-1 report Mandatory report on workforce demographics submitted annually to the U.S. Equal Employment Opportunity Commission EPS Earnings Per Share ESPP Employee Stock Purcha

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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," "likely," "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, 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; The general state of the economy and employment, as well as general business and economic conditions, and changes in the competitive environment; Our capital and liquidity requirements under regulatory standards and our ability to generate capital and liquidity on favorable terms; T

BUSINESS

ITEM 1. BUSINESS Citizens Financial Group, Inc. is 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. Our products and services are offered through more than 1,000 branches in 14 states and the District of Columbia and 97 retail and commercial non-branch offices, though certain lines of business serve national markets. At December 31, 2024, we had total assets of $217.5 billion, total deposits of $174.8 billion and total stockholders' equity of $24.3 billion. We are a BHC incorporated under Delaware state law in 1984 and our primary federal regulator is the FRB. CBNA is our banking subsidiary, whose primary federal regulator is the OCC. Business Segments We manage our business through two primary business segments: Consumer Banking and Commercial Banking. Our activities outside these segments are classified as Non-Core or Other. Non-Core includes our indirect auto and certain purchased consumer loan portfolios that we discontinued the origination of in 2023 as part of our balance sheet optimization strategy. Other includes treasury activities, wholesale funding, the securities portfolio, community development assets, and other unallocated assets, liabilities, capital, revenues, provision (benefit) for credit losses and expenses, including income tax expense. For additional information regarding our business segments see the "Business Operating Segments" section of Item 7 and Note 26 in Item 8. Consumer Banking Segment Consumer Banking serves consumer customers and small businesses, with products and services that include deposits, mortgage and home equity lending, credit cards, small business loans, and wealth management and investment services largely across our 14-state traditional banking footprint. We also offer education and point-of-sale finance loans in addition to select digital deposit pr

View Full Filing

View this 10-K filing on SEC EDGAR