Citizens Financial Group, Inc. Files 10-Q for Q1 2024

TL;DR

<b>Citizens Financial Group, Inc. has filed its Q1 2024 10-Q report.</b>

AI Summary

CITIZENS FINANCIAL GROUP INC/RI (CFG-PI) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Citizens Financial Group, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's Central Index Key is 0000759944. Citizens Financial Group, Inc. is incorporated in Delaware. The company's principal business address is 1 Citizens Plaza, Providence, RI 02903.

Why It Matters

For investors and stakeholders tracking CITIZENS FINANCIAL GROUP INC/RI, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational updates for Citizens Financial Group, Inc. for the first quarter of 2024. The detailed financial information within this report is crucial for assessing the company's current financial health, profitability, and strategic direction.

Risk Assessment

Risk Level: low — CITIZENS FINANCIAL GROUP INC/RI shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediately apparent unusual or high-risk disclosures.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Citizens Financial Group's performance and outlook for Q1 2024.

Key Numbers

• 20240331 — Reporting Period End Date (Conformed Period of Report)
• 20240506 — Filing Date (Filed As of Date)
• 6022 — Standard Industrial Classification (SIC Code for Commercial Banks)
• 050412693 — IRS Number (Company IRS Number)
• DE — State of Incorporation (Incorporation State)
• 1231 — Fiscal Year End (Company Fiscal Year End)

Key Players & Entities

• CITIZENS FINANCIAL GROUP INC/RI (company) — Filer
• 0000759944 (company) — Central Index Key
• 20240331 (date) — Conformed Period of Report
• 20240506 (date) — Filed As of Date
• DE (jurisdiction) — State of Incorporation
• 1 CITIZENS PLAZA (address) — Business Address Street 1
• PROVIDENCE (location) — Business Address City
• RI (location) — Business Address State

FAQ

Industry Context

Citizens Financial Group, Inc. operates within the commercial banking sector, providing a range of financial products and services.

Regulatory Implications

As a publicly traded financial institution, Citizens Financial Group is subject to regulations from the Securities and Exchange Commission (SEC) and other banking authorities.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Review any disclosures regarding liquidity and capital adequacy.
3. Examine management's discussion and analysis for insights into business trends and outlook.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-06: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, following the Q4 2023 10-K or prior 10-Q filings.

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value per share CFG New York Stock
• $220.4 billion — nd largest financial institutions, with $220.4 billion in assets as of March 31, 2024. Headqua
• $177 million — E Key Highlights Net income decreased $177 million for the three months ended March 31, 20
• $0.35 — earnings per diluted common share down $0.35 to $0.65 compared to the same period in
• $0.65 — per diluted common share down $0.35 to $0.65 compared to the same period in 2023. R
• $61 million — 2023. Results reflect notable items of $61 million or $0.14 per diluted common share, net
• $0.14 — reflect notable items of $61 million or $0.14 per diluted common share, net of tax be
• $49 million — onths ended March 31, 2024, compared to $49 million or $0.10 per diluted common share, net
• $0.10 — ch 31, 2024, compared to $49 million or $0.10 per diluted common share, net of tax be
• $517 — results (non-GAAP) Noninterest income $517 $— $3 $— $514 Noninterest expense 1,35
• $3 — (non-GAAP) Noninterest income $517 $— $3 $— $514 Noninterest expense 1,358 3 47
• $514 — AAP) Noninterest income $517 $— $3 $— $514 Noninterest expense 1,358 3 47 35 1,27
• $485 — results (non-GAAP) Noninterest income $485 $— $— $— $485 Noninterest expense 1,29
• $184 million — ilable to common stockholders decreased $184 million for the three months ended March 31, 20
• $365 million — ome available to common stockholders of $365 million for the three months ended March 31, 20

Filing Documents

• cfg-20240331.htm (10-Q) — 4341KB
• exhibit101-directorcomppol.htm (EX-10.1) — 18KB
• exhibit102-cfgomnibusplana.htm (EX-10.2) — 124KB
• exhibit103-cfgdirectorspla.htm (EX-10.3) — 88KB
• exhibit104-cfgesppar2024.htm (EX-10.4) — 85KB
• a311certexceo302-q12024.htm (EX-31.1) — 10KB
• a312certexcfo302-q12024.htm (EX-31.2) — 9KB
• a321certexceo906-q12024.htm (EX-32.1) — 5KB
• a322certexcfo906-q12024.htm (EX-32.2) — 5KB
• cfg-20240331_g1.jpg (GRAPHIC) — 24KB
• cfg-20240331_g2.gif (GRAPHIC) — 220KB
• 0000759944-24-000090.txt (&nbsp;) — 21539KB
• cfg-20240331.xsd (EX-101.SCH) — 84KB
• cfg-20240331_cal.xml (EX-101.CAL) — 165KB
• cfg-20240331_def.xml (EX-101.DEF) — 591KB
• cfg-20240331_lab.xml (EX-101.LAB) — 947KB
• cfg-20240331_pre.xml (EX-101.PRE) — 782KB
• cfg-20240331_htm.xml (XML) — 5127KB

Financial Information

Part I. Financial Information 5

Financial Statements

Item 1. Financial Statements 37 Consolidated Balance Sheets (unaudited) 38 Consolidated Statements of Operations (unaudited) 39 Consolidated Statements of Comprehensive Income (unaudited) 40 Consolidated Statements of Changes in Stockholders' Equity (unaudited) 41 Consolidated Statements of Cash Flows (unaudited) 42

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 43

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 5

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 75

Controls and Procedures

Item 4. Controls and Procedures 75

Other Information

Part II. Other Information 75

Legal Proceedings

Item 1. Legal Proceedings 75

Risk Factors

Item 1A. Risk Factors 75

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 76

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 76

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 76

Other Information

Item 5. Other Information 76

Exhibits

Item 6. Exhibits 76 Signature 78 Citizens Financial Group, Inc. | 2 GLOSSARY OF ACRONYMS AND TERMS The following is a list of common acronyms and terms used regularly in our financial reporting: 2023 Form 10-K Annual Report on Form 10-K for the year ended December 31, 2023 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 ALM Asset and Liability Management AOCI Accumulated Other Comprehensive Income (Loss) ASU Accounting Standards Update ATM Automated Teller Machine Board or Board of Directors The Board of Directors of Citizens Financial Group, Inc. bps Basis Points 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 CET1 capital ratio Common 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 our Citizens Financial Group, Inc. and its Subsidiaries CLTV Combined Loan-to-Value COVID Coronavirus Disease CRE Commercial Real Estate EPS Earnings Per Share EVE Economic Value of Equity Exchange Act The Securities Exchange Act of 1934, as amended Fannie Mae (FNMA) Federal National Mortgage Association FDIC Federal Deposit Insurance Corporation FDM Financially Distressed Modification FHA Federal Housing Administration FHLB Federal Home Loan Bank FICO Fair Isaac Corporation (credit rating) FRB or Federal Reserve Board of Governors of the Federal Reserve System and, as applicable, Federal Reserve Bank(s) Freddie Mac (FHLMC) Federal Home Loan Mortgage Corporation FTE Fully Taxable Equivalent FTP Funds Transfer Pricing GAAP Accounting Principles Genera

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Page

Forward-Looking Statements

Forward-Looking Statements 6 Introduction 7 Financial Performance 8 Results of Operations 9 Net Interest Income 9 Noninterest Income 10 Noninterest Expense 11 Provision for Credit Losses 11 Income Tax Expense 11 Business Operating Segments 11 Analysis of Financial Condition 14 Securities 14 Loans and Leases 15 Credit Quality 15 Deposits 19 Borrowed Funds 19 Capital and Regulatory Matters 19 Liquidity 23 Critical Accounting Estimates 26 A ccounting and Reporting Developments 28 Risk Governance 29 Market Risk 29 Non-GAAP Financial Measures and Reconciliations 35 Citizens Financial Group, Inc. | 5

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," "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; The effect

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