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Citizens Financial Group Incri (CFG) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Citizens Financial Group Incri

CIK: 759944 Ticker: CFG

Exhibit 99.1

 

 

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Citizens Financial Group, Inc., Reports Fourth Quarter Net Income of $197 Million, or $0.36 Diluted EPS

2014 Net Income of $865 Million, or $1.55 Diluted EPS

Fourth quarter 2014 Adjusted net income, excluding net restructuring charges and special items,

of $217 million, or $0.39 diluted EPS*

Full-year 2014 Adjusted net income* of $790 million, up 18% from 2013

Fourth quarter diluted EPS up 33% from fourth quarter 2013, and up 30% on an Adjusted basis*

Adjusted ROTCE* of 6.8% in the fourth quarter 2014 compared with 5.2% in the fourth quarter 2013

PROVIDENCE, RI (January 26, 2015) Citizens Financial Group, Inc. (NYSE: CFG or “Citizens”) today reports fourth quarter net income of $197 million, or $0.36 per diluted common share, compared with $189 million, or $0.34 per diluted common share, for the third quarter 2014, and $152 million, or $0.27 per diluted common share, for the fourth quarter 2013. Fourth quarter 2014 results were reduced by $0.03 per diluted common share related to net restructuring charges and special items, versus $0.02 in the third quarter 2014 as detailed in the Discussion of Results portion of this release. Fourth quarter Adjusted diluted EPS* of $0.39 compares with $0.36 in the third quarter 2014, and $0.30 in the fourth quarter 2013.

2014 net income of $865 million, or $1.55 per diluted common share, increased from a loss of $3.4 billion, or ($6.12) per diluted common share in 2013, which included a $4.1 billion after-tax goodwill impairment charge. 2014 Adjusted net income* of $790 million, or $1.42 per diluted share, increased 18% from the prior year. 2014 Adjusted total revenue* of $4.7 billion was in line with 2013.

Citizens also announced that its board of directors declared a quarterly cash dividend of $0.10 per common share. The dividend is payable on February 19, 2015 to shareholders of record at the close of business on February 5, 2015.

“2014 was a pivotal year for Citizens as we took decisive steps to enhance our business model, grow our balance sheet and improve our financial performance,” said Bruce Van Saun, Chairman and Chief Executive Officer. “I am proud of all we’ve accomplished in a very short period of time. Following our successful initial public offering in the third quarter, we are laser-focused on the execution of our plan to drive continued improvement in profitability and deliver the best possible banking experience for our customers. Our ability to robustly grow loans and deposits in 2014 reflects the strength of our offerings and customer relationships, and our improving efficiency ratio shows that we are pursuing growth opportunities while maintaining good expense discipline.”

Return on Average Tangible Common Equity* (“ROTCE”) was 6.12% in the fourth quarter 2014 compared to 5.81% in the third quarter 2014 and 4.71% in the fourth quarter 2013. Adjusted ROTCE* for the fourth quarter 2014 was 6.76% compared to 6.22% for the third quarter 2014 and 5.24% in the fourth quarter 2013, driven by improvement in underlying pre-provision profit and the benefit of the continued re-alignment of our capital structure which lowered average tangible common equity.

 

* These are non-GAAP financial measures. Please see Non-GAAP Reconciliation Tables at the end of this release for an explanation of our use of non-GAAP financial measures and their reconciliation to GAAP. All references to “Adjusted” results exclude restructuring charges and special items.


The following information was filed by Citizens Financial Group Incri (CFG) on Monday, January 26, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Dei Document
Consolidated Balance Sheets
Consolidated Balance Sheets Parenthetical
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows Parenthetical
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Comprehensive Income (loss) Parenthetical
Consolidated Statements Of Comprehensive Income (loss) Statement
Consolidated Statements Of Operations
Consolidated Statements Of Operations Parenthetical
Allowance For Credit Losses, Nonperforming Assets, And Concentrations Of Credit Risk
Allowance For Credit Losses, Nonperforming Assets, And Concentrations Of Credit Risk (tables)
Allowance For Credit Losses, Nonperforming Assets, And Concentrations Of Credit Risk - Accruing And Nonaccruing Past Due Amounts (details)
Allowance For Credit Losses, Nonperforming Assets, And Concentrations Of Credit Risk - Additional Impaired Loan Information (details)
Allowance For Credit Losses, Nonperforming Assets, And Concentrations Of Credit Risk - Default Of Modified Debt Agreements (details)
Allowance For Credit Losses, Nonperforming Assets, And Concentrations Of Credit Risk - Impaired Loans By Class (details)
Allowance For Credit Losses, Nonperforming Assets, And Concentrations Of Credit Risk - Loans With Indicators Of High Credit Risk (details)
Allowance For Credit Losses, Nonperforming Assets, And Concentrations Of Credit Risk - Narrative (details)
Allowance For Credit Losses, Nonperforming Assets, And Concentrations Of Credit Risk - Nonperforming Loans And Leases By Class (details)
Allowance For Credit Losses, Nonperforming Assets, And Concentrations Of Credit Risk - Other Nonperforming Assets (details)
Allowance For Credit Losses, Nonperforming Assets, And Concentrations Of Credit Risk - Performance Indicators For Nonperforming Assets (details)
Allowance For Credit Losses, Nonperforming Assets, And Concentrations Of Credit Risk - Recorded Investment In Commercial Loans And Leases By Regulatory Classification Ratings (details)
Allowance For Credit Losses, Nonperforming Assets, And Concentrations Of Credit Risk - Recorded Investment In Loan And Leases (details)
Allowance For Credit Losses, Nonperforming Assets, And Concentrations Of Credit Risk - Recorded Investment In Retail Loans By Delinquency Status (details)
Allowance For Credit Losses, Nonperforming Assets, And Concentrations Of Credit Risk - Summary Of Allowance For Credit Losses By Evaluation Method (details)
Allowance For Credit Losses, Nonperforming Assets, And Concentrations Of Credit Risk - Summary Of Changes In Allowance For Credit Losses (details)
Allowance For Credit Losses, Nonperforming Assets, And Concentrations Of Credit Risk - Troubled Debt Restructuring (details)
Borrowed Funds
Borrowed Funds (tables)
Borrowed Funds - Long Term Debt (details)
Borrowed Funds - Maturities Of Long-term Borrowed Funds (details)
Borrowed Funds - Narrative (details)
Borrowed Funds - Short Term Borrowed Debt Key Data (details)
Borrowed Funds - Short Term Debt (details)
Business Segments
Business Segments (details)
Business Segments (tables)
Business Segments - Narrative (details)
Cash And Due From Banks
Cash And Due From Banks - Narrative (details)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Narrative (details)
Commitments And Contingencies - Schedule Of Outstanding Off-balance Sheet Arrangements (details)
Deposits
Deposits (tables)
Deposits - Major Components Of Deposits (details)
Deposits - Maturities Of Term Deposits (details)
Deposits - Maturities Of Term Deposits Greater Than $100,000 (details)
Deposits - Narrative (details)
Derivatives
Derivatives (tables)
Derivatives - Effect Of Customer Derivatives And Economic Hedges On Net Income (details)
Derivatives - Effect Of Derivative Instruments On Net Income (details)
Derivatives - Narrative (details)
Derivatives - Schedule Of Derivative Instruments (details)
Derivatives - Schedule Of Fair Value Hedges (details)
Divestitures And Branch Assets And Liabilities Held For Sale
Divestitures And Branch Assets And Liabilities Held For Sale (tables)
Divestitures And Branch Assets And Liabilities Held For Sale - Assets And Liabilities Held-for-sale (details)
Divestitures And Branch Assets And Liabilities Held For Sale - Narrative (details)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Earnings Per Share - Narrative (details)
Employee Benefits
Employee Benefits (tables)
Employee Benefits - Allocation Of Plan Assets (details)
Employee Benefits - Assumptions Used In Determining Actuarial Present Value Of Benefit Obligations And Net Periodic Benefit Cost (details)
Employee Benefits - Assumptions Used In Determining The Net Periodic Benefit Cost Of The Postretirement Benefits Plan (details)
Employee Benefits - Changes In The Fair Value Of Pension Plan Assets, Projected Benefit Obligation, Funded Status, And Accumulated Benefit Obligation (details)
Employee Benefits - Expected Future Benefit Payments (details)
Employee Benefits - Fair Value Estimated Using Net Asset Value Per Share (details)
Employee Benefits - Fair Value Of Plan Assets (details)
Employee Benefits - Narrative (details)
Employee Benefits - Plan Amounts Recognized In Aoci (details)
Employee Benefits - Plan Amounts Recognized In Oci (details)
Employee Benefits - Schedule Of Net Periodic (income) Cost (details)
Exit Costs And Restructuring Reserves
Exit Costs And Restructuring Reserves (tables)
Exit Costs And Restructuring Reserves - Narrative (details)
Exit Costs And Restructuring Reserves - Reserve Rollforward (details)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Nonrecurring Fair Value Measurements Narrative (details)
Fair Value Measurements - Residential And Commercial Mortgage Loans Held For Sale (details)
Fair Value Measurements - Schedule Of Changes In Level 3 (details)
Fair Value Measurements - Schedule Of Fair Value Measurements (details)
Fair Value Measurements - Schedule Of Fair Value Measurements On A Nonrecurring Basis (details)
Fair Value Measurements - Schedule Of Financial Instruments Not Recorded At Fair Value (details)
Fair Value Measurements - Schedule Of Gain (loss) On Assets And Liabilities Measured On Nonrecurring Basis Included In Earnings (details)
Goodwill
Goodwill (tables)
Goodwill - Goodwill Rollforward (details)
Goodwill -narrative (details)
Income Taxes
Income Taxes - Components Of Income Tax Expense (benefit) (details)
Income Taxes - Deferred Income Tax Assets And Liabilities (details)
Income Taxes - Effective Income Tax Reconciliation (details)
Income Taxes - Income Tax Expense (benefit) (details)
Income Taxes - Narrative (details)
Income Taxes - Unrecognized Tax Benefits (details)
Income Taxes Income Taxes (tables)
Lease Commitments
Lease Commitments (tables)
Lease Commitments - Aggregate Minimum Rental Commitments (details)
Lease Commitments - Narrative (details)
Loans And Leases
Loans And Leases (tables)
Loans And Leases - Components Of Investments In Leases (details)
Loans And Leases - Future Minimum Payments Receivable (details)
Loans And Leases - Narrative (details)
Loans And Leases - Summary Of Investments In Leases (details)
Loans And Leases - Summary Of Loans And Leases Portfolio (details)
Mortgage Banking
Mortgage Banking (tables)
Mortgage Banking - Changes Related To Msrs (details)
Mortgage Banking - Economic Assumptions Used To Estimate Value Of Msrs (details)
Mortgage Banking - Economic Assumptions Used To Estimate Value Of Msrs Capitalized (details)
Mortgage Banking - Narrative (details)
Mortgage Banking - Sensitivity Analysis (details)
Other Operating Expense
Other Operating Expense (details)
Other Operating Expense (tables)
Parent Company Only Financials
Parent Company Only Financials (tables)
Parent Company Only Financials - Condensed Balance Sheets (details)
Parent Company Only Financials - Condensed Cash Flow Statements (details)
Parent Company Only Financials - Condensed Statements Of Operations (details)
Premises, Equipment, And Software
Premises, Equipment, And Software (tables)
Premises, Equipment, And Software - Narrative (details)
Premises, Equipment, And Software - Schedule Of Amortization (details)
Premises, Equipment, And Software - Schedule Of Premises And Equipment (details)
Reclassifications Out Of Accumulated Other Comprehensive Income
Reclassifications Out Of Accumulated Other Comprehensive Income (tables)
Reclassifications Out Of Accumulated Other Comprehensive Income - Effects To Net Income Of Amounts Reclassified Out Of Oci (details)
Reclassifications Out Of Accumulated Other Comprehensive Income - Reclassifications Out Of Accumulated Other Comprehensive Income (details)
Reclassifications Out Of Accumulated Other Comprehensive Income - Schedule Of Accumulated Other Comprehensive Income (loss) (details)
Regulatory Matters
Regulatory Matters (tables)
Regulatory Matters - Capital And Capital Ratio Information (details)
Regulatory Matters - Narrative (details)
Related Party Transactions
Related Party Transactions (tables)
Related Party Transactions - Narrative (details)
Related Party Transactions - Schedule Of Related Party Debt Terms (details)
Securities
Securities (tables)
Securities - Income Recognized From Investment Securities (details)
Securities - Narrative (details)
Securities - Schedule Of Available For Sale Securities Debt Maturities (details)
Securities - Schedule Of Balance Sheet Effect Of Repurchase Agreement Offsetting (details)
Securities - Schedule Of Cumulative Credit Losses Recognized In Earnings (details)
Securities - Schedule Of Investments (details)
Securities - Schedule Of Investments In Continuous Loss Positions (details)
Securities - Schedule Of Securities Pledged (details)
Share-based Compensation
Share-based Compensation (tables)
Share-based Compensation - Narrative (details)
Share-based Compensation - Share-based Compensation Activity (details)
Significant Accounting Policies
Significant Accounting Policies (policies)
Significant Accounting Policies - Narrative (details)
Stockholders' Equity
Stockholders' Equity (details)
Subsequent Events
Subsequent Events - Narrative (details)
Ticker: CFG
CIK: 759944
Form Type: 10-K Annual Report
Accession Number: 0000759944-15-000016
Submitted to the SEC: Mon Mar 02 2015 9:23:05 PM EST
Accepted by the SEC: Tue Mar 03 2015
Period: Wednesday, December 31, 2014
Industry: State Commercial Banks

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