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Exhibit 99.1
Citizens Financial Group, Inc., Reports Fourth Quarter Net Income of $221 Million, or $0.42 Diluted EPS
2015 Net Income of $840 Million, or $1.55 Diluted EPS
2015 Adjusted net income available to common stockholders*, excluding net restructuring charges and special items,
of $864 million, or $1.61 diluted EPS, up 13% from Adjusted 2014
Delivered 3% Adjusted positive operating leverage* in 2015
PROVIDENCE, RI (January 22, 2016) Citizens Financial Group, Inc. (NYSE: CFG or Citizens) today reported fourth quarter net income of $221 million, or $0.42 per diluted common share, compared with $220 million, or $0.40 per diluted common share, for third quarter 2015 and $197 million, or $0.36 per diluted common share, for fourth quarter 2014. There were no net restructuring charges and special items in fourth quarter 2015 and third quarter 2015, compared with $0.03 per diluted common share reduction in fourth quarter 2014, as detailed in the
Discussion of Results portion of this release. Fourth quarter Adjusted diluted EPS* of $0.42 increased 5% from $0.40 diluted EPS in third quarter 2015 and 8% from Adjusted diluted EPS* of $0.39 in fourth quarter 2014.2015 net income available to common stockholders of $833 million, or $1.55 per diluted common share, decreased from $865 million in 2014, which included a $180 million after-tax Chicago Divestiture gain and a net $105 million after-tax restructuring charges and special items. 2015 Adjusted net income available to common stockholders* of $864 million increased 9% from the prior year, while Adjusted diluted EPS* of $1.61 were up 13% from 2014.
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 18, 2016 to shareholders of record at the close of business on February 4, 2016.
Chairman and Chief Executive Officer Bruce Van Saun commented, We made great progress and had a strong year overall in 2015. We delivered solid execution on our plan to improve Citizens performance for all stakeholders. This resulted in improving financial performance and permitted RBS to fully divest their ownership position. As we enter 2016, we remain very focused on execution we want to continue to grow our balance sheet, serve our customers well and operate efficiently to deliver positive operating leverage. He added, I thank our 18,000 colleagues for their great efforts in 2015, and I look forward to another successful year in 2016.
Return on Average Tangible Common Equity* (ROTCE) was 6.7% in fourth quarter 2015 and improved from 6.6% in third quarter 2015 and 6.1% in fourth quarter 2014.
* | 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. Where there is a reference to an Adjusted result in a paragraph, all measures that follow that Adjusted result are also Adjusted and exclude restructuring charges and special items as applicable. |
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For further information on our processes to determine our allowance for credit losses, see Critical Accounting Estimates Allowance for Credit Losses, Note 1 Significant Accounting Policies and Note 5 Allowance for Credit Losses, Nonperforming Assets, and Concentrations of Credit Risk to our audited Consolidated Financial Statements in Part II, Item 8 Financial Statements and Supplementary Data, included elsewhere in this report.
For the year ended December 31, 2014, our operating activities contributed $1.4 billion in net cash, including an increase in other liabilities, which added $239 million, and an increase in depreciation, amortization and accretion, which added $386 million, partially offset by an increase in other assets of $295 million and a gain on sale of deposits of $286 million.
These ongoing costs include higher local charges associated with exiting worldwide vendor relationships and incremental expenses to support information technology, compliance, corporate governance, regulatory, financial and risk infrastructure that are necessary to enable us to operate as a fully independent public company.
For the year ended December 31, 2014, net cash used by investing activities was $10.3 billion, primarily reflecting net securities available for sale portfolio purchases of $8.3 billion, a net increase in loans and leases of $6.9 billion and securities held to maturity portfolio purchases of $1.2 billion, partially offset by proceeds from maturities, paydowns and sales of securities available for sale of $6.3 billion.
Net cash used by investing activities was $5.9 billion, primarily reflecting net securities available for sale portfolio purchases of $6.8 billion and a net increase in loans and leases of $6.0 billion, partially offset by proceeds from maturities, paydowns and sales of securities available for sale of $7.3 billion.
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Mortgage banking fees increased $30...Read more
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Net income totaled $840 million...Read more
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Net interest income of $3.4...Read more
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Within the federal funds purchased...Read more
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Noninterest expense includes salaries and...Read more
Total assets as of December...Read more
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Net charge-offs of $284 million...Read more
Long-term borrowed funds of $9.9...Read more
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Commencing on the effective date...Read more
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As described under Regulation and...Read more
Key parts of the Dodd-Frank...Read more
The ALLL and reserve for...Read more
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Noninterest expense of $3.3 billion...Read more
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Issued 250,000 shares of the...Read more
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Risk-weighted assets based on Basel...Read more
CBNA risk-weighted assets based on...Read more
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Incurred loss periods are generally...Read more
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An impairment loss recognized cannot...Read more
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net interest margin of 2.83%...Read more
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Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Citizens Financial Group Incri provided additional information to their SEC Filing as exhibits
Ticker: CFG
CIK: 759944
Form Type: 10-K Annual Report
Accession Number: 0000759944-16-000099
Submitted to the SEC: Fri Feb 26 2016 2:29:14 PM EST
Accepted by the SEC: Fri Feb 26 2016
Period: Thursday, December 31, 2015
Industry: State Commercial Banks