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Citizens Financial Group Incri (CFG) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Citizens Financial Group Incri

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CIK: 759944 Ticker: CFG

Exhibit 99.1

 

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Citizens Financial Group, Inc. Reports Fourth Quarter Net Income of $282 Million and Diluted EPS of $0.55

ROTCE of 8.4% in fourth quarter 2016 with 6% positive operating leverage year over year*

Fourth quarter 2016 net income up 28% and diluted EPS up 31% vs. year ago quarter

2016 net income of $1.0 billion up 24% and $1.97 diluted EPS up 27% from 2015

2016 Adjusted net income up 18% and diluted EPS up 20% from Adjusted 2015*

PROVIDENCE, RI (January 20, 2017) Citizens Financial Group, Inc. (NYSE: CFG or “Citizens”) today reported fourth quarter net income of $282 million, or $0.55 per diluted common share, up 28% and 31%, respectively, from $221 million and $0.42 per diluted common share in fourth quarter 2015. Compared with third quarter 2016 results, which included a $19 million

after-tax benefit from notable items largely related to the TDR Transaction gain, net income decreased 5% from $297 million and diluted earnings per common share (“EPS”) decreased 2% from $0.56. Fourth quarter 2016 net income available to common stockholders increased $11 million, or 4%, from Adjusted third quarter 2016 levels* and diluted EPS increased $0.03, or 6%, from Adjusted third quarter 2016.

2016 net income available to common stockholders of $1.03 billion increased $198 million, or 24%, from 2015 with diluted EPS of $1.97 up $0.42, or 27%. 2016 Adjusted net income available to common stockholders* of $1.01 billion increased $148 million, or 17%, and Adjusted diluted EPS of $1.93 increased $0.32, or 20%, versus Adjusted 2015 results.

Fourth quarter 2016 Return on Average Tangible Common Equity* (“ROTCE”) of 8.4% compares to 8.6% in third quarter 2016, 8.0% on an Adjusted basis* and 6.7% in fourth quarter 2015.

“We are pleased to report another strong quarter with improving results, as we continue to run the bank better and deliver well for all stakeholders,” said Chairman and Chief Executive Officer Bruce Van Saun. “We remain focused on executing on our strategic initiatives that drive good top line growth, expanded capabilities and positive operating leverage. We enter 2017 with good momentum and believe we are well-positioned to capitalize on an improving economic and interest rate environment.”

Citizens also announced its board of directors declared a quarterly cash dividend of $0.14 per common share, an increase of $0.02 per share. The dividend is payable on February 16, 2017 to shareholders of record at the close of business on February 2, 2017.

 

*Please see important information on Key Performance Metrics and Non-GAAP Financial Measures at the end of this release for an explanation of our use of these metrics and non-GAAP financial measures and their reconciliation to GAAP financial measures. “Adjusted” results exclude restructuring charges, special items and/or notable items, as applicable. Where there is a reference to an “Adjusted” result in a paragraph, all measures that follow that “Adjusted” result are also “Adjusted” when applicable.

The following information was filed by Citizens Financial Group Incri (CFG) on Friday, January 20, 2017 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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Inside Citizens Financial Group Incri's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (parenthetical)
Consolidated Statements Of Operations
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 (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
Divestitures - Narrative (details)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
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 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 - 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 (tables)
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)
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 (loss)
Reclassifications Out Of Accumulated Other Comprehensive Income (loss) (tables)
Reclassifications Out Of Accumulated Other Comprehensive Income (loss) - Effects To Net Income Of Amounts Reclassified Out Of Oci (details)
Reclassifications Out Of Accumulated Other Comprehensive Income (loss) - Reclassifications Out Of Accumulated Other Comprehensive Income (details)
Reclassifications Out Of Accumulated Other Comprehensive Income (loss) - 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)
Securities
Securities (tables)
Securities - Income Recognized From Investment Securities (details)
Securities - Narrative (details)
Securities - Other Than Temporary Impairment Recognized In Earnings (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 - Narrative (details)
Share-based Compensation - Share-based Compensation Activity (details)
Share-based Compensation Share-based Compensation (tables)
Significant Accounting Policies
Significant Accounting Policies (policies)
Significant Accounting Policies Narrative (details)
Stockholders' Equity
Stockholders' Equity (details)
Subsequent Events
Subsequent Events - Narrative (details)
Variable Interest Entities
Variable Interest Entities - Narrative (details)
Variable Interest Entities - Schedule Of Affordable Housing Tax Credit Investments (details)
Variable Interest Entities - Schedule Of Variable Interest Entities (details)
Variable Interest Entities Variable Interest Entities (tables)
Ticker: CFG
CIK: 759944
Form Type: 10-K Annual Report
Accession Number: 0000759944-17-000012
Submitted to the SEC: Fri Feb 24 2017 11:24:02 AM EST
Accepted by the SEC: Fri Feb 24 2017
Period: Saturday, December 31, 2016
Industry: State Commercial Banks

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