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Citizens Financial Group Incri (CFG) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Citizens Financial Group Incri

CIK: 759944 Ticker: CFG

Exhibit 99.1

 

LOGO

Citizens Financial Group, Inc. Reports Third Quarter Net Income of

$314 million and EPS of $0.68

Underlying Net Income of $338 million and EPS of $0.73*

Record revenue with noninterest income up 33% year over year, paced by record results in Mortgage and strength in Capital Markets

CET1 ratio remains strong, increases to 9.8%

Pre-provision profit up 21% year over year, up 22% on an Underlying basis

7.8% positive operating leverage year over year, 9.0% on an Underlying basis

Tangible book value per share stable at $32, up 2% year over year

PROVIDENCE, RI (October 16, 2020) Citizens Financial Group, Inc. (NYSE: CFG or “Citizens”) today reported third quarter net income of $314 million, compared with $449 million in third quarter 2019, with earnings per share of $0.68, compared with $0.97 per share in third quarter 2019. Third quarter 2020 results reflect a net $24 million

after-tax reduction, or $(0.05) per share, from notable items. Third quarter 2020 Return on Average Tangible Common Equity (“ROTCE”) of 8.3% compares with 12.4% in third quarter 2019 and 6.6% in second quarter 2020.

On an Underlying basis, which excludes notable items, third quarter 2020 net income available to common stockholders of $313 million compares with $436 million in third quarter 2019 and $235 million in second quarter 2020. Underlying EPS of $0.73 per share compares with $0.98 in third quarter 2019 and $0.55 in second quarter 2020. Underlying third quarter 2020 ROTCE of 9.0% compares with 12.6% in third quarter 2019 and 6.9% in second quarter 2020. Tangible book value per common share of $32.24 compares with $31.48 for third quarter 2019 and $32.13 for second quarter 2020.

Citizens remains strongly capitalized and maintains ample liquidity to assist customers in navigating these challenging times. At September 30, 2020, the common equity tier 1 (“CET1”) capital ratio increased to 9.8%, the spot loan-to-deposit ratio was 86.8%, or 83.6% excluding U.S. Small Business Administration Paycheck Protection Program (“PPP”) loans, and the liquidity coverage ratio was fully compliant. In third quarter 2020, a $209 million increase in the allowance for loans and unfunded loan commitments credit losses (“ACL”) resulted in a September 30, 2020 ACL of $2.7 billion and an ACL to loans ratio of 2.21%, or 2.29% excluding PPP loans. This reserve build impacted EPS by $0.40 and ROTCE by 5 percentage points.

“Citizens continues to rise to the occasion, meeting the unique challenges present in 2020 and delivering well for all of our stakeholders,” said Chairman and CEO Bruce Van Saun. “We posted record levels of revenue and pre-provision profit, further bolstered our loan loss reserve and grew our CET1 capital ratio to 9.8%. We continue to demonstrate the strong resilience and diversification of our business model, while helping our customers, colleagues and communities get through this difficult environment.”

*References in this release to “Underlying” results exclude notable items and are Non-GAAP Financial Measures. Where there is a reference to “Underlying” results in a paragraph, all measures that follow these references are on the same basis. Additional information regarding the impact of notable items and Acquisitions on our results is described in this release. Please see the end of this release for important information on our use of Non-GAAP Financial Measures, and their reconciliation to GAAP financial measures. References in this release to balance sheet items are on an average basis and loans exclude loans held for sale (“LHFS”) unless otherwise noted. References to net interest margin are on a fully taxable equivalent (“FTE”) basis and all references to earnings per share represent fully diluted per common share. References to consolidated and/or commercial loans, loan growth, nonaccrual loans and allowance for loan losses include leases. The “Company” refers to Citizens. Current reporting-period regulatory capital ratios are preliminary. Select totals may not sum due to rounding.


The following information was filed by Citizens Financial Group Incri (CFG) on Friday, October 16, 2020 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Assess how Citizens Financial Group Incri's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
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Citizens Financial Group Incri's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

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Inside Citizens Financial Group Incri's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Changes In Stockholders' Equity (Unaudited)
Consolidated Statements Of Comprehensive Income (Unaudited)
Consolidated Statements Of Comprehensive Income (Unaudited) (Parenthetical)
Consolidated Statements Of Operations (Unaudited)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Tables)
Accumulated Other Comprehensive Income (Loss) - Schedule Of Accumulated Other Comprehensive Income (Loss) (Details)
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 - Amortized Cost Basis By Credit Quality Indicator (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 - Nonaccrual Loans And Leases By Class (Details)
Allowance For Credit Losses, Nonperforming Assets, And Concentrations Of Credit Risk - Schedule Of Additional Detail On The Cumulative Effect Of Change In Accounting Principle (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 Activity (Details)
Allowance For Credit Losses, Nonperforming Assets, And Concentrations Of Credit Risk - Troubled Debt Restructurings (Details)
Basis Of Presentation
Basis Of Presentation (Details)
Basis Of Presentation (Policies)
Basis Of Presentation (Tables)
Borrowed Funds
Borrowed Funds (Tables)
Borrowed Funds - Long Term Debt (Details)
Borrowed Funds - Maturities Of Long-Term Borrowed Funds (Details)
Borrowed Funds - Narrative (Details)
Business Operating Segments
Business Operating Segments (Tables)
Business Operating Segments - Assets By Segment (Details)
Business Operating Segments - 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)
Derivatives
Derivatives (Tables)
Derivatives - Amounts Recorded In Balance Sheet (Details)
Derivatives - Effect Of Customer Derivatives And Economic Hedges On Net Income (Details)
Derivatives - Effect Of Derivative Instruments On Net Income And Stockholders' Equity (Details)
Derivatives - Narrative (Details)
Derivatives - Schedule Of Derivative Instruments (Details)
Derivatives - Schedule Of Fair Value Hedges (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Changes In Fair Value For Assets With Fair Value Option (Details)
Fair Value Measurements - Residential Mortgage And Commercial Real Estate Loans Held For Sale (Details)
Fair Value Measurements - Schedule Of Assets Measured On Recurring Basis Level 3 Rollforward (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)
Fair Value Measurements - Unobservable Inputs Used And Valuation Techniques (Details)
Goodwill
Goodwill (Tables)
Goodwill - Goodwill Rollforward (Details)
Goodwill - Narrative (Details)
Loans And Leases
Loans And Leases (Tables)
Loans And Leases - Loans Held For Sale (Details)
Loans And Leases - Narrative (Details)
Loans And Leases - Summary Of Loans And Leases Portfolio (Details)
Mortgage Banking
Mortgage Banking (Tables)
Mortgage Banking - Changes Related To Msrs - Fair Value Method (Details)
Mortgage Banking - Economic Assumptions Used To Estimate Value Of Msrs (Details)
Mortgage Banking - Narrative (Details)
Mortgage Banking - Other Serviced Loans (Details)
Mortgage Banking - Residential Mortgage Loan Sales (Details)
Noninterest Income
Noninterest Income (Tables)
Noninterest Income - Components Of Revenue From Contracts With Customers (Details)
Noninterest Income - Narrative (Details)
Noninterest Income - Other Income (Details)
Other Operating Expense
Other Operating Expense (Details)
Other Operating Expense (Tables)
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 Investments (Details)
Securities - Schedule Of Investments In Continuous Loss Positions (Details)
Securities - Schedule Of Securities Pledged (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Authorized Preferred Shares (Details)
Stockholders' Equity - Dividends (Details)
Stockholders' Equity - Treasury Stock Narrative (Details)
Variable Interest Entities
Variable Interest Entities (Tables)
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)

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-Q Quarterly Report
Accession Number: 0000759944-20-000099
Submitted to the SEC: Wed Nov 04 2020 4:02:24 PM EST
Accepted by the SEC: Wed Nov 04 2020
Period: Wednesday, September 30, 2020
Industry: State Commercial Banks

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