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Citizens Financial Group Incri (CFG) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

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

$456 million and EPS of $0.99

Underlying net income of $480 million and EPS of $1.04*

2020 net income of $1.1 billion and EPS of $2.22, $2.41 on an Underlying basis

2020 Record pre-provision profit up 10%, up 12% on an Underlying basis

2020 Positive operating leverage of 2.7%, 4.1% on an Underlying basis

CET1 ratio increases to 10.0%

Board of Directors approves $750 million Common Stock Repurchase Program

PROVIDENCE, RI (January 20, 2021) Citizens Financial Group, Inc. (NYSE: CFG or “Citizens”) today reported fourth quarter net income of $456 million, compared with $450 million in fourth quarter 2019, with EPS of $0.99, compared with $0.98 in fourth quarter 2019. Fourth quarter 2020 Return on Average Tangible Common Equity (“ROTCE”) of 12.2% compares with 12.4% in fourth quarter 2019 and 8.3% in third quarter 2020. Full year 2020 net income available to common stockholders of $950 million compares with $1.7 billion in 2019, and EPS of $2.22, which compares with $3.81 in 2019. 2020 ROTCE of 6.93% compares with 12.6% in 2019.

On an Underlying basis, which excludes a net $24 million after-tax reduction, or $(0.05) per share, of notable items, fourth quarter 2020 net income available to common stockholders is $448 million which compares with $431 million in fourth quarter 2019 and $313 million in third quarter 2020. Underlying EPS of $1.04 per share compares with $0.99 in fourth quarter 2019 and $0.73 in third quarter 2020. Underlying fourth quarter 2020 ROTCE of 12.9% compares with 12.5% in fourth quarter 2019 and 9.0% in third quarter 2020. Tangible book value per common share of $32.72 compares with $32.08 for fourth quarter 2019 and $32.24 for third quarter 2020. Full-year 2020 Underlying net income available to common shareholders of $1.0 billion, which excludes a net $83 million after-tax reduction, or $(0.19) per share, of notable items, compares with $1.7 billion in 2019. 2020 diluted EPS of $2.41 compares with $3.84 in 2019. Underlying full year 2020 ROTCE of 7.5% compares with 12.8% in 2019. 2020 net reserve build of $923 million impacted ROTCE by 5.4%.

Citizens remains strongly capitalized and maintains ample liquidity to assist customers in navigating these challenging times. At December 31, 2020, the common equity tier 1 (“CET1”) capital ratio increased to 10.0%, the spot loan-to-deposit ratio was 83.6%, or 80.9% excluding U.S. Small Business Administration Paycheck Protection Program (“PPP”) loans, and the liquidity coverage ratio was fully compliant. At December 31, 2020, the allowance for loans and unfunded loan commitments credit losses (“ACL”) was $2.7 billion and the ACL to loans ratio was 2.17%, or 2.24% excluding PPP loans.

 

*

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 Wednesday, January 20, 2021 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

Cover Page
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
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 (Policies)
Basis Of Presentation (Tables)
Basis Of Presentation - Narrative (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 Debt (Details)
Business Operating Segments
Business Operating Segments (Tables)
Business Operating Segments - Narrative (Details)
Business Operating Segments - Schedule Of Business Operating Segments (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 - 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)
Employee Benefits
Employee Benefits (Tables)
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 - Narrative (Details)
Employee Benefits - Plan Amounts Recognized In Oci (Details)
Employee Benefits - Schedule Of Net Periodic (Income) Cost (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 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 And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Goodwill Rollforward (Details)
Goodwill And Intangible Assets - Intangible Asset Amortization (Details)
Goodwill And Intangible Assets - Narrative (Details)
Goodwill And Intangible Assets - Other Intangibles (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)
Leases
Leases (Tables)
Leases - Components Of Operating Lease Cost (Details)
Leases - Liability Maturity Schedule (Details)
Leases - Narrative (Details)
Leases - Supplemental Balance Sheet Information (Details)
Leases - Supplemental Lease Information (Details)
Loans And Leases
Loans And Leases (Tables)
Loans And Leases - Components Of Investments In Leases (Details)
Loans And Leases - Loans Held For Sale (Details)
Loans And Leases - Maturity Of Direct Finance Lease (Details)
Loans And Leases - Narrative (Details)
Loans And Leases - Summary Of Loans And Leases Portfolio (Details)
Mortgage Banking And Other
Mortgage Banking And Other (Tables)
Mortgage Banking And Other - Changes Related To Msrs - Fair Value Method (Details)
Mortgage Banking And Other - Economic Assumptions Used To Estimate Value Of Msrs (Details)
Mortgage Banking And Other - Narrative (Details)
Mortgage Banking And Other - Other Serviced Loans (Details)
Mortgage Banking And Other - Residential Mortgage Loans (Details)
Noninterest Income
Noninterest Income (Tables)
Noninterest Income - Components Of Revenue From Contracts With Customers (Details)
Noninterest Income - Narrative (Details)
Noninterest Income - Noninterest Income (Details)
Noninterest Income - Other Income (Details)
Other Operating Expense
Other Operating Expense (Details)
Other Operating Expense (Tables)
Parent Company Financials
Parent Company Financials (Tables)
Parent Company Financials - Condensed Balance Sheets (Details)
Parent Company Financials - Condensed Cash Flow Statements (Details)
Parent Company 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)
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 - 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)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Narrative (Details)
Share-Based Compensation - Share-Based Compensation Activity (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Dividends (Details)
Stockholders' Equity - Narrative (Details)
Stockholders' Equity - Preferred Stock (Details)
Stockholders' Equity - Preferred Stock Outstanding (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: 0000759944-21-000034
Submitted to the SEC: Tue Feb 23 2021 4:04:16 PM EST
Accepted by the SEC: Tue Feb 23 2021
Period: Thursday, December 31, 2020
Industry: State Commercial Banks

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