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Citizens Financial Group Incri (CFG) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Citizens Financial Group Incri

CIK: 759944 Ticker: CFG

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Citizens Financial Group, Inc. Reports Second Quarter 2021 Net Income of
$648 million and EPS of $1.44
Underlying Net Income of $656 million and EPS of $1.46*

Key Financial Data2Q211Q212Q20
Second Quarter 2021 Highlights
Income
Statement
($s in millions)
Underlying ROTCE of 17.7% and underlying EPS of $1.46 reflects diversity of fee businesses and excellent credit results
Underlying PPNR of $629 million reflects:
Lower Mortgage revenue on further tightening of gain on sale margins despite strong origination levels
Record results in Capital Markets and Wealth given the benefit of investments and acquisitions to broaden our capabilities
Net interest income up 1%, with interest-earning asset growth offsetting modest margin decline
Interest-bearing deposit costs of 16 bps, down 4 bps QoQ
Well-controlled expenses, down 2% QoQ
Credit provision benefit of $213 million driven by macroeconomic improvement and strong credit performance
Average loans up 1% QoQ
Period-end LDR of 81.4%
Strong capital position with CET1 at 10.3%
TBV/share of $33.95, up 6% YoY
Total revenue$1,609 $1,659 $1,750 
Pre-provision profit618 641 771 
Underlying pre-provision profit629 661 790 
Provision for credit losses(213)(140)464 
Net income648 611 253 
Underlying net income656 626 263 
Balance Sheet
&
Credit Quality
($s in billions)
Period end loans and leases$122.6 $122.2 $125.7 
Average loans and leases123.5 122.8 128.8 
Period-end deposits150.6 151.3 143.6 
Average deposits150.3 146.6 141.6 
Period-end loans-to-deposit ratio81.4 %80.7 %87.5 %
ACL to loans ratio1.70 1.94 2.01 
ACL to loans ratio, ex. PPP1.75 2.03 2.09 
NCO ratio0.25 %0.52 %0.46 %
Financial MetricsDiluted EPS$1.44 $1.37 $0.53 
Underlying EPS1.46 1.41 0.55 
ROTCE17.5 %17.2 %6.6 %
Underlying ROTCE17.7 17.6 6.9 
Net interest margin, FTE2.72 2.76 2.88 
Efficiency ratio62 61 56 
Underlying efficiency ratio61 60 55 
CET110.3 %10.1 %9.6 %
TBV/Share$33.95 $32.79 $32.13 
Comments from Chairman and CEO Bruce Van Saun
“We continued to demonstrate the strength and diversity of our business model in the second quarter, as a drop in Mortgage revenue was partially offset by record results in Capital Markets and Wealth,” said Chairman and CEO Bruce Van Saun. “We saw modest loan growth during the quarter, and expect that to accelerate in the second half as the economy continues to grow and excess liquidity is redeployed. We are executing well on our strategic initiatives and have commenced work on a TOP 7 program, with details to be announced later this year.”

Citizens also announced today that its board of directors declared a third quarter 2021 common stock dividend of $0.39 per share. The dividend is payable on August 13, 2021 to shareholders of record at the close of business on July 30, 2021.
*References in this release to "Underlying" results exclude notable items and are non-GAAP Financial Measures. For more details on non-GAAP Financial Measures see page 13 in this release. 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 Tuesday, July 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-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

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Citizens Financial Group Incri's Definitive Proxy Statement (Form DEF 14A) filed after their 2021 10-K Annual Report includes:

  • Voting Procedures
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  • 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, Nonaccruing Loans And Leases, And Concentrations Of Credit Risk
Allowance For Credit Losses, Nonaccruing Loans And Leases, And Concentrations Of Credit Risk (Tables)
Allowance For Credit Losses, Nonaccruing Loans And Leases, And Concentrations Of Credit Risk - Accruing And Nonaccruing Past Due Amounts (Details)
Allowance For Credit Losses, Nonaccruing Loans And Leases, And Concentrations Of Credit Risk - Amortized Cost Basis By Credit Quality Indicator (Details)
Allowance For Credit Losses, Nonaccruing Loans And Leases, And Concentrations Of Credit Risk - Loans With Indicators Of High Credit Risk (Details)
Allowance For Credit Losses, Nonaccruing Loans And Leases, And Concentrations Of Credit Risk - Narrative (Details)
Allowance For Credit Losses, Nonaccruing Loans And Leases, And Concentrations Of Credit Risk - Nonaccrual Loans And Leases By Class (Details)
Allowance For Credit Losses, Nonaccruing Loans And Leases, And Concentrations Of Credit Risk - Summary Of Changes In Allowance For Credit Losses (Details)
Allowance For Credit Losses, Nonaccruing Loans And Leases, And Concentrations Of Credit Risk - Troubled Debt Restructuring Activity (Details)
Allowance For Credit Losses, Nonaccruing Loans And Leases, And Concentrations Of Credit Risk - Troubled Debt Restructurings (Details)
Basis Of Presentation
Basis Of Presentation (Policies)
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 - 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)
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 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 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 - Preferred Stock Narrative (Details)
Stockholders' Equity - Treasury Stock Narrative (Details)
Subsequent Events
Subsequent Events (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)
Ticker: CFG
CIK: 759944
Form Type: 10-Q Quarterly Report
Accession Number: 0000759944-21-000108
Submitted to the SEC: Tue Aug 03 2021 5:06:30 PM EST
Accepted by the SEC: Tue Aug 03 2021
Period: Wednesday, June 30, 2021
Industry: State Commercial Banks

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