Last10K.com

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

Citizens Financial Group Incri

CIK: 759944 Ticker: CFG



citizenslogoa05.jpg

Citizens Financial Group, Inc. Reports Third Quarter 2021 Net Income of
$530 million and EPS of $1.18
Underlying Net Income of $546 million and EPS of $1.22*

Key Financial Data3Q212Q213Q20
Third Quarter 2021 Highlights
Income
Statement
($s in millions)
Underlying ROTCE of 14.2% and underlying EPS of $1.22 reflect broad-based strength across our businesses, including a rebound in Mortgage, along with excellent credit results
Underlying PPNR of $671 million reflects:
Strong results in Capital Markets, Wealth and Mortgage
Net interest income up 2% QoQ, given interest-earning asset growth with stable margin, higher day count
Interest-bearing deposit costs of 14 bps, down 2 bps QoQ
Credit provision benefit of $33 million reflects strong credit performance and macroeconomic improvement
Period-end loans up 1% (up 2% excluding PPP impact); average loans down 1% QoQ (up 1% excluding PPP)
Period-end LDR of 81.0%
Strong capital position with CET1 at 10.3%
TBV/share of $34.44, up 7% YoY
Total revenue$1,659 $1,609 $1,791 
Pre-provision profit648 618 803 
Underlying pre-provision profit671 629 834 
Provision for credit losses(33)(213)428 
Net income530 648 314 
Underlying net income546 656 338 
Balance Sheet
&
Credit Quality
($s in billions)
Period-end loans and leases$123.3 $122.6 $124.1 
Average loans and leases122.6 123.5 124.9 
Period-end deposits152.2 150.6 142.9 
Average deposits151.9 150.3 141.4 
Period-end loans-to-deposit ratio81.0 %81.4 %86.8 %
ACL to loans ratio1.63 1.70 2.21 
ACL to loans ratio, ex. PPP1.65 1.75 2.29 
NCO ratio0.14 %0.25 %0.70 %
Financial MetricsDiluted EPS$1.18 $1.44 $0.68 
Underlying EPS1.22 1.46 0.73 
ROTCE13.7 %17.5 %8.3 %
Underlying ROTCE14.2 17.7 9.0 
Net interest margin, FTE2.72 2.72 2.83 
Efficiency ratio61 62 55 
Underlying efficiency ratio60 61 53 
CET110.3 %10.3 %9.8 %
TBV/Share$34.44 $33.95 $32.24 
Comments from Chairman and CEO Bruce Van Saun
“We delivered strong results in the third quarter, paced by solid revenue growth across both net interest income and fees, which combined with excellent expense discipline resulted in positive sequential operating leverage in excess of 2%,” said Chairman and CEO Bruce Van Saun. “Integration planning for our recent acquisitions is going well, and we are excited about the franchise and synergy benefits as we look forward to 2022. While economic growth and loan demand in the second half have been affected by the pandemic, we maintain a positive outlook for a gradual, strong recovery through next year.”

Citizens also announced today that its board of directors declared a fourth quarter 2021 common stock dividend of $0.39 per share. The dividend is payable on November 12, 2021 to shareholders of record at the close of business on October 29, 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 15 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 Wednesday, October 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.

View differences made from one quarter to another to evaluate Citizens Financial Group Incri's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Citizens Financial Group Incri.

Continue

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

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

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

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

Continue

Tools

Rating

Learn More
Bullish Bearish Neutral
Filter by Sentiment:
All
Positive
Negative
Filter by Category:
All
Financial
Revenue
M & A
Other
Filter by Subcategory:
All
Earnings
Income
Shares
Expense
Product
Dividend
Cash Flow
Geography
Debt
Other
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, Nonaccrual Loans And Leases, And Concentrations Of Credit Risk
Allowance For Credit Losses, Nonaccrual Loans And Leases, And Concentrations Of Credit Risk (Tables)
Allowance For Credit Losses, Nonaccrual Loans And Leases, And Concentrations Of Credit Risk - Accruing And Nonaccruing Past Due Amounts (Details)
Allowance For Credit Losses, Nonaccrual Loans And Leases, And Concentrations Of Credit Risk - Amortized Cost Basis By Credit Quality Indicator (Details)
Allowance For Credit Losses, Nonaccrual Loans And Leases, And Concentrations Of Credit Risk - Loans With Indicators Of High Credit Risk (Details)
Allowance For Credit Losses, Nonaccrual Loans And Leases, And Concentrations Of Credit Risk - Narrative (Details)
Allowance For Credit Losses, Nonaccrual Loans And Leases, And Concentrations Of Credit Risk - Nonaccrual Loans And Leases By Class (Details)
Allowance For Credit Losses, Nonaccrual Loans And Leases, And Concentrations Of Credit Risk - Summary Of Changes In Allowance For Credit Losses (Details)
Allowance For Credit Losses, Nonaccrual Loans And Leases, And Concentrations Of Credit Risk - Troubled Debt Restructuring Activity (Details)
Allowance For Credit Losses, Nonaccrual Loans And Leases, And Concentrations Of Credit Risk - Troubled Debt Restructurings (Details)
Basis Of Presentation
Basis Of Presentation (Details)
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)
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)
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: 0000759944-21-000147
Submitted to the SEC: Wed Nov 03 2021 4:05:31 PM EST
Accepted by the SEC: Wed Nov 03 2021
Period: Thursday, September 30, 2021
Industry: State Commercial Banks

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/cfg/0000759944-21-000147.htm