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Actionable news in CFG: CITIZENS FINANCIAL GROUP Inc,

Citizens Financial Group, Inc Financial Supplement

The following excerpt is from the company's SEC filing.

Third Quarter 2015

Table of Contents

Consolidated Financial Highlights

Consolidated Statements of Operations (unaudited)

Consolidated Balance Sheets (unaudited)

Loans and Deposits

Average Balance Sheets and Annualized Yields

Segment Financial Highlights

Credit-Related Information

Credit Exposure

Nonperforming Assets

Charge-offs, Recoveries and Related Ratios

Summary of Changes in the Allowances

Allowance Components

Capital and Ratios

Per-Share Related Information

Non-GAAP Financial Measures and Reconcili ations

Forward-Looking Statements

CONSOLIDATED FINANCIAL HIGHLIGHTS

(dollars in millions, except per share and ratio data)

QUARTERLY TRENDS

FOR THE NINE MONTHS ENDED SEPT 30,

3Q15 Change

2015 Change

SELECTED OPERATING DATA

Total revenue

Noninterest expense

Profit before provision for credit losses

Provision for credit losses

NET INCOME

Net income, excluding restructuring charges and special items

Net income available to common stockholders

Net income available to common stockholders, excluding restructuring charges and special items

PER COMMON SHARE DATA

Basic earnings

Diluted earnings

Basic earnings, excluding restructuring charges and special items

Diluted earnings, excluding restructuring charges and special items

Cash dividends declared and paid per share

Book value

Tangible book value

COMMON SHARES OUTSTANDING

Average: Basic

530,985,255

537,729,248

546,291,363

546,810,009

559,998,324

(6,743,993

(29,013,069

538,279,222

(21,719,102

533,398,158

539,909,366

549,798,717

550,676,298

560,243,747

(6,511,208

(26,845,589

540,926,361

560,081,031

(19,154,670

Common shares at period-end

527,636,510

537,149,717

547,490,812

545,884,519

(9,513,207

(32,361,814

Closing share price

Market capitalization

12,589

14,670

13,211

13,571

13,115

(2,081

SEGMENT NET INCOME

Consumer Banking

Commercial Banking

These are non-GAAP financial measures. For further information on these measures, refer to pages 29-35.

CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED

(dollars in millions, except ratio and headcount data)

FINANCIAL RATIOS

Net interest margin

) bps

Return on average common equity

Return on average common equity, excluding restructuring charges and special items

Return on average tangible common equity

Return on average tangible common equity, excluding restructuring charges and special items

Return on average total assets

Return on average total assets, excluding restructuring charges and special items

Return on average total tangible assets

Return on average total tangible assets, excluding restructuring charges and special items

Effective income tax rate

Efficiency ratio

Efficiency ratio, excluding restructuring charges and special items

CAPITAL RATIOS - PERIOD END (PRELIMINARY)

CET1 capital ratio

Tier 1 capital ratio

Total capital ratio

Tier 1 leverage ratio

SELECTED BALANCE SHEET DATA (PERIOD END)

Total assets

135,447

137,251

136,535

132,857

131,341

Loans and leases:

45,269

45,068

43,982

43,226

41,470

Retail

52,162

51,470

50,512

50,184

49,279

Total loans and leases

97,431

96,538

94,494

93,410

90,749

101,866

100,615

98,990

95,707

93,463

Long-term borrowed funds

Total stockholders equity

19,600

19,586

19,564

19,268

19,383

Loans-to-deposits ratio (period-end balances)

Loans-to-deposits ratio (average balances)

Full-time equivalent employees

17,817

17,903

17,792

17,677

17,852

Basel III transitional rules for institutions applying the standardized approach to calculating risk-weighted assets became effective January 1, 2015. The capital ratios and associated components after January 1, 2015 are prepared using the Basel III standardized transitional approach. The capital ratios and associated components for periods December 31, 2014 and prior are prepared under the Basel I general capital rule.

Common equity tier 1 (CET1) capital under Basel III replaced tier 1 common capital under Basel I effective January 1, 2015.

Ratios include both loans and leases held for sale and deposits held for sale.

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(dollars in millions)

INTEREST INCOME:

Interest and fees on loans and leases

Interest and fees on loans held for sale

Interest and fees on other loans held for sale

Investment securities

Interest-bearing deposits in banks

Total interest income

INTEREST EXPENSE:

Deposits held for sale

Federal funds purchased and securities sold under agreements to repurchase

Other short-term borrowed funds

Total interest expense

Net interest income

NONINTEREST INCOME:

Service charges and fees

Card fees

Trust and investment services fees

Mortgage banking fees

Capital markets fees

Foreign exchange and trade finance fees

Bank-owned life insurance income

Securities gains, net

Other income

Total noninterest income

TOTAL REVENUE

NONINTEREST EXPENSE:

Salaries and employee benefits

Outside services

Occupancy

Equipment expense

Amortization of software

Other operating expense

Total noninterest expense

Income before income tax expense

Income tax expense

CONSOLIDATED BALANCE SHEETS (unaudited)

PERIOD END BALANCES

Sept 30, 2015

June 30, 2015

Mar 31, 2015

Dec 31, 2014

Sept 30, 2014

ASSETS:

Cash and due from banks

Interest-bearing cash and due from banks

(1,219

(1,207

Securities available for sale, at fair value

18,197

18,662

19,041

18,656

18,666

Securities held to maturity

Trading securities

Other investment securities

Loans held for sale, at fair value

Other loans held for sale

Less: Allowance for loan and lease losses

(1,201

(1,202

(1,195

Net loans and leases

96,230

95,337

93,292

92,215

89,548

Derivative assets

Premises and equipment

Goodwill

Due from broker

(2,067

Other assets

TOTAL ASSETS

LIABILITIES AND STOCKHOLDERS EQUITY:

LIABILITIES:

Deposits:

Noninterest-bearing

27,373

26,678

26,670

26,086

25,877

74,493

73,937

72,320

69,621

67,586

Total deposits

(2,491

(3,891

Derivative liabilities

Deferred taxes, net

Due to broker

(2,087

Other liabilities

TOTAL LIABILITIES

115,847

117,665

116,971

113,589

111,958

(1,818

Preferred stock:

$25.00 par value, 100,000,000 shares authorized

Common stock:

$0.01 par value, 1,000,000,000 shares authorized for each of the periods presented

Additional paid-in capital

18,718

18,714

18,707

18,676

18,660

Retained earnings

Treasury stock, at cost

Accumulated other comprehensive loss

TOTAL STOCKHOLDERS EQUITY

TOTAL LIABILITIES AND STOCKHOLDERS EQUITY

Memo: Total tangible common equity

12,939

12,909

13,117

12,806

12,900

This is a non-GAAP financial measure. For further information on this measure, refer to page 30.

LOANS AND DEPOSITS

LOANS AND LEASES:

32,726

33,027

32,249

31,431

30,356

Commercial real estate

Leases

Total commercial

Residential mortgages

12,792

12,253

11,808

11,832

11,265

Home equity loans

Home equity lines of credit

14,707

14,917

15,127

15,423

15,558

Home equity loans serviced by others

Home equity lines of credit serviced by others

Automobile

13,876

13,727

13,179

12,706

12,080

Student

Credit card

Other retail

Total retail

Loans and loans held for sale

97,851

97,235

94,870

93,691

90,957

DEPOSITS:

Demand

Checking with interest

18,350

17,114

16,738

16,394

15,449

Regular savings

Money market accounts

35,539

35,735

34,543

33,345

32,870

Term deposits

12,593

13,008

12,641

12,058

11,612

Our Serviced by Others (SBO) portfolio consists of purchased loans and lines of credit that were originally serviced by others. We now service a portion of this portfolio internally.

AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS

AVERAGE BALANCES

Interest-bearing cash and due from banks and deposits in banks

Taxable investment securities

24,440

25,081

24,955

24,658

24,648

24,824

24,205

Non-taxable investment securities

Total investment securities

24,449

25,091

24,965

24,668

24,834

24,216

Investment securities and interest-bearing deposits

25,771

27,145

27,057

26,452

27,343

(1,374

(1,572

26,654

26,440

32,832

32,855

31,911

30,962

30,186

32,536

29,666

45,174

44,696

43,506

42,263

41,191

44,465

40,476

12,470

11,980

11,855

11,647

11,001

12,104

10,420

14,813

15,084

15,310

15,490

15,572

15,059

13,810

13,484

12,933

12,403

11,438

13,412

10,542

Credit cards

51,617

50,910

50,446

49,782

48,459

50,994

47,553

96,791

95,606

93,952

92,045

89,650

95,459

88,029

Interest-earning assets

123,017

123,205

121,342

118,730

117,196

122,528

115,330

(1,197

(1,198

(1,192

(1,196

(1,242

Other noninterest-earning assets

Total noninterest-earning assets

12,086

12,316

11,983

11,941

11,495

12,127

11,268

135,103

135,521

133,325

130,671

128,691

134,655

126,598

16,934

16,561

16,039

15,718

15,155

16,515

14,099

Money market and savings

44,572

42,977

41,666

40,856

40,096

43,082

39,149

12,730

12,576

12,184

11,892

10,596

12,498

Total interest-bearing deposits

74,236

72,114

69,889

68,466

65,847

72,095

63,034

Interest-bearing deposits held for sale

(2,621

Federal funds purchased and securities sold under agreements to repurchase

(1,492

(3,425

(1,961

(1,436

(1,678

Total borrowed funds

12,001

14,772

15,506

14,028

14,996

(2,771

(2,995

14,080

12,981

Total interest-bearing liabilities

86,237

86,886

85,395

82,494

80,843

86,175

78,636

Total demand deposits

26,754

26,419

25,756

26,331

25,829

26,313

25,540

Demand deposits held for sale

115,595

115,897

113,918

111,462

109,280

115,142

107,135

19,508

19,624

19,407

19,209

19,411

19,513

19,463

Memo: Total average tangible common equity

12,834

12,947

12,948

12,913

Total deposits (interest-bearing and demand)

100,990

98,533

95,645

94,797

91,676

98,408

91,813

Our SBO portfolio consists of purchased loans and lines of credit that were originally serviced by others. We now service a portion of this portfolio internally.

Balances are net of certain short-term receivables associated with reverse repurchase agreements; interest expense includes the full cost of the repurchase agreements and certain hedging...


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