Quick10K

Citizens Financial Group

Market

Closing Price ($)	Shares Out (MM)	Market Cap ($MM)
$35.82	461	$16,520

Financials

10-Q	2019-06-30	Quarter: 2019-06-30
10-Q	2019-03-31	Quarter: 2019-03-31
10-K	2018-12-31	Annual: 2018-12-31
10-Q	2018-09-30	Quarter: 2018-09-30
10-Q	2018-06-30	Quarter: 2018-06-30
10-Q	2018-03-31	Quarter: 2018-03-31
10-K	2017-12-31	Annual: 2017-12-31
10-Q	2017-09-30	Quarter: 2017-09-30
10-Q	2017-06-30	Quarter: 2017-06-30
10-Q	2017-03-31	Quarter: 2017-03-31
10-K	2016-12-31	Annual: 2016-12-31
10-Q	2016-09-30	Quarter: 2016-09-30
10-Q	2016-06-30	Quarter: 2016-06-30
10-Q	2016-03-31	Quarter: 2016-03-31
10-K	2015-12-31	Annual: 2015-12-31
10-Q	2015-09-30	Quarter: 2015-09-30
10-Q	2015-06-30	Quarter: 2015-06-30
10-Q	2015-03-31	Quarter: 2015-03-31
10-K	2014-12-31	Annual: 2014-12-31
10-Q	2014-09-30	Quarter: 2014-09-30

Current Reports

8-K	2019-07-25	Other Events, Exhibits
8-K	2019-07-22	Other Events, Exhibits
8-K	2019-07-19	Earnings, Regulation FD, Exhibits
8-K	2019-06-27	Regulation FD, Exhibits
8-K	2019-06-20	Amend Bylaw, Exhibits
8-K	2019-06-11	Regulation FD, Exhibits
8-K	2019-05-29	Regulation FD, Exhibits
8-K	2019-05-14	Regulation FD, Exhibits
8-K	2019-04-25	Shareholder Vote
8-K	2019-04-18	Earnings, Regulation FD, Exhibits
8-K	2019-01-22	Other Events, Exhibits
8-K	2019-01-22	Shareholder Rights, Amend Bylaw, Other Events, Exhibits
8-K	2019-01-18	Earnings, Exhibits
8-K	2018-12-13	Officers, Exhibits
8-K	2018-12-04	Regulation FD, Exhibits
8-K	2018-11-08	Regulation FD, Exhibits
8-K	2018-10-25	Shareholder Rights, Amend Bylaw, Other Events, Exhibits
8-K	2018-10-22	Other Events, Exhibits
8-K	2018-10-19	Earnings, Exhibits
8-K	2018-09-27	Officers, Exhibits
8-K	2018-09-12	Regulation FD, Exhibits
8-K	2018-07-20	Earnings, Exhibits
8-K	2018-06-28	Regulation FD, Exhibits
8-K	2018-06-18	Officers
8-K	2018-06-12	Regulation FD, Exhibits
8-K	2018-06-04	Other Events
8-K	2018-05-31	Regulation FD, Exhibits
8-K	2018-05-29	Regulation FD, Exhibits
8-K	2018-05-21	Shareholder Rights, Amend Bylaw, Other Events, Exhibits
8-K	2018-05-14	Regulation FD, Exhibits
8-K	2018-04-26	Shareholder Vote
8-K	2018-04-20	Earnings, Exhibits
8-K	2018-02-14	Regulation FD, Exhibits
8-K	2018-01-19	Earnings, Exhibits

Comparables

AMGN	Amgen	105,440
PRI	Primerica	5,360
AEIS	Advanced Energy Industries	1,960
LBRT	Liberty Oilfield Services	1,770
INFN	Infinera	575
AFC	Allied Capital	205
CXDC	China Xd Plastics	120
ECIA	Encision	0
JSMN	Jasmin	0
AGHC	Aeon Global Health	0

CFG 2019-06-30

Content

Part I. Financial Information

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 1. Financial Statements

Note 1 - Basis of Presentation

Note 2 - Securities

Note 3 - Loans and Leases

Note 4 - Allowance for Credit Losses, Nonperforming Assets, and Concentrations of Credit Risk

Note 5 - Mortgage Banking

Note 6 - Leases

Note 7 - Variable Interest Entities

Note 8 - Borrowed Funds

Note 9 - Derivatives

Note 10 - Reclassifications Out of Accumulated Other Comprehensive Income (Loss)

Note 11 - Stockholders' Equity

Note 12 - Commitments and Contingencies

Note 13 - Fair Value Measurements

Note 14 - Noninterest Income

Note 15 - Other Operating Expense

Note 16 - Earnings per Share

Note 17 - Business Operating Segments

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Item 4. Controls and Procedures

Part II. Other Information

Item 1. Legal Proceedings

Item 1A. Risk Factors

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Item 6. Exhibits

Exhibits

EX-10.1	exhibit10-1.htm
EX-10.2	exhibit10-2.htm
EX-31.1	a311certexhibitceo302-.htm
EX-31.2	a312certexhibitcfo302-.htm
EX-32.1	a321certexhibitceo906-.htm
EX-32.2	a322certexhibitcfo906-.htm

Citizens Financial Group Earnings 2019-06-30

CFG 10Q Quarterly Report

Balance Sheet	Income Statement	Cash Flow

Document

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended

June 30, 2019

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period From

(Not Applicable)

Commission File Number 001-36636

(Exact name of the registrant as specified in its charter)



Delaware		05-0412693
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification Number)

One Citizens Plaza, Providence, RI 02903

(Address of principal executive offices, including zip code)

(401) 456-7000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common stock, $0.01 par value per share	CFG	New York Stock Exchange
Depositary Shares, representing 6.350% Non-Cumulative Perpetual Preferred Stock, Series D	CFG PrD	New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days.

☑ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

☑ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act:



Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☑ No

There were 447,086,518 shares of Registrant’s common stock ($0.01 par value) outstanding on August 1, 2019.





	Table of Contents


Glossary of Acronyms and Terms		3

Part I. Financial Information		5

Item 1. Financial Statements		51

Consolidated Balance Sheets as of June 30, 2019 (unaudited) and December 31, 2018 (unaudited)		52
Consolidated Statements of Operations (unaudited) for the Three and Six Months Ended June 30, 2019 and 2018		53
Consolidated Statements of Comprehensive Income (unaudited) for the Three and Six Months Ended June 30, 2019 and 2018		54
Consolidated Statements of Changes in Stockholders’ Equity (unaudited) for the Three and Six Months Ended June 30, 2019 and 2018		55
Consolidated Statements of Cash Flows (unaudited) for the Six Months Ended June 30, 2019 and 2018		57
Notes to the Consolidated Financial Statements (unaudited)		58

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations		5

Item 3. Quantitative and Qualitative Disclosures about Market Risk		97

Item 4. Controls and Procedures		97


Part II. Other Information		97

Item 1. Legal Proceedings		97
Item 1A. Risk Factors		97
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		97
Item 6. Exhibits		98


Signature		99

CITIZENS FINANCIAL GROUP, INC.

GLOSSARY OF ACRONYMS AND TERMS

The following is a list of common acronyms and terms we regularly use in our financial reporting:



ACL		Allowance for Credit Losses
Acquisitions		Refers to acquisitions after second quarter 2018, including Franklin American Mortgage Company, Clarfeld Financial Advisors, LLC and Bowstring Advisors LLC
AFS		Available for Sale
ALLL		Allowance for Loan and Lease Losses
ALM		Asset and Liability Management
AOCI		Accumulated Other Comprehensive Income (Loss)
ATM		Automated Teller Machine
Board of Directors