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PARENT COMPANY ONLY FINANCIALS
 12 Months Ended
Dec. 31, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
PARENT COMPANY ONLY FINANCIALS
PARENT COMPANY ONLY FINANCIALS
CFG Parent Company
Condensed Statements of Operations
 
Year Ended December 31,
 (in millions)
2014

 
2013

 
2012

OPERATING INCOME:
 
 
 
 
 
Income from bank subsidiaries and associated banks, excluding equity in undistributed income:
 
 
 
 
 
       Dividends

$595

 

$210

 

$175

       Interest
29

 
13

 
13

       Management and service fees
21

 
26

 
42

  Securities gains
—

 
—

 
1

  All other operating income
5

 
2

 
4

  Total operating income
650

 
251

 
235

OPERATING EXPENSE:
 
 
 
 
 
  Salaries and employee benefits
63

 
38

 
52

  Interest expense
80

 
24

 
4

  All other expenses
123

 
43

 
39

  Total operating expense
266

 
105

 
95

Income before taxes and undistributed income
384

 
146

 
140

  Applicable income taxes
(77
)
 
(22
)
 
(9
)
Income before undistributed income of subsidiaries and associated companies
461

 
168

 
149

Equity in undistributed income (losses) of subsidiaries and associated companies:
 
 
 
 
 
   Bank
402

 
(3,595
)
 
501

   Nonbank
2

 
1

 
(7
)
Net income (loss)

$865

 

($3,426
)
 

$643

Other comprehensive income (loss), net of income taxes:
 
 
 
 
 
Net pension plan activity arising during the period

$8

 

$17

 

($7
)
Net unrealized derivative instrument gains arising during the period
—

 
1

 
—

Net unrealized securities gains arising during the period
1

 
—

 
—

Other comprehensive income (loss) activity of the Parent Company Only, net of income taxes
9

 
18

 
(7
)
Other comprehensive income (loss) activity of Bank subsidiaries, net of income taxes
267

 
(354
)
 
223

Total other comprehensive income (loss), net of income taxes
276

 
(336
)
 
216

Total comprehensive income (loss)

$1,141

 

($3,762
)
 

$859


In accordance with federal and state banking regulations, dividends paid by the Company’s banking subsidiaries to the Company itself are generally limited to the retained earnings of the respective banking subsidiaries unless specifically approved by the appropriate bank regulator. The Company declared and paid total common stock dividends of $806 million in 2014, $1.2 billion in 2013, and $150 million in 2012.

CFG Parent Company
Condensed Balance Sheets
 (in millions)
December 31, 2014
 
December 31, 2013
ASSETS:
 
 
 
  Cash and due from banks

$280

 

$494

  Loans and advances to:
 
 
 
      Bank subsidiaries
1,685

 
459

      Related bank holding companies
—

 
1

  Investments in subsidiaries:
 
 
 
        Bank subsidiaries
19,512

 
19,522

        Nonbank subsidiaries
72

 
73

  Other assets
214

 
178

TOTAL ASSETS

$21,763

 

$20,727

LIABILITIES:
 
 
 
  Long-term debt due to:
 
 
 
       Unaffiliated companies

$350

 

$350

       Related bank holding companies
2,000

 
1,000

Balances due to related bank holding companies
2

 
—

  Other liabilities
143

 
181

TOTAL LIABILITIES
2,495

 
1,531

TOTAL STOCKHOLDERS' EQUITY
19,268

 
19,196

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$21,763

 

$20,727




CFG Parent Company
Condensed Cash Flow Statements
 
Year Ended December 31,
 (in millions)
2014

 
2013

 
2012

OPERATING ACTIVITIES
 
 
 
 
 
Net income (loss)

$865

 

($3,426
)
 

$643

Adjustments to reconcile net income (loss) to net cash provided by operating activities:
 
 
 
 
 
Deferred income taxes
27

 
(11
)
 
(12
)
Gain on sales of assets
—

 
—

 
(1
)
Equity in undistributed (earnings) losses of subsidiaries
(404
)
 
3,594

 
(494
)
Net change in other liabilities
18

 
7

 
47

Net change in other assets
(74
)
 
15

 
(20
)
Other operating, net
17

 
1

 
(2
)
Total adjustments
(416
)
 
3,606

 
(482
)
Net cash provided by operating activities
449

 
180

 
161

INVESTING ACTIVITIES
 
 
 
 
 
Proceeds from sales and maturities of securities available for sale
—

 
—

 
3

Payments for investments in and advances to subsidiaries
(1,470
)
 
(220
)
 
(800
)
Sale or repayment of investments in and advances to subsidiaries
945

 
315

 
1,164

Other investing, net
(11
)
 
(1
)
 
(1
)
Net cash (used) provided by investing activities
(536
)
 
94

 
366

FINANCING ACTIVITIES
 
 
 
 
 
Proceeds from advances from subsidiaries
—

 
—

 
5

Repayment of advances from subsidiaries
—

 
(289
)
 
(239
)
Proceeds from issuance of long-term debt
1,000

 
1,000

 
350

Proceeds from issuance of common stock
13

 
—

 
—

Repurchase of common stock
(334
)
 
—

 
—

Dividends paid
(806
)
 
(1,185
)
 
(150
)
Net cash used by financing activities
(127
)
 
(474
)
 
(34
)
Net (decrease) increase in cash and due from banks
(214
)
 
(200
)
 
493

Cash and due from banks at beginning of year
494

 
694

 
201

Cash and due from banks at end of year

$280

 

$494

 

$694