BUSINESS OPERATING SEGMENTS

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

BUSINESS OPERATING SEGMENTS

NOTE 17 - BUSINESS OPERATING SEGMENTS

Citizens is managed by its Chief Executive Officer on a segment basis. The Company’s two business operating segments are Consumer Banking and Commercial Banking. The business segments are determined based on the products and services provided, or the type of customer served. Each segment has a segment head who reports directly to the Chief Executive Officer. The Chief Executive Officer has final authority over resource allocation decisions and performance assessment. The business segments reflect this management structure and the manner in which financial information is currently evaluated by the Chief Executive Officer. For more information on the Company’s business operating segments, as well as Other non-segment operations, see Note 25 in the Company’s 2019 Form 10-K.

	As of and for the Three Months Ended September 30, 2020
(in millions)	Consumer Banking		Commercial Banking		Other			Consolidated
Net interest income		$845		$421		($129	)		$1,137
Noninterest income	495		144		15			654
Total revenue	1,340		565		(114		)	1,791
Noninterest expense	742		210		36			988
Profit (loss) before provision for credit losses	598		355		(150		)	803
Provision for credit losses	55		161		212			428
Income (loss) before income tax expense (benefit)	543		194		(362		)	375
Income tax expense (benefit)	136		41		(116		)	61
Net income (loss)		$407		$153		($246	)		$314
Total average assets		$73,605		$60,889		$43,181			$177,675

	As of and for the Three Months Ended September 30, 2019
(in millions)	Consumer Banking		Commercial Banking		Other			Consolidated
Net interest income		$799		$360		($14	)		$1,145
Noninterest income	336		133		24			493
Total revenue	1,135		493		10			1,638
Noninterest expense	718		213		42			973
Profit (loss) before provision for credit losses	417		280		(32		)	665
Provision for credit losses	83		27		(9		)	101
Income (loss) before income tax expense (benefit)	334		253		(23		)	564
Income tax expense (benefit)	83		57		(25		)	115
Net income		$251		$196		$2			$449
Total average assets		$66,365		$55,614		$40,131			$162,110

	As of and for the Nine Months Ended September 30, 2020
(in millions)	Consumer Banking		Commercial Banking		Other			Consolidated
Net interest income		$2,452		$1,205		($200	)		$3,457
Noninterest income	1,280		413		48			1,741
Total revenue	3,732		1,618		(152		)	5,198
Noninterest expense	2,215		644		120			2,979
Profit (loss) before provision for credit losses	1,517		974		(272		)	2,219
Provision for credit losses	232		274		986			1,492
Income (loss) before income tax expense (benefit)	1,285		700		(1,258		)	727
Income tax expense (benefit)	322		147		(343		)	126
Net income (loss)		$963		$553		($915	)		$601
Total average assets		$71,227		$61,722		$41,943			$174,892

	As of and for the Nine Months Ended September 30, 2019
(in millions)	Consumer Banking		Commercial Banking		Other			Consolidated
Net interest income		$2,386		$1,103		($18	)		$3,471
Noninterest income	860		432		91			1,383
Total revenue	3,246		1,535		73			4,854
Noninterest expense	2,133		639		89			2,861
Profit (loss) before provision for credit losses	1,113		896		(16		)	1,993
Provision for credit losses	228		73		(18		)	283
Income before income tax expense (benefit)	885		823		2			1,710
Income tax expense (benefit)	219		184		(34		)	369
Net income		$666		$639		$36			$1,341
Total average assets		$65,624		$55,793		$39,927			$161,344

There have been no significant changes in the management accounting practices utilized by the Company regarding the basis of presentation for segment results as discussed in Note 25 in the Company’s 2019 Form 10-K.