BUSINESS OPERATING SEGMENTS

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

BUSINESS OPERATING SEGMENTS

NOTE 16 - 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 2020 Form 10-K.

	As of and for the Three Months Ended June 30, 2021
(in millions)	Consumer Banking	Commercial Banking	Other	Consolidated
Net interest income	$897	$419	($192)	$1,124
Noninterest income	283	178	24	485
Total revenue	1,180	597	(168)	1,609
Noninterest expense	751	226	14	991
Profit (loss) before provision for credit losses	429	371	(182)	618
Provision for credit losses	45	34	(292)	(213)
Income (loss) before income tax expense (benefit)	384	337	110	831
Income tax expense (benefit)	98	72	13	183
Net income (loss)	$286	$265	$97	$648
Total average assets	$75,600	$57,527	$51,329	$184,456

	As of and for the Three Months Ended June 30, 2020
(in millions)	Consumer Banking	Commercial Banking	Other	Consolidated
Net interest income	$814	$419	($73)	$1,160
Noninterest income	428	144	18	590
Total revenue	1,242	563	(55)	1,750
Noninterest expense	735	213	31	979
Profit (loss) before provision for credit losses	507	350	(86)	771
Provision for credit losses	80	70	314	464
Income (loss) before income tax expense (benefit)	427	280	(400)	307
Income tax expense (benefit)	107	59	(112)	54
Net income (loss)	$320	$221	($288)	$253
Total average assets	$71,634	$65,280	$42,879	$179,793

	As of and for the Six Months Ended June 30, 2021
(in millions)	Consumer Banking	Commercial Banking	Other	Consolidated
Net interest income	$1,760	$840	($359)	$2,241
Noninterest income	634	348	45	1,027
Total revenue	2,394	1,188	(314)	3,268
Noninterest expense	1,501	453	55	2,009
Profit (loss) before provision for credit losses	893	735	(369)	1,259
Provision for credit losses	104	135	(592)	(353)
Income (loss) before income tax expense (benefit)	789	600	223	1,612
Income tax expense (benefit)	201	124	28	353
Net income (loss)	$588	$476	$195	$1,259
Total average assets	$75,443	$57,632	$50,443	$183,518

	As of and for the Six Months Ended June 30, 2020
(in millions)	Consumer Banking	Commercial Banking	Other	Consolidated
Net interest income	$1,607	$784	($71)	$2,320
Noninterest income	785	269	33	1,087
Total revenue	2,392	1,053	(38)	3,407
Noninterest expense	1,473	434	84	1,991
Profit (loss) before provision for credit losses	919	619	(122)	1,416
Provision for credit losses	177	113	774	1,064
Income (loss) before income tax expense (benefit)	742	506	(896)	352
Income tax expense (benefit)	186	106	(227)	65
Net income (loss)	$556	$400	($669)	$287
Total average assets	$70,024	$62,142	$41,319	$173,485

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 2020 Form 10-K.