BASIS OF PRESENTATION

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

NOTE 1 - BASIS OF PRESENTATION

The accounting and reporting policies of Citizens Financial Group, Inc. conform to GAAP. The Company’s principal business activity is banking, conducted through its banking subsidiary CBNA. The Company also provides M&A, capital raising and other financial advisory services to middle market companies across a focused set of industry verticals through its broker-dealers.

The Consolidated Financial Statements include the accounts of Citizens and subsidiaries in which Citizens has a controlling financial interest. All intercompany transactions and balances have been eliminated. The Company has evaluated its unconsolidated entities and does not believe that any entity in which it has an interest, but does not currently consolidate, meets the requirements to be consolidated as a variable interest entity.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near-term relate to the determination of the ACL.

Significant Accounting Policies

The following table identifies the Company’s significant accounting policies and the Note and Page where a detailed description of each policy can be found.


	Note	Page
Cash and Due From Banks	3	92
Securities	4	92
Loans and Leases	5	96
Allowance for Credit Losses	6	98
Premises, Equipment and Software	7	112
Mortgage Servicing Rights	8	113
Leases	9	115
Goodwill and Intangible Assets	10	116
Variable Interest Entities	11	118
Derivative Instruments	14	122
Employee Benefits	15	125
Treasury Stock	17	128
Employee Share-Based Compensation	18	130
Fair Value Measurement	20	133
Revenue Recognition	21	140
Income Taxes	23	142
Earnings Per Share	24	145