BASIS OF PRESENTATION

12 Months Ended

Dec. 31, 2022

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 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	97
Securities	4	97
Loans and Leases	5	101
Allowance for Credit Losses	6	103
Premises, Equipment and Software	7	116
Mortgage Servicing Rights	8	117
Leases	9	119
Goodwill and Intangible Assets	10	120
Variable Interest Entities	11	122
Derivative Instruments	14	126
Employee Benefits	15	129
Treasury Stock	17	131
Employee Share-Based Compensation	18	133
Fair Value Measurement	20	135
Revenue Recognition	21	142
Income Taxes	23	144
Earnings Per Share	24	147

Accounting Pronouncements Adopted in 2022


Pronouncement	Summary of Guidance	Effects on Financial Statements
Reference Rate Reform - Deferral of the Sunset Date December 2022	•This standard was effective upon issuance. •Deferred the sunset date of the temporary relief provided by ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting from December 31, 2022 to December 31, 2024.	•The Company adopted this standard upon issuance. •Adoption did not have a material impact on the Company’s Consolidated Financial Statements.