BUSINESS OPERATING SEGMENTS

3 Months Ended

Mar. 31, 2024

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 three business operating segments are Consumer Banking, Commercial Banking, and Non-Core. The business operating segments are determined based on the products and services provided, or the type of customer served. Each business operating segment has a segment head that reports directly to the Chief Executive Officer, who has final authority over resource allocation decisions and performance assessment. The business operating segments reflect this management structure and the manner in which financial information is currently evaluated by the Chief Executive Officer.

Developing and applying methodologies used to allocate items among the business operating segments is a dynamic process. Accordingly, financial results may be revised periodically as management systems are enhanced, methods of evaluating performance or product lines are updated, or organizational structure changes occur.

See Note 1 for a description of segment changes made during the third quarter of 2023. For more information on the Company’s business operating segments, as well as Other non-segment operations, see Note 26 in the Company’s 2023 Form 10-K.

	Three Months Ended March 31, 2024
(dollars in millions)	Consumer Banking	Commercial Banking	Non-Core	Other	Consolidated
Net interest income	$1,093	$514	($37)	($128)	$1,442
Noninterest income	258	227	—	32	517
Total revenue	1,351	741	(37)	(96)	1,959
Noninterest expense	903	317	25	113	1,358
Profit (loss) before provision (benefit) for credit losses	448	424	(62)	(209)	601
Provision (benefit) for credit losses	81	81	19	(10)	171
Income (loss) before income tax expense (benefit)	367	343	(81)	(199)	430
Income tax expense (benefit)	95	84	(21)	(62)	96
Net income (loss)	$272	$259	($60)	($137)	$334
Total average assets	$73,833	$70,100	$10,554	$66,283	$220,770

	Three Months Ended March 31, 2023
(dollars in millions)	Consumer Banking	Commercial Banking	Non-Core	Other	Consolidated
Net interest income	$1,011	$597	($15)	$50	$1,643
Noninterest income	256	201	—	28	485
Total revenue	1,267	798	(15)	78	2,128
Noninterest expense	857	331	32	76	1,296
Profit (loss) before provision (benefit) for credit losses	410	467	(47)	2	832
Provision (benefit) for credit losses	63	47	21	37	168
Income (loss) before income tax expense (benefit)	347	420	(68)	(35)	664
Income tax expense (benefit)	90	101	(18)	(20)	153
Net income (loss)	$257	$319	($50)	($15)	$511
Total average assets	$71,872	$78,891	$15,686	$56,262	$222,711