BUSINESS OPERATING SEGMENTS

6 Months Ended

Jun. 30, 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 June 30, 2024
(dollars in millions)	Consumer Banking	Commercial Banking	Non-Core	Other	Consolidated
Net interest income	$1,120	$494	($31)	($173)	$1,410
Noninterest income	277	242	—	34	553
Total revenue	1,397	736	(31)	(139)	1,963
Noninterest expense	915	311	26	49	1,301
Profit (loss) before provision (benefit) for credit losses	482	425	(57)	(188)	662
Provision (benefit) for credit losses	84	90	10	(2)	182
Income (loss) before income tax expense (benefit)	398	335	(67)	(186)	480
Income tax expense (benefit)	102	76	(17)	(73)	88
Net income (loss)	$296	$259	($50)	($113)	$392
Total average assets	$74,295	$68,958	$9,418	$66,551	$219,222

	Three Months Ended June 30, 2023
(dollars in millions)	Consumer Banking	Commercial Banking	Non-Core	Other	Consolidated
Net interest income	$1,023	$584	($28)	$9	$1,588
Noninterest income	268	207	—	31	506
Total revenue	1,291	791	(28)	40	2,094
Noninterest expense	875	315	33	83	1,306
Profit (loss) before provision (benefit) for credit losses	416	476	(61)	(43)	788
Provision (benefit) for credit losses	68	71	13	24	176
Income (loss) before income tax expense (benefit)	348	405	(74)	(67)	612
Income tax expense (benefit)	91	100	(19)	(38)	134
Net income (loss)	$257	$305	($55)	($29)	$478
Total average assets	$72,583	$77,546	$14,456	$57,788	$222,373

	Six Months Ended June 30, 2024
(dollars in millions)	Consumer Banking	Commercial Banking	Non-Core	Other	Consolidated
Net interest income	$2,213	$1,008	($68)	($301)	$2,852
Noninterest income	535	469	—	66	1,070
Total revenue	2,748	1,477	(68)	(235)	3,922
Noninterest expense	1,818	628	51	162	2,659
Profit (loss) before provision (benefit) for credit losses	930	849	(119)	(397)	1,263
Provision (benefit) for credit losses	165	171	29	(12)	353
Income (loss) before income tax expense (benefit)	765	678	(148)	(385)	910
Income tax expense (benefit)	197	160	(38)	(135)	184
Net income (loss)	$568	$518	($110)	($250)	$726
Total average assets	$74,064	$69,529	$9,986	$66,417	$219,996

	Six Months Ended June 30, 2023
(dollars in millions)	Consumer Banking	Commercial Banking	Non-Core	Other	Consolidated
Net interest income	$2,034	$1,181	($43)	$59	$3,231
Noninterest income	524	408	—	59	991
Total revenue	2,558	1,589	(43)	118	4,222
Noninterest expense	1,732	646	65	159	2,602
Profit (loss) before provision (benefit) for credit losses	826	943	(108)	(41)	1,620
Provision (benefit) for credit losses	131	118	34	61	344
Income (loss) before income tax expense (benefit)	695	825	(142)	(102)	1,276
Income tax expense (benefit)	181	201	(37)	(58)	287
Net income (loss)	$514	$624	($105)	($44)	$989
Total average assets	$72,230	$78,215	$15,068	$57,028	$222,541