CITIZENS FINANCIAL GROUP INCRI
For the period ended Dec 31, 2023. Filed Feb 16, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 16, 2024
CFG$65.10+2.9%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Glossary of Acronyms and Terms
The following is a list of common acronyms and terms used regularly in our financial reporting:
| AACL | Adjusted Allowance for Credit Losses |
|---|---|
| ACL | Allowance for Credit Losses: Allowance for Loan and Lease Losses plus Allowance for Unfunded Lending Commitments |
| AFS | Available for Sale |
| ALLL | Allowance for Loan and Lease Losses |
| ALM | Asset and Liability Management |
| AOCI | Accumulated Other Comprehensive Income (Loss) |
| ASU | Accounting Standards Update |
| ATM | Automated Teller Machine |
| Bank Holding Company Act | The Bank Holding Company Act of 1956 |
| BHC | Bank Holding Company |
| Board or Board of Directors | The Board of Directors of Citizens Financial Group, Inc. |
| bps | Basis Points |
| Capital Plan Rule | Federal Reserve Regulation Y Capital Plan Rule |
| CBNA | Citizens Bank, National Association |
| CCAR | Comprehensive Capital Analysis and Review |
| CCB | Capital Conservation Buffer |
| CECL | Current Expected Credit Losses (ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments) |
| CET1 | Common Equity Tier 1 |
| CEO | Chief Executive Officer |
| CET1 capital ratio | Common Equity Tier 1 capital divided by total risk-weighted assets as defined under the U.S. Basel III Standardized approach |
| CFPB | Consumer Financial Protection Bureau |
| Citizens, CFG, the Company, we, us, or our | Citizens Financial Group, Inc. and its Subsidiaries |
| CLTV | Combined Loan-to-Value |
| CMO | Collateralized Mortgage Obligation |
| COVID | Coronavirus Disease |
| CRA | Community Reinvestment Act |
| CRE | Commercial Real Estate |
| DE&I | Diversity, Equity and Inclusion |
| DIF | Deposit Insurance Fund |
| Dodd-Frank Act | The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 |
| EAD | Exposure at Default |
| EEO-1 report | Mandatory report on workforce demographics submitted annually to the U.S. Equal Employment Opportunity Commission |
| EPS | Earnings Per Share |
| ESG | Environmental, Social, and Governance |
| ESPP | Employee Stock Purchase Plan |
| EVE | Economic Value of Equity |
| Exchange Act | The Securities Exchange Act of 1934, as amended |
| Fannie Mae (FNMA) | Federal National Mortgage Association |
| FASB | Financial Accounting Standards Board |
| FCA | Financial Conduct Authority |
Citizens Financial Group, Inc. | 2
| FDIA | Federal Deposit Insurance Act |
|---|---|
| FDIC | Federal Deposit Insurance Corporation |
| FDM | Financially Distressed Modification |
| Federal Banking Regulators | Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency |
| FFIEC | Federal Financial Institutions Examination Council |
| FHA | Federal Housing Administration |
| FHC | Financial Holding Company |
| FHLB | Federal Home Loan Bank |
| FICO | Fair Isaac Corporation (credit rating) |
| FINRA | Financial Industry Regulation Authority |
| FRB or Federal Reserve | Board of Governors of the Federal Reserve System and, as applicable, Federal Reserve Bank(s) |
| Freddie Mac (FHLMC) | Federal Home Loan Mortgage Corporation |
| FTE | Fully Taxable Equivalent |
| FTP | Funds Transfer Pricing |
| GAAP | Accounting Principles Generally Accepted in the United States of America |
| GDP | Gross Domestic Product |
| GLBA | Gramm-Leach-Bliley Act of 1999 |
| Ginnie Mae (GNMA) | Government National Mortgage Association |
| GSE | Government Sponsored Entity |
| HSBC | HSBC Bank U.S.A., N.A. |
| HSBC transaction | Acquisition of HSBC East Coast branches and national online deposit business |
| HTM | Held To Maturity |
| IDI | Insured Depository Institution |
| Investors | Investors Bancorp, Inc. and its subsidiaries |
| IPO | Initial Public Offering of Citizens Financial Group, Inc. in 2014 |
| JMP | JMP Group LLC |
| Last-of-Layer | Last-of-layer is a fair value hedge of the interest rate risk of a portfolio of similar prepayable assets whereby the last dollar amount within the portfolio of assets is identified as the hedged item |
| LHFS | Loans Held for Sale |
| LGD | Loss Given Default |
| LIBOR | London Interbank Offered Rate |
| LIHTC | Low Income Housing Tax Credit |
| LTV | Loan to Value |
| M&A | Merger and Acquisition |
| MD&A | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
| Mid-Atlantic | District of Columbia, Delaware, Maryland, New Jersey, New York, Pennsylvania, Virginia, and West Virginia |
| Midwest | Illinois, Indiana, Michigan, and Ohio |
| Modified AACL transition | The Day-1 CECL adoption entry booked to ACL plus 25% of subsequent CECL ACL reserve build |
| Modified CECL transition | The Day-1 CECL adoption entry booked to retained earnings plus 25% of subsequent CECL ACL reserve build |
| MSRs | Mortgage Servicing Rights |
| New England | Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont |
| NM | Not meaningful |
| NMTC | New Markets Tax Credit |
Citizens Financial Group, Inc. | 3
| NSFR | Net Stable Funding Ratio |
|---|---|
| OCC | Office of the Comptroller of the Currency |
| OCI | Other Comprehensive Income (Loss) |
| OFAC | U.S. Treasury Department Office of Foreign Assets Control |
| Operating Leverage | Period-over-period percent change in total revenue, less the period-over-period percent change in noninterest expense |
| OTC | Over the Counter |
| Parent Company | Citizens Financial Group, Inc. (the Parent Company of Citizens Bank, National Association and other subsidiaries) |
| PCD | Purchased Credit Deteriorated |
| PD | Probability of Default |
| peers or peer regional banks | Comerica, Fifth Third, Huntington, KeyCorp, M&T, PNC, Regions, Truist and U.S. Bancorp |
| PPP | The U.S. Small Business Administration’s Paycheck Protection Program |
| REIT | Real estate investment trust |
| ROTCE | Return on Average Tangible Common Equity |
| RPA | Risk Participation Agreement |
| RWA | Risk-Weighted Assets |
| SBA | United States Small Business Administration |
| SCB | Stress Capital Buffer |
| SEC | United States Securities and Exchange Commission |
| SOFR | Secured Overnight Financing Rate |
| SVaR | Stressed Value at Risk |
| TBAs | To-Be-Announced Mortgage Securities |
| TDR | Troubled Debt Restructuring |
| Tier 1 capital ratio | Tier 1 capital, which includes Common Equity Tier 1 capital plus non-cumulative perpetual preferred equity that qualifies as additional tier 1 capital, divided by total risk-weighted assets as defined under the U.S. Basel III Standardized approach |
| Tier 1 leverage ratio | Tier 1 capital, which includes Common Equity Tier 1 capital plus non-cumulative perpetual preferred equity that qualifies as additional tier 1 capital, divided by quarterly adjusted average assets as defined under the U.S. Basel III Standardized approach |
| TOP | Tapping Our Potential |
| Total capital ratio | Total capital, which includes Common Equity Tier 1 capital, tier 1 capital and allowance for credit losses and qualifying subordinated debt that qualifies as tier 2 capital, divided by total risk-weighted assets as defined under the U.S. Basel III Standardized approach |
| USDA | United States Department of Agriculture |
| VA | United States Department of Veterans Affairs |
| VaR | Value at Risk |
| VIE | Variable Interest Entity |
Citizens Financial Group, Inc. | 4
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.