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PARENT COMPANY FINANCIALS | 12 Months Ended
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Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract] |
PARENT COMPANY FINANCIALS | PARENT COMPANY FINANCIALS Condensed Statements of Operations
| Year Ended December 31,
(in millions) | 2018 |  | 2017 |  | 2016
OPERATING INCOME: |  |  |  |  |
Income from consolidated subsidiaries and excluding equity in undistributed earnings: |  |  |  |  |
Dividends from banking subsidiaries |  | $1,650 |  |  |  | $1,055 |  |  |  | $555 |
Interest | 46 |  |  | 43 |  |  | 53 |
Management and service fees | 22 |  |  | 31 |  |  | 26 |
Income from nonbank subsidiaries and excluding equity in undistributed earnings: |  |  |  |  |
Dividends from nonbank subsidiaries | 5 |  |  | 4 |  |  | — |
Interest | 2 |  |  | 1 |  |  | — |
Equity securities gains | — |  |  | 1 |  |  | 3 |
All other operating income | 1 |  |  | 1 |  |  | 7 |
Total operating income | 1,726 |  |  | 1,136 |  |  | 644 |
OPERATING EXPENSE: |  |  |  |  |
Salaries and employee benefits | 25 |  |  | 40 |  |  | 37 |
Interest expense | 89 |  |  | 97 |  |  | 99 |
All other expenses | 23 |  |  | 22 |  |  | 15 |
Total operating expense | 137 |  |  | 159 |  |  | 151 |
Income before taxes and undistributed income | 1,589 |  |  | 977 |  |  | 493 |
Income taxes | (13 | ) |  | (10 | ) |  | (26 | )
Income before undistributed earnings of subsidiaries | 1,602 |  |  | 987 |  |  | 519 |
Equity in undistributed earnings of subsidiaries: |  |  |  |  |
Bank | 109 |  |  | 655 |  |  | 522 |
Nonbank | 10 |  |  | 10 |  |  | 4 |
Net income |  | $1,721 |  |  |  | $1,652 |  |  |  | $1,045 |
Other comprehensive income (loss), net of income taxes: |  |  |  |  |
Net pension plan activity arising during the period |  | $5 |  |  |  | ($1 | ) |  |  | ($2 | )
Net unrealized derivative instrument gains (losses) arising during the period | 2 |  |  | 1 |  |  | (8 | )
Other comprehensive income (loss) activity of the Parent Company, net of income taxes | 7 |  |  | — |  |  | (10 | )
Other comprehensive loss activity of Bank subsidiaries, net of income taxes | (283 | ) |  | (7 | ) |  | (271 | )
Total other comprehensive loss, net of income taxes | (276 | ) |  | (7 | ) |  | (281 | )
Total comprehensive income |  | $1,445 |  |  |  | $1,645 |  |  |  | $764 |
In accordance with federal and state banking regulations, dividends paid by the Company’s banking subsidiaries to the Company are generally limited to the retained earnings of the respective banking subsidiaries unless specifically approved by the appropriate bank regulator. Citizens declared and paid total common stock dividends of $471 million, $322 million and $241 million for the years ended December 31, 2018, 2017 and 2016, respectively. Citizens also declared and paid preferred stock dividends of $14 million for the years ended December 31, 2018, 2017 and 2016. Condensed Balance Sheets
(in millions) | December 31, 2018 |  | December 31, 2017
ASSETS: |  |  |
Cash and due from banks |  | $961 |  |  |  | $563 |
Loans and advances to: |  |  |
Bank subsidiaries | 1,158 |  |  | 1,160 |
Nonbank subsidiaries | 70 |  |  | 70 |
Investments in subsidiaries: |  |  |
Bank subsidiaries | 20,590 |  |  | 20,765 |
Nonbank subsidiaries | 83 |  |  | 73 |
Other assets | 117 |  |  | 125 |
TOTAL ASSETS |  | $22,979 |  |  |  | $22,756 |
LIABILITIES: |  |  |
Long-term borrowed funds due to: |  |  |
Unaffiliated companies |  | $1,987 |  |  |  | $2,320 |
Other liabilities | 175 |  |  | 166 |
TOTAL LIABILITIES | 2,162 |  |  | 2,486 |
TOTAL STOCKHOLDERS’ EQUITY | 20,817 |  |  | 20,270 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |  | $22,979 |  |  |  | $22,756 |
Condensed Cash Flow Statements
| Year Ended December 31,
(in millions) | 2018 |  |  | 2017 |  |  | 2016 |
OPERATING ACTIVITIES |  |  |  |  |
Net income |  | $1,721 |  |  |  | $1,652 |  |  |  | $1,045 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Deferred income taxes | 17 |  |  | (11 | ) |  | 5 |
Gain on sales of assets | — |  |  | (1 | ) |  | (3 | )
Equity in undistributed earnings of subsidiaries | (120 | ) |  | (665 | ) |  | (526 | )
Increase (decrease) in other liabilities | 11 |  |  | 99 |  |  | (19 | )
(Increase) decrease in other assets | (7 | ) |  | 5 |  |  | 35 |
Other operating, net | 40 |  |  | (1 | ) |  | (4 | )
Total adjustments | (59 | ) |  | (574 | ) |  | (512 | )
Net cash provided by operating activities | 1,662 |  |  | 1,078 |  |  | 533 |
INVESTING ACTIVITIES |  |  |  |  |
Investments in and advances to subsidiaries | — |  |  | (230 | ) |  | (40 | )
Repayment of investments in and advances to subsidiaries | — |  |  | 167 |  |  | 588 |
Other investing, net | (1 | ) |  | (1 | ) |  | (2 | )
Net cash (used) provided by investing activities | (1 | ) |  | (64 | ) |  | 546 |
FINANCING ACTIVITIES |  |  |  |  |
Proceeds from issuance of long-term borrowed funds | — |  |  | — |  |  | 349 |
Repayments of long-term borrowed funds | (333 | ) |  | — |  |  | (625 | )
Proceeds from issuance of common stock | — |  |  | 34 |  |  | 22 |
Treasury stock purchased | (1,025 | ) |  | (820 | ) |  | (430 | )
Net proceeds from issuance of preferred stock | 593 |  |  | — |  |  | — |
Dividends declared and paid to common stockholders | (471 | ) |  | (322 | ) |  | (241 | )
Dividends declared and paid to preferred stockholders | (14 | ) |  | (14 | ) |  | (14 | )
Other financing, net | (13 | ) |  | — |  |  | — |
Net cash used by financing activities | (1,263 | ) |  | (1,122 | ) |  | (939 | )
Increase (decrease) in cash and due from banks | 398 |  |  | (108 | ) |  | 140 |
Cash and due from banks at beginning of year | 563 |  |  | 671 |  |  | 531 |
Cash and due from banks at end of year |  | $961 |  |  |  | $563 |  |  |  | $671 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 + Details
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