XML 18 R39.htm IDEA: XBRL DOCUMENT
v3.20.1

FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2020
Fair Value Disclosures [Abstract] |
Fair value option | The following table presents the changes in fair value for assets where the Company has elected the fair value option:
| Three Months Ended March 31, |
(in millions) | 2020 |  | 2019 | Affected Line Item in the Consolidated Statements of Operations
Residential mortgage loans held for sale, at fair value |  | $58 |  |  |  | ($1 | ) | Mortgage banking fees
Commercial and commercial real estate loans held for sale, at fair value | (20 | ) |  | 3 |  | Capital market fees
Citizens elected to account for residential mortgage LHFS and certain commercial and commercial real estate LHFS at fair value.
| March 31, 2020 |  | December 31, 2019
(in millions) | Aggregate Fair Value | Aggregate Unpaid Principal | Aggregate Fair Value Less Aggregate Unpaid Principal |  | Aggregate Fair Value | Aggregate Unpaid Principal | Aggregate Fair Value Less Aggregate Unpaid Principal
Residential mortgage loans held for sale, at fair value |  | $2,708 |  |  | $2,570 |  |  | $138 |  |  |  | $1,778 |  |  | $1,727 |  |  | $51 |
Commercial and commercial real estate loans held for sale, at fair value | 203 |  | 232 |  | (29 | ) |  | 168 |  | 175 |  | (7 | )
Assets and liabilities measured on recurring basis | The following table presents assets and liabilities measured at fair value, including gross derivative assets and liabilities on a recurring basis at March 31, 2020:
(in millions) | Total |  | Level 1 |  | Level 2 |  | Level 3 |
Debt securities available for sale: |  |  |  |
Mortgage-backed securities |  | $22,262 |  |  | $— |  |  | $22,262 |  |  | $— |
State and political subdivisions | 4 |  | — |  | 4 |  | — |
U.S. Treasury and other | 41 |  | 41 |  | — |  | — |
Total debt securities available for sale | 22,307 |  | 41 |  | 22,266 |  | — |
Loans held for sale, at fair value: |  |  |  |
Residential loans held for sale | 2,708 |  | — |  | 2,708 |  | — |
Commercial loans held for sale | 203 |  | — |  | 203 |  | — |
Total loans held for sale, at fair value | 2,911 |  | — |  | 2,911 |  | — |
Mortgage servicing rights | 577 |  | — |  | — |  | 577 |
Derivative assets: |  |  |  |
Interest rate contracts | 1,799 |  | — |  | 1,799 |  | — |
Foreign exchange contracts | 413 |  | — |  | 413 |  | — |
TBA contracts | 42 |  | — |  | 42 |  | — |
Other contracts | 232 |  | — |  | 89 |  | 143 |
Total derivative assets | 2,486 |  | — |  | 2,343 |  | 143 |
Equity securities, at fair value: |  |  |  |
Money market mutual fund investments | 47 |  | 47 |  | — |  | — |
Total equity securities, at fair value | 47 |  | 47 |  | — |  | — |
Total assets |  | $28,328 |  |  | $88 |  |  | $27,520 |  |  | $720 |
Derivative liabilities: |  |  |  |
Interest rate contracts |  | $209 |  |  | $— |  |  | $209 |  |  | $— |
Foreign exchange contracts | 361 |  | — |  | 361 |  | — |
TBA contracts | 202 |  | — |  | 202 |  | — |
Other contracts | 88 |  | — |  | 88 |  | — |
Total derivative liabilities | 860 |  | — |  | 860 |  | — |
Total liabilities |  | $860 |  |  | $— |  |  | $860 |  |  | $— |
The following table presents assets and liabilities measured at fair value, including gross derivative assets and liabilities on a recurring basis at December 31, 2019:
(in millions) | Total |  | Level 1 |  | Level 2 |  | Level 3 |
Debt securities available for sale: |  |  |  |
Mortgage-backed securities |  | $20,537 |  |  | $— |  |  | $20,537 |  |  | $— |
State and political subdivisions | 5 |  | — |  | 5 |  | — |
U.S. Treasury and other | 71 |  | 71 |  | — |  | — |
Total debt securities available for sale | 20,613 |  | 71 |  | 20,542 |  | — |
Loans held for sale, at fair value: |  |  |  |
Residential loans held for sale | 1,778 |  | — |  | 1,778 |  | — |
Commercial loans held for sale | 168 |  | — |  | 168 |  | — |
Total loans held for sale, at fair value | 1,946 |  | — |  | 1,946 |  | — |
Mortgage servicing rights | 642 |  | — |  | — |  | 642 |
Derivative assets: |  |  |  |
Interest rate contracts | 773 |  | — |  | 773 |  | — |
Foreign exchange contracts | 174 |  | — |  | 174 |  | — |
Other contracts | 37 |  | — |  | 18 |  | 19 |
Total derivative assets | 984 |  | — |  | 965 |  | 19 |
Equity securities, at fair value: |  |  |  |
Money market mutual fund investments | 47 |  | 47 |  | — |  | — |
Total equity securities, at fair value | 47 |  | 47 |  | — |  | — |
Total assets |  | $24,232 |  |  | $118 |  |  | $23,453 |  |  | $661 |
Derivative liabilities: |  |  |  |
Interest rate contracts |  | $133 |  |  | $— |  |  | $133 |  |  | $— |
Foreign exchange contracts | 166 |  | — |  | 166 |  | — |
Other contracts | 23 |  | — |  | 23 |  | — |
Total derivative liabilities | 322 |  | — |  | 322 |  | — |
Total liabilities |  | $322 |  |  | $— |  |  | $322 |  |  | $— |
Assets measured at fair value on recurring basis and classified as Level 3 | The following tables present a roll forward of the balance sheet amounts for assets measured at fair value on a recurring basis and classified as Level 3:
| Three Months Ended March 31, 2020
(in millions) | Mortgage Servicing Rights |  | Other Derivative Contracts
Beginning balance |  | $642 |  |  |  | $19 |
Transfers upon election of fair value method (1) | 190 |  |  | — |
Beginning balance, adjusted | 832 |  |  | 19 |
Purchases | — |  |  | — |
Issuances | 67 |  |  | 171 |
Settlements (2) | (40 | ) |  | (76 | )
Changes in fair value during the period recognized in earnings (3) | (282 | ) |  | 29 |
Ending balance |  | $577 |  |  |  | $143 |
| Three Months Ended March 31, 2019
(in millions) | Mortgage Servicing Rights |  | Other Derivative Contracts
Beginning balance |  | $600 |  |  |  | $— |
Issuances | 35 |  |  | — |
Settlements (2) | (26 | ) |  | — |
Changes in fair value during the period recognized in earnings (3) | (46 | ) |  | — |
Transfers from Level 2 to Level 3 (4) | — |  |  | 18 |
Ending balance |  | $563 |  |  |  | $18 |
(1) Effective January 1, 2020, the Company elected to account for all MSRs previously accounted for under the amortization method under the fair value method. (2) Represents changes in value of the MSRs due to i) passage of time including the impact from both regularly scheduled loan principal payments and partial paydowns, and ii) loans that paid off during the period. (3) Represents changes in value primarily driven by market conditions. These changes are recorded in mortgage banking fees in the Consolidated Statements of Operations. (4) Reflects changes in the significance of unobservable inputs on derivative contracts associated with mortgage origination activities.
Fair value measurement inputs and valuation techniques | The following table presents quantitative information about the Company’s Level 3 assets, including the range and weighted-average of the significant unobservable inputs used to fair value these assets, as well as valuation techniques used.
| As of March 31, 2020
| Valuation Technique | Unobservable Input | Range (Weighted Average)
Mortgage servicing rights | Discounted Cash Flow | Constant prepayment rate | 10.87-37.37% CPR (21.0% CPR)
Option adjusted spread | 350-1,698 bps (585 bps)
Other derivative contracts | Internal Model | Pull through rate | 18.01-99.70% (77.98%)
MSR value | (66.20)-143.98 bps (87.21 bps)
Gains (losses) on assets and liabilities measured on a nonrecurring basis included in earnings | The following table presents losses on assets measured at fair value on a nonrecurring basis and recorded in earnings:
| Three Months Ended March 31,
(in millions) | 2020 |  |  | 2019 |
Collateral-dependent loans |  | ($34 | ) |  |  | ($4 | )
Fair value of assets and liabilities measured on a nonrecurring basis | The following table presents assets measured at fair value on a nonrecurring basis:
| March 31, 2020 |  | December 31, 2019
(in millions) | Total |  | Level 1 |  | Level 2 |  | Level 3 |  |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |
Collateral-dependent loans |  | $426 |  |  | $— |  |  | $426 |  |  | $— |  |  |  | $312 |  |  | $— |  |  | $312 |  |  | $— |
Assets and liabilities measured at fair value | The following table presents the estimated fair value for financial instruments not recorded at fair value in the unaudited interim Consolidated Financial Statements. The carrying amounts are recorded in the Consolidated Balance Sheets under the indicated captions:
| March 31, 2020
| Total |  | Level 1 |  | Level 2 |  | Level 3
(in millions) | Carrying Value | Estimated Fair Value |  | Carrying Value | Estimated Fair Value |  | Carrying Value | Estimated Fair Value |  | Carrying Value | Estimated Fair Value
Financial assets: |  |  |  |  |  |  |  |  |  |  |
Securities held to maturity |  | $3,071 |  |  | $3,219 |  |  |  | $— |  |  | $— |  |  |  | $3,071 |  |  | $3,219 |  |  |  | $— |  |  | $— |
Equity securities, at cost | 927 |  | 927 |  |  | — |  | — |  |  | 927 |  | 927 |  |  | — |  | — |
Other loans held for sale | 350 |  | 350 |  |  | — |  | — |  |  | — |  | — |  |  | 350 |  | 350 |
Loans and leases | 127,528 |  | 127,366 |  |  | — |  | — |  |  | 426 |  | 426 |  |  | 127,102 |  | 126,940 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |
Deposits | 133,475 |  | 133,554 |  |  | — |  | — |  |  | 133,475 |  | 133,554 |  |  | — |  | — |
Federal funds purchased and securities sold under agreements to repurchase | 1,049 |  | 1,049 |  |  | — |  | — |  |  | 1,049 |  | 1,049 |  |  | — |  | — |
Other short-term borrowed funds | 10 |  | 10 |  |  | — |  | — |  |  | 10 |  | 10 |  |  | — |  | — |
Long-term borrowed funds | 16,437 |  | 16,150 |  |  | — |  | — |  |  | 16,437 |  | 16,150 |  |  | — |  | — |
| December 31, 2019
| Total |  | Level 1 |  | Level 2 |  | Level 3
(in millions) | Carrying Value | Estimated Fair Value |  | Carrying Value | Estimated Fair Value |  | Carrying Value | Estimated Fair Value |  | Carrying Value | Estimated Fair Value
Financial assets: |  |  |  |  |  |  |  |  |  |  |
Securities held to maturity |  | $3,202 |  |  | $3,242 |  |  |  | $— |  |  | $— |  |  |  | $3,202 |  |  | $3,242 |  |  |  | $— |  |  | $— |
Equity securities, at cost | 807 |  | 807 |  |  | — |  | — |  |  | 807 |  | 807 |  |  | — |  | — |
Other loans held for sale | 1,384 |  | 1,384 |  |  | — |  | — |  |  | — |  | — |  |  | 1,384 |  | 1,384 |
Loans and leases | 119,088 |  | 119,792 |  |  | — |  | — |  |  | 312 |  | 312 |  |  | 118,776 |  | 119,480 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |
Deposits | 125,313 |  | 125,340 |  |  | — |  | — |  |  | 125,313 |  | 125,340 |  |  | — |  | — |
Federal funds purchased and securities sold under agreements to repurchase | 265 |  | 265 |  |  | — |  | — |  |  | 265 |  | 265 |  |  | — |  | — |
Other short-term borrowed funds | 9 |  | 9 |  |  | — |  | — |  |  | 9 |  | 9 |  |  | — |  | — |
Long-term borrowed funds | 14,047 |  | 14,228 |  |  | — |  | — |  |  | 14,047 |  | 14,228 |  |  | — |  | — |

X
- Definition Tabular disclosure of gains (losses) on assets and liabilities measured at fair value on a nonrecurring basis and recorded in earnings. + References No definition available. + Details
Name: | cfg_FairValueMeasuredonNonrecurringBasisGainLossIncludedinEarningsTableTextBlock
Namespace Prefix: | cfg_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=118260190&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information about asset and liability measured at fair value under fair value option. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14210-108612 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14217-108612 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612 + Details
Name: | us-gaap_FairValueOptionQuantitativeDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration