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BUSINESS OPERATING SEGMENTS | 9 Months Ended
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Sep. 30, 2022
Segment Reporting [Abstract] |
BUSINESS OPERATING SEGMENTS | NOTE 18 - BUSINESS OPERATING SEGMENTS Citizens is managed by its Chief Executive Officer on a segment basis. The Company’s two business operating segments are Consumer Banking and Commercial Banking. The business segments are determined based on the products and services provided, or the type of customer served. Each segment has a segment head who reports directly to the Chief Executive Officer. The Chief Executive Officer has final authority over resource allocation decisions and performance assessment. The business segments reflect this management structure and the manner in which financial information is currently evaluated by the Chief Executive Officer. For more information on the Company’s business operating segments, as well as Other non-segment operations, see Note 26 in the Company’s 2021 Form 10-K.
| As of and for the Three Months Ended September 30, 2022
(in millions) | Consumer Banking |  | Commercial Banking |  | Other |  | Consolidated
Net interest income | $1,085 |  |  | $559 |  |  | $21 |  |  | $1,665 |
Noninterest income | 270 |  |  | 213 |  |  | 29 |  |  | 512 |
Total revenue | 1,355 |  |  | 772 |  |  | 50 |  |  | 2,177 |
Noninterest expense | 863 |  |  | 325 |  |  | 53 |  |  | 1,241 |
Profit (loss) before provision (benefit) for credit losses | 492 |  |  | 447 |  |  | (3) |  |  | 936 |
Provision (benefit) for credit losses | 62 |  |  | 12 |  |  | 49 |  |  | 123 |
Income (loss) before income tax expense (benefit) | 430 |  |  | 435 |  |  | (52) |  |  | 813 |
Income tax expense (benefit) | 111 |  |  | 101 |  |  | (35) |  |  | 177 |
Net income (loss) | $319 |  |  | $334 |  |  | ($17) |  |  | $636 |
Total average assets | $89,560 |  |  | $80,067 |  |  | $55,846 |  |  | $225,473 |
| As of and for the Three Months Ended September 30, 2021
(in millions) | Consumer Banking |  | Commercial Banking |  | Other |  | Consolidated
Net interest income | $919 |  |  | $428 |  |  | ($202) |  |  | $1,145 |
Noninterest income | 315 |  |  | 168 |  |  | 31 |  |  | 514 |
Total revenue | 1,234 |  |  | 596 |  |  | (171) |  |  | 1,659 |
Noninterest expense | 749 |  |  | 226 |  |  | 36 |  |  | 1,011 |
Profit (loss) before provision (benefit) for credit losses | 485 |  |  | 370 |  |  | (207) |  |  | 648 |
Provision (benefit) for credit losses | 35 |  |  | 15 |  |  | (83) |  |  | (33) |
Income (loss) before income tax expense (benefit) | 450 |  |  | 355 |  |  | (124) |  |  | 681 |
Income tax expense (benefit) | 114 |  |  | 81 |  |  | (44) |  |  | 151 |
Net income (loss) | $336 |  |  | $274 |  |  | ($80) |  |  | $530 |
Total average assets | $75,070 |  |  | $56,702 |  |  | $54,336 |  |  | $186,108 |
| As of and for the Nine Months Ended September 30, 2022
(in millions) | Consumer Banking |  | Commercial Banking |  | Other |  | Consolidated
Net interest income | $2,937 |  |  | $1,509 |  |  | ($129) |  |  | $4,317 |
Noninterest income | 807 |  |  | 647 |  |  | 50 |  |  | 1,504 |
Total revenue | 3,744 |  |  | 2,156 |  |  | (79) |  |  | 5,821 |
Noninterest expense | 2,528 |  |  | 905 |  |  | 219 |  |  | 3,652 |
Profit (loss) before provision (benefit) for credit losses | 1,216 |  |  | 1,251 |  |  | (298) |  |  | 2,169 |
Provision (benefit) for credit losses | 150 |  |  | 34 |  |  | 158 |  |  | 342 |
Income (loss) before income tax expense (benefit) | 1,066 |  |  | 1,217 |  |  | (456) |  |  | 1,827 |
Income tax expense (benefit) | 273 |  |  | 271 |  |  | (137) |  |  | 407 |
Net income (loss) | $793 |  |  | $946 |  |  | ($319) |  |  | $1,420 |
Total average assets | $85,375 |  |  | $73,344 |  |  | $53,003 |  |  | $211,722 |
| As of and for the Nine Months Ended September 30, 2021
(in millions) | Consumer Banking |  | Commercial Banking |  | Other |  | Consolidated
Net interest income | $2,679 |  |  | $1,268 |  |  | ($561) |  |  | $3,386 |
Noninterest income | 949 |  |  | 516 |  |  | 76 |  |  | 1,541 |
Total revenue | 3,628 |  |  | 1,784 |  |  | (485) |  |  | 4,927 |
Noninterest expense | 2,250 |  |  | 679 |  |  | 91 |  |  | 3,020 |
Profit (loss) before provision (benefit) for credit losses | 1,378 |  |  | 1,105 |  |  | (576) |  |  | 1,907 |
Provision (benefit) for credit losses | 139 |  |  | 150 |  |  | (675) |  |  | (386) |
Income (loss) before income tax expense (benefit) | 1,239 |  |  | 955 |  |  | 99 |  |  | 2,293 |
Income tax expense (benefit) | 315 |  |  | 205 |  |  | (16) |  |  | 504 |
Net income (loss) | $924 |  |  | $750 |  |  | $115 |  |  | $1,789 |
Total average assets | $75,317 |  |  | $57,318 |  |  | $51,756 |  |  | $184,391 |
Citizens utilizes a FTP system to eliminate the effect of interest rate risk from the segments’ net interest income. This risk is centrally managed within the Treasury function and reported in Other non-segment operations. The FTP methodology provides a funds credit for sources of funds and a funds charge for the use of funds by each segment. The sum of the interest income/expense and FTP charges/credits for each segment is its designated net interest income. The offset to these FTP charges and credits is recorded in Other non-segment operations. Effective January 1, 2022, the Company refined its FTP credit methodology for deposits provided by each business segment. The rationale for this FTP refinement is to better estimate the net interest income resulting from the strong growth in deposits caused by the COVID government stimulus. This resulted in lower net interest income, primarily in Consumer, offset by an increase in Other. Prior periods have not been restated. There have been no other significant changes in the management accounting practices utilized by the Company regarding the basis of presentation for segment results as discussed in Note 26 in the Company’s 2021 Form 10-K.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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