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SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended
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Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES Nature of Operations The Company is a regional bank holding company organized under Delaware law and headquartered in Providence, Rhode Island. Through its bank subsidiary, CBNA, the Company provides a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. The Company’s retail branch network is primarily located in the New England, Mid-Atlantic and Midwest regions, with certain lines of business serving national markets. Basis of Presentation The Consolidated Financial Statements include the accounts of Citizens and its subsidiaries, including VIEs in which Citizens is a primary beneficiary, and are presented in accordance with GAAP. Investments in VIEs in which the Company does not have the ability to exercise significant influence are not consolidated. All intercompany transactions and balances have been eliminated in consolidation. During the third quarter of 2023, the Company’s indirect auto and certain purchased consumer loan portfolios were transferred from the Consumer Banking segment into a new Non-Core segment to reflect the manner in which management is currently assessing performance and allocating resources. Prior period results have been revised to conform to the new segment presentation. See Note 26 for additional information. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change include the determination of the ACL, fair value measurements and the evaluation and measurement of goodwill impairment. Significant Accounting Policies The following table identifies the Company’s significant accounting policies and the Note and Page where a detailed description of each policy can be found.
| Note | Page
Cash and Due From Banks | 3 | 96
Securities | 4 | 96
Loans and Leases | 5 | 100
Allowance for Credit Losses and FDMs | 6 | 102
Premises, Equipment and Software | 7 | 116
Mortgage Servicing Rights | 8 | 117
Leases | 9 | 118
Goodwill and Intangible Assets | 10 | 120
Variable Interest Entities | 11 | 121
Derivative Instruments | 14 | 126
Employee Benefits | 15 | 129
Treasury Stock | 17 | 132
Employee Share-Based Compensation | 18 | 133
Fair Value Measurement | 20 | 136
Revenue Recognition | 21 | 142
Income Taxes | 23 | 144
Earnings Per Share | 24 | 147
Accounting Pronouncements Adopted in 2023

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- Definition The entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe all significant accounting policies of the reporting entity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 235 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//235/tableOfContent + Details
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