CITIZENS FINANCIAL GROUP INCRI
For the period ended Dec 31, 2023. Filed Feb 16, 2024.
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FY2023 · Filed Feb 16, 2024
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| (dollars in millions) | 2023 | 2022 | 2021 |
| OPERATING ACTIVITIES | |||
| Net income | $1,608 | $2,073 | $2,319 |
| Adjustments to reconcile net income to net change in cash due to operating activities: | |||
| Provision (benefit) for credit losses | 687 | 474 | (411) |
| Net change in loans held for sale, at fair value | 98 | 1,733 | 1,085 |
| Depreciation, amortization and accretion | 478 | 565 | 625 |
| Deferred income tax expense (benefit) | (242) | 57 | (429) |
| Share-based compensation | 87 | 84 | 59 |
| Net gain on sale of assets | (28) | (9) | (11) |
| Net (increase) decrease in other assets | 612 | (1,894) | (1,719) |
| Net increase (decrease) in other liabilities | (339) | 1,036 | 757 |
| Net change due to operating activities | 2,961 | 4,119 | 2,275 |
| INVESTING ACTIVITIES | |||
| Investment securities: | |||
| Purchases of debt securities available for sale | (10,087) | (10,776) | (12,406) |
| Proceeds from maturities and paydowns of debt securities available for sale | 2,001 | 3,422 | 7,810 |
| Proceeds from sales of debt securities available for sale | 2,941 | 1,178 | 790 |
| Proceeds from maturities and paydowns of debt securities held to maturity | 761 | 1,035 | 1,006 |
| Net (increase) decrease in interest-bearing deposits in banks | (102) | 13 | (10) |
| Acquisitions, net of cash acquired(1) | — | (255) | (165) |
| Purchases of loans | — | (1,007) | (3,778) |
| Sales of loans | 2,793 | 2,677 | 934 |
| Net (increase) decrease in loans and leases | 7,174 | (7,927) | (3,177) |
| Capital expenditures, net | (172) | (126) | (124) |
| Purchases of bank-owned life insurance | — | (100) | (1,050) |
| Other | (61) | (771) | (316) |
| Net change due to investing activities | 5,248 | (12,637) | (10,486) |
| FINANCING ACTIVITIES | |||
| Net increase (decrease) in deposits | (3,382) | 6,146 | 7,197 |
| Net increase (decrease) in short-term borrowed funds | 502 | (95) | (154) |
| Proceeds from issuance of long-term borrowed funds | 25,983 | 24,617 | — |
| Repayments of long-term borrowed funds | (28,418) | (19,691) | (1,352) |
| Treasury stock purchased | (906) | (153) | (295) |
| Net proceeds from issuance of preferred stock | — | — | 296 |
| Redemption of preferred stock | — | — | (250) |
| Dividends paid to common stockholders | (808) | (779) | (670) |
| Dividends paid to preferred stockholders | (120) | (113) | (113) |
| Premium paid to exchange debt | — | — | (1) |
| Other | 21 | (25) | (22) |
| Net change due to financing activities | (7,128) | 9,907 | 4,636 |
| Net change in cash and cash equivalents(2) | 1,081 | 1,389 | (3,575) |
| Cash and cash equivalents at beginning of period(2) | 10,547 | 9,158 | 12,733 |
| Cash and cash equivalents at end of period(2) | $11,628 | $10,547 | $9,158 |
Citizens Financial Group, Inc. | 88
| Year Ended December 31, | |||
|---|---|---|---|
| (dollars in millions) | 2023 | 2022 | 2021 |
| Supplemental disclosures: | |||
| Interest paid | $3,640 | $989 | $347 |
| Income taxes paid | 375 | 183 | 1,247 |
| Non-cash items: | |||
| Transfer of loans from portfolio to LHFS | $2,617 | $— | $— |
| Transfer of securities from AFS to HTM | — | 8,563 | — |
| Loans securitized and transferred to securities AFS | 103 | 143 | 260 |
| Investors Acquisition: | |||
| Fair value of assets acquired, excluding cash and cash equivalents | — | 27,113 | — |
| Goodwill and other intangible assets | — | 992 | — |
| Fair value of liabilities assumed | — | 24,982 | — |
| Common stock issued | — | 3,036 | — |
| Replacement equity awards | — | 19 | — |
(1) Primarily includes cash paid of $355 million to acquire Investors less $287 million in cash acquired, and $143 million and $23 million of cash paid for the HSBC transaction and acquisition of DH Capital, LLC, respectively, for the year ended December 31, 2022.
(2) Cash and cash equivalents include cash and due from banks and interest-bearing cash and due from banks as reflected on the Consolidated Balance Sheets.
Citizens Financial Group, Inc. | 89
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