CITIZENS FINANCIAL GROUP, INC.
SELECTED CONSOLIDATED FINANCIAL DATA 39 ITEM 6.
SELECTED CONSOLIDATED FINANCIAL DATA The selected Consolidated Statements of Operations data for the years ended December 31, 2018, 2017 and 2016 and the selected Consolidated Balance Sheet data as of December 31, 2018 and 2017 are derived from our audited Consolidated Financial Statements in Part II, Item 8 ?
Financial Statements and Supplementary Data, included in this Report.
We derived the selected Consolidated Statements of Operations data for the years ended December 31, 2015 and 2014 and the selected Consolidated Balance Sheet data as of December 31, 2016, 2015, and 2014 from our prior audited Consolidated Financial Statements, not included herein.
Our historical results are not necessarily indicative of the results expected for any future period.
The following selected consolidated financial data should be read in conjunction with ?Management?s Discussion andAnalysis of Financial Condition and Results of Operations?
in Part II, Item 7 and our audited Consolidated Financial Statements and the Notes thereto in Part II, Item 8 ?
Financial Statements and Supplementary Data, both included in this Report.
## Table 0 ##
(1) On December 22, 2017 President Trump signed the 2017 Tax Legislation which reduced the corporate tax rate from 35% to 21%.
(2) Earnings per share information reflects a 165,582-for-1 forward stock split effective on August 22, 2014.
(3) See ?Management?s Discussion and Analysis of Financial Condition and Results of Operations ?
Introduction ?
Key Performance Metrics Used by Management and Non-GAAP Financial Measures?
in Part II, Item 7, for definitions of our key performance metrics.
(4) ?Operating leverage?
represents the period-over-period percent change in total revenue, less the period-over-period percent change in noninterest expense.
For the purpose of the 2014 calculation, 2013 total revenue was $4.7 billion and noninterest expense was $7.7 billion.
Results of Operations Financial Overview
## Table 1 ##
Fiscal 2013 Compared with Fiscal 2012 Total net revenue increased $363 million or 10% in fiscal 2013 compared with fiscal 2012, driven by revenue growth in our Small Business Group and our Consumer Tax segment.
In our Small Business Group, revenue was up 16%.
Financial Management Solutions segment revenue increased 20%, or 10% excluding revenue from Demandforce, which we acquired in May 2012.
Higher organic revenue in this segment was driven by continuing growth in QuickBooks Online revenue.
Employee Management Solutions segment revenue increased 12% due to customer growth, improved customer adoption of payroll direct deposit services, and price increases for desktop payroll customers.
Payment Solutions segment revenue increased 14% due to fee structure changes and higher total card transaction volume.
In our Tax businesses, Consumer Tax segment revenue increased 4% due to 4% growth in paid federal units.
Accounting Professionals segment revenue increased 6% due to customer growth and price increases in our professional tax business, and higher QuickBooks Premier Accountant Edition revenue.
Other Businesses segment revenue increased 6% due to growth in global revenue.
Operating income from continuing operations increased 6% in fiscal 2013 compared with fiscal 2012 due to the increase in revenue described above partially offset by higher costs and operating expenses.
Total operating expenses were $306 million higher in the fiscal 2013 period, including about $85 million for higher staffing expenses, about $60 million for higher advertising and other marketing program expenses in our Financial Management Solutions and Consumer Tax businesses, and about $23 million for higher share-based compensation expenses.
See “Cost of Revenue” and “Operating Expenses” later in this Item 7 for more information.
Net income from continuing operations increased 8% in fiscal 2013 compared with fiscal 2012 due to higher operating income and lower interest expense due to the repayment of debt in March 2012.
Diluted net income per share from continuing operations for fiscal 2013 increased 8% to $2.72, in line with the increase in net income compared with fiscal 2012.
Fiscal 2012 Compared with Fiscal 2011 Total net revenue increased $359 million or 10% in fiscal 2012 compared with fiscal 2011, driven by revenue growth in our Small Business Group and our Consumer Tax segment.
In our Small Business Group, revenue was up 14%.
Financial Management Solutions segment revenue increased 11% due to growth in QuickBooks Online and QuickBooks Enterprise Solutions revenue and, to a lesser extent, to higher financial supplies revenue.
Employee Management Solutions segment revenue increased 12% due to favorable offering mix, improved customer adoption of payroll direct deposit services, and price increases for desktop payroll customers.
Payment Solutions segment revenue increased 20% due to fee structure changes, higher total card transaction volume, and growth in the merchant customer base.
In our Tax businesses, Consumer Tax segment revenue increased 11% due to 6% growth in paid federal units and favorable offering mix.
Accounting Professionals segment revenue increased 6% due to price increases in our professional tax business and higher QuickBooks Premier Accountant Edition and ProAdvisor Program revenue.
Other Businesses segment revenue was flat, with 7% growth in global revenue offset by lower Quicken revenue.
Operating income from continuing operations increased 8% in fiscal 2012 compared with fiscal 2011 due to the increase in revenue described above partially offset by higher costs and operating expenses.
Total operating expenses were $178 million higher in the fiscal 2012 period, including about $148 million for higher staffing expenses and about $15 million for higher share-based compensation expenses.
See “Cost of Revenue” and “Operating Expenses” later in this Item 7 for more information.
Net income from continuing operations increased 11% in fiscal 2012 compared with fiscal 2011 due to the increase in operating income, lower interest expense due to the repayment of debt during the year, and a slightly lower effective tax rate.
Diluted net
Management’s discussion and analysis 144 JPMorgan Chase & Co. /2012 Annual Report The following table for PCI loans presents the current estimated LTV ratios, as well as the ratios of the carrying value of the underlying loans to the current estimated collateral value.
Because such loans were initially measured at fair value, the ratios of the carrying value to the current estimated collateral value will be lower than the current estimated LTV ratios, which are based on the unpaid principal balances.
The estimated collateral values used to calculate these ratios do not represent actual appraised loan-level collateral values; as such, the resulting ratios are necessarily imprecise and should therefore be viewed as estimates.
LTV ratios and ratios of carrying values to current estimated collateral values – PCI loans
## Table 2 ##
(a) Represents the aggregate unpaid principal balance of loans divided by the estimated current property value.
Current property values are estimated at least quarterly based on home valuation models that utilize nationally recognized home price index valuation estimates; such models incorporate actual data to the extent available and forecasted data where actual data is not available.
(b) Represents current estimated combined LTV for junior home equity liens, which considers all available lien positions related to the property.
All other products are presented without consideration of subordinate liens on the property.
(c) Net carrying value includes the effect of fair value adjustments that were applied to the consumer PCI portfolio at the date of acquisition and is also net of the allowance for loan losses of $1.9 billion for home equity, $1.9 billion for prime mortgage, $1.5 billion for option ARMs, and $380 million for subprime mortgage at both December 31, 2012 and 2011.
The current estimated average LTV ratios were 110% and 125% for California and Florida PCI loans, respectively, at December 31, 2012, compared with 117% and 140%, respectively, at December 31, 2011.
Pressure on housing prices in California and Florida have contributed negatively to both the current estimated average LTV ratio and the ratio of net carrying value to current estimated collateral value for loans in the PCI portfolio.
Of the PCI portfolio, 55% had a current estimated LTV ratio greater than 100%, and 24% had a current LTV ratio of greater than 125% at December 31, 2012, compared with 62% and 31%, respectively, at December 31, 2011.
While the current estimated collateral value is greater than the net carrying value of PCI loans, the ultimate performance of this portfolio is highly dependent on borrowers’ behavior and ongoing ability and willingness to continue to make payments on homes with negative equity, as well as on the cost of alternative housing.
For further information on the geographic composition and current estimated LTVs of residential real estate – non-PCI and PCI loans, see Note 14 on pages 250–275 of this Annual Report.
Loan modification activities – residential real estate loans For both the Firm’s on–balance sheet loans and loans serviced for others, more than 1.4 million mortgage modifications have been offered to borrowers and approximately 622,000 have been approved since the beginning of 2009.
Of these, approximately 610,000 have achieved permanent modification as of December 31, 2012.
Of the remaining modifications offered, 16% are in a trial period or still being reviewed for a modification, while 84% have dropped out of the modification program or otherwise were deemed not eligible for final modification.
The Firm is participating in the U. S.  Treasury’s Making Home Affordable (“MHA”) programs and is continuing to offer its other loss-mitigation programs to financially distressed borrowers who do not qualify for the U. S.  Treasury’s programs.
The MHA programs include the Home Affordable Modification Program (“HAMP”) and the Second Lien Modification Program (“2MP”).
The Firm’s other lossmitigation programs for troubled borrowers who do not qualify for HAMP include the traditional modification programs offered by the GSEs and other governmental agencies, as well as the Firm’s proprietary modification programs, which include concessions similar to those offered under HAMP and 2MP but with expanded eligibility criteria.
In addition, the Firm has offered specific targeted modification programs to higher risk borrowers, many of whom were current on their mortgages prior to modification.
For further information about how loans are modified, see Note 14, Loan modifications, on pages 260– 262 of this Annual Report.
Loan modifications under HAMP and under one of the Firm’s proprietary modification programs, which are largely modeled after HAMP, require at least three payments to be made under the new terms during a trial modification period, and must be successfully re-underwritten with income verification before the loan can be permanently modified.
In the case of specific targeted modification programs, re-underwriting the loan or a trial modification period is generally not required, unless the targeted loan is delinquent at the time of modification.
When the Firm modifies home equity lines of credit, future lending commitments related to the modified loans are canceled as part of the terms of the modification.
As of December 31, 2011 and January 1, 2011, there were no shares related to the Convertible Preferred Units included in the calculation of diluted earnings per share because the effect of the conversion option was not dilutive.
These Convertible Preferred Units, as well as the equity purchase contracts and convertible note hedge, are discussed more fully in Note H, LongTerm Debt and Financing Arrangements.
COMMON STOCK SHARE ACTIVITY — Common stock share activity for 2012, 2011 and 2010 was as follows:
## Table 3 ##
In December 2012, upon executing an accelerated share repurchase contract, the Company received 9,345,794 shares.
For further detail on this transaction, see "Other Equity Arrangements" below.
Additionally, the Company repurchased approximately three million shares of common stock during the second quarter of 2012.
In 2011 the Company entered into a forward share purchase contract on its common stock.
This contract obligates the Company to pay $350.0 million, plus an additional amount related to the forward component of the contract, to the financial institution counterparty not later than August 2013, or earlier at the Company’s option, for the 5,581,400 shares purchased.
The Company elected to prepay the forward share purchase contract for $362.7 million during January 2013.
The reduction of common shares outstanding was recorded at the inception of the forward share purchase contract and factored into the calculation of weighted average shares outstanding.
COMMON STOCK RESERVED — Common stock shares reserved for issuance under various employee and director stock plans at December 29, 2012 and December 31, 2011 are as follows:
## Table 4 ##
PREFERRED STOCK PURCHASE RIGHTS — Each outstanding share of common stock has a 1 share purchase right.
Each purchase right may be exercised to purchase one two-hundredth of a share of Series A Junior Participating Preferred Stock at an exercise price of $220.00, subject to adjustment.
The rights, which do not have voting rights, expire on March 10, 2016, and may be redeemed by the Company at a price of $0.01 per right at any time prior to the tenth day following the public announcement that a person has acquired beneficial ownership of 15% or more of the outstanding shares of common stock.
In the event that the Company is acquired in a merger or other business combination transaction, provision shall be made so that each holder of a right (other than a holder who is a 14.9%-or-more shareowner) shall have the right to receive, upon exercise thereof, that number of shares of common stock of the surviving Company having a market value equal to two times the exercise price of the right.
Similarly, if anyone becomes the beneficial owner of more than 15% of the then outstanding shares of common stock (except pursuant to an offer for all outstanding shares of common stock which the independent directors have deemed to be fair and in the best interest of the Company), provision will be made so that each holder of a right (other than a holder who is a 14.9%-or-more shareowner) shall thereafter have the right to receive, upon exercise thereof, common stock (or, in certain circumstances, cash, property or other securities of the Company) having a market value equal to two times the exercise price of the right.
At December 29, 2012, there were 154.370627 outstanding rights.
STOCK-BASED COMPENSATION PLANS — The Company has stock-based compensation plans for salaried employees and non-employee members of the Board of Directors.
The plans provide for discretionary grants of stock options, restricted stock units, and other stock-based awards.
The plans are generally administered by the Compensation and Organization Committee of the Board of Directors, consisting of non-employee directors

<table><tr><td></td><td colspan="5">For the Year Ended December 31,</td></tr><tr><td>(in millions, except per-share and ratio data)</td><td>2018</td><td>2017</td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>OPERATING DATA:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net interest income</td><td>$4,532</td><td>$4,173</td><td>$3,758</td><td>$3,402</td><td>$3,301</td></tr><tr><td>Noninterest income</td><td>1,596</td><td>1,534</td><td>1,497</td><td>1,422</td><td>1,678</td></tr><tr><td>Total revenue</td><td>6,128</td><td>5,707</td><td>5,255</td><td>4,824</td><td>4,979</td></tr><tr><td>Provision for credit losses</td><td>326</td><td>321</td><td>369</td><td>302</td><td>319</td></tr><tr><td>Noninterest expense</td><td>3,619</td><td>3,474</td><td>3,352</td><td>3,259</td><td>3,392</td></tr><tr><td>Income before income tax expense</td><td>2,183</td><td>1,912</td><td>1,534</td><td>1,263</td><td>1,268</td></tr><tr><td>Income tax expense<sup>-1</sup></td><td>462</td><td>260</td><td>489</td><td>423</td><td>403</td></tr><tr><td>Net income</td><td>1,721</td><td>1,652</td><td>1,045</td><td>840</td><td>865</td></tr><tr><td>Net income available to common stockholders</td><td>1,692</td><td>1,638</td><td>1,031</td><td>833</td><td>865</td></tr><tr><td>Net income per average common share - basic<sup>-2</sup></td><td>3.54</td><td>3.26</td><td>1.97</td><td>1.55</td><td>1.55</td></tr><tr><td>Net income per average common share - diluted<sup>-2</sup></td><td>3.52</td><td>3.25</td><td>1.97</td><td>1.55</td><td>1.55</td></tr><tr><td>Dividends declared and paid per common share</td><td>0.98</td><td>0.64</td><td>0.46</td><td>0.40</td><td>1.43</td></tr><tr><td>OTHER OPERATING DATA:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Return on average common equity<sup>-3</sup></td><td>8.62%</td><td>8.35%</td><td>5.23%</td><td>4.30%</td><td>4.46%</td></tr><tr><td>Return on average tangible common equity<sup>-3</sup></td><td>12.94</td><td>12.35</td><td>7.74</td><td>6.45</td><td>6.71</td></tr><tr><td>Return on average total assets<sup>-3</sup></td><td>1.11</td><td>1.10</td><td>0.73</td><td>0.62</td><td>0.68</td></tr><tr><td>Return on average total tangible assets<sup>-3</sup></td><td>1.16</td><td>1.15</td><td>0.76</td><td>0.65</td><td>0.71</td></tr><tr><td>Efficiency ratio<sup>-3</sup></td><td>59.06</td><td>60.87</td><td>63.80</td><td>67.56</td><td>68.12</td></tr><tr><td>Operating leverage<sup>-3 (4)</sup></td><td>3.19</td><td>4.98</td><td>6.08</td><td>0.81</td><td>61.99</td></tr><tr><td>Net interest margin<sup>-3</sup></td><td>3.19</td><td>3.02</td><td>2.86</td><td>2.75</td><td>2.83</td></tr><tr><td>Effective income tax rate<sup>-1</sup></td><td>21.16</td><td>13.62</td><td>31.88</td><td>33.52</td><td>31.80</td></tr></table>
<table><tr><td>(Dollars in millions, except per share amounts)</td><td>Fiscal2013</td><td>Fiscal2012</td><td>Fiscal2011</td><td>2013-2012% Change</td><td>2012-2011% Change</td></tr><tr><td>Total net revenue</td><td>$4,171</td><td>$3,808</td><td>$3,449</td><td>10%</td><td>10%</td></tr><tr><td>Operating income from continuing operations</td><td>1,233</td><td>1,168</td><td>1,082</td><td>6%</td><td>8%</td></tr><tr><td>Net income from continuing operations</td><td>823</td><td>764</td><td>688</td><td>8%</td><td>11%</td></tr><tr><td>Diluted net income per share from continuing operations</td><td>$2.72</td><td>$2.51</td><td>$2.17</td><td>8%</td><td>16%</td></tr></table>
<table><tr><td></td><td colspan="5">2012</td><td colspan="5">2011</td></tr><tr><td>December 31,(in millions,except ratios)</td><td>Unpaid principal balance</td><td colspan="2">Current estimatedLTV ratio<sup>(a)</sup></td><td>Net carrying value<sup>(c)</sup></td><td>Ratio of netcarrying valueto current estimatedcollateral value<sup>(c)</sup></td><td>Unpaid principalbalance</td><td colspan="2">Current estimatedLTV ratio<sup>(a)</sup></td><td>Net carrying value<sup>(c)</sup></td><td>Ratio of netcarrying valueto current estimatedcollateral value<sup>(c)</sup></td></tr><tr><td>Home equity</td><td>$22,343</td><td>111%</td><td><sup>(b)</sup></td><td>$19,063</td><td>95%</td><td>$25,064</td><td>117%</td><td><sup>(b)</sup></td><td>$20,789</td><td>97%</td></tr><tr><td>Prime mortgage</td><td>13,884</td><td>104</td><td></td><td>11,745</td><td>88</td><td>16,060</td><td>110</td><td></td><td>13,251</td><td>91</td></tr><tr><td>Subprime mortgage</td><td>6,326</td><td>107</td><td></td><td>4,246</td><td>72</td><td>7,229</td><td>115</td><td></td><td>4,596</td><td>73</td></tr><tr><td>Option ARMs</td><td>22,591</td><td>101</td><td></td><td>18,972</td><td>85</td><td>26,139</td><td>109</td><td></td><td>21,199</td><td>89</td></tr></table>
<table><tr><td></td><td>2012</td><td>2011</td><td>2010</td></tr><tr><td>Outstanding, beginning of year</td><td>169,046,961</td><td>166,347,430</td><td>80,478,624</td></tr><tr><td>Shares issued as part of the merger</td><td>—</td><td>—</td><td>78,497,261</td></tr><tr><td>Shares issued from Equity Units Offering</td><td>—</td><td>—</td><td>5,180,776</td></tr><tr><td>Shares issued, other</td><td>814,693</td><td>—</td><td>—</td></tr><tr><td>Issued from treasury</td><td>3,344,163</td><td>2,864,564</td><td>2,298,603</td></tr><tr><td>Returned to treasury</td><td>-13,253,790</td><td>-165,033</td><td>-107,834</td></tr><tr><td>Outstanding, end of year</td><td>159,952,027</td><td>169,046,961</td><td>166,347,430</td></tr><tr><td>Shares subject to the forward share purchase contract</td><td>-5,581,400</td><td>-5,581,400</td><td>—</td></tr><tr><td>Outstanding, less shares subject to the forward share purchase contract</td><td>154,370,627</td><td>163,465,561</td><td>166,347,430</td></tr></table>
<table><tr><td></td><td>2012</td><td>2011</td></tr><tr><td>Employee stock purchase plan</td><td>2,586,768</td><td>2,808,891</td></tr><tr><td>Other stock-based compensation plans</td><td>505,851</td><td>2,643,113</td></tr><tr><td>Total shares reserved</td><td>3,092,619</td><td>5,452,004</td></tr></table>

Question: Does Income before income tax expense keeps increasing each year between 2015 and 2018?