Company: CFG-PE
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000759944-25-000013
Chunk: 234

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-13
Form: 10-K
Item: Item 5
Chunk 234
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 Assets10120Variable Interest Entities11121Derivative Instruments14126Employee Benefits15130Treasury Stock17132Employee Share-Based Compensation18134Fair Value Measurement20137Revenue Recognition21143Income Taxes23145Earnings Per Share24148Business Segments26150Accounting Pronouncements Adopted in 2024

PronouncementSummary of GuidanceEffects on Financial StatementsImprovements to Reportable Segment DisclosuresIssued November 2023•Requires disclosure of significant segment expenses regularly provided to the CODM•Requires disclosure of an amount for other segment items by reportable segment and a description of its composition•Requires disclosure of the title and position of the CODM•The Company adopted the new standard on January 1, 2024, effective for annual financial statements for the year ended December 31, 2024 and subsequent interim periods beginning in 2025.•Required disclosures and discussion of significant accounting policies for business operating segments are included in Note 26.

NOTE 2 - ACQUISITIONS  Acquisition of HSBCOn February 18, 2022, CBNA closed on its HSBC transaction, which included 66 branches in the New York City metropolitan area, 9 branches in the Mid-Atlantic/Washington D.C. area, and 5 branches in Southeast Florida. The Company’s results of operations and balance sheets for all periods presented in this Report reflect the benefit of the HSBC transaction for the period since the transaction closed on February 18, 2022.Investors AcquisitionOn April 6, 2022, the Company completed its Investors acquisition, building the Company’s physical presence in the Mid-Atlantic region with the addition of 154 branches located in the greater New York City and Philadelphia metropolitan areas and across New Jersey.

Citizens Financial Group, Inc. | 94

Upon closing of the acquisition, each share of Investors common stock was converted into 0.297 of a share of the Company’s common stock. In addition, stock options and restricted shares granted by Investors that were outstanding as of April 6, 2022 were converted into CFG awards and remained subject to their original terms and conditions. The Company issued 1,151,301 stock options and 259,316 restricted shares in connection with the conversion of equity awards. The conversion of Investors common stock, coupled with the conversion of equity awards, resulted in an increase of approximately 73.6 million basic and diluted shares. The Company also paid $1.46 in cash to shareholders of Investors for each share they owned.The Company’s