CITIZENS FINANCIAL GROUP, INC.
SELECTED STATISTICAL INFORMATION 132 Change in Net Interest Income–Volume and Rate Analysis The following table presents the amount of changes in interest income and interest expense due to changes in both average volume and average rate.
Average volume and rate changes have been allocated between the average rate and average volume variances on a consistent basis based upon the respective percentage changes in average balances and average rates
## Table 0 ##
(1) Our SBO portfolio consists of home equity loans and lines that were originally serviced by others.
We now service a portion of this portfolio internally
PART II ITEM 5.
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Our common stock is traded on the NASDAQ Global Select Market under the symbol NVDA.
Public trading of our common stock began on January 22, 1999.
Prior to that, there was no public market for our common stock.
As of March 10, 2011, we had approximately 426 registered stockholders, not including those shares held in street or nominee name.
The following table sets forth for the periods indicated the high and low sales price for our common stock as quoted on the NASDAQ Global Select Market:
## Table 1 ##
Dividend Policy We have never paid and do not expect to pay cash dividends for the foreseeable future.
Issuer Purchases of Equity Securities Our Board of Directors has authorized us, subject to certain specifications, to repurchase shares of our common stock up to an aggregate maximum amount of $2.7 billion through May 2013.
The repurchases will be made from time to time in the open market, in privately negotiated transactions, or in structured stock repurchase programs, and may be made in one or more larger repurchases, in compliance with Rule 10b-18 of the Securities Exchange Act, subject to market conditions, applicable legal requirements, and other factors.
The program does not obligate NVIDIA to acquire any particular amount of common stock and the program may be suspended at any time at our discretion.
As part of our share repurchase program, we have entered into, and we may continue to enter into, structured share repurchase transactions with financial institutions.
These agreements generally require that we make an up-front payment in exchange for the right to receive a fixed number of shares of our common stock upon execution of the agreement, and a potential incremental number of shares of our common stock, within a pre-determined range, at the end of the term of the agreement.
We did not enter into any structured share repurchase transactions or otherwise purchase any shares of our common stock during fiscal year 2011.
Through January 30, 2011, we have repurchased an aggregate of 90.9 million shares under our stock repurchase program for a total cost of $1.46 billion.
As of January 30, 2011, we are authorized, subject to certain specifications, to repurchase shares of our common stock up to an additional amount of $1.24 billion through May 2013.
Additionally, during fiscal year 2011, we granted approximately 5.8 million stock options and 7.1 million restricted stock units, or RSUs, under the 2007 Equity Incentive Plan.
Please refer to Note 3 of the Notes to the Consolidated Financial Statements in Part IV, Item 15 of this Form 10-K for further information regarding stockbased compensation related to our March 2009 stock option purchase and related to equity awards granted under our equity incentive programs.
The estimated life insurance premium payments over the next five years are as follows:
## Table 2 ##
Total expense related to deferred compensation was $230 thousand, $231 thousand and $207 thousand in 2016, 2015, and 2014, respectively.
The Company had $15.9 million and $14.0 million in deferred compensation assets as of December 31, 2016 and 2015, respectively, included within other assets on the Company’s consolidated statements of financial position and $15.7 million and $14.1 million in deferred compensation liability as of December 31, 2016 and 2015, respectively, located within long-term accrued liabilities on the Company’s consolidated statements of financial position.
The amounts of assets were marked to fair value.15.
STOCK-BASED COMPENSATION Stock Compensation Plans Time Lapse Restricted Shares and Restricted Stock Units Time lapse restricted shares (TLRSs) have been issued to officers and other management employees under the Company’s Employee Stock Incentive Plan.
The Company recognizes compensation expense for the unvested portion of awards outstanding over the remainder of the service period.
The compensation cost recorded for these awards is based on their closing stock price at the grant date less the cost of estimated forfeitures.
Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods to reflect actual forfeitures.
Cash flows related to share-based payment awards to employees that result in tax benefits in excess of recognized cumulative compensation cost (excess tax benefits) are classified as a financing activity in the accompanying consolidated statements of cash flows.
TLRSs provide for the issuance of a share of the Company’s Common Stock at no cost to the holder and generally vest after a certain stipulated number of years from the grant date, depending on the terms of the issue.
TLRSs vest in 20 percent increments starting with the second anniversary of the grant, over six years from the date of grant.
During these years, grantees receive all dividends declared and retain voting rights for the granted shares.
The agreements under which the restricted stock is issued provide that shares awarded may not be sold or otherwise transferred until restrictions established under the plans have lapsed.
The Company issued time lapse restricted shares of 0.5 million, 0.7 million, and 0.6 million for the years ended December 31, 2016, 2015, and 2014, respectively.
The Company issues new shares from its authorized but unissued share pool.
At December 31, 2016, approximately 4.7 million shares of the Company’s common stock were reserved for issuance.
In accordance with the FASB ASC Topic 718, “Compensation – Stock Compensation,” the Company recognizes the fair value of the award on a straight line basis over the service periods of each award.
The Company estimates restricted share forfeiture rates based on its historical experience.
The following table summarizes the components of the Company’s stock-based compensation programs recorded as expense ($ in thousands):
## Table 3 ##
As of December 31, 2016 and 2015, $29.9 million and $31.3 million, respectively, of total unrecognized compensation cost related to time-lapse restricted shares are expected to be recognized over a weighted average period of approximately 3.8 years at December 31, 2016 and December 31, 2015, respectively
For the year ended December 31, 2005, we realized net losses of $1 million on sales of available-forsale securities.
Unrealized gains of $1 million were included in other comprehensive income at December 31, 2004, net of deferred taxes of less than $1 million, related to these sales.
For the year ended December 31, 2004, we realized net gains of $26 million on sales of available-forsale securities.
Unrealized gains of $11 million were included in other comprehensive income at December 31, 2003, net of deferred taxes of $7 million, related to these sales.
Note 13.
Equity-Based Compensation The 2006 Equity Incentive Plan was approved by shareholders in April 2006, and 20,000,000 shares of common stock were approved for issuance for stock and stock-based awards, including stock options, stock appreciation rights, restricted stock, deferred stock and performance awards.
In addition, up to 8,000,000 shares from our 1997 Equity Incentive Plan, that were available to issue or become available due to cancellations and forfeitures, may be awarded under the 2006 Plan.
The 1997 Plan expired on December 18, 2006.
As of December 31, 2006, 1,305,420 shares from the 1997 Plan have been added to and may be awarded from the 2006 Plan.
As of December 31, 2006, 106,045 awards have been made under the 2006 Plan.
We have stock options outstanding from previous plans, including the 1997 Plan, under which no further grants can be made.
The exercise price of non-qualified and incentive stock options and stock appreciation rights may not be less than the fair value of such shares at the date of grant.
Stock options and stock appreciation rights issued under the 2006 Plan and the prior 1997 Plan generally vest over four years and expire no later than ten years from the date of grant.
For restricted stock awards issued under the 2006 Plan and the prior 1997 Plan, stock certificates are issued at the time of grant and recipients have dividend and voting rights.
In general, these grants vest over three years.
For deferred stock awards issued under the 2006 Plan and the prior 1997 Plan, no stock is issued at the time of grant.
Generally, these grants vest over two-, three- or four-year periods.
Performance awards granted under the 2006 Equity Incentive Plan and the prior 1997 Plan are earned over a performance period based on achievement of goals, generally over two- to threeyear periods.
Payment for performance awards is made in shares of our common stock or in cash equal to the fair market value of our common stock, based on certain financial ratios after the conclusion of each performance period.
We record compensation expense, equal to the estimated fair value of the options on the grant date, on a straight-line basis over the options’ vesting period.
We use a Black-Scholes option-pricing model to estimate the fair value of the options granted.
The weighted-average assumptions used in connection with the option-pricing model were as follows for the years indicated.
## Table 4 ##
Compensation expense related to stock options, stock appreciation rights, restricted stock awards, deferred stock awards and performance awards, which we record as a component of salaries and employee benefits expense in our consolidated statement of income, was $208 million, $110 million and $74 million for the years ended December 31, 2006, 2005 and 2004, respectively.
The related total income tax benefit recorded in our consolidated statement of income was $83 million, $44 million and $30 million for 2006, 2005 and 2004, respectively.

Tables referenced above, in order (Table 0 first):
<table><tr><td></td><td colspan="3">Year Ended December 31, 2014 Versus 2013</td><td colspan="3">Year Ended December 31, 2013 Versus 2012</td></tr><tr><td>(in millions)</td><td>Average Volume</td><td>Average Rate</td><td>Net Change</td><td>Average Volume</td><td>Average Rate</td><td>Net Change</td></tr><tr><td>Interest Income</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-bearing cash and due from banks and deposits in banks</td><td>-$1</td><td>-$5</td><td>-$6</td><td>$7</td><td>$—</td><td>$7</td></tr><tr><td>Taxable investment securities</td><td>132</td><td>10</td><td>142</td><td>-83</td><td>-58</td><td>-141</td></tr><tr><td>Non-taxable investment securities</td><td>—</td><td>—</td><td>—</td><td>-2</td><td>—</td><td>-2</td></tr><tr><td>Total investment securities</td><td>132</td><td>10</td><td>142</td><td>-85</td><td>-58</td><td>-143</td></tr><tr><td>Commercial</td><td>42</td><td>-42</td><td>—</td><td>43</td><td>8</td><td>51</td></tr><tr><td>Commercial real estate</td><td>16</td><td>-11</td><td>5</td><td>-14</td><td>-4</td><td>-18</td></tr><tr><td>Leases</td><td>10</td><td>-12</td><td>-2</td><td>9</td><td>-16</td><td>-7</td></tr><tr><td>Total commercial</td><td>68</td><td>-65</td><td>3</td><td>38</td><td>-12</td><td>26</td></tr><tr><td>Residential mortgages</td><td>65</td><td>—</td><td>65</td><td>-19</td><td>-34</td><td>-53</td></tr><tr><td>Home equity loans</td><td>-39</td><td>-2</td><td>-41</td><td>-74</td><td>-12</td><td>-86</td></tr><tr><td>Home equity lines of credit</td><td>-22</td><td>9</td><td>-13</td><td>-12</td><td>5</td><td>-7</td></tr><tr><td>Home equity loans serviced by others<sup>-1</sup></td><td>-25</td><td>1</td><td>-24</td><td>-34</td><td>—</td><td>-34</td></tr><tr><td>Home equity lines of credit serviced by others<sup>-1</sup></td><td>-5</td><td>-1</td><td>-6</td><td>-6</td><td>1</td><td>-5</td></tr><tr><td>Automobile</td><td>57</td><td>-10</td><td>47</td><td>19</td><td>-57</td><td>-38</td></tr><tr><td>Student</td><td>-2</td><td>9</td><td>7</td><td>-1</td><td>5</td><td>4</td></tr><tr><td>Credit cards</td><td>-2</td><td>-6</td><td>-8</td><td>3</td><td>6</td><td>9</td></tr><tr><td>Other retail</td><td>-20</td><td>1</td><td>-19</td><td>-25</td><td>5</td><td>-20</td></tr><tr><td>Total retail</td><td>7</td><td>1</td><td>8</td><td>-149</td><td>-81</td><td>-230</td></tr><tr><td>Total loans and leases</td><td>75</td><td>-64</td><td>11</td><td>-111</td><td>-93</td><td>-204</td></tr><tr><td>Loans held for sale</td><td>-7</td><td>—</td><td>-7</td><td>-5</td><td>—</td><td>-5</td></tr><tr><td>Other loans held for sale</td><td>44</td><td>-21</td><td>23</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Total interest income</td><td>$243</td><td>-$80</td><td>$163</td><td>-$194</td><td>-$151</td><td>-$345</td></tr><tr><td>Interest Expense</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Checking with interest</td><td>$—</td><td>$4</td><td>$4</td><td>$—</td><td>-$2</td><td>-$2</td></tr><tr><td>Money market and savings</td><td>-7</td><td>-21</td><td>-28</td><td>4</td><td>-20</td><td>-16</td></tr><tr><td>Term deposits</td><td>-9</td><td>-27</td><td>-36</td><td>-41</td><td>-100</td><td>-141</td></tr><tr><td>Total interest-bearing deposits</td><td>-16</td><td>-44</td><td>-60</td><td>-37</td><td>-122</td><td>-159</td></tr><tr><td>Interest-bearing deposits held for sale</td><td>—</td><td>4</td><td>4</td><td>—</td><td>—</td><td>—</td></tr><tr><td>Federal funds purchased and securities sold under agreements to repurchase</td><td>264</td><td>-424</td><td>-160</td><td>-14</td><td>87</td><td>73</td></tr><tr><td>Other short-term borrowed funds</td><td>89</td><td>-4</td><td>85</td><td>-92</td><td>-5</td><td>-97</td></tr><tr><td>Long-term borrowed funds</td><td>45</td><td>6</td><td>51</td><td>-15</td><td>22</td><td>7</td></tr><tr><td>Total borrowed funds</td><td>398</td><td>-422</td><td>-24</td><td>-121</td><td>104</td><td>-17</td></tr><tr><td>Total interest expense</td><td>382</td><td>-462</td><td>-80</td><td>-158</td><td>-18</td><td>-176</td></tr><tr><td>Net interest income</td><td>-$139</td><td>$382</td><td>$243</td><td>-$36</td><td>-$133</td><td>-$169</td></tr></table>
<table><tr><td></td><td>High</td><td>Low</td></tr><tr><td>Fiscal year ending January 29, 2012</td><td></td><td></td></tr><tr><td>First Quarter (through March 10, 2011)</td><td>$26.17</td><td>$17.90</td></tr><tr><td>Fiscal year ended January 30, 2011</td><td></td><td></td></tr><tr><td>Fourth Quarter</td><td>$25.05</td><td>$11.94</td></tr><tr><td>Third Quarter</td><td>$12.36</td><td>$8.65</td></tr><tr><td>Second Quarter</td><td>$15.88</td><td>$8.92</td></tr><tr><td>First Quarter</td><td>$18.34</td><td>$15.32</td></tr><tr><td>Fiscal year ended January 31, 2010</td><td></td><td></td></tr><tr><td>Fourth Quarter</td><td>$18.96</td><td>$11.56</td></tr><tr><td>Third Quarter</td><td>$16.58</td><td>$12.58</td></tr><tr><td>Second Quarter</td><td>$13.04</td><td>$8.33</td></tr><tr><td>First Quarter</td><td>$12.08</td><td>$7.21</td></tr></table>
<table><tr><td>2017</td><td>$567</td></tr><tr><td>2018</td><td>1,579</td></tr><tr><td>2019</td><td>1,390</td></tr><tr><td>2020</td><td>1,482</td></tr><tr><td>2021</td><td>1,466</td></tr><tr><td>Total</td><td>$6,484</td></tr></table>
<table><tr><td>Years ended December 31,</td><td>2016</td><td>2015</td><td>2014</td></tr><tr><td>Time Lapse Restricted Stock:</td><td></td><td></td><td></td></tr><tr><td>Pre-tax compensation expense</td><td>$12,415</td><td>$12,110</td><td>$10,579</td></tr><tr><td>Tax benefit</td><td>-4,805</td><td>-4,687</td><td>-4,094</td></tr><tr><td>Restricted stock expense, net of tax</td><td>$7,610</td><td>$7,423</td><td>$6,485</td></tr></table>
<table><tr><td></td><td>2006</td><td>2005</td><td>2004</td></tr><tr><td>Dividend yield</td><td>1.41%</td><td>1.85%</td><td>1.35%</td></tr><tr><td>Expected volatility</td><td>26.50</td><td>28.70</td><td>27.10</td></tr><tr><td>Risk-free interest rate</td><td>4.60</td><td>4.19</td><td>3.02</td></tr><tr><td>Expected option lives (in years)</td><td>7.8</td><td>7.8</td><td>5.0</td></tr></table>

Question: what is the growth rate in the risk-free interest rate from 2004 to 2005?
Answer: 0.38742
Reasoning program: subtract(4.19,3.02), divide(#0,3.02)