Company: CFG-PE
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000759944-25-000013
Chunk: 232

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-13
Form: 10-K
Item: Item 5
Chunk 232
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120)(113)Other18 21 (25)Net change due to financing activities(6,015)(7,128)9,907 Net change in cash and cash equivalents(2)(1,027)1,081 1,389 Cash and cash equivalents at beginning of period(2)11,628 10,547 9,158 Cash and cash equivalents at end of period(2)$10,601 $11,628 $10,547 

Citizens Financial Group, Inc. | 91

Year Ended December 31,(dollars in millions)202420232022Supplemental disclosures:Interest paid$4,375 $3,640 $989 Income taxes paid208 375 183 Non-cash items:Transfer of loans from loans held for investment to LHFS$299 $2,617 $— Transfer of securities from AFS to HTM— — 8,563 Loans securitized and transferred to AFS securities329 103 143 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.

The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

Citizens Financial Group, Inc. | 92

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES Nature of OperationsThe 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