Company: CFG-PE
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0000759944-25-000108
Chunk: 191

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 2
Chunk 191
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 184 184    Total debt securities available for sale$36,335 $34,658 $34,986 $32,765 Mortgage-backed securities:Federal agencies and U.S. government sponsored entities$7,919 $7,008 $8,187 $7,136 Total mortgage-backed securities7,919 7,008 8,187 7,136 Asset-backed securities374 371 412 404    Total debt securities held to maturity$8,293 $7,379 $8,599 $7,540    Total debt securities available for sale and held to maturity$44,628 $42,037 $43,585 $40,305 Equity securities, at cost(2)$772 $772 $710 $710 Equity securities, at fair value(2)257 257 220 220 

(1) Excludes portfolio level basis adjustments of $29 million and $(75) million, respectively, for securities designated in active fair value hedge relationships under the portfolio layer method at June 30, 2025 and December 31, 2024.

(2) Included in Other assets in the Consolidated Balance Sheets.

The primary objective of our securities portfolio is to provide a readily available source of liquidity. The portfolio primarily includes high-quality, highly liquid investments reflecting our ongoing commitment to maintain strong contingent liquidity levels and pledging capacity.

As of June 30, 2025, U.S. Treasuries and mortgage-backed securities issued by GNMA and GSEs represented 98% of the fair value of our debt securities portfolio, with approximately $37.9 billion of unencumbered high-quality liquid securities serving as potential collateral for borrowings from the FHLB, FRB discount window, and the Fixed Income Clearing Corporation bilateral repurchase agreement market.

For further discussion of the use of our securities as liquidity collateral see the “Liquidity Risk” section in this report. For further discussion of liquidity requirements, see “Regulation and Supervision — Liquidity Requirements” in our 2024 Form 10-K.

We manage our securities portfolio duration and convexity risk through asset selection and securities structure, and maintain duration levels within our risk appetite in the context of our broader interest rate risk framework and limits. As of June 30, 2025 and December 31, 2024, the portfolio’s average effective duration, including hedging