Company: CFG-PE
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000759944-25-000013
Chunk: 862

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-13
Form: 10-K
Item: Item 6
Chunk 862
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 loans and leases decreased $4.8 billion compared to 2023, driven by planned Non-Core portfolio runoff.

RESULTS OF OPERATIONS — 2023 compared with 2022

For a description of our results of operations for 2023, see the “Results of Operations — 2023 compared with 2022” section of Item 7 in our 2023 Form 10-K.

Citizens Financial Group, Inc. | 46

ANALYSIS OF FINANCIAL CONDITION

Securities

Table 7: Amortized Cost and Fair Value of SecuritiesDecember 31, 2024December 31, 2023(dollars in millions)Amortized Cost(1)Fair Value Amortized Cost(1)Fair ValueU.S. Treasury and other$3,631 $3,525 $4,493 $4,380 State and political subdivisions1 1 1 1 Mortgage-backed securities:Federal agencies and U.S. government sponsored entities30,897 28,795 26,289 24,477 Other/non-agency273 260 279 255 Total mortgage-backed securities31,170 29,055 26,568 24,732 Collateralized loan obligations184 184 667 664 Total debt securities available for sale$34,986 $32,765 $31,729 $29,777 Mortgage-backed securities:Federal agencies and U.S. government sponsored entities$8,187 $7,136 $8,696 $7,887 Total mortgage-backed securities8,187 7,136 8,696 7,887 Asset-backed securities412 404 488 463 Total debt securities held to maturity$8,599 $7,540 $9,184 $8,350 Total debt securities available for sale and held to maturity$43,585 $40,305 $40,913 $38,127 Equity securities, at cost(2)$710 $710 $869 $869 Equity securities, at fair value(2)220 220 173 173 

(1) Excludes portfolio level basis adjustments of $(75) million and $60 million, respectively, for securities designated in active fair value hedge relationships under the portfolio layer method at December 31, 2024 and 2023.

(2) Included in other assets in