Company: CFG-PE
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000759944-25-000013
Chunk: 300

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-13
Form: 10-K
Item: Item 6
Chunk 300
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)83Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting86Consolidated Balance Sheets87Consolidated Statements of Operations88Consolidated Statements of Comprehensive Income89Consolidated Statements of Changes in Stockholders’ Equity90Consolidated Statements of Cash Flows91Notes to Consolidated Financial Statements93Note 1 - Significant Accounting Policies93Note 2 - Acquisitions94Note 3 - Cash and Due from Banks95Note 4 - Securities95Note 5 - Loans and Leases99Note 6 - Credit Quality and the Allowance for Credit Losses101Note 7 - Premises, Equipment and Software115Note 8 - Mortgage Banking and Other Serviced Loans116Note 9 - Leases118Note 10 - Goodwill and Intangible Assets120Note 11 - Variable Interest Entities121Note 12 - Deposits124Note 13 - Borrowed Funds125Note 14 - Derivatives126Note 15 - Employee Benefit Plans130Note 16 - Accumulated Other Comprehensive Income (Loss)132Note 17 - Stockholders’ Equity132Note 18 - Share-Based Compensation134Note 19 - Commitments and Contingencies135Note 20 - Fair Value Measurements137Note 21 - Noninterest Income143Note 22 - Other Operating Expense145Note 23 - Income Taxes145Note 24 - Earnings Per Share148Note 25 - Regulatory Matters149Note 26 - Business Operating Segments150Note 27 - Parent Company Financials 153

Citizens Financial Group, Inc. | 81

REPORT OF MANAGEMENT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Management is responsible for establishing and maintaining an adequate system of internal control over financial reporting as defined in Rule 13a-15(f) of the Securities Exchange Act of 1934. The Company’s system of internal control over financial reporting is designed, under the supervision of the Chief Executive Officer and the Chief Financial Officer, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect all misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

Management assessed the effectiveness of the Company’s system of internal control over financial reporting as of December 31,