Company: CFG-PE
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000759944-25-000013
Chunk: 704

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-13
Form: 10-K
Item: Item 4
Chunk 704
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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 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 December 31, 2024, 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 $36.0 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 and liquidity requirements, see the “Liquidity Risk Management and Governance” and “Regulation and Supervision — Liquidity Requirements” sections in this document.

We manage our securities portfolio duration and convex