Company: CFG-PE
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000759944-25-000013
Chunk: 984

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 984
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2)— — — — 2,500 2.8 2.2/3.2— Total cash flow hedges60,750 72,030 Total hedges$69,077 $77,895 

(1) Weighted average floor and cap rates represent strike rates through which CFG will receive interest if the SOFR rate falls below the floor strike rate and pay interest if the SOFR rate exceeds the cap strike rate.

(2) Weighted average floor rate represents strike rates for the short and long interest rate floors, respectively. CFG will receive interest if the SOFR rate falls below the upper strike rate and pay interest if the SOFR rate falls below the lower strike rate, effectively hedging the corridor between the two strike rates. The structure also includes a short cap and a long floor which are utilized to neutralize the initial premium.

Citizens Financial Group, Inc. | 73

The following table presents the average active notional amounts for our interest rate derivatives, based on contract effective date, for the next five years:

Table 28: Average Active Notional for Interest Rate Derivative ContractsYear Ended(dollars in millions)20252026202720282029Fair value hedgesPay fixed/receive SOFR(1)$7,821 $7,594 $5,847 $4,991 $3,448 Receive fixed/pay SOFR(2)441 — — — — Cash flow hedgesReceive fixed/pay SOFR(2)28,557 26,827 19,341 10,799 2,677 Receive SOFR/pay 1-month term SOFR12,096 8,847 1,952 — — Total$48,915 $43,268 $27,140 $15,790 $6,125 Weighted average receive fixed rate3.2 %3.5 %3.6 %3.6 %3.6 %Weighted average pay fixed rate3.8 3.8 3.8 3.7 3.7 

(1) Pay fixed rate leg of the interest rate derivative contract is included in the computation of the weighted average pay fixed rate.

(2) Receive fixed rate leg of the interest rate derivative contract is included in the computation of the weighted average receive fixed rate.

Table 29: Pre-Tax Gains (Losses) Recorded