Company: CFG-PE
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000759944-25-000013
Chunk: 776

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-13
Form: 10-K
Item: Item 5
Chunk 776
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174,520 $3,825 2.19 %$175,305 $3,145 1.79 %($785)40 bps

(1) See Note 1 for information regarding updates to the Consolidated Balance Sheets during 2024.

(2) Net interest income and net interest margin is presented on a FTE basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial and industrial loans for the periods presented.

Net interest income decreased $608 million, or 10%, compared to 2023, reflecting lower net interest margin and a decrease of 2% in average interest-earning assets.

Net interest margin on a FTE basis decreased 25 basis points compared to 2023, reflecting higher funding and swap costs and the impact of building liquidity, partially offset by higher interest-earning-asset yields and the benefit of Non-Core portfolio runoff.

Citizens Financial Group, Inc. | 42

Average interest-earning assets decreased $3.6 billion compared to 2023, driven by a decline in total loans and leases, partially offset by an increase in investment securities and cash held in interest-bearing deposits.

Average deposits were stable compared to 2023.

Average total borrowed funds decreased $2.5 billion compared to 2023, reflecting a decline in FHLB advances driven by Non-Core portfolio runoff, partially offset by a remix of funding to long-term senior debt and secured borrowings collateralized by loans.  

Table 3: Changes in Net Interest Income Due to Average Volume and Average RateYear Ended December 31, 2024 Versus 2023(dollars in millions)Average Volume(1)Average Rate(1)Net ChangeInterest IncomeInterest-bearing cash and due from banks and deposits in banks$55 ($3)$52 Taxable investment securities151 345 496 Non-taxable investment securities— — —   Total investment securities151 345 496 Commercial and industrial(342)(327)(669)Commercial real estate(48)39 (9)     Total commercial(390)(288)(678)Residential mortgages44 88 132 Home equity85 54 139 Automobile(164)9 (155)Education (50)42 (8)Other retail (32)61 29       Total retail(117)254 137       Total loans and leases(507)(34)(541)Loans held