Company: CFG-PE
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000759944-25-000013
Chunk: 404

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 404
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 sale of securities:Year Ended December 31,(dollars in millions)202420232022Gains$32 $36 $13 Losses(14)(8)(4)Securities gains, net$18 $28 $9  

Citizens Financial Group, Inc. | 97

The following table presents the amortized cost and fair value of debt securities pledged:December 31, 2024December 31, 2023(dollars in millions)Amortized CostFair ValueAmortized CostFair ValuePledged against derivatives, to qualify for fiduciary powers, or to secure public and other deposits as required by law$3,975 $3,644 $5,619 $5,305 Pledged as collateral for FHLB borrowing capacity237 224 242 220 Pledged against repurchase agreements— — — — From time to time, the Company may enter into security repurchase agreements with unrelated counterparties, which involve the transfer of a security from one party to another, and a subsequent transfer of substantially the same security back to the original party. These repurchase agreements are typically short-term in nature and are accounted for as secured borrowed funds in the Company’s Consolidated Balance Sheets. The Company recognized no offsetting short-term receivables or payables associated with security repurchase agreements as of December 31, 2024 or 2023.Securitizations of mortgage loans retained in the investment portfolio for the years ended December 31, 2024 and 2023 were $329 million and $102 million, respectively. These securitizations include a substantive guarantee by a third party. The guarantors were FNMA and FHLMC in 2024 and 2023. The debt securities received from the guarantors are classified as AFS.ImpairmentUpon purchase, and at each subsequent measurement date, the Company is required to evaluate HTM securities for risk of loss over their life and establish an associated reserve, if necessary. Recognition of a reserve for expected credit losses is not required if the Company does not expect to realize a loss (commonly referred to as “zero expected credit losses”). The Company evaluated its existing HTM portfolio as of December 31, 2024 and concluded that 95% of HTM securities met the zero expected credit loss criteria and, therefore, no ACL was recognized. Lifetime expected credit losses on the remainder of the HTM portfolio were determined to