Company: CFG-PE
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000759944-25-000013
Chunk: 681

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-13
Form: 10-K
Item: Item 3
Chunk 681
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 Control over Financial Reporting 

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the consolidated financial statements. 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect 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.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 13, 2025

Citizens Financial Group, Inc. | 86

CONSOLIDATED BALANCE SHEETS

December 31,(dollars in millions, except par value)20242023ASSETS:Cash and due from banks(1)$1,409 $1,794 Interest-bearing cash and due from banks9,192 9,834 Interest-bearing deposits in banks(1)635 405 Debt securities available for sale, at fair value (including $152 and $110 pledged to creditors, respectively)(2)32,765 29,777 Debt securities held to maturity (fair value of $7,540 and $8,350, respectively, and including $83 and $204 pledged to creditors, respectively)(2)8,599 9,184 Loans held for sale (includes $825 and $676, respectively, measured at fair value)(3)858 779 Loans and leases 139,203 145,959 Less: Allowance for loan and lease losses(2,061)(2,098)Net loans and leases(1)137,142 143,861 Derivative assets408 440 Premises and equipment, net875 895