Company: CFG-PE
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000759944-25-000013
Chunk: 336

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 336
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 portfolio runoff.

RESULTS OF OPERATIONS — 2023 compared with 2022

For a description of our results of operations for 2023, see the “Results of Operations — 2023 compared with 2022” section of Item 7 in our 2023 Form 10-K.

Citizens Financial Group, Inc. | 46

ANALYSIS OF FINANCIAL CONDITION

Securities

Table 7: Amortized Cost and Fair Value of SecuritiesDecember 31, 2024December 31, 2023(dollars in millions)Amortized Cost(1)Fair Value Amortized Cost(1)Fair ValueU.S. Treasury and other$3,631 $3,525 $4,493 $4,380 State and political subdivisions1 1 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