Company: CFG-PE
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000759944-25-000013
Chunk: 622

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-13
Form: 10-K
Item: Item 3
Chunk 622
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84 %$6,241 3.09 %(25)Net interest income and net interest margin, FTE(2)$5,650 2.85 %$6,258 3.10 %(25)Memo: Total deposits (interest-bearing and noninterest-bearing demand)$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