Company: CFG-PE
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0000759944-25-000108
Chunk: 260

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 2
Chunk 260
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 energy investments were $44 million at June 30, 2025, and are expected to be paid in varying amounts through 2027. These payments are contingent upon the level of electricity production attained by the renewable energy entity relative to its targeted threshold, changes in the production tax credit rates set by the Internal Revenue Service, and the achievement of commercial operation for a certain renewable energy project under its power purchase agreement.New Markets Tax Credit ProgramThe Company participates in the NMTC program which provides a tax incentive for private sector investment into economic development projects and businesses located in low-income communities.The following table summarizes the impact to the Consolidated Statements of Operations relative to the Company’s tax credit programs for which it has elected to apply the proportional amortization method of accounting:Three Months Ended June 30,Six Months Ended June 30,(dollars in millions)2025202420252024Tax credits recognized$104 $94 $210 $191 Other tax benefits recognized26 24 49 47 Amortization(104)(89)(206)(188)Net benefit (expense) included in Income tax expense26 29 53 50 Other income2 2 4 3 Allocated income (loss) on investments(4)(3)(7)(6)Net benefit (expense) included in Noninterest income(2)(1)(3)(3)Net benefit (expense) included in the Consolidated Statements of Operations(1)$24 $28 $50 $47 (1) Includes the impact of tax credit investments when the election to apply the proportional amortization method was in effect during the periods presented. For 2025 and 2024, this includes LIHTC, renewable energy and NMTC investments.The Company did not recognize impairment losses resulting from the forfeiture or ineligibility of income tax credits or other circumstances during the three and six months ended June 30, 2025 and 2024.

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NOTE 7 - BORROWED FUNDS Short-term borrowed fundsBorrowings with original maturities of one year or less are classified as short-term and were comprised of the following:(dollars in millions)June 30, 2025December 31, 2024Other short-term borrowed funds(1)$249 $— Total short-term borrowed funds$249 $— (1) Consists of short positions held by the Company’s commercial broker dealer. See Note 8 for additional