Company: CFG-PE
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000759944-25-000013
Chunk: 373

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 373
---
 to the variability in the interest cash flows on our floating-rate assets and wholesale funding, the variability in the fair value of AFS securities, and to hedge market risk on fixed-rate capital markets debt issuances.

The following table presents interest rate derivative contracts that we have entered into as of December 31, 2024 and 2023.

Table 27: Interest Rate Hedges Used to Manage Non-Trading Interest Rate ExposureDecember 31, 2024December 31, 2023Weighted AverageWeighted Average(dollars in millions)Notional AmountMaturity (Years)Fixed RateReset Rate Notional AmountMaturity (Years)Fixed RateReset RateFair value hedges:Asset conversion swaps:AFS securities:Pay fixed/receive SOFR$7,827 4.7 3.8 %4.5 %$5,365 6.2 3.8 %5.4 %Liability conversion swaps:Long-term borrowed funds:Receive fixed/pay SOFR500 0.9 2.6 4.8 500 1.9 2.6 5.6 Total fair value hedges8,327 5,865 Cash flow hedges:Asset conversion swaps:Loans:SwapsReceive fixed/pay SOFR26,250 1.7 3.1 4.5 17,780 0.8 4.0 5.4 Receive fixed/pay SOFR - forward-starting20,000 3.5 3.7 4.0 31,250 2.9 3.3 4.6 Basis swapsReceive SOFR/pay 1-month term SOFR11,500 1.6 — 4.5/4.35,000 1.0 — 5.3/5.3Receive SOFR/pay 1-month term SOFR - forward-starting3,000 2.4 — 4.0/4.014,000 2.7 — 5.2/5.1Floor RateCap RateFloor RateCap RateOptionsInterest rate collars(1)— — — — 1,000 1.5 2.5 3.7 Interest rate collars - forward-starting(1)— — — — 500 2.5 2.7 4.4 Floor spreads - forward-starting(