Company: CFG-PE
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000759944-25-000070
Chunk: 107

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 2
Chunk 107
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153 million for the three months ended March 31, 2025 decreased compared with a provision of $171 million for the same period in 2024, reflecting Non-Core portfolio runoff and improving loan mix.

Income Tax Expense

Income tax expense of $95 million decreased $1 million and our effective income tax rate of 20.3% decreased from 22.3% for the three months ended March 31, 2025, compared to the same period in 2024. These decreases are primarily driven by lower stock-related compensation. Provision for income taxes is calculated by applying the estimated annual effective tax rate to year-to-date pre-tax income, adjusting for discrete items that occurred during the period.

Citizens Financial Group, Inc. | 11

ANALYSIS OF FINANCIAL CONDITION

Securities

Table 4: Amortized Cost and Fair Value of SecuritiesMarch 31, 2025December 31, 2024(dollars in millions)Amortized Cost(1)Fair Value Amortized Cost(1)Fair ValueU.S. Treasury and other$4,145 $4,069 $3,631 $3,525 State and political subdivisions1 1 1 1 Mortgage-backed securities:Federal agencies and U.S. government sponsored entities31,444 29,753 30,897 28,795 Other/non-agency272 261 273 260 Total mortgage-backed securities31,716 30,014 31,170 29,055 Collateralized loan obligations124 124 184 184    Total debt securities available for sale$35,986 $34,208 $34,986 $32,765 Mortgage-backed securities:Federal agencies and U.S. government sponsored entities$8,077 $7,129 $8,187 $7,136 Total mortgage-backed securities8,077 7,129 8,187 7,136 Asset-backed securities392 386 412 404    Total debt securities held to maturity$8,469 $7,515 $8,599 $7,540    Total debt securities available for sale and held to maturity$44,455 $41,723 $43,585 $40,305 Equity securities, at cost(2)$711 $711 $710 $710 Equity securities, at fair value(2)