Company: CFG-PE
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000759944-25-000070
Chunk: 145

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 2
Chunk 145
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 year.The unaudited interim Consolidated Financial Statements include the accounts of the Parent Company and its subsidiaries, including VIEs in which the Company is a primary beneficiary. Investments in VIEs in which the Company does not have the ability to exercise significant influence are not consolidated. All intercompany transactions and balances have been eliminated in consolidation.Use of EstimatesThe preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change include the determination of the ACL, fair value measurements and the evaluation and measurement of goodwill impairment. Significant Accounting PoliciesFor further information regarding the Company’s significant accounting policies, see Note 1 in the Company’s 2024 Form 10-K.

NOTE 2 - SECURITIES The following table presents the major components of securities at amortized cost and fair value:March 31, 2025December 31, 2024(dollars in millions)Amortized Cost(1)Gross Unrealized GainsGross Unrealized LossesFair ValueAmortized Cost(1)Gross Unrealized GainsGross Unrealized LossesFair ValueU.S. Treasury and other$4,145 $15 ($91)$4,069 $3,631 $3 ($109)$3,525 State and political subdivisions1 — — 1 1 — — 1 Mortgage-backed securities:Federal agencies and U.S. government sponsored entities31,444 81 (1,772)29,753 30,897 33 (2,135)28,795 Other/non-agency272 — (11)261 273 — (13)260 Total mortgage-backed securities31,716 81 (1,783)30,014 31,170 33 (2,148)29,055 Collateralized loan obligations124 — — 124 184 — — 184 Total debt securities available for sale, at fair value$35,986 $96 ($1,874)$34,208 $34,986 $36 ($2,257)$32,765 Mortgage-backed securities:Federal agencies and U.S. government sponsored entities$8,077 $— ($948)$7,129 $8,187 $—