Company: CFG-PE
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000759944-25-000013
Chunk: 240

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-13
Form: 10-K
Item: Item 5
Chunk 240
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 value of the cash flows expected to be collected, discounted at the security’s original effective yield. If the present value of the cash flows is less than the amortized cost basis then impairment equal to the shortfall in cash flows has occurred and the Company must evaluate whether the impairment is attributable to credit-related factors. If credit-related factors exist, a credit-related impairment has occurred regardless of the Company’s intent to hold the security until it recovers. The credit-related portion of impairment is recognized as provision expense through the establishment of an allowance for AFS securities, to the extent the allowance does not reduce the carrying value of the AFS security below its current fair value. The remaining non-credit related portion of impairment is recognized in OCI. Improvement in credit losses in subsequent periods results in a reversal of the allowance for AFS securities and a corresponding decrease to provision expense, to the extent the allowance does not become negative. Accrued interest receivable on AFS debt securities is excluded from the balances used to calculate the allowance for AFS securities. All accrued and uncollected interest is immediately reversed against interest income when it is deemed uncollectible.

Citizens Financial Group, Inc. | 98

The following tables present AFS debt securities with fair values below their respective carrying values, separated by the duration the securities have been in a continuous unrealized loss position:December 31, 2024Less than 12 Months12 Months or LongerTotal(dollars in millions)Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized LossesU.S. Treasury and other$— $— $2,544 ($109)$2,544 ($109)Mortgage-backed securities:Federal agencies and U.S. government sponsored entities9,560 (265)14,304 (1,870)23,864 (2,135)Other/non-agency— — 260 (13)260 (13)Total mortgage-backed securities9,560 (265)14,564 (1,883)24,124 (2,148)Collateralized loan obligations— — — — — — Total$9,560 ($265)$17,108 ($1,992)$26,668 ($2,257)December 31, 2023Less than 12 Months12 Months or LongerTotal(dollars in millions)Fair ValueGross Unrealized LossesFair ValueG