CITIZENS FINANCIAL GROUP INCRI
For the period ended Dec 31, 2023. Filed Feb 16, 2024.
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FY2023 · Filed Feb 16, 2024
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Deposits
| Table 20: Composition of Deposits | ||||
|---|---|---|---|---|
| (dollars in millions) | December 31, 2023 | % of Total Deposits | December 31, 2022 | % of Total Deposits |
| Demand | $37,107 | 21% | $49,283 | 27% |
| Money market | 53,812 | 30 | 49,905 | 28 |
| Checking with interest | 31,876 | 18 | 39,721 | 22 |
| Savings | 27,983 | 16 | 29,805 | 16 |
| Term | 26,564 | 15 | 12,010 | 7 |
| Total deposits | $177,342 | 100% | $180,724 | 100% |
Total deposits as of December 31, 2023 decreased compared to December 31, 2022, driven by our balance sheet optimization efforts. In addition, as rates rose 100 basis points during 2023, we saw continued migration of lower cost deposits to higher-yielding products, with non-interest bearing deposits now representing approximately 21% of our total deposits.
| Table 21: Uninsured and Insured/Secured Deposits | ||
|---|---|---|
| (dollars in millions) | December 31, 2023 | December 31, 2022 |
| Total deposits | $177,342 | $180,724 |
| Estimated uninsured deposits(1) | 73,584 | 88,883 |
| Less: Uninsured affiliate deposits eliminated in consolidation | 14,650 | 6,479 |
| Less: Preferred deposits(1)(2) | 7,486 | 9,635 |
| CFG adjusted estimated uninsured deposits, excluding preferred deposits | 51,448 | 72,769 |
| Total estimated insured/secured deposits | $125,894 | $107,955 |
| Insured/secured deposits to total deposits | 71% | 60% |
(1) As reported on CBNA’s Call Report.
(2) Represents uninsured deposits of states and political subdivisions that are secured or collateralized as required under state law.
| Table 22: Term Deposits in Excess of the FDIC Insurance Limit by Remaining Maturity | |
|---|---|
| (dollars in millions) | December 31, 2023 |
| Three months or less | $1,591 |
| After three months through six months | 550 |
| After six months through twelve months | 515 |
| After twelve months | 83 |
| Total term deposits(1) | $2,739 |
(1) Includes term deposits per account in excess of $250,000.
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