CITIZENS FINANCIAL GROUP INC/RI
For the period ended Dec 31, 2025. Filed Feb 12, 2026.
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FY2025 · Filed Feb 12, 2026
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Consolidated Balance Sheet Analysis
Securities
The following table presents the major components of securities at amortized cost and fair value:
| Table 5: Amortized Cost and Fair Value of Securities | ||||
|---|---|---|---|---|
| December 31, | ||||
| 2025 | 2024 | |||
| (dollars in millions) | Amortized Cost(1) | Fair Value | Amortized Cost(1) | Fair Value |
| U.S. Treasury and other | $3,163 | $3,123 | $3,631 | $3,525 |
| State and political subdivisions | 1 | 1 | 1 | 1 |
| Mortgage-backed securities: | ||||
| Federal agencies and U.S. government sponsored entities | 33,379 | 32,220 | 30,897 | 28,795 |
| Other/non-agency | 268 | 264 | 273 | 260 |
| Total mortgage-backed securities | 33,647 | 32,484 | 31,170 | 29,055 |
| Collateralized loan obligations | 89 | 89 | 184 | 184 |
| Total debt securities available for sale | $36,900 | $35,697 | $34,986 | $32,765 |
| Mortgage-backed securities: | ||||
| Federal agencies and U.S. government sponsored entities | $7,595 | $6,812 | $8,187 | $7,136 |
| Total mortgage-backed securities | 7,595 | 6,812 | 8,187 | 7,136 |
| Asset-backed securities | 338 | 338 | 412 | 404 |
| Total debt securities held to maturity | $7,933 | $7,150 | $8,599 | $7,540 |
| Total debt securities available for sale and held to maturity | $44,833 | $42,847 | $43,585 | $40,305 |
| Equity securities, at cost(2) | $807 | $807 | $710 | $710 |
| Equity securities, at fair value(2) | 317 | 317 | 220 | 220 |
(1) Excludes portfolio level basis adjustments of $17 million and $(75) million, respectively, for securities designated in active fair value hedge relationships under the portfolio layer method at December 31, 2025 and 2024.
(2) Included in Other assets in the Consolidated Balance Sheets.
The primary objective of our securities portfolio is to provide a readily available source of liquidity. The portfolio primarily includes high-quality and highly liquid investments that reflect our ongoing commitment to maintain strong contingent liquidity levels and pledging capacity.
As of December 31, 2025, U.S. Treasuries and mortgage-backed securities issued by GNMA and GSEs represented 98% of the fair value of our debt securities portfolio, with approximately $39.1 billion of unencumbered high-quality liquid securities serving as potential collateral for borrowings from the FHLB, FRB discount window, and the Fixed Income Clearing Corporation bilateral repurchase agreement market.
For further discussion of the use of our securities as liquidity collateral and liquidity requirements, see the “Liquidity Risk” and “Regulation and Supervision – Liquidity Requirements” sections in this document.
We manage our securities portfolio duration and convexity risk through asset selection and securities structure, and maintain duration levels within our risk appetite in the context of our broader interest rate risk framework and limits. As of December 31, 2025, the portfolio’s average effective duration, including hedging actions to reduce duration, was 3.8 years compared with 3.7 years as of December 31, 2024.
Citizens Financial Group, Inc. | 45
The following table presents the amortized cost and weighted-average yield of our securities portfolio by contractual maturity:
| Table 6: Amortized Cost and Weighted-Average Yield of AFS and HTM Securities by Contractual Maturity | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| As of December 31, 2025 | ||||||||||
| Distribution of Maturities(1) | ||||||||||
| 1 Year or Less | After 1 Year Through 5 Years | After 5 Years Through 10 Years | After 10 Years | Total | ||||||
| (dollars in millions) | Amount | Yield(2) | Amount | Yield(2) | Amount | Yield(2) | Amount | Yield(2) | Amount | Yield(2) |
| Amortized cost: | ||||||||||
| U.S. Treasury and other | $— | —% | $2,359 | 2.76% | $804 | 4.14% | $— | —% | $3,163 | 3.11% |
| State and political subdivisions | — | — | — | — | — | — | 1 | 2.60 | 1 | 2.60 |
| Mortgage-backed securities: | ||||||||||
| Federal agencies and U.S. government sponsored entities | 110 | 2.98 | 2,305 | 3.21 | 1,018 | 2.80 | 29,946 | 4.21 | 33,379 | 4.10 |
| Other/non-agency | — | — | — | — | — | — | 268 | 2.67 | 268 | 2.67 |
| Collateralized loan obligations | — | — | — | — | 89 | 5.44 | — | — | 89 | 5.44 |
| Total debt securities available for sale | 110 | 2.98 | 4,664 | 2.99 | 1,911 | 3.49 | 30,215 | 4.20 | 36,900 | 4.01 |
| Mortgage-backed securities: | ||||||||||
| Federal agencies and U.S. government sponsored entities | — | — | — | — | — | — | 7,595 | 2.29 | 7,595 | 2.29 |
| Asset-backed securities | — | — | 338 | 5.67 | — | — | — | — | 338 | 5.67 |
| Total debt securities held to maturity | — | — | 338 | 5.67 | — | — | 7,595 | 2.29 | 7,933 | 2.43 |
| Total debt securities | $110 | 2.98% | $5,002 | 3.17% | $1,911 | 3.49% | $37,810 | 3.82% | $44,833 | 3.73% |
(1) Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without incurring penalties.
(2)The weighted-average yield is computed based on a constant effective interest rate over the contractual life of each security and considers the contractual
coupon, amortization of premiums, and accretion of discounts. Yields exclude the impact of related hedging derivatives.
Loans and Leases
The following table presents loans and leases, excluding LHFS:
| Table 7: Composition of Loans and Leases, Excluding LHFS | ||||
|---|---|---|---|---|
| December 31, | ||||
| (dollars in millions) | 2025 | 2024 | Change | Percent |
| Commercial and industrial | $49,232 | $42,551 | $6,681 | 16% |
| Commercial real estate | 24,580 | 27,225 | (2,645) | (10) |
| Total commercial | 73,812 | 69,776 | 4,036 | 6 |
| Residential mortgages | 35,024 | 32,726 | 2,298 | 7 |
| Home equity | 19,069 | 16,495 | 2,574 | 16 |
| Automobile | 2,310 | 4,744 | (2,434) | (51) |
| Education | 8,416 | 10,812 | (2,396) | (22) |
| Other retail | 4,061 | 4,650 | (589) | (13) |
| Total retail | 68,880 | 69,427 | (547) | (1) |
| Total loans and leases | $142,692 | $139,203 | $3,489 | 3% |
The increase in total loans and leases as of December 31, 2025 compared to December 31, 2024 reflects a $4.0 billion increase in commercial driven by net new money originations in corporate banking and higher line of credit utilization, partially offset by CRE paydowns. Retail reflects a $547 million decrease driven by an agreement entered into during the first quarter to sell $1.9 billion of education loans, as well as runoff of the auto loan portfolio, largely offset by growth in home equity and mortgage, including the Private Bank.
Citizens Financial Group, Inc. | 46
The following table presents the maturity of our loans and leases portfolio by fixed and variable rate:
| Table 8: Fixed and Variable Rate Loans and Leases by Maturity | |||||
|---|---|---|---|---|---|
| December 31, 2025 | |||||
| (dollars in millions) | 1 Year or Less(1) | After 1 Year Through 5 Years(1) | After 5 Years Through 15 Years(1) | After 15 Years(1) | Total Loans and Leases |
| Fixed rate: | |||||
| Commercial and industrial | $1,106 | $2,256 | $464 | $14 | $3,840 |
| Commercial real estate | 1,706 | 3,591 | 2,742 | 27 | 8,066 |
| Total commercial fixed rate | 2,812 | 5,847 | 3,206 | 41 | 11,906 |
| Variable rate: | |||||
| Commercial and industrial | 10,627 | 32,109 | 2,557 | 99 | 45,392 |
| Commercial real estate | 9,141 | 6,555 | 805 | 13 | 16,514 |
| Total commercial variable rate(2) | 19,768 | 38,664 | 3,362 | 112 | 61,906 |
| Total commercial | 22,580 | 44,511 | 6,568 | 153 | 73,812 |
| Fixed rate: | |||||
| Residential mortgages | 551 | 2,331 | 7,224 | 8,460 | 18,566 |
| Home equity | 164 | 107 | 103 | 6 | 380 |
| Automobile | 1,096 | 1,214 | — | — | 2,310 |
| Education | 524 | 2,445 | 4,817 | — | 7,786 |
| Other retail | 684 | 629 | 94 | 56 | 1,463 |
| Total retail fixed rate | 3,019 | 6,726 | 12,238 | 8,522 | 30,505 |
| Variable rate: | |||||
| Residential mortgages | 207 | 858 | 4,102 | 11,291 | 16,458 |
| Home equity | 584 | 3,193 | 14,372 | 540 | 18,689 |
| Automobile | — | — | — | — | — |
| Education | 73 | 268 | 279 | 10 | 630 |
| Other retail | 2,558 | 40 | — | — | 2,598 |
| Total retail variable rate | 3,422 | 4,359 | 18,753 | 11,841 | 38,375 |
| Total retail | 6,441 | 11,085 | 30,991 | 20,363 | 68,880 |
| Total loans and leases | $29,021 | $55,596 | $37,559 | $20,516 | $142,692 |
(1) Maturity is based on scheduled principal repayment date.
(2) Includes floating-rate commercial loans hedged to fixed rate to manage our exposure to the variability in interest cash flows. See “Market Risk” for additional information regarding our use of interest rate derivatives to hedge our loan portfolio.
Deposits
The following table presents the composition of deposits:
| Table 9: Composition of Deposits | ||||
|---|---|---|---|---|
| (dollars in millions) | December 31, 2025 | % of Total Deposits | December 31, 2024 | % of Total Deposits |
| Noninterest-bearing demand | $40,417 | 22% | $36,920 | 21% |
| Checking with interest | 37,428 | 20 | 33,246 | 19 |
| Savings | 24,353 | 13 | 25,976 | 15 |
| Money market | 60,062 | 33 | 55,321 | 32 |
| Time | 21,053 | 12 | 23,313 | 13 |
| Total deposits | $183,313 | 100% | $174,776 | 100% |
Total deposits as of December 31, 2025 increased compared to December 31, 2024, reflecting growth in the Private Bank and commercial, partially offset by a reduction in higher-cost Treasury brokered deposits.
Citizens Financial Group, Inc. | 47
The following table presents an analysis of estimated insured/secured deposits as a percentage of total deposits:
| Table 10: Uninsured and Insured/Secured Deposits | ||
|---|---|---|
| December 31, | ||
| (dollars in millions) | 2025 | 2024 |
| Estimated uninsured deposits(1) | $86,877 | $76,764 |
| Less: Uninsured affiliate deposits eliminated in consolidation | 11,555 | 12,705 |
| Less: Preferred deposits(1)(2) | 6,923 | 6,902 |
| CFG adjusted estimated uninsured deposits, excluding preferred deposits | 68,399 | 57,157 |
| Total estimated insured/secured deposits | $114,914 | $117,619 |
| Insured/secured deposits to total deposits | 63% | 67% |
(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.
Insured/secured deposit balances continue to be broadly stable as of December 31, 2025. The decrease in the insured/secured deposits percentage during 2025 reflects growth in the private bank business, primarily corporate operating accounts which are generally more stable, and a decrease in insured Treasury brokered deposits as we continued to optimize our deposit mix.
The following table presents time deposits in excess of the FDIC insurance limit by remaining maturity:
| Table 11: Time Deposits in Excess of the FDIC Insurance Limit by Remaining Maturity | |
|---|---|
| (dollars in millions) | December 31, 2025 |
| Three months or less | $1,859 |
| After three months through six months | 795 |
| After six months through twelve months | 508 |
| After twelve months | 20 |
| Total time deposits(1) | $3,182 |
(1) Includes time deposits per account in excess of $250,000.
Borrowed Funds
Total borrowed funds of $11.3 billion as of December 31, 2025 decreased $1.1 billion compared to December 31, 2024, driven by a decline in secured borrowings collateralized by loans and senior debt, partially offset by an increase in FHLB advances. For more information regarding our borrowed funds, see “Liquidity Risk” and Note 11.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.