CITIZENS FINANCIAL GROUP INC/RI

Securities

The following table presents the major components of securities at amortized cost and fair value:

(1) Excludes portfolio level basis adjustments of $(4) million and $17 million, respectively, for securities designated in active fair value hedge relationships under the portfolio layer method at March 31, 2026 and December 31, 2025.

(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 March 31, 2026, 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 $39.4 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 see the “Liquidity Risk” section in this report. For further discussion of liquidity requirements, see “Regulation and Supervision – Liquidity Requirements” in our 2025 Form 10-K.

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 March 31, 2026, the portfolio’s average effective duration, including hedging actions to reduce duration, was 4 years compared with 3.8 years as of December 31, 2025.

Loans and Leases

The following table presents loans and leases, excluding LHFS:

The increase in total loans and leases as of March 31, 2026 compared to December 31, 2025 reflects a $777 million 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 $198 million increase driven by growth in home equity and mortgage, including the Private Bank, partially offset by runoff of the auto loan portfolio.

Deposits

The following table presents the composition of deposits:

Total deposits as of March 31, 2026 were broadly stable compared to December 31, 2025, reflecting growth in the Private Bank, partially offset by lower commercial deposits given seasonality.

The following table presents an analysis of estimated insured/secured deposits as a percentage of total deposits:

(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.

Borrowed Funds

Total borrowed funds of $12.3 billion as of March 31, 2026 increased $1.0 billion compared to December 31, 2025, driven by an increase in senior and subordinated debt, given net issuances, and FHLB advances, partially offset by a decline in secured borrowings collateralized by auto loans as the associated portfolio runs off. For more information regarding our borrowed funds, see “Liquidity Risk” and Note 7.