CITIZENS FINANCIAL GROUP INC/RI
For the period ended Sep 30, 2026. Filed Oct 28, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 28, 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 4: Amortized Cost and Fair Value of Securities | ||||
|---|---|---|---|---|
| September 30, 2026 | December 31, 2025 | |||
| (dollars in millions) | Amortized Cost(1) | Fair Value | Amortized Cost(1) | Fair Value |
| U.S. Treasury and other | $4,736 | $4,573 | $3,163 | $3,123 |
| State and political subdivisions | 1 | 1 | 1 | 1 |
| Mortgage-backed securities: | ||||
| Federal agencies and U.S. government sponsored entities | 33,999 | 31,254 | 33,379 | 32,220 |
| Other/non-agency | 163 | 162 | 268 | 264 |
| Total mortgage-backed securities | 34,162 | 31,416 | 33,647 | 32,484 |
| Collateralized loan obligations | 40 | 40 | 89 | 89 |
| Total debt securities available for sale | $38,939 | $36,030 | $36,900 | $35,697 |
| Mortgage-backed securities: | ||||
| Federal agencies and U.S. government sponsored entities | $8,024 | $6,780 | $7,595 | $6,812 |
| Total mortgage-backed securities | 8,024 | 6,780 | 7,595 | 6,812 |
| Asset-backed securities | 274 | 272 | 338 | 338 |
| Total debt securities held to maturity | $8,298 | $7,052 | $7,933 | $7,150 |
| Total debt securities available for sale and held to maturity | $47,237 | $43,082 | $44,833 | $42,847 |
| Equity securities, at cost(2) | $1,067 | $1,067 | $807 | $807 |
| Equity securities, at fair value(2) | 412 | 412 | 317 | 317 |
(1) Excludes portfolio level basis adjustments of $(141) million and $17 million, respectively, for securities designated in active fair value hedge relationships under the portfolio layer method at September 30, 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 September 30, 2026, U.S. Treasuries and mortgage-backed securities issued by GNMA and GSEs represented 99% of the fair value of our debt securities portfolio, with approximately $40.0 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 September 30, 2026, the portfolio’s average effective duration, including hedging actions to reduce duration, was 4.6 years compared with 3.8 years as of December 31, 2025.
Loans and Leases
The following table presents loans and leases, excluding LHFS:
| Table 5: Composition of Loans and Leases, Excluding LHFS | ||||
|---|---|---|---|---|
| (dollars in millions) | September 30, 2026 | December 31, 2025 | Change | Percent |
| Commercial and industrial | $53,889 | $49,232 | $4,657 | 9% |
| Commercial real estate | 23,334 | 24,580 | (1,246) | (5) |
| Total commercial | 77,223 | 73,812 | 3,411 | 5 |
| Residential mortgages | 37,036 | 35,024 | 2,012 | 6 |
| Home equity | 20,926 | 19,069 | 1,857 | 10 |
| Automobile | 1,170 | 2,310 | (1,140) | (49) |
| Education | 7,969 | 8,416 | (447) | (5) |
| Other retail | 3,903 | 4,061 | (158) | (4) |
| Total retail | 71,004 | 68,880 | 2,124 | 3 |
| Total loans and leases | $148,227 | $142,692 | $5,535 | 4% |
The increase in total loans and leases as of September 30, 2026 compared to December 31, 2025 reflects a $3.4 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 $2.1 billion 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:
| Table 6: Composition of Deposits | ||||
|---|---|---|---|---|
| (dollars in millions) | September 30, 2026 | % of Total Deposits | December 31, 2025 | % of Total Deposits |
| Noninterest-bearing demand | $40,916 | 22% | $40,417 | 22% |
| Checking with interest | 38,526 | 21 | 37,428 | 20 |
| Savings | 22,424 | 12 | 24,353 | 13 |
| Money market | 63,379 | 34 | 60,062 | 33 |
| Time | 19,983 | 11 | 21,053 | 12 |
| Total deposits | $185,228 | 100% | $183,313 | 100% |
Total deposits as of September 30, 2026 increased compared to December 31, 2025, reflecting growth in the Private Bank.
The following table presents an analysis of estimated insured/secured deposits as a percentage of total deposits:
| Table 7: Uninsured and Insured/Secured Deposits | ||
|---|---|---|
| (dollars in millions) | September 30, 2026 | December 31, 2025 |
| Estimated uninsured deposits(1) | $90,005 | $86,877 |
| Less: Uninsured affiliate deposits eliminated in consolidation | 12,560 | 11,555 |
| Less: Preferred deposits(1)(2) | 6,497 | 6,923 |
| CFG adjusted estimated uninsured deposits, excluding preferred deposits | 70,948 | 68,399 |
| Total estimated insured/secured deposits | $114,280 | $114,914 |
| Insured/secured deposits to total deposits | 62% | 63% |
(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 relatively stable as of September 30, 2026 compared to December 31, 2025. The decrease in the insured/secured deposits percentage during 2026 reflects growth in the Private Bank and a decrease in insured Treasury brokered deposits as we continued to optimize our deposit mix.
Borrowed Funds
Total borrowed funds of $17.8 billion as of September 30, 2026 increased $6.6 billion compared to December 31, 2025, driven by an increase in FHLB advances and senior debt, 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.
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