CITIZENS FINANCIAL GROUP INC/RICFG
CITIZENS FINANCIAL GROUP INC/RI Debt Disclosure
NOTE 11 - BORROWED FUNDS
Short-term borrowed funds
Borrowings with original maturities of one year or less are classified as short-term and were comprised of the following:
| December 31, | |||||||||||
| (dollars in millions) | 2025 | 2024 | |||||||||
Other short-term borrowed funds(1) | $58 | $— | |||||||||
| Total short-term borrowed funds | $58 | $— | |||||||||
(1) Consists primarily of short positions held by the Company’s commercial broker dealer. See Note 12 for additional information regarding forward purchase contracts entered into to economically hedge these short positions.
Long-term borrowed funds
The following table presents a summary of the carrying amount of the Company’s long-term borrowed funds:
| December 31, | |||||||||||
| (dollars in millions) | 2025 | 2024 | |||||||||
| Parent Company: | |||||||||||
4.350% fixed-rate subordinated debt, due August 2025 | $— | $133 | |||||||||
4.300% fixed-rate subordinated debt, due December 2025 | — | 336 | |||||||||
2.850% fixed-rate senior unsecured notes, due July 2026 | 500 | 499 | |||||||||
5.841% fixed/floating-rate senior unsecured notes, due January 2030 | 1,246 | 1,245 | |||||||||
2.500% fixed-rate senior unsecured notes, due February 2030 | 299 | 299 | |||||||||
3.250% fixed-rate senior unsecured notes, due April 2030 | 747 | 747 | |||||||||
3.750% fixed-rate reset subordinated debt, due February 2031 | 69 | 69 | |||||||||
4.300% fixed-rate reset subordinated debt, due February 2031 | 135 | 135 | |||||||||
4.350% fixed-rate reset subordinated debt, due February 2031 | 60 | 60 | |||||||||
5.253% fixed/floating-rate senior unsecured notes, due March 2031 | 747 | — | |||||||||
5.718% fixed/floating-rate senior unsecured notes, due July 2032 | 1,244 | 1,243 | |||||||||
2.638% fixed-rate subordinated debt, due September 2032 | 577 | 570 | |||||||||
6.645% fixed/floating-rate senior unsecured notes, due April 2035 | 746 | 745 | |||||||||
5.641% fixed-rate reset subordinated debt, due May 2037 | 398 | 398 | |||||||||
| CBNA’s Global Note Program: | |||||||||||
2.250% senior unsecured notes, due April 2025 | — | 750 | |||||||||
5.284% fixed/floating-rate senior unsecured notes, due January 2026(1) | — | 350 | |||||||||
3.750% senior unsecured notes, due February 2026(2) | — | 492 | |||||||||
4.575% fixed/floating-rate senior unsecured notes, due August 2028 | 799 | 798 | |||||||||
| Additional Borrowings by CBNA and Other Subsidiaries: | |||||||||||
Federal Home Loan Bank advances, 3.918% weighted average rate, due through 2045(3) | 2,013 | 53 | |||||||||
Secured borrowings, 5.539% weighted average rate, due through 2031(3)(4) | 1,625 | 3,461 | |||||||||
| Other | 19 | 18 | |||||||||
| Total long-term borrowed funds | $11,224 | $12,401 | |||||||||
(1) Notes were redeemed in January 2025.
(2) Notes were redeemed in November 2025.
(3) Rate disclosed reflects the weighted average rate as of December 31, 2025.
(4) Collateralized by loans. See Note 9 for additional information.
At December 31, 2025, the Company’s long-term borrowed funds include principal balances of $11.3 billion and unamortized debt issuance costs and discounts of $71 million. At December 31, 2024, the Company’s long-term borrowed funds include principal balances of $12.5 billion, unamortized debt issuance costs and discounts of $85 million, and hedging basis adjustments of ($8) million. See Note 12 for further information about the Company’s hedging of certain long-term borrowed funds.
Advances, lines of credit, and letters of credit from the FHLB are collateralized primarily by residential mortgages and home equity products sufficient to satisfy the collateral maintenance level established by the FHLB. The utilized FHLB borrowing capacity, primarily for advances and letters of credit, was $7.1 billion and $4.6 billion at December 31, 2025 and 2024, respectively. The Company’s available FHLB borrowing capacity was $22.1 billion and $21.1 billion at December 31, 2025 and 2024, respectively. The Company can also borrow from the FRB discount window to meet short-term liquidity requirements. Collateral, including certain loans, is pledged to support this borrowing capacity. At December 31, 2025, the Company’s unused secured borrowing capacity was approximately $75.2 billion, which includes unencumbered securities, FHLB borrowing capacity, and FRB discount window capacity.
The following table presents a summary of maturities for the Company’s long-term borrowed funds at December 31, 2025:
| (dollars in millions) | Parent Company | CBNA and Other Subsidiaries | Consolidated | ||||||||
| Year | |||||||||||
| 2026 | $500 | $— | $500 | ||||||||
| 2027 | — | 2,030 | 2,030 | ||||||||
| 2028 | — | 1,982 | 1,982 | ||||||||
| 2029 | — | 6 | 6 | ||||||||
| 2030 | 2,292 | 298 | 2,590 | ||||||||
| 2031 and thereafter | 3,976 | 140 | 4,116 | ||||||||
| Total | $6,768 | $4,456 | $11,224 | ||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2020 | Feb 23, 2021 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.