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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Loans and Leases
| Table 9: Composition of Loans and Leases, Excluding LHFS | ||||
|---|---|---|---|---|
| December 31, | ||||
| (dollars in millions) | 2023 | 2022 | Change | Percent |
| Commercial and industrial | $43,826 | $51,836 | ($8,010) | (15)% |
| Commercial real estate | 29,471 | 28,865 | 606 | 2 |
| Leases | 1,148 | 1,479 | (331) | (22) |
| Total commercial | 74,445 | 82,180 | (7,735) | (9) |
| Residential mortgages | 31,332 | 29,921 | 1,411 | 5 |
| Home equity | 15,040 | 14,043 | 997 | 7 |
| Automobile | 8,258 | 12,292 | (4,034) | (33) |
| Education | 11,834 | 12,808 | (974) | (8) |
| Other retail | 5,050 | 5,418 | (368) | (7) |
| Total retail | 71,514 | 74,482 | (2,968) | (4) |
| Total loans and leases | $145,959 | $156,662 | ($10,703) | (7%) |
The decrease in total loans and leases as of December 31, 2023 compared to December 31, 2022 reflects a $7.7 billion decrease in commercial due to loans sold as part of balance sheet optimization actions and market conditions driving lower client demand. Retail declined $3.0 billion, driven by planned Non-Core portfolio runoff in auto, education and other retail, partially offset by growth in mortgage and home equity.
Citizens Financial Group, Inc. | 46
| Table 10: Fixed and Variable Rate Loans and Leases by Maturity | |||||
|---|---|---|---|---|---|
| December 31, 2023 | |||||
| (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 | $716 | $1,812 | $555 | $17 | $3,100 |
| Commercial real estate | 1,139 | 2,894 | 2,786 | 28 | 6,847 |
| Leases | 407 | 609 | 92 | — | 1,108 |
| Total commercial fixed rate | 2,262 | 5,315 | 3,433 | 45 | 11,055 |
| Variable rate: | |||||
| Commercial and industrial | 9,610 | 28,723 | 2,346 | 47 | 40,726 |
| Commercial real estate | 8,360 | 12,355 | 1,867 | 42 | 22,624 |
| Leases | 15 | 25 | — | — | 40 |
| Total commercial variable rate(2) | 17,985 | 41,103 | 4,213 | 89 | 63,390 |
| Total commercial | 20,247 | 46,418 | 7,646 | 134 | 74,445 |
| Fixed rate: | |||||
| Residential mortgages | 642 | 2,588 | 6,882 | 9,980 | 20,092 |
| Home equity | 91 | 171 | 200 | 12 | 474 |
| Automobile | 2,400 | 5,731 | 127 | — | 8,258 |
| Education | 825 | 3,424 | 6,031 | 408 | 10,688 |
| Other retail | 1,128 | 1,559 | 99 | 83 | 2,869 |
| Total retail fixed rate | 5,086 | 13,473 | 13,339 | 10,483 | 42,381 |
| Variable rate: | |||||
| Residential mortgages | 171 | 712 | 3,000 | 7,357 | 11,240 |
| Home equity | 383 | 2,955 | 10,877 | 351 | 14,566 |
| Automobile | — | — | — | — | — |
| Education | 127 | 433 | 563 | 23 | 1,146 |
| Other retail | 2,168 | 13 | — | — | 2,181 |
| Total retail variable rate | 2,849 | 4,113 | 14,440 | 7,731 | 29,133 |
| Total retail | 7,935 | 17,586 | 27,779 | 18,214 | 71,514 |
| Total loans and leases | $28,182 | $64,004 | $35,425 | $18,348 | $145,959 |
(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.
Citizens Financial Group, Inc. | 47
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