Deferred taxes, net

  
CONSOLIDATED BALANCE SHEETS

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
| (in millions, except share data) | December 31, 2021 |  | December 31, 2020 |
| ASSETS: |  |  |  |
| Cash and due from banks | $1,155  |  |  | $1,037  |  |
| Interest-bearing cash and due from banks | 8,003  |  |  | 11,696  |  |
| Interest-bearing deposits in banks | 316  |  |  | 306  |  |
| Debt securities available for sale, at fair value (including $640 and $549 pledged to creditors, respectively)(1) | 26,067  |  |  | 22,942  |  |
| Debt securities held to maturity (fair value of $2,289 and $3,357, respectively, and including $77 and $144 pledged to creditors, respectively)(1) | 2,242  |  |  | 3,235  |  |
| Loans held for sale, at fair value | 2,733  |  |  | 3,564  |  |
| Other loans held for sale | 735  |  |  | 439  |  |
| Loans and leases  | 128,163  |  |  | 123,090  |  |
| Less: Allowance for loan and lease losses | (1,758) |  |  | (2,443) |  |
| Net loans and leases | 126,405  |  |  | 120,647  |  |
| Derivative assets | 1,216  |  |  | 1,915  |  |
| Premises and equipment, net | 768  |  |  | 759  |  |
| Bank-owned life insurance | 2,843  |  |  | 1,756  |  |
| Goodwill | 7,116  |  |  | 7,050  |  |
| Other assets | 8,810  |  |  | 8,003  |  |
| TOTAL ASSETS | $188,409  |  |  | $183,349  |  |
| LIABILITIES AND STOCKHOLDERS’ EQUITY: |  |  |  |
| LIABILITIES: |  |  |  |
| Deposits: |  |  |  |
|      Noninterest-bearing | $49,443  |  |  | $43,831  |  |
| Interest-bearing | 104,918  |  |  | 103,333  |  |
|           Total deposits | 154,361  |  |  | 147,164  |  |
| Short-term borrowed funds | 74  |  |  | 243  |  |
| Derivative liabilities | 197  |  |  | 128  |  |
| Deferred taxes, net | —  |  |  | 629  |  |
| Long-term borrowed funds | 6,932  |  |  | 8,346  |  |
| Other liabilities | 3,425  |  |  | 4,166  |  |
| TOTAL LIABILITIES | 164,989  |  |  | 160,676  |  |
| Contingencies (refer to Note 19) |  |  |  |
| STOCKHOLDERS’ EQUITY: |  |  |  |
| Preferred Stock: |  |  |  |
| $25.00 par value,100,000,000 shares authorized; 2,050,000 and 2,000,000 shares issued and outstanding at December 31, 2021 and 2020, respectively | 2,014  |  |  | 1,965  |  |
| Common stock: |  |  |  |
| $0.01 par value, 1,000,000,000 shares authorized; 571,259,135 shares issued and 422,137,197 shares outstanding at December 31, 2021 and 569,876,133 shares issued and 427,209,831 shares outstanding at December 31, 2020 | 6  |  |  | 6  |  |
| Additional paid-in capital | 19,005  |  |  | 18,940  |  |
| Retained earnings | 7,978  |  |  | 6,445  |  |
| Treasury stock, at cost, 149,121,938 and 142,666,302 shares at December 31, 2021 and 2020, respectively | (4,918) |  |  | (4,623) |  |
| Accumulated other comprehensive income (loss) | (665) |  |  | (60) |  |
| TOTAL STOCKHOLDERS’ EQUITY | 23,420  |  |  | 22,673  |  |
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $188,409  |  |  | $183,349  |  |

(1) Includes only collateral pledged by the Company where counterparties have the right to sell or pledge the collateral.   
The accompanying Notes to Consolidated Financial Statements are an integral part of these statements.

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|  |  | Citizens Financial Group, Inc. | 86 |


