BORROWED FUNDS (Tables)

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Schedule of short-term borrowed funds

A summary of the Company’s short-term borrowed funds is presented below:

(in millions)	March 31, 2017		December 31, 2016
Federal funds purchased		$566		$533
Securities sold under agreements to repurchase	527		615
Other short-term borrowed funds (primarily current portion of FHLB advances)	2,762		3,211
Total short-term borrowed funds		$3,855		$4,359

Key data related to short-term borrowed funds is presented in the following table:

	As of and for the Three Months Ended March 31,						As of and for the Year Ended December 31,
(dollars in millions)	2017			2016			2016
Weighted-average interest rate at period-end:(1)
Federal funds purchased and securities sold under agreements to repurchase	0.43		%	0.01		%	0.26		%
Other short-term borrowed funds (primarily current portion of FHLB advances)	1.08			0.57			0.94
Maximum amount outstanding at month-end during the period:
Federal funds purchased and securities sold under agreements to repurchase(2)		$1,174			$1,274			$1,522
Other short-term borrowed funds (primarily current portion of FHLB advances)	3,508			3,300			5,461
Average amount outstanding during the period:
Federal funds purchased and securities sold under agreements to repurchase(2)		$882			$881			$947
Other short-term borrowed funds (primarily current portion of FHLB advances)	2,963			3,098			3,207
Weighted-average interest rate during the period:(1)
Federal funds purchased and securities sold under agreements to repurchase	0.22		%	0.06		%	0.09		%
Other short-term borrowed funds (primarily current portion of FHLB advances)	1.08			0.58			0.64

⁽¹⁾ Rates exclude certain hedging costs.

⁽²⁾ Balances are net of certain short-term receivables associated with reverse repurchase agreements, as applicable.

Schedule of long-term borrowed funds

A summary of the Company’s long-term borrowed funds is presented below:

(in millions)	March 31, 2017		December 31, 2016
Citizens Financial Group, Inc.:
4.150% fixed rate subordinated debt, due 2022 (1)		$347		$347
5.158% fixed-to-floating rate subordinated debt, due 2023, converting to floating at 3-month LIBOR + 3.56% and callable beginning June 2018	333		333
3.750% fixed rate subordinated debt, due 2024	250		250
4.023% fixed rate subordinated debt, due 2024	42		42
4.350% fixed rate subordinated debt, due 2025 (2)	249		249
4.300% fixed rate subordinated debt, due 2025 (3)	749		749
2.375% fixed rate senior unsecured debt, due 2021 (4)	348		348
Banking Subsidiaries:
2.300% senior unsecured notes, due 2018 (5)(6)	745		745
2.450% senior unsecured notes, due 2019 (5)(7)	746		747
2.500% senior unsecured notes, due 2019 (5)(8)	740		741
2.250% senior unsecured notes, due 2020 (5)(9)	697		—
Floating rate senior unsecured notes, due 2020 (5)(10)	299		—
2.550% senior unsecured notes, due 2021(5)(11)	964		965
Federal Home Loan advances due through 2033	5,262		7,264
Other	9		10
Total long-term borrowed funds		$11,780		$12,790

⁽¹⁾ These balances are composed of: principal balances of $350 million at March 31, 2017 and December 31, 2016, as well as the impact of ($3) million of unamortized deferred issuance costs and discount at March 31, 2017 and December 31, 2016.

⁽²⁾ These balances are composed of: principal balances of $250 million at March 31, 2017 and December 31, 2016, as well as the impact of ($1) million of unamortized deferred issuance costs and discount at March 31, 2017 and December 31, 2016.

⁽³⁾ These balances are composed of: principal balances of $750 million at March 31, 2017 and December 31, 2016, as well as the impact of ($1) million of unamortized deferred issuance costs and discount at March 31, 2017 and December 31, 2016.

⁽⁴⁾ These balances are composed of: principal balance of $350 million at March 31, 2017 and December 31, 2016, as well as the impact of ($2) million of unamortized deferred issuance costs and discount at March 31, 2017 and December 31, 2016.

⁽⁵⁾ These securities were offered under CBNA’s Global Bank Note Program dated December 1, 2014.

⁽⁶⁾ These balances are composed of: principal balances of $750 million at March 31, 2017 and December 31, 2016, respectively; impact from interest rate swaps of ($4) million and ($3) million at March 31, 2017 and December 31, 2016, respectively; and ($1) million and ($2) million of unamortized deferred issuance costs and discount at March 31, 2017 and December 31, 2016, respectively. See Note 10 “Derivatives” for further information.

⁽⁷⁾ These balances are composed of: principal balances of $750 million at March 31, 2017 and December 31, 2016, respectively; impact from interest rate swaps of ($2) million and zero at March 31, 2017 and December 31, 2016, respectively; and ($2) million and $(3) million of unamortized deferred issuance costs and discount at March 31, 2017 and December 31, 2016, respectively. See Note 10 “Derivatives” for further information.

⁽⁸⁾ These balances are composed of: principal balance of $750 million at March 31, 2017 and December 31, 2016, respectively; impact from interest rate swaps of ($8) million and $(7) million at March 31, 2017 and December 31, 2016, respectively; and ($2) million of unamortized deferred issuance costs and discount at March 31, 2017 and December 31, 2016, respectively. See Note 10 “Derivatives” for further information.

⁽⁹⁾ This balance is composed of: principal balance of $700 million at March 31, 2017; impact from interest rate swaps of ($1) million and ($2) million of unamortized deferred issuance costs and discount at March 31, 2017. See Note 10 “Derivatives” for further information.

⁽¹⁰⁾ This balance is composed of: principal balance of $300 million at March 31, 2017, as well as the impact of ($1) million of unamortized deferred issuance costs and discount at March 31, 2017.

⁽¹¹⁾ These balances are composed of: principal balance of $1.0 billion at March 31, 2017 and December 31, 2016, respectively; impact from interest rate swaps of ($32) million and ($30) million at March 31, 2017 and December 31, 2016, respectively; and ($4) million and ($5) million of unamortized deferred issuance costs and discount at March 31, 2017 and December 31, 2016, respectively. See Note 10 “Derivatives” for further information.

Schedule of maturities of long-term borrowed funds

A summary of maturities for the Company’s long-term borrowed funds at March 31, 2017 is presented below:

(in millions)	Parent Company		Banking Subsidiaries		Consolidated
Year
2018 or on demand		$—		$5,997		$5,997
2019	—		1,487		1,487
2020	—		998		998
2021	348		968		1,316
2022	347		5		352
2023 and thereafter	1,623		7		1,630
Total		$2,318		$9,462		$11,780