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# Citizens Moves $833 Million Of Bonds To Held-To-Maturity As Tangible Book Value Falls To $35.78
- URL: https://www.bullished.co/citizens-moves-833-million-of-bonds-to-held-to-maturity-as-tangible-book-value-falls-to-35-7c4c9e28/
- Published: 2026-10-28T20:31:43.000Z
- Updated: 2026-10-28T20:31:43.000Z
- Description: Citizens Financial shifted $833 million of securities out of available-for-sale, even as it raised its dividend 13% to $0.52 and expanded buybacks.
- Author: Matteo Parrino
- Tags: SEC Filings, CFG, Industry: Financials

[Citizens Financial Group](https://www.bullished.co/tag/cfg/), the Providence, Rhode Island bank holding company, moved [$833 million of securities](https://www.sec.gov/Archives/edgar/data/0000759944/000075994426000213/cfg-20260930.htm?ref=bullished.co) from available-for-sale to held-to-maturity in the third quarter, leaving a $199 million pretax loss in accumulated other comprehensive income (AOCI), according to its 10-Q filed Wednesday. Tangible book value per share fell to $35.78 as rising long-term rates widened unrealized securities losses, yet the board raised the dividend and the buyback ceiling.

## Bond losses widen, book value slips

The $199 million loss will sit in AOCI and be written off gradually as an adjustment to yield across the transferred bonds' remaining terms, the filing says. Held-to-maturity bonds are carried at cost rather than marked to market.

Tangible book value per share was $35.78 at September 30, against $38.29 at [June 30](https://www.sec.gov/Archives/edgar/data/0000759944/000075994426000148/cfg-20260630.htm?ref=bullished.co) and $38.07 at December 31\. The company's earnings release put the quarterly drop at 6.6%. Total AOCI loss reached $3.682 billion, up from $1.970 billion at year-end.

Unrealized losses on available-for-sale debt securities stood at $2.920 billion, versus $1.428 billion in December. The portfolio's average effective duration, including hedges, lengthened to 4.6 years from 3.8 years at year-end.

## Why the reported capital ratio held

Citizens excludes AOCI from regulatory capital, so its reported CET1 ratio is 10.5%, against 10.6% at year-end. Including AOCI losses on securities and pension, it would be 8.7%.

A regulatory proposal would require most AOCI elements to be recognized in capital, after a five-year transition. Citizens says it now weighs ratios that include the AOCI hit alongside the regulatory ones.

## Higher dividend, larger buyback

The board declared a quarterly dividend of $0.52 per share, up $0.06, or 13%, payable November 13 to holders of record on October 30\. It also lifted repurchase capacity to $1.95 billion, $1.3 billion above the $650 million remaining under the prior authorization.

Third-quarter repurchases were $125 million, down from $225 million in the second quarter.

The bank earned $636 million in the quarter, or $1.41 per diluted share, with a return on tangible common equity of 15.1%. Citizens offers consumer and commercial banking through roughly 1,000 branches in 14 states and the District of Columbia.

## Stress-test rule changes ahead

The Federal Reserve finalized changes in September that will average a firm's stress capital buffer over the two most recent tests, beginning with requirements calculated in 2028\. Citizens' buffer is 4.5%. The change to the buffer's effective date takes effect December 1.

The dividend lands on November 13; the bank's own AOCI-inclusive ratio of 8.7% is the figure to hold against the 10.5% it reports.

### Sources

- [10-Q Filing — Citizens Financial Group (CFG)](https://www.sec.gov/Archives/edgar/data/0000759944/000075994426000213/cfg-20260930.htm?ref=bullished.co) — SEC EDGAR
- [10-Q Filing — Citizens Financial Group (CFG), Q2 FY2026 filed 2026-08-03 (comparison basis)](https://www.sec.gov/Archives/edgar/data/0000759944/000075994426000148/cfg-20260630.htm?ref=bullished.co) — SEC EDGAR
- [Earnings release (8-K Item 2.02, a3q26earningsrelease.htm) — Citizens Financial Group, filed 2026-10-16](https://www.sec.gov/Archives/edgar/data/0000759944/000075994426000206/a3q26earningsrelease.htm?ref=bullished.co) — SEC EDGAR
- [Citigroup Lifts 2026 RoTCE Outlook: What's Fueling the Optimism?](https://finance.yahoo.com/markets/stocks/articles/citigroup-lifts-2026-rotce-outlook-141400323.html?.tsrc=rss&ref=bullished.co) — Yahoo Finance

### More on Citizens Financial Group

- [Cucinelli Raises 2026 Growth Outlook To About 12% But Says He Won't Open 20 Stores A Year](https://www.bullished.co/cucinelli-raises-2026-growth-outlook-to-about-12-but-says-he-wont-open-20-stores-a-year-7dbd4f82/)
- [Citizens Financial Raises Dividend 13% To $0.52 And Lifts Buyback Capacity To $1.95 Billion](https://www.bullished.co/citizens-financial-raises-dividend-13-to-0-52-and-lifts-buyback-capacity-to-1-95-billion-59157e61/)
- [Citizens Financial Redeems All Series G Preferred Shares And Files To Erase The Class From Its Charter](https://www.bullished.co/citizens-financial-redeems-all-series-g-preferred-shares-and-files-to-erase-the-class-from-63e0fb52/)

[All Citizens Financial Group (CFG) coverage →](https://www.bullished.co/tag/cfg/)