Company: CFG-PE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000759944-25-000153
Chunk: 288

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 2
Chunk 288
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 Three Months Ended September 30, 2025Nine Months Ended September 30, 2025(dollars in millions)Mortgage Servicing RightsOther Derivative ContractsMortgage Servicing RightsOther Derivative ContractsBeginning balance$1,426 $15 $1,491 $1 Issuances42 21 117 55 Sales(1)— — (72)— Settlements(2)(41)(33)(120)(60)Changes in fair value recognized in earnings(3)3 1 14 8 Ending balance$1,430 $4 $1,430 $4 Three Months Ended September 30, 2024Nine Months Ended September 30, 2024(dollars in millions)Mortgage Servicing RightsOther Derivative ContractsMortgage Servicing RightsOther Derivative ContractsBeginning balance$1,568 $6 $1,552 $7 Issuances28 18 71 47 Settlements(2)(46)(27)(135)(50)Changes in fair value recognized in earnings(3)(49)— 13 (7)Ending balance$1,501 ($3)$1,501 ($3)(1) For MSRs, represents the sale of the excess servicing yield on MSRs.(2) For MSRs, represents changes in value of the MSRs due to i) the passage of time including the impact from both regularly scheduled loan principal payments and partial paydowns, and ii) loans that paid off during the period. For other derivative contracts, represents the closeout of interest rate lock commitments and other cash payments.(3) Represents changes in fair value primarily driven by market conditions. These changes are recorded in Mortgage banking fees and Other income in the Consolidated Statements of Operations.The following table presents quantitative information about significant unobservable inputs utilized to measure the fair value of Level 3 assets and liabilities:September 30, 2025December 31, 2024Financial Instrument(1)Valuation TechniqueUnobservable InputRange (Weighted Average)Range (Weighted Average)Mortgage servicing rightsDiscounted Cash FlowConstant prepayment rate5.86-14.80% CPR (7.10% CPR)5.08-16.32% CPR (6.70% CPR)Option adjusted spread398-1,058 bps (608 bps)398-1,058 bps (632 bps)Other