Company: CFG-PE
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000759944-25-000013
Chunk: 1023

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 1023
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 notification of the bankruptcy filing or other event. ◦Education loans are generally charged-off when the loan becomes 60 days past due after receiving notification of a bankruptcy.•Auto loans are written down to fair value less costs to sell upon repossession of the collateral.The following table presents a summary of changes in the ACL for the year ended December 31, 2024:Year Ended December 31, 2024(dollars in millions)CommercialRetailTotalAllowance for loan and lease losses, beginning of period$1,250 $848 $2,098 Charge-offs(419)(504)(923)Recoveries43 134 177 Net charge-offs(376)(370)(746)Provision expense (benefit) for loans and leases266 443 709 Allowance for loan and lease losses, end of period1,140 921 2,061 Allowance for unfunded lending commitments, beginning of period175 45 220 Provision expense (benefit) for unfunded lending commitments(20)(2)(22)Allowance for unfunded lending commitments, end of period155 43 198 Total allowance for credit losses, end of period$1,295 $964 $2,259 During the year ended December 31, 2024, net charge-offs of $746 million and a provision for expected credit losses of $687 million resulted in a decrease of $59 million to the ACL.As of December 31, 2024, the ACL economic forecast over a two-year reasonable and supportable period was consistent with December 31, 2023, with peak unemployment of approximately 5.1% and start-to-trough real GDP decline of approximately 0.4%. These forecasts reflect a mild recession over the two-year reasonable and supportable period.

Citizens Financial Group, Inc. | 103

The following tables present a summary of changes in the ACL for the years ended December 31, 2023 and 2022:Year Ended December 31, 2023(dollars in millions)CommercialRetailTotalAllowance for loan and lease losses, beginning of period$1,060 $923 $1,983 Charge-offs(285)(472)(757)Recoveries18 130 148 Net charge-offs(267)(342)(609)Provision expense (benefit) for loans and leases457 267 724 Allowance for loan and lease losses, end of period1,250