Company: CFG-PE
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0000759944-25-000108
Chunk: 239

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 2
Chunk 239
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.4% at December 31, 2024. More severe economic scenarios are applied within the CRE portfolio, such as general office, with peak unemployment of approximately 9.3% and a start-to-trough real GDP decline of approximately 4.4% at June 30, 2025 and December 31, 2024.

Citizens Financial Group, Inc. | 47

The following table presents a summary of changes in the ACL for the three and six months ended June 30, 2024:Three Months Ended June 30, 2024Six Months Ended June 30, 2024(dollars in millions)CommercialRetailTotalCommercialRetailTotalAllowance for loan and lease losses, beginning of period$1,234 $852 $2,086 $1,250 $848 $2,098 Charge-offs(100)(123)(223)(202)(252)(454)Recoveries4 35 39 21 68 89 Net charge-offs(96)(88)(184)(181)(184)(365)Provision expense (benefit) for loans and leases144 79 223 213 179 392 Allowance for loan and lease losses, end of period1,282 843 2,125 1,282 843 2,125 Allowance for unfunded lending commitments, beginning of period191 31 222 175 45 220 Provision expense (benefit) for unfunded lending commitments(44)3 (41)(28)(11)(39)Allowance for unfunded lending commitments, end of period147 34 181 147 34 181 Total allowance for credit losses, end of period$1,429 $877 $2,306 $1,429 $877 $2,306 Credit Quality IndicatorsThe Company presents loan and lease portfolio segments and classes by credit quality indicator and vintage year and defines the vintage date for the purpose of this disclosure as the date of the most recent credit decision. Renewals are categorized as new credit decisions and reflect the renewal date as the vintage date, except for renewals of loans modified for borrowers experiencing financial difficulty, or FDMs, which are presented in the original vintage.The Company utilizes internal risk ratings to monitor credit quality for commercial loans and leases. For more information on these ratings see Note 6 in the Company’s 2024 Form 10-K.The following table presents the amort