Company: CFG-PE
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000759944-25-000013
Chunk: 935

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-13
Form: 10-K
Item: Item 6
Chunk 935
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 of the lease term. The Company does not have lease agreements that contain both lease and non-lease components. A lessee is evaluated from a credit perspective using the same underwriting standards and procedures for a loan borrower. A lessee is expected to make rental payments based on its cash flows and the viability of its operations. Leases are not typically evaluated as collateral-based transactions and, therefore, the lessee’s overall financial strength is the most important credit evaluation factor.

Citizens Financial Group, Inc. | 100

The components of the net investment in direct financing and sales-type leases, before ALLL, are presented below:(dollars in millions)December 31, 2024December 31, 2023Total future minimum lease rentals$916 $942 Estimated residual value of leased equipment (non-guaranteed)231 322 Initial direct costs4 5 Unearned income(124)(121)Total leases$1,027 $1,148 Interest income on direct financing and sales-type leases for the years ended December 31, 2024, 2023 and 2022 was $41 million, $46 million and $46 million, respectively, and is reported within interest and fees on loans and leases in the Consolidated Statements of Operations. A maturity analysis of direct financing and sales-type lease receivables at December 31, 2024 is presented below:Year(dollars in millions)2025$241 2026198 2027177 2028126 202968 Thereafter106 Total undiscounted future minimum lease rentals$916