Company: CFG-PE
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000759944-25-000070
Chunk: 179

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 2
Chunk 179
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244,939 shares, respectively, of its outstanding common stock, which are held in treasury stock.

NOTE 11 - COMMITMENTS AND CONTINGENCIES A summary of outstanding off-balance sheet arrangements is presented below. For more information on these arrangements, see Note 19 in the Company’s 2024 Form 10-K. (dollars in millions)March 31, 2025December 31, 2024Commitments to extend credit$94,106 $93,460 Letters of credit1,875 1,845 Loans sold with recourse91 93 Marketing rights12 14 Risk participation agreements5 1 Total$96,089 $95,413 Commitments to Extend CreditCommitments to extend credit are agreements to lend to customers in accordance with conditions contractually agreed upon in advance. These commitments generally have fixed expiration dates or termination clauses and may require payment of a fee. Since many of these commitments are expected to expire without being drawn upon, the contract amounts are not necessarily indicative of future cash requirements.Letters of Credit Letters of credit in the table above reflect commercial, standby financial and standby performance letters of credit. Financial and performance standby letters of credit are issued by the Company for the benefit of its customers. They are used as conditional guarantees of payment to a third party in the event the customer either fails to make specific payments (financial) or fails to complete a specific project (performance). The Company’s exposure to credit loss in the event of counterparty nonperformance in connection with the above instruments is represented by the contractual amount of those instruments. Letters of credit are generally secured, with collateral including, but not limited to, cash, accounts receivable, inventory or investment securities. Credit risk associated with letters of credit is considered in determining the appropriate amount of allowances for unfunded commitments. Standby letters of credit and commercial letters of credit are issued for terms of up to two years and one year, respectively. 

Citizens Financial Group, Inc. | 61

Other CommitmentsThe Company has additional off-balance sheet arrangements that are summarized below:•Marketing Rights - During 2003, the Company entered into a 25-year agreement to acquire the naming and marketing rights of a baseball stadium in Pennsylvania. •Loans sold with recourse - the Company is an originator and servicer of residential mortgages and routinely sells such mortgage loans in the secondary market and to GSEs. In the context of such sales, the Company makes certain representations and warranties regarding the characteristics of