Company: CFG-PE
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000759944-25-000013
Chunk: 1024

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 1024
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 848 2,098 Allowance for unfunded lending commitments, beginning of period207 50 257 Provision expense (benefit) for unfunded lending commitments(32)(5)(37)Allowance for unfunded lending commitments, end of period175 45 220 Total allowance for credit losses, end of period$1,425 $893 $2,318 Year Ended December 31, 2022(dollars in millions)CommercialRetailTotalAllowance for loan and lease losses, beginning of period$821 $937 $1,758 Allowance on PCD loans and leases at acquisition99 2 101 Charge-offs(1)(70)(364)(434)Recoveries18 146 164 Net charge-offs(52)(218)(270)Provision expense (benefit) for loans and leases(2)192 202 394 Allowance for loan and lease losses, end of period1,060 923 1,983 Allowance for unfunded lending commitments, beginning of period153 23 176 Provision expense (benefit) for unfunded lending commitments53 27 80 Allowance on PCD unfunded lending commitments at acquisition1 — 1 Allowance for unfunded lending commitments, end of period207 50 257 Total allowance for credit losses, end of period$1,267 $973 $2,240 (1) Excludes $34 million of charge-offs previously taken by Investors or recognized upon completion of the Investors acquisition under purchase accounting for the year ended December 31, 2022. The initial allowance for loan and lease losses on PCD assets included these amounts and, after charging these amounts off upon acquisition, the net impact for PCD assets was $101 million of additional allowance for loan and lease losses.(2) Includes $169 million of initial provision expense related to non-PCD loans and leases acquired from HSBC and Investors for the year ended December 31, 2022.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