Company: CFG-PE
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000759944-25-000070
Chunk: 7

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 8
Chunk 7
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 and start-to-trough real GDP decline of approximately 4.4% at March 31, 2025 and December 31, 2024.The following table presents a summary of changes in the ACL for the three months ended March 31, 2024:Three Months Ended March 31, 2024(dollars in millions)CommercialRetailTotalAllowance for loan and lease losses, beginning of period$1,250 $848 $2,098 Charge-offs(102)(129)(231)Recoveries17 33 50 Net charge-offs(85)(96)(181)Provision expense (benefit) for loans and leases69 100 169 Allowance for loan and lease losses, end of period1,234 852 2,086 Allowance for unfunded lending commitments, beginning of period175 45 220 Provision expense (benefit) for unfunded lending commitments16 (14)2 Allowance for unfunded lending commitments, end of period191 31 222 Total allowance for credit losses, end of period$1,425 $883 $2,308 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.

Citizens Financial Group, Inc. | 43

The following table presents the amortized cost basis of commercial loans and leases by vintage date and internal risk rating as of March 31, 2025:Term Loans and Leases by Origination YearRevolving Loans(dollars in millions)20252024202320222021Prior to 2021Within the Revolving PeriodConverted to TermTotalCommercial and industrialPass$1,178 $5,502 $2,312 $3,878 $2,531 $2,593 $23,129 $73 $41,196 Special Mention— 5 77 71 227 139 190 — 709 Sub