Company: CFG-PE
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000759944-25-000070
Chunk: 88

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-05-01
Form: 10-Q
Item: Part II, Item 8
Chunk 88
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 rate contracts$910 $— $910 $— Foreign exchange contracts411 — 411 — Commodities contracts379 — 379 — TBA contracts8 — 8 — Other contracts2 — — 2 Total derivative liabilities1,710 — 1,708 2 Short-term borrowed funds— — — — Other liabilities101 — 101 — Total liabilities$1,811 $— $1,809 $2 (1) Excludes investments of $58 million included in other assets in the Consolidated Balance Sheets that are measured at fair value using the net asset value per share (or its equivalent) practical expedient. These investments include capital contributions to private investment funds and have unfunded capital commitments of $24 million at December 31, 2024, which may be called at any time during prescribed time periods. The credit exposure is generally limited to the carrying amount of investments made and unfunded capital commitments.

Citizens Financial Group, Inc. | 65

The following tables present a roll forward of the balance sheet amounts for assets and liabilities measured at fair value on a recurring basis and classified as Level 3: Three Months Ended March 31, 2025(dollars in millions)Mortgage Servicing RightsOther Derivative ContractsBeginning balance$1,491 $1 Issuances27 16 Sales(1)(72)— Settlements(2)(39)(16)Changes in fair value during the period recognized in earnings(3)(10)4 Ending balance$1,397 $5 Three Months Ended March 31, 2024(dollars in millions)Mortgage Servicing RightsOther Derivative ContractsBeginning balance$1,552 $7 Issuances18 13 Settlements(2)(46)(10)Changes in fair value during the period recognized in earnings(3)40 (2)Ending balance$1,564 $8 (1) For MSRs, represents the sale of the excess servicing yield on MSRs.(2) For MSRs, represents changes in value of the MSRs due to i) passage of time including the impact from both regularly scheduled loan principal payments and partial paydowns, and ii) loans that paid off during the period. For other derivative contracts, represents the closeout of interest rate lock commitments.(3) Represents changes in value