Company: CFG-PE
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000759944-25-000070
Chunk: 184

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 2
Chunk 184
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 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 primarily driven by market conditions. These changes are recorded in mortgage banking fees and other income in the Consolidated Statements of Operations.The following table presents quantitative information about significant unobservable inputs utilized to measure the fair value of Level 3 assets and liabilities.As of March 31, 2025As of December 31, 2024Financial Instrument(1)Valuation TechniqueUnobservable InputRange (Weighted Average)Range (Weighted Average)Mortgage servicing rightsDiscounted Cash FlowConstant prepayment rate5.65-16.12% CPR (7.10% CPR)5.08-16.32% CPR (6.70% CPR)Option adjusted spread398-1,058 bps (628 bps)398-1,058 bps (632 bps)Other derivative contracts