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Loans and Related Allowance for Credit Losses | 9 Months Ended
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Sep. 30, 2023
Asset Quality [Abstract] |
Loans and Related Allowance for Credit Losses | LOANS A ND R ELATED A LLOWANCE F OR C REDIT L OSSES Loan Portfolio Our loan portfolio consists of two portfolio segments – Commercial and Consumer. Each of these segments comprises multiple loan classes. Classes are characterized by similarities in risk attributes and the manner in which we monitor and assess credit risk.
Commercial |  | Consumer
• Commercial and industrial |  | • Residential real estate
• Commercial real estate |  | • Home equity
• Equipment lease financing |  | • Automobile
|  | • Credit card
|  | • Education
|  | • Other consumer
See Note 1 Accounting Policies for additional information on our loan related policies. Credit Quality We closely monitor economic conditions and loan performance trends to manage and evaluate our exposure to credit risk within the loan portfolio based on our defined loan classes. In doing so, we use several credit quality indicators, including trends in delinquency rates, nonperforming status, analysis of PD and LGD ratings, updated credit scores and originated and updated LTV ratios. We manage credit risk based on the risk profile of the borrower, repayment sources, underlying collateral and other support given current events, economic conditions and expectations. We refine our practices to meet the changing environment resulting from elevated inflation levels, industry specific risks, higher interest rates, declining consumer savings and deposit balances, and structural and secular changes fostered by the pandemic. To mitigate losses and enhance customer support, we offer loan modifications and collection programs to assist our customers. Table 41 presents the composition and delinquency status of our loan portfolio at September 30, 2023 and December 31, 2022. Loan delinquencies include government insured or guaranteed loans and loans accounted for under the fair value option. Table 41: Analysis of Loan Portfolio (a) (b) (c)
| Accruing |  |  |  |  |  |  |
Dollars in millions | Current or Less Than 30 Days Past Due | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Total Past Due (d) |  | Nonperforming Loans | Fair Value Option Nonaccrual Loans (e) | Total Loans (f)(g) |  |  |
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 173,487 |  | $ | 84 |  | $ | 32 |  | $ | 102 |  | $ | 218 |  |  | $ | 458 |  |  | $ | 174,163 |  |  |  |
Commercial real estate | 35,049 |  | 2 |  | 2 |  |  |  | 4 |  |  | 723 |  |  | 35,776 |  |  |  |
Equipment lease financing | 6,432 |  | 25 |  | 6 |  |  | 31 |  |  | 30 |  |  | 6,493 |  |  |  |
Total commercial | 214,968 |  | 111 |  | 40 |  | 102 |  | 253 |  |  | 1,211 |  |  | 216,432 |  |  |  |
Consumer |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate | 45,958 |  | 257 |  | 103 |  | 182 |  | 542 |  | (d) | 330 |  | $ | 529 |  | 47,359 |  |  |  |
Home equity | 25,562 |  | 59 |  | 22 |  |  | 81 |  |  | 446 |  | 70 |  | 26,159 |  |  |  |
Automobile | 14,718 |  | 83 |  | 19 |  | 6 |  | 108 |  |  | 114 |  |  | 14,940 |  |  |  |
Credit card | 6,881 |  | 50 |  | 38 |  | 80 |  | 168 |  |  | 11 |  |  | 7,060 |  |  |  |
Education | 1,918 |  | 32 |  | 22 |  | 48 |  | 102 |  | (d) |  |  | 2,020 |  |  |  |
Other consumer | 4,402 |  | 15 |  | 9 |  | 9 |  | 33 |  |  | 11 |  |  | 4,446 |  |  |  |
Total consumer | 99,439 |  | 496 |  | 213 |  | 325 |  | 1,034 |  |  | 912 |  | 599 |  | 101,984 |  |  |  |
Total | $ | 314,407 |  | $ | 607 |  | $ | 253 |  | $ | 427 |  | $ | 1,287 |  |  | $ | 2,123 |  | $ | 599 |  | $ | 318,416 |  |  |  |
Percentage of total loans | 98.74 | % | 0.19 | % | 0.08 | % | 0.13 | % | 0.40 | % |  | 0.67 | % | 0.19 | % | 100.00 | % |  |  |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 181,223 |  | $ | 169 |  | $ | 27 |  | $ | 137 |  | $ | 333 |  |  | $ | 663 |  |  | $ | 182,219 |  |  |  |
Commercial real estate | 36,104 |  | 19 |  | 4 |  |  | 23 |  |  | 189 |  |  | 36,316 |  |  |  |
Equipment lease financing | 6,484 |  | 20 |  | 4 |  |  | 24 |  |  | 6 |  |  | 6,514 |  |  |  |
Total commercial | 223,811 |  | 208 |  | 35 |  | 137 |  | 380 |  |  | 858 |  |  | 225,049 |  |  |  |
Consumer |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate | 44,306 |  | 281 |  | 112 |  | 199 |  | 592 |  | (d) | 424 |  | $ | 567 |  | 45,889 |  |  |  |
Home equity | 25,305 |  | 53 |  | 20 |  |  | 73 |  |  | 526 |  | 79 |  | 25,983 |  |  |  |
Automobile | 14,543 |  | 106 |  | 25 |  | 7 |  | 138 |  |  | 155 |  |  | 14,836 |  |  |  |
Credit card | 6,906 |  | 50 |  | 35 |  | 70 |  | 155 |  |  | 8 |  |  | 7,069 |  |  |  |
Education | 2,058 |  | 34 |  | 22 |  | 59 |  | 115 |  | (d) |  |  | 2,173 |  |  |  |
Other consumer | 4,975 |  | 15 |  | 12 |  | 10 |  | 37 |  |  | 14 |  |  | 5,026 |  |  |  |
Total consumer | 98,093 |  | 539 |  | 226 |  | 345 |  | 1,110 |  |  | 1,127 |  | 646 |  | 100,976 |  |  |  |
Total | $ | 321,904 |  | $ | 747 |  | $ | 261 |  | $ | 482 |  | $ | 1,490 |  |  | $ | 1,985 |  | $ | 646 |  | $ | 326,025 |  |  |  |
Percentage of total loans | 98.73 | % | 0.23 | % | 0.08 | % | 0.15 | % | 0.46 | % |  | 0.61 | % | 0.20 | % | 100.00 | % |  |  |
(a)Amounts in table represent loans held for investment and do not include any associated ALLL. (b)The CARES Act credit reporting rules expired in the third quarter of 2023 and as such, delinquency status at September 30, 2023 is being reported for all loans based on the contractual terms of the loan. Amounts as of December 31, 2022 continue to be presented in accordance with the credit reporting rules under the CARES Act, which required certain loans modified due to pandemic related hardships to not be reported as past due based on the contractual terms of the loan, even when borrowers may not have made payments on their loans during the modification period. (c)The accrued interest associated with our loan portfolio totaled $1.4 billion and $1.2 billion at September 30, 2023 and December 31, 2022, respectively. These amounts are included in Other assets on the Consolidated Balance Sheet. (d)Past due loan amounts include government insured or guaranteed Residential real estate loans and Education loans totaling $0.3 billion and $0.1 billion at both September 30, 2023 and December 31, 2022. (e)Consumer loans accounted for under the fair value option for which we do not expect to collect substantially all principal and interest are subject to nonaccrual accounting and classification upon meeting any of our nonaccrual policy criteria. Given that these loans are not accounted for at amortized cost, they have been excluded from the nonperforming loan population. (f)Includes unearned income, unamortized deferred fees and costs on originated loans and premiums or discounts on purchased loans totaling $0.8 billion and $0.9 billion at September 30, 2023 and December 31, 2022, respectively. (g)Collateral dependent loans totaled $1.1 billion and $1.3 billion at September 30, 2023 and December 31, 2022, respectively. At September 30, 2023, we pledged $50.4 billion of commercial and other loans to the Federal Reserve Bank and $91.4 billion of residential real estate and other loans to the FHLB as collateral for the ability to borrow, if necessary. The comparable amounts at December 31, 2022 were $28.1 billion and $90.4 billion, respectively. Amounts pledged reflect the unpaid principal balances. Nonperforming Assets Nonperforming assets include nonperforming loans and leases, OREO and foreclosed assets. Nonperforming loans are those loans accounted for at amortized cost whose credit quality has deteriorated to the extent that full collection of contractual principal and interest is not probable. Interest income is not recognized on these loans. Loans accounted for under the fair value option are reported as performing loans; however, when nonaccrual criteria is met, interest income is not recognized on these loans. Additionally, certain government insured or guaranteed loans for which we expect to collect substantially all principal and interest are not reported as nonperforming loans and continue to accrue interest. See Note 1 Accounting Policies for additional information on our nonperforming loan and lease policies. The following table presents our nonperforming assets as of September 30, 2023 and December 31, 2022, respectively: Table 42: Nonperforming Assets
Dollars in millions |  | September 30, 2023 |  | December 31, 2022 |
Nonperforming loans (a) |  |  |  |  |
Commercial |  | $ | 1,211 |  |  | $ | 858 |  |
Consumer (b) |  | 912 |  |  | 1,127 |  |
Total nonperforming loans (c) |  | 2,123 |  |  | 1,985 |  |
OREO and foreclosed assets |  | 35 |  |  | 34 |  |
Total nonperforming assets |  | $ | 2,158 |  |  | $ | 2,019 |  |
Nonperforming loans to total loans |  | 0.67 | % |  | 0.61 | % |
Nonperforming assets to total loans, OREO and foreclosed assets |  | 0.68 | % |  | 0.62 | % |
Nonperforming assets to total assets |  | 0.39 | % |  | 0.36 | % |
(a)In connection with the adoption of ASU 2022-02, nonperforming loans as of September 30, 2023 include certain loans where terms were modified as a result of a borrower’s financial difficulty. Prior period amounts included nonperforming TDRs, for which accounting guidance was eliminated effective January 1, 2023. See Note 1 Accounting Policies and the Loan Modifications to Borrowers Experiencing Financial Difficulty section of this Note 3 for more information on our adoption of this ASU. (b)Excludes most unsecured consumer loans and lines of credit, which are charged off after 120 to 180 days past due and are not placed on nonperforming status. (c)Nonperforming loans for which there is no related ALLL totaled $0.5 billion at September 30, 2023 and primarily include loans with a fair value of collateral that exceeds the amortized cost basis. The comparable amount at December 31, 2022 was $0.7 billion. Additional Credit Quality Indicators by Loan Class Commercial Loan Classes See Note 4 Loans and Related Allowance for Credit Losses in our 2022 Form 10-K for additional information related to these loan classes, including discussion around the credit quality indicators that we use to monitor and manage the credit risk associated with each loan class. The following table presents credit quality indicators for our commercial loan classes: Table 43: Commercial Credit Quality Indicators (a)
| Term Loans by Origination Year |  |  |
September 30, 2023 In millions | 2023 |  | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total
Commercial and industrial |  |  |  |  |  |  |  |  |  |
Pass Rated | $ | 18,791 |  |  | $ | 29,249 |  | $ | 8,476 |  | $ | 6,061 |  | $ | 4,654 |  | $ | 12,952 |  | $ | 84,123 |  | $ | 603 |  | $ | 164,909 |
Criticized | 537 |  |  | 1,916 |  | 743 |  | 355 |  | 249 |  | 710 |  | 4,705 |  | 39 |  | 9,254 |
Total commercial and industrial loans | $ | 19,328 |  |  | $ | 31,165 |  | $ | 9,219 |  | $ | 6,416 |  | $ | 4,903 |  | $ | 13,662 |  | $ | 88,828 |  | $ | 642 |  | $ | 174,163 |
Gross charge-offs (b) | $ | 17 |  | (c) | $ | 19 |  | $ | 27 |  | $ | 7 |  | $ | 2 |  | $ | 19 |  | $ | 90 |  | $ | 11 |  | $ | 192 |
Commercial real estate |  |  |  |  |  |  |  |  |  |
Pass Rated | $ | 3,592 |  |  | $ | 9,008 |  | $ | 3,282 |  | $ | 2,376 |  | $ | 4,918 |  | $ | 8,062 |  | $ | 342 |  |  | $ | 31,580 |
Criticized | 109 |  |  | 685 |  | 470 |  | 370 |  | 664 |  | 1,880 |  | 18 |  |  | 4,196 |
Total commercial real estate loans | $ | 3,701 |  |  | $ | 9,693 |  | $ | 3,752 |  | $ | 2,746 |  | $ | 5,582 |  | $ | 9,942 |  | $ | 360 |  |  | $ | 35,776 |
Gross charge-offs (b) |  |  |  |  |  |  |  |  |  | $ | 29 |  | $ | 95 |  |  |  |  |  | $ | 124 |
Equipment lease financing |  |  |  |  |  |  |  |  |  |
Pass Rated | $ | 1,126 |  |  | $ | 1,507 |  | $ | 779 |  | $ | 761 |  | $ | 506 |  | $ | 1,469 |  |  |  | $ | 6,148 |
Criticized | 68 |  |  | 79 |  | 56 |  | 50 |  | 38 |  | 54 |  |  |  | 345 |
Total equipment lease financing loans | $ | 1,194 |  |  | $ | 1,586 |  | $ | 835 |  | $ | 811 |  | $ | 544 |  | $ | 1,523 |  |  |  | $ | 6,493 |
Gross charge-offs (b) | $ | 1 |  |  | $ | 2 |  | $ | 2 |  | $ | 4 |  | $ | 1 |  | $ | 1 |  |  |  |  |  | $ | 11 |
Total commercial loans | $ | 24,223 |  |  | $ | 42,444 |  | $ | 13,806 |  | $ | 9,973 |  | $ | 11,029 |  | $ | 25,127 |  | $ | 89,188 |  | $ | 642 |  | $ | 216,432 |
Total commercial gross charge-offs | $ | 18 |  |  | $ | 21 |  | $ | 29 |  | $ | 11 |  | $ | 32 |  | $ | 115 |  | $ | 90 |  | $ | 11 |  | $ | 327 |
| Term Loans by Origination Year |  |  |
December 31, 2022 In millions | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans
Commercial and industrial |  |  |  |  |  |  |  |  |
Pass Rated | $ | 41,685 |  | $ | 12,493 |  | $ | 8,134 |  | $ | 6,261 |  | $ | 4,209 |  | $ | 13,165 |  | $ | 89,384 |  | $ | 69 |  | $ | 175,400 |
Criticized | 1,259 |  | 423 |  | 277 |  | 299 |  | 297 |  | 551 |  | 3,682 |  | 31 |  | 6,819 |
Total commercial and industrial | 42,944 |  | 12,916 |  | 8,411 |  | 6,560 |  | 4,506 |  | 13,716 |  | 93,066 |  | 100 |  | 182,219 |
Commercial real estate |  |  |  |  |  |  |  |  |
Pass Rated | 8,835 |  | 4,153 |  | 3,266 |  | 5,511 |  | 3,005 |  | 7,454 |  | 450 |  |  | 32,674 |
Criticized | 348 |  | 37 |  | 322 |  | 758 |  | 807 |  | 1,367 |  | 3 |  |  | 3,642 |
Total commercial real estate | 9,183 |  | 4,190 |  | 3,588 |  | 6,269 |  | 3,812 |  | 8,821 |  | 453 |  |  | 36,316 |
Equipment lease financing |  |  |  |  |  |  |  |  |
Pass Rated | 1,797 |  | 962 |  | 942 |  | 670 |  | 410 |  | 1,495 |  |  |  | 6,276 |
Criticized | 60 |  | 55 |  | 56 |  | 39 |  | 17 |  | 11 |  |  |  | 238 |
Total equipment lease financing | 1,857 |  | 1,017 |  | 998 |  | 709 |  | 427 |  | 1,506 |  |  |  | 6,514 |
Total commercial | $ | 53,984 |  | $ | 18,123 |  | $ | 12,997 |  | $ | 13,538 |  | $ | 8,745 |  | $ | 24,043 |  | $ | 93,519 |  | $ | 100 |  | $ | 225,049 |
(a)Loans in our commercial portfolio are classified as Pass Rated or Criticized based on the regulatory definitions, which are driven by the PD and LGD ratings that we assign. The Criticized classification includes loans that were rated special mention, substandard or doubtful as of September 30, 2023 and December 31, 2022. (b)Gross charge-offs are presented on a year-to-date basis, as of the reporting date. (c)Includes charge-offs of deposit overdrafts. Consumer Loan Classes See Note 4 Loans and Related Allowance for Credit Losses in our 2022 Form 10-K for additional information related to these loan classes, including discussion around the credit quality indicators that we use to monitor and manage the credit risk associated with each loan class. Residential Real Estate and Home Equity The following table presents credit quality indicators for our residential real estate and home equity loan classes: Table 44: Credit Quality Indicators for Residential Real Estate and Home Equity Loan Classes
| Term Loans by Origination Year |  |  |
September 30, 2023 In millions | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total
Residential real estate |  |  |  |  |  |  |  |  |
Current estimated LTV ratios |  |  |  |  |  |  |  |  |
Greater than 100% | $ | 34 |  | $ | 141 |  | $ | 103 |  | $ | 33 |  | $ | 8 |  | $ | 34 |  |  |  | $ | 353 |
Greater than or equal to 80% to 100% | 1,770 |  | 3,372 |  | 1,044 |  | 207 |  | 69 |  | 105 |  |  |  | 6,567 |
Less than 80% | 2,577 |  | 6,661 |  | 14,517 |  | 6,639 |  | 2,196 |  | 7,129 |  |  |  | 39,719 |
No LTV available | 52 |  |  |  | 13 |  |  |  | 3 |  |  |  | 68 |
Government insured or guaranteed loans | 9 |  | 18 |  | 18 |  | 66 |  | 37 |  | 504 |  |  |  | 652 |
Total residential real estate loans | $ | 4,442 |  | $ | 10,192 |  | $ | 15,695 |  | $ | 6,945 |  | $ | 2,310 |  | $ | 7,775 |  |  |  | $ | 47,359 |
Updated FICO scores |  |  |  |  |  |  |  |  |
Greater than or equal to 780 | $ | 2,418 |  | $ | 7,728 |  | $ | 12,239 |  | $ | 5,060 |  | $ | 1,538 |  | $ | 4,099 |  |  |  | $ | 33,082 |
720 to 779 | 1,495 |  | 1,857 |  | 2,547 |  | 1,214 |  | 414 |  | 1,439 |  |  |  | 8,966 |
660 to 719 | 302 |  | 514 |  | 670 |  | 322 |  | 176 |  | 782 |  |  |  | 2,766 |
Less than 660 | 86 |  | 64 |  | 129 |  | 110 |  | 87 |  | 676 |  |  |  | 1,152 |
No FICO score available | 132 |  | 11 |  | 92 |  | 173 |  | 58 |  | 275 |  |  |  | 741 |
Government insured or guaranteed loans | 9 |  | 18 |  | 18 |  | 66 |  | 37 |  | 504 |  |  |  | 652 |
Total residential real estate loans | $ | 4,442 |  | $ | 10,192 |  | $ | 15,695 |  | $ | 6,945 |  | $ | 2,310 |  | $ | 7,775 |  |  |  | $ | 47,359 |
Gross charge-offs (a) |  |  | $ | 1 |  |  |  | $ | 1 |  |  |  | $ | 4 |  |  |  | $ | 6 |
Home equity |  |  |  |  |  |  |  |  |
Current estimated LTV ratios |  |  |  |  |  |  |  |  |
Greater than 100% |  |  | $ | 2 |  | $ | 10 |  | $ | 5 |  | $ | 13 |  | $ | 294 |  | $ | 285 |  | $ | 609 |
Greater than or equal to 80% to 100% |  |  | 5 |  | 39 |  | 21 |  | 27 |  | 1,266 |  | 1,949 |  | 3,307 |
Less than 80% |  |  | 161 |  | 1,922 |  | 871 |  | 2,683 |  | 6,901 |  | 9,705 |  | 22,243 |
Total home equity loans |  |  | $ | 168 |  | $ | 1,971 |  | $ | 897 |  | $ | 2,723 |  | $ | 8,461 |  | $ | 11,939 |  | $ | 26,159 |
Updated FICO scores |  |  |  |  |  |  |  |  |
Greater than or equal to 780 |  |  | $ | 107 |  | $ | 1,283 |  | $ | 503 |  | $ | 1,685 |  | $ | 4,700 |  | $ | 6,039 |  | $ | 14,317 |
720 to 779 |  |  | 38 |  | 443 |  | 223 |  | 525 |  | 2,203 |  | 3,193 |  | 6,625 |
660 to 719 |  |  | 18 |  | 185 |  | 117 |  | 286 |  | 1,210 |  | 1,756 |  | 3,572 |
Less than 660 |  |  | 5 |  | 58 |  | 53 |  | 219 |  | 338 |  | 895 |  | 1,568 |
No FICO score available |  |  |  |  | 2 |  | 1 |  | 8 |  | 10 |  | 56 |  | 77 |
Total home equity loans |  |  | $ | 168 |  | $ | 1,971 |  | $ | 897 |  | $ | 2,723 |  | $ | 8,461 |  | $ | 11,939 |  | $ | 26,159 |
Gross charge-offs (a) |  |  |  |  |  |  |  |  |  |  | $ | 2 |  | $ | 4 |  | $ | 9 |  | $ | 15 |
(Continued from previous page) | Term Loans by Origination Year |  |  |
December 31, 2022 In millions | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans
Residential real estate |  |  |  |  |  |  |  |  |
Current estimated LTV ratios |  |  |  |  |  |  |  |  |
Greater than 100% | $ | 4 |  | $ | 52 |  | $ | 20 |  | $ | 10 |  | $ | 4 |  | $ | 41 |  |  |  | $ | 131 |
Greater than or equal to 80% to 100% | 1,185 |  | 678 |  | 232 |  | 84 |  | 24 |  | 92 |  |  |  | 2,295 |
Less than 80% | 9,396 |  | 15,844 |  | 7,074 |  | 2,346 |  | 822 |  | 7,220 |  |  |  | 42,702 |
No LTV available |  | 61 |  |  | 3 |  |  | 4 |  |  |  | 68 |
Government insured or guaranteed loans | 9 |  | 15 |  | 66 |  | 39 |  | 28 |  | 536 |  |  |  | 693 |
Total residential real estate | $ | 10,594 |  | $ | 16,650 |  | $ | 7,392 |  | $ | 2,482 |  | $ | 878 |  | $ | 7,893 |  |  |  | $ | 45,889 |
Updated FICO scores |  |  |  |  |  |  |  |  |
Greater than or equal to 780 | $ | 6,825 |  | $ | 12,596 |  | $ | 5,276 |  | $ | 1,623 |  | $ | 463 |  | $ | 4,027 |  |  |  | $ | 30,810 |
720 to 779 | 3,172 |  | 3,024 |  | 1,369 |  | 476 |  | 180 |  | 1,457 |  |  |  | 9,678 |
660 to 719 | 514 |  | 744 |  | 378 |  | 189 |  | 98 |  | 796 |  |  |  | 2,719 |
Less than 660 | 63 |  | 108 |  | 110 |  | 88 |  | 71 |  | 740 |  |  |  | 1,180 |
No FICO score available | 11 |  | 163 |  | 193 |  | 67 |  | 38 |  | 337 |  |  |  | 809 |
Government insured or guaranteed loans | 9 |  | 15 |  | 66 |  | 39 |  | 28 |  | 536 |  |  |  | 693 |
Total residential real estate | $ | 10,594 |  | $ | 16,650 |  | $ | 7,392 |  | $ | 2,482 |  | $ | 878 |  | $ | 7,893 |  |  |  | $ | 45,889 |
Home equity |  |  |  |  |  |  |  |  |
Current estimated LTV ratios |  |  |  |  |  |  |  |  |
Greater than 100% |  | $ | 4 |  | $ | 14 |  | $ | 9 |  | $ | 2 |  | $ | 15 |  | $ | 268 |  | $ | 137 |  | $ | 449 |
Greater than or equal to 80% to 100% |  | 4 |  | 51 |  | 27 |  | 4 |  | 31 |  | 854 |  | 1,149 |  | 2,120 |
Less than 80% |  | 172 |  | 2,078 |  | 961 |  | 285 |  | 2,851 |  | 7,780 |  | 9,287 |  | 23,414 |
Total home equity |  | $ | 180 |  | $ | 2,143 |  | $ | 997 |  | $ | 291 |  | $ | 2,897 |  | $ | 8,902 |  | $ | 10,573 |  | $ | 25,983 |
Updated FICO scores |  |  |  |  |  |  |  |  |
Greater than or equal to 780 |  | $ | 110 |  | $ | 1,357 |  | $ | 554 |  | $ | 155 |  | $ | 1,791 |  | $ | 5,093 |  | $ | 5,545 |  | $ | 14,605 |
720 to 779 |  | 47 |  | 515 |  | 248 |  | 64 |  | 567 |  | 2,305 |  | 2,843 |  | 6,589 |
660 to 719 |  | 19 |  | 211 |  | 140 |  | 42 |  | 288 |  | 1,146 |  | 1,449 |  | 3,295 |
Less than 660 |  | 4 |  | 57 |  | 54 |  | 29 |  | 242 |  | 342 |  | 671 |  | 1,399 |
No FICO score available |  |  | 3 |  | 1 |  | 1 |  | 9 |  | 16 |  | 65 |  | 95 |
Total home equity |  | $ | 180 |  | $ | 2,143 |  | $ | 997 |  | $ | 291 |  | $ | 2,897 |  | $ | 8,902 |  | $ | 10,573 |  | $ | 25,983 |
(a)Gross charge-offs are presented on a year-to-date basis, as of the reporting date. Automobile, Credit Card, Education and Other Consumer The following table presents credit quality indicators for our automobile, credit card, education and other consumer loan classes: Table 45: Credit Quality Indicators for Automobile, Credit Card, Education and Other Consumer Loan Classes
| Term Loans by Origination Year |  |  |
September 30, 2023 In millions | 2023 |  | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total
Automobile |  |  |  |  |  |  |  |  |  |
Updated FICO scores |  |  |  |  |  |  |  |  |  |
Greater than or equal to 780 | $ | 2,221 |  |  | $ | 1,776 |  | $ | 1,653 |  | $ | 624 |  | $ | 456 |  | $ | 127 |  |  |  | $ | 6,857 |
720 to 779 | 1,454 |  |  | 1,266 |  | 892 |  | 356 |  | 309 |  | 115 |  |  |  | 4,392 |
660 to 719 | 804 |  |  | 677 |  | 456 |  | 218 |  | 228 |  | 100 |  |  |  | 2,483 |
Less than 660 | 168 |  |  | 261 |  | 248 |  | 165 |  | 230 |  | 136 |  |  |  | 1,208 |
Total automobile loans | $ | 4,647 |  |  | $ | 3,980 |  | $ | 3,249 |  | $ | 1,363 |  | $ | 1,223 |  | $ | 478 |  |  |  | $ | 14,940 |
Gross charge-offs (a) |  |  |  | $ | 18 |  | $ | 18 |  | $ | 13 |  | $ | 23 |  | $ | 19 |  |  |  | $ | 91 |
Credit card |  |  |  |  |  |  |  |  |  |
Updated FICO scores |  |  |  |  |  |  |  |  |  |
Greater than or equal to 780 |  |  |  |  |  |  |  | $ | 1,920 |  | $ | 1 |  | $ | 1,921 |
720 to 779 |  |  |  |  |  |  |  | 1,967 |  | 5 |  | 1,972 |
660 to 719 |  |  |  |  |  |  |  | 1,982 |  | 13 |  | 1,995 |
Less than 660 |  |  |  |  |  |  |  | 1,016 |  | 44 |  | 1,060 |
No FICO score available or required (b) |  |  |  |  |  |  |  | 109 |  | 3 |  | 112 |
Total credit card loans |  |  |  |  |  |  |  | $ | 6,994 |  | $ | 66 |  | $ | 7,060 |
Gross charge-offs (a) |  |  |  |  |  |  |  | $ | 212 |  | $ | 20 |  | $ | 232 |
Education |  |  |  |  |  |  |  |  |  |
Updated FICO scores |  |  |  |  |  |  |  |  |  |
Greater than or equal to 780 | $ | 7 |  |  | $ | 25 |  | $ | 8 |  | $ | 11 |  | $ | 19 |  | $ | 133 |  |  |  | $ | 203 |
720 to 779 | 20 |  |  | 45 |  | 25 |  | 25 |  | 32 |  | 182 |  |  |  | 329 |
660 to 719 | 19 |  |  | 45 |  | 27 |  | 23 |  | 29 |  | 156 |  |  |  | 299 |
Less than 660 | 9 |  |  | 37 |  | 16 |  | 8 |  | 7 |  | 94 |  |  |  | 171 |
No FICO score available or required (b) | 20 |  |  | 13 |  | 10 |  | 7 |  | 2 |  | 5 |  |  |  | 57 |
Total loans using FICO credit metric | 75 |  |  | 165 |  | 86 |  | 74 |  | 89 |  | 570 |  |  |  | 1,059 |
Other internal credit metrics |  |  |  |  |  |  | 961 |  |  |  | 961 |
Total education loans | $ | 75 |  |  | $ | 165 |  | $ | 86 |  | $ | 74 |  | $ | 89 |  | $ | 1,531 |  |  |  | $ | 2,020 |
Gross charge-offs (a) |  |  |  |  |  | $ | 1 |  | $ | 1 |  | $ | 1 |  | $ | 10 |  |  |  | $ | 13 |
Other consumer |  |  |  |  |  |  |  |  |  |
Updated FICO scores |  |  |  |  |  |  |  |  |  |
Greater than or equal to 780 | $ | 195 |  |  | $ | 151 |  | $ | 57 |  | $ | 27 |  | $ | 20 |  | $ | 14 |  | $ | 40 |  | $ | 2 |  | $ | 506 |
720 to 779 | 244 |  |  | 189 |  | 68 |  | 32 |  | 25 |  | 14 |  | 81 |  | 1 |  | 654 |
660 to 719 | 117 |  |  | 155 |  | 68 |  | 35 |  | 29 |  | 14 |  | 88 |  | 2 |  | 508 |
Less than 660 | 11 |  |  | 51 |  | 34 |  | 21 |  | 19 |  | 10 |  | 43 |  | 1 |  | 190 |
Total loans using FICO credit metric | 567 |  |  | 546 |  | 227 |  | 115 |  | 93 |  | 52 |  | 252 |  | 6 |  | 1,858 |
Other internal credit metrics | 32 |  |  | 107 |  | 32 |  | 73 |  | 72 |  | 23 |  | 2,239 |  | 10 |  | 2,588 |
Total other consumer loans | $ | 599 |  |  | $ | 653 |  | $ | 259 |  | $ | 188 |  | $ | 165 |  | $ | 75 |  | $ | 2,491 |  | $ | 16 |  | $ | 4,446 |
Gross charge-offs (a) | $ | 54 |  | (c) | $ | 16 |  | $ | 14 |  | $ | 12 |  | $ | 12 |  | $ | 7 |  | $ | 8 |  | $ | 1 |  | $ | 124 |
(Continued from previous page) | Term Loans by Origination Year |  |  |
December 31, 2022 In millions | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans
Updated FICO Scores |  |  |  |  |  |  |  |  |
Automobile |  |  |  |  |  |  |  |  |
Greater than or equal to 780 | $ | 2,390 |  | $ | 2,162 |  | $ | 922 |  | $ | 760 |  | $ | 241 |  | $ | 75 |  |  |  | $ | 6,550 |
720 to 779 | 1,702 |  | 1,312 |  | 561 |  | 538 |  | 222 |  | 69 |  |  |  | 4,404 |
660 to 719 | 854 |  | 660 |  | 341 |  | 401 |  | 187 |  | 56 |  |  |  | 2,499 |
Less than 660 | 193 |  | 290 |  | 230 |  | 368 |  | 228 |  | 74 |  |  |  | 1,383 |
Total automobile | $ | 5,139 |  | $ | 4,424 |  | $ | 2,054 |  | $ | 2,067 |  | $ | 878 |  | $ | 274 |  |  |  | $ | 14,836 |
Credit card |  |  |  |  |  |  |  |  |
Greater than or equal to 780 |  |  |  |  |  |  | $ | 1,954 |  | $ | 2 |  | $ | 1,956 |
720 to 779 |  |  |  |  |  |  | 1,994 |  | 6 |  | 2,000 |
660 to 719 |  |  |  |  |  |  | 1,957 |  | 13 |  | 1,970 |
Less than 660 |  |  |  |  |  |  | 1,001 |  | 35 |  | 1,036 |
No FICO score available or required (b) |  |  |  |  |  |  | 104 |  | 3 |  | 107 |
Total credit card |  |  |  |  |  |  | $ | 7,010 |  | $ | 59 |  | $ | 7,069 |
Education |  |  |  |  |  |  |  |  |
Greater than or equal to 780 | $ | 42 |  | $ | 53 |  | $ | 48 |  | $ | 61 |  | $ | 51 |  | $ | 357 |  |  |  | $ | 612 |
720 to 779 | 39 |  | 27 |  | 24 |  | 30 |  | 24 |  | 143 |  |  |  | 287 |
660 to 719 | 21 |  | 8 |  | 8 |  | 9 |  | 8 |  | 59 |  |  |  | 113 |
Less than 660 | 4 |  | 1 |  | 1 |  | 2 |  | 2 |  | 24 |  |  |  | 34 |
No FICO score available or required (b) | 20 |  | 8 |  | 7 |  | 3 |  |  | 1 |  |  |  | 39 |
Education loans using FICO credit metric | 126 |  | 97 |  | 88 |  | 105 |  | 85 |  | 584 |  |  |  | 1,085 |
Other internal credit metrics |  |  |  |  |  | 1,088 |  |  |  | 1,088 |
Total education | $ | 126 |  | $ | 97 |  | $ | 88 |  | $ | 105 |  | $ | 85 |  | $ | 1,672 |  |  |  | $ | 2,173 |
Other consumer |  |  |  |  |  |  |  |  |
Greater than or equal to 780 | $ | 224 |  | $ | 97 |  | $ | 53 |  | $ | 46 |  | $ | 14 |  | $ | 18 |  | $ | 47 |  | $ | 2 |  | $ | 501 |
720 to 779 | 302 |  | 122 |  | 68 |  | 62 |  | 20 |  | 15 |  | 89 |  | 2 |  | 680 |
660 to 719 | 229 |  | 110 |  | 68 |  | 66 |  | 28 |  | 8 |  | 95 |  | 2 |  | 606 |
Less than 660 | 32 |  | 48 |  | 37 |  | 40 |  | 20 |  | 6 |  | 44 |  | 2 |  | 229 |
Other consumer loans using FICO credit metric | 787 |  | 377 |  | 226 |  | 214 |  | 82 |  | 47 |  | 275 |  | 8 |  | 2,016 |
Other internal credit metrics | 125 |  | 43 |  | 40 |  | 34 |  | 7 |  | 29 |  | 2,720 |  | 12 |  | 3,010 |
Total other consumer | $ | 912 |  | $ | 420 |  | $ | 266 |  | $ | 248 |  | $ | 89 |  | $ | 76 |  | $ | 2,995 |  | $ | 20 |  | $ | 5,026 |
(a)Gross charge-offs are presented on a year-to-date basis, as of the reporting date. (b)Loans with no FICO score available or required generally refers to new accounts issued to borrowers with limited credit history, accounts for which we cannot obtain an updated FICO score (e.g., recent profile changes), cards issued with a business name and/or cards secured by collateral. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk. (c)Includes charge-offs of deposit overdrafts. Loan Modifications to Borrowers Experiencing Financial Difficulty On January 1, 2023, we adopted ASU 2022-02, which eliminates the accounting guidance for TDRs and enhances the disclosure requirements for certain loan modifications when a borrower is experiencing financial difficulty (FDMs). FDMs occur as a result of our loss mitigation activities. A variety of solutions are offered to borrowers, including loan modifications that may result in principal forgiveness, interest rate reductions, term extensions, payment delays, repayment plans or combinations thereof: •Principal forgiveness includes principal and accrued interest forgiveness. •Interest rate reductions include modifications where the interest rate is reduced and/or interest is deferred. •Term extensions extend the original contractual maturity date of the loan. •Payment delays consist of modifications where we expect to collect contractual amounts due but that result in a delay in the receipt of payments specified under the original loan terms. We generally consider payment delays to be insignificant when the delay is three months or less. •Repayment plans are offered for some of our credit card and unsecured line of credit products, which provide for a reduced payment and interest rate for a specific period of time. Additionally, modifications to borrowers experiencing financial difficulty also result from borrowers that have been discharged from personal liability through Chapter 7 bankruptcy and have not formally reaffirmed their obligations to us, and those that enter into trial modifications. FDMs exclude loans held for sale and loans accounted for under the fair value option. Our disclosed FDM population also excludes government insured or guaranteed education loans as loss mitigation activities for these loans are either required by law or they are considered separate from PNC’s loss mitigation treatments. Commercial loans with an appraised value of collateral that exceeds the loan value, loans with guarantor support, and residential mortgage government insured or guaranteed loans are included in our disclosed population of FDMs when those loan modifications are granted to a borrower experiencing financial difficulty. Refer to Note 1 Accounting Policies for additional information around our adoption of ASU 2022-02. The following table presents the amortized cost basis, as of September 30, 2023, of FDMs granted during the three and nine months ended September 30, 2023: Table 46: Loan Modifications Granted to Borrowers Experiencing Financial Difficulty (a) (b)
Three months ended September 30, 2023 Dollars in millions |  | Interest Rate Reduction | Term Extension | Payment Delay | Repayment Plan | Interest Rate Reduction and Term Extension | Payment Delay and Term Extension | Other (c) | Total | % of Loan Class |
Commercial |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 15 |  | $ | 356 |  | $ | 37 |  |  |  | $ | 7 |  | $ | 83 |  | $ | 498 |  | 0.29 | % |
Commercial real estate |  |  | 307 |  | 16 |  |  |  |  |  | 323 |  | 0.90 | % |
Total commercial |  | 15 | 663 | 53 |  |  | 7 | 83 | 821 |  | 0.38 | % |
Consumer |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  | 1 |  |  | 50 |  |  |  |  |  | 3 |  | 54 |  | 0.11 | % |
Home equity |  |  |  | 2 |  |  |  |  |  | 5 |  | 7 |  | 0.03 | % |
Credit card |  |  |  |  | $ | 20 |  |  |  |  | 20 |  | 0.28 | % |
Education |  |  | 1 |  |  |  |  |  |  | 1 |  | 0.05 | % |
Other consumer |  |  |  |  | 1 |  |  |  |  | 1 |  | 0.02 | % |
Total consumer |  | 1 |  | 1 |  | 52 |  | 21 |  |  |  |  | 8 |  | 83 |  | 0.08 | % |
Total |  | $ | 16 |  | $ | 664 |  | $ | 105 |  | $ | 21 |  |  |  | $ | 7 |  | $ | 91 |  | $ | 904 |  | 0.28 | % |
Nine months ended September 30, 2023 Dollars in millions |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 15 |  | $ | 704 |  | $ | 91 |  |  |  | $ | 20 |  | $ | 130 |  | $ | 960 |  | 0.55 | % |
Commercial real estate |  |  | 745 |  | 16 |  |  |  | 61 |  | 822 |  | 2.30 | % |
Total commercial |  | 15 | 1,449 |  | 107 |  |  | 20 | 191 | 1,782 |  | 0.82 | % |
Consumer |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  | 1 |  |  | 83 |  |  | $ | 3 |  |  | 6 |  | 93 |  | 0.20 | % |
Home equity |  |  |  | 6 |  |  | 7 |  |  | 9 |  | 22 |  | 0.08 | % |
Credit card |  |  |  |  | $ | 45 |  |  |  |  | 45 |  | 0.64 | % |
Education |  |  | 3 |  |  |  |  |  |  | 3 |  | 0.15 | % |
Other consumer |  |  |  |  | 1 |  |  |  |  | 1 |  | 0.02 | % |
Total consumer |  | 1 |  | 3 |  | 89 |  | 46 |  | 10 |  |  | 15 |  | 164 |  | 0.16 | % |
Total |  | $ | 16 |  | $ | 1,452 |  | $ | 196 |  | $ | 46 |  | $ | 10 |  | $ | 20 |  | $ | 206 |  | $ | 1,946 |  | 0.61 | % |
(a)At September 30, 2023, there were $0.3 billion of unfunded lending related commitments associated with FDMs. (b)Excludes the amortized cost basis of modified loans that were paid off, charged off or otherwise liquidated as of period end. (c)Includes loans where we have received notification that a borrower has filed for Chapter 7 bankruptcy relief, but specific instructions as to the terms of the relief have not been formally ruled upon by the court. Amounts also include trial modifications. Table 47 presents the financial effect of FDMs granted during the three and nine months ended September 30, 2023: Table 47: Financial Effect of FDMs (a)
Three months ended September 30, 2023 Dollars in millions |  |  | Weighted-Average Interest Rate Reduction | Weighted-Average Term Extension (in Months) | Weighted-Average Payment Delay (in Months)
Commercial |  |  |  |  |
Commercial and industrial |  |  | 0.25 | % | 13 | 6
Commercial real estate |  |  |  | 13 | 8
Consumer |  |  |  |  |
Residential real estate |  |  | 0.72 | % |  | 10
Home equity |  |  |  |  |  | 5
Education |  |  |  | 15 |
Nine months ended September 30, 2023 Dollars in millions |  |  |  |  |
Commercial |  |  |  |  |
Commercial and industrial |  |  | 0.25 | % | 12 | 6
Commercial real estate |  |  |  | 16 | 8
Consumer |  |  |  |  |
Residential real estate |  |  | 1.13 | % | 118 | 9
Home equity |  |  | 1.17 | % | 53 | 4
Education |  |  |  | 16 |
(a)Excludes the financial effects of modifications for loans that were paid off, charged off or otherwise liquidated as of period end. Repayment plans are excluded from Table 47. The terms of these programs, which are offered for certain credit card and unsecured line of credit products, are as follows: •Short-term programs are granted for periods of 6 and 12 months. These programs are structurally similar such that the interest rate is reduced to a standard rate of 4.99% and the minimum payment percentage is adjusted to 1.90% of the outstanding balance. At the end of the 6 or 12 months, the borrower is returned to the original contractual interest rate and minimum payment amount specified in the original lending agreement. •Fully-amortized repayment plans are also granted, the most common of which being a 60-month program. In this program, we convert the borrower’s drawn and unpaid balances into a fully-amortized repayment plan consisting of an interest rate of 4.99% and a minimum payment amount of 1.90%. This fully-amortized program is designed in a manner that allows the drawn and unpaid amounts to be recaptured at the end of the 60 months. After we modify a loan, we continue to track its performance under its most recent modified terms. The following table presents the performance, as of September 30, 2023, of FDMs granted during the nine months ended September 30, 2023: Table 48: Delinquency Status of FDMs (a)
Nine months ended September 30, 2023 Dollars in millions | Current or Less Than 30 Days Past Due | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Nonperforming Loans | Total
Commercial |  |  |  |  |  |
Commercial and industrial | $ | 801 |  |  |  |  |  | $ | 3 |  | $ | 156 |  | $ | 960 |
Commercial real estate | 755 |  |  |  |  |  |  |  | 67 |  | 822 |
Total commercial | 1,556 |  |  |  |  |  | 3 |  | 223 |  | 1,782 |
Consumer |  |  |  |  |  |  |
Residential real estate | 4 |  | $ | 1 |  |  |  |  |  | 88 |  | 93 |
Home equity | 1 |  |  |  |  |  |  |  | 21 |  | 22 |
Credit card | 31 |  | 4 |  | $ | 3 |  | 6 |  | 1 |  | 45 |
Education | 3 |  |  |  |  |  |  |  |  |  | 3 |
Other consumer |  |  |  |  |  |  |  |  | 1 |  | 1 |
Total consumer | 39 |  | 5 |  | 3 |  | 6 |  | 111 |  | 164 |
Total | $ | 1,595 |  | $ | 5 |  | $ | 3 |  | $ | 9 |  | $ | 334 |  | $ | 1,946 |
(a)Represents amortized cost basis. We generally consider FDMs to have subsequently defaulted when they become 60 days past due after the most recent date the loan was modified. Loans that were both (i) modified due to a financial difficulty during the period, and (ii) subsequently defaulted during the three and nine months ended September 30, 2023 were $36 million and $84 million, respectively. Troubled Debt Restructuring Disclosures Prior to the Adoption of ASU 2022-02 Table 49 quantifies the number of loans that were classified as TDRs as well as the change in the loans’ balance as a result of becoming a TDR during the three and nine months ended September 30, 2022. Additionally, the table provides information about the types of TDR concessions. See Note 1 Accounting Policies and Note 4 Loans and Related Allowance for Credit Losses in our 2022 Form 10-K for additional discussion of TDRs. Table 49: Financial Impact and TDRs by Concession Type (a)
|  |  | Pre-TDR Amortized Cost Basis (b) |  | Post-TDR Amortized Cost Basis (c) |
During the three months ended September 30, 2022 Dollars in millions | Number of Loans |  | Principal Forgiveness |  | Rate Reduction |  | Other |  | Total |
Commercial |  | 15 |  |  | $ | 96 |  |  |  |  | $ | 10 |  |  | $ | 67 |  |  | $ | 77 |  |
Consumer |  | 2,232 |  |  | 40 |  |  |  |  | 29 |  |  | 6 |  |  | 35 |  |
Total TDRs |  | 2,247 |  |  | $ | 136 |  |  |  |  | $ | 39 |  |  | $ | 73 |  |  | $ | 112 |  |
During the nine months ended September 30, 2022 Dollars in millions |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | 42 |  |  | $ | 184 |  |  | $ | 9 |  |  | $ | 10 |  |  | $ | 135 |  |  | $ | 154 |  |
Consumer |  | 8,152 |  |  | 126 |  |  |  |  | $ | 95 |  |  | 18 |  |  | 113 |  |
Total TDRs |  | 8,194 |  |  | $ | 310 |  |  | $ | 9 |  |  | $ | 105 |  |  | $ | 153 |  |  | $ | 267 |  |
(a) Impact of partial charge-offs at TDR date is included in this table. (b) Represents the amortized cost basis of the loans as of the quarter end prior to TDR designation. (c) Represents the amortized cost basis of the TDRs as of the end of the quarter in which the TDR occurred. After a loan was determined to be a TDR, we continued to track its performance under its most recent restructured terms. We considered a TDR to have subsequently defaulted when it became 60 days past due after the most recent date the loan was restructured. Loans that were both (i) classified as TDRs within the last twelve months from the balance sheet date, and (ii) subsequently defaulted during the three and nine months ended September 30, 2022 totaled $23 million and $45 million, respectively. Allowance for Credit Losses We maintain the ACL related to loans at levels that we believe to be appropriate to absorb expected credit losses in the portfolios as of the balance sheet date. See Note 1 Accounting Policies for a discussion of the methodologies used to determine this allowance. A rollforward of the ACL related to loans follows: Table 50: Rollforward of Allowance for Credit Losses
| Three months ended September 30 |  |  | Nine months ended September 30
| 2023 | 2022 |  |  | 2023 | 2022
In millions | Commercial | Consumer | Total | Commercial | Consumer | Total |  |  | Commercial | Consumer | Total | Commercial | Consumer | Total
Allowance for loan and lease losses |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 3,142 |  | $ | 1,595 |  | $ | 4,737 |  | $ | 2,937 |  | $ | 1,525 |  | $ | 4,462 |  |  |  | $ | 3,114 |  | $ | 1,627 |  | $ | 4,741 |  | $ | 3,185 |  | $ | 1,683 |  | $ | 4,868 |
Adoption of ASU 2022-02 (a) |  |  |  |  |  |  |  |  |  |  |  | (35) |  | (35) |  |  |  |  |
Beginning balance, adjusted | 3,142 |  | 1,595 |  | 4,737 |  | 2,937 |  | 1,525 |  | 4,462 |  |  |  | 3,114 |  | 1,592 |  | 4,706 |  | 3,185 |  | 1,683 |  | 4,868 |
Charge-offs | (72) |  | (161) |  | (233) |  | (73) |  | (149) |  | (222) |  |  |  | (327) |  | (481) |  | (808) |  | (162) |  | (506) |  | (668) |
Recoveries | 49 |  | 63 |  | 112 |  | 25 |  | 78 |  | 103 |  |  |  | 110 |  | 188 |  | 298 |  | 78 |  | 251 |  | 329 |
Net (charge-offs) | (23) |  | (98) |  | (121) |  | (48) |  | (71) |  | (119) |  |  |  | (217) |  | (293) |  | (510) |  | (84) |  | (255) |  | (339) |
Provision for (recapture of) credit losses | 105 |  | 48 |  | 153 |  | 174 |  | 67 |  | 241 |  |  |  | 325 |  | 246 |  | 571 |  | (34) |  | 93 |  | 59 |
Other | (2) |  |  |  | (2) |  | (2) |  | (1) |  | (3) |  |  |  |  |  |  |  |  |  | (6) |  | (1) |  | (7) |
Ending balance | $ | 3,222 |  | $ | 1,545 |  | $ | 4,767 |  | $ | 3,061 |  | $ | 1,520 |  | $ | 4,581 |  |  |  | $ | 3,222 |  | $ | 1,545 |  | $ | 4,767 |  | $ | 3,061 |  | $ | 1,520 |  | $ | 4,581 |
Allowance for unfunded lending related commitments (b) |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 555 |  | $ | 108 |  | $ | 663 |  | $ | 630 |  | $ | 51 |  | $ | 681 |  |  |  | $ | 613 |  | $ | 81 |  | $ | 694 |  | $ | 564 |  | $ | 98 |  | $ | 662 |
Provision for (recapture of) credit losses | (22) |  | (1) |  | (23) |  | (22) |  | 23 |  | 1 |  |  |  | (80) |  | 26 |  | (54) |  | 44 |  | (24) |  | 20 |
Ending balance | $ | 533 |  | $ | 107 |  | $ | 640 |  | $ | 608 |  | $ | 74 |  | $ | 682 |  |  |  | $ | 533 |  | $ | 107 |  | $ | 640 |  | $ | 608 |  | $ | 74 |  | $ | 682 |
Allowance for credit losses at September 30 (c) | $ | 3,755 |  | $ | 1,652 |  | $ | 5,407 |  | $ | 3,669 |  | $ | 1,594 |  | $ | 5,263 |  |  |  | $ | 3,755 |  | $ | 1,652 |  | $ | 5,407 |  | $ | 3,669 |  | $ | 1,594 |  | $ | 5,263 |
(a)Represents the impact of adopting ASU 2022-02 on January 1, 2023. As a result of adoption, we eliminated the accounting guidance for TDRs, including the use of a discounted cash flow approach to measure the allowance for TDRs. (b)See Note 8 Commitments for additional information about the underlying commitments related to this allowance. (c)Represents the ALLL plus allowance for unfunded lending related commitments and excludes allowances for investment securities and other financial assets, which together totaled $131 million and $162 million at September 30, 2023 and 2022, respectively. The ACL related to loans totaled $5.4 billion at both September 30, 2023 and December 31, 2022. During the nine months ended September 30, 2023, reserves reflected our updated economic outlook and changes in portfolio composition and quality.

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