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Loans and Related Allowance for Credit Losses | 6 Months Ended
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Jun. 30, 2024
Receivables [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 in our 2023 Form 10-K 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, but not limited to, trends in delinquency rates, nonperforming status, analyses 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 such as inflation levels, industry specific risks, interest rate levels, the level of consumer savings and deposit balances, and structural and secular changes such as those arising from the pandemic. To mitigate losses and enhance customer support, we offer loan modifications and collection programs to assist our customers. Table 40 presents the composition and delinquency status of our loan portfolio at June 30, 2024 and December 31, 2023. Loan delinquencies include government insured or guaranteed loans and loans accounted for under the fair value option. Table 40: Analysis of Loan Portfolio (a) (b)
| 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 (c) |  | Nonperforming Loans | Fair Value Option Nonaccrual Loans (d) | Total Loans (e)(f) |  |  |
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 177,853 |  | $ | 95 |  | $ | 53 |  | $ | 86 |  | $ | 234 |  |  | $ | 702 |  |  | $ | 178,789 |  |  |  |
Commercial real estate | 34,559 |  | 8 |  | 2 |  | 1 |  | 11 |  |  | 928 |  |  | 35,498 |  |  |  |
Equipment lease financing | 6,514 |  | 19 |  | 6 |  |  | 25 |  |  | 16 |  |  | 6,555 |  |  |  |
Total commercial | 218,926 |  | 122 |  | 61 |  | 87 |  | 270 |  |  | 1,646 |  |  | 220,842 |  |  |  |
Consumer |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate | 45,984 |  | 278 |  | 91 |  | 155 |  | 524 |  | (c) | 275 |  | $ | 400 |  | 47,183 |  |  |  |
Home equity | 25,296 |  | 64 |  | 24 |  |  | 88 |  |  | 468 |  | 65 |  | 25,917 |  |  |  |
Automobile | 14,607 |  | 92 |  | 22 |  | 6 |  | 120 |  |  | 93 |  |  | 14,820 |  |  |  |
Credit card | 6,673 |  | 50 |  | 37 |  | 76 |  | 163 |  |  | 13 |  |  | 6,849 |  |  |  |
Education | 1,654 |  | 27 |  | 15 |  | 36 |  | 78 |  | (c) |  |  | 1,732 |  |  |  |
Other consumer | 4,049 |  | 12 |  | 9 |  | 8 |  | 29 |  |  | 8 |  |  | 4,086 |  |  |  |
Total consumer | 98,263 |  | 523 |  | 198 |  | 281 |  | 1,002 |  |  | 857 |  | 465 |  | 100,587 |  |  |  |
Total | $ | 317,189 |  | $ | 645 |  | $ | 259 |  | $ | 368 |  | $ | 1,272 |  |  | $ | 2,503 |  | $ | 465 |  | $ | 321,429 |  |  |  |
Percentage of total loans | 98.68 | % | 0.20 | % | 0.08 | % | 0.11 | % | 0.40 | % |  | 0.78 | % | 0.14 | % | 100.00 | % |  |  |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 176,796 |  | $ | 104 |  | $ | 45 |  | $ | 76 |  | $ | 225 |  |  | $ | 559 |  |  | $ | 177,580 |  |  |  |
Commercial real estate | 34,685 |  | 7 |  |  |  | 9 |  | 16 |  |  | 735 |  |  | 35,436 |  |  |  |
Equipment lease financing | 6,480 |  | 41 |  | 8 |  |  | 49 |  |  | 13 |  |  | 6,542 |  |  |  |
Total commercial | 217,961 |  | 152 |  | 53 |  | 85 |  | 290 |  |  | 1,307 |  |  | 219,558 |  |  |  |
Consumer |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate | 46,159 |  | 282 |  | 101 |  | 192 |  | 575 |  | (c) | 294 |  | $ | 516 |  | 47,544 |  |  |  |
Home equity | 25,533 |  | 63 |  | 27 |  |  | 90 |  |  | 458 |  | 69 |  | 26,150 |  |  |  |
Automobile | 14,638 |  | 91 |  | 20 |  | 7 |  | 118 |  |  | 104 |  |  | 14,860 |  |  |  |
Credit card | 6,991 |  | 54 |  | 39 |  | 86 |  | 179 |  |  | 10 |  |  | 7,180 |  |  |  |
Education | 1,850 |  | 27 |  | 19 |  | 49 |  | 95 |  | (c) |  |  | 1,945 |  |  |  |
Other consumer | 4,227 |  | 16 |  | 11 |  | 10 |  | 37 |  |  | 7 |  |  | 4,271 |  |  |  |
Total consumer | 99,398 |  | 533 |  | 217 |  | 344 |  | 1,094 |  |  | 873 |  | 585 |  | 101,950 |  |  |  |
Total | $ | 317,359 |  | $ | 685 |  | $ | 270 |  | $ | 429 |  | $ | 1,384 |  |  | $ | 2,180 |  | $ | 585 |  | $ | 321,508 |  |  |  |
Percentage of total loans | 98.71 | % | 0.21 | % | 0.08 | % | 0.13 | % | 0.43 | % |  | 0.68 | % | 0.18 | % | 100.00 | % |  |  |
(a)Amounts in table represent loans held for investment and do not include any associated ALLL. (b)The accrued interest associated with our loan portfolio totaled $1.5 billion at both June 30, 2024 and December 31, 2023. These amounts are included in Other assets on the Consolidated Balance Sheet. (c)Past due loan amounts include government insured or guaranteed residential real estate loans and education loans totaling $0.2 billion and $0.1 billion at June 30, 2024. Comparable amounts at December 31, 2023 were $0.3 billion and $0.1 billion, respectively. (d)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. (e)Includes unearned income, unamortized deferred fees and costs on originated loans and premiums or discounts on purchased loans totaling $0.9 billion and $1.0 billion at June 30, 2024 and December 31, 2023, respectively. (f)Collateral dependent loans totaled $1.6 billion and $1.4 billion at June 30, 2024 and December 31, 2023, respectively. At June 30, 2024, we pledged $49.8 billion of commercial and other loans to the Federal Reserve Bank and $88.8 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, 2023 were $51.3 billion and $89.5 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 in our 2023 Form 10-K for additional information on our nonperforming loan and lease policies. The following table presents our nonperforming assets as of June 30, 2024 and December 31, 2023: Table 41: Nonperforming Assets
Dollars in millions |  | June 30, 2024 |  | December 31, 2023 |
Nonperforming loans |  |  |  |  |
Commercial |  | $ | 1,646 |  |  | $ | 1,307 |  |
Consumer (a) |  | 857 |  |  | 873 |  |
Total nonperforming loans (b) |  | 2,503 |  |  | 2,180 |  |
OREO and foreclosed assets |  | 34 |  |  | 36 |  |
Total nonperforming assets |  | $ | 2,537 |  |  | $ | 2,216 |  |
Nonperforming loans to total loans |  | 0.78 | % |  | 0.68 | % |
Nonperforming assets to total loans, OREO and foreclosed assets |  | 0.79 | % |  | 0.69 | % |
Nonperforming assets to total assets |  | 0.46 | % |  | 0.39 | % |
(a)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. (b)Nonperforming loans for which there is no related ALLL totaled $0.5 billion at both June 30, 2024 and December 31, 2023. This primarily includes loans with a fair value of collateral that exceeds the amortized cost basis. Additional Credit Quality Indicators by Loan Class Commercial Loan Classes See Note 3 Loans and Related Allowance for Credit Losses in our 2023 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 42: Commercial Credit Quality Indicators (a)
| Term Loans by Origination Year |  |  |
June 30, 2024 In millions | 2024 |  | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total
Commercial and industrial |  |  |  |  |  |  |  |  |  |
Pass Rated | $ | 11,419 |  |  | $ | 18,080 |  | $ | 19,842 |  | $ | 6,104 |  | $ | 5,190 |  | $ | 14,021 |  | $ | 92,363 |  | $ | 695 |  | $ | 167,714 |
Criticized | 298 |  |  | 1,094 |  | 2,448 |  | 803 |  | 189 |  | 803 |  | 5,361 |  | 79 |  | 11,075 |
Total commercial and industrial loans | 11,717 |  |  | 19,174 |  | 22,290 |  | 6,907 |  | 5,379 |  | 14,824 |  | 97,724 |  | 774 |  | 178,789 |
Gross charge-offs (b) | 11 |  | (c) | 14 |  | 21 |  | 18 |  | 3 |  | 4 |  | 42 |  | 48 |  | 161 |
Commercial real estate |  |  |  |  |  |  |  |  |  |
Pass Rated | 1,113 |  |  | 5,125 |  | 8,166 |  | 2,759 |  | 1,761 |  | 10,946 |  | 420 |  |  | 30,290 |
Criticized | 91 |  |  | 190 |  | 1,632 |  | 461 |  | 477 |  | 2,286 |  | 20 |  | 51 |  | 5,208 |
Total commercial real estate loans | 1,204 |  |  | 5,315 |  | 9,798 |  | 3,220 |  | 2,238 |  | 13,232 |  | 440 |  | 51 |  | 35,498 |
Gross charge-offs (b) |  |  |  | 5 |  |  |  | 2 |  | 1 |  | 161 |  |  |  |  |  | 169 |
Equipment lease financing |  |  |  |  |  |  |  |  |  |
Pass Rated | 746 |  |  | 1,392 |  | 1,281 |  | 591 |  | 580 |  | 1,590 |  |  |  |  | 6,180 |
Criticized | 24 |  |  | 107 |  | 85 |  | 72 |  | 42 |  | 45 |  |  |  | 375 |
Total equipment lease financing loans | 770 |  |  | 1,499 |  | 1,366 |  | 663 |  | 622 |  | 1,635 |  |  |  |  | 6,555 |
Gross charge-offs (b) |  |  |  | 5 |  | 6 |  | 2 |  | 2 |  | 1 |  |  |  |  |  | 16 |
Total commercial loans | $ | 13,691 |  |  | $ | 25,988 |  | $ | 33,454 |  | $ | 10,790 |  | $ | 8,239 |  | $ | 29,691 |  | $ | 98,164 |  | $ | 825 |  | $ | 220,842 |
Total commercial gross charge-offs | $ | 11 |  |  | $ | 24 |  | $ | 27 |  | $ | 22 |  | $ | 6 |  | $ | 166 |  | $ | 42 |  | $ | 48 |  | $ | 346 |
| Term Loans by Origination Year |  |  |
December 31, 2023 In millions | 2023 |  | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total
Commercial and industrial |  |  |  |  |  |  |  |  |  |
Pass Rated | $ | 23,019 |  |  | $ | 26,657 |  | $ | 7,562 |  | $ | 5,783 |  | $ | 4,110 |  | $ | 11,982 |  | $ | 88,467 |  | $ | 573 |  | $ | 168,153 |
Criticized | 838 |  |  | 1,781 |  | 739 |  | 331 |  | 281 |  | 698 |  | 4,708 |  | 51 |  | 9,427 |
Total commercial and industrial loans | 23,857 |  |  | 28,438 |  | 8,301 |  | 6,114 |  | 4,391 |  | 12,680 |  | 93,175 |  | 624 |  | 177,580 |
Gross charge-offs (b) | 25 |  | (c) | 32 |  | 33 |  | 8 |  | 3 |  | 26 |  | 105 |  | 12 |  | 244 |
Commercial real estate |  |  |  |  |  |  |  |  |  |
Pass Rated | 4,182 |  |  | 8,571 |  | 2,986 |  | 2,190 |  | 4,887 |  | 7,411 |  | 383 |  |  | 30,610 |
Criticized | 155 |  |  | 1,300 |  | 455 |  | 490 |  | 622 |  | 1,753 |  | 51 |  |  | 4,826 |
Total commercial real estate loans | 4,337 |  |  | 9,871 |  | 3,441 |  | 2,680 |  | 5,509 |  | 9,164 |  | 434 |  |  | 35,436 |
Gross charge-offs (b) |  |  |  |  |  |  |  | 12 |  | 31 |  | 137 |  |  |  |  |  | 180 |
Equipment lease financing |  |  |  |  |  |  |  |  |  |
Pass Rated | 1,522 |  |  | 1,424 |  | 689 |  | 690 |  | 452 |  | 1,378 |  |  |  | 6,155 |
Criticized | 90 |  |  | 81 |  | 81 |  | 51 |  | 35 |  | 49 |  |  |  | 387 |
Total equipment lease financing loans | 1,612 |  |  | 1,505 |  | 770 |  | 741 |  | 487 |  | 1,427 |  |  |  | 6,542 |
Gross charge-offs (b) | 4 |  |  | 4 |  | 4 |  | 4 |  | 1 |  | 1 |  |  |  |  |  | 18 |
Total commercial loans | $ | 29,806 |  |  | $ | 39,814 |  | $ | 12,512 |  | $ | 9,535 |  | $ | 10,387 |  | $ | 23,271 |  | $ | 93,609 |  | $ | 624 |  | $ | 219,558 |
Total commercial gross charge-offs | $ | 29 |  |  | $ | 36 |  | $ | 37 |  | $ | 24 |  | $ | 35 |  | $ | 164 |  | $ | 105 |  | $ | 12 |  | $ | 442 |
(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 June 30, 2024 and December 31, 2023. (b)Gross charge-offs are presented on a year-to-date basis, as of the period end date. (c)Includes charge-offs of deposit overdrafts. Consumer Loan Classes See Note 3 Loans and Related Allowance for Credit Losses in our 2023 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 43: Credit Quality Indicators for Residential Real Estate and Home Equity Loan Classes
| Term Loans by Origination Year |  |  |
June 30, 2024 In millions | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total
Residential real estate |  |  |  |  |  |  |  |  |
Current estimated LTV ratios |  |  |  |  |  |  |  |  |
Greater than 100% | $ | 5 |  | $ | 39 |  | $ | 133 |  | $ | 68 |  | $ | 30 |  | $ | 33 |  |  |  | $ | 308 |
Greater than or equal to 80% to 100% | 507 |  | 838 |  | 1,256 |  | 740 |  | 199 |  | 147 |  |  |  | 3,687 |
Less than 80% | 976 |  | 4,054 |  | 8,374 |  | 14,236 |  | 6,315 |  | 8,554 |  |  |  | 42,509 |
No LTV available |  |  | 41 |  |  |  | 11 |  |  | 3 |  |  |  | 55 |
Government insured or guaranteed loans |  |  | 14 |  | 21 |  | 15 |  | 64 |  | 510 |  |  |  | 624 |
Total residential real estate loans | $ | 1,488 |  | $ | 4,986 |  | $ | 9,784 |  | $ | 15,070 |  | $ | 6,608 |  | $ | 9,247 |  |  |  | $ | 47,183 |
Updated FICO scores |  |  |  |  |  |  |  |  |
Greater than or equal to 780 | $ | 813 |  | $ | 3,411 |  | $ | 7,691 |  | $ | 12,061 |  | $ | 4,889 |  | $ | 5,190 |  |  |  | $ | 34,055 |
720 to 779 | 601 |  | 1,030 |  | 1,581 |  | 2,160 |  | 1,042 |  | 1,684 |  |  |  | 8,098 |
660 to 719 | 71 |  | 286 |  | 399 |  | 594 |  | 346 |  | 827 |  |  |  | 2,523 |
Less than 660 | 2 |  | 111 |  | 84 |  | 150 |  | 110 |  | 733 |  |  |  | 1,190 |
No FICO score available | 1 |  | 134 |  | 8 |  | 90 |  | 157 |  | 303 |  |  |  | 693 |
Government insured or guaranteed loans |  |  | 14 |  | 21 |  | 15 |  | 64 |  | 510 |  |  |  | 624 |
Total residential real estate loans | $ | 1,488 |  | $ | 4,986 |  | $ | 9,784 |  | $ | 15,070 |  | $ | 6,608 |  | $ | 9,247 |  |  |  | $ | 47,183 |
Gross charge-offs (a) |  |  |  |  |  |  |  |  |  |  | $ | 2 |  |  |  | $ | 2 |
Home equity (b) |  |  |  |  |  |  |  |  |
Current estimated LTV ratios |  |  |  |  |  |  |  |  |
Greater than 100% |  |  |  | $ | 2 |  | $ | 12 |  | $ | 17 |  | $ | 336 |  | $ | 356 |  | $ | 723 |
Greater than or equal to 80% to 100% |  |  |  | 5 |  | 34 |  | 32 |  | 1,068 |  | 1,631 |  | 2,770 |
Less than 80% |  |  |  | 149 |  | 1,773 |  | 3,106 |  | 6,733 |  | 10,663 |  | 22,424 |
Total home equity loans |  |  |  | $ | 156 |  | $ | 1,819 |  | $ | 3,155 |  | $ | 8,137 |  | $ | 12,650 |  | $ | 25,917 |
Updated FICO scores |  |  |  |  |  |  |  |  |
Greater than or equal to 780 |  |  |  | $ | 100 |  | $ | 1,209 |  | $ | 1,930 |  | $ | 4,597 |  | $ | 6,203 |  | $ | 14,039 |
720 to 779 |  |  |  | 36 |  | 383 |  | 643 |  | 2,179 |  | 3,243 |  | 6,484 |
660 to 719 |  |  |  | 15 |  | 166 |  | 320 |  | 1,155 |  | 1,967 |  | 3,623 |
Less than 660 |  |  |  | 5 |  | 59 |  | 255 |  | 199 |  | 1,188 |  | 1,706 |
No FICO score available |  |  |  |  |  | 2 |  | 7 |  | 7 |  | 49 |  | 65 |
Total home equity loans |  |  |  | $ | 156 |  | $ | 1,819 |  | $ | 3,155 |  | $ | 8,137 |  | $ | 12,650 |  | $ | 25,917 |
Gross charge-offs (a) |  |  |  |  |  |  |  |  |  |  | $ | 1 |  | $ | 9 |  | $ | 9 |  | $ | 19 |
(Continued from previous page) | Term Loans by Origination Year |  |  |
December 31, 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% | $ | 15 |  | $ | 139 |  | $ | 79 |  | $ | 31 |  | $ | 10 |  | $ | 28 |  |  |  | $ | 302 |
Greater than or equal to 80% to 100% | 1,665 |  | 1,928 |  | 955 |  | 221 |  | 69 |  | 92 |  |  |  | 4,930 |
Less than 80% | 3,585 |  | 7,977 |  | 14,421 |  | 6,514 |  | 2,154 |  | 6,935 |  |  |  | 41,586 |
No LTV available | 56 |  |  |  | 13 |  |  |  |  |  | 4 |  |  |  | 73 |
Government insured or guaranteed loans | 14 |  | 20 |  | 16 |  | 66 |  | 37 |  | 500 |  |  |  | 653 |
Total residential real estate loans | $ | 5,335 |  | $ | 10,064 |  | $ | 15,484 |  | $ | 6,832 |  | $ | 2,270 |  | $ | 7,559 |  |  |  | $ | 47,544 |
Updated FICO scores |  |  |  |  |  |  |  |  |
Greater than or equal to 780 | $ | 3,206 |  | $ | 7,797 |  | $ | 12,197 |  | $ | 5,035 |  | $ | 1,492 |  | $ | 4,004 |  |  |  | $ | 33,731 |
720 to 779 | 1,482 |  | 1,659 |  | 2,389 |  | 1,107 |  | 432 |  | 1,388 |  |  |  | 8,457 |
660 to 719 | 400 |  | 508 |  | 657 |  | 334 |  | 171 |  | 721 |  |  |  | 2,791 |
Less than 660 | 93 |  | 71 |  | 133 |  | 122 |  | 82 |  | 680 |  |  |  | 1,181 |
No FICO score available | 140 |  | 9 |  | 92 |  | 168 |  | 56 |  | 266 |  |  |  | 731 |
Government insured or guaranteed loans | 14 |  | 20 |  | 16 |  | 66 |  | 37 |  | 500 |  |  |  | 653 |
Total residential real estate loans | $ | 5,335 |  | $ | 10,064 |  | $ | 15,484 |  | $ | 6,832 |  | $ | 2,270 |  | $ | 7,559 |  |  |  | $ | 47,544 |
Gross charge-offs (a) |  |  | $ | 2 |  | $ | 1 |  | $ | 1 |  |  |  | $ | 4 |  |  |  | $ | 8 |
Home equity (b) |  |  |  |  |  |  |  |  |
Current estimated LTV ratios |  |  |  |  |  |  |  |  |
Greater than 100% |  |  | $ | 1 |  | $ | 12 |  | $ | 6 |  | $ | 14 |  | $ | 306 |  | $ | 309 |  | $ | 648 |
Greater than or equal to 80% to 100% |  |  | 4 |  | 40 |  | 17 |  | 22 |  | 1,116 |  | 1,743 |  | 2,942 |
Less than 80% |  |  | 157 |  | 1,866 |  | 845 |  | 2,556 |  | 6,843 |  | 10,293 |  | 22,560 |
Total home equity loans |  |  |  | $ | 162 |  | $ | 1,918 |  | $ | 868 |  | $ | 2,592 |  | $ | 8,265 |  | $ | 12,345 |  | $ | 26,150 |
Updated FICO scores |  |  |  |  |  |  |  |  |
Greater than or equal to 780 |  |  | $ | 102 |  | $ | 1,254 |  | $ | 489 |  | $ | 1,605 |  | $ | 4,604 |  | $ | 6,083 |  | $ | 14,137 |
720 to 779 |  |  | 38 |  | 423 |  | 216 |  | 488 |  | 2,222 |  | 3,225 |  | 6,612 |
660 to 719 |  |  | 17 |  | 174 |  | 110 |  | 271 |  | 1,207 |  | 1,894 |  | 3,673 |
Less than 660 |  |  | 5 |  | 65 |  | 52 |  | 220 |  | 223 |  | 1,089 |  | 1,654 |
No FICO score available |  |  |  |  | 2 |  | 1 |  | 8 |  | 9 |  | 54 |  | 74 |
Total home equity loans |  |  |  | $ | 162 |  | $ | 1,918 |  | $ | 868 |  | $ | 2,592 |  | $ | 8,265 |  | $ | 12,345 |  | $ | 26,150 |
Gross charge-offs (a) |  |  |  |  |  |  |  |  |  |  | $ | 4 |  | $ | 7 |  | $ | 10 |  | $ | 21 |
(a)Gross charge-offs are presented on a year-to-date basis, as of the period end date. (b)Beginning January 1, 2022, new originations consist of revolving Home Equity Lines of Credit. 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 44: Credit Quality Indicators for Automobile, Credit Card, Education and Other Consumer Loan Classes
| Term Loans by Origination Year |  |  |
June 30, 2024 In millions | 2024 |  | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total
Automobile |  |  |  |  |  |  |  |  |  |
Updated FICO scores |  |  |  |  |  |  |  |  |  |
Greater than or equal to 780 | $ | 1,663 |  |  | $ | 2,086 |  | $ | 1,387 |  | $ | 1,171 |  | $ | 377 |  | $ | 259 |  |  |  | $ | 6,943 |
720 to 779 | 1,000 |  |  | 1,496 |  | 842 |  | 578 |  | 202 |  | 184 |  |  |  | 4,302 |
660 to 719 | 469 |  |  | 860 |  | 473 |  | 307 |  | 129 |  | 144 |  |  |  | 2,382 |
Less than 660 | 67 |  |  | 352 |  | 252 |  | 209 |  | 119 |  | 194 |  |  |  | 1,193 |
Total automobile loans | $ | 3,199 |  |  | $ | 4,794 |  | $ | 2,954 |  | $ | 2,265 |  | $ | 827 |  | $ | 781 |  |  |  | $ | 14,820 |
Gross charge-offs (a) |  |  |  | $ | 23 |  | $ | 13 |  | $ | 9 |  | $ | 6 |  | $ | 13 |  |  |  | $ | 64 |
Credit card |  |  |  |  |  |  |  |  |  |
Updated FICO scores |  |  |  |  |  |  |  |  |  |
Greater than or equal to 780 |  |  |  |  |  |  |  | $ | 1,975 |  | $ | 1 |  | $ | 1,976 |
720 to 779 |  |  |  |  |  |  |  | 1,885 |  | 4 |  | 1,889 |
660 to 719 |  |  |  |  |  |  |  | 1,857 |  | 14 |  | 1,871 |
Less than 660 |  |  |  |  |  |  |  | 952 |  | 53 |  | 1,005 |
No FICO score available or required (b) |  |  |  |  |  |  |  | 105 |  | 3 |  | 108 |
Total credit card loans |  |  |  |  |  |  |  | $ | 6,774 |  | $ | 75 |  | $ | 6,849 |
Gross charge-offs (a) |  |  |  |  |  |  |  | $ | 164 |  | $ | 18 |  | $ | 182 |
Education |  |  |  |  |  |  |  |  |  |
Updated FICO scores |  |  |  |  |  |  |  |  |  |
Greater than or equal to 780 | $ | 7 |  |  | $ | 65 |  | $ | 87 |  | $ | 42 |  | $ | 37 |  | $ | 347 |  |  |  | $ | 585 |
720 to 779 | 7 |  |  | 41 |  | 41 |  | 22 |  | 16 |  | 131 |  |  |  | 258 |
660 to 719 | 4 |  |  | 14 |  | 15 |  | 7 |  | 5 |  | 55 |  |  |  | 100 |
Less than 660 | 1 |  |  | 3 |  | 3 |  | 1 |  | 1 |  | 22 |  |  |  | 31 |
No FICO score available or required (b) | 3 |  |  | 6 |  | 4 |  | 3 |  | 1 |  | 1 |  |  |  | 18 |
Total loans using FICO credit metric | 22 |  |  | 129 |  | 150 |  | 75 |  | 60 |  | 556 |  |  |  | 992 |
Other internal credit metrics |  |  |  |  |  |  | 740 |  |  |  | 740 |
Total education loans | $ | 22 |  |  | $ | 129 |  | $ | 150 |  | $ | 75 |  | $ | 60 |  | $ | 1,296 |  |  |  | $ | 1,732 |
Gross charge-offs (a) |  |  |  |  |  | $ | 1 |  |  |  | $ | 1 |  | $ | 7 |  |  |  | $ | 9 |
Other consumer |  |  |  |  |  |  |  |  |  |
Updated FICO scores |  |  |  |  |  |  |  |  |  |
Greater than or equal to 780 | $ | 123 |  |  | $ | 190 |  | $ | 90 |  | $ | 30 |  | $ | 11 |  | $ | 12 |  | $ | 37 |  | $ | 1 |  | $ | 494 |
720 to 779 | 156 |  |  | 205 |  | 109 |  | 36 |  | 14 |  | 13 |  | 75 |  | 1 |  | 609 |
660 to 719 | 101 |  |  | 114 |  | 104 |  | 37 |  | 16 |  | 14 |  | 82 |  | 1 |  | 469 |
Less than 660 | 2 |  |  | 30 |  | 45 |  | 22 |  | 11 |  | 10 |  | 41 |  | 1 |  | 162 |
Total loans using FICO credit metric | 382 |  |  | 539 |  | 348 |  | 125 |  | 52 |  | 49 |  | 235 |  | 4 |  | 1,734 |
Other internal credit metrics | 7 |  |  | 10 |  | 95 |  | 18 |  | 13 |  | 94 |  | 2,105 |  | 10 |  | 2,352 |
Total other consumer loans | $ | 389 |  |  | $ | 549 |  | $ | 443 |  | $ | 143 |  | $ | 65 |  | $ | 143 |  | $ | 2,340 |  | $ | 14 |  | $ | 4,086 |
Gross charge-offs (a) | $ | 34 |  | (c) | $ | 12 |  | $ | 13 |  | $ | 8 |  | $ | 4 |  | $ | 6 |  | $ | 6 |  |  |  | $ | 83 |
(Continued from previous page) | Term Loans by Origination Year |  |  |
December 31, 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 | $ | 2,722 |  |  | $ | 1,650 |  | $ | 1,483 |  | $ | 535 |  | $ | 368 |  | $ | 88 |  |  |  | $ | 6,846 |
720 to 779 | 1,797 |  |  | 1,104 |  | 778 |  | 301 |  | 250 |  | 80 |  |  |  | 4,310 |
660 to 719 | 1,014 |  |  | 604 |  | 408 |  | 186 |  | 186 |  | 70 |  |  |  | 2,468 |
Less than 660 | 264 |  |  | 272 |  | 243 |  | 152 |  | 200 |  | 105 |  |  |  | 1,236 |
Total automobile loans | $ | 5,797 |  |  | $ | 3,630 |  | $ | 2,912 |  | $ | 1,174 |  | $ | 1,004 |  | $ | 343 |  |  |  | $ | 14,860 |
Gross charge-offs (a) | $ | 8 |  |  | $ | 24 |  | $ | 22 |  | $ | 17 |  | $ | 30 |  | $ | 20 |  |  |  |  |  | $ | 121 |
Credit card |  |  |  |  |  |  |  |  |  |
Updated FICO scores |  |  |  |  |  |  |  |  |  |
Greater than or equal to 780 |  |  |  |  |  |  |  | $ | 2,017 |  | $ | 1 |  | $ | 2,018 |
720 to 779 |  |  |  |  |  |  |  | 1,976 |  | 4 |  | 1,980 |
660 to 719 |  |  |  |  |  |  |  | 1,979 |  | 13 |  | 1,992 |
Less than 660 |  |  |  |  |  |  |  | 1,036 |  | 48 |  | 1,084 |
No FICO score available or required (b) |  |  |  |  |  |  |  | 103 |  | 3 |  | 106 |
Total credit card loans |  |  |  |  |  |  |  | $ | 7,111 |  | $ | 69 |  | $ | 7,180 |
Gross charge-offs (a) |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 290 |  | $ | 29 |  | $ | 319 |
Education |  |  |  |  |  |  |  |  |  |
Updated FICO scores |  |  |  |  |  |  |  |  |  |
Greater than or equal to 780 | $ | 35 |  |  | $ | 88 |  | $ | 45 |  | $ | 40 |  | $ | 51 |  | $ | 331 |  |  |  | $ | 590 |
720 to 779 | 32 |  |  | 47 |  | 24 |  | 19 |  | 24 |  | 131 |  |  |  | 277 |
660 to 719 | 20 |  |  | 17 |  | 8 |  | 6 |  | 8 |  | 54 |  |  |  | 113 |
Less than 660 | 4 |  |  | 3 |  | 2 |  | 1 |  | 2 |  | 21 |  |  |  | 33 |
No FICO score available or required (b) | 15 |  |  | 5 |  | 4 |  | 2 |  |  | 1 |  |  |  | 27 |
Total loans using FICO credit metric | 106 |  |  | 160 |  | 83 |  | 68 |  | 85 |  | 538 |  |  |  | 1,040 |
Other internal credit metrics |  |  |  |  |  |  | 905 |  |  |  | 905 |
Total education loans | $ | 106 |  |  | $ | 160 |  | $ | 83 |  | $ | 68 |  | $ | 85 |  | $ | 1,443 |  |  |  | $ | 1,945 |
Gross charge-offs (a) |  |  |  |  |  | $ | 1 |  | $ | 1 |  | $ | 2 |  | $ | 13 |  |  |  |  |  | $ | 17 |
Other consumer |  |  |  |  |  |  |  |  |  |
Updated FICO scores |  |  |  |  |  |  |  |  |  |
Greater than or equal to 780 | $ | 241 |  |  | $ | 127 |  | $ | 47 |  | $ | 21 |  | $ | 14 |  | $ | 11 |  | $ | 39 |  | $ | 1 |  | $ | 501 |
720 to 779 | 286 |  |  | 157 |  | 54 |  | 26 |  | 17 |  | 11 |  | 80 |  | 1 |  | 632 |
660 to 719 | 147 |  |  | 140 |  | 57 |  | 27 |  | 21 |  | 11 |  | 87 |  | 2 |  | 492 |
Less than 660 | 19 |  |  | 52 |  | 31 |  | 17 |  | 14 |  | 8 |  | 43 |  | 1 |  | 185 |
Total loans using FICO credit metric | 693 |  |  | 476 |  | 189 |  | 91 |  | 66 |  | 41 |  | 249 |  | 5 |  | 1,810 |
Other internal credit metrics | 19 |  |  | 97 |  | 33 |  | 48 |  | 71 |  | 34 |  | 2,149 |  | 10 |  | 2,461 |
Total other consumer loans | $ | 712 |  |  | $ | 573 |  | $ | 222 |  | $ | 139 |  | $ | 137 |  | $ | 75 |  | $ | 2,398 |  | $ | 15 |  | $ | 4,271 |
Gross charge-offs (a) | $ | 75 |  | (c) | $ | 23 |  | $ | 18 |  | $ | 14 |  | $ | 14 |  | $ | 8 |  | $ | 11 |  | $ | 1 |  | $ | 164 |
(a)Gross charge-offs are presented on a year-to-date basis, as of the period end date. (b)Loans where FICO scores are not 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 Loan modifications to borrowers experiencing financial difficulty (FDMs) result from our loss mitigation activities and include principal forgiveness, interest rate reductions, term extensions, payment delays, repayment plans or combinations thereof. See Note 1 Accounting Policies in our 2023 Form 10-K for additional information on FDMs. The following table presents the amortized cost basis, as of the period end date, of FDMs granted during the three and six months ended June 30, 2024 and 2023: Table 45: Loan Modifications Granted to Borrowers Experiencing Financial Difficulty (a) (b)
Three months ended June 30, 2024 Dollars in millions | Interest Rate Reduction | Term Extension | Payment Delay | Repayment Plan | Payment Delay and Term Extension | Interest Rate Reduction and Term Extension |  | Other (c) | Total | % of Loan Class |
Commercial |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 18 |  | $ | 372 |  | $ | 94 |  |  | $ | 65 |  | $ | 102 |  |  | $ | 67 |  | $ | 718 |  | 0.40 | % |
Commercial real estate |  | 454 |  |  |  |  | 84 |  |  |  |  |  | 538 |  | 1.52 | % |
Total commercial | 18 |  | 826 |  | 94 |  |  | 149 |  | 102 |  |  | 67 |  | 1,256 |  | 0.57 | % |
Consumer |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  |  |  | 30 |  |  |  | 1 |  |  | 5 |  | 36 |  | 0.08 | % |
Home equity |  |  | 5 |  | $ | 1 |  |  |  |  |  | 6 |  | 12 |  | 0.05 | % |
Credit card |  |  |  | 21 |  |  |  |  |  | 21 |  | 0.31 | % |
Education |  | 1 |  |  |  |  |  |  |  | 1 |  | 0.06 | % |
Total consumer |  |  | 1 |  | 35 |  | 22 |  |  | 1 |  |  | 11 |  | 70 |  | 0.07 | % |
Total | $ | 18 |  | $ | 827 |  | $ | 129 |  | $ | 22 |  | $ | 149 |  | $ | 103 |  |  | $ | 78 |  | $ | 1,326 |  | 0.41 | % |
Three months ended June 30, 2023 Dollars in millions |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 366 |  | $ | 59 |  |  |  |  |  | $ | 87 |  | $ | 512 |  | 0.29 | % |
Commercial real estate |  | 228 |  |  |  |  |  |  | 60 |  | 288 |  | 0.80 | % |
Total commercial |  |  | 594 |  | 59 |  |  |  |  |  |  |  |  | 147 |  | 800 |  | 0.36 | % |
Consumer |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate | $ | 1 |  |  | 35 |  |  |  | $ | 1 |  |  | 2 |  | 39 |  | 0.08 | % |
Home equity |  |  | 3 |  | $ | 2 |  |  |  |  | 5 |  | 10 |  | 0.04 | % |
Credit card |  |  |  | 18 |  |  |  |  |  | 18 |  | 0.25 | % |
Education |  | 1 |  |  |  |  |  |  |  | 1 |  | 0.05 | % |
Other consumer |  |  |  | 1 |  |  |  |  | 1 | 0.02 | % |
Total consumer | 1 |  | 1 |  | 38 |  | 21 |  |  |  | 1 |  |  | 7 |  | 69 |  | 0.07 | % |
Total | $ | 1 |  | $ | 595 |  | $ | 97 |  | $ | 21 |  |  |  | $ | 1 |  |  | $ | 154 |  | $ | 869 |  | 0.27 | % |
Six months ended June 30, 2024 Dollars in millions | Principal Forgiveness | Interest Rate Reduction | Term Extension | Payment Delay | Repayment Plan | Payment Delay and Term Extension | Interest Rate Reduction and Term Extension | Interest Rate Reduction and Payment Delay | Other (c) | Total | % of Loan Class |
Commercial |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 18 |  | $ | 720 |  | $ | 83 |  |  | $ | 109 |  | $ | 112 |  | $ | 15 |  | $ | 97 |  | $ | 1,154 |  | 0.65 | % |
Commercial real estate |  |  | 779 |  | 25 |  |  | 148 |  |  |  |  |  | 952 |  | 2.68 | % |
Total commercial |  | 18 |  | 1,499 |  | 108 |  |  | 257 |  | 112 |  | 15 |  | 97 |  | 2,106 |  | 0.95 | % |
Consumer |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  |  |  |  | 55 |  |  |  | 1 |  |  | 8 |  | 64 |  | 0.14 | % |
Home equity |  |  |  | 8 |  | $ | 2 |  |  |  |  |  | 10 |  | 20 |  | 0.08 | % |
Credit card |  |  |  |  | 39 |  |  |  |  |  | 39 |  | 0.57 | % |
Education |  |  | 3 |  |  |  |  |  |  |  | 3 |  | 0.17 | % |
Other consumer |  |  |  |  | 1 |  |  |  |  | 1 | 0.02 | % |
Total consumer |  |  |  | 3 |  | 63 |  | 42 |  |  | 1 |  |  | 18 |  | 127 |  | 0.13 | % |
Total |  | $ | 18 |  | $ | 1,502 |  | $ | 171 |  | $ | 42 |  | $ | 257 |  | $ | 113 |  | $ | 15 |  | $ | 115 |  | $ | 2,233 |  | 0.69 | % |
Six months ended June 30, 2023 Dollars in millions |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 1 |  |  | $ | 432 |  | $ | 72 |  |  |  |  |  | $ | 91 |  | $ | 596 |  | 0.34 | % |
Commercial real estate |  |  | 493 |  |  |  |  |  |  | 60 |  | 553 |  | 1.54 | % |
Total commercial | 1 |  |  |  | 925 |  | 72 |  |  |  |  |  |  |  |  |  | 151 |  | 1,149 |  | 0.52 | % |
Consumer |  |  |  |  |  |  |  |  |  |  |  |
Residential real estate |  | $ | 1 |  |  | 72 |  |  |  | $ | 2 |  |  | 3 |  | 78 |  | 0.17 | % |
Home equity |  |  |  | 4 |  | $ | 5 |  |  |  |  | 6 |  | 15 |  | 0.06 | % |
Credit card |  |  |  |  | 30 |  |  |  |  |  | 30 |  | 0.42 | % |
Education |  |  | 2 |  |  |  |  |  |  |  | 2 |  | 0.10 | % |
Other consumer |  |  |  |  | 1 |  |  |  |  |  | 1 |  | 0.02 | % |
Total consumer |  |  | 1 |  | 2 |  | 76 |  | 36 |  |  |  | 2 |  |  |  | 9 |  | 126 |  | 0.12 | % |
Total | $ | 1 |  | $ | 1 |  | $ | 927 |  | $ | 148 |  | $ | 36 |  |  |  | $ | 2 |  |  |  | $ | 160 |  | $ | 1,275 |  | 0.40 | % |
(a)The unfunded lending related commitments on FDMs granted during the six months ended June 30, 2024 and 2023 were $0.3 billion and $0.1 billion, respectively. (b)Excludes the amortized cost basis of modified loans that were paid off, charged off or otherwise liquidated as of the period end date. (c)Represents all other modifications, and includes trial modifications and 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. Table 46 presents the weighted average financial effect of FDMs granted during the three and six months ended June 30, 2024 and 2023. Table 46: Financial Effect of FDMs (a)
Three months ended June 30, 2024 Dollars in millions |  | Amortized cost basis (b) |  | Financial Effect |
Term Extension |  |  |  |  |
Commercial and industrial |  | $539 |  | Extended contractual term by 15 months. |
Commercial real estate |  | $538 |  | Extended contractual term by 14 months. |
Residential real estate |  | $1 |  | Extended contractual term by 105 months. |
Education |  | $1 |  | Extended contractual term by 16 months. |
Interest Rate Reduction |  |  |  |  |
Commercial and industrial |  | $120 |  | Reduced contractual interest rate by 1.12%. |
Residential real estate |  | $1 |  | Reduced contractual interest rate by 1.30%. |
Payment Delay |  |  |  |  |
Commercial and industrial |  | $159 |  | Provided 5 months of payment deferral. |
Commercial real estate |  | $84 |  | Provided 23 months of payment deferral. |
Residential real estate |  | $30 |  | Provided 10 months of payment deferral. |
Home equity |  | $5 |  | Provided 5 months of payment deferral. |
Three months ended June 30, 2023 Dollars in millions |  | Amortized cost basis (b) |  | Financial Effect |
Term Extension |  |  |  |  |
Commercial and industrial |  | $366 |  | Extended contractual term by 9 months. |
Commercial real estate |  | $228 |  | Extended contractual term by 20 months. |
Residential real estate |  | $1 |  | Extended contractual term by 123 months. |
Education |  | $1 |  | Extended contractual term by 19 months. |
Interest Rate Reduction |  |  |  |  |
Residential real estate |  | $2 |  | Reduced contractual interest rate by 1.17%. |
Payment Delay |  |  |  |  |
Commercial and industrial |  | $59 |  | Provided 10 months of payment deferral. |
Residential real estate |  | $35 |  | Provided 8 months of payment deferral. |
Home equity |  | $3 |  | Provided 3 months of payment deferral. |
Six months ended June 30, 2024 Dollars in millions |  | Amortized cost basis (b) |  | Financial Effect |
Term Extension |  |  |  |  |
Commercial and industrial |  | $941 |  | Extended contractual term by 14 months. |
Commercial real estate |  | $927 |  | Extended contractual term by 14 months. |
Residential real estate |  | $1 |  | Extended contractual term by 98 months. |
Education |  | $3 |  | Extended contractual term by 12 months. |
Interest Rate Reduction |  |  |  |  |
Commercial and industrial |  | $145 |  | Reduced contractual interest rate by 1.64%. |
Residential real estate |  | $1 |  | Reduced contractual interest rate by 1.15%. |
Payment Delay |  |  |  |  |
Commercial and industrial |  | $207 |  | Provided 7 months of payment deferral. |
Commercial real estate |  | $173 |  | Provided 9 months of payment deferral. |
Residential real estate |  | $55 |  | Provided 9 months of payment deferral. |
Home equity |  | $8 |  | Provided 4 months of payment deferral. |
Six months ended June 30, 2023 Dollars in millions |  | Amortized cost basis (b) |  | Financial Effect |
Principal Forgiveness |  |  |  |  |
Commercial and industrial |  | $1 | (c) | Forgave $2 million of principal balances. |
Term Extension |  |  |  |  |
Commercial and industrial |  | $432 |  | Extended contractual term by 10 months. |
Commercial real estate |  | $493 |  | Extended contractual term by 17 months. |
Residential real estate |  | $2 |  | Extended contractual term by 111 months. |
Education |  | $2 |  | Extended contractual term by 17 months. |
Interest Rate Reduction |  |  |  |  |
Residential real estate |  | $3 |  | Reduced contractual interest rate by 1.34%. |
Payment Delay |  |  |  |  |
Commercial and industrial |  | $72 |  | Provided 6 months of payment deferral. |
Residential real estate |  | $72 |  | Provided 8 months of payment deferral. |
Home equity |  | $4 |  | Provided 4 months of payment deferral. |
(a)Excludes the financial effects of modifications for loans that were paid off, charged off or otherwise liquidated as of the period end date. (b)The amortized cost basis presented in Table 46 includes combination modification categories in addition to the standalone modification categories presented in Table 45. Primarily due to this reason, the amortized cost basis presented in Table 46 may not agree to the amortized cost basis presented alongside the standalone modification categories in Table 45. Amortized cost basis is as of the period end date. (c)Amounts are recorded as charge-offs. Repayment plans are excluded from Table 46. The terms of these programs, which are offered for certain consumer products, are as follows: •Credit card and unsecured lines of credit •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 an adjusted minimum payment percentage of 1.90% of the outstanding balance. 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. •Home equity loans and lines of credit •Fixed payment plan programs establish a modified monthly payment that is informed by the borrower’s financial situation and the current market environment at the time of modification, among other factors. As such, we may change the borrower’s interest rate, modify the term of the loan, and/or defer payment to arrive at the modified monthly payment. Each of the aforementioned terms may increase or decrease, and may vary from loan to loan, based on the individual loan and borrower characteristics. 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 the period end date, of FDMs granted during the twelve months preceding June 30, 2024. Table 47: Payment Performance of FDMs Modified in the Last 12 Months (a) (b)
Twelve months ended June 30, 2024 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 | $ | 1,318 |  | $ | 1 |  | $ | 8 |  |  |  | $ | 235 |  | $ | 1,562 |
Commercial real estate | 978 |  |  |  |  |  |  |  | 433 |  | 1,411 |
Total commercial | 2,296 |  | 1 |  | 8 |  |  |  | 668 |  | 2,973 |
Consumer |  |  |  |  |  |  |
Residential real estate | 9 |  | 1 |  |  |  | $ | 1 |  | 86 |  | 97 |
Home equity | 3 |  |  |  |  |  |  |  | 29 |  | 32 |
Credit card | 45 |  | 4 |  | 4 |  | 7 |  | 1 |  | 61 |
Education | 6 |  |  |  |  |  |  |  |  |  | 6 |
Other consumer | 1 |  |  |  |  |  |  |  | 1 |  | 2 |
Total consumer | 64 |  | 5 |  | 4 |  | 8 |  | 117 |  | 198 |
Total | $ | 2,360 |  | $ | 6 |  | $ | 12 |  | $ | 8 |  | $ | 785 |  | $ | 3,171 |
(a)Represents amortized cost basis. (b)Loans in our Payment Delay category are reported as past due in accordance with their contractual terms. Once contractually modified, these loans are reported as past due in accordance with their restructured terms. The following table presents the performance as of June 30, 2023 for FDMs granted since January 1, 2023: Table 48: Payment Performance of FDMs (a) (b)
Six months ended June 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 | $ | 494 |  |  |  | $ | 4 |  | $ | 1 |  | $ | 97 |  | $ | 596 |
Commercial real estate | 520 |  |  |  |  |  |  |  | 33 |  | 553 |
Total commercial | 1,014 |  |  |  | 4 |  | 1 |  | 130 |  | 1,149 |
Consumer |  |  |  |  |  |  |
Residential real estate | 1 |  |  |  |  |  |  |  | 77 |  | 78 |
Home equity |  |  |  |  |  |  |  |  | 15 |  | 15 |
Credit card | 20 |  | $ | 3 |  | 3 |  | 4 |  |  |  | 30 |
Education | 2 |  |  |  |  |  |  |  |  |  | 2 |
Other consumer |  |  |  |  |  |  |  |  | 1 |  | 1 |
Total consumer | 23 |  | 3 |  | 3 |  | 4 |  | 93 |  | 126 |
Total | $ | 1,037 |  | $ | 3 |  | $ | 7 |  | $ | 5 |  | $ | 223 |  | $ | 1,275 |
(a)Represents amortized cost basis. (b)Loans in our Payment Delay category are reported as past due in accordance with their contractual terms. Once contractually modified, these loans are reported as past due in accordance with their restructured terms. We generally consider FDMs to have subsequently defaulted when they become 60 days past due after the most recent date the loan was modified. The following table presents loans that were both (i) classified as FDMs, and (ii) subsequently defaulted during the period. Subsequently Defaulted FDMs (a)
Three months ended June 30, 2024 Dollars in millions | Term Extension | Payment Delay | Repayment Plan | Payment Delay/Term Extension | All Other Modifications (b) | Total
Commercial |  |  |  |  |  |
Commercial and industrial | $ | 14 |  | $ | 1 |  |  |  |  | $ | 15 |
Commercial real estate |  | 32 |  |  | $ | 37 |  |  | 69 |
Total commercial | 14 |  | 33 |  |  |  | 37 |  |  |  | 84 |
Consumer |  |  |  |  |  |  |
Residential real estate |  | 6 |  |  |  | $ | 1 |  | 7 |
Home equity |  | 1 |  |  |  | 3 |  | 4 |
Credit card |  |  | $ | 7 |  |  |  | 7 |
Total consumer |  |  | 7 |  | 7 |  |  |  | 4 |  | 18 |
Total | $ | 14 |  | $ | 40 |  | $ | 7 |  | $ | 37 |  | $ | 4 |  | $ | 102 |
Six months ended June 30, 2024 Dollars in millions | Term Extension | Payment Delay | Repayment Plan | Payment Delay/Term Extension | All Other Modifications (b) | Total
Commercial |  |  |  |  |  |
Commercial and industrial | $ | 26 |  | $ | 9 |  |  |  |  | $ | 35 |
Commercial real estate | 1 |  | 33 |  |  | $ | 37 |  |  | 71 |
Total commercial | 27 |  | 42 |  |  |  | 37 |  |  |  | 106 |
Consumer |  |  |  |  |  |  |
Residential real estate |  | 19 |  |  |  | $ | 2 |  | 21 |
Home equity |  | 1 |  | $ | 1 |  |  | 5 |  | 7 |
Credit card |  |  | 16 |  |  |  | 16 |
Total consumer |  |  | 20 |  | 17 |  |  |  | 7 |  | 44 |
Total | $ | 27 |  | $ | 62 |  | $ | 17 |  | $ | 37 |  | $ | 7 |  | $ | 150 |
(a)Represents amortized cost basis. (b)Includes the following modification categories: interest rate reduction, combinations of interest rate reduction/payment delay and interest rate reduction/term extension and other. Subsequently defaulted loans during the three and six months ended June 30, 2023 were $46 million and $48 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 in our 2023 Form 10-K 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 June 30 |  |  | Six months ended June 30
| 2024 | 2023 |  |  | 2024 | 2023
In millions | Commercial | Consumer | Total | Commercial | Consumer | Total |  |  | Commercial | Consumer | Total | Commercial | Consumer | Total
Allowance for loan and lease losses |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 3,217 |  | $ | 1,476 |  | $ | 4,693 |  | $ | 3,046 |  | $ | 1,695 |  | $ | 4,741 |  |  |  | $ | 3,259 |  | $ | 1,532 |  | $ | 4,791 |  | $ | 3,114 |  | $ | 1,627 |  | $ | 4,741 |
Adoption of ASU 2022-02 (a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (35) |  | (35) |
Beginning balance, adjusted | 3,217 |  | 1,476 |  | 4,693 |  | 3,046 |  | 1,695 |  | 4,741 |  |  |  | 3,259 |  | 1,532 |  | 4,791 |  | 3,114 |  | 1,592 |  | 4,706 |
Charge-offs | (198) |  | (177) |  | (375) |  | (135) |  | (158) |  | (293) |  |  |  | (346) |  | (359) |  | (705) |  | (255) |  | (320) |  | (575) |
Recoveries | 52 |  | 61 |  | 113 |  | 36 |  | 63 |  | 99 |  |  |  | 75 |  | 125 |  | 200 |  | 61 |  | 125 |  | 186 |
Net (charge-offs) | (146) |  | (116) |  | (262) |  | (99) |  | (95) |  | (194) |  |  |  | (271) |  | (234) |  | (505) |  | (194) |  | (195) |  | (389) |
Provision for (recapture of) credit losses | 172 |  | 32 |  | 204 |  | 195 |  | (6) |  | 189 |  |  |  | 257 |  | 94 |  | 351 |  | 220 |  | 198 |  | 418 |
Other |  |  | 1 |  | 1 |  |  | 1 |  | 1 |  |  |  | (2) |  | 1 |  | (1) |  | 2 |  |  | 2 |
Ending balance | $ | 3,243 |  | $ | 1,393 |  | $ | 4,636 |  | $ | 3,142 |  | $ | 1,595 |  | $ | 4,737 |  |  |  | $ | 3,243 |  | $ | 1,393 |  | $ | 4,636 |  | $ | 3,142 |  | $ | 1,595 |  | $ | 4,737 |
Allowance for unfunded lending related commitments (b) |  |  |  |  |  |  |  |  |  |  |
Beginning balance | $ | 528 |  | $ | 144 |  | $ | 672 |  | $ | 560 |  | $ | 112 |  | $ | 672 |  |  |  | $ | 545 |  | $ | 118 |  | $ | 663 |  | $ | 613 |  | $ | 81 |  | $ | 694 |
Provision for (recapture of) credit losses | 53 |  | (8) |  | 45 |  | (5) |  | (4) |  | (9) |  |  |  | 36 |  | 18 |  | 54 |  | (58) |  | 27 |  | (31) |
Ending balance | $ | 581 |  | $ | 136 |  | $ | 717 |  | $ | 555 |  | $ | 108 |  | $ | 663 |  |  |  | $ | 581 |  | $ | 136 |  | $ | 717 |  | $ | 555 |  | $ | 108 |  | $ | 663 |
Allowance for credit losses at June 30 (c) | $ | 3,824 |  | $ | 1,529 |  | $ | 5,353 |  | $ | 3,697 |  | $ | 1,703 |  | $ | 5,400 |  |  |  | $ | 3,824 |  | $ | 1,529 |  | $ | 5,353 |  | $ | 3,697 |  | $ | 1,703 |  | $ | 5,400 |
(a)Represents the impact of adopting ASU 2022-02 Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures 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 $112 million and $171 million at June 30, 2024 and 2023, respectively. The ACL related to loans totaled $5.4 billion at June 30, 2024 and $5.5 billion at December 31, 2023. The reserve change was driven by improved macroeconomic factors as well as portfolio activity.

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