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Loans and leases and the allowance for credit losses | 3 Months Ended
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Mar. 31, 2024
Receivables [Abstract] |
Loans and leases and the allowance for credit losses | 4. Loans and leases and the allowance for credit losses A summary of current, past due and nonaccrual loans as of March 31, 2024 and December 31, 2023 follows:
(Dollars in millions) |  | Current |  |  | 30-89 Days Past Due |  |  | Accruing Loans Past Due 90 Days or More |  |  | Nonaccrual |  |  | Total |
March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 56,803 |  |  | $ | 219 |  |  | $ | 11 |  |  | $ | 864 |  |  | $ | 57,897 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial (a) |  |  | 24,119 |  |  |  | 163 |  |  |  | 31 |  |  |  | 855 |  |  |  | 25,168 |
Residential builder and developer |  |  | 984 |  |  |  | 48 |  |  |  | — |  |  |  | 3 |  |  |  | 1,035 |
Other commercial construction |  |  | 5,915 |  |  |  | 155 |  |  |  | 2 |  |  |  | 141 |  |  |  | 6,213 |
Residential (b) |  |  | 21,118 |  |  |  | 627 |  |  |  | 245 |  |  |  | 202 |  |  |  | 22,192 |
Residential — limited documentation |  |  | 801 |  |  |  | 30 |  |  |  | — |  |  |  | 53 |  |  |  | 884 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines and loans |  |  | 4,437 |  |  |  | 34 |  |  |  | — |  |  |  | 87 |  |  |  | 4,558 |
Recreational finance |  |  | 10,553 |  |  |  | 71 |  |  |  | — |  |  |  | 30 |  |  |  | 10,654 |
Automobile |  |  | 4,252 |  |  |  | 43 |  |  |  | — |  |  |  | 13 |  |  |  | 4,308 |
Other |  |  | 1,982 |  |  |  | 20 |  |  |  | 8 |  |  |  | 54 |  |  |  | 2,064 |
Total |  | $ | 130,964 |  |  | $ | 1,410 |  |  | $ | 297 |  |  | $ | 2,302 |  |  | $ | 134,973 |
December 31, 2023 |  |  |
Commercial and industrial |  | $ | 56,091 |  |  | $ | 238 |  |  | $ | 11 |  |  | $ | 670 |  |  | $ | 57,010 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial (a) |  |  | 24,072 |  |  |  | 311 |  |  |  | 25 |  |  |  | 869 |  |  |  | 25,277 |
Residential builder and developer |  |  | 1,065 |  |  |  | 5 |  |  |  | — |  |  |  | 3 |  |  |  | 1,073 |
Other commercial construction |  |  | 6,322 |  |  |  | 159 |  |  |  | 1 |  |  |  | 171 |  |  |  | 6,653 |
Residential (b) |  |  | 21,080 |  |  |  | 763 |  |  |  | 295 |  |  |  | 215 |  |  |  | 22,353 |
Residential — limited documentation |  |  | 825 |  |  |  | 31 |  |  |  | — |  |  |  | 55 |  |  |  | 911 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines and loans |  |  | 4,528 |  |  |  | 40 |  |  |  | — |  |  |  | 81 |  |  |  | 4,649 |
Recreational finance |  |  | 9,935 |  |  |  | 87 |  |  |  | — |  |  |  | 36 |  |  |  | 10,058 |
Automobile |  |  | 3,918 |  |  |  | 60 |  |  |  | — |  |  |  | 14 |  |  |  | 3,992 |
Other |  |  | 2,003 |  |  |  | 30 |  |  |  | 7 |  |  |  | 52 |  |  |  | 2,092 |
Total |  | $ | 129,839 |  |  | $ | 1,724 |  |  | $ | 339 |  |  | $ | 2,166 |  |  | $ | 134,068 |
(a) Commercial real estate loans held for sale were $563 million at March 31, 2024 and $189 million at December 31, 2023. (b) One-to-four family residential mortgage loans held for sale were $165 million at March 31, 2024 and $190 million at December 31, 2023. 4. Loans and leases and the allowance for credit losses, continued Credit quality indicators The Company utilizes a loan grading system to differentiate risk amongst its commercial and industrial loans and commercial real estate loans. Loans with a lower expectation of default are assigned one of ten possible “pass” loan grades and are generally ascribed lower loss factors when determining the allowance for credit losses. Loans with an elevated level of credit risk are classified as “criticized” and are ascribed a higher loss factor when determining the allowance for credit losses. Criticized loans may be classified as “nonaccrual” if the Company no longer expects to collect all amounts according to the contractual terms of the loan agreement or the loan is delinquent 90 days or more. Line of business personnel in different geographic locations with support from and review by the Company’s credit risk personnel review and reassign loan grades based on their detailed knowledge of individual borrowers and their judgment of the impact on such borrowers resulting from changing conditions in their respective regions. Factors considered in assigning loan grades include borrower-specific information related to expected future cash flows and operating results, collateral values, geographic location, financial condition and performance, payment status, and other information. The Company’s policy is that at least annually, updated financial information be obtained from commercial borrowers associated with pass grade loans and additional analysis performed. On a quarterly basis, the Company’s credit personnel review all criticized commercial and industrial loans and commercial real estate loans greater than $5 million to determine the appropriateness of the assigned loan grade, including whether the loan should be reported as accruing or nonaccruing. The following table summarizes the loan grades applied at March 31, 2024 to the various classes of the Company’s commercial and industrial loans and commercial real estate loans and gross charge-offs for those types of loans for the three-month period ended March 31, 2024 by origination year.
|  | Term Loans by Origination Year |  |  | Revolving |  |  | Revolving Loans Converted to Term |  |  |  |
(Dollars in millions) |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | Prior |  |  | Loans |  |  | Loans |  |  | Total |
Commercial and industrial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 2,012 |  |  | $ | 8,129 |  |  | $ | 7,567 |  |  | $ | 4,441 |  |  | $ | 2,099 |  |  | $ | 6,456 |  |  | $ | 22,719 |  |  | $ | 74 |  |  | $ | 53,497 |
Criticized accrual |  |  | 32 |  |  |  | 306 |  |  |  | 422 |  |  |  | 277 |  |  |  | 117 |  |  |  | 602 |  |  |  | 1,745 |  |  |  | 35 |  |  |  | 3,536 |
Criticized nonaccrual |  |  | 2 |  |  |  | 54 |  |  |  | 89 |  |  |  | 62 |  |  |  | 71 |  |  |  | 206 |  |  |  | 364 |  |  |  | 16 |  |  |  | 864 |
Total commercial and industrial |  | $ | 2,046 |  |  | $ | 8,489 |  |  | $ | 8,078 |  |  | $ | 4,780 |  |  | $ | 2,287 |  |  | $ | 7,264 |  |  | $ | 24,828 |  |  | $ | 125 |  |  | $ | 57,897 |
Gross charge-offs |  | $ | — |  |  | $ | 7 |  |  | $ | 9 |  |  | $ | 4 |  |  | $ | 3 |  |  | $ | 5 |  |  | $ | 50 |  |  | $ | — |  |  | $ | 78 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 696 |  |  | $ | 1,783 |  |  | $ | 1,652 |  |  | $ | 1,331 |  |  | $ | 2,013 |  |  | $ | 11,278 |  |  | $ | 435 |  |  | $ | — |  |  | $ | 19,188 |
Criticized accrual |  |  | — |  |  |  | 273 |  |  |  | 815 |  |  |  | 464 |  |  |  | 558 |  |  |  | 3,008 |  |  |  | 7 |  |  |  | — |  |  |  | 5,125 |
Criticized nonaccrual |  |  | — |  |  |  | — |  |  |  | 46 |  |  |  | 11 |  |  |  | 101 |  |  |  | 695 |  |  |  | 2 |  |  |  | — |  |  |  | 855 |
Total commercial real estate |  | $ | 696 |  |  | $ | 2,056 |  |  | $ | 2,513 |  |  | $ | 1,806 |  |  | $ | 2,672 |  |  | $ | 14,981 |  |  | $ | 444 |  |  | $ | — |  |  | $ | 25,168 |
Gross charge-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 13 |  |  | $ | — |  |  | $ | — |  |  | $ | 13 |
Residential builder and developer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 89 |  |  | $ | 509 |  |  | $ | 187 |  |  | $ | 34 |  |  | $ | 5 |  |  | $ | 14 |  |  | $ | 102 |  |  | $ | — |  |  | $ | 940 |
Criticized accrual |  |  | — |  |  |  | 2 |  |  |  | 21 |  |  |  | 21 |  |  |  | — |  |  |  | 46 |  |  |  | 2 |  |  |  | — |  |  |  | 92 |
Criticized nonaccrual |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 3 |
Total residential builder and developer |  | $ | 89 |  |  | $ | 511 |  |  | $ | 208 |  |  | $ | 57 |  |  | $ | 5 |  |  | $ | 61 |  |  | $ | 104 |  |  | $ | — |  |  | $ | 1,035 |
Gross charge-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |
Other commercial construction: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 27 |  |  | $ | 990 |  |  | $ | 1,231 |  |  | $ | 590 |  |  | $ | 273 |  |  | $ | 589 |  |  | $ | 45 |  |  | $ | — |  |  | $ | 3,745 |
Criticized accrual |  |  | — |  |  |  | 75 |  |  |  | 538 |  |  |  | 460 |  |  |  | 567 |  |  |  | 687 |  |  |  | — |  |  |  | — |  |  |  | 2,327 |
Criticized nonaccrual |  |  | — |  |  |  | — |  |  |  | 11 |  |  |  | 10 |  |  |  | 45 |  |  |  | 75 |  |  |  | — |  |  |  | — |  |  |  | 141 |
Total other commercial construction |  | $ | 27 |  |  | $ | 1,065 |  |  | $ | 1,780 |  |  | $ | 1,060 |  |  | $ | 885 |  |  | $ | 1,351 |  |  | $ | 45 |  |  | $ | — |  |  | $ | 6,213 |
Gross charge-offs |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 7 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 11 |
4. Loans and leases and the allowance for credit losses, continued The Company considers repayment performance a significant indicator of credit quality for its residential real estate loan and consumer loan portfolios. A summary of loans in accrual and nonaccrual status at March 31, 2024 for the various classes of the Company’s residential real estate loans and consumer loans and gross charge-offs for those types of loans for the three-month period ended March 31, 2024 by origination year follows:
|  | Term Loans by Origination Year |  |  | Revolving |  |  | Revolving Loans Converted to Term |  |  |  |
(Dollars in millions) |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | Prior |  |  | Loans |  |  | Loans |  |  | Total |
Residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 478 |  |  | $ | 1,499 |  |  | $ | 4,667 |  |  | $ | 3,717 |  |  | $ | 2,533 |  |  | $ | 8,131 |  |  | $ | 93 |  |  | $ | — |  |  | $ | 21,118 |
30-89 days past due |  |  | — |  |  |  | 6 |  |  |  | 107 |  |  |  | 62 |  |  |  | 30 |  |  |  | 422 |  |  |  | — |  |  |  | — |  |  |  | 627 |
Accruing loans past due 90 days or more |  |  | — |  |  |  | 2 |  |  |  | 21 |  |  |  | 19 |  |  |  | 15 |  |  |  | 188 |  |  |  | — |  |  |  | — |  |  |  | 245 |
Nonaccrual |  |  | — |  |  |  | 1 |  |  |  | 15 |  |  |  | 10 |  |  |  | 2 |  |  |  | 173 |  |  |  | 1 |  |  |  | — |  |  |  | 202 |
Total residential |  | $ | 478 |  |  | $ | 1,508 |  |  | $ | 4,810 |  |  | $ | 3,808 |  |  | $ | 2,580 |  |  | $ | 8,914 |  |  | $ | 94 |  |  | $ | — |  |  | $ | 22,192 |
Gross charge-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |
Residential - limited documentation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 801 |  |  | $ | — |  |  | $ | — |  |  | $ | 801 |
30-89 days past due |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 30 |  |  |  | — |  |  |  | — |  |  |  | 30 |
Accruing loans past due 90 days or more |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Nonaccrual |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 53 |  |  |  | — |  |  |  | — |  |  |  | 53 |
Total residential - limited documentation |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 884 |  |  | $ | — |  |  | $ | — |  |  | $ | 884 |
Gross charge-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines and loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 105 |  |  | $ | 2,972 |  |  | $ | 1,356 |  |  | $ | 4,437 |
30-89 days past due |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | — |  |  |  | 31 |  |  |  | 34 |
Accruing loans past due 90 days or more |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Nonaccrual |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5 |  |  |  | 1 |  |  |  | 81 |  |  |  | 87 |
Total home equity lines and loans |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 113 |  |  | $ | 2,973 |  |  | $ | 1,468 |  |  | $ | 4,558 |
Gross charge-offs |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |
Recreational finance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 1,028 |  |  | $ | 2,531 |  |  | $ | 2,252 |  |  | $ | 1,790 |  |  | $ | 1,233 |  |  | $ | 1,719 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,553 |
30-89 days past due |  |  | 1 |  |  |  | 11 |  |  |  | 12 |  |  |  | 14 |  |  |  | 13 |  |  |  | 20 |  |  |  | — |  |  |  | — |  |  |  | 71 |
Accruing loans past due 90 days or more |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Nonaccrual |  |  | — |  |  |  | 4 |  |  |  | 6 |  |  |  | 6 |  |  |  | 4 |  |  |  | 10 |  |  |  | — |  |  |  | — |  |  |  | 30 |
Total recreational finance |  | $ | 1,029 |  |  | $ | 2,546 |  |  | $ | 2,270 |  |  | $ | 1,810 |  |  | $ | 1,250 |  |  | $ | 1,749 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,654 |
Gross charge-offs |  | $ | — |  |  | $ | 3 |  |  | $ | 5 |  |  | $ | 6 |  |  | $ | 4 |  |  | $ | 7 |  |  | $ | — |  |  | $ | — |  |  | $ | 25 |
Automobile: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 684 |  |  | $ | 1,026 |  |  | $ | 1,004 |  |  | $ | 942 |  |  | $ | 371 |  |  | $ | 225 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,252 |
30-89 days past due |  |  | 1 |  |  |  | 7 |  |  |  | 11 |  |  |  | 11 |  |  |  | 6 |  |  |  | 7 |  |  |  | — |  |  |  | — |  |  |  | 43 |
Accruing loans past due 90 days or more |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Nonaccrual |  |  | — |  |  |  | 2 |  |  |  | 2 |  |  |  | 3 |  |  |  | 2 |  |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | 13 |
Total automobile |  | $ | 685 |  |  | $ | 1,035 |  |  | $ | 1,017 |  |  | $ | 956 |  |  | $ | 379 |  |  | $ | 236 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,308 |
Gross charge-offs |  | $ | — |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 8 |
Other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 69 |  |  | $ | 219 |  |  | $ | 155 |  |  | $ | 105 |  |  | $ | 28 |  |  | $ | 27 |  |  | $ | 1,378 |  |  | $ | 1 |  |  | $ | 1,982 |
30-89 days past due |  |  | 1 |  |  |  | 1 |  |  |  | 3 |  |  |  | 1 |  |  |  | — |  |  |  | 1 |  |  |  | 12 |  |  |  | 1 |  |  |  | 20 |
Accruing loans past due 90 days or more |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8 |  |  |  | — |  |  |  | 8 |
Nonaccrual |  |  | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 51 |  |  |  | — |  |  |  | 54 |
Total other |  | $ | 71 |  |  | $ | 221 |  |  | $ | 159 |  |  | $ | 106 |  |  | $ | 28 |  |  | $ | 28 |  |  | $ | 1,449 |  |  | $ | 2 |  |  | $ | 2,064 |
Gross charge-offs |  | $ | 1 |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 16 |  |  | $ | — |  |  | $ | 25 |
Total loans and leases at March 31, 2024 |  | $ | 5,121 |  |  | $ | 17,431 |  |  | $ | 20,835 |  |  | $ | 14,385 |  |  | $ | 10,088 |  |  | $ | 35,581 |  |  | $ | 29,937 |  |  | $ | 1,595 |  |  | $ | 134,973 |
Total gross charge-offs for the three months ended March 31, 2024 |  | $ | 1 |  |  | $ | 15 |  |  | $ | 21 |  |  | $ | 13 |  |  | $ | 9 |  |  | $ | 35 |  |  | $ | 68 |  |  | $ | 1 |  |  | $ | 163 |
4. Loans and leases and the allowance for credit losses, continued The following table summarizes the loan grades applied at December 31, 2023 to the various classes of the Company’s commercial and industrial loans and commercial real estate loans by origination year.
|  | Term Loans by Origination Year |  |  | Revolving |  |  | Revolving Loans Converted to Term |  |  |  |
(Dollars in millions) |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | Prior |  |  | Loans |  |  | Loans |  |  | Total |
Commercial and industrial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 8,689 |  |  | $ | 8,087 |  |  | $ | 4,800 |  |  | $ | 2,248 |  |  | $ | 2,169 |  |  | $ | 4,843 |  |  | $ | 22,345 |  |  | $ | 70 |  |  | $ | 53,251 |
Criticized accrual |  |  | 292 |  |  |  | 279 |  |  |  | 277 |  |  |  | 142 |  |  |  | 127 |  |  |  | 481 |  |  |  | 1,460 |  |  |  | 31 |  |  |  | 3,089 |
Criticized nonaccrual |  |  | 29 |  |  |  | 68 |  |  |  | 56 |  |  |  | 75 |  |  |  | 36 |  |  |  | 150 |  |  |  | 243 |  |  |  | 13 |  |  |  | 670 |
Total commercial and industrial |  | $ | 9,010 |  |  | $ | 8,434 |  |  | $ | 5,133 |  |  | $ | 2,465 |  |  | $ | 2,332 |  |  | $ | 5,474 |  |  | $ | 24,048 |  |  | $ | 114 |  |  | $ | 57,010 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 2,048 |  |  | $ | 1,742 |  |  | $ | 1,367 |  |  | $ | 2,011 |  |  | $ | 3,059 |  |  | $ | 8,491 |  |  | $ | 440 |  |  | $ | — |  |  | $ | 19,158 |
Criticized accrual |  |  | 227 |  |  |  | 891 |  |  |  | 465 |  |  |  | 456 |  |  |  | 966 |  |  |  | 2,238 |  |  |  | 7 |  |  |  | — |  |  |  | 5,250 |
Criticized nonaccrual |  |  | — |  |  |  | 46 |  |  |  | 3 |  |  |  | 113 |  |  |  | 93 |  |  |  | 611 |  |  |  | 3 |  |  |  | — |  |  |  | 869 |
Total commercial real estate |  | $ | 2,275 |  |  | $ | 2,679 |  |  | $ | 1,835 |  |  | $ | 2,580 |  |  | $ | 4,118 |  |  | $ | 11,340 |  |  | $ | 450 |  |  | $ | — |  |  | $ | 25,277 |
Residential builder and developer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 530 |  |  | $ | 252 |  |  | $ | 41 |  |  | $ | 6 |  |  | $ | 2 |  |  | $ | 12 |  |  | $ | 116 |  |  | $ | — |  |  | $ | 959 |
Criticized accrual |  |  | 1 |  |  |  | 18 |  |  |  | 30 |  |  |  | — |  |  |  | 59 |  |  |  | — |  |  |  | 3 |  |  |  | — |  |  |  | 111 |
Criticized nonaccrual |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3 |
Total residential builder and developer |  | $ | 531 |  |  | $ | 270 |  |  | $ | 74 |  |  | $ | 6 |  |  | $ | 61 |  |  | $ | 12 |  |  | $ | 119 |  |  | $ | — |  |  | $ | 1,073 |
Other commercial construction: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $ | 813 |  |  | $ | 1,366 |  |  | $ | 651 |  |  | $ | 373 |  |  | $ | 646 |  |  | $ | 187 |  |  | $ | 30 |  |  | $ | — |  |  | $ | 4,066 |
Criticized accrual |  |  | 53 |  |  |  | 391 |  |  |  | 390 |  |  |  | 691 |  |  |  | 565 |  |  |  | 326 |  |  |  | — |  |  |  | — |  |  |  | 2,416 |
Criticized nonaccrual |  |  | — |  |  |  | 14 |  |  |  | 10 |  |  |  | 46 |  |  |  | 50 |  |  |  | 49 |  |  |  | 2 |  |  |  | — |  |  |  | 171 |
Total other commercial construction |  | $ | 866 |  |  | $ | 1,771 |  |  | $ | 1,051 |  |  | $ | 1,110 |  |  | $ | 1,261 |  |  | $ | 562 |  |  | $ | 32 |  |  | $ | — |  |  | $ | 6,653 |
4. Loans and leases and the allowance for credit losses, continued A summary of loans in accrual and nonaccrual status at December 31, 2023 for the various classes of the Company’s residential real estate loans and consumer loans by origination year follows:
|  | Term Loans by Origination Year |  |  | Revolving |  |  | Revolving Loans Converted to Term |  |  |  |
(Dollars in millions) |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | 2019 |  |  | Prior |  |  | Loans |  |  | Loans |  |  | Total |
Residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 1,726 |  |  | $ | 4,709 |  |  | $ | 3,732 |  |  | $ | 2,543 |  |  | $ | 1,215 |  |  | $ | 7,060 |  |  | $ | 95 |  |  | $ | — |  |  | $ | 21,080 |
30-89 days past due |  |  | 18 |  |  |  | 120 |  |  |  | 88 |  |  |  | 52 |  |  |  | 28 |  |  |  | 457 |  |  |  | — |  |  |  | — |  |  |  | 763 |
Accruing loans past due 90 days or more |  |  | 1 |  |  |  | 30 |  |  |  | 28 |  |  |  | 17 |  |  |  | 14 |  |  |  | 205 |  |  |  | — |  |  |  | — |  |  |  | 295 |
Nonaccrual |  |  | 1 |  |  |  | 17 |  |  |  | 10 |  |  |  | 3 |  |  |  | 4 |  |  |  | 179 |  |  |  | 1 |  |  |  | — |  |  |  | 215 |
Total residential |  | $ | 1,746 |  |  | $ | 4,876 |  |  | $ | 3,858 |  |  | $ | 2,615 |  |  | $ | 1,261 |  |  | $ | 7,901 |  |  | $ | 96 |  |  | $ | — |  |  | $ | 22,353 |
Residential - limited documentation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 825 |  |  | $ | — |  |  | $ | — |  |  | $ | 825 |
30-89 days past due |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 31 |  |  |  | — |  |  |  | — |  |  |  | 31 |
Accruing loans past due 90 days or more |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Nonaccrual |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 55 |  |  |  | — |  |  |  | — |  |  |  | 55 |
Total residential - limited documentation |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 911 |  |  | $ | — |  |  | $ | — |  |  | $ | 911 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines and loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 13 |  |  | $ | 98 |  |  | $ | 3,022 |  |  | $ | 1,391 |  |  | $ | 4,528 |
30-89 days past due |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | — |  |  |  | 37 |  |  |  | 40 |
Accruing loans past due 90 days or more |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Nonaccrual |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5 |  |  |  | 3 |  |  |  | 73 |  |  |  | 81 |
Total home equity lines and loans |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 13 |  |  | $ | 106 |  |  | $ | 3,025 |  |  | $ | 1,501 |  |  | $ | 4,649 |
Recreational finance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 2,653 |  |  | $ | 2,338 |  |  | $ | 1,857 |  |  | $ | 1,286 |  |  | $ | 781 |  |  | $ | 1,020 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,935 |
30-89 days past due |  |  | 11 |  |  |  | 16 |  |  |  | 19 |  |  |  | 14 |  |  |  | 11 |  |  |  | 16 |  |  |  | — |  |  |  | — |  |  |  | 87 |
Accruing loans past due 90 days or more |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Nonaccrual |  |  | 3 |  |  |  | 5 |  |  |  | 8 |  |  |  | 6 |  |  |  | 5 |  |  |  | 9 |  |  |  | — |  |  |  | — |  |  |  | 36 |
Total recreational finance |  | $ | 2,667 |  |  | $ | 2,359 |  |  | $ | 1,884 |  |  | $ | 1,306 |  |  | $ | 797 |  |  | $ | 1,045 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,058 |
Automobile: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 1,063 |  |  | $ | 1,096 |  |  | $ | 1,047 |  |  | $ | 427 |  |  | $ | 198 |  |  | $ | 87 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,918 |
30-89 days past due |  |  | 8 |  |  |  | 15 |  |  |  | 17 |  |  |  | 9 |  |  |  | 6 |  |  |  | 5 |  |  |  | — |  |  |  | — |  |  |  | 60 |
Accruing loans past due 90 days or more |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Nonaccrual |  |  | 2 |  |  |  | 3 |  |  |  | 3 |  |  |  | 2 |  |  |  | 2 |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 14 |
Total automobile |  | $ | 1,073 |  |  | $ | 1,114 |  |  | $ | 1,067 |  |  | $ | 438 |  |  | $ | 206 |  |  | $ | 94 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,992 |
Other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 250 |  |  | $ | 176 |  |  | $ | 118 |  |  | $ | 33 |  |  | $ | 13 |  |  | $ | 18 |  |  | $ | 1,392 |  |  | $ | 3 |  |  | $ | 2,003 |
30-89 days past due |  |  | 3 |  |  |  | 3 |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 20 |  |  |  | 1 |  |  |  | 30 |
Accruing loans past due 90 days or more |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7 |  |  |  | — |  |  |  | 7 |
Nonaccrual |  |  | 2 |  |  |  | 1 |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 48 |  |  |  | — |  |  |  | 52 |
Total other |  | $ | 255 |  |  | $ | 180 |  |  | $ | 121 |  |  | $ | 33 |  |  | $ | 13 |  |  | $ | 19 |  |  | $ | 1,467 |  |  | $ | 4 |  |  | $ | 2,092 |
Total loans and leases at December 31, 2023 |  | $ | 18,423 |  |  | $ | 21,683 |  |  | $ | 15,025 |  |  | $ | 10,555 |  |  | $ | 10,062 |  |  | $ | 27,464 |  |  | $ | 29,237 |  |  | $ | 1,619 |  |  | $ | 134,068 |
4. Loans and leases and the allowance for credit losses, continued Allowance for credit losses For purposes of determining the level of the allowance for credit losses, the Company evaluates its loan and lease portfolio by type. Changes in the allowance for credit losses for the three months ended March 31, 2024 and 2023 were as follows:
|  | Commercial and |  |  | Real Estate |  |  |  |  |  |  |
(Dollars in millions) |  | industrial |  |  | Commercial |  |  | Residential |  |  | Consumer |  |  | Total |
Three Months Ended March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 620 |  |  | $ | 764 |  |  | $ | 116 |  |  | $ | 629 |  |  | $ | 2,129 |
Provision for credit losses |  |  | 137 |  |  |  | 9 |  |  |  | 2 |  |  |  | 52 |  |  |  | 200 |
Net charge-offs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Charge-offs |  |  | (78 | ) |  |  | (25 | ) |  |  | (1 | ) |  |  | (59 | ) |  |  | (163 | )
Recoveries |  |  | 5 |  |  |  | 6 |  |  |  | 1 |  |  |  | 13 |  |  |  | 25 |
Net charge-offs |  |  | (73 | ) |  |  | (19 | ) |  |  | — |  |  |  | (46 | ) |  |  | (138 | )
Ending balance |  | $ | 684 |  |  | $ | 754 |  |  | $ | 118 |  |  | $ | 635 |  |  | $ | 2,191 |
Three Months Ended March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | 568 |  |  | $ | 611 |  |  | $ | 115 |  |  | $ | 631 |  |  | $ | 1,925 |
Provision for credit losses |  |  | 21 |  |  |  | 86 |  |  |  | (1 | ) |  |  | 14 |  |  |  | 120 |
Net charge-offs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Charge-offs |  |  | (20 | ) |  |  | (29 | ) |  |  | (2 | ) |  |  | (44 | ) |  |  | (95 | )
Recoveries |  |  | 10 |  |  |  | 1 |  |  |  | 1 |  |  |  | 13 |  |  |  | 25 |
Net charge-offs |  |  | (10 | ) |  |  | (28 | ) |  |  | (1 | ) |  |  | (31 | ) |  |  | (70 | )
Ending balance |  | $ | 579 |  |  | $ | 669 |  |  | $ | 113 |  |  | $ | 614 |  |  | $ | 1,975 |
Despite the allocation in the preceding tables, the allowance for credit losses is general in nature and is available to absorb losses from any loan or lease type. In determining the allowance for credit losses, accruing loans with similar risk characteristics are generally evaluated collectively. The Company utilizes statistically developed models to project principal balances over the remaining contractual lives of the loan portfolios and to determine estimated credit losses through a reasonable and supportable forecast period. Individual loan credit quality indicators, including loan grade and borrower repayment performance, can inform the models, which have been statistically developed based on historical correlations of credit losses with prevailing economic metrics, including unemployment, GDP and real estate prices. Model forecasts may be adjusted for inherent limitations or biases that have been identified through independent validation and back-testing of model performance to actual realized results. At each of March 31, 2024 and December 31, 2023, the Company utilized a reasonable and supportable forecast period of two years. Subsequent to this forecast period the Company reverted, ratably over a one-year period, to historical loss experience to inform its estimate of losses for the remaining contractual life of each portfolio. 4. Loans and leases and the allowance for credit losses, continued The Company also estimates losses attributable to specific troubled credits identified through both normal and targeted credit review processes. The amounts of specific loss components in the Company’s loan and lease portfolios are determined through a loan-by-loan analysis of larger balance commercial and industrial loans and commercial real estate loans that are in nonaccrual status. Such loss estimates are typically based on expected future cash flows, collateral values and other factors that may impact the borrower’s ability to pay. To the extent that those loans are collateral-dependent, they are evaluated based on the fair value of the loan’s collateral as estimated at or near the financial statement date. As the quality of a loan deteriorates to the point of classifying the loan as “criticized,” the process of obtaining updated collateral valuation information is usually initiated, unless it is not considered warranted given factors such as the relative size of the loan, the characteristics of the collateral or the age of the last valuation. In those cases where current appraisals may not yet be available, prior appraisals are utilized with adjustments, as deemed necessary, for estimates of subsequent declines in values as determined by line of business and/or loan workout personnel. Those adjustments are reviewed and assessed for reasonableness by the Company’s credit risk personnel. Accordingly, for real estate collateral securing larger nonaccrual commercial and industrial loans and commercial real estate loans, estimated collateral values are based on current appraisals and estimates of value. For non-real estate loans, collateral is assigned a discounted estimated liquidation value and, depending on the nature of the collateral, is verified through field exams or other procedures. In assessing collateral, real estate and non-real estate values are reduced by an estimate of selling costs. For residential real estate loans, including home equity loans and lines of credit, the excess of the loan balance over the net realizable value of the property collateralizing the loan is charged-off when the loan becomes 150 days delinquent. That charge-off is based on recent indications of value from external parties that are generally obtained shortly after a loan becomes nonaccrual. Loans to consumers that file for bankruptcy are generally charged-off to estimated net collateral value shortly after the Company is notified of such filings. When evaluating individual home equity loans and lines of credit for charge-off and for purposes of estimating losses in determining the allowance for credit losses, the Company gives consideration to the required repayment of any first lien positions related to collateral property. Changes in the amount of the allowance for credit losses reflect the outcome of the procedures described herein, including the impact of changes in macroeconomic forecasts as compared with previous forecasts, as well as the impact of portfolio concentrations, imprecision in economic forecasts, geopolitical conditions and other risk factors that might influence the loss estimation process. The Company’s reserve for off-balance sheet credit exposures was not material at March 31, 2024 and December 31, 2023. 4. Loans and leases and the allowance for credit losses, continued Information with respect to loans and leases that were considered nonaccrual at the beginning and end of the reporting period and the interest income recognized on such loans for the three-month periods ended March 31, 2024 and 2023 follows:
|  | Amortized Cost with Allowance |  |  | Amortized Cost without Allowance |  |  | Total |  | Amortized Cost |  |  | Interest Income Recognized |
(Dollars in millions) |  | March 31, 2024 |  |  | January 1, 2024 |  |  | Three Months Ended March 31, 2024 |
Commercial and industrial |  | $ | 590 |  |  | $ | 274 |  |  | $ | 864 |  |  | $ | 670 |  |  | $ | 2 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 379 |  |  |  | 476 |  |  |  | 855 |  |  |  | 869 |  |  |  | 6 |
Residential builder and developer |  |  | 3 |  |  |  | — |  |  |  | 3 |  |  |  | 3 |  |  |  | — |
Other commercial construction |  |  | 33 |  |  |  | 108 |  |  |  | 141 |  |  |  | 171 |  |  |  | — |
Residential |  |  | 82 |  |  |  | 120 |  |  |  | 202 |  |  |  | 215 |  |  |  | 3 |
Residential — limited documentation |  |  | 18 |  |  |  | 35 |  |  |  | 53 |  |  |  | 55 |  |  |  | 1 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines and loans |  |  | 48 |  |  |  | 39 |  |  |  | 87 |  |  |  | 81 |  |  |  | 1 |
Recreational finance |  |  | 18 |  |  |  | 12 |  |  |  | 30 |  |  |  | 36 |  |  |  | — |
Automobile |  |  | 7 |  |  |  | 6 |  |  |  | 13 |  |  |  | 14 |  |  |  | — |
Other |  |  | 54 |  |  |  | — |  |  |  | 54 |  |  |  | 52 |  |  |  | — |
Total |  | $ | 1,232 |  |  | $ | 1,070 |  |  | $ | 2,302 |  |  | $ | 2,166 |  |  | $ | 13 |
(Dollars in millions) |  | March 31, 2023 |  |  | January 1, 2023 |  |  | Three Months Ended March 31, 2023 |
Commercial and industrial |  | $ | 227 |  |  | $ | 342 |  |  | $ | 569 |  |  | $ | 504 |  |  | $ | 3 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 364 |  |  |  | 966 |  |  |  | 1,330 |  |  |  | 1,240 |  |  |  | 5 |
Residential builder and developer |  |  | 3 |  |  |  | — |  |  |  | 3 |  |  |  | 1 |  |  |  | — |
Other commercial construction |  |  | 94 |  |  |  | 49 |  |  |  | 143 |  |  |  | 125 |  |  |  | 2 |
Residential |  |  | 125 |  |  |  | 129 |  |  |  | 254 |  |  |  | 272 |  |  |  | 5 |
Residential — limited documentation |  |  | 40 |  |  |  | 29 |  |  |  | 69 |  |  |  | 78 |  |  |  | — |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines and loans |  |  | 39 |  |  |  | 42 |  |  |  | 81 |  |  |  | 85 |  |  |  | 2 |
Recreational finance |  |  | 24 |  |  |  | 10 |  |  |  | 34 |  |  |  | 45 |  |  |  | — |
Automobile |  |  | 23 |  |  |  | 4 |  |  |  | 27 |  |  |  | 40 |  |  |  | — |
Other |  |  | 47 |  |  |  | — |  |  |  | 47 |  |  |  | 49 |  |  |  | — |
Total |  | $ | 986 |  |  | $ | 1,571 |  |  | $ | 2,557 |  |  | $ | 2,439 |  |  | $ | 17 |
4. Loans and leases and the allowance for credit losses, continued Loan modifications During the normal course of business, the Company modifies loans to maximize recovery efforts from borrowers experiencing financial difficulty. Such loan modifications typically include payment deferrals and interest rate reductions but may also include other modified terms. Those modified loans may be considered nonaccrual if the Company does not expect to collect the contractual cash flows owed under the loan agreement. The table that follows summarizes the Company’s loan modification activities to borrowers experiencing financial difficulty for the three-month periods ended March 31, 2024 and 2023:
|  | Amortized cost at March 31, 2024 |
(Dollars in millions) |  | Payment Deferral |  |  | Interest Rate Reduction |  |  | Other |  |  | Combination of Modification Types (a) |  |  | Total (b) (c) |  |  | Percent of Total Loan Class |
Three Months Ended March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 184 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 184 |  |  |  | .32 | %
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 267 |  |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | 270 |  |  | 1.07 |
Residential builder and developer |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | .18 |
Other commercial construction |  |  | 131 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 131 |  |  | 2.11 |
Residential |  |  | 48 |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 49 |  |  |  | .22 |
Residential — limited documentation |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | .17 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines and loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Recreational finance |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Automobile |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 634 |  |  | $ | — |  |  | $ | — |  |  | $ | 4 |  |  | $ | 638 |  |  |  | .47 | %
|  | Amortized cost at March 31, 2023 |
(Dollars in millions) |  | Payment Deferral |  |  | Interest Rate Reduction |  |  | Other |  |  | Combination of Modification Types (a) |  |  | Total (b) (c) |  |  | Percent of Total Loan Class |
Three Months Ended March 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial |  | $ | 70 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 70 |  |  |  | .13 | %
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 94 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 94 |  |  |  | .35 |
Residential builder and developer |  |  | 8 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8 |  |  |  | .64 |
Other commercial construction |  |  | 92 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 92 |  |  | 1.39 |
Residential |  |  | 33 |  |  |  | — |  |  |  | — |  |  |  | 2 |  |  |  | 35 |  |  |  | .15 |
Residential — limited documentation |  |  | 5 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5 |  |  |  | .51 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines and loans |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Recreational finance |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Automobile |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 302 |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | 304 |  |  |  | .23 | %
(a) Predominantly payment deferrals combined with interest rate reductions. (b) Includes approximately $44 million and $23 million of loans guaranteed by government-related entities (predominantly first lien residential mortgage loans) for the three-month periods ended March 31, 2024 and 2023, respectively. (c) Excludes unfunded commitments to extend credit totaling $29 million and $11 million for the three-month periods ended March 31, 2024 and 2023, respectively. 4. Loans and leases and the allowance for credit losses, continued The financial effects of the modifications for the three-month periods ended March 31, 2024 and 2023 include an increase in the weighted-average remaining term for commercial and industrial loans of 0.7 years and 1.2 years, respectively, for commercial real estate loans, inclusive of residential builder and development loans and other commercial construction loans of 0.8 years and 1.2 years, respectively, and for residential real estate loans of 11.4 years and 9.1 years, respectively. Modified loans to borrowers experiencing financial difficulty are subject to the allowance for credit losses methodology described herein, including the use of models to inform credit loss estimates and, to the extent larger balance commercial and industrial loans and commercial real estate loans are in nonaccrual status, a loan-by-loan analysis of expected credit losses on those individual loans. Loans to borrowers experiencing financial difficulty that were modified during the three months ended March 31, 2023 and for which there was a subsequent payment default during that period were not material. The following table summarizes the payment status, at March 31, 2024, of loans that were modified during the twelve-month period ended March 31, 2024.
|  | Payment status at March 31, 2024 (amortized cost) |
(Dollars in millions) |  | Current |  |  | 30-89 Days Past Due |  |  | Past Due 90 Days or More (a) |  |  | Total |
Twelve Months Ended March 31, 2024 |  |  |
Commercial and industrial |  | $ | 310 |  |  | $ | 7 |  |  | $ | 10 |  |  | $ | 327 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 715 |  |  |  | 33 |  |  |  | 24 |  |  |  | 772 |
Residential builder and developer |  |  | 14 |  |  |  | 39 |  |  |  | — |  |  |  | 53 |
Other commercial construction |  |  | 534 |  |  |  | 5 |  |  |  | — |  |  |  | 539 |
Residential (b) |  |  | 112 |  |  |  | 35 |  |  |  | 30 |  |  |  | 177 |
Residential — limited documentation |  |  | 6 |  |  |  | 2 |  |  |  | — |  |  |  | 8 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines and loans |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | 2 |
Recreational finance |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Automobile |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 1,693 |  |  | $ | 121 |  |  | $ | 64 |  |  | $ | 1,878 |
(a) Predominantly loan modifications with payment deferrals. (b) Includes loans guaranteed by government-related entities classified as 30 to 89 days past due of $30 million and as past due 90 days or more of $27 million. The amount of foreclosed property held by the Company, predominantly consisting of residential real estate, was $38 million and $39 million at March 31, 2024 and December 31, 2023, respectively. There were $165 million and $170 million at March 31, 2024 and December 31, 2023, respectively, of loans secured by residential real estate that were in the process of foreclosure. Of all loans in the process of foreclosure at March 31, 2024, approximately 35% were government guaranteed. At March 31, 2024, approximately $14.9 billion of commercial and industrial loans, including leases, $16.2 billion of commercial real estate loans, $18.6 billion of one-to-four family residential real estate loans, $2.6 billion of home equity loans and lines of credit and $10.9 billion of other consumer loans were pledged to secure outstanding borrowings and available lines of credit from FHLB and the FRB of New York. At December 31, 2023, approximately $13.4 billion of commercial and industrial loans, including leases, $16.4 billion of commercial real estate loans, $18.8 billion of one-to-four family residential real estate loans, $2.6 billion of home equity loans and lines of credit and $11.0 billion of other consumer loans were pledged to secure outstanding borrowings and available lines of credit from the FHLB and the FRB of New York as described in note 5.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//310-10/tableOfContent + Details
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