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v3.25.1

Loans and leases and the allowance for credit losses (Tables) | 3 Months Ended
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Mar. 31, 2025
Receivables [Abstract] |
Summary of Current, Past Due and Nonaccrual Loans | A summary of current, past due and nonaccrual loans as of March 31, 2025 and December 31, 2024 follows:
(Dollars in millions) | Current |  | 30-89 Days Past Due |  | Accruing Loans Past Due 90 Days or More |  | Nonaccrual |  | Total (a) (b)
March 31, 2025 |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 59,671 |  |  | $ | 256 |  |  | $ | 7 |  |  | $ | 662 |  |  | $ | 60,596 |
Real estate: |  |  |  |  |  |  |  |  |
Commercial (c) | 19,351 |  |  | 351 |  |  | — |  |  | 394 |  |  | 20,096 |
Residential builder and developer (d) | 819 |  |  | 6 |  |  | — |  |  | 1 |  |  | 826 |
Other commercial construction | 4,867 |  |  | 50 |  |  | — |  |  | 28 |  |  | 4,945 |
Residential (e) | 22,053 |  |  | 579 |  |  | 368 |  |  | 284 |  |  | 23,284 |
Consumer: |  |  |  |  |  |  |  |  |
Home equity lines and loans | 4,450 |  |  | 28 |  |  | — |  |  | 78 |  |  | 4,556 |
Recreational finance | 12,794 |  |  | 93 |  |  | — |  |  | 26 |  |  | 12,913 |
Automobile | 5,064 |  |  | 52 |  |  | — |  |  | 11 |  |  | 5,127 |
Other | 2,134 |  |  | 32 |  |  | 9 |  |  | 56 |  |  | 2,231 |
Total | $ | 131,203 |  |  | $ | 1,447 |  |  | $ | 384 |  |  | $ | 1,540 |  |  | $ | 134,574 |
December 31, 2024 |
Commercial and industrial | $ | 60,374 |  |  | $ | 399 |  |  | $ | 12 |  |  | $ | 696 |  |  | $ | 61,481 |
Real estate: |  |  |  |  |  |  |  |  |
Commercial (c) | 20,054 |  |  | 255 |  |  | 3 |  |  | 468 |  |  | 20,780 |
Residential builder and developer | 830 |  |  | 3 |  |  | — |  |  | 2 |  |  | 835 |
Other commercial construction | 5,018 |  |  | 65 |  |  | — |  |  | 66 |  |  | 5,149 |
Residential (e) | 21,853 |  |  | 719 |  |  | 315 |  |  | 279 |  |  | 23,166 |
Consumer: |  |  |  |  |  |  |  |  |
Home equity lines and loans | 4,482 |  |  | 29 |  |  | — |  |  | 81 |  |  | 4,592 |
Recreational finance | 12,429 |  |  | 104 |  |  | — |  |  | 31 |  |  | 12,564 |
Automobile | 4,724 |  |  | 58 |  |  | — |  |  | 12 |  |  | 4,794 |
Other | 2,134 |  |  | 23 |  |  | 8 |  |  | 55 |  |  | 2,220 |
Total | $ | 131,898 |  |  | $ | 1,655 |  |  | $ | 338 |  |  | $ | 1,690 |  |  | $ | 135,581 |
__________________________________________________________________________________ (a)Balances include net discounts, comprised of unamortized premiums, discounts and net deferred loan fees and costs of $265 million and $277 million at March 31, 2025 and December 31, 2024, respectively. (b)Balances exclude accrued interest receivable of $603 million and $628 million at March 31, 2025 and December 31, 2024, respectively, which is included as Accrued interest and other assets in the Company's Consolidated Balance Sheet. (c)Commercial real estate loans held for sale were $192 million at March 31, 2025 and $310 million at December 31, 2024. (d)Residential builder and developer loans held for sale were $693 million at March 31, 2025. (e)One-to-four family residential mortgage loans held for sale were $179 million at March 31, 2025 and $211 million at December 31, 2024.
Summary of Loan grades applied various classes of Commercial and Real Estate Loans | The following table summarizes the loan grades applied at March 31, 2025 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, 2025 by origination year.
| Term Loans by Origination Year |  | Revolving Loans |  | Revolving Loans Converted to Term Loans |  | Total
(Dollars in millions) | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  |  |
Commercial and industrial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 2,222 |  |  | $ | 8,230 |  |  | $ | 5,812 |  |  | $ | 5,456 |  |  | $ | 2,918 |  |  | $ | 6,474 |  |  | $ | 25,358 |  |  | $ | 94 |  |  | $ | 56,564 |
Criticized accrual | 29 |  |  | 272 |  |  | 393 |  |  | 403 |  |  | 188 |  |  | 588 |  |  | 1,461 |  |  | 36 |  |  | 3,370 |
Criticized nonaccrual | — |  |  | 11 |  |  | 66 |  |  | 102 |  |  | 41 |  |  | 270 |  |  | 154 |  |  | 18 |  |  | 662 |
Total commercial and industrial | $ | 2,251 |  |  | $ | 8,513 |  |  | $ | 6,271 |  |  | $ | 5,961 |  |  | $ | 3,147 |  |  | $ | 7,332 |  |  | $ | 26,973 |  |  | $ | 148 |  |  | $ | 60,596 |
Gross charge-offs three months ended March 31, 2025 | $ | — |  |  | $ | 3 |  |  | $ | 8 |  |  | $ | 9 |  |  | $ | 2 |  |  | $ | 5 |  |  | $ | 23 |  |  | $ | — |  |  | $ | 50 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 538 |  |  | $ | 402 |  |  | $ | 1,492 |  |  | $ | 1,310 |  |  | $ | 1,196 |  |  | $ | 11,051 |  |  | $ | 447 |  |  | $ | — |  |  | $ | 16,436 |
Criticized accrual | — |  |  | 39 |  |  | 352 |  |  | 560 |  |  | 279 |  |  | 2,029 |  |  | 7 |  |  | — |  |  | 3,266 |
Criticized nonaccrual | — |  |  | 1 |  |  | 1 |  |  | 55 |  |  | 25 |  |  | 311 |  |  | 1 |  |  | — |  |  | 394 |
Total commercial real estate | $ | 538 |  |  | $ | 442 |  |  | $ | 1,845 |  |  | $ | 1,925 |  |  | $ | 1,500 |  |  | $ | 13,391 |  |  | $ | 455 |  |  | $ | — |  |  | $ | 20,096 |
Gross charge-offs three months ended March 31, 2025 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 22 |  |  | $ | — |  |  | $ | — |  |  | $ | 22 |
Residential builder and developer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 124 |  |  | $ | 327 |  |  | $ | 171 |  |  | $ | 41 |  |  | $ | 11 |  |  | $ | 14 |  |  | $ | 66 |  |  | $ | — |  |  | $ | 754 |
Criticized accrual | 1 |  |  | 18 |  |  | 22 |  |  | 30 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 71 |
Criticized nonaccrual | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |
Total residential builder and developer | $ | 125 |  |  | $ | 346 |  |  | $ | 193 |  |  | $ | 71 |  |  | $ | 11 |  |  | $ | 14 |  |  | $ | 66 |  |  | $ | — |  |  | $ | 826 |
Gross charge-offs three months ended March 31, 2025 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Other commercial construction: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 4 |  |  | $ | 165 |  |  | $ | 1,407 |  |  | $ | 982 |  |  | $ | 213 |  |  | $ | 500 |  |  | $ | 39 |  |  | $ | — |  |  | $ | 3,310 |
Criticized accrual | — |  |  | 2 |  |  | 126 |  |  | 729 |  |  | 309 |  |  | 435 |  |  | 6 |  |  | — |  |  | 1,607 |
Criticized nonaccrual | — |  |  | — |  |  | 1 |  |  | 16 |  |  | 1 |  |  | 10 |  |  | — |  |  | — |  |  | 28 |
Total other commercial construction | $ | 4 |  |  | $ | 167 |  |  | $ | 1,534 |  |  | $ | 1,727 |  |  | $ | 523 |  |  | $ | 945 |  |  | $ | 45 |  |  | $ | — |  |  | $ | 4,945 |
Gross charge-offs three months ended March 31, 2025 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
The following table summarizes the loan grades applied at December 31, 2024 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 Loans |  | Revolving Loans Converted to Term Loans |  |
(Dollars in millions) | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  |  |  | Total
Commercial and industrial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 9,021 |  |  | $ | 6,454 |  |  | $ | 5,845 |  |  | $ | 3,258 |  |  | $ | 1,534 |  |  | $ | 5,147 |  |  | $ | 26,262 |  |  | $ | 79 |  |  | $ | 57,600 |
Criticized accrual | 189 |  |  | 385 |  |  | 402 |  |  | 210 |  |  | 75 |  |  | 528 |  |  | 1,359 |  |  | 37 |  |  | 3,185 |
Criticized nonaccrual | 11 |  |  | 56 |  |  | 98 |  |  | 41 |  |  | 59 |  |  | 220 |  |  | 194 |  |  | 17 |  |  | 696 |
Total commercial and industrial | $ | 9,221 |  |  | $ | 6,895 |  |  | $ | 6,345 |  |  | $ | 3,509 |  |  | $ | 1,668 |  |  | $ | 5,895 |  |  | $ | 27,815 |  |  | $ | 133 |  |  | $ | 61,481 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 674 |  |  | $ | 1,477 |  |  | $ | 1,358 |  |  | $ | 1,222 |  |  | $ | 1,774 |  |  | $ | 9,611 |  |  | $ | 413 |  |  | $ | — |  |  | $ | 16,529 |
Criticized accrual | 39 |  |  | 389 |  |  | 665 |  |  | 253 |  |  | 591 |  |  | 1,839 |  |  | 7 |  |  | — |  |  | 3,783 |
Criticized nonaccrual | 1 |  |  | 1 |  |  | 53 |  |  | 26 |  |  | 17 |  |  | 369 |  |  | 1 |  |  | — |  |  | 468 |
Total commercial real estate | $ | 714 |  |  | $ | 1,867 |  |  | $ | 2,076 |  |  | $ | 1,501 |  |  | $ | 2,382 |  |  | $ | 11,819 |  |  | $ | 421 |  |  | $ | — |  |  | $ | 20,780 |
Residential builder and developer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 380 |  |  | $ | 236 |  |  | $ | 40 |  |  | $ | 12 |  |  | $ | 4 |  |  | $ | 10 |  |  | $ | 60 |  |  | $ | — |  |  | $ | 742 |
Criticized accrual | 15 |  |  | 42 |  |  | 34 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 91 |
Criticized nonaccrual | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 2 |
Total residential builder and developer | $ | 396 |  |  | $ | 278 |  |  | $ | 74 |  |  | $ | 12 |  |  | $ | 4 |  |  | $ | 11 |  |  | $ | 60 |  |  | $ | — |  |  | $ | 835 |
Other commercial construction: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $ | 108 |  |  | $ | 1,395 |  |  | $ | 1,091 |  |  | $ | 269 |  |  | $ | 175 |  |  | $ | 379 |  |  | $ | 42 |  |  | $ | — |  |  | $ | 3,459 |
Criticized accrual | 42 |  |  | 104 |  |  | 687 |  |  | 346 |  |  | 297 |  |  | 145 |  |  | 3 |  |  | — |  |  | 1,624 |
Criticized nonaccrual | — |  |  | — |  |  | 17 |  |  | 33 |  |  | — |  |  | 16 |  |  | — |  |  | — |  |  | 66 |
Total other commercial construction | $ | 150 |  |  | $ | 1,499 |  |  | $ | 1,795 |  |  | $ | 648 |  |  | $ | 472 |  |  | $ | 540 |  |  | $ | 45 |  |  | $ | — |  |  | $ | 5,149 |
Summary of loans in Accrual and Nonaccrual Status | A summary of loans in accrual and nonaccrual status at March 31, 2025 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, 2025 by origination year follows:
| Term Loans by Origination Year |  | Revolving Loans |  | Revolving Loans Converted to Term Loans |  | Total
(Dollars in millions) | 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  |  |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current | $ | 776 |  |  | $ | 2,031 |  |  | $ | 1,317 |  |  | $ | 4,347 |  |  | $ | 3,432 |  |  | $ | 10,044 |  |  | $ | 106 |  |  | $ | — |  |  | $ | 22,053 |
30-89 days past due | — |  |  | 11 |  |  | 15 |  |  | 94 |  |  | 62 |  |  | 397 |  |  | — |  |  | — |  |  | 579 |
Accruing loans past due 90 days or more | — |  |  | 3 |  |  | 12 |  |  | 44 |  |  | 75 |  |  | 234 |  |  | — |  |  | — |  |  | 368 |
Nonaccrual | — |  |  | 1 |  |  | 4 |  |  | 38 |  |  | 17 |  |  | 222 |  |  | 2 |  |  | — |  |  | 284 |
Total residential real estate | $ | 776 |  |  | $ | 2,046 |  |  | $ | 1,348 |  |  | $ | 4,523 |  |  | $ | 3,586 |  |  | $ | 10,897 |  |  | $ | 108 |  |  | $ | — |  |  | $ | 23,284 |
Gross charge-offs three months ended March 31, 2025 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines and loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 88 |  |  | $ | 3,065 |  |  | $ | 1,296 |  |  | $ | 4,450 |
30-89 days past due | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 27 |  |  | 28 |
Accruing loans past due 90 days or more | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Nonaccrual | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | 75 |  |  | 78 |
Total home equity lines and loans | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 92 |  |  | $ | 3,065 |  |  | $ | 1,398 |  |  | $ | 4,556 |
Gross charge-offs three months ended March 31, 2025 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |
Recreational finance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current | $ | 995 |  |  | $ | 3,701 |  |  | $ | 2,075 |  |  | $ | 1,956 |  |  | $ | 1,589 |  |  | $ | 2,478 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,794 |
30-89 days past due | 1 |  |  | 13 |  |  | 17 |  |  | 15 |  |  | 16 |  |  | 31 |  |  | — |  |  | — |  |  | 93 |
Accruing loans past due 90 days or more | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Nonaccrual | — |  |  | 4 |  |  | 6 |  |  | 4 |  |  | 4 |  |  | 8 |  |  | — |  |  | — |  |  | 26 |
Total recreational finance | $ | 996 |  |  | $ | 3,718 |  |  | $ | 2,098 |  |  | $ | 1,975 |  |  | $ | 1,609 |  |  | $ | 2,517 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,913 |
Gross charge-offs three months ended March 31, 2025 | $ | — |  |  | $ | 5 |  |  | $ | 8 |  |  | $ | 7 |  |  | $ | 7 |  |  | $ | 13 |  |  | $ | — |  |  | $ | — |  |  | $ | 40 |
Automobile: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current | $ | 471 |  |  | $ | 2,250 |  |  | $ | 772 |  |  | $ | 715 |  |  | $ | 582 |  |  | $ | 274 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,064 |
30-89 days past due | — |  |  | 13 |  |  | 13 |  |  | 11 |  |  | 9 |  |  | 6 |  |  | — |  |  | — |  |  | 52 |
Accruing loans past due 90 days or more | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Nonaccrual | — |  |  | 3 |  |  | 2 |  |  | 2 |  |  | 2 |  |  | 2 |  |  | — |  |  | — |  |  | 11 |
Total automobile | $ | 471 |  |  | $ | 2,266 |  |  | $ | 787 |  |  | $ | 728 |  |  | $ | 593 |  |  | $ | 282 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,127 |
Gross charge-offs three months ended March 31, 2025 | $ | — |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | 12 |
Other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current | $ | 103 |  |  | $ | 222 |  |  | $ | 134 |  |  | $ | 90 |  |  | $ | 64 |  |  | $ | 30 |  |  | $ | 1,490 |  |  | $ | 1 |  |  | $ | 2,134 |
30-89 days past due | 2 |  |  | 2 |  |  | 2 |  |  | 1 |  |  | — |  |  | — |  |  | 24 |  |  | 1 |  |  | 32 |
Accruing loans past due 90 days or more | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9 |  |  | — |  |  | 9 |
Nonaccrual | 1 |  |  | 1 |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 52 |  |  | — |  |  | 56 |
Total other | $ | 106 |  |  | $ | 225 |  |  | $ | 137 |  |  | $ | 92 |  |  | $ | 64 |  |  | $ | 30 |  |  | $ | 1,575 |  |  | $ | 2 |  |  | $ | 2,231 |
Gross charge-offs three months ended March 31, 2025 | $ | 1 |  |  | $ | 6 |  |  | $ | 3 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 20 |  |  | $ | — |  |  | $ | 33 |
Total loans and leases at March 31, 2025 | $ | 5,267 |  |  | $ | 17,723 |  |  | $ | 14,213 |  |  | $ | 17,002 |  |  | $ | 11,034 |  |  | $ | 35,500 |  |  | $ | 32,287 |  |  | $ | 1,548 |  |  | $ | 134,574 |
Total gross charge-offs for the three months ended March 31, 2025 | $ | 1 |  |  | $ | 17 |  |  | $ | 22 |  |  | $ | 20 |  |  | $ | 12 |  |  | $ | 44 |  |  | $ | 43 |  |  | $ | 1 |  |  | $ | 160 |
A summary of loans in accrual and nonaccrual status at December 31, 2024 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 Loans |  | Revolving Loans Converted to Term Loans |  | Total
(Dollars in millions) | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  |  |
Residential real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current | $ | 2,264 |  |  | $ | 1,354 |  |  | $ | 4,394 |  |  | $ | 3,488 |  |  | $ | 2,376 |  |  | $ | 7,874 |  |  | $ | 103 |  |  | $ | — |  |  | $ | 21,853 |
30-89 days past due | 12 |  |  | 9 |  |  | 111 |  |  | 77 |  |  | 38 |  |  | 472 |  |  | — |  |  | — |  |  | 719 |
Accruing loans past due 90 days or more | 1 |  |  | 7 |  |  | 39 |  |  | 47 |  |  | 20 |  |  | 201 |  |  | — |  |  | — |  |  | 315 |
Nonaccrual | — |  |  | 2 |  |  | 27 |  |  | 16 |  |  | 5 |  |  | 226 |  |  | 3 |  |  | — |  |  | 279 |
Total residential real estate | $ | 2,277 |  |  | $ | 1,372 |  |  | $ | 4,571 |  |  | $ | 3,628 |  |  | $ | 2,439 |  |  | $ | 8,773 |  |  | $ | 106 |  |  | $ | — |  |  | $ | 23,166 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines and loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 91 |  |  | $ | 3,085 |  |  | $ | 1,302 |  |  | $ | 4,482 |
30-89 days past due | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 27 |  |  | 29 |
Accruing loans past due 90 days or more | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Nonaccrual | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 79 |  |  | 81 |
Total home equity lines and loans | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | 2 |  |  | $ | 95 |  |  | $ | 3,085 |  |  | $ | 1,408 |  |  | $ | 4,592 |
Recreational finance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current | $ | 3,918 |  |  | $ | 2,203 |  |  | $ | 2,044 |  |  | $ | 1,661 |  |  | $ | 1,100 |  |  | $ | 1,503 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,429 |
30-89 days past due | 13 |  |  | 18 |  |  | 15 |  |  | 20 |  |  | 15 |  |  | 23 |  |  | — |  |  | — |  |  | 104 |
Accruing loans past due 90 days or more | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Nonaccrual | 3 |  |  | 6 |  |  | 6 |  |  | 5 |  |  | 4 |  |  | 7 |  |  | — |  |  | — |  |  | 31 |
Total recreational finance | $ | 3,934 |  |  | $ | 2,227 |  |  | $ | 2,065 |  |  | $ | 1,686 |  |  | $ | 1,119 |  |  | $ | 1,533 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,564 |
Automobile: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current | $ | 2,264 |  |  | $ | 775 |  |  | $ | 740 |  |  | $ | 632 |  |  | $ | 220 |  |  | $ | 93 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,724 |
30-89 days past due | 11 |  |  | 13 |  |  | 13 |  |  | 12 |  |  | 5 |  |  | 4 |  |  | — |  |  | — |  |  | 58 |
Accruing loans past due 90 days or more | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Nonaccrual | 2 |  |  | 2 |  |  | 3 |  |  | 2 |  |  | 1 |  |  | 2 |  |  | — |  |  | — |  |  | 12 |
Total automobile | $ | 2,277 |  |  | $ | 790 |  |  | $ | 756 |  |  | $ | 646 |  |  | $ | 226 |  |  | $ | 99 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,794 |
Other: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current | $ | 259 |  |  | $ | 152 |  |  | $ | 102 |  |  | $ | 71 |  |  | $ | 16 |  |  | $ | 18 |  |  | $ | 1,515 |  |  | $ | 1 |  |  | $ | 2,134 |
30-89 days past due | 4 |  |  | 2 |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 14 |  |  | 1 |  |  | 23 |
Accruing loans past due 90 days or more | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | 8 |
Nonaccrual | 2 |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 51 |  |  | — |  |  | 55 |
Total other | $ | 265 |  |  | $ | 155 |  |  | $ | 104 |  |  | $ | 72 |  |  | $ | 16 |  |  | $ | 18 |  |  | $ | 1,588 |  |  | $ | 2 |  |  | $ | 2,220 |
Total loans and leases at December 31, 2024 | $ | 19,234 |  |  | $ | 15,083 |  |  | $ | 17,786 |  |  | $ | 11,704 |  |  | $ | 8,328 |  |  | $ | 28,783 |  |  | $ | 33,120 |  |  | $ | 1,543 |  |  | $ | 135,581 |
Changes in Allowance for Credit Losses | Changes in the allowance for credit losses for the three months ended March 31, 2025 and 2024 were as follows:
| Commercial and Industrial |  | Real Estate |  |  |  |
(Dollars in millions) |  | Commercial |  | Residential |  | Consumer |  | Total
Three Months Ended March 31, 2025 |  |  |  |  |  |  |  |  |
Beginning balance | $ | 769 |  |  | $ | 599 |  |  | $ | 108 |  |  | $ | 708 |  |  | $ | 2,184 |
Provision for credit losses | 22 |  |  | 30 |  |  | (3) |  |  | 81 |  |  | 130 |
Net charge-offs: |  |  |  |  |  |  |  |  |
Charge-offs | (50) |  |  | (22) |  |  | (2) |  |  | (86) |  |  | (160) |
Recoveries | 21 |  |  | 3 |  |  | 2 |  |  | 20 |  |  | 46 |
Net charge-offs | (29) |  |  | (19) |  |  | — |  |  | (66) |  |  | (114) |
Ending balance | $ | 762 |  |  | $ | 610 |  |  | $ | 105 |  |  | $ | 723 |  |  | $ | 2,200 |
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 |
Loan and Leases Considered Nonaccrual and Interest Income Recognized on Loans | 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, 2025 and 2024 follows:
| Amortized Cost with Allowance |  | Amortized Cost without Allowance |  | Total |  |  |  | Amortized Cost |  | Interest Income Recognized
(Dollars in millions) | March 31, 2025 |  |  |  | January 1, 2025 |  | Three Months Ended March 31, 2025 |  |
Commercial and industrial | $ | 522 |  |  | $ | 140 |  |  | $ | 662 |  |  |  |  | $ | 696 |  |  | $ | 6 |  |  |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial | 341 |  |  | 53 |  |  | 394 |  |  |  |  | 468 |  |  | 7 |  |  |
Residential builder and developer | 1 |  |  | — |  |  | 1 |  |  |  |  | 2 |  |  | — |  |  |
Other commercial construction | 23 |  |  | 5 |  |  | 28 |  |  |  |  | 66 |  |  | — |  |  |
Residential | 135 |  |  | 149 |  |  | 284 |  |  |  |  | 279 |  |  | 3 |  |  |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity lines and loans | 36 |  |  | 42 |  |  | 78 |  |  |  |  | 81 |  |  | 2 |  |  |
Recreational finance | 17 |  |  | 9 |  |  | 26 |  |  |  |  | 31 |  |  | — |  |  |
Automobile | 8 |  |  | 3 |  |  | 11 |  |  |  |  | 12 |  |  | — |  |  |
Other | 56 |  |  | — |  |  | 56 |  |  |  |  | 55 |  |  | — |  |  |
Total | $ | 1,139 |  |  | $ | 401 |  |  | $ | 1,540 |  |  |  |  | $ | 1,690 |  |  | $ | 18 |  |  |
(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 | 100 |  |  | 155 |  |  | 255 |  |  |  |  | 270 |  |  | 4 |  |  |
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 |  |  |
Loan Modification Activities to Borrowers Experiencing Financial Difficulty on Financing Receivables | The table that follows summarizes the Company’s loan modification activities to borrowers experiencing financial difficulty for the three-month periods ended March 31, 2025 and 2024:
| Amortized Cost
(Dollars in millions) | Term Extension |  | Other (a) |  | Combination of Modification Types (b) |  | Total (c) (d) |  | Percent of Total Loan Class
Three Months Ended March 31, 2025 |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 35 |  |  | $ | 2 |  |  | $ | 74 |  |  | $ | 111 |  |  | .18 | %
Real estate: |  |  |  |  |  |  |  |  |
Commercial | 131 |  |  | — |  |  | — |  |  | 131 |  |  | .65 |
Residential builder and developer | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other commercial construction | 225 |  |  | — |  |  | — |  |  | 225 |  |  | 4.53 |
Residential | 40 |  |  | 3 |  |  | 7 |  |  | 50 |  |  | .22 |
Consumer: |  |  |  |  |  |  |  |  |
Home equity lines and loans | — |  |  | — |  |  | — |  |  | — |  |  | — |
Recreational finance | — |  |  | — |  |  | — |  |  | — |  |  | — |
Automobile | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 431 |  |  | $ | 5 |  |  | $ | 81 |  |  | $ | 517 |  |  | .38 | %
Three Months Ended March 31, 2024 |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 139 |  |  | $ | 45 |  |  | $ | — |  |  | $ | 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 | 45 |  |  | 5 |  |  | 1 |  |  | 51 |  |  | .22 |
Consumer: |  |  |  |  |  |  |  |  |
Home equity lines and loans | — |  |  | — |  |  | — |  |  | — |  |  | — |
Recreational finance | — |  |  | — |  |  | — |  |  | — |  |  | — |
Automobile | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 584 |  |  | $ | 50 |  |  | $ | 4 |  |  | $ | 638 |  |  | .47 | %
__________________________________________________________________________________ (a)Predominantly payment deferrals. (b)Predominantly term extensions combined with payment deferrals or interest rate reductions for the three-month periods ended March 31, 2025 and 2024, respectively. (c)Includes approximately $36 million and $44 million of loans guaranteed by government-related entities (predominantly first lien residential mortgage loans) for the three-month periods ended March 31, 2025 and 2024, respectively. (d)Excludes unfunded commitments to extend credit totaling $9 million and $29 million for the three-month periods ended March 31, 2025 and 2024, respectively.
Summary of Payment Status of Loans Modified | The following table summarizes the payment status, at March 31, 2025 and 2024, of loans that were modified during the twelve-month period ended March 31, 2025 and 2024.
| Payment Status (Amortized Cost) (a)
(Dollars in millions) | Current |  | 30-89 Days Past Due |  | Past Due 90 Days or More (b) |  | Total
Twelve Months Ended March 31, 2025 |  |  |  |  |  |  |
Commercial and industrial | $ | 293 |  |  | $ | 3 |  |  | $ | 17 |  |  | $ | 313 |
Real estate: |  |  |  |  |  |  |
Commercial | 419 |  |  | 49 |  |  | — |  |  | 468 |
Residential builder and developer | 1 |  |  | — |  |  | — |  |  | 1 |
Other commercial construction | 289 |  |  | 30 |  |  | 9 |  |  | 328 |
Residential (c) | 104 |  |  | 35 |  |  | 41 |  |  | 180 |
Consumer: |  |  |  |  |  |  |
Home equity lines and loans | 1 |  |  | — |  |  | — |  |  | 1 |
Recreational finance | 1 |  |  | — |  |  | — |  |  | 1 |
Automobile | — |  |  | — |  |  | — |  |  | — |
Other | — |  |  | — |  |  | — |  |  | — |
Total | $ | 1,108 |  |  | $ | 117 |  |  | $ | 67 |  |  | $ | 1,292 |
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 (c) | 118 |  |  | 37 |  |  | 30 |  |  | 185 |
Consumer: |  |  |  |  |  |  |
Home equity lines and loans | 2 |  |  | — |  |  | — |  |  | 2 |
Recreational finance | — |  |  | — |  |  | — |  |  | — |
Automobile | — |  |  | — |  |  | — |  |  | — |
Other | — |  |  | — |  |  | — |  |  | — |
Total | $ | 1,693 |  |  | $ | 121 |  |  | $ | 64 |  |  | $ | 1,878 |
__________________________________________________________________________________ (a) As of respective period end. (b) Predominantly loan modifications with term extensions. (c) Includes loans guaranteed by government-related entities classified as 30 to 89 days past due of $29 million and $30 million and as past due 90 days or more of $34 million and $27 million at March 31, 2025 and 2024, respectively.

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