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CREDIT QUALITY AND THE ALLOWANCE FOR CREDIT LOSSES (Tables) | 3 Months Ended
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Mar. 31, 2024
Receivables [Abstract] |
Schedule of changes in the allowance for credit losses | The following table presents a summary of changes in the ACL for the three months ended March 31, 2024:
| Three Months Ended March 31, 2024 |  |
(dollars in millions) | Commercial | Retail | Total |  |  |  |
Allowance for loan and lease losses, beginning of period | $1,250 |  | $848 |  | $2,098 |  |  |  |  |
Charge-offs | (102) |  | (129) |  | (231) |  |  |  |  |
Recoveries | 17 |  | 33 |  | 50 |  |  |  |  |
Net charge-offs | (85) |  | (96) |  | (181) |  |  |  |  |
Provision expense (benefit) for loans and leases | 69 |  | 100 |  | 169 |  |  |  |  |
Allowance for loan and lease losses, end of period | 1,234 |  | 852 |  | 2,086 |  |  |  |  |
Allowance for unfunded lending commitments, beginning of period | 175 |  | 45 |  | 220 |  |  |  |  |
Provision expense (benefit) for unfunded lending commitments | 16 |  | (14) |  | 2 |  |  |  |  |
Allowance for unfunded lending commitments, end of period | 191 |  | 31 |  | 222 |  |  |  |  |
Total allowance for credit losses, end of period | $1,425 |  | $883 |  | $2,308 |  |  |  |  |
The following table presents a summary of changes in the ACL for the three months ended March 31, 2023:
| Three Months Ended March 31, 2023 |  |
(dollars in millions) | Commercial | Retail | Total |  |  |  |
Allowance for loan and lease losses, beginning of period | $1,060 |  | $923 |  | $1,983 |  |  |  |  |
Charge-offs | (59) |  | (112) |  | (171) |  |  |  |  |
Recoveries | 7 |  | 31 |  | 38 |  |  |  |  |
Net charge-offs | (52) |  | (81) |  | (133) |  |  |  |  |
Provision expense (benefit) for loans and leases | 103 |  | 64 |  | 167 |  |  |  |  |
Allowance for loan and lease losses, end of period | 1,111 |  | 906 |  | 2,017 |  |  |  |  |
Allowance for unfunded lending commitments, beginning of period | 207 |  | 50 |  | 257 |  |  |  |  |
Provision expense (benefit) for unfunded lending commitments | 8 |  | (7) |  | 1 |  |  |  |  |
Allowance for unfunded lending commitments, end of period | 215 |  | 43 |  | 258 |  |  |  |  |
Total allowance for credit losses, end of period | $1,326 |  | $949 |  | $2,275 |  |  |  |  |
The following tables present gross charge-offs by vintage date for the Company’s loan and lease portfolios:
| Three Months Ended March 31, 2024
| Term Loans and Leases by Origination Year |  | Revolving Loans |  |
(dollars in millions) | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior to 2020 |  | Within the Revolving Period | Converted to Term |  | Total
Commercial and industrial | $— |  |  | $5 |  |  | $1 |  |  | $4 |  |  | $— |  |  | $1 |  |  | $3 |  | $— |  |  | $14 |
Commercial real estate | — |  |  | — |  |  | — |  |  | — |  |  | 59 |  |  | 29 |  |  | — |  | — |  |  | 88 |
Total commercial | — |  |  | 5 |  |  | 1 |  |  | 4 |  |  | 59 |  |  | 30 |  |  | 3 |  | — |  |  | 102 |
Residential mortgages | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  | — |  |  | 2 |
Home equity | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 2 |  | 1 |  |  | 4 |
Automobile | — |  |  | 2 |  |  | 9 |  |  | 11 |  |  | 3 |  |  | 3 |  |  | — |  | — |  |  | 28 |
Education | — |  |  | — |  |  | 1 |  |  | 6 |  |  | 7 |  |  | 18 |  |  | — |  | — |  |  | 32 |
Other retail | 4 |  |  | 9 |  |  | 4 |  |  | 3 |  |  | — |  |  | 4 |  |  | 39 |  | — |  |  | 63 |
Total retail | 4 |  |  | 11 |  |  | 14 |  |  | 20 |  |  | 10 |  |  | 28 |  |  | 41 |  | 1 |  |  | 129 |
Total loans and leases | $4 |  |  | $16 |  |  | $15 |  |  | $24 |  |  | $69 |  |  | $58 |  |  | $44 |  | $1 |  |  | $231 |
| Three Months Ended March 31, 2023
| Term Loans and Leases by Origination Year |  | Revolving Loans |  |
(dollars in millions) | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior to 2019 |  | Within the Revolving Period | Converted to Term |  | Total
Commercial and industrial | $— |  |  | $— |  |  | $27 |  |  | $4 |  |  | $— |  |  | $— |  |  | $24 |  | $— |  |  | $55 |
Commercial real estate | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 3 |  |  | — |  | — |  |  | 4 |
Total commercial | — |  |  | — |  |  | 27 |  |  | 4 |  |  | 1 |  |  | 3 |  |  | 24 |  | — |  |  | 59 |
Residential mortgages | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  | — |  |  | 1 |
Home equity | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |  | — |  |  | 2 |
Automobile | — |  |  | 7 |  |  | 11 |  |  | 4 |  |  | 4 |  |  | 4 |  |  | — |  | — |  |  | 30 |
Education | — |  |  | 2 |  |  | 3 |  |  | 4 |  |  | 3 |  |  | 11 |  |  | — |  | — |  |  | 23 |
Other retail | 5 |  |  | 15 |  |  | 4 |  |  | 3 |  |  | 3 |  |  | 3 |  |  | 23 |  | — |  |  | 56 |
Total retail | 5 |  |  | 24 |  |  | 18 |  |  | 11 |  |  | 10 |  |  | 20 |  |  | 24 |  | — |  |  | 112 |
Total loans and leases | $5 |  |  | $24 |  |  | $45 |  |  | $15 |  |  | $11 |  |  | $23 |  |  | $48 |  | $— |  |  | $171 |
Schedule of classes of loans and leases, amortized cost basis by credit quality indicator | The following table presents the amortized cost basis of commercial loans and leases by vintage date and internal risk rating as of March 31, 2024:
| Term Loans and Leases by Origination Year |  | Revolving Loans |  |
(dollars in millions) | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior to 2020 |  | Within the Revolving Period | Converted to Term |  | Total
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $1,261 |  |  | $3,535 |  |  | $5,966 |  |  | $5,103 |  |  | $1,280 |  |  | $2,843 |  |  | $20,606 |  | $49 |  |  | $40,643 |
Special Mention | — |  |  | 56 |  |  | 219 |  |  | 353 |  |  | 66 |  |  | 106 |  |  | 312 |  | — |  |  | 1,112 |
Substandard Accrual | — |  |  | 22 |  |  | 187 |  |  | 305 |  |  | 188 |  |  | 387 |  |  | 802 |  | 11 |  |  | 1,902 |
Nonaccrual | — |  |  | 5 |  |  | 67 |  |  | 31 |  |  | 6 |  |  | 112 |  |  | 66 |  | 7 |  |  | 294 |
Total commercial and industrial | 1,261 |  |  | 3,618 |  |  | 6,439 |  |  | 5,792 |  |  | 1,540 |  |  | 3,448 |  |  | 21,786 |  | 67 |  |  | 43,951 |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 466 |  |  | 1,555 |  |  | 5,966 |  |  | 6,009 |  |  | 2,258 |  |  | 5,626 |  |  | 1,621 |  | 3 |  |  | 23,504 |
Special Mention | — |  |  | 6 |  |  | 915 |  |  | 502 |  |  | 370 |  |  | 452 |  |  | 129 |  | — |  |  | 2,374 |
Substandard Accrual | — |  |  | 49 |  |  | 284 |  |  | 271 |  |  | 368 |  |  | 1,330 |  |  | 95 |  | — |  |  | 2,397 |
Nonaccrual | — |  |  | — |  |  | 78 |  |  | 34 |  |  | 12 |  |  | 470 |  |  | 3 |  | — |  |  | 597 |
Total commercial real estate | 466 |  |  | 1,610 |  |  | 7,243 |  |  | 6,816 |  |  | 3,008 |  |  | 7,878 |  |  | 1,848 |  | 3 |  |  | 28,872 |
Total commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,727 |  |  | 5,090 |  |  | 11,932 |  |  | 11,112 |  |  | 3,538 |  |  | 8,469 |  |  | 22,227 |  | 52 |  |  | 64,147 |
Special Mention | — |  |  | 62 |  |  | 1,134 |  |  | 855 |  |  | 436 |  |  | 558 |  |  | 441 |  | — |  |  | 3,486 |
Substandard Accrual | — |  |  | 71 |  |  | 471 |  |  | 576 |  |  | 556 |  |  | 1,717 |  |  | 897 |  | 11 |  |  | 4,299 |
Nonaccrual | — |  |  | 5 |  |  | 145 |  |  | 65 |  |  | 18 |  |  | 582 |  |  | 69 |  | 7 |  |  | 891 |
Total commercial | $1,727 |  |  | $5,228 |  |  | $13,682 |  |  | $12,608 |  |  | $4,548 |  |  | $11,326 |  |  | $23,634 |  | $70 |  |  | $72,823 |
The following table presents the amortized cost basis of commercial loans and leases by vintage date and internal risk rating as of December 31, 2023:
| Term Loans and Leases by Origination Year |  | Revolving Loans |  |
(dollars in millions) | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior to 2019 |  | Within the Revolving Period | Converted to Term |  | Total
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | $3,694 |  |  | $6,512 |  |  | $5,331 |  |  | $1,445 |  |  | $1,147 |  |  | $2,299 |  |  | $21,033 |  | $53 |  |  | $41,514 |
Special Mention | 59 |  |  | 221 |  |  | 355 |  |  | 30 |  |  | 50 |  |  | 113 |  |  | 368 |  | — |  |  | 1,196 |
Substandard Accrual | 8 |  |  | 189 |  |  | 337 |  |  | 218 |  |  | 125 |  |  | 287 |  |  | 792 |  | 11 |  |  | 1,967 |
Nonaccrual | 1 |  |  | 72 |  |  | 54 |  |  | 4 |  |  | 5 |  |  | 102 |  |  | 53 |  | 6 |  |  | 297 |
Total commercial and industrial | 3,762 |  |  | 6,994 |  |  | 6,077 |  |  | 1,697 |  |  | 1,327 |  |  | 2,801 |  |  | 22,246 |  | 70 |  |  | 44,974 |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,906 |  |  | 5,791 |  |  | 6,062 |  |  | 2,555 |  |  | 2,294 |  |  | 3,895 |  |  | 1,975 |  | 8 |  |  | 24,486 |
Special Mention | — |  |  | 713 |  |  | 539 |  |  | 222 |  |  | 183 |  |  | 260 |  |  | 75 |  | — |  |  | 1,992 |
Substandard Accrual | — |  |  | 277 |  |  | 203 |  |  | 469 |  |  | 528 |  |  | 939 |  |  | 100 |  | — |  |  | 2,516 |
Nonaccrual | 1 |  |  | 66 |  |  | 2 |  |  | 23 |  |  | 144 |  |  | 238 |  |  | 3 |  | — |  |  | 477 |
Total commercial real estate | 1,907 |  |  | 6,847 |  |  | 6,806 |  |  | 3,269 |  |  | 3,149 |  |  | 5,332 |  |  | 2,153 |  | 8 |  |  | 29,471 |
Total commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 5,600 |  |  | 12,303 |  |  | 11,393 |  |  | 4,000 |  |  | 3,441 |  |  | 6,194 |  |  | 23,008 |  | 61 |  |  | 66,000 |
Special Mention | 59 |  |  | 934 |  |  | 894 |  |  | 252 |  |  | 233 |  |  | 373 |  |  | 443 |  | — |  |  | 3,188 |
Substandard Accrual | 8 |  |  | 466 |  |  | 540 |  |  | 687 |  |  | 653 |  |  | 1,226 |  |  | 892 |  | 11 |  |  | 4,483 |
Nonaccrual | 2 |  |  | 138 |  |  | 56 |  |  | 27 |  |  | 149 |  |  | 340 |  |  | 56 |  | 6 |  |  | 774 |
Total commercial | $5,669 |  |  | $13,841 |  |  | $12,883 |  |  | $4,966 |  |  | $4,476 |  |  | $8,133 |  |  | $24,399 |  | $78 |  |  | $74,445 |
The following table presents the amortized cost basis of retail loans by vintage date and current FICO score as of March 31, 2024:
| Term Loans by Origination Year |  | Revolving Loans |  |
(dollars in millions) | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior to 2020 |  | Within the Revolving Period | Converted to Term |  | Total
Residential mortgages |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | $152 |  |  | $1,165 |  |  | $3,188 |  |  | $5,210 |  |  | $3,050 |  |  | $4,217 |  |  | $— |  | $— |  |  | $16,982 |
740-799 | 299 |  |  | 1,099 |  |  | 1,827 |  |  | 2,421 |  |  | 1,420 |  |  | 2,111 |  |  | — |  | — |  |  | 9,177 |
680-739 | 92 |  |  | 317 |  |  | 630 |  |  | 754 |  |  | 462 |  |  | 1,071 |  |  | — |  | — |  |  | 3,326 |
620-679 | 5 |  |  | 57 |  |  | 116 |  |  | 168 |  |  | 90 |  |  | 557 |  |  | — |  | — |  |  | 993 |
<620 | — |  |  | 18 |  |  | 55 |  |  | 118 |  |  | 87 |  |  | 736 |  |  | — |  | — |  |  | 1,014 |
No FICO available(1) | — |  |  | — |  |  | — |  |  | 2 |  |  | 1 |  |  | 17 |  |  | — |  | — |  |  | 20 |
Total residential mortgages | 548 |  |  | 2,656 |  |  | 5,816 |  |  | 8,673 |  |  | 5,110 |  |  | 8,709 |  |  | — |  | — |  |  | 31,512 |
Home equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | — |  |  | — |  |  | 4 |  |  | 4 |  |  | 1 |  |  | 89 |  |  | 4,938 |  | 212 |  |  | 5,248 |
740-799 | — |  |  | 1 |  |  | 2 |  |  | 2 |  |  | 1 |  |  | 76 |  |  | 4,822 |  | 239 |  |  | 5,143 |
680-739 | — |  |  | — |  |  | 1 |  |  | 1 |  |  | 2 |  |  | 92 |  |  | 2,822 |  | 192 |  |  | 3,110 |
620-679 | — |  |  | — |  |  | 2 |  |  | 1 |  |  | 2 |  |  | 76 |  |  | 731 |  | 144 |  |  | 956 |
<620 | — |  |  | — |  |  | 3 |  |  | 2 |  |  | 1 |  |  | 79 |  |  | 331 |  | 240 |  |  | 656 |
Total home equity | — |  |  | 1 |  |  | 12 |  |  | 10 |  |  | 7 |  |  | 412 |  |  | 13,644 |  | 1,027 |  |  | 15,113 |
Automobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | — |  |  | 73 |  |  | 483 |  |  | 936 |  |  | 309 |  |  | 155 |  |  | — |  | — |  |  | 1,956 |
740-799 | — |  |  | 123 |  |  | 609 |  |  | 919 |  |  | 322 |  |  | 166 |  |  | — |  | — |  |  | 2,139 |
680-739 | — |  |  | 134 |  |  | 520 |  |  | 627 |  |  | 215 |  |  | 122 |  |  | — |  | — |  |  | 1,618 |
620-679 | — |  |  | 83 |  |  | 287 |  |  | 309 |  |  | 98 |  |  | 72 |  |  | — |  | — |  |  | 849 |
<620 | — |  |  | 46 |  |  | 224 |  |  | 274 |  |  | 91 |  |  | 80 |  |  | — |  | — |  |  | 715 |
Total automobile | — |  |  | 459 |  |  | 2,123 |  |  | 3,065 |  |  | 1,035 |  |  | 595 |  |  | — |  | — |  |  | 7,277 |
Education |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | 55 |  |  | 373 |  |  | 673 |  |  | 1,630 |  |  | 1,376 |  |  | 1,699 |  |  | — |  | — |  |  | 5,806 |
740-799 | 69 |  |  | 413 |  |  | 658 |  |  | 961 |  |  | 784 |  |  | 968 |  |  | — |  | — |  |  | 3,853 |
680-739 | 22 |  |  | 175 |  |  | 267 |  |  | 305 |  |  | 254 |  |  | 405 |  |  | — |  | — |  |  | 1,428 |
620-679 | 6 |  |  | 50 |  |  | 64 |  |  | 68 |  |  | 57 |  |  | 130 |  |  | — |  | — |  |  | 375 |
<620 | 1 |  |  | 8 |  |  | 20 |  |  | 26 |  |  | 24 |  |  | 68 |  |  | — |  | — |  |  | 147 |
No FICO available(1) | 2 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 34 |  |  | — |  | — |  |  | 37 |
Total education | 155 |  |  | 1,020 |  |  | 1,682 |  |  | 2,990 |  |  | 2,495 |  |  | 3,304 |  |  | — |  | — |  |  | 11,646 |
Other retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | 38 |  |  | 151 |  |  | 56 |  |  | 30 |  |  | 27 |  |  | 24 |  |  | 483 |  | — |  |  | 809 |
740-799 | 55 |  |  | 211 |  |  | 70 |  |  | 35 |  |  | 35 |  |  | 29 |  |  | 924 |  | 1 |  |  | 1,360 |
680-739 | 46 |  |  | 177 |  |  | 61 |  |  | 30 |  |  | 30 |  |  | 21 |  |  | 925 |  | 2 |  |  | 1,292 |
620-679 | 24 |  |  | 99 |  |  | 40 |  |  | 18 |  |  | 14 |  |  | 7 |  |  | 397 |  | 2 |  |  | 601 |
<620 | 3 |  |  | 40 |  |  | 35 |  |  | 15 |  |  | 11 |  |  | 4 |  |  | 247 |  | 1 |  |  | 356 |
No FICO available(1) | 4 |  |  | 3 |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 390 |  | — |  |  | 399 |
Total other retail | 170 |  |  | 681 |  |  | 262 |  |  | 128 |  |  | 119 |  |  | 85 |  |  | 3,366 |  | 6 |  |  | 4,817 |
Total retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | 245 |  |  | 1,762 |  |  | 4,404 |  |  | 7,810 |  |  | 4,763 |  |  | 6,184 |  |  | 5,421 |  | 212 |  |  | 30,801 |
740-799 | 423 |  |  | 1,847 |  |  | 3,166 |  |  | 4,338 |  |  | 2,562 |  |  | 3,350 |  |  | 5,746 |  | 240 |  |  | 21,672 |
680-739 | 160 |  |  | 803 |  |  | 1,479 |  |  | 1,717 |  |  | 963 |  |  | 1,711 |  |  | 3,747 |  | 194 |  |  | 10,774 |
620-679 | 35 |  |  | 289 |  |  | 509 |  |  | 564 |  |  | 261 |  |  | 842 |  |  | 1,128 |  | 146 |  |  | 3,774 |
<620 | 4 |  |  | 112 |  |  | 337 |  |  | 435 |  |  | 214 |  |  | 967 |  |  | 578 |  | 241 |  |  | 2,888 |
No FICO available(1) | 6 |  |  | 4 |  |  | — |  |  | 2 |  |  | 3 |  |  | 51 |  |  | 390 |  | — |  |  | 456 |
Total retail | $873 |  |  | $4,817 |  |  | $9,895 |  |  | $14,866 |  |  | $8,766 |  |  | $13,105 |  |  | $17,010 |  | $1,033 |  |  | $70,365 |
(1) Represents loans for which an updated FICO score was unavailable (e.g., due to recent profile changes). The following table presents the amortized cost basis of retail loans by vintage date and current FICO score as of December 31, 2023:
| Term Loans by Origination Year |  | Revolving Loans |  |
(dollars in millions) | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior to 2019 |  | Within the Revolving Period | Converted to Term |  | Total
Residential mortgages |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | $889 |  |  | $3,067 |  |  | $5,172 |  |  | $3,117 |  |  | $1,131 |  |  | $3,125 |  |  | $— |  | $— |  |  | $16,501 |
740-799 | 1,333 |  |  | 1,940 |  |  | 2,560 |  |  | 1,411 |  |  | 592 |  |  | 1,625 |  |  | — |  | — |  |  | 9,461 |
680-739 | 367 |  |  | 631 |  |  | 758 |  |  | 466 |  |  | 266 |  |  | 873 |  |  | — |  | — |  |  | 3,361 |
620-679 | 54 |  |  | 135 |  |  | 165 |  |  | 90 |  |  | 121 |  |  | 445 |  |  | — |  | — |  |  | 1,010 |
<620 | 9 |  |  | 48 |  |  | 104 |  |  | 95 |  |  | 161 |  |  | 561 |  |  | — |  | — |  |  | 978 |
No FICO available(1) | 1 |  |  | — |  |  | 2 |  |  | 1 |  |  | 3 |  |  | 14 |  |  | — |  | — |  |  | 21 |
Total residential mortgages | 2,653 |  |  | 5,821 |  |  | 8,761 |  |  | 5,180 |  |  | 2,274 |  |  | 6,643 |  |  | — |  | — |  |  | 31,332 |
Home equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | — |  |  | 4 |  |  | 4 |  |  | 1 |  |  | 4 |  |  | 91 |  |  | 5,078 |  | 222 |  |  | 5,404 |
740-799 | — |  |  | 1 |  |  | 2 |  |  | 1 |  |  | 3 |  |  | 82 |  |  | 4,708 |  | 241 |  |  | 5,038 |
680-739 | 1 |  |  | 1 |  |  | 1 |  |  | 2 |  |  | 5 |  |  | 93 |  |  | 2,693 |  | 202 |  |  | 2,998 |
620-679 | — |  |  | 1 |  |  | 1 |  |  | 2 |  |  | 8 |  |  | 77 |  |  | 718 |  | 137 |  |  | 944 |
<620 | — |  |  | 2 |  |  | 1 |  |  | 1 |  |  | 10 |  |  | 80 |  |  | 332 |  | 230 |  |  | 656 |
Total home equity | 1 |  |  | 9 |  |  | 9 |  |  | 7 |  |  | 30 |  |  | 423 |  |  | 13,529 |  | 1,032 |  |  | 15,040 |
Automobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | 81 |  |  | 539 |  |  | 1,062 |  |  | 368 |  |  | 162 |  |  | 47 |  |  | — |  | — |  |  | 2,259 |
740-799 | 134 |  |  | 671 |  |  | 1,038 |  |  | 375 |  |  | 165 |  |  | 52 |  |  | — |  | — |  |  | 2,435 |
680-739 | 147 |  |  | 577 |  |  | 708 |  |  | 252 |  |  | 118 |  |  | 39 |  |  | — |  | — |  |  | 1,841 |
620-679 | 94 |  |  | 316 |  |  | 345 |  |  | 112 |  |  | 65 |  |  | 26 |  |  | — |  | — |  |  | 958 |
<620 | 44 |  |  | 232 |  |  | 291 |  |  | 100 |  |  | 66 |  |  | 32 |  |  | — |  | — |  |  | 765 |
Total automobile | 500 |  |  | 2,335 |  |  | 3,444 |  |  | 1,207 |  |  | 576 |  |  | 196 |  |  | — |  | — |  |  | 8,258 |
Education |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | 296 |  |  | 671 |  |  | 1,637 |  |  | 1,418 |  |  | 600 |  |  | 1,185 |  |  | — |  | — |  |  | 5,807 |
740-799 | 368 |  |  | 694 |  |  | 1,050 |  |  | 850 |  |  | 369 |  |  | 678 |  |  | — |  | — |  |  | 4,009 |
680-739 | 143 |  |  | 289 |  |  | 333 |  |  | 273 |  |  | 134 |  |  | 298 |  |  | — |  | — |  |  | 1,470 |
620-679 | 30 |  |  | 65 |  |  | 68 |  |  | 58 |  |  | 32 |  |  | 107 |  |  | — |  | — |  |  | 360 |
<620 | 5 |  |  | 18 |  |  | 25 |  |  | 23 |  |  | 15 |  |  | 55 |  |  | — |  | — |  |  | 141 |
No FICO available(1) | 10 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 36 |  |  | — |  | — |  |  | 47 |
Total education | 852 |  |  | 1,737 |  |  | 3,114 |  |  | 2,622 |  |  | 1,150 |  |  | 2,359 |  |  | — |  | — |  |  | 11,834 |
Other retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | 183 |  |  | 70 |  |  | 38 |  |  | 35 |  |  | 16 |  |  | 18 |  |  | 500 |  | — |  |  | 860 |
740-799 | 258 |  |  | 87 |  |  | 46 |  |  | 45 |  |  | 21 |  |  | 19 |  |  | 963 |  | 1 |  |  | 1,440 |
680-739 | 214 |  |  | 76 |  |  | 39 |  |  | 39 |  |  | 18 |  |  | 11 |  |  | 973 |  | 2 |  |  | 1,372 |
620-679 | 118 |  |  | 48 |  |  | 23 |  |  | 19 |  |  | 6 |  |  | 4 |  |  | 419 |  | 2 |  |  | 639 |
<620 | 31 |  |  | 35 |  |  | 18 |  |  | 14 |  |  | 4 |  |  | 2 |  |  | 251 |  | 2 |  |  | 357 |
No FICO available(1) | 7 |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 373 |  | — |  |  | 382 |
Total other retail | 811 |  |  | 317 |  |  | 164 |  |  | 153 |  |  | 65 |  |  | 54 |  |  | 3,479 |  | 7 |  |  | 5,050 |
Total retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | 1,449 |  |  | 4,351 |  |  | 7,913 |  |  | 4,939 |  |  | 1,913 |  |  | 4,466 |  |  | 5,578 |  | 222 |  |  | 30,831 |
740-799 | 2,093 |  |  | 3,393 |  |  | 4,696 |  |  | 2,682 |  |  | 1,150 |  |  | 2,456 |  |  | 5,671 |  | 242 |  |  | 22,383 |
680-739 | 872 |  |  | 1,574 |  |  | 1,839 |  |  | 1,032 |  |  | 541 |  |  | 1,314 |  |  | 3,666 |  | 204 |  |  | 11,042 |
620-679 | 296 |  |  | 565 |  |  | 602 |  |  | 281 |  |  | 232 |  |  | 659 |  |  | 1,137 |  | 139 |  |  | 3,911 |
<620 | 89 |  |  | 335 |  |  | 439 |  |  | 233 |  |  | 256 |  |  | 730 |  |  | 583 |  | 232 |  |  | 2,897 |
No FICO available(1) | 18 |  |  | 1 |  |  | 3 |  |  | 2 |  |  | 3 |  |  | 50 |  |  | 373 |  | — |  |  | 450 |
Total retail | $4,817 |  |  | $10,219 |  |  | $15,492 |  |  | $9,169 |  |  | $4,095 |  |  | $9,675 |  |  | $17,008 |  | $1,039 |  |  | $71,514 |
(1) Represents loans for which an updated FICO score was unavailable (e.g., due to recent profile changes).
Schedule of nonaccrual loans and leases and loans accruing and 90 days or more past due | The following tables present an aging analysis of accruing and nonaccrual loans and leases as of March 31, 2024 and December 31, 2023:
| March 31, 2024
|  | Days Past Due and Accruing |  |  |
(dollars in millions) | Current | 30-59 | 60-89 | 90+ | Nonaccrual | Total | Nonaccrual with no related ACL
Commercial and industrial | $43,530 |  | $76 |  | $28 |  | $23 |  | $294 |  | $43,951 |  | $25 |
Commercial real estate | 27,938 |  | 291 |  | 7 |  | 39 |  | 597 |  | 28,872 |  | 54 |
Total commercial | 71,468 |  | 367 |  | 35 |  | 62 |  | 891 |  | 72,823 |  | 79 |
Residential mortgages | 30,742 |  | 271 |  | 116 |  | 209 |  | 174 |  | 31,512 |  | 136 |
Home equity | 14,720 |  | 79 |  | 26 |  | — |  | 288 |  | 15,113 |  | 192 |
Automobile | 7,085 |  | 115 |  | 30 |  | — |  | 47 |  | 7,277 |  | 6 |
Education | 11,556 |  | 40 |  | 19 |  | 2 |  | 29 |  | 11,646 |  | 4 |
Other retail | 4,677 |  | 43 |  | 30 |  | 27 |  | 40 |  | 4,817 |  | 1 |
Total retail | 68,780 |  | 548 |  | 221 |  | 238 |  | 578 |  | 70,365 |  | 339 |
Total | $140,248 |  | $915 |  | $256 |  | $300 |  | $1,469 |  | $143,188 |  | $418 |
Guaranteed residential mortgages(1) | $714 |  | $116 |  | $59 |  | $202 |  | $— |  | $1,091 |  | $— |
| December 31, 2023
|  | Days Past Due and Accruing |  |  |
(dollars in millions) | Current | 30-59 | 60-89 | 90+ | Nonaccrual | Total | Nonaccrual with no related ACL
Commercial and industrial | $44,591 |  | $62 |  | $18 |  | $6 |  | $297 |  | $44,974 |  | $30 |
Commercial real estate | 28,745 |  | 150 |  | 59 |  | 40 |  | 477 |  | 29,471 |  | 71 |
Total commercial | 73,336 |  | 212 |  | 77 |  | 46 |  | 774 |  | 74,445 |  | 101 |
Residential mortgages | 30,499 |  | 282 |  | 118 |  | 256 |  | 177 |  | 31,332 |  | 144 |
Home equity | 14,640 |  | 82 |  | 33 |  | — |  | 285 |  | 15,040 |  | 198 |
Automobile | 8,005 |  | 144 |  | 48 |  | — |  | 61 |  | 8,258 |  | 7 |
Education | 11,732 |  | 49 |  | 23 |  | 2 |  | 28 |  | 11,834 |  | 3 |
Other retail | 4,899 |  | 49 |  | 34 |  | 29 |  | 39 |  | 5,050 |  | — |
Total retail | 69,775 |  | 606 |  | 256 |  | 287 |  | 590 |  | 71,514 |  | 352 |
Total | $143,111 |  | $818 |  | $333 |  | $333 |  | $1,364 |  | $145,959 |  | $453 |
Guaranteed residential mortgages(1) | $675 |  | $128 |  | $76 |  | $243 |  | $— |  | $1,122 |  | $— |
(1) Guaranteed residential mortgages represent loans fully or partially guaranteed by the FHA, VA, and USDA, and are included in the amounts presented for Residential mortgages.
Troubled debt restructurings on financing receivables | The following tables present the period-end amortized cost of loans to borrowers experiencing financial difficulty that were modified during the three months ended March 31, 2024 and 2023, disaggregated by class of financing receivable and modification type. The modification type reflects the cumulative effect of all FDMs received during the indicated period.
| Three Months Ended March 31, 2024
(dollars in millions) | Interest Rate Reduction | Term Extension | Payment Delay | Principal Forgiveness | Interest Rate Reduction and Term Extension |  |  | Term Extension and Payment Delay |  |  |  | Total | Total as a % of Loan Class(1)
Commercial and industrial | $— |  | $85 |  | $65 |  | $— |  | $1 |  |  |  | $32 |  |  |  |  | $183 |  | 0.42 | %
Commercial real estate | — |  | 443 |  | 24 |  | — |  | 40 |  |  |  | 1 |  |  |  |  | 508 |  | 1.76 |
Total commercial | — |  | 528 |  | 89 |  | — |  | 41 |  |  |  | 33 |  |  |  |  | 691 |  | 0.95 |
Residential mortgages | 1 |  | 37 |  | 5 |  | — |  | 3 |  |  |  | — |  |  |  |  | 46 |  | 0.15 |
Home equity | 1 |  | 1 |  | — |  | — |  | 4 |  |  |  | — |  |  |  |  | 6 |  | 0.04 |
Automobile | — |  | — |  | — |  | — |  | — |  |  |  | — |  |  |  |  | — |  | — |
Education | 3 |  | — |  | 18 |  | — |  | — |  |  |  | — |  |  |  |  | 21 |  | 0.18 |
Other retail | 5 |  | — |  | — |  | — |  | — |  |  |  | — |  |  |  |  | 5 |  | 0.10 |
Total retail | 10 |  | 38 |  | 23 |  | — |  | 7 |  |  |  | — |  |  |  |  | 78 |  | 0.11 |
Total(2) | $10 |  | $566 |  | $112 |  | $— |  | $48 |  |  |  | $33 |  |  |  |  | $769 |  | 0.54 | %
| Three Months Ended March 31, 2023
(dollars in millions) | Interest Rate Reduction | Term Extension | Payment Delay | Principal Forgiveness | Interest Rate Reduction and Term Extension |  |  | Term Extension and Payment Delay |  |  |  | Total | Total as a % of Loan Class(1)
Commercial and industrial | $— |  | $44 |  | $32 |  | $— |  | $— |  |  |  | $21 |  |  |  |  | $97 |  | 0.19 | %
Commercial real estate | — |  | 55 |  | — |  | — |  | — |  |  |  | — |  |  |  |  | 55 |  | 0.19 |
Total commercial | — |  | 99 |  | 32 |  | — |  | — |  |  |  | 21 |  |  |  |  | 152 |  | 0.19 |
Residential mortgages | 2 |  | 19 |  | — |  | — |  | 3 |  |  |  | — |  |  |  |  | 24 |  | 0.08 |
Home equity | — |  | 1 |  | — |  | — |  | 2 |  |  |  | — |  |  |  |  | 3 |  | 0.02 |
Automobile | — |  | — |  | — |  | — |  | — |  |  |  | — |  |  |  |  | — |  | — |
Education | 1 |  | — |  | 1 |  | — |  | — |  |  |  | — |  |  |  |  | 2 |  | 0.02 |
Other retail | 3 |  | — |  | — |  | — |  | — |  |  |  | — |  |  |  |  | 3 |  | 0.06 |
Total retail | 6 |  | 20 |  | 1 |  | — |  | 5 |  |  |  | — |  |  |  |  | 32 |  | 0.04 |
Total(2) | $6 |  | $119 |  | $33 |  | $— |  | $5 |  |  |  | $21 |  |  |  |  | $184 |  | 0.12 | %
(1) Represents the total amortized cost as of period-end divided by the period-end amortized cost of the corresponding loan class. Accrued interest receivable is excluded from amortized cost and is immaterial. (2) Excludes borrowers that had their debt discharged by means of a Chapter 7 bankruptcy filing. The following tables present the financial effect of loans to borrowers experiencing financial difficulty that were modified during the three months ended March 31, 2024 and 2023, disaggregated by class of financing receivable.
| Three Months Ended March 31, 2024
(dollars in millions) | Weighted-Average Interest Rate Reduction(1) | Weighted-Average Term Extension (in Months)(1) | Weighted-Average Payment Deferral(1) | Amount of Principal Forgiven(2)
Commercial and industrial | 4.49 | % | 9 | $1 |  | $— |
Commercial real estate | 0.53 |  | 16 | 1 |  | — |
Residential mortgages | 2.01 |  | 88 | — |  | — |
Home equity | 3.16 |  | 88 | — |  | — |
Automobile | — |  | — |  | — |  | — |
Education | 4.31 |  | — |  | — |  | — |
Other retail | 19.80 |  | — |  | — |  | 2 |
| Three Months Ended March 31, 2023
(dollars in millions) | Weighted-Average Interest Rate Reduction(1) | Weighted-Average Term Extension (in Months)(1) | Weighted-Average Payment Deferral(1) | Amount of Principal Forgiven(2)
Commercial and industrial | 4.05 | % | 9 | $1 |  | $— |
Commercial real estate | — |  | 14 | — |  | — |
Residential mortgages | 1.47 |  | 44 | — |  | — |
Home equity | 2.02 |  | 139 | — |  | — |
Automobile | 2.76 |  | 23 | — |  | — |
Education | 5.77 |  | — |  | — |  | — |
Other retail | 17.79 |  | 22 | — |  | 1 |
(1) Weighted based on period-end amortized cost. (2) Amounts are recorded as charge-offs. The following tables present an aging analysis of the period-end amortized cost of loans to borrowers experiencing financial difficulty that were modified during the twelve month period ending March 31, 2024 and the three month period ending March 31, 2023, disaggregated by class of financing receivable. A loan in a forbearance or repayment plan is reported as past due according to its contractual terms until contractually modified. Subsequent to modification, it is reported as past due based on its restructured terms.
| March 31, 2024
|  | Days Past Due and Accruing |  |
(dollars in millions) | Current | 30-59 | 60-89 | 90+ | Nonaccrual | Total
Commercial and industrial | $223 |  | $1 |  | $5 |  | $— |  | $144 |  | $373 |
Commercial real estate | 667 |  | 38 |  | 5 |  | 33 |  | 136 |  | 879 |
Total commercial | 890 |  | 39 |  | 10 |  | 33 |  | 280 |  | 1,252 |
Residential mortgages | 71 |  | 17 |  | — |  | 22 |  | 15 |  | 125 |
Home equity | 5 |  | — |  | — |  | — |  | 10 |  | 15 |
Automobile | — |  | — |  | — |  | — |  | — |  | — |
Education | 51 |  | 1 |  | — |  | — |  | 6 |  | 58 |
Other retail | 10 |  | 1 |  | 1 |  | — |  | 1 |  | 13 |
Total retail | 137 |  | 19 |  | 1 |  | 22 |  | 32 |  | 211 |
Total | $1,027 |  | $58 |  | $11 |  | $55 |  | $312 |  | $1,463 |
| March 31, 2023
|  | Days Past Due and Accruing |  |
(dollars in millions) | Current | 30-59 | 60-89 | 90+ | Nonaccrual | Total
Commercial and industrial | $76 |  | $— |  | $— |  | $— |  | $21 |  | $97 |
Commercial real estate | 55 |  | — |  | — |  | — |  | — |  | 55 |
Total commercial | 131 |  | — |  | — |  | — |  | 21 |  | 152 |
Residential mortgages | 16 |  | 4 |  | — |  | 2 |  | 2 |  | 24 |
Home equity | 1 |  | — |  | — |  | — |  | 2 |  | 3 |
Automobile | — |  | — |  | — |  | — |  | — |  | — |
Education | 2 |  | — |  | — |  | — |  | — |  | 2 |
Other retail | 3 |  | — |  | — |  | — |  | — |  | 3 |
Total retail | 22 |  | 4 |  | — |  | 2 |  | 4 |  | 32 |
Total | $153 |  | $4 |  | $— |  | $2 |  | $25 |  | $184 |
Financing receivable, modified, subsequent default | The following table presents the period-end amortized cost of loans to borrowers experiencing financial difficulty that defaulted during the period presented and were modified within the previous 12 months preceding the default, disaggregated by class of financing receivable and modification type. The period-end amortized cost of loans modified during the three months ended March 31, 2023 that subsequently defaulted is immaterial and not presented as a result. The modification type reflects the cumulative effect of all FDMs at the time of default. A loan is considered to be in default if, subsequent to modification, it becomes 90 or more days past due or is placed on nonaccrual status.
| Three Months Ended March 31, 2024
(dollars in millions) | Interest Rate Reduction | Term Extension |  |  |  |  |  |  |  |  |  | Total
Commercial and industrial | $— |  | $34 |  |  |  |  |  |  |  |  |  |  | $34 |
Commercial real estate | — |  | 38 |  |  |  |  |  |  |  |  |  |  | 38 |
Total commercial | — |  | 72 |  |  |  |  |  |  |  |  |  |  | 72 |
Residential mortgages | — |  | 6 |  |  |  |  |  |  |  |  |  |  | 6 |
Home equity | — |  | — |  |  |  |  |  |  |  |  |  |  | — |
Automobile | — |  | — |  |  |  |  |  |  |  |  |  |  | — |
Education | 2 |  | — |  |  |  |  |  |  |  |  |  |  | 2 |
Other retail | — |  | — |  |  |  |  |  |  |  |  |  |  | — |
Total retail | 2 |  | 6 |  |  |  |  |  |  |  |  |  |  | 8 |
Total | $2 |  | $78 |  |  |  |  |  |  |  |  |  |  | $80 |

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