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v3.23.1

Allowance for Credit Losses | 3 Months Ended
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Mar. 31, 2023
Receivables [Abstract] |
Allowance for Credit Losses | ALLOWANCE FOR CREDIT LOSSES The ACL for loans and leases is reported in the allowance for credit losses on the Consolidated Balance Sheets, while the ACL for unfunded commitments is reported in other liabilities. The provision or benefit for credit losses related to (i) loans and leases (ii) unfunded commitments and (iii) investment securities available for sale is reported in the Consolidated Statements of Income as provision or benefit for credit losses. The initial ACL for PCD loans and leases acquired in the SVBB Acquisition and the CIT Merger (the “Initial PCD ACL”) were established through a PCD Gross-Up and there were no corresponding increases to the provision for credit losses. The PCD Gross-Ups are discussed further in Note 1 — Significant Accounting Policies and Basis of Presentation. The initial ACL for Non-PCD loans and leases acquired in the SVBB Acquisition and the CIT Merger were established through corresponding increases to the provision for credit losses (the “day 2 provision for loans and leases”). The initial ACL for unfunded commitments acquired in the SVBB Acquisition and the CIT Merger were established through a corresponding increase to the provision for unfunded commitments (the “day 2 provision for unfunded commitments”). The ACL activity for loans and leases, unfunded commitments and investment securities is summarized in the following tables. ACL for Loans and Leases
dollars in millions |  |  | Three Months Ended March 31, 2023
|  |  |  |  |  |  | Commercial |  | Consumer |  | SVB |  | Total
Balance at beginning of period |  |  |  |  |  |  | $ | 789 |  |  | $ | 133 |  |  | $ | — |  |  | $ | 922 |
Initial PCD ACL |  |  |  |  |  |  | — |  |  | — |  |  | 200 |  |  | 200 |
Day 2 provision for loans and leases |  |  |  |  |  |  | — |  |  | — |  |  | 462 |  |  | 462 |
Provision for credit losses - loans and leases |  |  |  |  |  |  | 58 |  |  | 13 |  |  | — |  |  | 71 |
Total provision for credit losses- loans and leases |  |  |  |  |  |  | 58 |  |  | 13 |  |  | 462 |  |  | 533 |
Charge-offs |  |  |  |  |  |  | (55) |  |  | (7) |  |  | — |  |  | (62) |
Recoveries |  |  |  |  |  |  | 8 |  |  | 4 |  |  | — |  |  | 12 |
Balance at March 31, 2023 |  |  |  |  |  |  | $ | 800 |  |  | $ | 143 |  |  | $ | 662 |  |  | $ | 1,605 |
|  |  | Three Months Ended March 31, 2022
|  |  |  |  |  |  | Commercial |  | Consumer |  | SVB |  | Total
Balance at beginning of period |  |  |  |  |  |  | $ | 80 |  |  | $ | 98 |  |  | $ | — |  |  | $ | 178 |
Initial PCD ACL |  |  |  |  |  |  | 270 |  |  | 14 |  |  | — |  |  | 284 |
Day 2 provision for loans and leases |  |  |  |  |  |  | 432 |  |  | 22 |  |  | — |  |  | 454 |
Benefit for credit losses - loans and leases |  |  |  |  |  |  | (23) |  |  | (30) |  |  | — |  |  | (53) |
Total provision (benefit) for credit losses- loans and leases |  |  |  |  |  |  | 409 |  |  | (8) |  |  | — |  |  | 401 |
Charge-offs |  |  |  |  |  |  | (28) |  |  | (5) |  |  | — |  |  | (33) |
Recoveries |  |  |  |  |  |  | 12 |  |  | 6 |  |  | — |  |  | 18 |
Balance at March 31, 2022 |  |  |  |  |  |  | $ | 743 |  |  | $ | 105 |  |  | $ | — |  |  | $ | 848 |
ACL for Unfunded Commitments
dollars in millions |  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022
Beginning balance |  |  |  |  | $ | 106 |  |  | $ | 12 |
Day 2 provision for unfunded commitments |  |  |  |  | 254 |  |  | 59 |
(Benefit) provision for unfunded commitments |  |  |  |  | (8) |  |  | 4 |
Total provision for credit losses - unfunded commitments |  |  |  |  | 246 |  |  | 63 |
Ending balance |  |  |  |  | $ | 352 |  |  | $ | 75 |
ACL for Investment Securities
dollars in millions |  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022
Beginning balance |  |  |  |  | $ | — |  |  | $ | — |
Provision for credit losses - investment securities available for sale |  |  |  |  | 4 |  |  | — |
Ending balance |  |  |  |  | $ | 4 |  |  | $ | — |

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- Definition The entire disclosure for allowance for credit losses. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -URI https://asc.fasb.org/topic&trid=2196771 + Details
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- References No definition available. + Details
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