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ALLOWANCE FOR LOAN AND LEASE LOSSES | 12 Months Ended
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Dec. 31, 2024
Receivables [Abstract] |
ALLOWANCE FOR LOAN AND LEASE LOSSES | NOTE 5 — ALLOWANCE FOR LOAN AND LEASE LOSSES The ALLL is reported as a separate line item on the Consolidated Balance Sheets, while the reserve for off-balance sheet credit exposure is included in other liabilities, presented in Note 14—Other Liabilities. The provision or benefit for credit losses related to (i) loans and leases (ii) off-balance sheet credit exposure, and (iii) investment securities available for sale is reported in the Consolidated Statements of Income as provision or benefit for credit losses. The Initial PCD ALLL for the SVBB Acquisition and the CIT Merger 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 ALLL 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 Loan and Lease Losses”). The initial reserve for off-balance sheet credit exposure acquired in the SVBB Acquisition and the CIT Merger were established through a corresponding increase to the provision for off-balance sheet credit exposure (the “Day 2 Provision for Off-Balance Sheet Credit Exposure”). The ALLL activity for loans and leases is summarized in the following table: Allowance for Loan and Lease Losses
dollars in millions | Year Ended December 31, 2024 |  | Year Ended December 31, 2023
| Commercial |  | Consumer |  | SVB |  | Total |  | Commercial |  | Consumer |  | SVB |  | Total
Balance at beginning of period | $ | 1,126 |  |  | $ | 166 |  |  | $ | 455 |  |  | $ | 1,747 |  |  | $ | 789 |  |  | $ | 133 |  |  | $ | — |  |  | $ | 922 |
Initial PCD ALLL | — |  |  | — |  |  | — |  |  | — |  |  | 14 |  |  | 3 |  |  | 203 |  |  | 220 |
Day 2 Provision for Loan and Lease Losses | — |  |  | — |  |  | — |  |  | — |  |  | 39 |  |  | 43 |  |  | 380 |  |  | 462 |
Provision for loan and lease losses | 298 |  |  | 8 |  |  | 163 |  |  | 469 |  |  | 651 |  |  | 2 |  |  | 50 |  |  | 703 |
Total provision for loan and lease losses | 298 |  |  | 8 |  |  | 163 |  |  | 469 |  |  | 690 |  |  | 45 |  |  | 430 |  |  | 1,165 |
Charge-offs | (407) |  |  | (30) |  |  | (220) |  |  | (657) |  |  | (414) |  |  | (28) |  |  | (196) |  |  | (638) |
Recoveries | 46 |  |  | 14 |  |  | 57 |  |  | 117 |  |  | 47 |  |  | 13 |  |  | 18 |  |  | 78 |
Balance at end of period | $ | 1,063 |  |  | $ | 158 |  |  | $ | 455 |  |  | $ | 1,676 |  |  | $ | 1,126 |  |  | $ | 166 |  |  | $ | 455 |  |  | $ | 1,747 |
dollars in millions | Year Ended December 31, 2022
| Commercial |  | Consumer |  | SVB |  | Total
Balance at beginning of period | $ | 80 |  |  | $ | 98 |  |  | $ | — |  |  | $ | 178 |
Initial PCD ALLL | 258 |  |  | 14 |  |  | — |  |  | 272 |
Day 2 Provision for Loan and Lease Losses | 432 |  |  | 22 |  |  | — |  |  | 454 |
Provision (benefit) for loan and lease losses | 101 |  |  | (4) |  |  | — |  |  | 97 |
Total provision for loan and lease losses | 533 |  |  | 18 |  |  | — |  |  | 551 |
Charge-offs | (126) |  |  | (20) |  |  | — |  |  | (146) |
Recoveries | 44 |  |  | 23 |  |  | — |  |  | 67 |
Balance at end of period | $ | 789 |  |  | $ | 133 |  |  | $ | — |  |  | $ | 922 |
The decrease in the ALLL at December 31, 2024 compared to December 31, 2023 was mainly due to changes in loan mix, improvements in the macroeconomic forecast, and decreases in specific reserves for individually evaluated loans. The mix shift was mostly within SVB loans and reflected increases in the global fund banking portfolio, which has a lower loss rate relative to the rest of our portfolios, and decreases in the investor dependent portfolios, which have higher loss rates. These decreases were partially offset by increases related to loan growth and a $20 million loan loss reserve for Helene. The following table presents the components of the provision for credit losses: Provision for Credit Losses
dollars in millions |  |  | Year Ended December 31,
|  |  |  |  | 2024 |  | 2023 |  | 2022
Day 2 Provision for Loan and Lease Losses |  |  |  |  | $ | — |  |  | $ | 462 |  |  | $ | 454 |
Provision for loan and lease losses |  |  |  |  | 469 |  |  | 703 |  |  | 97 |
Total provision for loan and lease losses |  |  |  |  | 469 |  |  | 1,165 |  |  | 551 |
Day 2 Provision for Off-Balance Sheet Credit Exposure |  |  |  |  | — |  |  | 254 |  |  | 59 |
(Benefit) provision from off-balance sheet credit exposure |  |  |  |  | (38) |  |  | (44) |  |  | 35 |
Total (benefit) provision for off-balance sheet credit exposure |  |  |  |  | (38) |  |  | 210 |  |  | 94 |
Provision for credit losses |  |  |  |  | $ | 431 |  |  | $ | 1,375 |  |  | $ | 645 |

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